TCRAP_Public/170601.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

           Thursday, June 1, 2017, Vol. 20, No. 108

                            Headlines


A U S T R A L I A

AKS SERVICE: Second Creditors' Meeting Set for June 6
BRIGHTWATER ENGINEERING: Second Creditors' Meeting Set for June 2
HARVEST METALS: Second Creditors' Meeting Set for June 5
KITCHEN CHOICE: First Creditors' Meeting Set for June 7
MACRO REALTY: Court Appoints KPMG as Liquidators

PADETTA PTY: Second Creditors' Meeting Set for June 5
TURQUOISE DEVELOPMENTS: First Creditors' Meeting Set for June 7


C H I N A

FOSUN INT'L: Property Unit Reorg. No Impact on Moody's Ba3 CFR
REDCO PROPERTIES: Fitch Affirms 'B' IDR; Outlook Stable


I N D I A

AMITH CASHEW: CARE Assigns B+ Rating to INR8cr LT Loan
ASHOK CONSTRUCTIONS: CARE Issues B+ Issuer Not Cooperating Rating
BESTVIEW INFRACON: CARE Assigns B+ Rating to INR33.80cr Loan
CAMSON AGRI-VENTURES: CARE Cuts Rating on INR10cr LT Loan to B
DILIGENT SCM: ICRA Assigns B+ Rating to INR6.14cr Loan

EDUCOMP SOLUTIONS: Seeks to Revive Business Under Insolvency Code
EMERALD ALCHYMICUS: ICRA Reaffirms D Rating on INR7.50cr Loan
FAIZABAD NAGAR: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
FOODLINK RESTAURANTS: Ind-Ra Migrates Rating to Non-Cooperating
GEO CONNECT: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'

GREY'S EXIM: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
IDBI BANK: Fitch Lowers IDR to 'BB+'; Outlook Stable
JAMPESWAR AGRO: CARE Assigns B+ Rating to INR7.40cr LT Loan
KADVANI FORGE: ICRA Reaffirms 'B' Rating on INR27.78cr LT Loan
KALYANALAKSHMI SHOPPING: Ind-Ra Assigns B+ LT Issuer Rating

KHOSLA INTERNATIONAL: ICRA Lowers Rating on INR29cr Loan to D
KVK GRANITES: ICRA Reaffirms 'D' Rating on INR5.0cr ST Loan
MAITHAN ISPAT: CARE Ups Rating on INR651.95cr Loan to BB-
MALLIKARJUN CONSTRUCTION: Ind-Ra Withdraws 'B-' Issuer Rating
MANNEY ENGINEERS: Ind-Ra Migrates 'B+' Rating to Non-Cooperating

MAPSKO BUILDERS: ICRA Assigns B+ Rating to INR360cr Term Loan
MPOWER INFRATECH: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating
NARULA OIL: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
NEW BHARAT: ICRA Lowers Rating on INR34cr Loan to 'D'
PREMIER STEELS: Ind-Ra Affirms 'B' Long-Term Issuer Rating

RAJRANI STEEL: ICRA Reaffirms B- Rating on INR13cr Cash Loan
RAMEN DEKA: CARE Assigns B+ Rating to INR6.50cr Long Term Loan
RELIANCE COMMUNICATIONS: Moody's Cuts Corp. Family Rating to Caa1
SARASWATI MEDICAL: Ind-Ra Migrates BB+ Rating to Non-Cooperating
SEMLER RESEARCH: CARE Issues B Issuer Not Cooperating Rating

SHIV SUNDAR: CARE Reaffirms 'B' Rating on INR13.69cr LT Loan
SHIVAM TRANSPORT: ICRA Assigns B+ Rating to INR7.0cr Loan
SHREE HARIKRUSHNA: ICRA Reaffirms B Rating on INR8cr Loan
SHRI JAGANNATH: CARE Issues D Issuer Not Cooperating Rating
SIDDHARTHA BRONZE: ICRA Reaffirms B+ Rating on INR7.50cr Loan

SIGMA POWER: ICRA Assigns B+ Rating to INR6.0cr Cash Loan
SOUTHERN GOLD: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
SRS LIMITED: Ind-Ra Affirms 'D' Long-Term Issuer Rating
VAISHNAVI FOOD: ICRA Raises Rating on INR6.0cr Loan to B-
VIPUL LIMITED: ICRA Withdraws B+ Rating on INR45.12cr Loan


J A P A N

TOSHIBA CORP: To Not Present FY16 Results at June 28 Meeting


M A L D I V E S

MALDIVES: Fitch Assigns B+(EXP) Rating to USD-Denominated Bonds


N E W  Z E A L A N D

TRIBECA HOMES: Faces NZ$2.4MM Claim from Inland Revenue


S O U T H  K O R E A

GENTING SINGAPORE: Unit Placed Under Voluntary Liquidation
SONGIN BOOKS: Book Wholesaler Put in Court Receivership


V I E T N A M

BANK FOR FOREIGN TRADE: Moody's Affirms B1 LC Deposit Rating


                            - - - - -


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


AKS SERVICE: Second Creditors' Meeting Set for June 6
-----------------------------------------------------
A second meeting of creditors in the proceedings of AKS Service
City Smash Pty Ltd has been set for June 6, 2017, at 3:00 p.m. at
the Boardroom of Chifley Advisory, Suite 3.04, Level 3, 39 Martin
Place, in Sydney, New South Wales.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 5, 2017, at 4:00 p.m.

Gavin Moss and Henry Kwok of Chifley Advisory were appointed as
administrators of AKS Service on May 11, 2017.


BRIGHTWATER ENGINEERING: Second Creditors' Meeting Set for June 2
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of Brightwater
Engineering Solutions Pty Ltd has been set for June 2, 2017, at
2:00 p.m. at Len Buckeridge Room, Adina Hotel, Barrack Plaza,
138 Barrack Street, in Perth, West Australia.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 1, 2017, at 4:00 p.m.

Peter Paul Krejci of BRI Ferrier was appointed as administrator
of Brightwater Engineering on April 6, 2017.


HARVEST METALS: Second Creditors' Meeting Set for June 5
--------------------------------------------------------
A second meeting of creditors in the proceedings of Harvest
Metals Pty Ltd has been set for June 5, 2017, at 2:00 P.m. at the
offices of Artemis Insolvency, Level 36, 71 Eagle Street, in
Brisbane, Queensland.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 2, 2017, at 5:00 p.m.

Peter Dinoris of Artemis Insolvency was appointed as
administrator of Harvest Metals on April 28, 2017.


KITCHEN CHOICE: First Creditors' Meeting Set for June 7
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Kitchen
Choice Pty Ltd will be held at the offices of HLB Mann Judd
(Insolvency WA), Level 3, 35 Outram Street, in West Perth, West
Australia, on June 7, 2017, at 11:00 a.m.

Gary John Anderson of HLB Mann Judd was appointed as
administrator of Kitchen Choice on May 25, 2017.


MACRO REALTY: Court Appoints KPMG as Liquidators
------------------------------------------------
The Federal Court of Australia has ordered that Macro Realty
Developments Pty Ltd, Macro Realty Developments AFSL Pty Ltd,
Macro All State Investments and Securities Ltd, Pilbara Property
Developments Pty Ltd, Macro Realty Pty Ltd and 511 GTN Pty Ltd
('Macro Group', and Ms Desiree Veronica Macpherson is a director
of all of these companies) be wound up and that Mr. Hayden White
and Mr. Matthew Woods of KPMG be appointed as liquidators.

Justice Barker made the orders on the application by ASIC mostly
on the basis that the companies are insolvent.

The Australian Securities and Investments Commission had
previously obtained a range of interim orders in the Perth
Federal Court on July 21, 2016 restraining Ms. Macpherson and the
Macro Group companies (except 511 GTN Pty Ltd)  from providing
financial services advice, dealing in financial products,
promoting financial products and otherwise carrying on a
financial services business. ASIC also obtained various travel
restraint and asset preservation orders at this time.

The provisional liquidator appointment is part of ASIC's ongoing
investigation into a number of land developments in the Pilbara
region of Western Australia, in particular a development known as
'The Newman Estate', which was subject to ASIC action and Federal
Court permanent restraint orders in May last year.


PADETTA PTY: Second Creditors' Meeting Set for June 5
-----------------------------------------------------
A second meeting of creditors in the proceedings of Padetta Pty
Limited has been set for June 5, 2017, at 10:30 a.m. at the
offices of Worrells Solvency & Forensic Accountants, Level 15,
114 William Street, in Melbourne, Victoria.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 2, 2017, at 5:00 p.m.

Nathan Deppeler and Matthew Jess of Worrells Solvency & Forensic
Accountants were appointed as administrators of Padetta Pty on
May 1, 2017.


TURQUOISE DEVELOPMENTS: First Creditors' Meeting Set for June 7
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Turquoise
Developments Pty Ltd will be held at the offices of FTI
Consulting, Level 6, 30 The Esplanade, in Perth, WA, on June 7,
2017, at 10:00 a.m.

Ian Charles Francis & Michael Joseph Patrick Ryan of FTI
Consulting were appointed as administrators of Turquoise
Developments on May 25, 2017.



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C H I N A
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FOSUN INT'L: Property Unit Reorg. No Impact on Moody's Ba3 CFR
--------------------------------------------------------------
Moody's Investors Service says that the proposed reorganization
of Fosun International Limited's (Fosun, Ba3 positive) property
segment is credit positive for the company as the process will
increase the weighting of listed assets in its investment
portfolio and will also likely lower its market-value-based
leverage ratio (MVL).

However, the process has no immediate rating impact on Fosun's
Ba3 corporate family rating and positive rating outlook.

On May 25, Fosun International Limited announced that some of its
subsidiaries in the property segment will sell stakes in a number
of real estate projects to Yuyuan Tourist Mart Co., Ltd.(Yuyuan,
unrated) and, in exchange, Yuyuan will issue shares to Fosun's
subsidiaries to settle the estimated consideration of
approximately RMB24.2 billion.

Yuyuan is listed on Shanghai Stock Exchange, and Fosun held
26.45% of its equity interest at the time of this announcement.
After the process, Fosun will hold 69.69% of Yuyuan and Yuyuan
will become a consolidated entity of Fosun.

"Moody's estimate that the weight of listed assets will increase
to about 44% of Fosun's total assets from 36% as of the end of
2016, which will help to improve the level of information
transparency for Fosun's investment portfolio", says Lina Choi, a
Moody's Vice President and Senior Credit Officer, and also the
International Lead Analyst for Fosun.

In addition, the sale will likely lower Fosun's MVL as the
RMB24.2 billion valuation of the assets to be purchased by Yuyuan
is much higher than the corresponding RMB8.7 billion net asset
value reported at the end of 2016. Nevertheless, the positive
credit impact will be limited because the reorganization involves
only a small portion of Fosun's investment portfolio with an
estimated total value of approximately RMB200 billion as of the
end of 2016.

The process will also have a small impact on Fosun's consolidated
credit metrics as the assets to be purchased by Yuyuan will
continue to be consolidated. In addition, the existing reported
EBITDA and debt of Yuyuan only accounted for around 4-5% of
Fosun's total EBITDA and debt at the end of 2016.

The principal methodology used in this rating was Investment
Holding Companies and Conglomerates published in December 2015.

Fosun Group was founded in 1992. Fosun International Limited, the
holding company of Fosun Group, has been listed on the Hong Kong
Stock Exchange since 2007.

Fosun is an investment holding company. Its principal businesses
are in integrated finance (wealth) and industrial operations.

At Dec. 31, 2016, Fosun was 71.55% beneficiary-owned by its
chairman and co-founder, Mr. Guangchang Guo, and the company's
two other co-founders.


REDCO PROPERTIES: Fitch Affirms 'B' IDR; Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed China-based Redco Properties Group
Ltd's (Redco) Long-Term Foreign-Currency Issuer Default Rating
(IDR) at 'B' with Stable Outlook. The agency has also affirmed
Redco's senior unsecured rating and the rating on its USD125
million 13.75% senior notes due 2019 at 'B' with Recovery Rating
of 'RR4'.

Redco's ratings are affirmed as it has maintained a healthy
financial profile- its leverage, as measured by net debt/adjusted
inventory, including proportionate consolidation of joint
ventures (JVs), was low at 7.4% at end-2016 and its EBITDA margin
was 14.8%. However, Redco's slow land replenishment has caused
its available-for-sale land bank to drop to only around two
years' worth of sales. Its limited land bank will start to pose a
threat to the sustainability of Redco's business profile amid the
company's transition to a fast-churn business model. In Fitch's
view, a low level of land reserves will likely reduce Redco's
land acquisition flexibility and expose the company to financial
volatility during market weakness. Fitch will consider positive
rating action if Redco is able to sustainably increase its scale
and land bank without significantly compromising its leverage.

KEY RATING DRIVERS

Transition to Fast-Churn Model: Fitch believes Redco is
transitioning to a fast-churn model, which will lead to faster
sales turnover but relatively lower margins. Redco's full-year
contracted sales (including JVs) increased 150% to CNY10 billion
in 2016 and grew more than 21% to CNY1.9 billion in 1Q17. Redco's
sales efficiency, measured by contracted sales/total debt,
improved significantly, rising to 2.8x in 2016 from 1.3x in 2015.
At the same time, Redco's 2016 EBITDA margin fell to 15%, due to
lower gross profit margins for the Sunshine Coast phase 1 project
in Yantai. Management expects Redco to further expand sales to
CNY14 billion in 2017 and CNY20 billion in 2018.

Limited Land Bank Constrains Rating: Redco had a land bank of
around 3.5 million square metres (sq m) as of end-2016. Nanchang,
Tianjin and Jinan accounted for 65%-70% of Redco's land bank by
gross floor area (GFA) and value as of end-2016. The three cities
will continue to be Redco's key markets and are likely to
contribute around 60% of sales in 2017. However, Fitch estimates
that the portion of Redco's land bank that is available for sale
(saleable GFA that the company owns) is around CNY27 billion,
which is only sufficient for two years of contracted sales.

Redco intends to maintain a small land bank as part of the
company's strategy to keep leverage under control. Fitch believes
that Redco will be able to secure sufficient land for property
development in 2017-2018 and that keeping a small land bank is
beneficial to its financial profile. However, compared to peers
with sufficient land reserves, Redco has less land acquisition
flexibility and is more susceptible to land price and supply
volatility, which will result in a volatile financial profile.

Expansion to Drive up Leverage: Fitch estimates Redco will need
more land to sustain its attributable sales above CNY8 billion,
the level at which Fitch may consider positive rating action,
given its change to a fast-churn business model. Net
debt/adjusted inventory (including JV proportionate
consolidation) was kept low at 7.4% in 2016 (2015: 15.2%) because
of faster sales and controlled land banking. However, assuming
Redco spends 70% of its sales receipts in 2017-2020 to replenish
its land bank, leverage will approach 35% in 2017 and 45% in
2018, in line with that of 'B' rated credits. Any efforts to
significantly increase its land bank will push the leverage above
those levels.

DERIVATION SUMMARY

Redco's CNY10 billion contracted sales in 2016 are comparable
with 'B' rated companies such as Xinyuan Real Estate Co., Ltd.
(B/Stable) with CNY12 billion and Xinhu Zhongbao Co., Ltd.
(B/Stable) with CNY16 billion. Although Redco's leverage is
considered low among its peers, its land bank is smaller than
those of most companies with a 'B' rating. Xinyuan also has the
same constraint to its rating. Companies that are rated one notch
above Redco, at 'B+', in general have proven sustainable business
models with attributable sales of over CNY10 billion, larger land
banks of more than three years' worth of development and stable
leverage at around 40%.

KEY ASSUMPTIONS

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

- Contracted sales including JVs reach CNY14 billion in 2017,
  CNY20 billion in 2018, CNY28 billion in 2019.
- Gross profit margin from property development remaining below
  25% in 2017-2020.
- Land replenished at a rate of 1.3x of annual sales by gross
  floor area and land premium accounting for 65%-70% of annual
  sales receipts in 2017-2020.
- Construction cost accounting for around 35% of annual sales
  receipts in 2017-2020.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action

- Annual attributable contracted sales sustained above CNY8
  billion (2016: CNY7 billion) while maintaining available-for-
  sale land bank for 2.5 years of development (2016: 2 years)
- Net debt/adjusted inventory sustained below 40%
- EBITDA margin sustained above 20% (2016: 14.8%)

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action

- Sustained drop in contracted sales
- Net debt/ adjusted inventory sustained above 50%
- EBITDA margin sustained below 15%

LIQUIDITY

Sufficient Liquidity: Redco had cash and cash equivalents of
CNY3.6 billion (including restricted cash of CNY1.2 billion), and
CNY876 million of undrawn bank facilities, which are sufficient
to cover the company's short-term debt of CNY137 million.



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I N D I A
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AMITH CASHEW: CARE Assigns B+ Rating to INR8cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Amith
Cashew Industries (ACI), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              8         CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Amith Cashew
Industries (ACI) is constrained by the firm's small scale of
operations and thin profitability margins, working capital
intensive nature of operations, leveraged capital structure and
weak debt coverage indicators, risk associated with volatility in
raw cashew kernel prices and constitution of the entity as a
partnership firm with inherent risk of withdrawal of capital. The
rating is, however, underpinned by the experience of the partners
for over three decades in cashew processing industry and
reasonable track record of the firm, growth in total operating
income and improving operating cycle during the review period.

Going forward, the firm's ability to increase its scale of
operations and improve the profitability margins and capital
structure are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations

The firm was established in the year 2009 and the scale of
operations of the firm is relatively small marked by total
operating income (TOI) of INR20.58 crore in FY16 and the net
worth at INR1.59 crore as on March 31, 2016 as compared to other
peers in the industry.

