TCRAP_Public/170605.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

            Monday, June 5, 2017, Vol. 20, No. 110

                            Headlines


A U S T R A L I A

DEAN ENTERPRISES: Second Creditors' Meeting Set for June 12
ECLIPSE BUILDING: Second Creditors' Meeting Set for June 13
FARICY PTY: First Creditors' Meeting Set for June 9
NEWCASTLE COAL: S&P Raises Rating on Jr. Debt to 'B+'
SIMPSON PLUMBING: Second Creditors' Meeting Set for June 12

STRUCTURAL STEEL: Second Creditors' Meeting Set for June 6


I N D I A

A D ELECTRO: CRISIL Reaffirms B+ Rating on INR11MM Cash Loan
ASIA BULK: ICRA Lowers Rating on INR18cr Loan to 'D'
BEENA STEELS: CRISIL Lowers Rating on INR2.9MM Loan to 'B'
BIDESH PLYWOOD: CRISIL Cuts Rating on INR18MM Loan to 'D'
CISCONS PROJECTS: CRISIL Reaffirms 'D' Rating on INR13.25MM Loan

CLAVECON INDIA: CRISIL Downgrades Rating on INR12MM Loan to 'B'
DESU VEERAIAH: CRISIL Downgrades Rating on INR17.5MM Loan to 'B'
DIVYAR GARMENTS: ICRA Assigns 'B' Rating to INR6.0cr LT Loan
DURGA HARDWARE: CRISIL Reaffirms B+ Rating on INR6.5MM LT Loan
ELDER PHARMACEUTICALS: Files for Insolvency

HIND CHARITY: CRISIL Lowers Rating on INR33MM Term Loan to 'B'
JAI BHAVANI: CRISIL Lowers Rating on INR12MM Cash Loan to 'B'
JAYANT PRINTERY: CRISIL Lowers Rating on INR5.25MM Loan to 'B'
KAMDAR CARZ: CRISIL Lowers Rating on INR30MM LT Loan to 'B'
MAHA SAI: ICRA Assigns 'B' Rating to INR4.75cr Term Loan

MALBROS INTERNATIONAL: CRISIL Cuts Rating on INR33MM Loan to B
MUJAWADIA TRACTORS: CRISIL Cuts Rating on INR0.1MM Loan to 'B'
MVPR INFRASTRUCTURE: CRISIL Cuts Rating on INR6MM Cash Loan to B
NIRWANA HOTELS: ICRA Revises Rating on INR7.77cr Loan to B
PAS TRADING: CRISIL Reaffirms B+ Rating on INR12MM Cash Loan

R.K. PULSES: CRISIL Reaffirms 'B' Rating on INR8MM Cash Loan
RAGHAVENDRA COTTON: CRISIL Assigns B+ Rating to INR6MM Cash Loan
RAM NATH: CRISIL Reaffirms 'D' Rating on INR16.30MM Term Loan
RELIANCE COMMUNICATIONS: Gets 7-Month Reprieve to Pay Debt
SABARIS EDUCATIONAL: CRISIL Reaffirms D Rating on INR11.2MM Loan

SANKALP VENTURES: CRISIL Assigns B+ Rating to INR12MM LT Loan
SARAS HOTELS: CRISIL Assigns 'D' Rating to INR15MM Term Loan
SHIV COTTEX: CRISIL Reaffirms B+ Rating on INR7MM Cash Loan
SINGHANIA ENTERPRISES: ICRA Assigns B+ Rating to INR4cr Loan
SRI MVR: ICRA Reaffirms 'B' Rating on INR14.30cr LT Loan

STONE WONDERS: CRISIL Reaffirms 'B' Rating on INR4.75MM LT Loan
SWACHHA BEVERAGES: CRISIL Reaffirms 'D' Rating on INR3.5MM Loan
TULSIANI CONSTRUCTIONS: ICRA Cuts Rating on INR30cr Loan to 'D'
VASAVI PIPES: CRISIL Lowers Rating on INR5MM Cash Loan to 'B'
VERONICA MARINE: CRISIL Reaffirms B Rating on INR1.04MM LT Loan

VIJ AGRO: CRISIL Lowers Rating on INR60MM Cash Loan to 'B'


J A P A N

TOSHIBA CORP: Pension Fund Sues Auditor Over Investment Losses
TOSHIBA CORP: Western Digital Plans New Offer for Chip Unit
TOSHIBA CORP: Moves Back Some Chip Unit Assets to Parent Co.


