TCRAP_Public/170531.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Wednesday, May 31, 2017, Vol. 20, No. 107

                            Headlines


A U S T R A L I A

ARISTOCRAT LEISURE: S&P Hikes Corp. Credit Rating to BB+
BROADSPECTRUM LTD: S&P Hikes Corp. Credit Rating From BB+
CAREERS AUSTRALIA: First Creditors' Meeting Scheduled for June 6
CMTC PTY: First Creditors' Meeting Slated for June 7
FORTESCUE METALS: Fitch Rates US$1.5BB Senior Unsec. Notes at BB+

GATE AUTOMATION: First Creditors' Meeting Set for June 7
MEDALLION TRUST 2017-1: S&P Gives Prelim BB Rating to Cl. E Debt
STRATOCUMULUS PTY: First Creditors' Meeting Set for June 6
VELLIN PTY: First Creditors' Meeting Set for June 7


C H I N A

LEECO: LeSports Defaults on Broadcast Rights Payment
* CHINA: Regulator Urges Banks to Save Ailing Companies


H O N G  K O N G

I-CABLE COMMUNICATIONS: Shareholders Approve Rescue Plan


I N D I A

AKASH RICE: CRISIL Assigns 'B+' Rating to INR9MM Cash Loan
AMMA WOODS: CRISIL Lowers Rating on INR7.1MM Cash Loan to 'B'
ARIHANT PRINTERS: CRISIL Cuts Rating on INR4.50MM Loan to B
B.V.S. DISTILLERIES: CRISIL Assigns B Rating to INR29MM LT Loan
BABA TECHNOCRATS: CRISIL Reaffirms 'B' Rating on INR3MM Loan

BATLIBOI LIMITED: Ind-Ra Lowers Long-Term Issuer Rating to 'B'
FABRICATORS (INDIA): CRISIL Assigns 'B' Rating to INR2MM Loan
GHAZIPUR NAGAR: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
GYANKUND TRUST: Ind-Ra Assigns 'B' Rating to INR119.76MM Loan
J AND B ENGINEERING: CRISIL Reaffirms B- Rating on INR6.5MM Loan

JAMPESWAR AGRO: CRISIL Raises Rating on INR4.50MM Loan to BB-
JAYESH INDUSTRIES: CRISIL Reaffirms B- Rating on INR10.25MM Loan
JESUS FISHERIES: CRISIL Assigns 'B' Rating to INR6.36MM Loan
JINDAL AGRO: CRISIL Cuts Rating on INR8.5MM Cash Loan to 'B'
KANCHAN INTERNATIONAL: CRISIL Rates INR8MM Cash Loan at B+

KUMARPUR AGRO: CRISIL Reaffirms B+ Rating on INR2.64MM Loan
KUNDAN INDUSTRIES: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
LALCHAND GEM: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
M C MEDICAL: CRISIL Reaffirms 'B' Rating on INR8.2MM LT Loan
M S GRAPHICS: Ind-Ra Assigns 'BB' Long-Term Issuer Rating

MAA JOYTARA: CRISIL Reaffirms B Rating on INR9.83MM LT Loan
MAITY POULTRIES: CRISIL Reaffirms B+ Rating on INR8.17MM Loan
MANOJ MATHEW: CRISIL Reaffirms B+ Rating on INR8MM Cash Loan
MARUTI EDUCATIONAL: CRISIL Cuts Rating on INR8.25MM Loan to 'B'
MAYA VENTURES: CRISIL Downgrades Rating on INR26.2MM Loan to B-

MEENAMANI GANGA: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
MERAKI CV 2016: Ind-Ra Assigns 'BB-' Rating to INR26.8MM PTCs
MOREISH FOODS: CRISIL Cuts Rating on INR7.93MM LT Loan to 'B'
PALATHRA CONSTRUCTIONS: CRISIL Reaffirms B+ Cash Credit Rating
R L AVIATION: CRISIL Reaffirms 'B+' Rating on INR4.9MM Loan

R R HOLIDAY: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
RAMRATI JAGDISH: CRISIL Assigns 'B+' Rating to INR7MM Cash Loan
RELIANCE COMM: Battered Again as Debt Trouble Mounts
ROJA NOTE: CRISIL Assigns B+ Rating to INR5.0MM Cash Loan
SAMEERA HOTELS: CRISIL Assigns B- Rating to INR26MM LT Loan

SBT SPINTEX: Ind-Ra Raises Long-Term Issuer Rating to 'BB+'
SHREE KRISHNA: CRISIL Reaffirms 'D' Rating on INR54.5MM Loan
SIDDHARTH INDUSTRIES: CRISIL Reaffirms B Rating on INR4.5MM Loan
SRI LAKSHMI: CRISIL Assigns B+ Rating to INR8.0MM Cash Loan
TRINITY GLOBAL: CRISIL Cuts Rating on INR11.0MM Loan to 'B'

VEER BUNDEL: CRISIL Lowers Rating on INR4.75MM Cash Loan to 'B'
VELAVAN HYPER: CRISIL Reaffirms 'B' Rating on INR8MM Cash Loan
VELAVAN STORES: CRISIL Reaffirms 'B' Rating on INR12MM Loan
VELAVAN STORES JEWELLERS: CRISIL Reaffirms 'B' INR15M Loan Rating
VICEROY EXPORTS: CRISIL Cuts Rating on INR10MM Loan to 'B'

VIJEX VYAPAAR: CRISIL Cuts Rating on INR1.2MM Cash Loan to 'B'
VISTA PHARMACEUTICALS: Ind-Ra Assigns BB+ Long-Term Issuer Rating
WINDOW TECHS: CRISIL Reaffirms 'B' Rating on INR2.7MM Cash Loan


N E W  Z E A L A N D

SERCO NEW ZEALAND: 2016 Net Loss Narrows to NZ$10.5 Million


P H I L I P P I N E S

RURAL BANK OF RAGAY: PDIC to Continue Processing Claims


                            - - - - -


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A U S T R A L I A
=================


ARISTOCRAT LEISURE: S&P Hikes Corp. Credit Rating to BB+
--------------------------------------------------------
S&P Global Ratings said it had raised its corporate credit rating
on Australia-based gaming machine maker Aristocrat Leisure Ltd.
to 'BB+' from 'BB'. The outlook is stable. "We also raised our
issue-level ratings on Aristocrat's related debt to 'BB+'. The
recovery rating on the company's loan is '3', indicating our
expectation for moderate (60%) recovery in the event of default,"
S&P added.

"We raised the rating on Aristocrat to reflect the company's
stated commitment on May 25, 2017, to financial policies that it
believes are in line with an investment-grade rating. In our
opinion, this policy commitment should support credit metrics in
line with the 'BB+' rating. To this end, we expect the group
to target debt to EBITDA (after S&P Global Ratings' adjustments)
of less than 2.5x under normal operating conditions and no
greater than 3x for strategic opportunities," S&P said.

S&P stated, "We do not expect the company to maintain current
leverage levels of about 1x over the next two to three years. It
is more likely that Aristocrat will use its strong balance sheet
to grow its core business, develop products for adjacent markets,
undertake capital management, or seek merger and acquisition
opportunities. That said, we do not expect its debt to EBITDA to
exceed 3x under such circumstances."

Aristocrat's operating performance remains solid, driven by the
company's North American business as it expands its Class III
premium gaming operations as well as expansion in the group's
digital segment. Furthermore, S&P expects the group's successful
integration of Video Gaming Technologies to support
earnings stability through its recurring revenue stream. That
said, S&P still believes Aristocrat remains somewhat exposed to
the underlying cyclicality inherent in the gaming machine
technologies industry.

The stable outlook reflects S&P's view that Aristocrat is
committed to sustaining debt to EBITDA less than 2.5x under
normal operating conditions, with the ability to increase to 3.0x
for strategic opportunities.

The stable outlook also reflects S&P's expectation that
Aristocrat's strengthened market position in gaming-machine sales
and gaming operations will reduce the company's historically high
volatility of profitability.

S&P could lower the rating if the company's debt to EBITDA is
greater than 3.0x as a result of corporate activity or capital
management decisions, or greater than 2.5x under normal operating
conditions. A decision to increase leverage beyond this level
would undermine S&P's assessment of the company's future
financial policy commitments.

S&P could also lower the rating if a material deterioration were
to occur in the economic environment in the U.S. or Australia, or
if Aristocrat's market position across its portfolio severely
weakens.

While upward rating action is unlikely over the one to three
years, S&P could raise the rating if Aristocrat's cash flow
generation and financial policies enable it to sustain debt to
EBITDA of less than 1.5x. These financial ratios take into
consideration the volatility of Aristocrat's profitability.


BROADSPECTRUM LTD: S&P Hikes Corp. Credit Rating From BB+
---------------------------------------------------------
S&P Global Ratings raised its long-term corporate credit rating
on Australian business services company Broadspectrum Ltd. to
'BBB-' from 'BB+'. The outlook on the long-term rating remains
stable.

S&P said, "We raised the ratings because we consider
Broadspectrum to be a highly strategic subsidiary to its sole
parent Ferrovial S.A. (BBB/Stable/A-2), a Spanish services and
construction company. We expect Ferrovial to maintain its 100%
ownership of Broadspectrum over the next two to three years.
Therefore, we have rated Broadspectrum one notch below the rating
on Ferrovial, and no longer assign a stand-alone credit profile
on Broadspectrum and a recovery rating on its debt."

In S&P's view, Australia and New Zealand are key markets for
Ferrovial because of the growth potential in business service
activities and infrastructure development in these markets. These
markets also add new capabilities to Ferrovial in sectors such as
oil, gas, and telecommunications.

Since the acquisition in May 2016, Broadspectrum has been
successfully integrated with Ferrovial's operations.
Broadspectrum's operational integration within Ferrovial is
solid, and in line with other acquisitions within business
services that the Ferrovial group has pursued over the past
several years.

As part of the strategic and operational reorganization following
the acquisition, Broadspectrum's U.S., Canadian, and Chilean
operations have been transferred to another management unit in
charge of American services. In addition, Ferrovial has appointed
Broadspectrum's new CEO.

However, S&P believes Broadspectrum's contribution to Ferrovial's
earnings will be limited over the next few years, because of its
declining earnings as a result of the completion of the contracts
with the Australian Department of Immigration and Border
Protection in October 2017. S&P understands Broadspectrum will
not bid for the renewal of these services. S&P notes that these
contracts accounted for a significant proportion
ofBroadspectrum's earnings over the past two years. S&P believes
Broadspectrum will leverage Ferrovial's experience in asset
management to grow its earnings from other segments to mitigate
the earnings decline.

The 'BBB' rating on Ferrovial reflects its internationally
diversified revenue base, strong competitive position in its core
services and construction businesses, and long-term contractual
cash flows in Ferrovial's services business. Tempering these
strengths is its exposure to the cyclical construction industry,
which increases potential earnings volatility over economic
cycles.

Ferrovial had a net cash position (after S&P Global Ratings'
adjustments) from 2012 through 2015. In 2016, it had a net debt
position after buying Broadspectrum. However, with its weighted-
average, adjusted funds from operations (FFO) to debt comfortably
above 60% in 2017-2019, the current ratings have a wide buffer
under our base case. In S&P's opinion, Ferrovial's modest
financial risk profile reflects the group's flexibility to invest
in new infrastructure projects and to acquire businesses, as well
as to support existing projects where appropriate.

The stable outlook on Broadspectrum reflects the outlook on
Ferrovial. The stable outlook on the parent reflects our view
that Ferrovial will maintain an adjusted FFO to debt comfortably
in excess of 30% over the next two years, despite likely
continued investment in organic growth and opportunistic
acquisitions.

The rating incorporates material headroom for acquisitions. S&P
also thinks it likely that the company will maintain its good
competitive position in the services and construction businesses
in the U.K., Spain, and Australia.

A downgrade on Broadspectrum could occur if S&P lowered its
rating on Ferrovial, or evidence emerges that shows
Broadspectrum's importance in the Ferrovial group is diminishing.

S&P could lower the rating on Ferrovial if its adjusted FFO to
debt declined below 30%. This could result from significant
acquisitions, which we see as the key risk for the rating. S&P
could also take a negative rating action if the company
communicated more-aggressive financial policies than the
unadjusted net debt to EBITDA of 2x that S&P currently
incorporate into our rating; such a change would likely translate
into adjusted FFO to debt below 30%.

A downgrade due to operational underperformance alone is remote,
given substantial headroom in the ratings. However, ongoing
lengthy operating pressure could lead to a downgrade.

An upgrade of Broadspectrum would require an upgrade of
Ferrovial. S&P could consider taking a positive rating action if
Ferrovial's business risk profile improves. This could happen,
for example, if Ferrovial's services division grew materially
beyond our base-case scenario, while maintaining its current
competitive position.

S&P could also take a positive rating action if it believed that
Ferrovial was committed to less-aggressive financial policies
than S&P currently understands it has, and if the company
maintained FFO to debt above 45%. S&P presently expects Ferrovial
to operate with unadjusted net debt to EBITDA of up to 2x.


CAREERS AUSTRALIA: First Creditors' Meeting Scheduled for June 6
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of

   - Careers Australia Group Limited;
   - Australian School of Management Pty Ltd;
   - Australian College of Applied Education Pty Ltd;
   - Careers Australia College of Healthcare Pty Ltd;
   - Careers Australia Education Institute Pty Ltd;
   - Careers Australia Institute of English Pty Ltd;
   - Careers Australia Institute of Training Pty Ltd;
   - Cumulonimbus Investments Pty Ltd;
   - Global Learning Support Group Pty Ltd;
   - Today Corp Ltd; and
   - Workstar Pty Ltd

will be held at Brisbane Convention & Exhibition Centre, Cnr
Merivale & Glenelg Streets, South Bank, in Brisbane, Queensland,
on June 6, 2017, at 3:00 p.m.

David McEvoy and Martin Ford of PPB Advisory were appointed as
administrators of Careers Australia on May 25, 2017.


CMTC PTY: First Creditors' Meeting Slated for June 7
----------------------------------------------------
A first meeting of the creditors in the proceedings of CMTC Pty
Ltd will be held at 454 Collins Street, in Melbourne, Victoria,
on June 7, 2017, at 11:15 a.m.

Travis Pullen of TJP Advisory was appointed as administrator of
CMTC Pty on May 29, 2017.


FORTESCUE METALS: Fitch Rates US$1.5BB Senior Unsec. Notes at BB+
-----------------------------------------------------------------
Fitch Ratings has assigned Australia-based iron ore miner
Fortescue Metals Group Limited's (BB+/Stable) US$1.5 billion
senior unsecured notes a 'BB+' final rating. The notes are issued
by Fortescue's wholly owned subsidiary FMG Resources (August
2006) Pty Ltd, and guaranteed by Fortescue.

The notes are rated at the same level as Fortescue's senior
unsecured rating as they represent the company's unconditional,
unsecured and unsubordinated obligations. The final rating
follows the receipt of documents conforming to the information
already received and is in line with the expected rating assigned
on May 9, 2017.

The company will use the proceeds to repay its USD976 million
secured credit facility, which is due in 2019, and the USD478
million senior unsecured notes, which are due in 2022.
Fortescue's earliest significant debt maturity will then be its
USD2.16 billion senior secured notes due in 2022. The new issue
consists of a USD750 million five-year tranche with a coupon of
4.75% and a USD750 million seven-year tranche with a coupon of
5.125%, and includes more relaxed terms and conditions compared
to the debt that it replaces.

Fortescue's 'BB+' Long-Term Issuer Default Rating (IDR) reflects
its position as one of the lowest-cost iron-ore suppliers to Asia
(mainly to China), which has helped it withstand periods of weak
global iron ore prices, and its substantial mining assets.
Although Fortescue's credit metrics are strong for its rating,
the presence of secured debt in its capital structure currently
limits positive rating action on its IDR. The new note issue
reduces Fortescue's reliance on secured debt, and Fitch expects
the company's secured debt/EBITDA to reduce to around 0.5x by the
end of the current financial year on 30 June 2017 (FYE17), from
1.8x at FYE16.

KEY RATING DRIVERS

Low-Cost Producer: Fortescue's cost of mining and shipping a
tonne of iron ore to its main market in China now compares well
with other major low-cost iron ore producers, such as Rio Tinto
Ltd (A-/Stable) and BHP Billiton Plc (A+/Negative). Fortescue's
cash production costs (C1 costs, which include the cost of mining
and processing) reduced to USD13.06/wet metric tonne (wmt) in
3QFY17. The quarterly result is a 12% reduction from a year
earlier, and 50% lower than two years ago.

The improvement in Fortescue's production costs are driven by an
enhanced blend, which uses ore from its newer Solomon mines that
have low strip ratios, and better ore processing and
beneficiation across all of its ore processing facilities. This
allows the company to mine ore with higher impurities and lower
iron content and still maintain output quality. Better operating
efficiencies through managing its plant maintenance and shut-down
periods, increasing the utilisation of its infrastructure, and,
to a lesser extent, a weak local exchange rate and lower global
crude oil prices have also helped to trim costs.

Further Cost Improvements Challenging: Fitch currently expects
the company's C1 costs to average around USD13/wmt in FY17, which
is at the upper-end of the company's guidance. This is because
Fitch recognise that factors beyond Fortescue's control, such as
crude oil prices and the Australian dollar exchange rate, can
have a significant impact.