Leveraged capital structure and weak debt coverage indicators

Despite, the increased amount of net worth of the firm y-o-y,
overall gearing ratio of the firm stood high at 2.82x as on
March 31, 2014 and further deteriorated to 3.58x as on March 31,
2015, due to increased level of total debt of the firm. However,
overall gearing improved slightly to 2.93x as on March 31, 2016,
at the back of increase in net worth due to accretion of profit.
Furthermore, the firm has weak debt coverage indicators during
review period marked by total debt/GCA at 10.84x in FY16 due to
high debt levels and low cash accruals. Due to above said factors
and decline in PBILDT in absolute terms, PBILDT interest coverage
ratio of the firm also stood weak and declined from 2.02x in FY15
to 1.83x in FY16.

Volatility in raw cashew and cashew kernel prices
The products dealt by the firm are cashew kernel which includes
kaju and other related products etc. The products being
cultivation based are highly volatile by nature and affected by
regular fluctuations in the prices. However, the company being
engaged in processing of the same, the fluctuating cost of the
cashew kernel is passed on to the customers to a larger extent.

Constitution of the entity as a partnership firm with inherent
risk of withdrawal of capital
The firm being a partnership firm is exposed to inherent risk of
capital withdrawal by the partners, due to its nature of
constitution. Furthermore, any substantial withdrawals from
capital account would impact the net worth and thereby the
financial profile of the firm.

Key Rating Strengths
Experience of the partner for over three decades in cashew
processing industry and reasonable track record of the firm Amith
cashew Industries (ACI) is a family based business which was
established in the year 2009 by Mr. Shankar Pai, Mr. Amith Pai,
Mr. Gajanand Pai and Mrs Sheila Pai. Mr. Shankar Pai is a
graduate and has three decades of experience in manufacturing of
food products like cashew and kernels and other related products.
Mr. Amith Pai (son of Mr. Shankar Pai) is actively managing the
day-to-day activities of the business and has seven years of
experience in the operations. Through the promoter's experience
in this industry, they have gained established healthy
relationship with the suppliers and customers.

Growth in total operating income albeit thin profitability
margins during review period

The total operating income of the firm has been increasing year
on year at a CAGR of 41% from INR8.45 crore in FY14 to INR20.58
crore in FY16 at the back of increasing amount of quantities
demanded by the existing customers and addition of new customers
as well. Out of total sales, 40% of revenues are from export
sales and remaining 60% from domestic sales. However, the
profitability margins of the firm have been thin during review
period due to competitive business segments along with volatility
associated with raw cashew and cashew kernel prices. The profit
margins of the firm also dependent on the amount of sales being
done to domestic and export customers since, profit margins are
slightly higher in export based sales as compared to domestic
sales. The PBILDT margin of the firm has been fluctuating and
remained in the range of 5%-6% during review period due to
reasons mentioned above. Furthermore, the PAT margin of the firm
remained thin and fluctuating around 1.00% during review period
due to low PBILDT and increasing financial expenses and
depreciation provisions.

Improved operating cycle days of the firm

Working capital cycle days of the firm has been improving year-
on-year from 109 days in FY14 to 59 days in FY16 due to
comfortable average collection days along with reducing average
inventory days. The firm has been receiving payments from clients
within a month from the date of orders executed. Increase in
year-on-year sales along with efficient management of inventory
levels has led to reduction in average inventory days from 90
days in FY14 to 43 days in FY16. The firm generally keeps stock
of raw cashew and processed kernel for about a month to meet
customers' requirements. The firm makes upfront cash payments to
its suppliers or takes credit period around a week for payments.
The average utilization of the cash credit facility is 95% for
the last 12 months ended January 31, 2017.

Amith Cashew Industries (ACI) was established in the year 2009 as
partnership firm by Mr. P. Shankar Pai and other three family
members as partners of the firm. ACI has its registered office
located at Udupi (Karnataka) and is engaged in processing of raw
cashew nuts and supply of the same in domestic and export market.
The firm markets its products under 'OM Cashews' brand. The firm
procures raw cashew nuts from overseas locations like Singapore
and Gulf countries. Currently, the day-to-day operations of the
firm are managed by the Managing Partner, Mr. Amith Pai and
assisted by Mr. Paladka Shankar Pai (partner of the firm).

In FY16, ACI reported a PAT of INR0.20 crore on a total operating
income of INR20.58 crore, as against a PAT and TOI of INR0.15
crore and INR14.58 crore respectively in FY15.


ASHOK CONSTRUCTIONS: CARE Issues B+ Issuer Not Cooperating Rating
-----------------------------------------------------------------
CARE has been seeking information from Ashok Constructions (AC)
to monitor the rating vide e-mail communications/ letters dated
March 11, 2017, April 7, 2017, April 13, 2017, April 17, 2017and
numerous phone calls. However, despite CARE's repeated requests,
the firm has not provided the requiste information for monitoring
the ratings. In the absence of minimum information required for
the purpose of rating, CARE is unable to express opinion on the
ratings.In line with the extant SEBI guidelines CARE's rating on
Ashok Constructions bank facilities and will now be denoted as
CARE B+/CARE A4; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank          5         CARE B+; Issuer not
   Facilities                        Cooperating

   Short term Bank         2         CARE A4; Issuer not
   Facilities                        cooperating

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while
using the above rating(s).

Detailed description of the key rating drivers

Key Rating Weakness

Small sized and regionally concentrated operations: Despite the
long operational track record, the firm remains small sized with
operations restricted to Chennai, Tamil Nadu. The nature of
contracts executed is low value added contracts comprising civil
construction and electrical work. The revenue and profitability
has been fluctuating depending on the orders received for
execution.

The contract receipts were significantly lower in FY15 with
general sluggishness in the economy and the slow- down in
capex projects, resulting in lower orders. Although the PBILDT
margin improved, the PAT margin declined in FY15 due to
increase in interest costs. The firm has achieved nearly INR19
crore of revenues for the 11MFY16 (provisional, refers to the
period April to February).

Weak Capital structure and debt protection metrics: The capital
structure was weak with overall gearing of 2.73 times as of March
31, 2015. With low cash accruals, the total debt/GCA stood weak
at 37.40 times in FY15. The debt is primarily in the nature of
working capital borrowings. At the same time, interest on capital
is charged to the profit and loss account at 12% and to that
extent, PAT and accruals are lower.

Working capital intensive operations: The operations are working
capital intensive. The orders have a normal gestation period of 6
months to 2 years. The customers make stage wise payments based
on the completion of work. The bills are raised upon approval and
certification after which the collection normally happens in 10-
15 days. Furthermore, the customer provides advances upon award
of the order. The firm is required to maintain inventory of sand,
cement bricks etc of between 45-60 days requirement. Suppliers
are paid within a month.

The debtors are negative as of March 31, 2015 as the firm
receives advances from customers .In some instances, the same
exceeds the receivables, as in the case of the position as of
March 31, 2015.The firm does not disclose separately, the
customer advances under current liabilities and the receivables
under current assets. ASC has not been charging depreciation on
the assets. To that extent, the profit is higher. Tax has also
not been charged to the profits. CARE has assumed a tax rate of
30% for the calculation of PAT.

Key Rating Strengths

Long experience of the promoters in construction space and long
operational track record: The promoter has long experience of
over three decades in the civil construction space. The firm also
has a long operational track record. The firm has been executing
contracts primarily for Department of Atomic Energy, Kalpakkam,
Chennai and been getting repeated orders from them.

Healthy albeit concentrated order book: The company has two
orders worth INR27.5 crore, as of February 28, 2016, primarily
from Department of Atomic Energy, IGCAR , Kalpakkam one of 8
months duration and the other of 24 months duration.

AC was originally established as a proprietorship by Mr.
Sundaramoorthy in 1979. Subsequently, the business was converted
into a partnership firm and the firm started execution of civil
construction contracts. The partnership underwent reconstitution,
the latest one in January 2015. Presently, there are five
partners, all being MrSundaramoorthy's family members. Profits or
losses are shared equally. The firm is registered as a Class I
PWD contractor. Being engaged in construction contract business
for more than two decades, Mr.Sundaramoorthy has executed more
than 900 projects, primarily in Chennai, Tamil Nadu. Presently,
the civil contracts are primarily awarded by the Indira Gandhi
Centre for Atomic Research, wherein the firm executes residential
and industrial civil construction.


BESTVIEW INFRACON: CARE Assigns B+ Rating to INR33.80cr Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
BestView Infracon Ltd (BIL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Non Convertible
   Debentures-Type A
   (Proposed)            13.50       CARE BB-; Stable Assigned

   Non Convertible
   Debentures-Type B
   (Proposed)            33.80       CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the long term instruments of BIL is
constrained on account of significant project execution risk and
saleability risk as project is at land acquisition stage and
construction approvals are yet to be applied for and financial
closure is yet to be achieved. The rating, however, derives
strength from experienced promoters with established track record
of operations and favorable location of the project.

Going forward, timely execution of the project and timely
achievement of sales projected shall remain the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced promoters with established track record of
operations: BestView Infracon Ltd (BIL) incorporated in 2008 is
into real estate development. It is part of the Eldeco Group
which was established in 1985 and has more than 30 years of
experience in real estate industry. The group has successfully
executed more than 150 projects in UP and Delhi NCR with a total
saleable area of over 400 lsf. The ongoing projects of EIPL
include 8 projects with a total salable area of 161.7 lsf across
NCR, Uttarakhand, UP, Punjab and Rajasthan.

Favorable location of the project: The project is located at
Malviya Nagar Metro Station which is in proximity to two
prominent areas of Saket and Malviya Nagar in South Delhi. The
site is on the main road on the land above the Malviya Nagar
Metro Station.

Key Rating Weaknesses

Project Execution Risk coupled with saleability risk: The project
is at a very nascent stage with land acquisition in process
currently and all the approvals required are yet to be applied
for. The project is expected to be completed by May 2020.
Currently, the promoters have infused INR15.61 crore as promoter
contribution for land acquisition which is only 8.22% of the
total project cost of INR189.9 crore, thereby leading to project
construction risk.

Financial closure yet to be achieved: The total project cost of
INR190 crore is proposed to be funded from equity of INR20.3
crore, Debt of INR159.8 crs and remaining by advance lease rental
receipts from the project. As of April 28, 2017, the company does
not have any outstanding bank debt and NCDs. Thus, the risk
related to expected debt tie-up still persists.

BestView Infracon Ltd (BIL) was incorporated in 2008 is into real
estate development. It is part of the Eldeco Group which was
established in 1985 and has more than 30 years of experience in
real estate industry. BIL is a 100% subsidiary of Eldeco
Infrastructure and Properties Ltd (EIPL). The group has
successfully executed a number of residential and commercial
buildings projects in UP and Delhi NCR. The ongoing projects of
EIPL include 8 projects with a total salable area of 161.7 lsf.
BIL is currently planning to develop a commercial complex project
located in Malviya Nagar Metro Station, New Delhi with a total
salable area of 1.31 lsf.


CAMSON AGRI-VENTURES: CARE Cuts Rating on INR10cr LT Loan to B
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Camson Agri-Ventures Private Limited (CAV), as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term Bank          10       CARE B (SO); Issuer not
   Facilities                       cooperating; revised from
                                    CARE BB; on the basis
                                    of best available information

   Short term Bank          3       CARE A4 (SO); Issuer not
   Facilities                       cooperating; Revised from
                                    CARE A4; on the basis of
                                    best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Camson Agri-Ventures
Private Limited (CAV) to monitor the rating vide e-mail
communications/ letters dated February 21, 2017, April 7, 2017
and April 19, 2017 and numerous phone calls. However, despite
CARE's repeated requests, the firmhas not provided the requiste
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which, however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on
Camson Agri-Ventures Private Limited's bank facilities will now
be denoted as CARE B(SO)/CARE A4(SO); ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The revision in the rating takes into account Significant decline
in revenues and erosion of profits. The rating continues to be
constrained by the Stretched liquidity position, vulnerability of
sales and profitability to agro climatic conditions and crop
failure risk and exposure to intense competition from chemical
fertilizers manufacturers.

The rating, however, continues to draw strength from experienced
management team and strong product portfolio supported by well-
equipped R&D facility.

Going forward, the ability of CBT to scale up the operations and
timely recoverability of receivables helping improve its
liquidity would be the key sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness
Significant decline in revenues and erosion of profits:On account
of demerger of seeds business which was generating higher revenue
for the company, CBT generated net sales of INR31.0 crore during
9MFY16 as against INR169.4 crore in FY15 on standalone basis.
This coupled with high fixed costs and company having to resort
to discounts/ rebates to dealers owing to poor monsoon impacted
profitability. Company reported net loss of INR10.8 crore and
cash loss of INR2.3 cr during 9MFY16.

Stretched liquidity position: CBT's legacy issues were related to
the high receivable days of traded and bulk seeds segments. Post
demerger, though company's receivable reduced significantly from
INR145.5 crore (pre-demerger) as on Mar'15 to INR29.7 crore
(post-demerger) as on Dec'15, it still remains high considering
sales of INR31.0 crore in 9MFY16. This has resulted in similar
level of WC borrowing as evidenced with WC debt of INR33.2 crore
as on Dec 2015 as compared to INR31.7 crore as on March 2015.

Vulnerability of sales and profitability to agro climatic
conditions and crop failure risk: The sales and profitability of
agro products depends highly on the agro-climatic conditions
prevalent in the domestic market and exposure to crop failure
risk. The demand for seeds and fertilizer derives from
agricultural production which is highly dependent on monsoon.
Exposure to intense competition from chemical fertilizers
manufacturers: The industry is exposed to intense competition
from chemical manufacturers of chemical fertilizers due to its
large scale presence and easy availability. Also, slow effects of
bio tech products over chemical products and low adoption of bio
tech products is anticipated to hamper the growth of the market.

Key Rating Strengths

Experienced management team: Mr. Dhirendra Kumar, founder of
Camson group holds a M.Sc. in plant genetics and breeding and an
MBA in marketing from the Punjab Agricultural University. He also
holds an MBA in export management from IIFT, New Delhi. Mr. Kumar
has headed the development of 'Zero-residue' products, new
technological platforms and organically viable hybrid seeds. He
has previously worked with ITC Ltd, Pioneer Seeds Co, Ranbaxy and
Coromandal Indag at different positions. Mr. Rohit Sareen,
Managing Director, is an MBA graduate and has worked globally
with Merrill Lynch International and Citibank Singapore Ltd
across various leadership roles. At CAV he is responsible for
managing the company and taking the Fresh & Safe Brand to the end
customers.

Strong product portfolio supported by well-equipped R&D
facility:The production facility of CBT is located in north
Bangalore, Karnataka, spread over 25 acres. The company has set
up one more facility in Nagal, Himachal Pradesh. It has 27
variants of biotech products of bio fungicides, bio Insecticides,
bio Stimulants and bio fertilizers. Camson group has in house
library of 3700 selected and characterized microbes. Company
recently filed patent for its discovery of Natural fertilizer.

Camson Agri Ventures Pvt. Ltd. (CAV) was incorporated on January
25, 2013 by Mr. Rohit Sareen and Mr. Nimir Mehta. Camson Bio
Technologies Limited (CBT) is a holding company with 65% stake in
CAV as on March 31, 2015 and balance with Mr. Rohit Sareen (15%)
and Mr. Nimir Mehta (20%). CAV is an integrated provider of eco-
friendly agricultural solutions. CAV is engaged in the business
of contract farming, food processing and trading of seeds and
biocides. Presently, the company is majorly engaged in trading
activity (agricultural goods viz. maize and paddy seeds) which
contributed to about 96% of revenue for FY15 (PY: 98%). The
balance revenue was derived from hybrid seeds and bio seeds.
However, CAV is expected to generate major revenue from contract
farming and food processing in coming years. Under contract
farming, CAV has taken the fallow land on joint development with
the owners and would use its inputs of biopesticides,
biofertilizers and hybrid seeds to grow zero residue produce. CAV
will be procuring biotech products and seeds from its parent
company. CAV has entered into JV with M/s. CAV Chepyala Farms in
October 2013 for seeds based products with around 40 acres of
land under management. CAV aims to acquire 1000 acres of farmland
for management in next two-three years.


DILIGENT SCM: ICRA Assigns B+ Rating to INR6.14cr Loan
------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the
INR6.14-crore fund-based limits and short-term rating of [ICRA]A4
to the INR0.45-crore non-fund based limits of Diligent SCM
Solutions Private Limited. The outlook on the long-term rating is
Stable. ICRA has also assigned the ratings of [ICRA]B+/[ICRA]A4
to the INR5.91-crore unallocated limits of DSSPL.

                       Amount
  Facilities         (INR crore)   Ratings
  ----------         -----------   -------
  Fund-based limits       6.14     [ICRA]B+(Stable) assigned

  Non-Fund based limits   0.45     [ICRA]A4 assigned

  Unallocated limits      5.91     [ICRA]B+(Stable)/[ICRA]A4
                                   assigned

Rationale
The assigned ratings are constrained by DSSPL's small scale of
operations with revenues of INR9.03 crore in FY2016 and INR19.78
crore in 11M FY2017. The ratings factor in weak financial profile
characterised by high gearing of 3.81 times, low net worth of
INR2.04 crore and high TOL/TNW of 5.62 times as on September 30,
2016. However, the company has INR1.52 crore unsecured loans from
promoters, adjusting for which gearing stands at 3.06 times as on
September 30, 2016. The ratings also consider high working
capital-intensive nature of business owing to high inventory and
debtor levels, and high customer concentration with a single
customer, GE Power & Water Business (GE), accounting for 83% of
the total revenue in FY2016. ICRA notes that with debt-funded
capital expenditure plans on the anvil for developing a new
manufacturing capital structure coverage indicators are likely to
be impacted in the near term.

However, the ratings draw comfort from the healthy growth of
income from INR1.14 crore in FY2013 to INR9.03 crore in FY2016 at
a CAGR of 99.34%, albeit on a low base, experience of the
promoters and the management in manufacturing technology with
more than two decades of experience in different phases of
mechanical and electro-mechanical product development. The
ratings consider reputed client base such as General Electric
(GE), Sulzer Ltd. and established relationship with key clients
as reflected in repeat orders over the years. The rating also
draws comfort from GE's agreement with DSSPL in January 2016,
valid for two years, committing to annual off-take of USD 2.7
million worth of cloth seals.