P H I L I P P I N E S

RURAL BANK OF RAGAY: Creditors Claim Deadline Set for July 3


S O U T H  K O R E A

* SOUTH KOREA: Shipbuilders Set to Commence Recovery in 2017


                            - - - - -


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


DEAN ENTERPRISES: Second Creditors' Meeting Set for June 12
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Dean
Enterprises (Qld) Pty Ltd, trading as 1800REMOVALS, has been set
for June 12, 2017, at 2:00 p.m. at the offices of AMB Insolvency,
Level 1, 6 Allison Street, in Bowen Hills, 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 9, 2017, at 4:00 p.m.

Anne Marie Barley of AMB Insolvency was appointed as
administrator of Simpson Plumbing on May 8, 2017.


ECLIPSE BUILDING: Second Creditors' Meeting Set for June 13
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Eclipse
Building Solutions has been set for June 13, 2017, at 10:00 a.m.
at the offices of EY, Level 11, 121 Marcus Clarke Street, in
Canberra, ACT.

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 9, 2017, at 4:00 p.m.

Michael Slaven and Lachlan Abbott of EY were appointed as
administrators of Eclipse Building on May 8, 2017.


FARICY PTY: First Creditors' Meeting Set for June 9
---------------------------------------------------
A first meeting of the creditors in the proceedings of Faricy Pty
Ltd, trading as Play Brow Bar, will be held on June 9, 2017, at
12:00 p.m. at the offices of Worrells Solvency & Forensic
Accountants, Level 15, 114 William Street, in Melbourne,
Victoria.

Con Kokkinos and Ivan Glavas of Worrells Solvency were appointed
as administrators of Faricy Pty on May 31, 2017.


NEWCASTLE COAL: S&P Raises Rating on Jr. Debt to 'B+'
-----------------------------------------------------
S&P Global Ratings said that it had raised its rating on the
senior secured debt issued by Australia-based coal shipping
terminal Newcastle Coal Infrastructure Group Pty Ltd. (NCIG) to
'BBB' from 'BBB-'.  At the same time, S&P raised the rating on
the junior debt issued by NCIG Holdings Pty Ltd. to 'B+' from
'B'.  The outlook on both the senior and junior issue ratings is
stable.

S&P has also removed all ratings from CreditWatch with positive
implications, where they were placed on Jan. 24, 2017.

S&P raised the ratings to reflect NCIG's implementation of a
senior debt service reserve account (DSRA) of US$85 million,
which covers more than six months of its current senior debt
service.

On May 24, 2017, NCIG executed amendments by deed poll to
implement a senior DSRA.  The majority of NCIG's shippers elected
to post letters of credit for their share of the new reserve.
Four shippers elected to provide cash.  The shippers, rather than
NCIG, will stand behind the letters of credit and be liable to an
issuing bank in the event of a drawdown.

As of May 24 2017, available funds in the DSRA total
US$76.2 million, which exceeds six months of current debt service
given that the reserve was sized to cover future increases in
debt service.  The balance of the US$85 million will be provided
by the end of June 2017.

The addition of the DSRA will not affect the credit support that
each shipper has provided to NCIG.  Completion of the DSRA and
execution of all necessary documents has caused a revision in
S&P's assessment of the structural protection features of the
transaction to neutral from fair, which in turn leads to a one-
notch rating upgrade in both the senior and junior debt.

The DSRA or letters of credit are only available to meet senior
debt service expenses.  Any drawdown on the reserve that lowers
the balance below US$85 million will require NCIG to increase the
toll charge to replenish the reserve.  In addition, once the DSRA
is fully in place, no payments to junior debt holders can occur
unless the DSRA is replenished to US$85 million.

Any letter of credit provided must comply with existing
requirements, including a minimum rating of 'A-' and arrangements
that the letters of credit can be fully drawn by NCIG if not
replaced at least 10 days prior to expiry.

The ratings on NCIG's debt reflect S&P's view of the coal
terminal's relatively simple and straightforward operations and
maintenance task, and strong ship-or-pay contracts with its
shippers.  The contracts further limit operational risk because
shippers are required to pay even if no coal is shipped.

Over the past six months, NCIG has continued to perform in line
with S&P's expectations.  With the recent surge in coal prices,
the Port of Newcastle shipped record volumes of coal during 2016.
NCIG shipped about 52 million tons during the period, which was a
6% increase on the previous year.

The stable outlook reflects S&P's view that the terminal will
operate at a contracted capacity of 66 mtpa for the foreseeable
future.  In addition, S&P considers NCIG would continue managing
the ship-or-pay contracts such that it generates stable cash
flows and makes timely cash calls to cover unbudgeted costs.

The rating would come under pressure if contracted volumes were
to drop or if the fundamental competitiveness of the Hunter
Valley such as continuing demand for the region's thermal coal,
were to materially decline, which may reduce our expected maximum
toll charge.  In particular, a minimum senior debt service
coverage ratio declining below 1.60x with no prospect of timely
recovery above that level could result in a downgrade.