Strong Deleveraging Momentum: Fortescue has demonstrated its
commitment to deleveraging by using most of its increasing free
cash flows to reduce its net debt. The company repaid USD2.7
billion of debt in 9MFY17, USD2.9 billion in FY16 and a total of
USD8.7 billion since FY13, which is when Fortescue started to
prioritise its operating cash flows to repay the debt used to
fund its capacity expansion. Fitch expects Fortescue's FFO-
adjusted net leverage to remain at around 1.0x to 1.5x over the
next two years (FY16: 1.7x).

This is likely to be supported by Fitch expectations that
operating cash flows should remain strong and capex would stay
modest. Fitch expects Fortescue to generate EBITDA of USD20 per
dry metric tonne (dmt) of iron ore shipped in FY18 and around
USD15/dmt in FY19. Fitch estimates for Fortescue's leverage and
EBITDA per dmt are based on Fitch expectations that the benchmark
iron-ore price, for ore with 62% iron content delivered to China,
will average USD55/dmt for the remainder of 2017 and reduce to
USD45/dmt thereafter. Fitch estimates also includes an average
benchmark iron-ore price of USD72/dmt in 9MFY17.

Flat Iron-Ore Prices: Fitch has maintained Fitch long-term
expectations for the benchmark iron-ore price at USD45/dmt for
2018 and thereafter. This is based on Fitch expectations that the
global iron-ore market is likely to remain well-supplied, with
new capacity continuing to be added amid persistently weak
demand. Fitch price expectations for 2017 is higher at USD55/dmt,
following elevated iron-ore prices over the last few months, but
Fitch expects prices to fall in line with market fundamentals
over the longer term.

DERIVATION SUMMARY

Fortescue's 'BB+' Long-Term IDR compares well with Anglo American
plc (BB+/Positive). Anglo American is more diversified across
commodity types and geographies than Fortescue. However, Anglo
American's rating reflects its high exposure to South Africa,
which Fitch considers to be a relatively unfavourable country for
mining companies to operate in, given the context of an active
unionised workforce and comparatively high wage and electricity
cost inflation. The Positive Outlook on Anglo American's rating
reflects its rapid deleveraging, which has reduced the need to
sell assets and the likelihood that leverage could remain low.
Fortescue's operations rely on the sale of a single commodity -
iron ore. However this risk is offset by its strong cost position
among global iron-ore miners, which supports strong cash flow
generation during periods of low iron-ore prices. The presence of
secured debt in the company's capital structure is a rating
constraint.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:

- benchmark iron-ore price to average USD55/dmt for 2017 and
  USD45/dmt thereafter
- Fortescue's C1 costs to remain at around USD13/wmt in FY17 and
  FY18
- capex of around USD780 million for FY17 in line with the
  company's guidance

RATING SENSITIVITIES

Future developments that could lead to positive rating actions
include:

- absence of secured debt in Fortescue's capital structure
- maintaining FFO-adjusted net leverage at less than 2.5x
- sustaining EBITDA per dmt at USD15 or higher
- maintaining neutral FCF on average.

Future developments that could lead to negative rating actions
include:

- FFO-adjusted net leverage sustained at higher than 3.0x
- EBITDA per dmt sustained at less than USD10

LIQUIDITY

Comfortable Liquidity, Debt Structure: Fortescue had USD1.5
billion of cash on hand at end-3QFY17, with no significant debt
maturities until 2022, when the senior secured notes of USD2.16
billion fall due. The company's total debt of USD4.3 billion as
of 31 March 2017 does not include maintenance covenants and can
be repaid early at Fortescue's option. This provides the company
with flexibility to reshape its capital structure, which is
supported by its strengthened credit profile.


GATE AUTOMATION: First Creditors' Meeting Set for June 7
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Gate
Automation Systems Pty Ltd in its own right and ATF The D & S
Stott Family Trust, will be held at the offices of BRI Ferrier
Level 16, 530 Collins Street, in Melbourne, Victoria, on June 7,
2017, at 11:00 a.m.

David Coyne and James Koutsoukos of BRI Ferrier were appointed as
administrators of Gate Automation on May 29, 2017.


MEDALLION TRUST 2017-1: S&P Gives Prelim BB Rating to Cl. E Debt
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six
classes of prime residential mortgage-backed securities (RMBS) to
be issued by Perpetual Trustee Co. Ltd. as trustee for Medallion
Trust Series 2017-1.

The preliminary ratings reflect:

- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination and lenders' mortgage insurance to 17.6% of the
portfolio, which covers 100% of the face value of these loans,
accrued interest, and reasonable costs of enforcement.

- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 0.75% of the invested amount of all notes and principal
draws, are sufficient under its stress assumptions to ensure
timely payment of interest.

The availability of a A$150,000 extraordinary expense reserve
funded upfront by Commonwealth Bank of Australia (CBA) to support
trust expenses. This reserve will be topped up with available
excess spread if drawn on.

The fixed-to-floating interest-rate swap, which is provided by
CBA to hedge the mismatch between receipts from any fixed-rate
mortgage loans  and the variable-rate RMBS.

PRELIMINARY RATINGS ASSIGNED

Class      Rating        Amount
                        (mil. A$)

A1         AAA (sf)      690.0
A2         AAA (sf)      29.25
B          AA (sf)       15.59
C          A (sf)         7.28
D          BBB (sf)       3.0
E          BB (sf)        2.55
F          NR             2.33

NR -- Not rated.


STRATOCUMULUS PTY: First Creditors' Meeting Set for June 6
----------------------------------------------------------
A first meeting of the creditors in the proceedings of
Stratocumulus Pty Ltd will be held at Brisbane Convention &
Exhibition Centre, Cnr Merivale & Glenelg Streets, South Bank, in
Brisbane, Queensland, on June 6, 2017, at 3:00 p.m.

David McEvoy and Martin Ford of PPB Advisory were appointed as
administrators of Careers Australia on May 26, 2017.


VELLIN PTY: First Creditors' Meeting Set for June 7
---------------------------------------------------
A first meeting of the creditors in the proceedings of Vellin Pty
Ltd will be held at the offices of SV Partners, SV House, 138
Mary Street, in Brisbane, Queensland, on June 7, 2017, at
10:30 a.m.

Terrence John Rose and David Michael Stimpson of SV Partners were
appointed as administrators of Vellin Pty on May 26, 2017.



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C H I N A
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LEECO: LeSports Defaults on Broadcast Rights Payment
----------------------------------------------------
James Porteous at South China Morning Post reports that the
reason LeSports will not be broadcasting the English FA Cup final
in Hong Kong is because it defaulted on a scheduled payment, the
sports broadcasting rights company involved claimed.

LeTV, the television arm of troubled Chinese company LeEco,
shocked Hong Kong football fans this week when it announced it
would not be showing the game, citing "programme adjustments,"
the Post relates. TVB has since stepped in to air the match.

"The only reason why LeTV didn't broadcast the FA Cup Final is
their payment default," the report quotes a source at MP & Silva,
a leading international media rights company, as saying.

"Despite having been granted several payment reductions and
payment referrals, LeTV didn't comply with promises they made in
the last couple of months.

"In a last attempt to get access to the TV signal of the FA Cup
Final, LeTV promised to deliver a bank guarantee, but failed to
comply with this promise as well.

"In order to avoid the Hong Kong TV audience having to pay the
price for LeTV's failure, MP & Silva granted free-to-air rights
to TVB for a symbolic fee."

According to the Post, a spokesperson for LeSports in Hong Kong
said the company had "no further comment or information" on the
matter.

The Post says LeSports' move prompted anger among subscribers.
The company said it would compensate affected users by offering
them a three-month free subscription to their 'Super Sports'
package, the report notes.

The Post says LeSports announced on May 26 that it had secured
funding valuing the company at CNY24 billion (US$3.5 billion).

According to the report, parent company LeEco has been suffering
a cash crunch after rapidly expanding from online streaming into
TV sets, smartphones, and even electric cars.  It laid off about
70% of its US workforce last week, just days after founder Jia
Yueting resigned as chief executive.

LeTV paid a remarkable US$400 million to broadcast the English
Premier League in Hong Kong and has been snapping up TV rights
all over the world, the Post notes. But in February this year it
was stripped of the rights to Asian Football Confederation
matches after defaulting on a payment; it reportedly almost
suffered the same fate over EPL matches in December.

China-based LeEco makes smartphones, entertainment platforms,
set-top boxes, and smart TVs.


* CHINA: Regulator Urges Banks to Save Ailing Companies
-------------------------------------------------------
The Financial Times reports that the bank regulator in a rust-
belt Chinese province has urged regional lenders to roll over
maturing loans to struggling coal and steel companies, a policy
that cuts against the Communist party's pledge to shut down
"zombie" enterprises.

The FT relates that investors widely assume that Chinese banks
keep lossmaking companies on life support by rolling over
maturing loans, often under pressure from local governments. But
it is rare for a government official to acknowledge the practice.

According to the FT, the admission could also inflame criticisms
of China by trading partners who argue that state-directed bank
loans and other subsidies have enabled cheap Chinese steel to
flood global markets, driving competitors out of business.

President Xi Jinping has pledged a policy of "supply-side
structural reform" to reduce rampant excess capacity in sectors
such as steel, coal and non-ferrous metals. But doing so requires
enduring worker lay-offs, slow growth and lost tax revenue as
unprofitable firms exit, the FT relates.

At a press conference on May 25, the director of the Banking
Regulatory Bureau in north-east China's Heilongjiang province
said his agency had "coordinated" with creditors to roll over
loans to coal and steel companies that cannot repay principal,
the FT relays.

North-east China - which relies heavily on mining and state-owned
heavy industry - has suffered the most from China's economic
slowdown in recent years, the FT says. Liaoning province reported
a 23% fall in nominal gross domestic product in 2016, after
provincial officials acknowledged falsifying economic data for
previous years. Neighbouring Heilongjiang and Dongbei provinces
show similar trends.

The FT notes that creditor committees have emerged as an
important mechanism for negotiations among local governments,
creditors and borrowers. Mr. Bao said committees for 155 state-
owned enterprises in the province had formed.

Companies, including privately owned Jianlong Group, the
province's largest steel manufacturer, and state-owned Longmay
Group, its largest coal producer, benefited from the policy, the
FT reports citing Caixin, a respected Chinese financial news
website, which cited comments by Mr Bao following the press
conference.

According to the report, Caixin said Mr. Bao emphasised that
banks implemented the forbearance policy "under the premise of
marketisation" based on judgments about which companies were
likely to return to health. Companies were not eligible for
rollovers if they could not meet interest payments.

Profits at Chinese coal and steel companies revived last year
amid a rally in commodity prices. But in the long term, analysts
expect Chinese commodity demand to fall, casting doubt on whether
struggling groups can ever recover, the FT relays.

China's banking sector surpassed the eurozone this year to become
the world's largest by assets. Guo Shuqing, who took over as
chairman of the China Banking Regulatory Commission in March, has
reportedly pledged to resign if the sector becomes a "complete
mess," the FT adds.



================
H O N G  K O N G
================


I-CABLE COMMUNICATIONS: Shareholders Approve Rescue Plan
--------------------------------------------------------
Eric Ng at South China Morning Post reports that operations at
Hong Kong's Cable TV will continue when its licence is renewed on
June 1, after minority shareholders voted to approve a rescue
plan led by the chairman of New World Development and his family
to raise cash for the city's financially distressed cable
television network.

The Post relates that the company's licence, which is due to
expire on Wednesday, will be renewed after i-Cable Communications
signed the renewal agreement with the government, said the
company's chairman Stephen Ng Tin-hoi.

"Today, i-Cable will sign the agreement so that on June 1 normal
business operation will contiue in terms of programming, sales
and advertising," the report quotes Ng as saying after a
shareholders meeting in the city.

The successful vote closes a tumultuous chapter in the history of
the subscription-based pay television network, which was launched
in 1993, the report says.

Its majority owner Wharf Holdings - owning 73.8% of i-Cable -
decided to throw in the towel after nine years of losses, saying
in March it would stop investing more money into the cable
television business, the Post relates.

That left i-Cable struggling to operate under a cloud of
uncertainty, with its operating licence due to expire on May 31.
Last year's net loss was HK$313 million, deteriorating from the
HK$233 million loss in 2015, the Post discloses.

According to the report, New World's chairman Henry Cheng Kar-
shun and David Chiu Tat-cheong emerged as the main backers of
Forever Top, the white knight consortium to the rescue, which
will become the majority shareholder in i-Cable after the shares
sale in which Wharf will not participate.

Chiu is chairman of property developer and hotelier Far East
Consortium International and the second son of the late Deacon
Chiu Te-ken, the report notes.



=========
I N D I A
=========


AKASH RICE: CRISIL Assigns 'B+' Rating to INR9MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Akash Rice Industries (ARI). The rating
reflects the firm's weak financial risk profile, its modest scale
of operations, and exposure to intense competition in the rice
milling industry. These weaknesses are partially offset by its
promoters' extensive industry experience.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             9        CRISIL B+/Stable

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: The firm had a small networth and
high earing of 3.2 times as on March 31, 2016. It has low accrual
on account of moderate operating margin and modest revenue. As a
result, its debt protection metrics are weak.

* Modest scale of operations and exposure to intense competition
in the rice milling industry: The firm has installed milling
capacity of 5 tonne per hour (tph), of which, 70% is utilised.
This is modest given the presence of players with capacity of 50-
70 tph in Karnataka. While large players have better efficiency
and pricing power, small players face intense competition and
have low pricing flexibility, which constrains their
profitability. Also the rice milling business in Karnataka is
highly fragmented.

Strengths

* Promoters' extensive industry experience: Before founding ARI,
Mr S Suresh owned M/s Jarekatte Trading Co, which traded in
paddy. He has experience of 20 years in the sector. Besides, Mr S
Paramesh manages Vinaya Traders, which also trades paddy. The
promoters' experience in the sector helped the firm post revenue
growth of 38-40% in the three fiscals ended March 31, 2017.

Outlook: Stable

CRISIL believes ARI will maintain its healthy business risk
profile backed by its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if revenue and
profitability increase substantially, leading to a better
financial risk profile, or if significant capital infusion
results in an improved capital structure. The outlook may be
revised to 'Negative' if the firm undertakes aggressive, debt-
funded expansion, or if its revenue and profitability decline
substantially, or if the promoters withdraw considerable capital,
weakening its financial risk profile.

Set up in June 2013, ARI is a partnership firm. It mills and
processes paddy into rice, rice bran, broken rice, and husk at
its factory in Davangere, Karnataka. The firm is managed by Mr S
Suresh and his family members.

ARI had a profit after tax (PAT) of INR19 lakh on net sales of
INR41.36 crore for fiscal 2016, against a PAT of INR24 lakh on
net sales of INR29.xx crore for fiscal 2015.


AMMA WOODS: CRISIL Lowers Rating on INR7.1MM Cash Loan to 'B'
-------------------------------------------------------------
CRISIL has downgraded its long-term rating on the bank facilities
of Amma Woods Private Limited (AWPL) to 'CRISIL B/Stable' from
'CRISIL B+/Stable', while reaffirming the short-term rating at
'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            7.1      CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Letter of Credit      12.5      CRISIL A4 (Reaffirmed)

The rating downgrade reflects deterioration in liquidity, due to
lower-than-expected revenue and cash accrual, and sizeable
working capital debt. Revenue is estimated to have declined to
around INR 11 crore in fiscal 2017 from INR 21.7 crore in fiscal
2016 and INR25.2 crore in fiscal 2015; cash accruals are expected
to remain lower than CRISIL's earlier estimate. Stretch in
working capital cycle and consequent high dependence on external
working capital borrowings resulted in weakening of financial
profile. Debt protection metrics weakened, marked by lower
interest coverage ratio estimated at around 1.2 times in fiscal
2017, and is expected to remain at similar levels over the medium
term. CRISIL believes that AWPL's liquidity will remain under
pressure over the medium term.

The rating further continues to reflect AWPL's modest scale in a
fragmented and competitive timber trading industry along with
large working capital requirements. The ratings also factor in
the company's weak financial risk profile marked by below-average
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of AWPL's promoters in the
timber trading business.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: With an operating income of
INR21.76 crore for fiscal 2016, scale remains small in the highly
fragmented and competitive timber trading industry that has low
entry barrier.

* Below-average debt protection metrics: Debt protection metrics
weakened, marked by lower interest coverage ratio estimated at
around 1.2 times in fiscal 2017 due to lower revenues and
profitability levels. Interest coverage is expected to remain at
similar levels over the medium term.

Strength

* Extensive experience of promoters: AWPL is promoted by the
Keyes group which is in timber trading business for over 25
years. The significant experience and strong relationship with
reputed customers has ensured consistent order flow over the
years.

Outlook: Stable

CRISIL believes that AWPL will continue to benefit from the
extensive industry experience and financial flexibility of its
promoters. The outlook may be revised to 'Positive' if the
company significantly scales up its operations leading to better
cash accruals and improvement in liquidity.  Conversely, the
outlook may be revised to 'Negative' if AWPL's financial
liquidity continues to weaken owing to stretch in working capital
management or further deterioration in operating performance.

Incorporated in 2012, AWPL is a Kerala-based company that trades
in timber. The company is managed by the Kerala-based Keyes group
which has over 25 years of experience in the wood trading
business. The day-to-day operations are managed by Ms. K V
Sulekha.

Profit after tax was INR0.10 core on net sales of INR21.76 crore
for fiscal 2016, vis-a-vis INR0.26 crore and INR25.2 crore,
respectively, in fiscal 2015.