Going forward, the ability of the company to increase its scale
of operations, stabilize the margins, timely completion and
successful ramp-up of the new unit, and managing working capital
requirements will be the key rating sensitivities from the credit
perspective.

Key rating drivers

Credit strengths

* Healthy growth of income from INR1.14 crore in FY2013 to
   INR9.02 crore in FY2016 at a compounded annual growth (CAGR)
   of 99.34%, albeit, on a low base

* More than two decades of experience of the management in
   mechanical and electro-mechanical product development

* Reputed client base such as GE, Sulzer Ltd., Alstom, GKN plc
   etc. The company is a strategic supplier for GE

Credit weaknesses

* Small scale of operations with revenues of INR9.03 crore for
   FY2016 though the same increased to INR9.50 crore in 6MFY2017

* Weak financial risk profile characterised by a gearing of 3.81
   times, low net worth of INR2.04 crore and high TOL/TNW of 5.62
   times as on September 30, 2016

* High customer concentration with a single customer GE Power &
   Water Business accounting for 83% of the revenues in FY2016

* High working capital intensive nature of business owing to
   high debtor days

* Debt-funded capital expenditure for setting up of a
   manufacturing facility is likely to affect the capital
   structure and coverage indicators, going forward

Description of key rating drivers:

The promoters have more than two decades of experience in
different phases of mechanical and electro-mechanical product
development including engineering, manufacturing, quality,
procurement and program management. DSSPL has a reputed client
base which includes GE, Sulzer Ltd., Alstom, GKN plc; however,
customer concentration is high as GE accounted for 83% of the
sales made by DSSPL in FY2016. The operating income of the
company increased at a CAGR of 99.34% from INR1.14 crore in
FY2013 to INR9.03 crore in FY2016 aided by increase in receipt
and execution of new orders; however, the scale continues to
remain small despite healthy growth. The gearing of the company
stood high at 3.81 times as of September 30, 2016 owing to low
net worth and high debt owing to working capital utilisation.
However, the company has INR1.52 crore unsecured loans from
promoters, adjusting for which gearing stands at 3.06 times as on
September 30, 2016. The working capital intensity of the company
remained high at 32.41% in 6MFY2017 due to higher inventory days
owing to high work in progress, and higher debtor days. The
company is planning debt-funded capital expenditure for
developing the new manufacturing facility on a 6,000 sq. ft.
leased property, to increase its existing capacity and to supply
to aviation and power industry. While the capital structure and
coverage indicators would be impacted in the near term with debt
funded capex, timely completion and successful ramp-up of
operations in the new units is crucial.

Incorporated in 2005, Diligent SCM Solutions Private Limited is
involved in designing, developing, testing, manufacturing and
sourcing of precision engineered components. Mr. Dantuluri Phani
Varma, the Managing Director, has over two decades of global
experience in different phases of mechanical and electro-
mechanical product development. The company is also involved in
development and validation of alternate manufacturing processes,
handling super alloys and meeting the process requirements for
different sectors. However, the focus, as of now, has been on the
power generation segment. DSSPL has been recognised by GE as a
strategic supplier with respect to a key component used in gas
turbine, namely cloth seals. Apart from cloth seals, the company
is also a supplier of spares for turbines, which are used during
overhaul and maintenance.

According to provisional financials for 6MFY2017, the company
reported a profit after tax of INR0.66 crore on an operating
income of Rs.9.50 crore. The company reported profit after tax of
INR0.35 crore on an operating income of Rs.9.03 crore in FY2016
as against profit after tax of INR0.10 crore on an operating
income of Rs.3.20 crore in FY2015.


EDUCOMP SOLUTIONS: Seeks to Revive Business Under Insolvency Code
-----------------------------------------------------------------
The Hindu reports that Educomp Solutions has filed an application
under the new Insolvency and Bankruptcy Code (IBC) in a last
resort bid to revive and turn around its business - as its
lenders have been dithering on a corporate debt restructuring
(CDR) exercise initiated almost four years ago.

A second revival plan submitted to lenders in July 2015 (after
the CDR package failed to take off) didn't elicit a decision
either, although a subsequent techno-economic viability study
submitted last September by consulting firm PwC said the business
appeared sustainable 'subject to certain risks' that could be
mitigated, the Hindu says.

According to the Hindu, troubles for Educomp, whose outstanding
debt was about INR1,400 crore in July 2013 when it initiated the
CDR exercise, mounted further due to inaction by lenders. The
banks even failed to disburse the INR108 crore of working capital
that they themselves had approved as part of the CDR package.

This adversely affected the firm's existing operations as well as
growth prospects, said an official aware of the firm's decision
to approach the National Company Law Tribunal (NCLT) with its
application to initiate proceedings under the IBC, the Hindu
says.

Educomp chairman and managing director Shantanu Prakash confirmed
to The Hindu that the company had applied to the NCLT under the
IBC, as it could provide comfort to lenders who had been unable
to take a call on the turnaround plans and give the firm a chance
to reconfigure growth and revival strategies.

With 12 of the 15 lenders having agreed to exit the CDR process
at their last meeting in March 2017, Mr. Prakash stressed that
Educomp had opted to seek to revive the company under IBC as any
more delays would compromise its restructuring proposal, the
report relays.

By May 5, the firm's total debt including interest dues, had
ballooned to about INR2,060 crore - of which INR1,256 crore was
owed to its three top lenders - IDBI Bank, Axis Bank and SBI.

"We feel that the new insolvency and bankruptcy framework, which
is designed fundamentally to address issues of company revival
where the basic business of the company is deemed to be viable
will give the bankers the comfort to be able to conduct the
resolution that they need to do in order to revive the company,"
Educomp group CFO Ashish Mittal wrote in an e-mail, the report
relays.

Incorporated in 1994 and listed on the stock exchanges in 2004,
Educomp faced large-scale delinquencies between 2010 and 2014
from schools that had signed up for its classroom training
modules, particularly in tier-II and tier-III cities where it had
rapidly expanded its presence.


EMERALD ALCHYMICUS: ICRA Reaffirms D Rating on INR7.50cr Loan
-------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]D for the
INR13.25 crore bank facilities of Emerald Alchymicus Private
Limited.

                       Amount
  Facilities         (INR crore)   Ratings
  ----------         -----------   -------
  Fund Based limits        7.50    [ICRA]D; Re-affirmed
  Non-fund Based limits    5.75    [ICRA]D; Re-affirmed

Rationale

The rating action is based on the ongoing delay in debt servicing
by the firm. As part of its process and in accordance with its
rating agreement with Emerald Alchymicus Private Limited, ICRA
had sent repeated reminders to the company for payment of
surveillance fee that became overdue; however despite multiple
requests; the company's management has remained non-cooperative.
ICRA's Rating Committee has taken a rating view based on best
available information. In line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the
company's rating is now denoted as: "[ICRA] D ISSUER NOT
COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance.

Key rating drivers

Credit strengths

* Established relationships with domestic and overseas suppliers

* Diversified product portfolio and wide customer base minimises
   demand & customer concentration risks

Credit weaknesses

* Delays in debt servicing by the company following cash flow
   Mismatches

* Moderate scale of operations

* Stretched liquidity position owing to high working capital
   intensity of operations as working capital sanctioned
   facilities remains overutilised

* Moderate profitability and return indicators because of
limited
   value addition and intensely competitive business environment.

* Weak financial risk profile as reflected from high total
   outside liabilities to tangible net worth and low debt
   coverage indicators

* Profitability margins susceptible to the volatility in
   exchange rates and adverse fluctuations in prices of traded
   chemicals in case of stock & sell segment

Description of key rating drivers:

Emerald Alchymicus Private Limited has wide product portfolio
which includes chemicals like Neorez, Emeplus, Uralac, Uracron
etc. These products find application in diverse industries such
as automotive, plastic, decorative, pharmaceuticals, packaging
and construction industry.

The company derives 71% of its revenues from the Stock & Sell
segment and remaining 29% of revenue is from commercial sales. In
case of Stock & Sell, the company imports specialty chemicals
from various overseas suppliers and maintains an inventory of the
same based on the demand conditions in the market. The company
markets and sells these chemicals in the domestic markets through
its own sales team. Since the procurements are not order backed,
the company needs to maintain high inventory levels and is thus
vulnerable to commodity price risks. Since the company imports
over 75% of the traded chemicals, the margins are vulnerable to
fluctuations in the exchange market.

Moreover, the operations of the company are characterized by
tight liquidity position owing to high working capital intensity
of operations leading to regular instances of overutilization in
the sanctioned working capital facilities and delay in servicing
of debt repayments by the company.

Incorporated in 2003, Emerald Alchymicus P Limited (EAPL) is
involved in trading of chemicals. The company derives its revenue
from two segments viz. Stock & Sell and Commercial segment. In
case of Stock & Sell, the company imports specialty chemicals
from various overseas suppliers and maintains an inventory of the
same whereas in the case of Commercial segment, the customers
place bulk orders with EAPL for various chemicals and based on
these orders, EAPL procures the materials from the suppliers and
supplies directly to the customers.


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

                        KEY RATING DRIVERS

Faizabad Nagar has inadequate civic infrastructure and water
supply services and no sewerage systems.  As of March 2016, the
town's water supply coverage was around 96.70%.  However, there
is a scope for an improvement in the infrastructure facilities
due to Faizabad Nagar's selection under the Atal Mission for
Rejuvenation and Urban Transformation (AMRUT) scheme.

FNPP has a jurisdiction of merely 16 sq km with a population of
1,65,228.  Economic activities in the town are subdued and taxes
on average contributed only 8.04% to the total revenue over FY12-
FY16.  FNPP's revenue sources comprise tax revenue and non-tax
revenue, with average contribution to the total revenue income
being 8.04% and 8.92%, respectively, during the same period.  The
municipality's own non-tax revenue mainly emanates from charges
and rental income from municipal properties, with an average
contribution of 14.95% and 77.62%, respectively, to the total
non-tax revenue during FY12-FY16.

FNPP has a high dependence on the state government.  It receives
compensation in lieu of stamp duty and revenue grants, and equity
contributions.  Revenue compensation and revenue grants
cumulatively contributed 80.74% to the total revenue income
during FY12-FY16.

FNPP has a moderate financial profile.  Revenue receipts grew at
a CAGR of 16.15% to INR326.05 million in FY12-FY16, while revenue
surplus improved to INR133.71 million in FY16 (FY12: INR25.16
million).  However, the revenue margin declined to 41.01% in FY16
from 49.37% in FY15, mainly due to an increase in revenue
expenditure.

                        RATING SENSITIVITIES

Positive: A significant improvement in FNPP's operating
performance and timely execution of the AMRUT project will be
positive for the rating.

Negative: An unexpected withdrawal of revenue support by the
state government without a suitable compensatory plan would
trigger a negative rating action.

COMPANY PROFILE

Faizabad is the old capital of Awadh and is administered by FNPP.
FNPP is the governing body of the city of Faizabad and Ayodhya in
Uttar Pradesh.  According to 2011 census, Faizabad had an average
literacy rate of 84.03% and sex ratio of 920 per 1,000 male.


FOODLINK RESTAURANTS: Ind-Ra Migrates Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Foodlink
Restaurants (India) Private Limited's Long-Term Issuer Rating to
the non-cooperating category.  The issuer did not participate in
the surveillance exercise, despite continuous requests and
follow-ups by the agency.  Therefore, investors and other users
are advised to take appropriate caution while using these
ratings.  The rating will now appear as 'IND BB(ISSUER NOT
COOPERATING)' on the agency's website.  The instrument-wise
rating actions are:

   -- INR100 mil. Long term loan migrated to non-cooperating
      category;

   -- INR25 mil. Fund-based limit migrated to non-cooperating
      category;

   -- INR205 mil. proposed long term loan migrated to non-
      cooperating category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 10, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2012, Foodlink Restaurants (India) operates three
restaurants, China Bistro, India Bistro and Glocal Junction in
Mumbai.  The company is in the initial planning stage of opening
restaurants in Bengaluru and Hyderabad.


GEO CONNECT: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded GEO Connect
Limited's Long-Term Issuer Rating to 'IND BB' from 'IND BBB-'.
The Outlook is Negative.  Instrument-wise rating actions are:

   -- INR96 mil. dropline overdraft facility lowered to
      'IND BB/Negative' rating;

   -- INR114.5 mil. Fund-based limit lowered to
      'IND BB/Negative/IND A4+' rating

                         KEY RATING DRIVERS

The downgrade reflects a decline in GEO's credit profile due to
its presence in a highly fragmented and competitive industry, and
a tight liquidity position.  As per FY17 provisional financials,
operating EBITDA margin declined to 16.66% (FY16: 18.36%), net
financial leverage (total adjusted net debt/operating EBITDAR) to
3.35x (3.35x) and gross interest coverage (operating EBITDA/gross
interest expense) to 1.89x (2.20x).

The company's average use of working capital facilities was
around 99.25% over the 12 months ended April 2017.

The ratings also factor in GEO's small scale of operations as
reflected by revenue of INR382.25 million in FY17P (FY16:
INR382.23 million) and its 100% business dependency on the parent
company - Ansal Housing and Construction Ltd (AHCL; 'IND
BB'/Negative).  GEO generates its total revenue solely from AHCL
projects.

However, the ratings are supported by GEO's directors' three-
decade-long experience in the real estate business, as well as
its moderate order book of INR550 million, to be executed in
FY18.

                       RATING SENSITIVITIES

Negative: A decline in revenue, along with deterioration in the
credit metrics will be negative for the ratings.

Positive: A substantial improvement in the scale of operations,
along with an improvement in the overall credit metrics will be
positive for the ratings.

COMPANY PROFILE

Incorporated in August 1999, GEO is a wholly-owned subsidiary of
AHCL.  The company operates through three divisions - sunrise
estate management services, moonlight and real estate.  It
renders maintenance and electric supply services to various
projects developed by the parent company across India.


GREY'S EXIM: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Grey's Exim
Private Limited's (GEPL) Long-Term Issuer Rating to the non-
cooperating category.  The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency.  Therefore, investors and other users are advised to take
appropriate caution while using these ratings.  The rating will
now appear as 'IND BB-(ISSUER NOT COOPERATING)' on the agency's
website.  The instrument-wise rating actions are:

   -- INR4.5 mil. Long-term loan migrated to non-cooperating
      category;

   -- INR242.5 mil. Fund-based limit migrated to non-cooperating
      category;

   -- INR55 mil. Non-fund-based limit migrated to non-cooperating
      category; and

   -- INR48 mil. Proposed fund-based limit migrated to non-
      cooperating category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 10, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in Mumbai in 1985, GEPL is promoted by Mr Mehul
Sedani.  The company manufactures woven, knit and cotton
garments, and trades fashion fabrics.


IDBI BANK: Fitch Lowers IDR to 'BB+'; Outlook Stable
----------------------------------------------------
Fitch Ratings has downgraded IDBI Bank Ltd.'s Long-Term Issuer
Default Rating (IDR) to 'BB+', from 'BBB-', and its Viability
Rating to 'ccc', from 'bb-'. The Outlook on the IDR is Stable.

IDBI Bank's IDR and senior debt ratings have been downgraded due
to a downward revision in its Support Rating to '3', from '2',
and a revision in its Support Rating Floor to 'BB+', from 'BBB-'.
IDBI Bank's Support Rating Floor is rated higher than its
Viability Rating and remains the primary driver for its IDR. This
follows a reassessment of Fitch's support assumptions, given the
bank's ongoing challenges, which are leading to an erosion of its
systemic importance, particularly as shareholder capital support
has been kept to a minimum. However, Fitch expects the bank's
majority government ownership to remain in place and that
authorities are willing to provide support.

The Viability Rating has been downgraded due to a sharper-than-
Fitch-expected deterioration in IDBI Bank's financial profile, as
reflected in its much lower core capitalisation following two
consecutive years of rising non-performing loans (NPL) and heavy
losses. Fitch expects these pressures to remain over the medium
term.

KEY RATING DRIVERS

IDRS, SUPPORT RATINGS AND SUPPORT RATING FLOORS
IDBI Bank's Long-Term IDR is at the same level as its Support
Rating Floor. The ratings are driven by its Support Rating, which
reflects Fitch's expectation of a moderate probability of
extraordinary state support due to its waning market position and
systemic importance.

IDBI Bank's competitive position and ultimately its systemic
importance have, and will continue to be, eroded as it deals with
poor asset quality and a weak capital position. However, the
bank's large size, substantial deposit base and continued
majority state ownership will likely keep the probability of
government support commensurate with a Support Rating Floor of
'BB+'.

The Stable Outlook mirrors the Outlook on India's rating (BBB-
/Stable), reflecting Fitch views of no significant change in the
sovereign's ability to support banks during extraordinary stress.

VIABILITY RATING

IDBI Bank's Viability Rating reflects the deterioration of its
financial profile in the last two years and Fitch expectations
that both asset quality and capital will remain significant
ongoing weaknesses. NPLs increased by 80% in the financial year
ending March 2017 (FY17) (FY16: +96%), to 21% of loans triggering
provisions and a loss equating to nearly 20% of its outstanding
equity. The government injected around USD300 million before
year-end, but the injection was far outweighed by losses that
were nearly three times higher. As a result, capitalisation was
negatively affected, with the bank's Fitch Core Capital falling
by Fitch's estimation to below 6%, from around 8% in FY16. The
bank's regulatory Tier 1 common equity ratio fell to around 5.6%,
marginally above the 5.5% regulatory minimum.

Fitch believes the risk of further losses and capital erosion is
high, given the possibility of additional NPLs and that
unreserved NPLs (or net NPL) stood at 112% of equity at FYE17.
However, the government is likely to continue providing capital
support to ensure the bank does not breach minimum regulatory
capital ratios - in line with its own support stance. The
deterioration in the bank's position has led to the Reserve Bank
of India invoking its "prompt corrective framework" in May 2017.