Downward rating momentum could also occur if S&P considers that
shippers can't be easily replaced or if the project were to
materially defer the amortization profile of the senior debt.  In
addition, S&P could lower the ratings if NCIG fails to
appropriately manage its refinance exposure and refinance its
bullet maturities well ahead of time.

Given the current relatively weak and volatile conditions
affecting the coal sector, an upgrade is unlikely over the next
12 months.  A higher rating could result from a sustainable
increase in coal prices boosting margins for the mines in the
region.  This strengthening in coal industry conditions may
increase S&P's expected maximum toll charge for NCIG.


SIMPSON PLUMBING: Second Creditors' Meeting Set for June 12
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Simpson
Plumbing Qld Pty Ltd has been set for June 12, 2017, at 11:00
a.m. at the offices of AMB Insolvency, Level 1, 6 Allison Street,
in Bowen Hills, 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 9, 2017, at 4:00 p.m.

Anne Marie Barley of AMB Insolvency was appointed as
administrator of Simpson Plumbing on May 8, 2017.


STRUCTURAL STEEL: Second Creditors' Meeting Set for June 6
----------------------------------------------------------
A second meeting of creditors in the proceedings of Structural
Steel Installations Pty Ltd has been set for June 6, 2017, at
11:00 a.m. at the Boardroom of Chifley Advisory, Suite 3.04,
Level 3, 39 Martin Place, in Sydney, NSW.

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 Trent McMillen of Chifley Advisory Pty Ltd were
appointed as administrators of Structural Steel on May 9, 2017.



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


A D ELECTRO: CRISIL Reaffirms B+ Rating on INR11MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of A D Electro Steel Co Private
Limited.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          3       CRISIL A4 (Reaffirmed)
   Cash Credit            11       CRISIL B+/Stable (Reaffirmed)
   Export Packing Credit   1       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      3       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect working capital-intensive because
of high GCA days resulting from high inventory and debtors cycle,
a modest scale of operations, and exposure to intense competition
in the steel castings industry. These rating weaknesses are
partially offset by the extensive industry experience of the
promoters.

Key Rating Drivers & Detailed Description

Weakness

* Working capital-intensive operations
The working capital requirement is large as the intensely
competitive nature of the iron castings industry requires the
extension of substantial credit to customers. The gross current
assets have increased to 325 days as on March 31, 2016, from 270
days a year earlier. This is mainly on account of an increase in
inventory and receivables to 230 days and 76 days, respectively,
as on March 31, 2016, from 186 days and 65 days, respectively, as
on March 31, 2015. GCA days are estimated to remain at similar
levels in Fiscal 2017.

* Modest scale of operations in an intensely competitive industry
Estimated Revenues for Fiscal 2017 is INR. 33.5 crores. Revenue
was modest at INR35.32 crore in fiscal 2016. That's because of
lower orders from the railways, and change of focus of the
management towards only high-margin orders. The tender-based
nature of business also makes the revenue susceptible to winning
of tenders. The castings industry in India has a large number of
players and the market is highly fragmented. The operating margin
has remained low despite improving to 6.6% in fiscal 2016 from
5.4% in fiscal 2015.

Strengths

* Extensive industry experience of the promoters
The promoters have more than two decades of experience in the
iron and steel castings industry. Products include inserts,
bogies, sleepers, stretcher bars, and fish plates, which are used
in railways, power, steel, cement, chemicals, and other
industries. The company has an established relationship with key
customers, which include the Indian Railways, which contributes
30-40% of revenue. It has been certified by the Research Design
and Standards Organisation as a Class-A supplier. The company is
likely to continue to benefit from the experience of its
promoters and established relationship with key customers, over
the medium term.

Outlook: Stable

CRISIL believes ADESCPL will continue to benefit from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' in case of an improvement in liquidity,
primarily led by efficient working capital management or an
increase in scale of operations while stable profitability is
maintained. The outlook may be revised to 'Negative' if low net
cash accrual, a stretched working capital cycle, or any large,
debt-funded capital expenditure weakens the financial risk
profile.

Set up in 1981 and based in Kolkata, ADESCPL manufactures steel
and iron castings of diverse specifications that comprise low and
high carbon steel, alloy steel, grey iron casting, malleable iron
casting, and ductile iron casting. Operations are managed by Mr.
R N Gupta.

Profit after tax was INR0.04 crore on net sales of INR35.32 crore
for fiscal 2016, against a net loss of INR0.03 crore  on net
sales of INR42.52 crore in fiscal 2015.


ASIA BULK: ICRA Lowers Rating on INR18cr Loan to 'D'
----------------------------------------------------
ICRA Ratings has revised the ratings to [ICRA]D from
[ICRA]B/[ICRA]A4 for the INR43.60 crore2 limits of Asia Bulk
Sacks Private Limited (erstwhile Asia Woven Sacks Pvt. Ltd.).