ARIHANT PRINTERS: CRISIL Cuts Rating on INR4.50MM Loan to B
-----------------------------------------------------------
CRISIL has been consistently following up with Arihant Printers
(AP) for obtaining information through letters and emails dated
January 19, 2017, and February 9, 2017, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         .22       CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Cash Credit           1.00       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL B+/Stable')

   Proposed Long Term    1.78       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Downgraded
                                    from 'CRISIL B+/Stable')

   Term Loan             4.50       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL B+/Stable')

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Arihant Printers. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Arihant Printers is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL B rating category or lower.' Based on
the last available information, CRISIL has downgraded the long
term rating to 'CRISIL B/Stable' and reaffirmed the short term
rating at 'CRISIL A4'.

AP was set up as a partnership in 2005 by the Kolkata-based Jain
family. The firm prints packaging and advertisement material for
various industries including fast-moving consumer goods,
pharmaceuticals, hosiery, and cement and has its manufacturing
unit in Kolkata. The operations are primarily managed by Mr.
Sunny Jain.


B.V.S. DISTILLERIES: CRISIL Assigns B Rating to INR29MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of B.V.S. Distilleries Private Limited (BDPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan          29       CRISIL B/Stable

The rating reflects the company's below-average financial risk
profile because of high gearing and weak debt protection metrics,
modest scale of operations, and exposure to stringent government
regulations in the Indian-made foreign liquor (IMFL) segment.
These weaknesses are partially offset by the extensive experience
of its promoter and benefits expected from tie-up with Pernod
Ricard India (P) Ltd (Pernod).

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations and exposure to intense competition:
BDPL is a regional player in the liquor industry, with an
estimated modest operating income in fiscal 2018 due to start-up
nature of operations. CRISIL believes that intense competition
will constrained ability to significantly scale up operations.

* Below-average financial risk profile: Networth and gearing are
estimated to be weak at INR6.39 crore and 3.52 times,
respectively, as on March 31, 2017. Debt protection metrics are
also likely to be below average due to start-up phase.

* Exposure to government regulations
The liquor manufacturing industry is regulated by both central
and state governments. In the case of BDPL, Government of Andhra
Pradesh regulates production, wholesale and retail prices,
distribution, and raw material availability. Any change in
government regulations can affect competitiveness and
profitability.

Strengths

* Extensive experience of promoter and benefits expected from
tie-up with Pernod
The company's promoter has been providing transportation service
to Pernod through group entities since the past one decade.
Hence, BDPL set up an IMFL bottling unit for Pernod that
commenced production from February 2017. The company will
continue to benefit from its tie-up with Pernod, which has
established premium IMFL brands in India.

Outlook: Stable

CRISIL believes BDPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is a substantial
and sustained increase in revenue and profitability margins, or a
considerable improvement in the networth on the back of sizeable
equity infusion. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in profitability margins,
or significant deterioration in the company's capital structure
caused most likely by large, debt-funded capital expenditure or a
stretch in its working capital cycle.

Incorporated in 2011 and promoted by Mr. Bommadevara Venkata
Subba Rao, BDPL manufactures IMFL at its unit in Kankipadu,
Andhra Pradesh.

BDPL's, on provisional basis, net loss was INR0.007 crore on
total revenue of INR0.22 Cr for fiscal 2017.


BABA TECHNOCRATS: CRISIL Reaffirms 'B' Rating on INR3MM Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of Baba Technocrats And Manufacturers Private
Limited (BTMPL).

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         4        CRISIL A4 (Reaffirmed)
   Cash Credit            3        CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect BTMPL's small scale of
operations, large working capital requirement, and susceptibility
to volatility in raw material prices. The ratings also factor its
weak financial risk profile because of small networth, high
gearing, and subdued debt protection metrics. These weaknesses
are partially offset by its promoter's extensive experience in
the precision engineering components segment, its healthy
operating efficiency, and comfortable order book providing
revenue visibility.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: The company's modest scale,
reflected in revenue of INR9.46 crore for fiscal 2017, restricts
ability to bid for large projects.

* Exposure to risks inherent in tender-based business: Revenue is
susceptible to the quantum of tenders floated by customers, and
the company's success in winning them.

* Susceptibility of operating margin to volatility in raw
material prices
Operating margin fluctuated from 11-15% over the 3 fiscals
through 2017 because of volatility in raw material prices.

Strengths

* Promoter's extensive industry experience
Mr Sai Balu Ala has experience of over 20 years in the precision
engineering components segment, which has helped the company
successfully bid for tenders and execute projects efficiently.

Outlook: Stable

CRISIL believes BTMPL will continue to benefit from its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' if diversification and increase in revenue
and operating profitability on a sustainable basis leads to a
better financial risk profile. The outlook may be revised to
'Negative' if the financial risk profile deteriorates due to
significant decline in revenue and profitability, or weak working
capital management, or larger-than-expected, debt-funded capital
expenditure.

Incorporated in 1997 as a partnership firm and reconstituted as a
private limited company in 2010, BTMPL manufactures precision
engineering components in Hyderabad. It is promoted by Mr Sai
Balu Ala and his associates.

On a provisional basis, profit after tax (PAT) was INR0.14 crore
on net sales of INR9.46 crore for fiscal 2017, against a PAT of
INR0.12 crore on net sales of INR7.78 crore for fiscal 2016.


BATLIBOI LIMITED: Ind-Ra Lowers Long-Term Issuer Rating to 'B'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Batliboi
Limited's Long-Term Issuer Rating to 'IND B' from 'IND B+'.  The
Outlook is Negative.  The instrument-wise rating actions are:

   -- INR6.11 mil. Term loan rating withdrawn;

   -- INR186 mil. Fund-based facilities lowered to
      'IND B/Negative' rating; and

   -- INR541.5 mil. Non-fund-based facilities affirmed with
      'IND A4' rating

                         KEY RATING DRIVERS

Ind-Ra has taken a consolidated view of Batliboi and its
subsidiaries, Aesa Air Engineering Limited in France and
Quickmill in Canada while assigning the ratings.  Both the
companies have strong operational and strategic inter-linkages,
as they operate in the same line of business.  As of FY17,
Batliboi held 70% and 100% in Aesa Air Engineering and Quickmill,
respectively.

The downgrade reflects a decline in consolidated revenue and
EBITDA losses incurred since FY15.  The revenue decreased to
INR2.048 billion in FY17 (FY16: INR2,166 million) due to sluggish
market conditions, leading to lower demand in the machine tools
segment.  The company reported an EBITDA loss of INR59 million in
FY17 (FY16: INR28 million) due to reduction in sales.  As of
April 2017, the company had an order book of INR336 million to be
executed over the next three months.

The ratings also factor in Batliboi's tight liquidity position
with 96.2% average utilization of fund-based limits over the 12
months ended April 2017.

However, the ratings continue to draw strength from Batliboi's
strong operational track record of 12 decades in the
manufacturing of machine tools and textile machineries.

                       RATING SENSITIVITIES

Positive: An increase in the scale of operations along with
positive profitability leading to a sustained improvement in the
credit metrics will be positive for the ratings.

Negative: A substantial decline in the profitability and scale of
operations leading to deterioration in the credit metrics will be
negative for the ratings.

COMPANY PROFILE

Established in 1892, Batliboi is engaged in the manufacturing of
machine tools, textile air engineering machinery and air-
conditioning.  The machines tools division manufactures both
conventional and computer numerical controlled machines.  The
textile engineering division provides equipment and designs for
climate control in the textile manufacturing units.


FABRICATORS (INDIA): CRISIL Assigns 'B' Rating to INR2MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of The Fabricators (India) [TFI].

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        4.25       CRISIL A4
   Cash Credit           2.00       CRISIL B/Stable

The ratings reflect the firm's small scale of, and tender-based,
operations, large working capital requirement, and weak financial
risk profile. These weaknesses are partially offset by the
extensive experience of its proprietor in the electrical contract
work segment.

Key Rating Drivers & Detailed Description

Weakness

* Small scale and tender-driven operations
Intense competition and tender-based business should continue to
restrict scalability in operations: turnover is estimated at
INR5.5 crore in fiscal 2017.

* Large working capital requirement
Gross current assets are estimated at 409 days as on March 31,
2017, due to receivables and inventory of 299 and 100 days,
respectively.

* Weak financial risk profile
Gearing is estimated to be high at 4.43 times and networth small
at INR1.05 crore as on March 31, 2017. Interest coverage ratio is
also likely to be weak at 2.51 times in fiscal 2017.

Strengths

* Experience of proprietor
The firm's proprietor has been in the electrical contract work
segment for more than 32 years and has executed many projects for
government entities.

Outlook: Stable

CRISIL believes TFI will continue to benefit over the medium term
from the extensive experience of its proprietor. The outlook may
be revised to 'Positive' if significant and sustained increase in
revenue and improvement in operational margin and working capital
cycle lead to a better financial risk profile. The outlook may be
revised to 'Negative' if a sharp decline in revenue or operating
margin, stretched working capital cycle, or sizeable, debt-funded
capital expenditure further weakens financial risk profile.

Set up in 1984 as a proprietorship firm by Mr. Vinay Kumar
Agrawal, TFI supplies electrical and mechanical equipment and is
also engaged in substation and transmission line work for
government entities such as irrigation department of Uttar
Pradesh and Uttar Pradesh Power Corporation Ltd.

Book profit was INR0.17 crore on sales of INR5 crore in fiscal
2016, against book profit of INR0.18 crore on sales of INR5.1
crore in fiscal 2015.


GHAZIPUR NAGAR: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ghazipur Nagar
Palika Parishad (GhNPP) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.

                          KEY RATING DRIVERS

Ghazipur City has inadequate civic infrastructure.  It does not
have an underground sewerage system and sewage treatment plant,
at the same time inadequate water supply, drainage network,
proper solid waste management and collection facilities constrain
the rating.  The lack of these adequate basic civic services as
reflected by Service Level Benchmark reports calls for an
immediate attention.  However, civic infrastructure is likely to
improve based on the city selection under the Atal Mission for
Rejuvenation and Urban Transformation (AMRUT) scheme.

Urban civic services delivery is also hampered by the
multiplicity of authorities providing these services.  Besides
GhNPP, state agencies such as Uttar Pradesh Jal Nigam, Public
Works Department are involved in the provision of civic services.
The transfer of some of the services from these agencies to the
council can speed up improvement in service delivery.

Ghazipur jurisdiction is only 18sq km with a population of
110,587.  Economic activities in the town are not buoyant and
taxes on average contributed 3.65% to the total revenue over
FY12-FY16.  Along with tax revenues, GhNPP's revenue sources
comprise non-tax revenue, grants & contribution and other income.
The municipality's non-tax revenue mainly emanates from various
fees & charges and rental income from municipal properties,
contributed 4.53% on an average to the total revenue income over
FY12-FY16.

GhNPP reported a moderate financial performance in FY16.  Its
revenue receipts increase to INR158.60 million in FY16 from
INR104.85 million in FY12, at a CAGR of 10.9%.  Also, its revenue
surplus improved to INR68.51 million in FY16 from INR30.26
million in FY12.  It had an overall surplus of INR45.37 million
for FY16.

GhNPP has a high level of dependence on the state government.  It
receives compensation in lieu of stamp duty and revenue grants
for development purposes.  Revenue compensation and revenue
grants cumulatively contributed 89.83% to the total revenue
income during FY12-FY16.

                         RATING SENSITIVITIES

Positive: A significant improvement in GhNPP's operating
performance, delivery of civic services and timely execution of
AMRUT projects, would be positive for the rating.

Negative: Significant delays in execution of urban civic service
projects and deterioration in financial performance of GhNPP
would be negative for rating.

CITY PROFILE

The city of Ghazipur is located in the eastern part of the state
of Uttar Pradesh.  It is the headquarters of the Ghazipur
district.  The city nearly stretches parallel to the river
Ganges. It is spread over an area of around 18 sq km and is
divided into four zones.  The four zones are further divided into
28 wards.

Ghazipur is well connected from most of the major Indian cities
through railways.  The nearest railway station is Ghazipur City
which is within the city.  Ghazipur is well known for its opium
factory which is largest factory of its kind in the country.


GYANKUND TRUST: Ind-Ra Assigns 'B' Rating to INR119.76MM Loan
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Gyankund Trust to
Educate and to Serve's (GTTES) bank facilities as:

  -- INR119.76 mil. Term loan assigned with 'IND B/Stable'
     rating;

  -- INR33.98 mil. Term loan assigned with 'IND B/Stable' rating;
     and

  -- INR32.50 mil. Working capital facility assigned with
     'IND B/Stable' rating

                        KEY RATING DRIVERS

The ratings reflect GTTES' tight liquidity position and high debt
burden.  In FY16, available funds/total long-term debt was 0.13%
(FY15: 1.60%) and debt/cash balance before interest and
depreciation (CBBID) was 7x (4.56x).  Debt service coverage ratio
declined to 0.82x in FY16 (FY15: 1.04x) on account of a decline
in CBBID to INR30.09 million (INR48.26 million).  The debt
servicing in FY16 was majorly financed by liquidation of
investments.

The ratings are further constrained by lacklustre demand
witnessed by the trust's engineering institutes over FY13-FY17,
resulting in a fluctuation in total student strength.  Total
headcount declined to 1,758 in FY17 from 2,105 in FY13.

The ratings are, however, supported by a relatively stable
performance of the trust's school as well as a marginal increase
in the student strength in FY17 from FY16.  As per provisional
financials for FY17, the trust reported revenue of INR105.11
million (FY16: INR90.78 million) and current balance of INR1.59
million (FY16: negative INR21.33 million).  At March 31, 2017,
total debtors stood at INR58.17 million (FY16: INR44.84 million).

                       RATING SENSITIVITIES

Positive: An increase in enrolments and consequently the revenue,
leading to a further improvement in the liquidity position and
reduced debt burden could trigger a positive rating action.

Negative: Any unexpected fall in student demand in conjunction
with a disproportionate increase in debt-led capex, resulting in
a stress on the liquidity position and debt could trigger a
negative rating action.

COMPANY PROFILE

GTTES was incorporated in 2007 in Kurukshetra.  The trust manages
and operates Technology Education & Research Integrated
Institutions.


J AND B ENGINEERING: CRISIL Reaffirms B- Rating on INR6.5MM Loan
----------------------------------------------------------------
CRISIL has reaffirmed its rating on the long term bank facilities
of J and B Engineering and Construction Company (JBEC) at 'CRISIL
B-/Stable' while assigning a rating of 'CRISIL A4' to the short
term bank facility.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          2        CRISIL A4 (Reassigned)

   Cash Credit             3.5      CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      6.5      CRISIL B-/Stable (Reaffirmed)

The ratings reflect the firm's small scale of operations,
exposure to intense competition in the civil construction
industry, weak financial risk profile because of low networth,
and working capital-intensive operations. These weaknesses are
partially offset by the extensive experience of its proprietor.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations and exposure to intense competition
With revenue of INR8.1 crore estimated for fiscal 2017, scale
remains modest in the intensely competitive civil construction
segment. Also, entire turnover is from Kerala resulting in
geographical concentration risks.

* Weak financial risk profile
Networth is estimated to be small at INR4.8 crore as on March 31,
2017, and is expected to remain at a similar level over the
medium term on account of limited accretion to reserves. Interest
coverage ratio is likely to be weak at 1.8 times during fiscal
2017.

* Working capital-intensive operations
Gross current assets were around 400 days estimated in fiscal
2017due to large inventory resulting in large working capital
requirements.

Strengths

* Extensive experience of proprietor
Presence of around three decades in the civil construction
segment has enabled the proprietor to establish strong
relationship with customers and suppliers.

Outlook: Stable

CRISIL believes JBEC will benefit over the medium term from the
extensive experience of its proprietor. The outlook may be
revised to 'Positive' if significant improvement in revenue and
profitability leads to better cash accrual, while improving
working capital management. The outlook may be revised to
'Negative' if there is pressure on scale of operations and
profitability or if liquidity weakens due to delays in collection
of receivables.

Established in 1995 by Mr. KA Abraham, JBEC undertakes civil
contracts for government departments (such as Public Works
Department and Kerala Water Authority) of Kerala.

In fiscal 2016, profit after tax (PAT) was INR0.3 crore on net
revenue of INR6.6 crore, against net loss INR0.02 crore on net
revenue of INR3.8 crore for fiscal 2015.


JAMPESWAR AGRO: CRISIL Raises Rating on INR4.50MM Loan to BB-
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Jampeswar Agro Udyog Private Limited (JAUPL) to 'CRISIL BB-
/Stable/CRISIL A4+' from 'CRISIL B+/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            4.50      CRISIL BB-/Stable (Upgraded
                                    from 'CRISIL B+/Stable')

   Letter of Credit        .27      CRISIL A4+ (Upgraded from
                                    'CRISIL A4')

   Proposed Long Term     2.78      CRISIL BB-/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B+/Stable')

   Term Loan              3.75      CRISIL BB-/Stable (Upgraded
                                    from 'CRISIL B+/Stable')

The rating upgrade reflects an improvement in the business risk
profile, aided by an increase in revenue, healthy operating
margin, and better working capital management.

Revenue increased to INR33.5 crore in fiscal 2017, from INR18.82
crore in the previous year, while operating margin was stable,
estimated around 8.5%. The scale of operations is expected to
further improve, backed by healthy demand for rice. Net cash
accrual rose to INR1 crore in fiscal 2017, from INR0.81 crore in
the previous fiscal. Better cushion between net cash accrual and
term debt should also support liquidity. Working capital
management has also improved, with gross current assets declining
to 81 days estimated as on March 31, 2017, from 129 days in the
previous fiscal.

The ratings reflect JAUPL's promoters' extensive industry
experience and an efficient working capital management. These
rating strength is partially offset by a modest scale of
operations in the intensely competitive rice milling industry,
and a small networth limiting financial flexibility.