IDBI Bank's funding profile remains a key relative strength, with
current and savings accounts deposits and retail term deposits
growing by more than 22% in FY17, when total deposits registered
only 1% growth. The surge was primarily due to demonetisation,
but it reinforced the strength and stability of the bank's
funding franchise, which is primarily underpinned by its
ownership.

SENIOR DEBT

IDBI Bank's senior debt rating is at the same level as its IDR,
as the debt represents its unsecured and unsubordinated
obligation.

RATING SENSITIVITIES

IDRS, SUPPORT RATING, SUPPORT RATING FLOOR AND SENIOR DEBT
The Support Ratings and Support Rating Floors are determined by
the agency's assessment of the government's propensity and
ability to support the bank, based on its size and systemic
importance. A change in the government's ability to provide
extraordinary support due to a change in sovereign ratings or a
change in the government's propensity to extend timely support
may affect the Support Rating and Support Rating Floor.

The IDR is driven by IDBI Bank's Support Rating Floor and may be
downgraded if factors underpinning the Support Rating Floor
weaken. IDBI Bank's IDR is one notch lower than the sovereign
rating, which implies that a downgrade in India's sovereign
rating may result in a downgrade of the bank's IDR. Likewise, a
change in the sovereign Outlook may lead to a revision of the
Outlook on the bank's IDR.

Any changes in the banks' IDRs would result in equivalent changes
in its senior debt ratings.

VIABILITY RATING

The Viability Rating is sensitive to the bank's ability to
address its capital position. In particular, if the bank is
unable to raise a significant portion of its capital needs,
independent of the government, for example via an equity stake
sale, balance sheet cuts or asset sales, Fitch is likely to
downgrade the Viability Rating to 'f'. A large capital injection
by the government to recapitalise the bank to address a material
shortfall in minimum capital ratios will be seen as extraordinary
support and the agency will view the bank as having failed.

The rating actions are as follows:

IDBI Bank:
- Long-Term IDR downgraded to 'BB+' from 'BBB-'; Outlook Stable
- Short-Term IDR downgraded to 'B' from 'F3'
- Viability Rating downgraded to 'ccc' from 'bb-'
- Support Rating downgraded to '3' from '2'
- Support Rating Floor revised to 'BB+' from 'BBB-'
- USD5 billion medium-term note programme downgraded to
  'BB+' from 'BBB-'
- USD2 billion senior unsecured notes downgraded to 'BB+' from
  'BBB-'


JAMPESWAR AGRO: CARE Assigns B+ Rating to INR7.40cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Jampeswar Agro Udyog Private Limited (JAPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             7.40       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Jampeswar Agro
Udyog Private Limited (JAPL) is constrained by its short track
record with small scale of operations, volatility in profit
margins subject to government regulations, high working capital
intensity and exposure to vagaries of nature with fragmented and
competitive nature of industry and leveraged capital structure.
The rating, however, derives strength from experienced promoters
and its close proximity to raw material sources.

The ability of the company to increase its scale of operations
with improvement in the profit margins and management of working
capital efficiently will remain as the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Relatively small scale of operation with short track record: JAPL
is a relatively small player in the rice milling business with
the total operating income and PAT of INR18.84 crore and INR0.06
crore respectively in FY16. Furthermore, during 10MFY17, the
company has booked turnover of INR28.33 crore.

Volatility in profit margins subject to government regulations:
The Government of India (GOI), every year decides a minimum
support price (MSP - to be paid to paddy growers) for paddy which
limits the bargaining power of rice millers over the farmers. The
MSP of paddy was increased during the crop year 2016-17 to
INR1,470/quintal from INR1,410/quintal in crop year 2015-16. The
sale of rice in open market is also regulated by the GoI through
the levy of quota, depending on the target laid by the central
government for the central pool. Given the market determined
prices for finished product  vis-a-vis fixed acquisition cost for
raw material, the profitability margins are highly vulnerable.
Such a situation does not augur well for the company, especially
in times of high paddy cultivation.

High working capital intensity and exposure to vagaries of
nature: Rice is mainly a 'kharif' crop and is cultivated from
June-July to September-October. During other months, availability
of paddy is relatively low. Hence, the millers are required to
carry high level of raw material inventory to ensure
uninterrupted production till the next season. Furthermore, while
paddy is sourced mainly on cash payment, the millers are required
to extend credit period to their customers. Accordingly, the
working capital intensity remains high leading to higher stress
on the financial risk profile of the rice milling units. Also,
paddy cultivation is highly dependent on monsoons, thus making
the entity's operations vulnerable to vagaries of nature.
Accordingly, the average inventory holding period remained
moderately high in the range of 36-80 days during FY15 & FY 16
and the average collection period remained moderate in the range
of 23-34 days during FY14-FY16.

Fragmented and competitive nature of industry: JAPL's plant is
located in Birbhum district, West Bengal which is in close
proximity to hubs for paddy/rice cultivating region of West
Bengal which is in close proximity to raw material sources. This
has resulted in intense competition which is also fuelled by low
entry barriers. Given that the processing activity does not
involve much of technical expertise or high investment, the entry
barriers are low.

Leveraged capital structure: The capital structure remained
leveraged with both the long-term debt equity ratio and the
overall gearing ratio remaining at 1.21x and 2.92x respectively
as on March.31, 2016.

Key Rating Strengths

Experienced promoters: JAPL is currently managed by Mr. Siddharth
Mondal who has around two decades of experience
in rice milling industry. He is being duly supported by the other
directors.

Proximity to raw material sources: JAPL's plant is located in
Birbhum District, West Bengal which is in the vicinity to a major
rice growing area, thus, resulting in logistic advantage. The
entire raw material requirement is met locally from the farmers
(or local agents) helping the company to save simultaneously on
transportation cost and paddy procurement cost.

JAPL was incorporated in Jan 28, 2012, by Mr. Siddharth Mondal,
Mr. Rabindranath Chowdhury, Mr. Ramkrishna Banerjee and Mr.
Somnath Banerjee of Birbhum, West Bengal with Mr. Siddharth
Mondal being the main promoter. The company commenced operation
since December, 2013. JAPL is engaged in the processing and
milling of rice. The milling unit of the company is located at
Birbhum, West Bengal with processing capacity of 21,600 metric
tonne per annum.

As per audited results for FY16 (refers to the period April 1 to
March 31), JAPL has reported PAT of INR0.06 crore (Rs.0.09 crore
in FY15) on a total income of INR18.84 crore (Rs.22.92 crore in
FY15). Furthermore, during 10MFY17, the company has achieved
turnover of INR28.33 crore.


KADVANI FORGE: ICRA Reaffirms 'B' Rating on INR27.78cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B on the
INR25.00-crore cash credit facility, INR1.30-crore working
capital demand loan and INR1.48-crore term loan facility of
Kadvani Forge Limited. The outlook on the long-term rating is
'Stable'. ICRA has also reaffirmed the short term rating of
[ICRA]A4 on the INR1.00-crore bill discounting facility, INR4.00-
crore forward contract limit, INR2.00-crore Letter of credit
facility and INR1.50-crore bank guarantee facility of KFL.

                       Amount
  Facilities         (INR crore)   Ratings
  ----------         -----------   -------
  Fund Based-Long
  Term                    27.78    Reaffirmed at [ICRA]B (Stable)

  Fund Based-Short
  Term                     5.00    Reaffirmed at [ICRA]A4

  Non Fund Based-
  Short Term               3.50    Reaffirmed at [ICRA]A4

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with KFL, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings and also
had sent repeated reminders to the company for payment of
surveillance fee that became overdue, but despite repeated
requests by ICRA, the company's management has remained non-
cooperative. In the absence of requisite information, ICRA's
Rating Committee has taken a rating view based on best available
information. In line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the
company's rating is now denoted as: "[ICRA]B (Stable)/A4 ISSUER
NOT COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

Incorporated in 1995, Kadvani Forge Limited (KFL) is involved in
manufacturing of closed die steel forged products in carbon,
alloy and stainless steel with its plant located at GIDC Lodhika
in Rajkot, Gujarat. KFL was initially promoted by Kadvani family
and was taken over by Mr. Vitthal Dhaduk in February 2009.
Currently the plant has an installed capacity of 30,000 MTPA.


KALYANALAKSHMI SHOPPING: Ind-Ra Assigns B+ LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kalyanalakshmi
Shopping Mall (KLSM) a Long-Term Issuer Rating of 'IND B+'.  The
Outlook is Stable.  The instrument-wise rating actions are:

   -- INR85 mil. Fund-based working capital limit assigned with
      'IND B+/Stable/IND A4' rating; and

   -- INR35 mil. Proposed fund-based working capital limit*
      assigned with provisional IND B+/Stable/Provisional IND A4
      rating

* The rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facility
by KLSM to the satisfaction of Ind-Ra.

                         KEY RATING DRIVERS

The ratings reflect KLSM's moderate credit profile.  According to
provisional financials for FY17, revenue was INR375.7 million
(FY16: INR372.8 million), EBITDA margin was 7.5% (7.3%), interest
coverage (operating EBITDA/gross interest expense) was 1.3x
(1.2x) and net leverage (total adjusted net debt/operating
EBITDAR) was 4.2x (4.5x).

The ratings also reflect the firm's tight liquidity profile,
indicated by almost full utilization of its fund-based working
capital facilities during the 12 months ended April 2017.

The ratings factor in KLSM's presence in a highly fragmented and
intensely competitive cloth retailing industry, and partnership
structure.

The ratings, however, are supported by the partners' experience
of two decades in garment trading and the location of the mall in
a prime area, i.e. Warangal, Telangana.

                       RATING SENSITIVITIES

Negative: A decline in revenue and/or EBITDA margin leading to
deterioration in credit metrics and liquidity profile on a
sustained basis will be negative for the ratings.

Positive: An increase in revenue while EBITDA margin, credit
metrics and liquidity profile staying at or improving from the
current level on a sustained basis will be positive for the
ratings.

COMPANY PROFILE

KLSM was established in 2011 as a partnership firm. The firm is
engaged in the trading of ready-made garments.  It has one outlet
in Warangal, Telangana.


KHOSLA INTERNATIONAL: ICRA Lowers Rating on INR29cr Loan to D
-------------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]D from [ICRA]B on
the Rs.29.00 crore fund-based bank facilities of Khosla
International.

                            Amount
  Facilities             (INR crore)   Ratings
  ----------             -----------   -------
  Working Capital Limits      29.00    [ICRA]D; revised from
                                       [ICRA]B

Rationale
The revision in ratings is on account of overutilization of cash
credit limits for more than 30 days owing to the stretched
liquidity position of the company. ICRA takes note of highly
leveraged capital structure, which coupled with the firm's thin
profitability has also resulted in stretched debt coverage
indicators. ICRA however, takes note of the extensive experience
of the promoters in the rice industry.

Going forward, the ability of the company to improve its
liquidity position and service its debt in a timely manner will
be the key rating sensitivity.

Key rating drivers

Credit strengths

* Experienced promoters with long presence in the industry

Credit weaknesses

* Over-utilisation in the working capital facilities on account
   of stretched liquidity position

* Decline in operating income in FY2016 coupled with highly
   leveraged capital structure on account of funding of working
   capital requirement through bank borrowings

* Intense industry competition, characterised by a large number
   of organized and unorganised players

* Agro climatic risks can affect paddy availability

* Risk inherent in the partnership firm

Description of key rating drivers:

The working capital intensity has remained high, primarily on
account of high inventory holdings. Paddy is a seasonal crop and
millers have to buy and stock paddy from September to December
every year, leading to high inventory level. Moreover, millers
undertake ageing of paddy before it is processed (as it fetches
better realisation) which necessitates higher inventory days and
consequently higher working capital requirement. Further, the
entity has witnesses decline in its operating income in FY2016
and FY2017 leading to low net profitability. Furthermore, the
debt-funded capex and funding of working capital primarily
through bank loans have led to a leveraged capital structure; the
gearing stood at 14.60 times as on March 31, 2016. Higher debt,
coupled with moderate profitability, has translated to weak debt
metrics.
The promoters and their family have been involved in the rice
milling business for more than four decades and have gained a
thorough knowledge of the market. The long presence in the
industry has helped the firm to establish strong relationship
with its suppliers and customers.

Incorporated in 2002, Khosla International is a partnership firm
engaged milling and export of basmati and non-basmati rice. The
firm has its plant located in Batala, Punjab with milling
capacity of 6 tons/hour. The firm has been promoted by Ms.
Chanchal Khosla, Mr. Munish Khosla, Mr. Rajiv Khosla and Mr.
Sanjiv Khosla. KI sells its products under its registered brand
name 'Gold Coin'.

KI recorded a net profit after tax (PAT) of INR0.09 crore on an
operating income of INR23.69 crore in FY2016 as against a net
profit of INR0.14 crore on an operating income of INR43.45 crore
in the previous year.


KVK GRANITES: ICRA Reaffirms 'D' Rating on INR5.0cr ST Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR1.76
crore1 fund based facilities of KVK Granites at [ICRA]D. ICRA has
reaffirmed the short term rating assigned to INR5.00 crore non-
fund based limits at [ICRA]D. ICRA has also reaffirmed long/short
term rating assigned to INR0.05 crore unallocated limits at
[ICRA]D/[ICRA]D.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Long Term-Fund
  Based Facilities         1.76       [ICRA]D Reaffirmed

  Short Term-Non
  Fund Based
  Facilities               5.00       [ICRA]D Reaffirmed

  Long/Short Term
  Unallocated Facilities   0.05       [ICRA]D/[ICRA]D Reaffirmed

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with KVR, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings, but
despite repeated requests by ICRA, the company's management has
remained non-cooperative. In the absence of requisite
information, ICRA's Rating Committee has taken a rating view
based on best available information. In line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the
company's rating is now denoted as: "[ICRA]D; ISSUER NOT
COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

KVK Granites is a Nellore based firm set up in 2007 by Mr. KV
Krishna Reddy. The firm is primarily into trading and mining
granite from quarries. It is presently operating two quarries -
both in Karimnagar district in Telangana. In addition, the
company has also acquired lease interest in two other mines,
respectively at Mysore (Karnataka), and Chittoor. Granite is
sourced from the leased quarries as well as from other suppliers
and is sold predominantly in the foreign markets, with China
contributing bulk of revenues for KVK Granites.


MAITHAN ISPAT: CARE Ups Rating on INR651.95cr Loan to BB-
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Maithan Ispat Ltd. (MIL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank        651.95      CARE BB-(SO); Stable
   Facilities                        Revised from CARE B(SO)

   Short term Bank
   Facilities            131.48      CARE A4(SO) Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings of bank facilities of MIL are based on the credit
enhancement in the form of unconditional and irrevocable
corporate guarantee provided by Mideast Integrated Steels Ltd.
(MISL) for the entire debt servicing obligation during the full
tenure of the bank facilities of MIL.

The revision in ratings assigned to proposed bank facilities of
Mideast Integrated Steels Limited (MISL) is on account of
improvement in operational and financial performance of
subsidiary (MIL) in FY17 (provisional, refers to period April 1,
to March 31) resulting in reduction in losses in MIL.

However, the rating strengths are partially offset by exposure to
volatility of iron-ore prices, moderate financial risk profile,
weak liquidity position; ongoing litigations against the
promoters and regulatory risk associated with mining industry.
The ratings continue to derive strength from experienced
promoters in mining industry.

The ratings continue to consider the financial support and
unconditional & irrevocable corporate guarantee given to lenders
of MIL.

Improvement in liquidity profile and timely debt servicing on all
its obligations would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Moderate financial risk profile MISL's total debt at consolidated
level continues to be high at INR1,142.57 crore as on March 31,
2016. The tangible net worth of the company reduced from
INR615.33 crore as on March 31, 2015 to INR536.11 crore as on
March 31, 2016 on account of higher losses in subsidiary. As a
result, overall gearing ratio of the company increased from 1.89
times at endFY15 to 2.23 times at end-FY16. With lower
realization of iron ore, the company was unable to achieve
envisaged gross cash accruals levels in FY16. At consolidated
level, gross cash accruals of the company dipped from INR60.86
crore in FY15 to INR22.54 crore in FY16. As a result total debt
to gross cash accruals increased from 19.09 times as on March 31,
2015 to 53.14 times as on March 31, 2016.

Continual of extension of corporate guarantee towards debt
servicing of group company (MIL) During FY15, MISL acquired
99.28% stake in MIL which has an integral steel plant located at
Kalinganagar, Orissa. Subsequently, the company extended
unconditional and irrevocable corporate guarantee to the tune of
INR784.0 crore to lenders of MIL. In addition to it, MISL would
infuse aggregate amount of INR120 crore in MIL over a period of
two years from April, 2015 with monthly contribution of INR5.0
crore. As on March 31, 2016 the company has infused INR56.39
crore. In addition to it the company acquired Cumulative
Redeemable Preference Shares of INR30 crore. There was no payout
to the existing promoters of MIL.

Key Rating Strengths

Experienced management

The promoters of the company Mr. J. K Singh and Ms. Rita Singh
have over a decade of experience in mining industry. The day-to-
day operations of company are handled by a team of qualified and
experienced professionals headed by Ms. Rita Singh (Chairman &
Managing Director).

Improvement in operational and financial performance of
subsidiary in FY17 (provisional) MIL, subsidiary of MISL reported
improvement in revenue to INR417.42 crore in FY17 (prov.) from
INR350.62
crore in FY16 on account of increase in sales of billets.
Further, with rationalization of operations of MIL, the PBILDT
levels of the company increased from INR8.21 crore in FY16 to
INR28.18 crore in FY17 (Prov.). As a result, there were reduction
losses from INR80.75 crore in FY16 to INR63.40 crore in FY17
(Prov.). MISL at consolidated level reported loss of INR72.22
crore on Total Operating Income (TOI) of INR732.03 in FY16.