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based-Term
  Loan                     9.16      [ICRA]D; Revised from
                                     [ICRA]B

  Fund-based-Cash         (6.50)     [ICRA]D; Revised from
  Credit-sub-limit                   [ICRA]B
  of export packing
  credit


  Fund-based- Export      18.00      [ICRA]D; Revised from
  packing credit                     [ICRA]A4

  Non-fund based-          6.50      [ICRA]D; Revised from
  Letter of Credit                   [ICRA]A4

  Unallocated Limits       9.94      [ICRA]D; Revised from
                                     [ICRA]B/[ICRA]A4

The rating action is based on the ongoing delays in the company's
debt servicing owing to credit culture issues.

Incorporated in 1984, Asia Bulk Sacks Private Limited (ABSPL) is
engaged into manufacturing polypropylene and high-density
polyethylene woven bags and fabrics which find application in
industrial packaging materials for fertilisers, tarpaulins,
cement, sugar, plastic polymers, foodgrains, chemicals, salt etc.
The company operates with total installed capacity to produce
5400 metric tonnes of woven sacks per annum. The company is
promoted by Mr. Ajit J. Chaudhari who has more than three decades
of experience in the industry.


BEENA STEELS: CRISIL Lowers Rating on INR2.9MM Loan to 'B'
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Beena
Steels (BS) for obtaining information through letters and emails
dated November 21, 2017, and December 22, 2017, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Overdraft              2.1       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB/Stable')

   Proposed Working       2.9       CRISIL B/Stable (Issuer Not
   Capital Facility                 Cooperating; Downgraded from
                                    'CRISIL BB/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Beena Steels. This restricts
CRISIL's ability to take a forward looking view on the credit
quality of the entity. CRISIL believes that the information
available for Beena Steelsis consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with Crisil B Rating category or Lower' Therefore, on
account of inadequate information and lack of management co-
operation, CRISIL is Downgrading the rating at 'CRISIL B/Stable'.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of BS and its group entity, Beena Metals
(BM). This is because the two entities, together referred to
herein as the Beena group, operate in the similar lines of
business, have common promoters and share significant business
synergies.

The Beena group, based in Kerala, consists of two entities ' BM
and BS, which undertake retail and wholesale trading of hardware
products respectively. The group's operations are managed by Mr.
Binu Krishna Pillai and Mr. Biju Krishna Pillai.


BIDESH PLYWOOD: CRISIL Cuts Rating on INR18MM Loan to 'D'
---------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of Bidesh Plywood Factory Private Limited (BPFL) to 'CRISIL
D/CRISIL D' from 'CRISIL B+/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         0.5       CRISIL D (Downgraded from
                                    'CRISIL A4')

   Cash Credit            4.0       CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Letter of Credit      18.0       CRISIL D (Downgraded from
                                    'CRISIL A4')

   Proposed Long Term     3.7       CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B+/Stable')

   Standby Letter of      1.8       CRISIL D (Downgraded from
   Credit                           'CRISIL A4')

The downgrade reflects irregularity in payment of interest on
cash credit account.

Key Rating Drivers & Detailed Description

Weakness

* Stretched liquidity delayed interest
Liquidity remained weak because of low accrual and high
dependence on working capital debt, which delayed payment of
interest for cash credit.

Strengths

* Extensive experience of promoters and established brand image
and dealer network
Benefits from the promoters' extensive experience, established
brand image and robust dealer network are expected to support
business risk profile. Over the past two decades, business has
been expanded through inorganic route to capitalise on the
proximity to raw material sources'a key cost determining factor.
The promoters have been successful in establishing BPFL's brand
Raffle Ply in the lower segments of plywood.  While BPFL caters
primarily to the West Bengal market, it also has a moderate
presence in Maharashtra and Andhra Pradesh.
Incorporated in 1992, BPFL is promoted by Mr. Roshan Lal Agarwal.
The company has a unit near Dhupguri in Siliguri (West Bengal)
and manufactures plywood, block board, and veneers.

Estimated profit after tax for FY 15-16 is INR1.08 crores against
revenue of INR55.29 crores and in FY 14-15 it was INR0.90 crores
and INR57.03 crores respectively.


CISCONS PROJECTS: CRISIL Reaffirms 'D' Rating on INR13.25MM Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Ciscons
Projects Private Limited (Ciscons) for obtaining information
through letters and emails dated January 23, 2017, and
February 13, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          3        CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Overdraft               2.75     CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Proposed Long Term     13.25     CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating; Rating
                                    Reaffirmed)

   Term Loan               1.00     CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Ciscons Projects Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Ciscons Projects Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with Crisil B
Rating category. Or Lower' Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
Reaffirming the rating at 'CRISIL D/CRISIL D'.