Key Rating Drivers & Detailed Description

Strengths

* Extensive experience of the promoters: The decade-long
experience of the promoters, Mr Siddhartha Mondal and Mr Rabindra
Nath Chowdhury, via their association with a group entity,
Jampeshwar Rice Mill in West Bengal, will continue to support the
business risk profile.

* Efficient working capital management: Operations are
efficiently managed, as reflected in gross current assets of 81
days estimated as on March 31, 2017, aided by prudent collection
of receivables, and inventory maintained by the company.

Weakness

* Modest scale of operations, amidst intense competition: Intense
competition in the rice milling business keeps the scale of
operations modest, as reflected in revenue of INR33.5 crore
estimated for fiscal 2017, and paddy processing capacities of 5
tonne per hour.

* Small networth limiting financial flexibility: Networth of
INR2.96 crore estimated as on March 31, 2017, lowers the
financial flexibility to raise additional debt in case of any
exigency. Minimal accretion to reserves and absence of any
significant equity infusion plans, will keep the networth modest
in the medium term.

Outlook: Stable

CRISIL believes JAUPL will benefit from the extensive experience
of its promoters over the medium term. The outlook may be revised
to 'Positive' if an improvement in revenue or profitability
strengthens the financial risk profile. The outlook may be
revised to 'Negative' if low profitability, stretch in the
working capital cycle, or large, debt-funded capital expenditure,
weakens financial risk profile.

JAUPL, which was incorporated in 2012, has set up a par-boiled
rice mill in Birbhum (West Bengal). The mill commenced operations
in December 2013. Operations are managed by the promoters, Mr
Mondal and Mr Chowdhury.

Net profit was INR0.06 crore on net sales of INR18.54 crore in
fiscal 2016, vis-a-vis INR0.09 crore and INR22.86 crore,
respectively, in fiscal 2015.


JAYESH INDUSTRIES: CRISIL Reaffirms B- Rating on INR10.25MM Loan
----------------------------------------------------------------
CRISIL has been seeking information and a discussion with the
management of Jayesh Industries Limited (JIL) since March 2017.
Despite several emails and calls, the firm has not submitted any
information. CRISIL had, through a senior director letter dated
April 24, 2017, informed the firm of the extant guidelines and
requested for cooperation. The issuer, however, remains non-
cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          0.2      CRISIL A4 (Issuer Not
                                    Cooperating; Removed from
                                    'Notice of withdrawal';
                                    Rating Reaffirmed)

   Buyer`s Credit          5.0      CRISIL B-/Stable (Issuer Not
                                    Cooperating; Removed from
                                    'Notice of withdrawal';
                                    Rating Reaffirmed)

   Cash Credit            10.25     CRISIL B-/Stable (Issuer Not
                                    Cooperating; Removed from
                                    'Notice of withdrawal';
                                    Rating Reaffirmed)

   Proposed Long Term      3.49     CRISIL B-/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Removed from
                                    'Notice of withdrawal';
                                    Rating Reaffirmed)

   Standby Line of         1.00     CRISIL B-/Stable (Issuer Not
   Credit                           Cooperating; Removed from
                                    'Notice of withdrawal';
                                    Rating Reaffirmed)

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.'

Detailed Rationale

CRISIL has reaffirmed its 'CRISIL B-/Stable/CRISIL A4' ratings on
the bank facilities of JIL and removed them from 'Notice of
Withdrawal', in line with its revised policy on withdrawal of
ratings.

Inadequate information and lack of management cooperation
restrict CRISIL from taking a forward looking view on the credit
quality of the firm. JIL scores low ('L') on availability of past
information. It scores low ('L') on future information due to
unavailability of management's public stated stance on
expectations, strategic decisions, and capital expenditure
(capex). It also scores low ('L') on the stability attributes
listed in CRISIL's criteria for surveillance of ratings of non-
cooperative issuers. The available information is consistent with
a 'CRISIL B' category rating, leading to reaffirmation of the
ratings.

Outlook: Stable

CRISIL believes JIL will continue to benefit over the medium term
from the promoter's extensive industry experience and established
relationship with customers. The outlook may be revised to
'Positive' if the revenue and profitability margin increase
substantially, or if working capital cycle improves. Conversely,
the outlook may be revised to 'Negative' in case profitability
margin declines, or capital structure deteriorates because of a
large, debt-funded capital expenditure plan or stretched working
capital cycle.

JIL was earlier known as Amson Polymer Pvt Ltd, a company which
was taken over by the Shah family in 1995; following the
takeover, the name was changed to the current one. Mr. Jayesh
Shah, the director, manages the operations. The company
manufactures ferroalloy powders and lumps for the electrodes
industry and steel plants, respectively, and is based in Navi
Mumbai (Maharashtra).

Profit after tax (PAT) was INR0.68 crore on net sales of INR39.70
crore in fiscal 2016, against PAT of INR0.34 crore on net sales
of INR41.84 crore in fiscal 2015.


JESUS FISHERIES: CRISIL Assigns 'B' Rating to INR6.36MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' ratings to the bank
loan facilities of Jesus Fisheries (JF). The rating reflects
modest scale and geographic concentration in revenues and below
average financial risk profile. However, these weaknesses are
partially offset by the partner's extensive experience and long
relationships with customers.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Secured Overdraft
   Facility               .75       CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility     .44       CRISIL B/Stable

   Cash Term Loan        6.36       CRISIL B/Stable

   Drop Line Overdraft
   Facility              2.45       CRISIL B/Stable


Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations with geographic concentration in
revenues: The firm has modest scale of operations, marked by
revenue of INR28 crore in fiscal 2016. Further, the firm entire
revenues from Kerala leading to geographic concentration in
revenues.

* Below-average financial risk profile:  Marked by high gearing
and below-average debt protection metrics.

Strength

* Extensive experience of the partner: Mr Shabu Paul along with
his family members, have been in trading business for over 3
decades and have established relationship with suppliers and
customers.

Outlook: Stable

CRISIL expects JF's business risk profile to remain stable backed
by partners' extensive experience in trading of multiple
products. The outlook may be revised to 'Positive' if JF
significantly improves its scale and profitability, leading to a
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if JF's profitability weakens due to
increased competition, or in case of deterioration in the firm's
working capital management.

JF is a partnership firm, engaged in wholesaling of fish and fish
products, along with groceries and bakery products, in the region
of Kottayam, Kerala. It is promoted by Mr Shabu Paul along with
his family members.

For 2015-16 (refers to financial year, April 1 to March 31), JF
reported net profit of INR0.23 Crore on total revenue of INR28.05
Crore, against net profit of INR0.21 Crore on total revenue of
INR22.34 Crore for 2014-15.


JINDAL AGRO: CRISIL Cuts Rating on INR8.5MM Cash Loan to 'B'
------------------------------------------------------------
CRISIL has been consistently following up with Jindal Agro Mills
Private Limited (JAMPL) for obtaining information through letters
and emails dated January 24, 2017, and February 13, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            8.5       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL B+/Stable')

   Letter of Credit      37.0       CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Proposed Long Term     3.0       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Downgraded
                                    from 'CRISIL B+/Stable')

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Jindal Agro Mills Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Jindal Agro Mills Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL B
rating category or lower.' Based on the last available
information, CRISIL has downgraded the long term rating to
'CRISIL B/Stable' and reaffirmed short term rating at 'CRISIL
A4'.

Incorporated in 1992 and promoted by Mr. R K Jindal, JAMPL trades
in metals such as copper, zinc and nickel. It also manufactures
copper alloys, wire, strips and rods, and processes wheat flour
and bran. JAMPL also works as consignee agent for Binani Zinc
Ltd.


KANCHAN INTERNATIONAL: CRISIL Rates INR8MM Cash Loan at B+
----------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable' rating to the long-term
bank facilities of Kanchan International (KI; part of the Kanchan
group).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             8        CRISIL B+/Stable

The rating reflects the working capital-intensive operations and
an average financial risk profile of the Kanchan group. These
rating weaknesses are partially offset by the extensive
experience of the promoters in the readymade garments industry, a
moderate scale of operations, and established customer
relationship.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KI and Ramrati Jagdish Private Limited
(RJPL). This is because, the two entities, together referred to
as the Kanchan group, are engaged in a similar line of business,
and have business synergies and common promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital-intensive operations: Gross current assets are
estimated at 158 days as on March 31, 2017, mainly because of
large receivables and inventory. Inventory of 30-40 days needs to
be maintained, in line with industry practice while debtors are
stretched at more than 4 months. Working capital requirement will
be partly supported by credit from suppliers.

* Average financial risk profile: The gearing is estimated to
have been high and the networth modest at around 2.61 times and
INR8.64 crore, respectively, as on March 31, 2017. Debt
protection metrics are subdued: the interest coverage was 1.5
times and the net cash accrual to total debt ratio 0.06 time in
fiscal 2017.

Strengths

* Extensive experience of the promoters in the readymade
industry: The partners and their family members have more than
three decades of experience in the readymade garments industry.
The group began operations in 1980 with the proprietorship firm
KI. In 2012, the promoters established RJPL.

* Moderate scale of operations and an established customer
relationship: Turnover was INR196.6 crore in fiscal 2016, an
increase from INR160.72 crore in fiscal 2015. The group is
expected to achieve revenues of around INR196.22 crores and has
an established relationship with customers, resulting in repeat
orders.

Outlook: Stable

CRISIL believes the Kanchan group will maintain its credit risk
profile over the medium term backed by the extensive experience
of the promoters and healthy demand prospects in the readymade
garments industry. The outlook may be revised to 'Positive' in
case of a sustained improvement in profitability, leading to
higher cash accrual and a better capital structure while the
working capital intensity is reduced. The outlook may be revised
to 'Negative' in case of an increase in working capital
requirement, leading to deterioration in the financial risk
profile.

KI was established as a proprietorship firm in 1980 by Mr Suresh
Chand Singhal, who manages operations. The firm manufactures and
exports readymade garments for men, women, and children.

RJPL, set up in 2012 by Mr Singhal and his family, is engaged in
a similar line of business. Operations are managed by Mr Suresh
Chand Singhal and Mr Ajay Kumar Singhal.

KI reported a book profit of INR0.95 crores on revenues of
INR98.25 crores for fiscal 2016 against net loss INR0.78 crores
on revenues of INR78.53 crore for fiscal 2015.

Status of non-cooperation with previous CRA: KI has not
cooperated with SMERA Ratings Limited, which has suspended its
rating vide release dated May 27, 2016. The reason provided by
SMERA ratings Limited is absence of the requisite information
from the firm.


KUMARPUR AGRO: CRISIL Reaffirms B+ Rating on INR2.64MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Kumarpur Agro
Poultries Limited (KAPL; part of the Maity group) continue to
reflect susceptibility of its operating margin to volatility in
the prices of maize and soybean, large working capital
requirement, and average financial risk profile because of small
networth, high gearing, and weak debt protection metrics. These
weaknesses are partially offset by the group's established
position as a regional player in the poultry segment backed by
the experience of its promoter.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           2.64      CRISIL B+/Stable (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility    4.04      CRISIL A4 (Reaffirmed)

   Term Loan             3.32      CRISIL B+/Stable (Reaffirmed)

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KAPL, Sankrail Agro Poultries Pvt Ltd,
and Maity Poultries Pvt Ltd. This is because all these companies,
collectively referred to as the Maity group, are under a common
management, in the same business, and have common clientele and
suppliers. Furthermore, there is need-based fungible cash flow
among the companies.

Key Rating Drivers & Detailed Description

Weakness

* Susceptibility of operating margin to volatility in input
prices
The group's operating margin will remain susceptible to
volatility in raw material (maize and soybean) prices as feed
costs account for 70% of a poultry farm's costs, and adequate
availability and prices of feed are crucial for sustainable
operations. Though integrated poultry players have their own feed
mills, home mixers and the unorganised sector still account for
sizeable production. Also, maize prices have been increasing as
it is a relatively small crop that is in big demand from the
poultry and starch segments. In case of soybean meal, India
manufactures exportable surplus and hence, its prices are
volatile because of fluctuations in international prices and
domestic production.

* Large working capital requirement
Gross current assets are estimated at 190 days as on March 31,
2017, because of year-end inventory. Feed stock is large due to
seasonal availability and low procurement cost. Also, the group
purchases day-old chicks against advance payment from Eastern
Hatcheries Ltd. Feed, maize, and soybean are procured against
advance/cash payment. Working capital requirement is largely
funded through cash credit facility.

Strengths

* Established regional player backed by promoter's experience:
The Maity group will continue to benefit from its established
presence in eastern India, steady customer and supplier
relationship, and promoter's experience of over three decades in
the poultry segment. Setting up additional poultry farms in
Paschim Midnapore, West Bengal, has helped to ramp up operations.
Also, operations are partially integrated, with own tray plant
and feed plant capacity of 250 tonne per day.

Outlook: Stable

CRISIL believes the Maity group will continue to benefit over the
medium term from the extensive experience of its promoter. The
outlook may be revised to 'Positive' if substantial growth in
revenue and profitability and efficient working capital
management result in large net cash accrual and hence a better
financial risk profile. The outlook may be revised to 'Negative'
if sharp decline in revenue and profitability or further stretch
in working capital cycle leads to deterioration in financial risk
profile, particularly liquidity.

Set up in 1984 and promoted by Mr. Madan Maity, the Maity group
is engaged in biological production of designer eggs that contain
proteins and vitamins. These are sold under the Maity Eggs brand.

The group reported profit after tax (PAT) of INR1.5 crore on net
sales of INR62.6 crore in 2015-16 as against PAT of INR1.7 crore
on net sales of INR63.6 crore in 2014-15.


KUNDAN INDUSTRIES: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kundan
Industries Limited (KIL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.  The instrument-wise rating actions are:

   -- INR487.2 mil. Fund-based facilities assigned with
      'IND BB+/Stable/IND A4+' rating; and

   -- INR150 mil. Non-fund-based facilities assigned with
      'IND A4+' rating

                         KEY RATING DRIVERS

The ratings reflect KIL's declining EBITDA margin, moderate
credit metrics and a tight liquidity position.  The EBITDA margin
declined to 6.1% in FY16 (FY13: 11.3%) due to an increase in the
price of raw material.  However, as per provisional financials
for FY17, the margin improved to 9.1% on account of improved
market conditions leading to a decline in the steel price.
Interest coverage (operating EBITDA/gross interest expense) was
1.3x in FY17P (FY16: 0.78x) and net financial leverage (total
adjusted net debt/operating EBITDA) was 4.9x (FY16: 8.1x).  The
improvement in the credit metrics resulted on account of
scheduled debt repayment.

The ratings are also constrained by KIL's long working capital
cycle of 227 days in FY17P (FY16: 225 days).  This was primarily
on account of high inventory, payable and receivables days.  The
company maintains inventory for just-in-time delivery to original
equipment manufacturers and has a safety stock clause mandated by
the original equipment manufacturers.  As a result, KIL had near
full utilization of fund-based facilities over the 12 months
ended April 2017.  Ind-Ra expects the working capital cycle to be
in the similar line in FY18.

However, the ratings are supported by KIL's moderate, although
increasing scale of operations.  Revenue grew at a CAGR of 4.17%
over FY13-FY17P to INR1.614 billion primarily on account of
increased orders from existing and new customers.  The management
expects the revenue to grow in the near term mainly due to new
orders expected from renowned global customers.  It also had an
order book of INR480 million as of May 2017, expected to be
completed in the next two months.

The ratings also factor in KIL's strong operational track record
of over four decades in the manufacturing of stainless steel
industrial fasteners.

                      RATING SENSITIVITIES

Positive: A substantial growth in the revenue coupled with an
improvement in the EBITDA margin and reduction in the working
capital cycle, leading to a sustained improvement in the credit
metrics will be positive for the ratings.

Negative: Any decline in the revenue and EBITDA margin or
elongation of working capital cycle resulting in deterioration in
the credit metrics will be negative for the ratings.

COMPANY PROFILE

KIL was established in 1977 as a proprietary concern by Mr.
Bharat Bhushan Gupta under the name Kundan Engineering Works.  In
1995, it is converted into a public limited company with the
merger of two other family-owned partnership firms, Shakti
Engineering Works and Roshan Industries.  KIL is primarily
engaged in the manufacturing of stainless steel industrial
fasteners.


LALCHAND GEM: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Lalchand Gems
and Jewellers Private Limited (LGCJ) a Long-Term Issuer Rating of
'IND BB+'.  The Outlook is Stable.  The instrument-wise rating
action is:

   -- INR200 mil. Fund-based Limit assigned with
      'IND BB+/Stable/IND A4+' rating

                         KEY RATING DRIVERS

Ind-Ra has taken a consolidated view on Lalchand group which
comprises two entities namely LGCJ and Lalchand Jewellers Private
Limited (LCJPL), to arrive at the ratings.  The consolidated
approach was taken because LCJPL holds 99.99% shares in LGCJ and
both the entities are engaged in jewelry retailing.  The parent
entity has also extended a corporate guarantee of INR284.1
million to its subsidiary.

The credit profile of the group is moderate.  According to the
provisional FY17financials, the total turnover of Lalchand Group
was INR3.25 billion (FY16: INR2.64 billion), interest coverage
(gross interest expense/ operating EBITDAR) was 1.9x (1.6x), net
leverage (total net adjusted debt/operating EBITDAR) was 3.9x
(6.5x) and operating EBITDA margin was 5.0% (4.1%).  The revenue
and margins grew on account of an increase in the sales of
jewelry resulting in the improvement in the credit metrics.