Going forward the ability of MISL to stabilize MIL's operations
would be key rating sensitivity. However, MISL at standalone
level continues to report moderate operational performance in
FY16 on account of weak demand-supply scenario of steel. The
company discontinued production of pig iron on account of lower
demand off take and lower price realizations. As a result the
revenue dipped from INR621.22 crore in FY15 to INR488 crore in
FY16. Also, the realization of iron ore dipped from INR2,448 per
mmt during FY15 to INR1,486 per mmt during FY16.

Maithan Ispat Ltd, was incorporated in August 2003, by Maithan
group for setting up an integrated steel plant comprising
manufacturing facilities like sponge iron (capacity 2,30,000 TPA)
& billets (capacity 2,46,000 TPA), heavy section steel (capacity
3,76,000 TPA) and captive power plant of 30 MW, in phases, at
Kalinganagar Industrial Complex, Orissa.

On March 31, 2015, MESCO group through its group company Mideast
Integrated Steels Ltd (MISL) rated CARE BB-; Stable/CARE A4
acquired MIL by taking 99.28% stake in the company. In addition
to it the company acquired Cumulative Redeemable Preference
Shares of INR30 crore. There was no payout to the promoters of
MIL.

Guarantor Background

Incorporated in 1992, MISL is a flagship company of the MESCO
group and is engaged in iron ore mining (annual licensed capacity
of 6 Million Metric Tonne (mmt) and pig iron (0.59 mmtpa)
manufacturing. The company has an iron ore mine (merchant mine)
at Roida, Odisha and pig iron plant is located at Jajpur, Odisha.
The company also has sinter plant (0.70 mmtpa) and 9 MW captive
power plant operating on blast furnace gas.

In 2004, MISL tied up with Stemcor Group, UK and with the funds
infused by Stemcor over a period of time, the company
commissioned its plant and mine and also repaid all its lenders
under the One Time Settlement scheme.


MALLIKARJUN CONSTRUCTION: Ind-Ra Withdraws 'B-' Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Mallikarjun
Construction Company's (MCC) Long-Term Issuer Rating of 'IND B-'.
The Outlook was Stable.  The instrument-wise rating actions are:

   -- INR30 mil. Fund-based limits rating withdrawn; and

   -- INR70 mil. Non-fund-based limits rating withdrawn

                        KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the bank loan ratings
for MCC, as a no dues certificate for the same has been provided
by the banker.  Ind-Ra will no longer provide ratings and
analytical coverage for MCC.

COMPANY PROFILE

MCC was founded in 1984 by Mr NC Reddy in Maharashtra.  It is a
partnership firm engaged in the construction of bridges and road,
as well as in patch work.  It has three partners: Mr. NC Reddy,
Mr. N Mallikarjun Reddy and Mr. N Malleshwar Reddy.  MCC started
a division in Raipur in 2004.


MANNEY ENGINEERS: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Manney
Engineers' (ME) Long-Term Issuer Rating to the non-cooperating
category.  The issuer did not participate in the rating exercise
despite continuous requests and follow ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.  The rating will
now appear as 'IND B+(ISSUER NOT COOPERATING)' on the agency's
website.  Instrument-wise rating actions are:

   -- INR53.5 mil. Long-term loans migrated to non-cooperating
      category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 13, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2008, ME is engaged in the galvanisation of
telecom and transmission towers.  It was set up by Mr. Manney
Subramanyam and its office is located in Hyderabad, Telangana.


MAPSKO BUILDERS: ICRA Assigns B+ Rating to INR360cr Term Loan
-------------------------------------------------------------
ICRA has assigned the long-term rating for the INR400.0-crore
bank facilities of Mapsko Builders Private Limited (MBPL) at
[ICRA]B+. The outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)   Ratings
  ----------         -----------   -------
  Term Loan               360.0    [ICRA]B+ (Stable) (assigned)
  Fund Based Limits         9.0    [ICRA]B+ (Stable) (assigned)
  Non-Fund Based Limits    29.0    [ICRA]B+ (Stable) (assigned)
  Unallocated               2.0    [ICRA]B+ (Stable) (assigned)

Rationale
The rating draws strength from the healthy booking status in
MBPL's projects, adequate visibility of cash flows and
demonstrated track record of promoters of infusing funds to
support the cash flows of the company. As on March 31, 2017, MBPL
had achieved booking for 78% of the saleable area having sale
value of around INR1,706 crore. Further, the company has
collected INR1,408 crore from its customers with around INR298
crore yet to be received. Therefore, the visibility of cash flows
over the short to near term remains moderate. In addition, the
rating also factors in the established position of MBPL in the
real-estate business along with the demonstrated track record of
the promoters of infusing funds to support the cash flows of the
company for construction of projects and repayment of debt. The
rating also factors in the exposure to low approval risks for its
on-going projects.

The rating strength is, however, partially offset on account of
exposure to high debt repayments over the near to medium term,
demand risk associated with real-estate projects and exposure to
cyclicality inherent in the real-estate sector. MBPL has around
INR134 crore of repayment schedule in FY2018 and INR112 crore in
FY2019 which in absence of adequate collections from customers
will keep the cash flows under pressure, thereby increasing
reliance on promoter support. Consequently, the ability to ensure
adequate incremental sales of 1.93 million sq. ft. of unsold area
and timely collections from customers would be key rating
sensitivities in the backdrop of muted demand for real estate.
The rating also factors in the changing regulatory environment
like implementation of Real Estate (Regulation and Development)
Act (RERA) in Haryana, the key operating market of MBPL. The
final notification by the Haryana State Government on RERA and
its impact on the cash flows of MBPL will be a key sensitivity.
Going forward, adequate sales and timely collection from
customers to reduce dependence on promoters in the backdrop of
high debt repayments and timely execution within the budgeted
cost would remain the key rating factors.

Key rating drivers

Credit Strengths

* Established track record of the group in real-estate sector

* Healthy booking status in MBPL's on-going projects and
adequate
   visibility of cash flows over the near to medium term

* Demonstrated track record of promoters towards funding support

* Low approval risk for its on-going projects

Credit Weaknesses

* High repayments over the near to medium term is expected to
   keep reliance on promoter support high

* Exposure to marketing risk given the muted demand for real
   Estate

* Exposure to cyclicality inherent in the real-estate sector

* Changing regulatory environment like implementation of RERA

Description of key rating drivers:

Established in 2003, Mapsko Builders Private Limited (MBPL) is
developing seven projects having around 8.7 mn sq ft. of saleable
area. Geographically, the company is concentrated in two main
locations, namely Gurgaon and Sonepat, both in Haryana. The
company has the necessary approvals to carry out the execution
for its on-going projects which mitigates the exposure to
approval risks. As on March 31, 2017, MBPL had achieved bookings
for 83% of units having sale value of INR1,700 crore. Pending
collection stood at INR298 crore which lends moderate visibility
to cash flows over the near to medium term. Going forward,
ability to achieve incremental sales will be essential, given the
muted demand outlook for real estate.

MBPL has around INR134 crore of debt repayment in FY2018 followed
by around INR100 crore in FY2019. Given the significant high
repayments, ICRA expects the cash flows of the company to remain
sensitive to the company's ability to achieve adequate sales and
collections in a timely manner. However, in absence of adequate
customer collections, the reliance on promoters to infuse funds
will remain high.

The promoters have demonstrated track record of infusing funds in
the business. From INR32 crore in FY2015, the promoter's funds
increased to INR64 crore in FY2016. However, in FY2017, the
advances reduced to INR50 crore. Further, the rating also factors
in the changing regulatory environment like implementation of
RERA in Haryana, the key operating market of MBPL. The final
notification by the Haryana State Government on RERA and its
impact on the cash flows of MBPL will be a key rating
sensitivity.

Mapsko Builders Private Limited (MBPL) is a mid-sized real-estate
developer and was incorporated in January 2003. It is a part of
the Krishna Apra Group, which was set up on March 13, 1997,
formally by Mr. Amrit Singla (Director, Apra Builders Ltd.) and
Jai Krishan Estate Pvt. Ltd. Mr. Amrit Singla is the Chairman-
cum-Managing Director of MBPL.

The company is developing seven projects having about 8.6 million
sq ft. out of which around 0.13 million sq ft is towards
commercial and the balance is towards residential projects.
Geographically, the company's projects are concentrated in
Gurgaon and Sonepat, both in Haryana.


MPOWER INFRATECH: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated MPower Infratech
(India) Private Limited's (MIPL) Long-Term Issuer Rating to the
non-cooperating category.  The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency.  Therefore, investors and other users are advised to take
appropriate caution while using these ratings.  The rating will
now appear as 'IND BB+(ISSUER NOT COOPERATING)' on the agency's
website.  The instrument-wise rating actions are:

   -- INR370 mil. Fund-based working capital limit migrated to
      non-cooperating category; and

   -- INR150 mil. Non-fund-based working capital limit migrated
      to non-cooperating category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 4, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2004, MIPL manufactures and installs telecom and
transmission towers and performs structural works for solar
panels.  The company is promoted by Manney Subrahmanyam and
Manney Subha.


NARULA OIL: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Narula Oil and
Fats Private Limited's (NOFPL) a Long-Term Issuer Rating of
'IND BB'.  The Outlook is Stable.  The instrument-wise rating
action is:

   -- INR150 mil. Fund-based limit assigned with
      'IND BB/Stable/IND A4+' rating

                         KEY RATING DRIVERS

The ratings reflect NOFPL's small scale of operations and
moderate credit metrics.  According to provisional financials for
FY17, revenue was INR738 million (FY16: INR598 million), EBITDA
margin was 4.7% (4.3%), net interest coverage (operating
EBITDA/gross interest expense) was 1.6x (1.2x) and net financial
leverage (total adjusted net debt/operating EBITDAR) was 4.4x
(6.3x).  The increase in revenue was driven by a rise in sales.
Meanwhile, the improvement in EBITDA margin was due to a decline
in personnel and overhead expenditure.

The ratings also reflect NOFPL's moderate liquidity position,
indicated by 99.12% utilization of the fund-based limit during
the 12 months ended April 2017.

                         RATING SENSITIVITIES

Negative: Deterioration in credit metrics will be negative for
ratings.

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

COMPANY PROFILE

Incorporated on 16 December 2004, Chandigarh-based NOFPL is
engaged in the manufacturing of boiled rice, rice bran oil and
related other products.  The company exports paddy and rice to
South Africa, Uganda and Nigeria through agents.  Moreover, it
sells products in Punjab, Uttar Pradesh, Himachal Pradesh and
Gujarat through brokers in India.


NEW BHARAT: ICRA Lowers Rating on INR34cr Loan to 'D'
-----------------------------------------------------
ICRA has revised the long-term rating to [ICRA]D from [ICRA]B on
the Rs.34.00 crore fund-based bank facilities of New Bharat Rice
Mills (NBRM).

                      Amount
  Facilities        (INR crore)   Ratings
  ----------        -----------   -------
  Working Capital
  Limits                34.00     [ICRA]D; revised from [ICRA]B

Rationale
The revision in ratings is on account of overutilization of cash
credit limits for more than 30 days owing to the stretched
liquidity position of the company. ICRA takes note of highly
leveraged capital structure, which coupled with the firm's thin
profitability has also resulted in stretched debt coverage
indicators. ICRA however, takes note of the extensive experience
of the promoters in the rice industry.

Going forward, the ability of the company to improve its
liquidity position and service its debt in a timely manner will
be the key rating sensitivity.

Key rating drivers

Credit strengths

* Experienced promoters with long presence in the industry.

Credit weaknesses

* Over-utilisation in the working capital facilities on account
   of stretched liquidity position.

* High gearing due to funding of working capital requirement
   through bank borrowings.

* Intense industry competition, characterised by a large number
   of organized and unorganised players

* Agro climatic risks can affect paddy availability.

* Risk inherent in the partnership firm.

Description of key rating drivers:

The working capital intensity has remained high, primarily on
account of high inventory holdings. Paddy is a seasonal crop and
millers have to buy and stock paddy from September to December
every year, leading to high inventory level. Moreover, millers
undertake ageing of paddy before it is processed (as it fetches
better realisation) which necessitates higher inventory days and
consequently higher working capital requirement. Furthermore, the
debt-funded capex and funding of working capital primarily
through bank loans have led to a leveraged capital structure; the
gearing stood at 20.12 times as on March 31, 2016. Higher debt,
coupled with moderate profitability, has translated to weak debt
metrics.

The promoters and their family have been involved in the rice
milling business for more than four decades and have gained a
thorough knowledge of the market. The long presence in the
industry has helped the firm to establish strong relationship
with its suppliers and customers.

Incorporated in 1958, NBRM is a partnership firm engaged in the
milling and export of basmati and non-basmati rice. The plant is
located in Batala, Punjab with a milling capacity of 8
tonnes/hour. The firm has been promoted by Mr. Om Prakash Khosla,
Ms. Pooja Khosla, Mr. Rashim Khosla and Ms. Sonia Khosla. The
firm sells its products under its registered brand names Taj
Mahal, Do Teer and Gagan.

NBRM recorded a net profit after tax (PAT) of INR0.14 crore on an
operating income of INR79.72 crore in FY2016 as against a net
profit of INR0.12 crore on an operating income of INR66.36 crore
in the previous year.


PREMIER STEELS: Ind-Ra Affirms 'B' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Premier Steels'
(PS) Long-Term Issuer Rating at 'IND B'.  The Outlook is Stable.
The instrument-wise rating actions are:

   -- INR100 mil. Fund-based facilities - cash credit affirmed
      with 'IND B/Stable/IND A4' rating

                         KEY RATING DRIVERS

The ratings reflect PS' continued small scale of operations and
weak credit metrics.  According to the provisional FY17
financials, its revenue declined to INR215 million (FY16: INR227
million) due to a fall in the numbers of orders received and
executed.  Consequently, interest coverage (operating
EBITDA/gross interest expense) was 1.1x in FY17 (FY16: 1.2x) and
net leverage (adjusted net debt/operating EBITDAR) was 9.4x
(8.9x).  EBITDA margins improved slightly to 5.7% in FY17 (FY16:
5.4%) on account of the high-margin orders undertaken.

PS's liquidity remains tight with its fund-based facilities being
utilized at an average of 96.8% over the 12 months ended April
2017.  Also, its working capital cycle deteriorated to 283 days
in FY17 (FY16: 227 days) on account of an increase in inventory
days and debtor days.

However, the ratings are supported by the promoters' experience
of more than three decades in trading steel products.

                       RATING SENSITIVITIES

Positive: Substantial growth in the top line with an improvement
in the EBITDA margin leading to a sustained improvement in credit
metrics, and an improvement in the working capital cycle could
lead to a positive rating action.

Negative: Significant deterioration in the EBITDA margin, credit
metrics and working capital cycle could be negative for the
ratings.

COMPANY PROFILE

PS was incorporated in 1983 and engaged in the trading of steel
products.  It has a stock yard in Ernakulum. PS is managed by
Mr. V.A. Mohammed Ashraf. Ms. Waheed Mohammed Ashraf, Mr. T.P.
Ismail, and Mr. Zakir Mohammed Ashraf are the partners of the
firm.


RAJRANI STEEL: ICRA Reaffirms B- Rating on INR13cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B- on the
INR16.00-crore fund-based bank facilities and INR1.75-crore non
fund based facilities of Rajrani Steel Casting Private Limited
(RSCPL). The outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)   Ratings
  ----------         -----------   -------
  Fund-based-Cash
  Credit                 13.00     [ICRA]B- (Stable); Reaffirmed

  Fund-based-Term
  Loan                    3.00     [ICRA]B- (Stable); Reaffirmed

  Non-fund based
  facilities              1.75     [ICRA]A4; Reaffirmed

Rationale
The reaffirmation of the ratings continues to factor in the
stretched financial profile of the company marked by low accruals
given the limited value additive nature of the business, adverse
capital structure, weak debt coverage indicators and high working
capital intensity of operations arising out of high inventory
holding period which keeps the liquidity under stress.
Further, the ratings continue to remain constrained by the
vulnerability of the company's profitability to fluctuations in
raw material prices and increase in power tariffs; strong
competition from other billet/TMT bar manufacturers; and the
company's exposure to the cyclicality associated with the steel
industry which is likely to keep cash flows volatile.
Nonetheless, the ratings continue to positively factor in the
long standing experience of the promoters in the steel industry
and sizeable quantum of interest free unsecured loans from
promoters in the debt mix which provides some support to the
capital structure of the company.

Key rating drivers

Credit strengths

* Long standing experience of the promoters in the steel
industry

* Sizeable quantum of interest free unsecured loans from
   promoters in the debt mix which provides some support to the
   capital structure

Credit weaknesses

* Stretched financial profile marked by leveraged capital
   structure, low accruals and weak debt coverage indicators

* High working capital intensity on account of large inventory
   maintained by the company which keeps the liquidity under
   stress

* Intensely competitive and limited value-adding nature of the
   business, both of which lead to thin profitability

* Exposure to price risks, given the high inventory levels
   and cyclicality inherent in the steel industry

Description of key rating drivers:

Incorporated in 2003, Rajrani Steel Casting Private Limited
(RSCPL) is engaged in the manufacturing of steel TMT bars, ingots
and billets. The company has a 50,000 Metric Ton Per Annum
manufacturing facility located in Malegaon, Nashik. The company
has entered into manufacturing of TMT bars since June'2016. The
promoters, Mr. Arvind Agarwal and Mr. Narendra Agarwal have long
experience in the steel industry and have introduced sizeable
quantum of interest free unsecured loans in order to support the
stretched liquidity in the company. Given the limited value
additive nature of the business, the company faces intense
competition from various players in the cyclical steel industry.

Incorporated in 2003, Rajrani Steel Casting Private Limited
(RSCPL) is engaged in the manufacturing of TMT bars, steel ingots
and billets, angles, flats, bars, etc. The company has an
installed capacity of 50,000 Tonnes Per Annum (TPA) for the
manufacturing of TMT bars and other products. The promoters of
the company, Mr. Arvind Agarwal and Mr. Narendra Agarwal have two
decades of experience in the steel industry.
In FY2016, the company reported a net profit of INR0.50 crore on
an operating income of INR74.08 crore, as compared to a net loss
of INR2.04 crore on an operating income of INR66.48 crore in the
previous year.