Ciscons was set up in 2008 by Mr. N Rama Krishna and his family
members. The company undertakes civil construction, and mainly
caters to power generation companies. It is based in Hyderabad
(Telangana).


CLAVECON INDIA: CRISIL Downgrades Rating on INR12MM Loan to 'B'
---------------------------------------------------------------
CRISIL has been consistently following up with Clavecon India
Private Limited (CIPL) for obtaining information through letters
and emails dated January 20, 2017, and February 10, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             3        CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL B+/Stable')

   Long Term Loan         12        CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL B+/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Clavecon India Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Clavecon India Private Limited
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with Crisil B Rating
category or lower.' Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
downgrading the rating at 'CRISIL B/Stable'.

Established in 2013 by Mr. B B Goyal, CIPL manufactures AAC
blocks. The company, based in Ghaziabad, commenced commercial
operations in June 2015.


DESU VEERAIAH: CRISIL Downgrades Rating on INR17.5MM Loan to 'B'
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Desu
Veeraiah Sons (DVS) for obtaining information through letters and
emails dated January 20, 2017, and February 10, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         0.5       CRISIL A4 (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL A4+')

   Cash Credit           17.5       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB-/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Desu Veeraiah Sons. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Desu Veeraiah Sons is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with Crisil B Rating category or Lower' Therefore,
on account of inadequate information and lack of management co-
operation, CRISIL is Downgrading the rating at 'CRISIL B/Stable/
CRISIL A4'.

Set up in 1995, DVS is engaged in trading of fertilizers. The
firm is promoted by Mr. Desu Veera Prakash Rao and Mr. Desu
Srinivas Rao. The firm is based out of Ongole in Andhra Pradesh.


DIVYAR GARMENTS: ICRA Assigns 'B' Rating to INR6.0cr LT Loan
------------------------------------------------------------
ICRA Ratings has assigned a long-term rating of [ICRA]B to the
9.00 crore bank facilities of Divyar Garments India Private
Limited. The outlook on long-term rating is stable.


                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long term: Cash
  Credit                  3.00       [ICRA]B (Stable) assigned

  Long term: Term
  Loan                    6.00       [ICRA]B (Stable) assigned

Rationale
The assigned rating takes into consideration the significant
experience of the promoters in the business for over two decades
and the established relationship with domestic apparel
manufacturers, which is expected to support the order flows. The
rating also factors in the financial profile characterised by
healthy margins at the operating level though moderated to some
extent in FY2017. The ratings are, however, constrained by the
company's small scale of operations, which limits its scale of
economies and financial flexibility. This, coupled with the
company's presence in the highly fragmented industry
characterised by intense competition limits its pricing
flexibility, thereby exposing the margins to fluctuations in
input prices. Further, the company's financial profile is
constrained by high working capital intensity owing to high
receivable and inventory-holding period, resulting in high
utilisation of working capital facilities. Going forward, the
company's ability to scale up its operations while sustaining its
profit margins and efficiently managing its working capital cycle
will be critical to improving its credit profile.

Key rating drivers

Credit strengths

* Significant experience of promoters in textile industry
   for more than two decades

* Financial profile characterised by healthy operating margins,
   which, however, moderated to some extent during FY2017

Credit weaknesses

* Small scale of operations, restricting scale economics and
   financial flexibility

* High working capital intensity owing to high receivable and
   inventory holding period, resulting in high utilisation of
   working capital facilities

* Intense competition in a highly fragmented industry structure
   restricts pricing flexibility

* Exposure of profit margins to volatility in raw materials
   prices

Description of key rating drivers:

The promoters of Divyar Garments India Private Limited have a
long experience of almost two decades in the textiles dyeing
industry. The firm has established relationship with its
customers reflected by repeated orders. The revenues from the top
five customers contributed 47.8% of the total turnover in FY2017.
The small scale of operations coupled with intense competition
arising from the highly fragmented nature of the domestic textile
industry limits its pricing flexibility, to a major extent. The
scale of operations of the company is small with an operating
income of about INR15.4 crore in FY2017. Although the operating
margin declined in FY2017 owing to increase in raw material costs
and employee costs, it remained healthy at ~16.6%, reported on a
provisional basis. The liquidity profile of the company remained
subdued, with high utilisation of working capital borrowings, and
a current ratio of 1.3 times as on March 31, 2017.