The liquidity profile of LGCJ is also moderate, as reflected in
its average utilization of around 99% of its working capital
facilities during the 12 months ended April 2017.

The ratings however are supported by the group's promoter's more
than three decades of experience in the jewelry retail business
with a presence in Cuttack and Bhubaneshwar through two showrooms
of area 15,000sf and 25,000sf, respectively.  The group is an
established brand name in Odisha.

                         RATING SENSITIVITIES

Positive: A substantial improvement in the top line and
profitability leading to an improvement in the overall credit
metrics of the group will be positive for the ratings.

Negative: Deterioration in the profitability leading to
deterioration in the overall credit metrics will be negative for
the ratings.

COMPANY PROFILE

LCGJ and LCJPL were incorporated in 2015 and 1987, respectively,
and run a jewellery retail business in Cuttack and Bhubaneshwar.

On a standalone basis, LCGJ reported revenue of INR896 million in
FY17 (FY16: INR513 million), interest coverage of 1.7x (1.7x),
net leverage of 4.3x (7.9x) and operating EBITDA margins of 5.5%
(3.7%). FY17 financial are provisional.


M C MEDICAL: CRISIL Reaffirms 'B' Rating on INR8.2MM LT Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of M C Medical
Services Pvt Ltd (MCMS) continues to reflect the company's
nascent stage in the multi-speciality hospital segment, and
below-average financial risk profile because of weak capital
structure and insufficient cash accrual vis-a-vis debt
obligation. These weaknesses are partially offset by the
extensive experience of its promoters and their funding support.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            2.0       CRISIL B/Stable (Reaffirmed)

   Long Term Loan         8.2       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     2.3       CRISIL B/Stable (Reaffirmed)

Analytical Approach

Unsecured loans of INR2.8 crore received from the promoters as on
March 31, 2017, have been treated as neither debt nor equity as
the loans bear nominal interest, and are to remain in business
over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations and geographical concentration in
revenue: Scale remains small due to start-up phase of operations.
Revenue was modest at INR22 crore in fiscal 2017, MCMS' second
full year of operations. Business risk profile will also remain
constrained due to geographical concentration in revenue.

* Below-average financial risk profile: Negative accretion in
fiscal 2017 led to a small networth of INR1.7 crore as on March
2017. Since cash accrual is insufficient to meet debt obligation,
promoters have infused equity of INR3.6 crores in fiscal 2017.

Strengths

* Extensive experience of promoters: Longstanding presence in the
healthcare industry has enabled the promoters, who are seasoned
doctors, to develop strong reputation in Coimbatore.

Outlook: Stable

CRISIL believes MCMS will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if significant and sustained
improvement in revenue and cash accrual leads to improvement in
financial risk profile, especially liquidity. The outlook may be
revised to 'Negative' if lower-than-expected cash accrual further
weakens capital structure and liquidity.

Incorporated in 2009 and promoted by Dr. K Chockalingam and Dr. K
Madeswaran, MCMS operates a multi-speciality hospital in
Coimbatore

MCMS booked Net loss of INR2.87 crores on revenues of INR14.87
crores in fiscal 2016 against Profit after tax of INR 25.94 lakhs
on revenues of INR3.92 crores in fiscal 2015.


M S GRAPHICS: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned M S Graphics
Private Limited (MSGPL) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable.  The instrument-wise rating actions are:

   -- INR160 mil. Fund-based limit assigned with 'IND BB/Stable'
      rating; and

   -- INR20 mil. Non-fund-based limit assigned with 'IND A4+'
      Rating

                        KEY RATING DRIVERS

The ratings reflect MSGPL's moderate credit profile.  As per FY17
provisional financials, revenue was INR443 million (FY16: INR434
million), operating EBITDA margin was 4.4% (5.0%), interest
coverage was 1.4x (1.3x) and net leverage was 8.8x (7.3x).  The
decline in operating EBITDA margin was on account of an increase
in the cost of goods sold and personnel expenses.  The decrease
in EBITDA margin led to deterioration in the net leverage.
However, the interest coverage improved on account of a decline
in interest expense.

The ratings also factor in the company's moderate liquidity
position with 94.2% average use of fund-based limit during the
six months ended April 2017.

However, the ratings benefit for the promoters more than two and
a half decades of experience in the trading of printing plates
and inks.

                      RATING SENSITIVITIES

Negative: Any deterioration in the overall credit metrics will be
negative for the ratings.

Positive: An improvement in the scale of operations and operating
profitability leading to an improvement in the overall credit
metrics will be positive for the ratings.

COMPANY PROFILE

Incorporated in 1991, MSGPL is engaged in the trading of printing
plates and printing ink.  The company is managed by Chandra Mohan
Shroff and his son Mohit Shroff.  Its sales offices are located
in Kolkata, Chennai, Delhi, Guwahati and Bengaluru.


MAA JOYTARA: CRISIL Reaffirms B Rating on INR9.83MM LT Loan
-----------------------------------------------------------
CRISIL has been consistently following up with Maa Joytara Rice
Mill Private Limited (MJRMPL) for obtaining information through
letters and emails dated January 24, 2017, and February 14, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         0.17      CRISIL A4 (Issuer Not
                                     Cooperating)

   Cash Credit            4.45      CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL B+/Stable')

   Proposed Long Term     9.83      CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Rating
                                    Reaffirmed)

   Standby Letter          .55      CRISIL B/Stable (Issuer Not
   of Credit                        Cooperating; Downgraded from
                                    'CRISIL B+/Stable')

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Maa Joytara Rice Mill Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Maa Joytara Rice Mill Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL B
rating category or lower.' Based on the last available
information, CRISIL has downgraded the long term rating to
'CRISIL B/Stable' and reaffirmed the short term rating at 'CRISIL
A4'.

Formed in 1993 as a proprietorship concern and reconstituted as a
private-limited company in 2004, MJRMPL mills and processes rice;
its facility is in Malda (West Bengal). The company has set up a
solvent extraction unit, which became operational in July 2014.
Its operations are managed by Mr. Prafulla Kumar Ghosh.


MAITY POULTRIES: CRISIL Reaffirms B+ Rating on INR8.17MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Maity Poultries
Private Limited (MPPL; part of the Maity group) continue to
reflect susceptibility of its operating margin to volatility in
the prices of maize and soybean, large working capital
requirement, and average financial risk profile because of small
networth, high gearing, and weak debt protection metrics. These
weaknesses are partially offset by the group's established
position as a regional player in the poultry segment backed by
the experience of its promoter.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        .16       CRISIL A4 (Reaffirmed)
   Cash Credit          3.67       CRISIL B+/Stable (Reaffirmed)
   Term Loan            8.17       CRISIL B+/Stable (Reaffirmed)

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Sankrail Agro Poultries Pvt Ltd,
Kumarpur Agro Poultries Ltd, and MPPL. This is because all these
companies, collectively referred to as the Maity group, are under
a common management, in the same business, and have common
clientele and suppliers. Furthermore, there is need-based
fungible cash flow among the companies.

Key Rating Drivers & Detailed Description

Weakness

* Susceptibility of operating margin to volatility in input
prices
The group's operating margin will remain susceptible to
volatility in raw material (maize and soybean) prices as feed
costs account for 70% of a poultry farm's costs, and adequate
availability and prices of feed are crucial for sustainable
operations. Though integrated poultry players have their own feed
mills, home mixers and the unorganised sector still account for
sizeable production. Also, maize prices have been increasing as
it is a relatively small crop that is in big demand from the
poultry and starch segments. In case of soybean meal, India
manufactures exportable surplus and hence, its prices are
volatile because of fluctuations in international prices and
domestic production.

* Large working capital requirement
Gross current assets are estimated at 190 days as on March 31,
2017, because of year-end inventory. Feed stock is large due to
seasonal availability and low procurement cost. Also, the group
purchases day-old chicks against advance payment from Eastern
Hatcheries Ltd. Feed, maize, and soybean are procured against
advance/cash payment. Working capital requirement is largely
funded through cash credit facility.

Strengths

* Established regional player backed by promoter's experience:
The Maity group will continue to benefit from its established
presence in eastern India, steady customer and supplier
relationship, and promoter's experience of over three decades in
the poultry segment. Setting up additional poultry farms in
Paschim Midnapore, West Bengal, has helped to ramp up operations.
Also, operations are partially integrated, with own tray plant
and feed plant capacity of 250 tonne per day.

Outlook: Stable

CRISIL believes the Maity group will continue to benefit over the
medium term from the extensive experience of its promoter. The
outlook may be revised to 'Positive' if substantial growth in
revenue and profitability and efficient working capital
management result in large net cash accrual and hence a better
financial risk profile. The outlook may be revised to 'Negative'
if sharp decline in revenue and profitability or further stretch
in working capital cycle leads to deterioration in financial risk
profile, particularly liquidity.

Set up in 1984 and promoted by Mr. Madan Maity, the Maity group
is engaged in biological production of designer eggs that contain
proteins and vitamins. These are sold under the Maity Eggs brand.

The group reported profit after tax (PAT) of INR1.5 crore on net
sales of INR62.6 crore in 2015-16 as against PAT of INR1.7 crore
on net sales of INR63.6 crore in 2014-15.


MANOJ MATHEW: CRISIL Reaffirms B+ Rating on INR8MM Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Manoj
Mathew (MM, part of the Palathra group) to 'CRISIL
B+/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         2        CRISIL A4 (Reaffirmed)
   Cash Credit            8        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect Palathra group's modest scale and
geographic concentration in revenue. The rating also factors in
large working capital requirement. These rating weaknesses are
partially offset by extensive experience of the promoters in the
civil construction business and moderate financial risk profile.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of MM and Palathara Construction (PC).
The consolidated approach is because both entities are in the
same line of business, share a common management, and have
significant financial and operational linkages.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale and geographic concentration in revenue
Intense competition in the civil construction industry keeps the
scale of operations modest, as reflected in net sales of INR37.8
crore estimated for fiscal 2017, and restricts bargaining power
with customers or suppliers The Palathara group mainly undertakes
civil construction works in Kerala, and is thus, exposed to
geographical concentration risk

* Large working capital requirement
Operations are highly working capital intensive, as reflected in
gross current assets of 369 days estimated as on March 31, 2017,
on account of high work-in-progress inventory and current assets
in the form of earnest money and security deposits.

Strength

* Extensive experience of the promoters in the civil construction
business
The two decade-long experience of the key promoters, Mr Manoj
Mathew and Mr Shaji Mathew, has helped register healthy revenue
growth, and establish relationships with major suppliers and
customers, thereby strengthening the market position.

* Moderate financial risk profileThe capital structure is
expected to remain moderate, while debt protection metrics will
continue to be robust over the medium term. Networth was modest
at INR6.1 crore estimated as on March 31, 2017, against INR5.4
crores a year earlier. Interest coverage ratio is expected to
remain robust around 1.9 times driven by substantial cash
accrual.

Outlook: Stable

CRISIL believes the Palathra group will continue to benefit from
the extensive experience of its promoters. The outlook may be
revised to 'Positive' if a significant increase in the scale of
operations and stable profitability, lead to higher cash accrual,
and improve liquidity. The outlook may be revised to 'Negative'
if the group reports lower-than-expected revenue or
profitability, or if a stretch in the working capital cycle, or
any large, debt-funded capital expenditure, weakens the financial
risk profile, especially liquidity.

MM is a sole proprietorship, which is engaged in road
construction projects for Kerala PWD.

Set up as a partnership firm in September 2007, PC is a Kerala-
based civil contractor, which undertakes road construction
projects for Kerala Public Works Department (PWD). The firm also
undertakes construction of transmission towers for telecom
operators.

The group's daily operations are managed by Mr Manoj Mathew and
Mr Shaji Mathew.

Group's profit after tax was INR1.43 crore on net sales of
INR27.3 crore in fiscal 2016, vis-a-vis INR0.89 crore and INR17.1
crore, respectively, in fiscal 2015.


MARUTI EDUCATIONAL: CRISIL Cuts Rating on INR8.25MM Loan to 'B'
---------------------------------------------------------------
CRISIL has been consistently following up with Maruti Educational
Trust (MET) for obtaining information through letters and emails
dated January 24, 2017, and February 14, 2017, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Overdraft              3.75      CRISIL A4 (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL A4+')

   Term Loan              8.25      CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB+/Stable')

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Maruti Educational Trust. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Maruti Educational Trust is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL B rating category or
lower.' Based on the last available information, CRISIL has
downgraded the rating to 'CRISIL B/Stable/CRISIL A4'.

MET was established in 2009 in Noida (Uttar Pradesh) to operate
educational institutions offering graduate and post-graduate
courses. MET manages Noida International University (NIU) in
Noida (Uttar Pradesh), which includes 11 colleges that offer
graduate and post graduate courses in engineering, management,
and sciences. MET is planning to start new courses in medical
school for the students from FY 2016-17 onwards. The building and
infrastructure for all the five years of medical college is
complete the furnishing of classrooms with other medicine related
infrastructure already installed. The medical colleges is due for
Medical Council of India (MCI) inspection in January 2016 after
which the college will be able to start its operations with first
batch coming in month of September.


MAYA VENTURES: CRISIL Downgrades Rating on INR26.2MM Loan to B-
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Maya Ventures Private Limited (MVPL) to 'CRISIL B-/Stable'
from 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             5        CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

   Project Loan           26.2      CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

The downgrade reflects expectation of further weakening of
liquidity due to continued lower flow of advances as against
substantial fixed debt repayment of about INR30 crore in fiscal
2018. Low advances are due to continued sluggish sales post
demonetisation. Timely and commensurate fund support from the
promoters will remain necessary for maintaining liquidity over
the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Geographical concentration in revenue and exposure to intense
competition
The entire revenue is derived from a single residential project
in Bengaluru. Since the economy of Bengaluru is primarily driven
by the information technology sector, any prolonged slowdown in
the sector could affect demand for the project.

* Exposure to cyclicality inherent in the Indian real estate
industry
The sector is cyclical and marked by volatile prices and a highly
fragmented market structure. Also, the execution of real estate
projects is affected by multiple property laws and non-
standardised government regulations across states.

Strength

* Extensive experience of the promoters in real estate
development
The company is promoted by Mr M S Nagaraja Rao and his son Mr M N
Karthik. Mr Rao, a civil engineer, ventured into the civil
construction industry in 1970 through Technoart Construction Pvt
Ltd.

Outlook: Stable

CRISIL believes MVPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of a substantial increase in cash flow
backed by significantly high realisations from the ongoing
project. The outlook may be revised to 'Negative' in case of
delays in project completion or in receipt of payments from
customers, a slowdown in booking, or an additional, large, debt-
funded project, leading to deterioration in liquidity.

Incorporated in 2003, MVPL is a Bengaluru-based residential real
estate developer. The company is currently developing Maya
Indradhanush, a multi-storied building project in South
Bengaluru, to be completed by December 2016. It is managed by its
managing director, Mr M N Karthik.

For fiscal 2016, net loss was INR2.06 crore on net sales of
INR5.9 crore, against a net loss of INR28 lakh on net sales of
INR16.3 lakh for fiscal 2015.


MEENAMANI GANGA: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Meenamani Ganga
Builder LLP (MMGB) a Long-Term Issuer Rating at 'IND BB+'.  The
Outlook is Stable.  Instrument-wise rating action is:

  -- INR500 mil. Fund-based limits assigned with 'IND BB+/Stable'
     rating

                         KEY RATING DRIVERS

The ratings reflect the execution and saleability risks
associated with MMGB' ongoing project (Ganga Fernhill).  The
project is scheduled to be completed by March 2019, and by end-
March 2017, the company achieved about 40% project completion.
The firm has entered into an agreement for the sales of only 28
flats out of the total 400 flats and 22 commercial shops.
Management plans to sell the majority of the flats in FY19 and
FY20 in a phased manner to get the better pricing arising out of
the advanced stage of construction.

However, the ratings are constrained by the cash flow mismatch
risks that could arise if unit sales are lower than Ind-Ra's
expectations, as bank funding and customer advances are the
primary sources of funding.

The ratings are supported by the established brand of Goel Ganga
Development group in Pune, to which MMGB belongs.  The group has
executed 35 residential and commercial projects with a total
saleable area of around 8 million sf across Pune in the last
three decades.  The projects covering around 4 million sf are
under progress.  The ratings are also supported by the location
of the project from where major schools, eateries and hospitals
are easily accessible.

                       RATING SENSITIVITIES

Positive: Successful completion of the project and sale of units
as planned, leading to strong visibility of cash flows could lead
to a positive rating action.

Negative: Future developments that could stress cash flow for
timely debt service and lead to a negative rating action include:

   -- time and/or cost overruns
   -- a substantial slowdown in sales
   -- additional debt to fund new projects

COMPANY PROFILE

Incorporated in January 2012 as a limited liability partnership,
MMGB belongs to Goel Ganga Developments Group. MMGB is executing
a residential-cum-commercial project with total saleable area of
352,960 sf located at Undri, Pune.  The project was commenced in
January 2016.  The land lord share is about 19% of gross sales
proceeds.


MERAKI CV 2016: Ind-Ra Assigns 'BB-' Rating to INR26.8MM PTCs
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Meraki CV IFMR
Capital 2016 (an ABS transaction) these final ratings:

  -- INR222.3 mil. Series A1 pass-through certificates (PTCs)
     assigned with 'IND BBB+(SO)/Stable' rating;

  -- INR26.8 mil. Series A2 PTCs assigned with IND BB-(SO)/Stable
     rating

The commercial vehicle (CV), multi-utility vehicle (MUV), four-
wheeler (4W) and tractor loan pool assigned to the trust is
originated by Kogta Financial (India) Limited (KFL).