RAMEN DEKA: CARE Assigns B+ Rating to INR6.50cr Long Term Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of M/s
Ramen Deka (RMD), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             6.50       CARE B+; Stable Assigned

The rating assigned to the bank facilities of M/s Ramen Deka
(RMD), is primarily constrained by its proprietorship nature
of business, project risk, challenges involved in attracting
people and retaining high quality service and presence in a
highly competitive and fragmented industry in terms of low entry
barrier. The rating, however, derives strength from its
experienced proprietor and locational advantage and association
with Indian Railways.

Going forward, the ability of the firm to complete the project
without cost and time overrun and achieve the envisaged
projections are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Proprietorship nature of business: RMD, being a proprietorship
firm, is exposed to inherent risk of proprietor's capital being
withdrawn at time of personal contingency. Furthermore, limited
ability to raise capital and poor succession planning may result
in dissolution of the firm.

Project risk: In recent past the firm participated in the e-
tender of IRCTC for setting up and operation of food plaza at few
recognised stations across India. The firm has achieved the
licence for running the food plaza at Old Howrah Station in West
Bengal which is one of the busiest stations in India. According
to the licence, the firm will operate the plaza upto nine years
from commencement which is subject to extension upto three years
further. The proposed capacity is to serve one lakh passengers
per day and the proposed project cost is INR7.50 crore (including
license fee of INR5.42 crore), financed by capital infusion of
INR1.00 crore and term loan of INR6.50 crore. The financial
closer has already been achieved. The firm has expensed about
INR1.00 crore for the project from promoter's contribution and
bank financing. The commercial operation is expected to start
from June 2017 session.

Challenges involved in attracting people and retaining high
quality service: Hospitality and restaurant is a highly sensitive
sector where any mishandling or bad quality food or negligence on
part of any products or staff of the unit can lead to distrust
among the masses. Thus, all the services and products need to
monitor diligently and maintain standard of services in order to
avoid the occurrence of any unforeseen incident.

Presence in a highly competitive and fragmented industry in terms
of low entry barrier: The Indian hospitality and restaurant
industry is highly fragmented in nature with presence of large
number of organized and unorganized players spread across various
regions. Furthermore, the industry is location-based and is
highly sensitive to the test & preference and price sensitive.
Howrah station area is densely populated and residing high number
of organized and unorganized food and beverage retail shops and
restaurants which in turn increases competition among them.

Experienced proprietor: The firm is managed by Mr. Ramen Deka,
having three decades of experience in catering and hospitality
business through his catering service and one hotel operations.
The proprietor provides catering service to Indian railways from
1992 and setup a 34 rooms hotel at Guwahati in the name and style
of Hotel Reilto. This apart, he also owns the license of running
a Food Plaza at New Jalpaiguri Rail Station from 2007 for 12
years.

Locational advantage and association with Indian Railways: The
proposed food plaza is located at Old Howrah Station, which is
one of the busiest rail stations in India with average footfall
of 10 lakh per day. This apart, as the license is provided by
Indian Railway Catering and Tourism Corporation (an unit of
Indian Railways), the entity will get a competitive advantage on
quality assurance and operational advantage.

M/s Ramen Deka (RMD) was established in January 2017 as a
proprietorship entity by one Mr. Ramen Deka of Guwahati in Assam.
After initiation, the entity has participated in an E-tender
floated by Indian Railway Catering and Tourism Corporation Ltd
(IRCTC) for operation and management of Food Plaza at some
important railway stations in India. The firm has achieved the
licence for running the food plaza at Old Howrah Station in West
Bengal which is one of the busiest stations in India. According
to the licence, the firm will operate the plaza upto nine years
from commencement which is subject to extention upto three years
further. The proposed capacity is to serve one lakh passengers
per day and the proposed project cost is INR7.50 crore (including
license fee of INR5.42 crore), financed by capital infusion of
INR1.00 crore and term loan of INR6.50 crore. The financial
closer has already been achieved. The commercial operation is
expected to start from June 2017 session. Mr. Ramen Deka,
proprietor, looks after the day-to-day operations of the firm.


RELIANCE COMMUNICATIONS: Moody's Cuts Corp. Family Rating to Caa1
-----------------------------------------------------------------
Moody's Investors Service has downgraded Reliance Communications
Limited's (RCOM) corporate family rating and senior secured bond
rating to Caa1 from B2.

At the same time, the ratings are under review for further
downgrade.

RATINGS RATIONALE

"The downgrade reflects RCOM's weak operating performance, high
leverage and fragile liquidity position. The company's reported
EBITDA has fallen 29% year-over-year, evidencing its weak market
position and contracting subscriber base," says Annalisa
DiChiara, a Moody's Vice President and Senior Credit Officer.

On May 27, RCOM reported an 11% YoY decline in revenues and a 29%
contraction of EBITDA to INR53.9 billion ($830 million) for full
year ending March 31, 2017 from INR76.3 billion ($1.2 billion) a
year ago, while its EBITDA margin dropped to 27.0% from 34.2%
over the same period. RCOM's weak operating results reflect the
intense state of competition, driven in turn by the free services
offered by Reliance Infocomm Limited (RJio) from mid-September
2016 through April 1, 2017.

"RCOM's liquidity position is fragile. RCOM has around INR 230
billion short-term debt and current long term debt maturities
through March 31, 2018. In addition, the company disclosed in its
financial statements that it is still awaiting formal
confirmation from lenders for waivers of certain loan covenants
so the loan amount continues to be classified as a non-current
liability. Moody's believes failure to obtain could exacerbate
near-term liquidity pressures," adds DiChiara.

Historically, the company has relied on short-term debt and
covenant waivers from its banking relationships.

Should the waivers not be received, this development could have
significant implications for the holders of RCOM's $300 million
bond, as there are cross-payments and cross-defaults for any
acceleration, in each case by the issuer or any restricted
subsidiary, with respect to debt in aggregate of $10 million.

Separately, the company announced that it is current on interest
payments as related to its $300 million bond.

Meanwhile, as of March 31, 2017, RCOM reported cash and cash
equivalents of INR10.2 billion. Together with Moody's expectation
of the company's limited ability to generate free cash flow,
Moody's believes this will be insufficient to cover upcoming debt
maturities, absent waivers from its lenders while the company
pursues the completion of its corporate restructuring.

The restructuring includes the sale of its telecommunications
tower assets and the de-merger of its core wireless operations
which it will merge with Aircel Limited (unrated) in a new joint
venture (MergerCo).

At the same time, RCOM's consolidated debt levels continued to
rise through year-end. The company reported total debt of INR457
billion at March 31, 2017, resulting in reported debt/EBITDA of
8.5x. Including its reported INR 33.2 billion of deferred payment
liabilities, leverage increases further to over 9.0x.

Given the weak operating outlook and high competitive intensity
of the Indian mobile sector, there is no scope for RCOM to
delever, absent the successful execution of its corporate
restructuring.

RCOM announced on May 27, that it will transfer around INR140
billion of balance-sheet debt and INR60 billion of deferred
spectrum liabilities to MergedCo and repay an additional INR110
billion of balance-sheet debt with the proceeds from the sale of
its tower assets.

However, even assuming these transactions are completed as
planned, post restructuring, Moody's estimates that RCOM will
have over $3.0 billion of debt remaining on its balance sheet.
This total includes both RCOM's $300 million senior secured bond
and a $350 million senior secured bond issued by its 100%-owned
subsidiary, GCX Limited.

But GCX, which Moody's estimates will account for a significant
portion of revenues post restructuring (based on Moody's
estimates), is not a restricted subsidiary under RCOM's $300
million bond indenture, and therefore RCOM has no recourse to
those assets or cash flows. GCX is ring-fenced from creditors at
RCOM, with dividend payments currently representing the only form
of cash flow stream from GCX.

GCX is able to pay dividends so long as its leverage remains
below 3.75x and interest coverage above 2.25x. In addition, GCX
can incur additional indebtedness under its indenture, including
drawing down on its $30 million revolving credit facility.

Depending on the outcome of the restructuring process and the
lender's consent process, Moody's will also further evaluate the
RCOM's business risk position, business strategy, financial
policies, liquidity position, and the effect these have on its
credit profile. The cash flow-generating capabilities of some of
RCOM's remaining businesses - namely the enterprise and fiber
optic business segments - remain unclear.

Moody's review will focus on: (1) timely progress in RCOM's
announced transactions, including regulatory approvals and
processes related to lender and bondholder consents, as required,
for the de-merger of the wireless business and the sale of its
tower assets; (2) assessing the credit quality and financial
strength of the remaining businesses, particularly as related to
the company's enterprise and fiber optic business; and (3)
assessing the effects of the proposed restructuring on the
collateral package for RCOM's USD bondholders as well as the cash
flow prioritization relative to other debt and cash obligations.

Further downward pressure on the ratings is possible if the
company fails to address its liquidity position within the next 3
months, or fails to provide a clear refinancing plan for pending
maturities over the next 12-15 months.

The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.

Reliance Communications Limited (RCOM) is an integrated
telecommunications operator in India (Baa3 positive) with a
presence across wireless, enterprise, broadband, tower
infrastructure and DTH businesses. Through its wholly-owned
subsidiary, GCX Limited, 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.


SARASWATI MEDICAL: Ind-Ra Migrates BB+ Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Saraswati
Medical & Dental College's bank loan ratings to the non-
cooperating category.  The issuer did not participate in the
rating exercise, despite continuous requests and follow-up with
the agency. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.  The ratings
will now appear as 'IND BB+(ISSUER NOT COOPERATING)' on the
agency's website.  The rating actions are:

   -- INR18.2 mil. Term loans migrated to non-cooperating
      category;

   -- INR106.8 mil. proposed term loans migrated to non-
      cooperating category

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
June 9, 2016.  Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Saraswati Medical & Dental College, incorporated under the
Societies Registration Act, 1860, was founded by Late Col. (Dr.)
T. S. Mathur in May 1995.  The society set up Saraswati Dental
College in 1998-1999, Saraswati Hospital and Research Centre in
2009-2010 and Birendra Shankar Mathur School of Nursing in 2013-
2014.


SEMLER RESEARCH: CARE Issues B Issuer Not Cooperating Rating
------------------------------------------------------------


                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       4         CARE B; Issuer not cooperating;
   Facilities                     revised from CARE BB+ under
                                  credit watch; on the basis of
                                  best available information

CARE has been seeking information from Semler Research Centre
Private Limited (SRC) to monitor the rating vide e-mail
communications/letters dated March 6, 2017, March 10, 2017 and
April 6, 2017 numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the rating. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which, however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on SRC's
bank facilities will now be denoted as CARE B; ISSUER NOT
COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The revision in rating takes into account violation of good
laboratory and clinical practices by SRC. Furthermore, the rating
continues to be constrained by presence in highly regulated
contract research industry, volatile profitability and
susceptibility to sponsor risk and reputation risk.

The rating, however, continues to draw strength from experienced
management, diversified client base and strategic tie ups,
accredited and well equipped research facilities and diversified
revenue streams.

Detailed description of the key rating drivers

Key Rating Weaknesses

Violation of good laboratory and clinical practices

The revision in the rating takes into account USFDA notification
and WHO Notice of concern on account of violation of good
laboratory and clinical practices with manipulation of atleast
five studies over an extended period of time. Continuous ban on
clinical trials (pre-clinical and Phase I-IV), bio-availability &
bio-equivalence studies (BA/BE), formulation development and
consulting due to issues raised by USFDA and WHO. The same may
deteriorate operational as well as financial performance of the
company in future.

Exposure to high reputation risk and heightened regulatory risk:
Being a CRO, SRC is subject to reputation risk associated with
safety of subjects. Any adverse impact on the subject's health
due to the tests carried out by the CRO would result in loss of
reputation, which may also lead to enquiries and subsequent
action from the regulatory authorities. In India, contract
research activity requires necessary licenses, approvals and
inspection by Drug Controller General of India (DCGI), the
regulatory authority. Newly developed drugs cannot be
administered to human subjects without permission from DCGI. To
obtain this permission, a clinical trial application (CTA) must
be submitted, approval of which needs to be obtained. Clinical
trials are conducted in accordance with the planned protocol
stated in CTA. Any delay or failure in getting approval could
adversely affect the business prospects of the company.

Exposure to sponsor risk and dependence on outsourcing activities
from pharmaceutical majors: The growth in outsourcing of clinical
trials will be closely paralleled with the growth in R&D spending
by pharmaceutical companies in regulated markets. While India
offers the benefits of low cost and a large patient pool, SRC is
dependent on sponsors for the award of contracts. Revenues would
be adversely impacted by slowdown in investments in new molecule
research, contract cancellation and lower contract research
orders from smaller innovator R&D and biotech companies that face
funding constraints as risk aversion to fund new projects has
increased in the current recessionary markets.

Key Rating Strengths

Experienced management team: SRC is managed by professionally
qualified directors with extensive experience and technical
expertise in the pharmaceutical and medical industry. Dr. K
Bopanna, CEO, a PhD holder in Pharma, has around two decades of
pharmaceutical experience and has served leading positions in
rival healthcare companies. Dr. Guru Betageri, Director, holds a
PhD in Pharma and has over 20years experience in drug
formulation.

Well-equipped research facilities: SRC has fully equipped
facilities with capacities of 106 beds at Hebbal, Bangalore
(spread across 20, 000 sqft) and one R&D Centre in JP Nagar,
Bangalore, (with a bio analytical lab of 8,000 sqft). Currently,
SRC also has arrangements with various hospitals for carrying out
the Phase II to IV clinical trials (all these types of clinical
studies can be carried out only in hospitals). At present, SRC
has its own in-house pathological lab in Hebbal, Bangalore and
also in collaboration with MedstarSpeciality Hospital. SRC has
more than 200 validated methods in all major therapeutic areas
and around 50 different molecules.

Benefits derived from national and international accreditations
and approvals: SRC's infrastructure/facilities have been
accredited by the USFDA and WHO and are DCGI, ISO 9001-2008, ISO
27001-2005, MoH Turkey, MoH Chile, MoH Malaysia, EMA and ANVISA
approved. It has been observed by these drug regulatory
authorities that the studies conducted by the company have an
acceptable level of compliance with GXP (i.e. GCP (good clinical
practices), GLP (good laboratory practices) and GMP (good
manufacturing practices).

SRC incorporated in 2006, is a contract research organization,
engaged in clinical trials (pre-clinical and Phase I-IV),
bioavailability &bioequivalence studies (BA/BE), formulation
development and consulting. SRC is subsidiary of US based Arnold
A Semler Inc, a privately held company with diversified business
interests in real estate, vineyards, transportation and defense
equipment, primarily in the US market. However, in India, its
sole interest is in SRC. In 2006, the company set up a research
lab in JP Nagar, Bangalore, engaged in BA/BE studies and
formulation development. In 2009, under the direction of a new
management team, SRC further expanded into clinical trials,
consulting and product development. SRC has a R&D Center in JP
Nagar, Bangalore, clinical facilities in Hebbal, Bangalore and
Salem, Tamil Nadu and an overseas marketing office in California,
USA. All the offices and facilities are in leased premises.

During February 2014, company set up additional facility at
Singapore to undertake Clinical development activities.
Further, with no withholding tax at Singapore, it would help
company in reducing its expenses.

As per article published in the Economic Times dated April 25,
2016, SRC has got USFDA notification and WHO Notice of Concern on
account of violation of good laboratory and clinical practices
with manipulation of at least five studies over an extended
period of time. Also, the US FDA has called drug firms to repeat
certain studies earlier done by SRC. However, USFDA said it
conducted a thorough review of post-market serious adverse events
for all drug products, which had studies conducted at SRC but to
date, the agency has not identified the reports that raise
serious safety concerns with these products. It though said it is
requiring that drug companies repeat BA/BE studies using an
entity other than SRC.


SHIV SUNDAR: CARE Reaffirms 'B' Rating on INR13.69cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Shiv Sundar and Company (SSC), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            13.69       CARE B; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SSC is primarily
constrained on account of stabilization risk associated with its
recently completed greenfield project for hotel. The rating
further continues to remain constrained due to competitive nature
of the industry with dependence on tourist arrivals and its
constitution as a partnership concern which led to risk of
withdrawal of capital.

The rating, however, continues to derive strength from the
experienced management and location advantage of the hotel. The
rating further derives strength from tie-up with Royal Orchid
Hotels Limited (ROHL) for management and marketing of the hotel.

The ability of the firm to stabilize the operation with achieving
envisaged levels of sales and profitability will be the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Stabilization risk associated with its recently completed hotel
The work on hotel has been completed by end of January 2017;
however, minor finishing work is remaining. With this hotel,
stabilization risk is associated owing to its presence in the
cyclical and competitive nature of the hotel industry with
dependence on tourist arrivals. Indian hotel industry is highly
fragmented in nature with presence of large number of organized
and unorganized players spread across all regions. The
hospitality industry is highly cyclical in nature and sensitive
to any untoward events such as slowdown in the economy. Tourism
in India has witnessed significant growth in the recent years.

Key Rating Strengths

Agreement with Royal Orchid Hotels Limited (ROHL) for management
and marketing of the hotel

For its hotel, SSC has entered into an agreement with ROHL for
its brand Regent Central. As per agreement, ROHL will looks after
management and marketing of the hotel. Renowned for attention to
detail and design, ROHL offers myriad options of business hotels
ranging from luxurious 5-star hotels to economy business hotels.
Owing to agreement with ROHL, the hotel of SSC will be benefited
due to experienced management and marketing.