Divyar Garments India Private Limited, incorporated in 1993 and
currently managed by Mr. S. Nagarajan, is involved in dyeing of
knitted fabrics in Tirupur from 2016. Earlier, the company was
involved in producing and selling alphonso mangoes domestically
and internationally under the name Divyaar Farms and Exports
Limited (till 1992) and the business was closed down in 2010.
Moreover, dyeing of fabric was done under the firm, Divyar
Garments, for more than two decades and the operations were
transferred to Dhivyar Garments India Private Limited in 2016.
The company has a total production capacity of 12 tonne per day
of dyed fabric. The manufacturing facility is capable of
producing both open width and tubular fabric.

The company has recorded operating income of INR11.4 crore with
net profit of INR0.1 crore in FY2016 and according to the
unaudited financial statements, it has recorded an operating
income of INR15.4 crore with a net profit of INR0.4 crore in
FY2017.


DURGA HARDWARE: CRISIL Reaffirms B+ Rating on INR6.5MM LT Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on
the long-term bank facilities of Durga Hardware and Mill Store.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             6        CRISIL B+/Stable (Reaffirmed)

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

The rating continues to reflect expectation of a stable business
risk profile over the medium term backed by extensive experience
of proprietor.

DHMS reported operating income of INR44.1 crore for fiscal 2016,
an increase of 4% over previous year's INR42.4 crore. The
operating margin during fiscal 2016 was 3.7% marginally better
than previous year's 3.5%. However the operating income is
estimated to decline to INR38-39 crore in fiscal 2017, due to
adverse impact demonetization. However, the margins are estimated
to remain in the historical range of 3.5-4%.

The working capital requirement continues to remain high as per
CRISIL expectation on account of high debtors. The GCA days stood
at 167 days as on March 31, 2016 against previous year's 121
days. The inventory days increased to 25 days during fiscal 2016
against previous year's 10 days, while debtor days increased to
129 days against previous year's 103 days. Due to high working
capital requirement, the bank limit utilization continues to
remain high.

DHMS's TOL/TNW is high at about 7.08 times as on March 31, 2016,
above previous year's 5.35 times led by increase in the
creditors. The debt protection metrics of the firm are weak, in
line with the previous year, with interest coverage and net cash
accruals to total debt ratios at 1.6 times and 0.07 times
respectively. The firms networth is small at INR2.54 crore as on
March 31, 2016.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations amidst intense competition: With
revenue of INR38 crore in fiscal 2017, scale remains small in the
intensely competitive hardware segment.

* Below-average financial risk profile: Small networth, high
total outside liabilities to tangible networth and weak debt
protection matrices weakens financial risk profile.

Strengths

* Extensive industry experience of proprietor: Presence of over
two decades in the hardware trading business segment with
established relationships with suppliers and customers should
help the proprietor to ramp up operations and support business
risk profile over the medium term.

Outlook: Stable

CRISIL believes DHMS will continue to benefit over the medium
term from the proprietor's experience in the hardware industry
and established relationships with suppliers and customers. The
outlook may be revised to 'Positive' if increase in net cash
accrual leads to stronger debt protection metrics; or if infusion
of substantial capital strengthens the capital structure.
Conversely, the outlook may be revised to 'Negative', if further
decline in operating margin, or stretch in working capital cycle
weakens the financial risk profile.

DHMS is a Delhi-based proprietorship firm formed by Mr. Baharat
Khandelwal in 1988. The firm trades in tooling machines, machine
spares and hardware items.

Profit after tax was INR0.36 crore on net sales of INR44.12 crore
in fiscal 2016, against INR0.34 crore and INR42.41 crore,
respectively, in fiscal 2015.


ELDER PHARMACEUTICALS: Files for Insolvency
-------------------------------------------
Business Standard reports that Elder Pharmaceuticals has filed
for insolvency, in an attempt to restructure its debt, according
to a source.

Business Standard says the company had suffered a loss of
INR51 crore in the quarter ended March 2015.  It was the last
intimation by Elder to the BSE on its financials.  It had an
unpaid debt of around INR1,000 crore as of end of June 2014.
Trading of its shares has been suspended on the bourses, the
report relates.

An insolvency professional told Business Standard, "With its high
debt and inability to pay it, the company itself has gone for
insolvency."

Elder Pharmaceuticals Ltd is engaged in the manufacturing and
marketing of pharmaceutical formulations, API/bulk drugs, and
distribution of cosmeceutical products. The company has presence
in niche therapeutic segments such as women healthcare, wound
care and pain management, Nutraceuticals and lifestyle disease
care.


HIND CHARITY: CRISIL Lowers Rating on INR33MM Term Loan to 'B'
--------------------------------------------------------------
CRISIL has been consistently following up with Hind Charity Trust
(HCT) for obtaining information through letters and emails dated
November 24, 2016, and January 17, 2017, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Overdraft               2        CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB-/Stable')

   Term Loan              33        CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB-/Stable')

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

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Hind Charity Trust. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Hind Charity Trust is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with Crisil B Rating category. Or Lower'
Therefore, on account of inadequate information and lack of
management co-operation, CRISIL is Downgrading the rating at
'CRISIL B/Stable'.