                          KEY RATING DRIVERS

The final ratings are based on the origination, servicing,
collection and recovery expertise of KFL, the legal and financial
structure of the transaction, and the credit enhancement (CE)
provided in the transaction.  The final rating of Series A1 PTCs
addresses the timely payment of interest on monthly payment dates
and the ultimate payment of principal by the final maturity date
of June 17, 2020, in accordance with transaction documentation.

The final rating of Series A2 PTCs addresses the timely payment
of interest on monthly payment dates only after the complete
redemption of Series A1 PTCs and the ultimate payment of
principal by the final maturity date of June 17, 2020, in
accordance with transaction documentation.

The transaction benefits from an internal CE on account of excess
interest spread, subordination and over-collateralisation.  The
levels of over-collateralisation available to Series A1 and A2
PTCs are 17.0% and 7.0% of the initial pool principal outstanding
(POS), respectively.  The total excess cash flow or the internal
CE available, including over-collateralisation, to Series A1 and
Series A2 PTCs is 33.4% and 20.2% of the initial POS,
respectively.  The transaction also benefits from an external CE
of 5.0% of the initial POS provided in the form of fixed deposits
with RBL Bank in the name of the originator, with a lien marked
in favor of the trustee.  The collateral pool assigned to the
trust at par had an initial POS of INR267.8 million as of the
pool cut-off date of Nov. 30, 2016.

The external CE will be used in the event of a shortfall in a)
the complete redemption of all Series of PTCs on the final
maturity date, b) the monthly interest payment to Series A1
investors c) the monthly interest payment of Series A2 investors
after the complete redemption of Series A1 investors and d) any
shortfall in Series A2 maximum payout on the Series A2 final
maturity date.

                         RATING SENSITIVITIES

As part of its analysis, Ind-Ra built a pool cash flow model
based on the transaction's financial structure.  The agency
analyzed historical data to determine the base values of key
variables that would influence the level of expected losses in
this transaction. The base values of the default rate, recovery
rate, time to recovery, collection efficiency, prepayment rate
and pool yield were stressed to assess whether the level of CE
was sufficient for the current rating levels.

Ind-Ra conducted rating sensitivity tests.  If the assumptions
about the base case default rate worsen by 20%, the model-implied
rating sensitivity suggests that the ratings of Series A1 and
Series A2 PTCs will not be impacted.

COMPANY PROFILE

Founded in 1996, KFL is a deposit-taking non-banking finance
company registered with the Reserve Bank of India.  The company
primarily operates in Rajasthan, Gujarat and Maharashtra.  As on
March 31, 2016, it was wholly owned by the Kogta family
(immediate family members hold 69.42%) and relatives.  The key
business of KFL is used vehicle financing (CV, MUV, 4W, 2W and
tractor loans), which represented about 75% of the overall assets
under management as on March 31, 2016.

KFL's total revenue increased 57.4% yoy to INR259.9 million in
FY16. Its profit after tax increased 10.1% yoy to INR32.8 million
in FY16.

KFL classifies a loan as a non-performing asset if it becomes
overdue for more than 90 days.  However, the company provisions
loans with 150 days past due after discussions with management.
Its net non-performing assets, after accounting for write-offs,
were 1.80% in FY16 (FY15: 1.18%).


MOREISH FOODS: CRISIL Cuts Rating on INR7.93MM LT Loan to 'B'
-------------------------------------------------------------
CRISIL has been consistently following up with Moreish Foods
Limited (MFL) for obtaining information through letters and
emails dated January 23, 2017, and February 15, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         .07       CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Cash Credit           6.00       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL B+/Stable')

   Proposed Long Term    7.93       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Downgraded
                                    from 'CRISIL B+/Stable')

   Term Loan             7.00       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL B+/Stable')

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Moreish Foods Limited. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Moreish Foods Limited is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL B rating category or
lower.' Based on the last available information, CRISIL has
downgraded the long term rating to 'CRISIL B/Stable' and
reaffirmed the short term rating at 'CRISIL A4'.

MFL was set up in 1992 as a proprietorship firm by Mr. Narendra
Kumar. It was reconstituted as a private limited company and
later into a limited company. Mr. Narendra Kumar, Mr. Vikram
Jain, and Ms. Anvita Singh are the present directors of the
company. MFL manufactures and sells bread and baked items.


PALATHRA CONSTRUCTIONS: CRISIL Reaffirms B+ Cash Credit Rating
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the long term bank
facilities of Palathra Constructions (PC, part of the Palathra
group) to 'CRISIL B+/Stable' while assigning 'CRISIL A4' to its
short term bank facility.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         2        CRISIL A4 (Reassigned)
   Cash Credit           10        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect Palathra group's modest scale and
geographic concentration in revenue. The rating also factors in
large working capital requirement. These rating weaknesses are
partially offset by extensive experience of the promoters in the
civil construction business and moderate financial risk profile.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of PC and Manoj Mathew (MM). The
consolidated approach is because both entities are in the same
line of business, share a common management, and have significant
financial and operational linkages.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale and geographic concentration in revenue
Intense competition in the civil construction industry keeps the
scale of operations modest, as reflected in net sales of INR37.8
crore estimated for fiscal 2017, and restricts bargaining power
with customers or suppliers The Palathara group mainly undertakes
civil construction works in Kerala, and is thus, exposed to
geographical concentration risk

* Large working capital requirement
Operations are highly working capital intensive, as reflected in
gross current assets of 369 days estimated as on March 31, 2017,
on account of high work-in-progress inventory and current assets
in the form of earnest money and security deposits.

Strength

* Extensive experience of the promoters in the civil construction
business
The two decade-long experience of the key promoters, Mr Manoj
Mathew and Mr Shaji Mathew, has helped register healthy revenue
growth, and establish relationships with major suppliers and
customers, thereby strengthening the market position.

* Moderate financial risk profile:
The capital structure is expected to remain moderate, while debt
protection metrics will continue to be robust over the medium
term. Networth was modest at INR6.1 crore estimated as on March
31, 2017, against INR5.4 crores a year earlier. Interest coverage
ratio is expected to remain robust around 1.9 times driven by
substantial cash accrual.

Outlook: Stable

CRISIL believes the Palathra group will continue to benefit from
the extensive experience of its promoters. The outlook may be
revised to 'Positive' if a significant increase in the scale of
operations and stable profitability, lead to higher cash accrual,
and improve liquidity. The outlook may be revised to 'Negative'
if the group reports lower-than-expected revenue or
profitability, or if a stretch in the working capital cycle, or
any large, debt-funded capital expenditure, weakens the financial
risk profile, especially liquidity.

Set up as a partnership firm in September 2007, PC is a Kerala-
based civil contractor, which undertakes road construction
projects for Kerala Public Works Department (PWD). The firm also
undertakes construction of transmission towers for telecom
operators.

MM is a sole proprietorship, which is also engaged in road
construction projects for Kerala PWD.

The group's daily operations are managed by Mr Manoj Mathew and
Mr Shaji Mathew.

Group's profit after tax was INR1.43 crore on net sales of
INR27.3 crore in fiscal 2016, vis-a-vis INR0.89 crore and INR17.1
crore, respectively, in fiscal 2015.


R L AVIATION: CRISIL Reaffirms 'B+' Rating on INR4.9MM Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of R L Aviation Services Private Limited.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         5.1      CRISIL A4 (Reaffirmed)
   Drop Line
   Overdraft Facility     4.9      CRISIL B+/Stable (Reaffirmed)

   Overdraft              2.0      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect RLPL's small scale of operations,
large working capital requirement, and constrained liquidity
because of loans and advances to other firms. These weaknesses
are partially offset by its promoter's extensive experience in
the travel and tourism industry, its established and longstanding
relationships with airlines, and healthy profitability leading to
comfortable debt protection metrics.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations: The company had turnover of INR13
crore and internal accrual of nearly INR1.3 crore in fiscal 2017.

* Large working capital requirement: Substantial receivables lead
to sizeable gross current assets of more than 300 days.
Consequently, high bank limit utilisation is high, around 90%.

* Loans to other entities: RLPL's liquidity is constrained by
interest-bearing loans extended to other firms.

Strengths

* Promoter's extensive experience and longstanding relationships
with airlines: The promoter's experience of 15 years in the air-
ticket booking business has helped RLPL establish and maintain
relationships with principal airlines.

* Healthy operating margin: Operating margin of 20% led to
comfortable debt protection metrics, with interest coverage ratio
estimated at 3.0 times, in fiscal 2017.

Outlook: Stable

CRISIL believes RLPL will continue to benefit from its promoter's
extensive industry experience and strong association with
airlines. The outlook may be revised to 'Positive' if revenue
increases significantly while profitability remains stable,
leading to higher-than-expected cash accrual and better financial
risk profile and liquidity. The outlook may be revised to
'Negative' if liquidity weakens significantly on account of
increased loans and advances or stretch in working capital
requirement, or if financial risk profile weakens because of
decline in topline and profitability.

RLPL, incorporated in 2008, is an authorised general sales agent
(GSA) for Oman Air and Asiana Airlines for passenger tickets and
cargo in India. RLPL is promoted and managed by Mr Chetan Gupta.

Profit after tax was INR0.66 crore on net sales of INR10.0 crore
in fiscal 2016, vis-a-vis INR0.6 crore and INR8.2 crore,
respectively, in fiscal 2015.


R R HOLIDAY: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned R R Holiday
Homes Private Limited (RRHHPL) a Long-Term Issuer Rating of 'IND
BB'. The Outlook is Stable.  Instrument-wise rating actions are:

   -- INR210.8 mil. Term loan assigned with 'IND BB/Stable'
      rating; and

   -- INR10 mil. Fund-based working capital limits assigned with
      'IND BB/Stable/IND A4+' rating

                        KEY RATING DRIVERS

The rating reflects RRHHPL's tight liquidity position and
moderate scale of operations.  The company's working capital
limits were almost fully utilized during the 12 months ended
April 2017. Working capital cycle increased to 32 days in FY17P
(FY16:18 days) due to an increase in inventory holding period to
12 days (2 days) and debtor days to 34 days (33 days).  RRHHPL
allows a credit period of 30-35 days to its debtors and prefers
suppliers providing an average credit period of 20-25 days.

Revenue was INR469 million in FY17P (FY16: INR435 million).  The
company has tie-ups with online portals and has a strong
marketing team to attract more travellers leading to an increase
in the occupancy level of up to 90% during the peak seasons.

However, the ratings benefit from RRHHPL's strong EBITDA margins
and comfortable credit metrics.  The EBITDA margins were in the
range of 28.5-45.8% over FY14-FY17 on account of steady
occupancy. Interest coverage (operating EBITDA/gross interest
expense) was 3.9x at FY17P (FY16: 3.8x) and net financial
leverage (total Ind-Ra adjusted net debt/operating EBITDAR) was
1.9x (2.1x).

The ratings also factor in the promoters' three-decade-long
experience in the hotel industry.

                        RATING SENSITIVITIES

Negative: A significant decline in the revenue and operating
profitability leading to a sustained deterioration in the credit
metrics would be negative for the ratings.

Positive: A significant increase in the revenue and operating
profitability leading to an improvement in the credit metrics
would be positive for the ratings.

COMPANY PROFILE

Incorporated in 1995, RRHHPL is engaged in hospitality,
restaurants, flight catering, and travel and tour services.  The
company has two flagship holiday homes, Uday Samudra Leisure
Beach Hotel and Uday Suites.  It also provides in-flight catering
services under Uday Sky Kitchen.


RAMRATI JAGDISH: CRISIL Assigns 'B+' Rating to INR7MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned it 'CRISIL B+/Stable' rating to the long-term
bank facility of Ramrati Jagdish Private Limited (RJPL; part of
the Kanchan group).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             7        CRISIL B+/Stable

The rating reflects the working capital-intensive operations and
an average financial risk profile of the Kanchan group. These
rating weaknesses are partially offset by the extensive
experience of the promoters in the readymade garments industry, a
moderate scale of operations, and established customer
relationship.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Kanchan International (KI) and RJPL.
This is because, the two entities, together referred to as the
Kanchan group, are engaged in a similar line of business, and
have business synergies and common promoters.

Key Rating Drivers & Detailed Description

Weakness

* Working capital-intensive operations: Gross current assets are
estimated at 158 days as on March 31, 2017, mainly because of
large receivables and inventory. Inventory of 30-40 days needs to
be maintained, in line with industry practice while debtors are
stretched at more than 4 months. Working capital requirement will
be partly supported by credit from suppliers.

* Average financial risk profile: The gearing is estimated to
have been high and the networth modest at around 2.61 times and
INR8.64 crore, respectively, as on March 31, 2017. Debt
protection metrics are subdued: the interest coverage was 1.5
times and the net cash accrual to total debt ratio 0.06 time in
fiscal 2017.

Strengths

* Extensive experience of the promoters in the readymade
industry: The partners and their family members have more than
three decades of experience in the readymade garments industry.
The group began operations in 1980 with the proprietorship firm
KI. In 2012, the promoters established RJPL.

* Moderate scale of operations and an established customer
relationship: Turnover was INR196.6 crore in fiscal 2016, an
increase from INR160.72 crore in fiscal 2015. The group is
expected to achieve revenues of around INR196.22 crores and has
an established relationship with customers, resulting in repeat
orders.

Outlook: Stable

CRISIL believes the Kanchan group will maintain its credit risk
profile over the medium term backed by the extensive experience
of the promoters and healthy demand prospects in the readymade
garments industry. The outlook may be revised to 'Positive' in
case of a sustained improvement in profitability, leading to
higher cash accrual and a better capital structure while the
working capital intensity is reduced. The outlook may be revised
to 'Negative' in case of an increase in working capital
requirement, leading to deterioration in the financial risk
profile.

KI was incorporated as a proprietorhip firm in 1980 by Mr. Surech
Chand Singhal. The firm is engaged into manufacturing and exports
of readymade garments for mens, ladies and kids. The day to day
operations of the company is being managed by Suresh Chand
Singhal.

Besides KI, the proprietor's family also run RJPL a private
limited company, which was set up in 2012 and engaged in similar
line of business and the promoters are also belongs to same
family. The day to day operations are managed by Mr. Suresh Chand
Singhal and Mr. Ajay Kumar Singhal.

RJPL reported a PAT of INR0.64 crores on revenues of
INR98.35crores for fiscal 2016 against PAT INR0.57 crores on
revenues of INR82.19 crore for fiscal 2015.

Status of non-cooperation with previous CRA:
RJPL has not cooperated with SMERA Ratings Limited, which has
suspended its rating vide release dated May 27, 2016. The reason
provided by SMERA Ratings Limited is absence of the requisite
information from the company.


RELIANCE COMM: Battered Again as Debt Trouble Mounts
----------------------------------------------------
Bloomberg News reports that brutal competition and INR457 billion
($7 billion) of borrowings have finally caught up with
billionaire Anil Ambani's Reliance Communications Ltd.

Bloomberg says the Indian wireless operator rattled investors
with its first full-year net loss amid signs it's struggling to
repay debt. Its $300 million junk-rated note due in 2020 declined
5.5 cents on the dollar to 66 cents as of 12:23 p.m. in Hong Kong
and the stock sank 4.4 percent to extend May 29's 20% slump, the
report discloses.  According to the report, Fitch Ratings and
Lucror Analytics highlighted a potential liquidity crunch and
people familiar with the matter said the company sought more time
to repay some loans.

The company was in talks with its lenders to seek their approval
for the sale of its tower business and an equal merger of its
wireless business with rival Aircel Ltd., that would allow it to
pare debt by INR250 billion, Gurdeep Singh, co-chief executive
officer of Reliance Communications said on an investor call on
May 29, Bloomberg relays. The company plans to refinance its debt
in the interim period until Sept. 30 to facilitate the closing of
the transactions, Singh said, Bloomberg relays.

Reliance Communications had a full-year loss of INR14 billion,
Bloomberg discloses. Subscribers have dwindled in the past five
years as larger rivals such as Bharti Airtel Ltd. and Vodafone
Plc slashed call rates and offered higher speed data, the report
says. To repay debt, the company is selling its towers to
Canadian asset manager Brookfield Infrastructure Group as well as
merging the wireless business with Aircel Ltd.

"The size of the RCOM debt has become unmanageable and both
Brookfield and Aircel deals are getting delayed for a long time
now," Bloomberg quotes Giriraj Daga, an investment manager at K M
Visaria Family Trust in Mumbai, as saying. "Investors fear that a
delay in loan repayments may lead to scrapping of the deals" and
this may lead to financial stress at the company because it
doesn't have adequate refinancing resources, he said.

The carrier is likely to continue losing subscribers, Deepti
Chaturvedi and Akshat Agarwal, analysts at CLSA Asia-Pacific
Markets, said in a note on May 29. CLSA estimates that only 66
million users are active, which is 20 percent lower than the
company's reported subscribers.

Reliance Communications' cash generation and unrestricted cash of
around $200 million would be insufficient to pay its short-term
debt of around $600-$650 million, said Nitin Soni, director,
Asia-Pacific corporate ratings at Fitch Ratings. However,
liquidity would still be dependent on its ability to refinance
maturing debt, Soni said, Bloomberg relays.

The company also plans to sell its real estate assets in Delhi
and Navi Mumbai, Singh said on the investor call. The company is
getting the properties valued, he said.

The junk-rated company had INR13.2 billion of cash and cash
equivalents as of March 31, less than a quarter of its short-term
borrowings of INR95 billion, it said in its earnings report on
May 27, Bloomberg relays.