Indore-based (Madhya Pradesh) SSC was formed in December 2011 as
a partnership concern by Mr. Dinesh Verma along with his family
members. SSC was established with an objective to set up a two-
star hotel in Indore (Madhya Pradesh). The hotel initially had a
total facility of 42 rooms, including 4 suites, 18 Deluxe rooms,
20 Super Deluxe rooms, which is now revised to 52 rooms including
4 suites, 12 Deluxe/Super Deluxe rooms and 36 Simple rooms along
with separate Vegetarian and Non-Vegetarian restaurants and bar,
gym, spa as well as two banquet halls and marriage garden of
26000 Sq. Ft. It has started commercial operation from March
2017.


SHIVAM TRANSPORT: ICRA Assigns B+ Rating to INR7.0cr Loan
---------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ on the
INR7.00-crore fund-based working capital borrowing bank facility
of Shivam Transport Company (STC). The outlook on the long-term
rating is 'Stable'.

                       Amount
  Facilities         (INR crore)   Ratings
  ----------         -----------   -------
  Fund-based-Working
  Capital Borrowing       7.00     [ICRA]B+ (Stable); Assigned

Rationale
The assigned rating is constrained by the firm's moderate scale
of operations; thin margins owing to low value addition and high
reliance on hired vehicles; stretched capital structure with
gearing of 4.3 times as on March 31, 2016 and moderate coverage
indicators. Furthermore, the working capital intensity increased
at the end-FY2016 due to high year-end receivables. The rating
also factors in the high customer concentration risk as a single
customer contributes a major portion (~55.73% in FY2016) of the
total sales; however, the healthy credit profile of the customer
mitigates the counterparty credit risk to a certain extent.
Profitability remains vulnerable to variation in fuel prices and
other levies such as toll taxes. The rating also takes into
account the intense competition and fragmentation in the road
transportation industry.

The assigned rating, however, takes into account the longstanding
experience of the promoter in the logistics business; the firm's
reputed clientele and its established relationships with
customers, which results in repeat business. The rating also
factors in the asset-light business model, which entails low
capital expenditure and shields the profit margins in the event
of a demand slowdown.

Going forward, the ability of the firm to improve its scale of
operations and profitability, amidst the competitive environment,
and enhance the capital structure with proper management of
working capital will remain the key rating sensitivity.

Key rating drivers

Credit strengths

* Long standing experience of the promoter in the transport
   Business

* Reputed clientele and established relationships with customers
   ensures repeat business

* Asset-light business model, which entails low capital
   expenditure and low establishment expenses, augurs well for
   rapid expansion

Credit weaknesses

* Moderate scale of operations; thin margins owing to low value
   addition and high reliance on hired vehicles

* Financial profile characterised by stretched capital structure
   and moderate debt coverage indicators

* Increased working capital intensity of operations in FY2016
due
   to high year-end receivables

* High client concentration risk with ~56% of revenues derived
   from single customer; however, healthy credit profile of the
   customer acts as a comforting factor

* Profitability remains exposed to variation in fuel prices as
   well as toll taxes

* Fragmented industry structure with intense competition from
   established local and pan-India transport service providers

Description of key rating drivers:

The proprietor of STC has a long experience in the transport
industry and over the years has built reputed client base which
mitigates counter party risk to certain extent and lends
stability to volumes. The entity remains exposed to high customer
concentration risk as ~56% of revenue is derived from a single
customer; however, the long-term relationship provides comfort.
STC derives higher revenue share from hired vehicles, which has
limited value addition, resulting in low return indicators as
evident from the return on capital employed of 5.7% and return on
net worth of 11.06% in FY2016. The capital structure of the
entity is stretched with high gearing of 4.3 times as on March
31, 2016. The coverage indicators remained comfortable as
reflected in the interest coverage of 5.1 times and the Net Cash
Accrual/Total Debt of 12% in FY2016.

Fuel is the main cost component in the transportation business,
accounting for almost 30-40% of the total operating costs. Hence,
profitability remains susceptible to variation in fuel prices.
However, the company has successfully passed on the increase in
fuel prices to customers to a significant extent through periodic
revision of freight rates. Indian road transportation business is
highly fragmented due to low entry barriers in the form of low
capital requirements and ease in obtaining driving licenses and
permits, resulting in price high competition and pressure on
margins.

Based in Veraval, Gujarat, Shivam Transport Company (STC) was
established in 1993 as a proprietorship firm by Mr. Jagmal Vala.
STC is a logistics player, who transports goods by road mainly
for chemical industries. The firm has presence in Gujarat and
operates through a fleet of about 35 owned vehicles. Hired
vehicles vary according to the orders to be executed. The
promoter of the firm is also associated with other group
companies, namely Shivam Associates, Somanath Traders, Shivam
Construction and Builders and Shivam Traders, which are involved
in the business of trading limestone, soda ash and black stone,
respectively. STC enjoys the advantage of fetching orders through
group concerns as customers of the group concerns generally place
orders for logistics with Shivam Transport Company.

In FY2016, the firm reported a net profit of INR0.3 crore on an
operating income of INR26.6 crore and a profit before
depreciation and taxes of INR0.3 crore on an operating income of
INR24.9 crore for the 11 month period ending February 2017.


SHREE HARIKRUSHNA: ICRA Reaffirms B Rating on INR8cr Loan
---------------------------------------------------------
ICRA has reaffirmed its long term rating assigned to the INR8.00-
crore cash credit facility and INR1.76-crore term loan facility
of Shree Harikrushna Cotton Industries at [ICRA]B. The outlook on
the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)   Ratings
  ----------         -----------   -------
  Fund Based-Cash
  Credit                  8.00     Reaffirmed at [ICRA]B (Stable)

  Fund Based-Term
  Loan                    1.76     Reaffirmed at [ICRA]B (Stable)

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with SHCI, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings and also
had sent repeated reminders to the company for payment of
surveillance fee that became overdue, but despite repeated
requests by ICRA, the company's management has remained non-
cooperative. In the absence of requisite information, ICRA's
Rating Committee has taken a rating view based on best available
information. In line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the
company's rating is now denoted as: "[ICRA]B (Stable) ISSUER NOT
COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

Shree Harikrushna Cotton Industries (SHCI) is a partnership firm
engaged in cotton ginning and pressing activity at its facility
located at Kadi, Mehsana in Gujarat. The commercial operations
started in May 2013 and the plant is equipped with 30 ginning
machines, 1 pressing machine and 6 crushing machines with
production capacity of 182 bales per day and 36 MT Oil per day.
The promoters of the firm have a relevant experience in the
cotton industry.


SHRI JAGANNATH: CARE Issues D Issuer Not Cooperating Rating
-----------------------------------------------------------
CARE Ratings has been seeking information from Shri Jagannath
Educational, Health and Charitable Trust (SJCET) to monitor the
rating vide e-mail communications/ letters dated April 10, 2017,
April 15, 2017, April 17, 2017, April 18, 2017 and numerous phone
calls. However, despite CARE's repeated requests, the Trust has
not provided the requiste information for monitoring the rating.
In the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the ratings.In line
with the extant SEBI guidelines CARE's rating on SJCET's bank
facilities and will now be denoted as CARE D; ISSUER NOT
COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank         14.29      CARE D; Issuer not
   Facilities                        cooperating


Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

Key Rating Weakness

Delays in debt servicing: The trust has delayed on debt
servicing. The delays were primarily due to cash flow mismatches
and the application of accruals for the debt funded establishment
of the poly technic college.

SJCET is a non-minority, charitable trust registered under
Section 12A of the Income Tax Act. SJCET was established in 2008
by Mr. S. A. Subramanian, along with Mr. O. M. Manivelu and Mr.
S. SatheeshKrishnaraj. However, MrSatheeshKrishnaraj resigned
from the Trusteeship and was replaced by MrDurgashankar (a BE
graduate, son-in-law of Mr. Subramanian), in AY 2011-12. Mr. Arul
Selvan, (MrDurga Shankar's brother) is the Vice Chairman and
Joint Managing Trustee (BE, MBA).

The day-to-day activities of SJCET are managed by the executive
committee, headed by Mr. S. A. Subramanian (Managing trustee).
The trust operates an engineering college under the name of JCT
College of Engineering & Technology (JCTET) at Coimbatore, Tamil
Nadu, established in AY11-12. JCTET, in its fifth year of
operation, had student strength of 3,800 in AY15-16 (including
ME).

In AY14-15, SJCET commenced JCT College of Polytechnic (JCTP)
with a sanctioned intake of 300 students offering Mechanical
(120), Petrochemical (60), Civil (60) and Electrical and
Electronic Engineering (60) courses.


SIDDHARTHA BRONZE: ICRA Reaffirms B+ Rating on INR7.50cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ on the
INR7.50-crore cash credit facility of Siddhartha Bronze Products
Private Limited (SBPPL). The outlook on the long-term rating is
'Stable'. ICRA has also reaffirmed the short-term rating of
[ICRA]A4 on the INR5.00-crore non-fund based letter of credit
facility of SBPPL.

                       Amount
  Facilities         (INR crore)   Ratings
  ----------         -----------   -------
  Fund-based Limits       7.50     [ICRA]B+ (Stable); re-affirmed
  Non-fund based Limits   5.00     [ICRA]A4; re-affirmed

Rationale
The rating reaffirmation continues to factor in SBPPL's modest
scale of operations, thin profitability, stretched capital
structure and moderate debt coverage indicators. The ratings are
also constrained by the fragmented nature of the non-ferrous
metals cutting and trading industry, the low value-adding
business and the exposure of the company's profitability to
volatility in raw material prices. The ratings also consider the
exposure of the company's operations to slowdown in the ship
breaking activity.
The ratings, however, continue to favourably factor in the
extensive experience of the promoter in the trading and cutting
of non-ferrous metals, healthy growth in top line in 11FY2017 and
the location advantage derived by the company by virtue of its
proximity to Alang ship breaking yard in the form of easy
availability of goods.

Going forward, the ability of the company to scale up its
operations, improve its profitability and thereby improve the
capital structure and coverage indicators would remain important
from a credit perspective.

Key rating drivers

Credit strengths

* Long experience of the promoters in non-ferrous metals trading
   Business

* Proximity to Alang port provides access to large number of
   ship breaking units as well as scrap dealers, providing
   alternative source of scrap metal which makes procurement easy

Credit weaknesses

* Modest scale of operations; financial profile characterised by
   thin profitability, stretched capital structure and moderate
   debt coverage indicators

* Fragmented nature of industry with intense competition from
   organised and unorganised players; low-value adding business

* Limited diversification of product profile

* Operations exposed to cyclicality in ship breaking activities

Description of key rating drivers:

Siddhartha Bronze Product Private Limited (SBPPL) has been
involved in cutting and trading of non-ferrous metal scrap since
its incorporation in 1995. The company procures ship propellers
and radiators from various ship breaking units located in and
around Bhavnagar. After cutting the same, it sells to various
industrial buyers to extract aluminium, copper, nickel, as well
as zinc. The company mainly derives revenues from trading
operations, which accounted for 75.32% of the total sales in
FY2016. Clients of the company outside Gujarat contribute 75% of
total sales, whereas sales in Gujarat contribute the remaining
25%.

The operating income of the company declined by 11.9% in FY2016
to INR29.6 crore from INR33.6 crore in FY2015 on account of
decline in sales realisation. However, the company reported
increase in operating income in 11MFY2017 to INR57.2 crore with
revival in ship breaking business. Furthermore, the capital
structure remained stretched with gearing of 3.5 times as on
March 31, 2016 and the coverage indicators remained modest in
FY2016. High inventory holding caused the working capital
intensity of the company to remain high at 44% as on March 31,
2016. However, with reduction in inventory holding, working
capital intensity reduced to 22% as on February 28, 2017.

Siddhartha Bronze Product Private Limited (SBPPL) has been
involved in cutting and trading of non-ferrous metal scrap since
its incorporation in 1995. The company conducts business
operations from its head office at Bhavnagar and branch office at
Delhi. Mr. K.K. Gupta, the promoter of the company, has more than
two decades of experience in the non-ferrous scrap trading
business, hence he has developed a strong marketing network. The
company procures ship propellers and radiators from various ship
breaking units located in and around Bhavnagar.


SIGMA POWER: ICRA Assigns B+ Rating to INR6.0cr Cash Loan
---------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ for the
INR6.00-crore fund-based cash-credit facilities of Sigma Power
and Energy Engineers (Sigma). The outlook on the long-term rating
is 'Stable'. ICRA has also assigned the short-term rating of
[ICRA]A4 for the INR4.00-crore short-term non-fund based
facilities of Sigma.

                       Amount
  Facilities         (INR crore)   Ratings
  ----------         -----------   -------
  Long-term: Fund-
  Based-Cash-credit       6.00     [ICRA]B+ (Stable); assigned

  Short-term: Non-
  fund based              4.00     [ICRA]A4; assigned


Rationale

The assigned ratings factor in the long experience of the
partners in the designing, engineering and manufacturing of fuel-
firing equipment for boilers, spanning over two decades, coupled
with the established relationship with its suppliers; the margin
accretive nature of business on account of the technical
expertise involved in designing and engineering of equipment. The
ratings also take into consideration the healthy revenue growth
in FY2017 and improved order book position as of March 2017 that
consists of three large orders received from GE Power, USA,
Maacchi Steam and Power Generation, Italy and L&T MHPS Boilers
Private Limited.

However, the ratings are constrained by the firm's small scale of
operations coupled with volatility in order book position and
revenue. With significant sectoral concentration of its customers
in power sector, the order book position is exposed to
cyclicality in investments in this sector. However, orders from
export markets aid in stabilising the growth to an extent. The
ratings are further constrained by the significantly stretched
working capital position characterised by high inventory and
stretched receivables and negative free cash flow as of end
FY2016. High customer concentration risk and risk of capital
withdrawal inherent in the partnership status of the entity are
the other rating concerns.

Key rating drivers

Credit strengths

* Long experience of the partners in designing, engineering
   and manufacturing of fuel-firing equipment for power-plant
   boilers

* Margin-accretive nature of business owing to the technical
   expertise involved in designing and engineering of the
   products

* Established relationship with its suppliers

* Healthy revenue growth in FY2017 and improved order book
   position as of March 2017

Credit weaknesses

* Small scale of operations, limiting economies of scale

* Order book position exposed to cyclicality in the power
   sector, though orders from export markets aid to stabilise
   growth to an extent

* Stretched working capital position with high inventory holding
   and stretched receivables and negative free cash flow as of
   end FY2016

Description of key rating drivers:

The firm which was mainly into designing and engineering of the
burner system till FY2011, started undertaking EPC orders to
supply the entire burner system catering to large boiler
manufacturing companies. However, till FY2016, the firm undertook
orders of small values supplying parts of the burner system. In
FY2016 the firm executed large orders received from L&T MHPS
Boilers Private Limited of supplying complete burner system,
resulting in healthy revenue growth in FY2017. Also, with the
established track record of the partners in this field, the firm
has received large export orders from GE Power, US and Maacchi
Steam and Power Generation, Italy and L&T MHPS Boiler Private
Limited, improving the order book position as of March 2017. The
considerable amount of technical expertise involved in the
designing and engineering of the burner system has aided in
maintaining healthy operating and net margins. However, with
longer order execution timelines on account of various stages in
the manufacturing process including designing, engineering,
manufacturing, testing and inspection and erection/shipping, the
working capital position is stretched with high inventory holding
and stretched receivables from its customers. The increase in the
working capital intensity also resulted in negative free cash
flow position at the end of FY2016.

Established in 1995 by Mr. Gopalaswany - former employee of BHEL,
Sigma Power and Energy Engineers is involved in the design and
engineering, manufacturing and erection and commissioning of fuel
firing equipments such as oil burners, coal burners and gas
burners for power and industrial boilers. The firm has its
manufacturing unit in Trichy, Chennai and caters to both domestic
and international markets.

In FY2017 (provisional), Sigma achieved PBT of INR1.1 crore on a
total operating income of INR10.3 crore compared to net profit of
INR0.2 crore on a total operating income of INR3.3 crore during
the previous financial year.


SOUTHERN GOLD: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Southern Gold
Private Limited (SGPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.  The instrument-wise rating actions are:

   -- INR137.5 mil. Long-term loans assigned with
      'IND BB-/Stable' rating;

   -- INR700 mil. Fund-based facilities assigned with
      'IND BB-/Stable/IND A4+' rating

                        KEY RATING DRIVERS

The ratings reflect SGPL's weak credit metrics due to weak EBITDA
margins.  According to 8MFY17 provisional financials, net
leverage of 10.3x (FY16: 6.98x, FY15: 6.27x), EBITDA interest
cover was 1.90x (1.76x, 1.65x) and EBITDA margin was 2.6% (2.8%,
3.5%).  Net leverage stretched in 8MFY17 on account of an
increase in short-term debt for the purchase of gold metal.  Net
leverage is likely to have remained around the 8MFY17 level in
FYE17 with no major improvement in EBITDA margin.  The company
has planned to add one new 8,000 sf showroom in Thrissur with a
cost of around INR30 million.  Funding for the new showroom will
be through internal accruals.

The weak margin is attributed to SGPL's low-value addition nature
of business, with making charges of only 5%-7% for gold
ornaments. Also, it has no forward contract which exposes the
company to foreign currency fluctuations in export sales.

Moreover, SGPL's liquidity position is tight with the fund-based
facilities being fully utilized during the 12 months ended March
2017.  Cash flow from operations has been continuously negative
in the past four years on account of adverse changes in the
working capital cycle and low EBITDA.  The working capital cycle
was 90 days in FY16 (FY15: 98 days, FY14: 51 days).

The ratings reflect the company's moderate scale of operations
and revenue concentration.  Revenue was INR1.8 billion in 8MFY17
(FY16: INR3.1 billion, FY15: INR2.4 billion) and one customer
contributed around 40% to total revenue in FY17.

The management expects revenue to increase and revenue
concentration to decrease with the additions of new customer
additions.  Moreover, since the raw material requirement is met
through gold metal loan, exposure to inventory loss is limited.

                       RATING SENSITIVITIES

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

Negative: A substantial decline in profitability or a further
increase in the working capital cycle leading to a continuous
stretch in liquidity could be negative for the ratings.