HCT runs an international school, Global Indian International
School (GIIS), in Pune. The school has all modern infrastructure
facilities such as libraries, computer laboratory, gaming zone at
each floor, and badminton and basketball courts.


JAI BHAVANI: CRISIL Lowers Rating on INR12MM Cash Loan to 'B'
-------------------------------------------------------------
CRISIL has been consistently following up with Jai Bhavani
Furnishing Private Limited (HFPL) for obtaining information
through letters and emails dated January 20, 2017, and
February 10, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             12       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Jai Bhavani Furnishing Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Jai Bhavani Furnishing Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with Crisil B
Rating category.or Lower' Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
Downgrading the rating at 'CRISIL B/Stable'.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of JBFPL, Harit Fabtex (India) Pvt Ltd
(HFPL), Harit Textile (HT) and J B Decor (JBD). This is because
these entities, collectively referred to as the Harit group, are
engaged in common business, have common promoters and clientele,
and operational linkages.

HFPL incorporated in 2005 is promoted by Mr. CK Mishra and his
sons Mr. Krishnagopal Mishra and Mr. Pankaj Mishra. HT was set up
in 2003 as a proprietorship concern of Mr. Krishnagopal Mishra.
Both these entities manufacture grey fabric for furnishing
purposes.

JBFPL, incorporated in September 2011, is engaged in conversion
of grey fabric into curtains and other furnishing products such
as bed sheets and pillow covers. JBD was incorporated as a
proprietorship in 2012 by Ms. Devyani Mishra. JBD retails home
furnishing items.


JAYANT PRINTERY: CRISIL Lowers Rating on INR5.25MM Loan to 'B'
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Jayant
Printery LLP (JPL) for obtaining information through letters and
emails dated January 20, 2017, and February 10, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         2.55      CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Cash Credit            5.25      CRISIL B/Stable (Issuer
                                    Not Cooperating; Downgraded
                                    from 'CRISIL B+/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Jayant Printery LLP. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Jayant Printery LLP is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with Crisil B Rating category or Lower' Therefore,
on account of inadequate information and lack of management co-
operation, CRISIL has downgraded the long term rating to 'CRISIL
B/Stable' and reaffirmed the short term rating at 'CRISIL A4'.

JPL was established in 2014 to take over the printing businesses
of group concerns, JP and JPNPPL. Its promoters, the Shah family
members, have been in the printing business since 1968.The Jayant
group prints all types of books, journals, catalogues, annual
reports, diaries, planners, and directories, and also products
such as brochures, leaflets, posters, calendars, application
forms, high-volume stationery, cartons, boxes, and point-of-sale
items. The group has its printing facilities in the outskirts of
Mumbai.


KAMDAR CARZ: CRISIL Lowers Rating on INR30MM LT Loan to 'B'
-----------------------------------------------------------
CRISIL has been consistently following up with Kamdar Carz
Private Limited for obtaining information through letters and
emails dated January 27, 2017, and February 22, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             10       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL B+/Stable')

   Proposed Long Term      30       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Downgraded from
                                    'CRISIL B+/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Kamdar Carz Private Limited.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for Kamdar Carz Private Limitedis
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with Crisil B Rating
category. Or Lower' Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
Downgrading the rating at 'CRISIL B/Stable'.

Incorporated in 2011, KCPL is engaged in automobile dealer of
Renault India Pvt Ltd in Ahmedabad. The company owns three
showrooms in Gujarat.


MAHA SAI: ICRA Assigns 'B' Rating to INR4.75cr Term Loan
--------------------------------------------------------
ICRA Ratings has assigned a long-term rating of [ICRA]B to the
INR4.00-crore cash credit, INR4.75-crore term loan and INR1.25-
crore unallocated facilities of Maha Sai Laboratories (MSL). The
outlook on the long term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Cash Credit             4.00       [ICRA]B/Stable; assigned
  Term Loan               4.75       [ICRA]B/Stable; assigned
  Unallocated Amount      1.25       [ICRA]B/Stable; assigned

Rationale
The assigned rating is constrained by small scale of operations
in the solvent distillation industry and modest financial risk
profile of the company characterised by high gearing of 2.61
times, Total Debt/OPBITDA of 4.86 times, interest coverage of
3.17 times and Net Cash Accruals-to-Total Debt of ~12% for
FY2016. The rating is further constrained by the risks arising
from the partnership nature of the firm and high working capital
intensity of 29% driven by high receivables and inventory
holdings. The rating however favorably factors in the extensive
experience of the promoters in the solvent purification and
distillation industry, moderate customer concentration with top-
five customers contributing to 31% of the total revenues in
FY2016 and diverse customer profile ranging from large
pharmaceutical players to SMEs in the pharmaceutical and chemical
industry.