Reliance Communications has defaulted on loan servicing
obligations and Indian banks have put the company's loans into
"special mention accounts," which means interest payments are
overdue, the Economic Times reported on May 29, citing an
unidentified bank official.

"Bank support would be the key thing investors are watching right
now," said Pavitra Sudhindran, credit analyst at Nomura Holdings
Inc. "While we continue to view negatively the ongoing
deterioration in operations, our base case is for banks to remain
supportive but note that there could be potential headline risk,
as we saw this morning."

Reliance Communications' shares are down 42 percent this year. In
a sign of stress, the company's leverage, measured by total debt
to equity, rose to a record high of 1.6 times, up from one time
in 2012, according to company filings cited by Bloomberg.

Reliance Communications Limited (RCOM) is an integrated
telecommunications operator in India with a presence across
wireless, enterprise, broadband, tower infrastructure and DTH
businesses. Through its wholly-owned subsidiary, GCX Limited (B2
stable), the company also provides data connectivity solutions to
major telecommunications carriers and large multinational
enterprises in the US, Europe, Middle East and Asia Pacific,
which need multi-national IP-based solutions and connectivity.


ROJA NOTE: CRISIL Assigns B+ Rating to INR5.0MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Roja Note Book Company Private Limited
(RNBPL).

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           5.0       CRISIL B+/Stable
   Cash Term Loan        0.5       CRISIL B+/Stable

The rating reflects the company's weak financial risk profile
because of high gearing and average debt protection metrics and
small scale of operations in a highly fragmented segment. These
weaknesses are partially offset by the extensive experience of
its promoters in manufacturing notebooks.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations: With an operating income of INR10.4
crore for fiscal 2016, scale remains modest.

* Below-average financial risk profile: Gearing was high and debt
protection metrics muted resulting in below-average financial
risk profile

Strengths

* Extensive experience of promoters: Presence of over 20 years in
the notebook publishing segment has enabled the promoters to
establish a strong distribution network and healthy brand, Roja.

Outlook: Stable

CRISIL believes RNBPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' in case of significant improvement
in scale of operations and profitability, while improving
financial risk profile. The outlook may be revised to 'Negative'
if lower-than-expected revenue and operating margin further
weakens financial risk profile.

Set up in 1989 as a partnership firm (Roja Traders) in Sivakasi
(Tamil Nadu) by Mr. C Duraipandian, Mr. D Whiterose, and their
family members, and reconstituted as a private limited company in
2009, RNBPL manufactures stationery products such as long
notebooks and school notebooks. Operations are managed Mr. D
Sreenivasan and his brother, Mr. D Bhaskaran.

For 2015-16 (refers to financial year, April 1 to March 31),
RNBPL reported net profit of INR0.08 Crore on total revenue of
INR11.36 Crore, against net profit of INR0.02 Crore on total
revenue of INR13.03 Crore for 2014-15.


SAMEERA HOTELS: CRISIL Assigns B- Rating to INR26MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long
term bank facility of Sameera Hotels (Chennai) Private Limited
(SHPL). The rating reflects SHPL's modest scale of operations and
weak financial risk profile. These rating weaknesses are
partially offset by promoter's financial flexibility and their
extensive experience in the hospitality industry.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan          26      CRISIL B-/Stable

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: SHPL has modest scale of operations
as reflected by revenues of INR10.8 crore in fiscal 2016 and
INR10.2 crore in fiscal 2015. The company is also exposed to
intense competition in the hospitality segment with many players
in Chennai and Vellore.

* Weak financial risk profile: The financial risk profile is
marked by a leveraged capital structure and weak debt protection
metrics. Operations and debt servicing have, however, been
supported by need based fund support from promoters. CRISIL
believes the financial risk profile will remain below-average
over the medium term; timely fund support from promoters will
remain a key rating sensitivity factor.

Strength

* Promoter's financial flexibility and experience in hospitality
industry: Credit profile is supported by the sizeable need based
fund support extended by the promoters, towards sustaining
operations and ensuring timely debt servicing. The promoters will
likely continue to extend support over the medium term.
Operations are currently managed by Mr Murugesan and his family
who have extensive experience in the industry.

Outlook: Stable

CRISIL believes SHPL will continue to benefit over the medium
from the extensive experience of promoters. The outlook may be
revised to 'Positive' if a significant improvement in operating
margin while increasing its scale of operations strengthens the
financial risk profile. Conversely, the outlook may be revised to
'Negative' if delays in fund infusion by the promoters or
continuing losses and stretch in working capital cycle further
weaken liquidity.

Incorporated in 2011, Chennai-based, SHPL owns two hotels in
Chennai and Vellore. The company has a consolidated 110 rooms
with various facilities like cafe, restaurant, bar, spa etc. The
operations of the company are managed by the promoters, Mr
Murugesan and his family.

For fiscal 2016, SHPL reported net losses of INR0.9 crore on an
operating income of INR10.8 crore as against Profit after Tax of
INR0.8 crore on an operating income of INR10.2 crore for fiscal
2015.


SBT SPINTEX: Ind-Ra Raises Long-Term Issuer Rating to 'BB+'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded SBT Spintex
Private Limited's (SBT) Long-Term Issuer Rating to 'IND BB+' from
'IND BB'.  The Outlook is Stable.  The instrument-wise rating
actions are:

   -- INR65 mil. (increased from INR56) Fund-based limits raised
      'IND BB+/Stable' rating;

   -- INR28.76 mil. (reduced from INR48) Long-term loan raised to
      'IND BB+/Stable' rating

                         KEY RATING DRIVERS

The upgrade reflects an improvement in SBT's scale of operations
and credit metrics.  According to provisional results for FY17,
revenue was INR306 million (FY16: INR296 million), gross interest
coverage (operating EBITDA/gross interest expenses) was 2.2x
(2.1x) and net financial leverage was 2.9x (3.2x).  Revenue
growth was driven by healthy execution of work orders.  The
improvement in gross interest coverage was due to a decline in
finance cost. Ind-Ra expects finance cost to decline from FY18 on
account of repayment of long-term and unsecured loans.  The
agency expects net financial leverage to improve with the
repayment of loans.

The ratings factor in the strong business profile, indicated by a
strong and high EBITDA margin of 10.2% in FY17 (FY16: 10.7%).
Ind-Ra expects EBITDA margin to improve from FY18, considering
the Chhattisgarh government's initiative to waive off duty tax on
power charges of small and medium-sized enterprises for seven
years.

The agency notes that SBT is likely to receive benefits from the
government move.

The ratings, however, are supported by a comfortable liquidity
position and promoter experience.  Its utilization of fund-based
limits was 88.07% during the six months ended March 2017.  Two of
its promoters have an experience of over a decade in the textile
industry.  In addition, the company has already received a
capital subsidy of INR3 million and is likely to receive another
INR3 million in FY18.  Moreover, it is likely to receive an
interest subsidy of INR1.5 million until 2019.

                        RATING SENSITIVITIES

Negative: A fall in EBITDA margin leading to deterioration in
credit metrics may lead to a negative rating action.

Positive: A significant increase in the scale of operations,
along with an improvement in credit metrics, would lead to a
positive rating action.

COMPANY PROFILE

Formed in 2011, SBT manufactures polyester yarn at its facility
in Raipur, Chhattisgarh.  It began operations in December 2014,
and its monthly production capacity is 300 metric tons.  Its
directors are Mr. Rahul Jain, Mr. Vikram Jain and Mr. Vipul Jain.


SHREE KRISHNA: CRISIL Reaffirms 'D' Rating on INR54.5MM Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Shree Krishna Buildcon Private Limited (SKBPL) at 'CRISIL D'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Long Term
   Bank Loan Facility     0.5       CRISIL D (Reaffirmed)

   Term Loan             54.5       CRISIL D (Reaffirmed)

The rating continues to reflect delays in servicing interest
obligation on term loan on account of weak liquidity, which is in
turn due to lower-than-expected bookings in commercial real
estate project, Palm Mall.

Key Rating Drivers & Detailed Description

Weakness

* Irregularities in servicing interest payment: Stretched
liquidity because of lower-than-expected bookings in commercial
project led to delays in servicing interest on term loan facility
coupled with rescheduling of term debt principal payments.

Strength

* Extensive experience of promoters and their funding support:
Longstanding presence in the real estate segment has enabled the
promoters to successfully execute projects. Promoters also extend
need-based financial support.

Incorporated in 2004 and promoted by Agrawal and Goyal families,
SKBPL is developing a commercial real estate project, Palm Mall,
in Korba, Chhattisgarh. The mall is spread across 231,218 square
feet and is expected to cost INR110 crore. The project is likely
to be completed in fiscal 2018.

Company reported a loss of INR0.1 crore in 2015-16, as against a
loss of INR0.08 crore in 2014-15.


SIDDHARTH INDUSTRIES: CRISIL Reaffirms B Rating on INR4.5MM Loan
----------------------------------------------------------------
CRISIL has been seeking information and a discussion with the
management of Siddharth Industries (SI) since March 2017. Despite
several emails and calls, the firm has not submitted any
information. CRISIL had, through a senior director letter dated
April 24, 2017, informed the firm of the extant guidelines and
requested for cooperation. The issuer, however, remains non-
cooperative.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         3.5      CRISIL A4 (Issuer Not
                                   Cooperating; Removed from
                                   'Notice of withdrawal';
                                   Rating Reaffirmed)

   Cash Credit            4.5      CRISIL B/Stable (Issuer Not
                                   Cooperating; Removed from
                                   'Notice of withdrawal';
                                   Rating Reaffirmed)

   Letter of Credit       1.5      CRISIL A4 (Issuer Not
                                   Cooperating; Removed from
                                   'Notice of withdrawal';
                                   Rating Reaffirmed)

   Proposed Long Term      .5      CRISIL B/Stable (Issuer Not
   Bank Loan Facility              Cooperating; Removed from
                                   'Notice of withdrawal';
                                   Rating Reaffirmed)

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.'

Detailed Rationale

CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of SI and removed them from 'Notice of
Withdrawal', in line with its revised policy on withdrawal of
ratings.

Inadequate information and lack of management cooperation
restrict CRISIL from taking a forward looking view on the credit
quality of the firm. SI scores low ('L') on availability of past
information. It scores low ('L') on future information due to
unavailability of management's public stated stance on
expectations, strategic decisions, and capital expenditure
(capex). It also scores low ('L') on the stability attributes
listed in CRISIL's criteria for surveillance of ratings of non-
cooperative issuers. The available information is consistent with
a 'CRISIL B' category rating, leading to reaffirmation of the
ratings.

Outlook: Stable

CRISIL believes that SI will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established customer and supplier relations. The outlook may be
revised to 'Positive' if the firm registers significant increase
in its scale of operations with sustained profitability leading
to substantial accruals along with improvement in its working
capital management, leading to improvement in its liquidity.
Conversely, the outlook may be revised to 'Negative' if SI's
financial risk profile deteriorates mainly due to decline in
profitability or stretch in the working capital cycle or larger-
than-expected debt-funded capital expenditure or withdrawal of
funds by the promoter.

SI, a proprietorship firm, was set up by Vadodra (Gujarat)-based
Mr. Jagdeep Shukla in 2003.  SIPPL, set up in 2012-13, undertakes
projects of supply and installation of substations and laying of
cables for various government agencies (registered as a 'class A'
supplier) and private organisations.

Profit after tax (PAT) was INR0.97 crore on net sales of INR33.39
crore in fiscal 2016, against PAT of INR1.47 crore on net sales
of INR32.52crore in fiscal 2015.


SRI LAKSHMI: CRISIL Assigns B+ Rating to INR8.0MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable rating to the bank
facilities of Sri Lakshmi Kamakshi Raw & Boiled Rice Mill.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            8.0       CRISIL B+/Stable
   Long Term Loan         1.8       CRISIL B+/Stable

The rating reflects SLKRBRM's modest scale of operations and
susceptibility to government regulations, and volatility in raw
material prices. These weaknesses are partially offset by the
extensive experience of partners and established relationships
with customers.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in a highly fragmented industry:
Scale of operations is modest in highly fragmented due to low
capital intensity and limited value addition, resulting in low
entry barriers.

* Susceptibility to changes in regulations and to volatility in
raw material prices: Raw material accounts for 90% of the total
revenue, which exposes the firm to risks relating to volatility
in raw material prices. Moreover, the domestic rice industry is
highly regulated in terms of paddy prices, export/import
policies, and rice release mechanism, which affects the credit
quality of players

Strengths

* Extensive experience of partners, and established relationships
with customers
The partners have over two decades of experience in the rice
milling business and have also developed healthy relationships
with customers.

Outlook: Stable

CRISIL believes SLKRBRM will benefit over the medium term from
the extensive industry experience of its partners .The outlook
may be revised to 'Positive' if increase in revenue, and
operating margin strengthens financial risk profile. The outlook
may be revised to 'Negative' if profitability weakens due to
increased competition, or if working capital management is
inefficient.

Set up in 2017 as a partnership firm, SLKRBRM is engaged in
milling and processing of paddy into rice, rice bran, broken rice
and husk. It has an installed paddy milling capacity of 6 tonne
per hour. The mill is located in Nellore (Andhra Pradesh). The
day to day operations are looked by by Mr. M. Chaitanya.


TRINITY GLOBAL: CRISIL Cuts Rating on INR11.0MM Loan to 'B'
-----------------------------------------------------------
CRISIL has been consistently following up with Trinity Global -
Alappuzha (TG) for obtaining information through letters and
emails dated January 19, 2017, and February 9, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        0.6        CRISIL A4 (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL A4+')

   Cash Credit          11.0        CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB/Stable')

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Trinity Global - Alappuzha.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for Trinity Global - Alappuzha is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB rating
category or lower.' Based on the last available information,
CRISIL has downgraded the rating to 'CRISIL B/Stable/CRISIL A4'.

Established as a partnership firm in 2012, Trinity Global (TG) is
the sole regional distributor for Samsung consumer durables in
Alleppey, Ernakulam, Idukki, Kottayam and Pathanamthitta
districts of Kerala. Based in Alappuzha, Kerala, the company is
promoted by Mr. Thomas Kutty Joseph, Mr. Jose Joseph and Mr.
Binil Padmanabha Pillai.


VEER BUNDEL: CRISIL Lowers Rating on INR4.75MM Cash Loan to 'B'
---------------------------------------------------------------
CRISIL has been consistently following up with Veer Bundel Khand
Press (VBP) for obtaining information through letters and emails
dated January 19, 2017, and February 9, 2017, among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            4.75      CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL B+/Stable')

   Letter of Credit       2.50      CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Proposed Long Term      .25      CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Downgraded
                                    from 'CRISIL B+/Stable')

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Veer Bundel Khand Press. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Veer Bundel Khand Press is consistent
with 'Scenario 2' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB rating category or
lower.' Based on the last available information, CRISIL has
downgraded the long term rating to 'CRISIL B/Stable' and
reaffirmed the short term rating at 'CRISIL A4'.

Started in 1957, VBP, based in Jhansi, Uttar Pradesh, is a
proprietorship concern of Mr. Shailendra Kumar Jain. It prints
text books, work books, question papers, brochures, pamphlets,
magazines, application forms, and bank forms, among other
stationery.


VELAVAN HYPER: CRISIL Reaffirms 'B' Rating on INR8MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Velavan Hyper
Market (VHM; a part of the Velavan group) continues to reflect
the Velavan group's below-average financial risk profile because
of high gearing, and its exposure to intense competition in the
retail industry. These weaknesses are partially offset by the
extensive experience of the group's promoters and its established
regional presence in the retail segment.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             8       CRISIL B/Stable (Reaffirmed)

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of VHM, Velavan Stores Jewellers (VSJ),
and Velavan Stores (VS). This is because the entities,
collectively referred to as the Velavan group, are in similar
lines of business and under the same management, and have
significant fungible funds.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Velavan group's estimated
gearing was high at 6.20 times as on March 31, 2017. Debt
protection metrics were also weak with estimated interest
coverage and net cash accrual to adjusted debt at 1.68 times and
0.07 times, respectively, in fiscal 2017. Liquidity is marked by
tightly matched cash accrual against repayment obligation and
high bank limit utilization.

* Exposure to intense competition in the retail industry: Though
the group is one of the largest retail stores in Tuticorin, it is
exposed to intense competition from several unorganised players
in the area.

* Geographic concentration in revenue: The group is exposed to
geographic concentration in revenue as it has presence in a
single location. Any change in customer preferences in the
locality will severely impact the credit risk profile of the
group.

Strength

* Extensive experience of the group's promoters and its
established regional presence in the retail segment:
The promoters have been in the retail business for over three
decades and have presence in various segments of retail such as
apparel, jewellery and electronics. Velavan group is one of the
largest retailers in Tuticorin which is reflected in the compound
annual growth rate of 20% over last five years through fiscal
2017.

Outlook: Stable

CRISIL believes the Velavan group will continue to benefit over
the medium term from the promoters' extensive experience in the
retail industry. The outlook may be revised to 'Positive' in case
of improvement in the group's financial risk profile through
greater-than-expected cash accrual or fund infusion by the
promoters. Conversely, the outlook may be revised to 'Negative'
in case of lower-than-expected cash accrual or stretch in the
working capital requirements, resulting in deterioration in the
financial risk profile.

VHM was established in 2014 and operates a supermarket. VS,
established in 1998, is engaged in apparel retail. Set up in
2007, VSJ is engaged in jewellery retail. The group is located in
Tuticorin and the operations are managed by Mr. T Maharajan.