COMPANY PROFILE

SGPL was incorporated in 2010.  The company is involved in the
wholesale and retail sale of gold bullion and gold ornaments
through both domestic and export sales.  SGPL has two showrooms
in Kerala.


SRS LIMITED: Ind-Ra Affirms 'D' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed SRS Limited's
Long-Term Issuer Rating at 'IND D'.  The instrument-wise rating
actions are:

   -- INR100 mil. Term loan (long-term) affirmed with 'IND D'
      rating;

   -- INR4.750 bil. Non-fund-based working capital limits (short-
      term) affirmed with 'IND D' rating;

   -- INR3.5 bil. Fund-based working capital limits (long-/short-
      term) affirmed with 'IND D/IND D' rating;

   -- INR2.25 mil. Term deposit (long-term) affirmed with
      'IND D'  rating

                         KEY RATING DRIVERS

The affirmation reflects SRS's continued delays in debt servicing
during the 12 months ended April 2017 owing to a tight liquidity
position.  The tight liquidity position is due to the disruption
of operations in 4QFY16 and accumulation of debtors.

In 9MFY17, SRS's revenue was INR8.759 billion (down 73% yoy) and
EBITDA margin was 2.52% (9MFY16: 3.50%).  Moreover, interest
coverage reduced to 0.25x in 9MFY17 from 1.9x in 9MFY16.

                         RATING SENSITIVITIES

Positive: Timely debt servicing and utilization of working
capital facilities within sanctioned limits for at least three
consecutive months could be positive for the ratings.

COMPANY PROFILE

SRS was incorporated in 2000 as SRS Commercial Company Limited.
It was renamed SRS Limited in 2009.  It has three business
verticals: jewelry, retail and multiplex.

SRS is engaged in the manufacture, retail and wholesale of gold
and diamond jewelry.  It operates a chain of modern format retail
stores and a chain of cinemas across north India. The company
owns a shopping mall in Faridabad, apart from various restaurants
and food courts.

SRS registered a net loss of INR502 million for 9MFY17.


VAISHNAVI FOOD: ICRA Raises Rating on INR6.0cr Loan to B-
---------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]B- from [ICRA]C+
on the INR6.00-crore fund-based bank facility of Vaishnavi Food
Products (VFP). The outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)   Ratings
  ----------         -----------   -------
  Fund-based              6.00     [ICRA]B- (Stable); Upgraded
                                   from [ICRA]C+

Rationale
The rating takes into account longer track record of regular debt
servicing by the firm. Further, the rating continues to
favourably factor in the firm's experienced promoters with long
presence in the industry helping the firm to maintain healthy
relationships with the customers as well as the suppliers. Apart
from this, the net working capital intensity of the firm improved
in FY2016 to 60% from 87% in FY2015.

Going forward, the firm's ability to increase its scale of
operations while optimally managing its working capital
requirements will remain the key rating sensitivities.

Key rating drivers

Credit strengths

* Experienced promoter background with more than two decades of
   experience in the industry

* Established relationships with the clientele; VFP has been
   able to retain and grow its clientele over the years

Credit weaknesses

* Small scale of operations; Elongated operating cycle leads to
   high working capital intensity and weak liquidity resulting
   in high utilization of the working capital limit

* High business risks inherent in the firm's business with high
   competition in the industry

* Weak financial profile marked by constrained cash flows and
   modest debt coverage indicators

* Risk inherent in the partnership form of business in term of
   capital withdrawal etc

Description of key rating drivers:

The upgrade in the rating favorably factors in longer track
record of regular debt servicing by the firm during the past one
year. Further, the upgrade in the rating factors in the extensive
experience of the promoters, spanning over two decades, in the
food processing business and the well established customer
relationships.

The rating, however, continues to be constrained by the modest
scale of operations of the firm along with the highly fragmented
and competitive nature of the industry with low entry barriers
and limited pricing power. The rating also factors in the firm's
high working capital intensity in line with seasonal nature of
business and high inventory levels which results in stretch
liquidity position of the firm. ICRA notes that the firm
continues to be exposed to risks inherent in the agro-based food
processing industry in terms of fluctuation in demand and supply
and price variations.

Incorporated in 2011, VFP is engaged in processing and freezing
of Green Peas as well as other vegetables. The firm started its
commercial operations in 2011 at its manufacturing unit located
at Sultanpur Patti,Bazpur (U.S. Nagar).The firm has the
production facility of 2 metric tonnes of peas per hour.

In FY2016, the firm reported a net profit of INR0.22 crore on an
operating income of INR9.87 crore, as compared to a net profit of
INR0.19 crore on an operating income of INR9.00 crore in the
previous year. As per provisional numbers, the firm reported
INR10.10 crore of operating income in FY2017.


VIPUL LIMITED: ICRA Withdraws B+ Rating on INR45.12cr Loan
----------------------------------------------------------
ICRA has withdrawn the rating of [ICRA]B+ (Stable) assigned to
the INR75.12 crore bank lines and INR4.88 crore unallocated
limits of Vipul Limited, which was placed under notice for
withdrawal in February 2017. The rating has been withdrawn as the
period of notice of withdrawal is completed.

                       Amount
  Facilities         (INR crore)   Ratings
  ----------         -----------   -------
  Long term: Fund
  based                  30.00     [ICRA]B+ (Stable); Withdrawn

  Non fund based         45.12     [ICRA]B+ (Stable); Withdrawn

  Unallocated limits      4.88     [ICRA]B+ (Stable); Withdrawn

Vipul Limited (Vipul), formerly known as Vipul Infrastructure
Developers limited, has completed various residential and
commercial projects in the National Capital Region (NCR),
Bhubaneswar, Ludhiana and Dharuhera region. The company was
incorporated in 1991 and is listed on Bombay Stock Exchange and
National Stock Exchange. Vipul is promoted by Mr. Punit Beriwala,
who has more than 25 years of experience in the Indian Real
Estate.



=========
J A P A N
=========


TOSHIBA CORP: To Not Present FY16 Results at June 28 Meeting
------------------------------------------------------------
Nikkei Asian Review reports that Toshiba Corp. on May 31 said it
will hold its annual general shareholders meeting on June 28, but
that the struggling company will not present a brief on the
consolidated accounts or business report for the year ended
March.

After announcing unaudited results that showed it fell into
negative net worth for the first time ever in the last fiscal
year, the company had remained undecided on when to hold the
meeting, Nikkei says.

Nikkei relates that Toshiba explained that it cannot brief
shareholders on the accounts or business report because it has
not yet received a clean bill of health from the company's
auditor on the year's financial results. Toshiba plans to provide
that information at an as-yet unannounced extraordinary general
shareholders meeting that will be held at a later date, the
company said, adds Nikkei.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-
scale integrated (LSI) circuits for image information systems and
liquid crystal displays (LCDs), among others.  The Social
Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others.  The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment.  The
Others segment leases and sells real estate.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 30, 2016, Moody's Japan K.K. downgraded Toshiba
Corporation's corporate family rating (CFR) and senior unsecured
rating to 'Caa1' from 'B3'.  Moody's has also downgraded
Toshiba's subordinated debt rating to 'Ca' from 'Caa3', and
affirmed its commercial paper rating of Not Prime.  At the same
time, Moody's has placed Toshiba's 'Caa1' CFR and long-term
senior unsecured bond rating, as well as its 'Ca' subordinated
debt rating under review for further downgrade.

The TCR-AP reported on March 21, 2017, that S&P Global Ratings
has lowered its long-term corporate credit rating on Japan-based
capital goods and diversified electronics company Toshiba Corp.
two notches to 'CCC-' from 'CCC+' and lowered the senior
unsecured debt rating three notches to 'CCC-' from 'B-'.
Both ratings remain on CreditWatch with negative implications.
Also, S&P is keeping its 'C' short-term corporate credit and
commercial paper program ratings on the company on CreditWatch
negative.  The long- and short-term ratings on Toshiba have
remained on CreditWatch with negative implications since December
2016, when S&P also lowered the long-term ratings because of the
likelihood that the company might recognize massive losses in its
U.S. nuclear power business; S&P kept them on CreditWatch
negative when it lowered the long- and short-term ratings in
January 2017.



===============
M A L D I V E S
===============


MALDIVES: Fitch Assigns B+(EXP) Rating to USD-Denominated Bonds
---------------------------------------------------------------
Fitch Ratings has assigned The Republic of Maldives' forthcoming
US dollar-denominated bonds an expected rating of 'B+(EXP)'.

KEY RATING DRIVERS

The expected rating is in line with the Maldives' Long-Term
Foreign-Currency Issuer Default Rating (IDR) of 'B+' with a
Stable Outlook.

RATING SENSITIVITIES

The rating would be sensitive to any changes in the Maldives'
Long-Term Foreign-Currency IDR.

Fitch assigned the Maldives a Long-Term Foreign-Currency IDR of
'B+' with a Stable Outlook in May 2017. The Long-Term Local-
Currency IDR is also 'B+'.



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


TRIBECA HOMES: Faces NZ$2.4MM Claim from Inland Revenue
-------------------------------------------------------
Matt Nippert at NZ Herald reports that failed Auckland house-
builder Tribeca Homes is facing action on multiple fronts, with
liquidators serving court papers on related parties and Inland
Revenue concluding the firm owes millions in GST.

Tribeca's sole director is accountant Mark Richards, and the firm
is 90% owned by the Mani family. One member of this family,
Ritesh Mani, worked with Tribeca as its "number one sales
executive" while an undischarged bankrupt in the lead-up to the
company's collapse in May 2015, the Herald discloses.

At the time the firm ran into troubles Mr. Richards defended his
employee: "I'm not saying he's a saint, but the one thing the boy
could do was sell".

Mr. Mani admitted to the Herald he had arranged for himself and
Tribeca sales staff to attend a pep sales talk by Jordan Belfort,
the convicted fraudster popularly known as The Wolf of Wall
Street.

According to the Herald, the collapse of the firm left dozens of
home-buyers who had signed contracts to build $10 million worth
of homes, stranded with only half-built homes or empty sections
to show for nonrefundable deposits.

Grant Thornton's Timothy Downes and Stephanie Jeffreys were
appointed as liquidators to the company, and their latest report
into Tribeca published this week said unsecured creditors - aside
from the taxman - were owed NZ$2.3 million, the Herald discloses.
In total, Tribeca owes creditors NZ$4.8 million.

The Herald relates that Messrs. Downes and Jeffreys' report said
Inland Revenue had audited the construction firm and recently
finalised a claim for NZ$2.4 million "primarily relating to
outstanding GST".

Disputes with related parties had also resulted in High Court
dates being set, the report said: "The liquidators' legal
advisors have issued demands against various related parties in
respect of outstanding debts. The demands have expired
unsatisfied and legal counsel has now been instructed to issue
proceedings for recovery," the Herald relays.

According to the Herald, liquidators said their investigation
into the company's affairs - a probe that has been ongoing since
the company's collapse two years ago - were being held up by
Tribeca's former legal counsel.

"The liquidators have requested further information from the
Company's former lawyers who are currently not co-operating," the
report, as cited the Herald, said.



====================
S O U T H  K O R E A
====================


GENTING SINGAPORE: Unit Placed Under Voluntary Liquidation
----------------------------------------------------------
Reuters reports that Genting Singapore PLC said Claremont Co Ltd,
a subsidiary incorporated in Korea, was placed under unit
holders' voluntary dissolution and liquidation.

Reuters relates that liquidation of Claremont is not expected to
have any material impact on earnings per share of the company for
FY ending Dec. 31, 2017.


SONGIN BOOKS: Book Wholesaler Put in Court Receivership
-------------------------------------------------------
Yonhap News Agency reports that a court has decided to place
Songin Books, a troubled book wholesaler, under court
receivership amid concerns that its bankruptcy will trigger a
chain reaction of collapses in the publishing industry.

The decision came after the country's second largest book
wholesaler that went insolvent early this year filed for the
court-administered corporate rehabilitation procedure on
April 24.

Yonhap relates that after the request was made, the Seoul
Bankruptcy Court called in the president of Songin Books,
officials from the domestic online bookseller Interpark that
showed an intent to take over the insolvent firm and its creditor
banks to discuss the details of the upcoming rehabilitation
process.

Yonhap says the court and the parties concerned agreed during the
discussion to take the process in a pace faster than the typical
"fast track" mode.

Court officials said the court now plans to end the court
receivership for Songin Books in mid-August, Yonhap relays.

The decision for a swift process is based on the judgment that
considerable progress was made in negotiations before the
application for court receivership was filed, a court official,
as cited by Yonhap, said.



=============
V I E T N A M
=============


BANK FOR FOREIGN TRADE: Moody's Affirms B1 LC Deposit Rating
------------------------------------------------------------
Moody's Investors Service has affirmed JSC Bank for Foreign Trade
of Vietnam's (Vietcombank) local-currency deposit, and local and
foreign-currency issuer ratings of B1.

At the same time, Moody's has upgraded Vietcombank's baseline
credit assessment (BCA) and adjusted BCA to b1 from b2, and its
long-term counterparty risk assessment to Ba3(cr) from B1(cr).

The rating outlook on the bank's local-currency deposit, and
local and foreign-currency issuer ratings is positive, in line
with the sovereign outlook (B1 positive).

The outlook on the bank's foreign-currency deposit rating is
stable, because the rating is constrained by the B2 foreign-
currency deposit ceiling for Vietnam.

Moody's has now concluded the review for upgrade on Vietcombank's
BCA that was initiated on 5 September 2016 that was associated
with Moody's expectation that a successful capital injection
would materially improve the bank's capital position.

RATINGS RATIONALE

Despite the absence of a material capital injection, Moody's
recognizes that improvements in Vietcombank's stand-alone credit
profile have occurred. Specifically, the upgrade in the BCA and
adjusted BCA to b1 from b2 has been primarily driven by
improvements in Vietcombank's asset risk performance, which
Moody's expects to be sustained in the medium term.

Vietcombank's problem loans, which Moody's define as loans in
categories 2 to 5 as classified under Vietnamese reporting
standards, as a percentage of gross loans, declined to 3.2% at
year-end 2016, from 4.3% at year-end 2015, and 7.7% at year-end
2014.

Apart from the decrease in the problem loans ratio, the bank has
successfully worked out most of its legacy bad assets through a
full write-down against its Vietnam Asset Management Company
(VAMC) securities in 2016 through provisions of VND2,681 billion
compared with VND486 billion in 2015.

These VAMC securities had amounted to 0.9% of its gross loans and
VAMC securities at year-end 2015. Moody's expects the bank's
asset quality improvements to be sustained in the next 12-18
months, supported by its more intensive recovery efforts amid a
more stable operating environment.

In addition to improving asset risk performance, Vietcombank's
funding and liquidity strengths remained stable, underpinned by
its large deposit franchise with a 10% system deposit market
share. It also benefits from depository relationships with its
state-owned enterprise (SOE) borrowers and its role in the
national payments system.

On balance, the b1 BCA also reflects the bank's weak capital
position. Vietcombank's tangible common equity / risk weighted
assets, adjusted for government securities, declined to 8.0% at
year-end 2016 from 8.7% in 2015. The bank's capital buffers
weakened in 2016 because of rapid credit growth and large cash
dividend payments to its shareholders.

In August 2016, Government Investment Corporation of Singapore
(GIC, unrated) had signed a memorandum of understanding with the
bank to purchase its shares at an undisclosed price. However,
though the Memorandum of Agreement has lapsed, no public
announcements have been made by either the government, State Bank
of Vietnam or GIC to officially terminate the deal. Moody's
considers the probability that the transaction will be finalized
is low due to the extensive delay.

Moody's continues to incorporate a very high probability of
government support into Vietcombank's B1 deposit and issuer
ratings in a situation of financial stress because of the bank's
very large deposit and loan franchises and the systemic
consequences of a bank failure.

Given the upgrade of the bank's BCA to a level equal to the
sovereign rating, this situation no longer results in rating
uplift for Vietcombank's B1 local currency deposit rating.

As a result, Moody's has affirmed the bank's B1 local-currency
long-term deposit and local- and foreign-currency issuer ratings.
The upgrade of the long-term Counterparty Risk Assessment (CR
Assessment) to Ba3(cr), that does not incorporate government
support uplift, follows the corresponding upgrade of the bank's
BCA.

The outlook on the local currency deposit and issuer ratings is
positive, in line with the sovereign outlook.

WHAT COULD CHANGE THE RATINGS UP/DOWN

An upgrade of the BCA is not likely in the next 12-18 months,
given this most recent upgrade.

Although not expected in the near term, downward pressure on the
BCA could develop as a result of: (1) a sharp deterioration in
the bank's asset quality; and (2) credit growth that
significantly lowers capital levels.

As indicated by the positive outlook, the B1 long-term local
currency deposit rating and local and foreign currency long-term
issuer ratings could be upgraded, if Vietnam's sovereign rating
is upgraded.

Moody's could change Vietcombank's ratings outlook to stable, if
the outlook on the rating for the Vietnam sovereign is revised to
stable.

The principal methodology used in these ratings was Banks
published in January 2016.

Taking into account announcement, the affected ratings are as
follows:

JSC Bank for Foreign Trade of Vietnam

- The outlook on the entity was maintained at Stable (m)

- The local currency long-term deposit rating was affirmed at B1.
  The outlook is positive

- The foreign currency long-term deposit rating was affirmed at
  B2. The outlook is stable

- The local currency and foreign currency long-term issuer
  ratings were affirmed at B1. The outlook is positive

- The BCA and Adjusted BCA were upgraded to b1 from b2

- The long-term counterparty risk assessments was upgraded to
  Ba3(cr). The short-term CR assessment was affirmed at Not
  Prime(cr)

- The local currency and foreign currency short-term deposit
  ratings of Not Prime were affirmed

- The local currency and foreign currency short-term issuer
  ratings of Not Prime were affirmed

Headquartered in Hanoi, Vietcombank had total assets of
VND794,279 billion (around USD34.9 billion) at end-March 2017.



                             *********

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 ***