VHM's profit after tax (PAT) was INR 83.6 lakhs in fiscal 2016 on
an operating income of INR68.3 crores against PAT of 64.7 lakhs
on an operating income of INR38.5 crores during the previous
fiscal.


VELAVAN STORES: CRISIL Reaffirms 'B' Rating on INR12MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facility of Velavan Stores
(VS; a part of the Velavan group) continues to reflect the
Velavan group's below-average financial risk profile because of
high gearing, and its exposure to intense competition in the
retail industry. These weaknesses are partially offset by the
extensive experience of the group's promoters and its established
regional presence in the retail segment.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             12      CRISIL B/Stable (Reaffirmed)

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of VS, Velavan Stores Jewellers (VSJ),
and Velavan Hyper Market (VHM). This is because the entities,
collectively referred to as the Velavan group, are in similar
lines of business and under the same management, and have
significant fungible funds.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Velavan group's estimated
gearing was high at 6.20 times as on March 31, 2017. Debt
protection metrics were also weak with estimated interest
coverage and net cash accrual to adjusted debt at 1.68 times and
0.07 times, respectively, in fiscal 2017. Liquidity is marked by
tightly matched cash accrual against repayment obligation and
high bank limit utilization.

* Exposure to intense competition in the retail industry: Though
the group is one of the largest retail stores in Tuticorin, it is
exposed to intense competition from several unorganised players
in the area.

* Geographic concentration in revenue: The group is exposed to
geographic concentration in revenue as it has presence in a
single location. Any change in customer preferences in the
locality will severely impact the credit risk profile of the
group.

Strength

* Extensive experience of the group's promoters and its
established regional presence in the retail segment:
The promoters have been in the retail business for over three
decades and have presence in various segments of retail such as
apparel, jewellery and electronics. Velavan group is one of the
largest retailers in Tuticorin which is reflected in the compound
annual growth rate of 20% over last five years through fiscal
2017.

Outlook: Stable

CRISIL believes the Velavan group will continue to benefit over
the medium term from the promoters' extensive experience in the
retail industry. The outlook may be revised to 'Positive' in case
of improvement in the group's financial risk profile through
greater-than-expected cash accrual or fund infusion by the
promoters. Conversely, the outlook may be revised to 'Negative'
in case of lower-than-expected cash accrual or stretch in the
working capital requirements, resulting in deterioration in the
financial risk profile.

VS, established in 1998, is engaged in apparel retail. VH was
established in 2014 and operates a supermarket. Set up in 2007,
VSJ is engaged in jewellery retail. The group is located in
Tuticorin and the operations are managed by Mr. T Maharajan.

VS' profit after tax (PAT) was INR 80 lakhs in fiscal 2016 on an
operating income of INR39.61 crores against PAT of 83 lakhs on an
operating income of INR44.04 crores during the previous fiscal.


VELAVAN STORES JEWELLERS: CRISIL Reaffirms 'B' INR15M Loan Rating
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Velavan
Stores Jewellers (VSJ; a part of the Velavan group) continues to
reflect the Velavan group's below-average financial risk profile
because of high gearing, and its exposure to intense competition
in the retail industry. These weaknesses are partially offset by
the extensive experience of the group's promoters and its
established regional presence in the retail segment.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            15       CRISIL B/Stable (Reaffirmed)
   Long Term Loan          5       CRISIL B/Stable (Reaffirmed)

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Velavan Stores Jewellers (VSJ),
Velavan Stores (VS), and Velavan Hyper Market (VHM). This is
because the entities, collectively referred to as the Velavan
group, are in similar lines of business and under the same
management, and have significant fungible funds.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile: Velavan group's estimated
gearing was high at 6.20 times as on March 31, 2017. Debt
protection metrics were also weak with estimated interest
coverage and net cash accrual to adjusted debt at 1.68 times and
0.07 times, respectively, in fiscal 2017. Liquidity is marked by
tightly matched cash accrual against repayment obligation and
high bank limit utilization.

* Exposure to intense competition in the retail industry: Though
the group is one of the largest retail stores in Tuticorin, it is
exposed to intense competition from several unorganised players
in the area.

* Geographic concentration in revenue: The group is exposed to
geographic concentration in revenue as it has presence in a
single location. Any change in customer preferences in the
locality will severely impact the credit risk profile of the
group.

Strengths

* Extensive experience of the group's promoters and its
established regional presence in the retail segment:
The promoters have been in the retail business for over three
decades and have presence in various segments of retail such as
apparel, jewellery and electronics. Velavan group is one of the
largest retailers in Tuticorin which is reflected in the compound
annual growth rate of 20% over last five years through fiscal
2017.

Outlook: Stable

CRISIL believes the Velavan group will continue to benefit over
the medium term from the promoters' extensive experience in the
retail industry. The outlook may be revised to 'Positive' in case
of improvement in the group's financial risk profile through
greater-than-expected cash accrual or fund infusion by the
promoters. Conversely, the outlook may be revised to 'Negative'
in case of lower-than-expected cash accrual or stretch in the
working capital requirements, resulting in deterioration in the
financial risk profile.

Set up in 2007, VSJ is engaged in jewellery retail. VS,
established in 1998, is engaged in apparel retail. VH was
established in 2014 and operates a supermarket. The group is
located in Tuticorin and the operations are managed by Mr. T
Maharajan.

VSJ' profit after tax (PAT) was INR 1.42 crore in fiscal 2016 on
an operating income of INR78.64 crores against PAT of 1.80 crore
on an operating income of INR98.34 crores during the previous
fiscal.


VICEROY EXPORTS: CRISIL Cuts Rating on INR10MM Loan to 'B'
----------------------------------------------------------
CRISIL has been consistently following up with Viceroy Exports
India Private Limited (VEIPL) for obtaining information through
letters and emails dated January 19, 2017, and February 9, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Foreign Discounting      10        CRISIL A4 (Issuer Not
   Bill Purchase                      Cooperating; Rating
                                      Reaffirmed)

   Packing Credit           10        CRISIL B/Stable (Issuer Not
                                      Cooperating; Downgraded
                                      from 'CRISIL B+/Stable')

   Proposed Long Term        5        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating; Downgraded
                                      from 'CRISIL B+/Stable')

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Viceroy Exports India Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Viceroy Exports India Private
Limited is consistent with 'Scenario 2' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB rating category or lower.' Based on the last available
information, CRISIL has downgraded the long term rating to
'CRISIL B/Stable' and reaffirmed the short term rating at 'CRISIL
A4'.

Incorporated in 2011 by Mr. Roy J Vayalat, Ernakulam (Kerala)-
based VEIPL processes exports marine products, which mainly
include the cephalopods category comprising cuttle fish, squid,
octopus, and tuna.


VIJEX VYAPAAR: CRISIL Cuts Rating on INR1.2MM Cash Loan to 'B'
--------------------------------------------------------------
CRISIL has been consistently following up with Vijex Vyapaar
Private Limited (VVPL) for obtaining information through letters
and emails dated January 19, 2017, and February 9, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             1.2      CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL B+/Stable')

   Letter of Credit        5.0      CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Proposed Short Term     2.0      CRISIL A4 (Issuer Not
   Bank Loan Facility               Cooperating; Rating
                                    Reaffirmed)

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Vijex Vyapaar Private Limited.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for Vijex Vyapaar Private Limited is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB rating
category or lower.' Based on the last available information,
CRISIL has downgraded the long term rating to 'CRISIL B/Stable'
and reaffirmed the short term rating at 'CRISIL A4'.

New Delhi-based VVPL, established in 1993 and managed by Mr.
Navratan Baid, imports and trades in copper wire, toner and toner
cartridge, and photocopier parts.


VISTA PHARMACEUTICALS: Ind-Ra Assigns BB+ Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vista
Pharmaceuticals, Ltd. (VPL) a Long-Term Issuer Rating of
'IND BB+'.  The Outlook is Stable.  The instrument-wise rating
actions are:

   -- INR10 mil. Fund-based working capital facilities assigned
      with 'IND BB+/Stable/IND A4+' rating;

   -- INR30 mil. Non-fund-based working capital facilities
      assigned with 'IND BB+/Stable/IND A4+' rating; and

   -- INR60 mil. Term loan assigned with 'IND BB+/Stable' rating

                         KEY RATING DRIVERS

The ratings reflect VPL's increasing, albeit small scale of
operations and volatile EBITDA margins.  Revenue increased at a
CAGR of around 19.7% over FY13-FY16 to INR154 million and
continued to grow to INR181 million in 9MFY17.  The higher sales
in 9MFY17 resulted from lower realization, thus reducing the
operating margin to 13.4% in 9MFY17 (FY16: 16.9%).  VPL's EBITDA
margins were in the range of 10.9-19.7% over FY13-FY16 owing to
foreign currency fluctuations.

However, the ratings are supported by VPL's healthy credit
metrics with interest coverage (operating EBITDA/gross interest
expense) of 3.9x in 9MFY17 (FY16: 3.4x, FY15: 6.6x) and net
leverage (total adjusted net debt/operating EBITDAR) of 2.9x
(2.9x, 1.5x).  The deterioration in the credit metrics in FY16
was due to an increase in term debt for debt-led capex, which
also resulted in an increase in interest expense.  Ind-Ra expects
the credit metrics to gradually improve over the medium term with
scheduled repayment of term loans and rising scale of operations.

The ratings are also supported by VPL promoter's more than two
decades of experience in the pharmaceutical industry.

                       RATING SENSITIVITIES

Positive: A substantial improvement in the revenue while
maintaining the credit metrics could lead to a positive rating
action.

Negative: A substantial increase in the debt-led capex or margin
pressure leading to deterioration in the credit metrics could
lead to a negative rating action.

COMPANY PROFILE

Established in 1992, VPL manufactures pharmaceutical drugs such
as sulphamethoxazole, trimethoprim (BACTRIM) and isoxsuprime.
The company is promoted by Mr. Dhananjaya Alli.  VPL is a 100%
export oriented unit and caters to the US market.  It is
headquartered in Hyderabad and has a manufacturing facility in
Andhra Pradesh.


WINDOW TECHS: CRISIL Reaffirms 'B' Rating on INR2.7MM Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Window Techs India Private Limited (WTIPL) at 'CRISIL
B/Stable'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           2.75      CRISIL B/Stable (Reaffirmed)
   Term Loan             2.75      CRISIL B/Stable (Reaffirmed)

The rating continues to reflect its modest scale of operations
and intense competition. Revenue, estimated at INR8.18 crore in
fiscal 2017, is expected to grow moderately at 5-10% annually
over the medium term backed by the extensive experience of the
promoters and established relationships with customers.

Liquidity is supported by unsecured loans from promoters,
estimated at INR5.28 crore as on March 31, 2017, and no debt-
funded capital expenditure (capex) plan for the medium term.
Further, working capital requirement is high as reflected in
estimated gross current assets (GCA) of 363 days as on March 31,
2017. Thus leading to high bank limit utilisation of 97% over the
10 months through November 2016.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations
Scale of operations is modest as reflected in operating revenue
of INR8.18 crore in fiscal 2017'36% increase due to expansion
towards retail. The modest scale of operations is due to high
degree of fragmentation and competition in the industry.

* Below-average financial risk profile:
Total outside liabilities to tangible networth (TOLTNW) ratio,
estimated at 9.98 times as March 31, 2017, is expected to remain
at 4-6 times over the medium term despite nil debt funded capex
plan. Debt protection metrics were moderate, with interest
coverage and net cash accrual to adjusted debt ratios estimated
at 2.10 times and 0.29 time, respectively, in fiscal 2017.

* Working capital intensive operations:
Operations are working capital intensive marked by GCAs of 363
days as on March 31, 2017, with inventory of 250 days and debtors
of 100 days. Thus, leading to high dependence on bank lines.

Strengths

* Extensive industry experience of promoters and established
relationships with customers:
WTIPL, established in 2007, is engaged in home furnishing
industry and has diversified product profile in the curtains and
blinds segment. The company is owned by Mr. Vishal Khandelwal and
his wife Mrs. Ritu Khandelwal who have experience of more than 8
years in the business. The promoter's extensive experience and
the established relations with customers have resulted in repeat
orders from various clients. CRISIL believes that WTIPL will
continue to benefit from the extensive experience of its promoter
and its established relations with clients over the medium term.

Outlook: Stable

CRISIL believes WTIPL will benefit from the industry experience
of its promoters. The outlook may be revised to 'Positive' if
growth in revenue strengthens capital structure. The outlook may
be revised to 'Negative' if decline in revenue and margins or
stretch in working capital cycle weakens financial risk profile,
particularly liquidity.

Incorporated in 2007, in Faridabad, and promoted by Mr Vishal
Khandelwal and his wife Ms Ritu Khandelwal, WTIPL manufactures
home furnishing products such as motorised and non-motorised
curtains, drapes, window blinds and upholstery fabrics.

WTPL reported profit after tax of INR0.53 crore on net sales of
INR8.18 crore in fiscal 2017, against INR0.03 crore and INR5.88
crore in fiscal 2016.



====================
N E W  Z E A L A N D
====================


SERCO NEW ZEALAND: 2016 Net Loss Narrows to NZ$10.5 Million
-----------------------------------------------------------
BusinessDesk reports that Serco New Zealand, which operates Wiri
Prison in South Auckland, narrowed its loss in 2016 despite the
loss of the Mt Eden prison contract costing it an estimated extra
$3.2 million in penalty charges.

According to BusinessDesk, the company posted a NZ$10.5 million
loss for the year ended Dec. 31, 2016, from NZ$11 million in
2015. Revenue dropped to NZ$52.1 million from NZ$64.1 million a
year earlier, while cost of sales narrowed to NZ$55 million from
NZ$75 million in 2015.

BusinessDesk says Serco NZ made a NZ$3.2 million provision for
onerous contract charges in 2016, after using up all of the
NZ$10.1 million provision it had made in 2015. In April 2016, it
agreed to pay NZ$8 million to the Department of Corrections after
chief Ray Smith invoked a step-in clause in the Crown's contract,
taking back management of the Mt Eden Corrections facility
following an investigation into organised fighting at the remand
prison.

Under the agreement, Serco's involvement was shrunk back to
labour supply and other transition services through until the end
of the contract in March 2017, says BusinessDesk. It had taken
over the management of the prison in 2011 after winning a NZ$300
million, 10-year contract.

BusinessDesk relates that Serco Asia Pacific's chief executive
Mark Irwin said the company supports the government's goals to
reduce reoffending and create better outcomes for Maori.

"Our focus across the prison is to achieve the outcomes that we
are contracted to deliver on behalf of New Zealanders,"
BusinessDesk quotes Mr. Irwin as saying. "Our contract sets clear
performance standards, expects us to achieve significant savings
for government and holds us accountable if we don't deliver."

The company had NZ$2 million in cash and equivalents at the end
of 2016, from NZ$4.1 million a year earlier, BusinessDesk
discloses. The local division got a NZ$30 million equity
injection in the year from its British parent Serco Holdings,
after issuing it 30 million shares in Serco NZ at NZ$1 apiece.
That gave it total equity of NZ$7.3 million at balance date,
compared to a NZ$12.1 million deficit in 2015, adds BusinessDesk.



=====================
P H I L I P P I N E S
=====================


RURAL BANK OF RAGAY: PDIC to Continue Processing Claims
-------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) announced
that deposit insurance claims from depositors of the closed Rural
Bank of Ragay (Camarines Sur), Inc. who have not filed their
claims may be filed at the PDIC Public Assistance Center, 3rd
Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street,
Makati City until April 22, 2019. Claims may also be filed by
mail.

When filing deposit insurance claims at the PDIC Public
Assistance Center, depositors are required to submit directly to
PDIC their original evidence of deposit and present one (1) valid
photo-bearing ID with signature of the depositor. It is
recommended, however, to bring at least two (2) valid IDs in case
of discrepancies in signature. Depositors may also file their
claims through mail and enclose their original evidence of
deposit and photocopy of one (1) valid photo-bearing ID with
signature together with a duly accomplished and notarized Claim
Form which can be downloaded from the PDIC website,
www.pdic.gov.ph. PDIC reminds depositors to deal only with PDIC
authorized officers.

Depositors who are below 18 years old should submit either a
photocopy of their Birth Certificate issued by the Philippine
Statistics Authority (PSA) or a duly certified copy issued by the
Local Civil Registrar as an additional requirement, with the
Claim Form signed by the parent. Claimants who are not the
signatories in the bank records are required to submit an
original copy of a notarized Special Power of Attorney. In the
case of a minor depositor, the Special Power of Attorney must be
executed by the parent. The format of the Special Power of
Attorney may be downloaded from the PDIC website.

In addition, all depositors who have outstanding loans or
payables to the bank have to coordinate with the duly authorized
PDIC Loans Officer prior to the settlement of their deposit
insurance claim.

The procedures and requirements for filing deposit insurance
claims are likewise posted in the PDIC website.

Rural Bank of Ragay was ordered closed by the Monetary Board
through Resolution No. 635.B dated April 20, 2017. It is a two-
unit rural bank with Head Office located at Tomas Delgado St.
cor. Provincial Road, Poblacion Ilaod, Ragay, Camarines Sur. Its
lone branch is located in Del Gallego, Camarines Sur.

For more information, depositors may contact the Public
Assistance Department at telephone numbers (02) 841-4630 to 31,
or e-mail PDIC at pad@pdic.gov.ph. Depositors outside Metro
Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC
(7342).



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and
Peter A. Chapman, Editors.

Copyright 2017.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Joseph Cardillo at 856-381-8268.



                 *** End of Transmission ***