Going forward, the ability of the company to increase its scale
of operations, maintain profitability margins and manage working
capital requirements would remain the key rating drivers from the
credit perspective.

Key rating drivers

Credit strengths

* Experienced promoters with more than 20 years of experience
   in solvent purification and distillation industry

* Diverse customer profile from large pharmaceutical players
   to SMEs in pharma and chemical industry

* Moderate customer concentration with top-5 customers
   contributing to 31% of sales in FY2016

Credit weaknesses

* Small scale of operations with revenues of INR15.09 crore
   in FY2016

* Modest financial profile characterised by high gearing of
   2.61 times, Total Debt/OPBITDA of 4.86, NCA/Total Debt of
   ~12% and interest coverage of 3.17 for FY2016

* Risks arising from the partnership nature of the firm

* High working capital intensity during FY2016 on account of
   high receivables and high inventory holdings

Description of key rating drivers highlighted above:

The firm is involved in purification and distillation of
industrial solvents. The facility has a capacity of 58 KL with a
total of five reactors. MSL manufactures a range of products
namely Isopropyl Alcohol (IPA), Tetrahyrofuran, Toluene,
Methanol, Ethyl Acetate, DMF, MDC, Chloroform, Cyclohexane etc.
MSL has a large customer base with customers ranging from large
pharmaceutical companies to small chemical companies with a total
of about 40 customers. MSL has long-term agreements with some of
the customers while others are order based. MSL has a moderate
customer concentration with the top-five customers contributing
to 31% of the total sales in FY2016 and 57% of the total sales in
9MFY2017. Apart from selling distilled solvents on its own, it
also does job work for pharmaceutical companies.

The revenues increased from INR12.96 crore in FY2014 to INR15.09
crore in FY2016 on account of increase in capacity utilization
and increase in orders from customers. The operating margins have
increased from 7.32% in FY2014 to 13.03% in FY2016 owing to
decrease in job work expenses. The financial profile of the
company has been characterised by high gearing of 2.61 times as
on March 31, 2016 on account of working capital borrowings and
term loans. The coverage indicators remained moderate as
reflected by interest coverage of 3.17 times, Total debt/OPBITDA
of 4.86 times and NCA/Total Debt at 12% as on March 31, 2016. The
working capital intensity of the company remained high at 29% in
FY2016 on account of high debtor and inventory holdings.

Analytical approach: To arrive at the ratings, ICRA has performed
a detailed evaluation of the issuer's business and financial
risks.

Maha Sai Laboratories (MSL) was set up in 2011 by Mr. CH
Narasimha Reddy. MSL is involved in purification and distillation
of industrial solvents. The promoter has about 20 years of
experience in the pharmaceutical industry. The facility is
located in Gummadidala, Medak district of Telangana and has a
capacity of 58 KL with a total of five reactors.

According to audited financials, the company recorded a net
profit of INR0.41 crore on an operating income of INR15.09 crore
for the year as on March 31, 2016 compared to net profit of
INR0.28 crore on an operating income of INR14.74 crore as on
March 31, 2015.


MALBROS INTERNATIONAL: CRISIL Cuts Rating on INR33MM Loan to B
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Malbros
International Private Limited (MIPL) for obtaining information
through letters and emails dated January 20, 2017, and
February 17, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          .5       CRISIL A4 (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL A4+')

   Cash Credit           33.0       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB/Stable')

   Letter of Credit       2.0       CRISIL A4 (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL A4+')

   Proposed Long Term    15.19      CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Downgraded from
                                    'CRISIL BB/Stable')

   Term Loan             20.31      CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Malbros International Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Malbros International Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with Crisil B
Rating category or Lower' Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
Downgrading the rating at 'CRISIL B/Stable/ CRISIL A4'.

The Oasis company was founded by the late Mr. Om Prakash
Malhotra. The combine manufactures and trades in rectified
spirits, country liquor, and Indian-made foreign liquor (IMFL) in
Punjab, MP, National Capital Region, and Haryana. The founder's
son Mr. Deiip Malhotra is the combine's current chairman and
managing director.


MUJAWADIA TRACTORS: CRISIL Cuts Rating on INR0.1MM Loan to 'B'
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Mujawadia
Tractors Private Limited (MTPL) for obtaining information through
letters and emails dated January 20, 2017, and February 10, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         7         CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Cash Credit            0.1       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL B+/Stable')

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

Detailed Rationale

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

Incorporated in 1999, MTPL is promoted Mr. Krishan Gopal
Mujawadia and his cousin, Mr. Pramod Mujawadia. It has a
distributorship for ITL's tractors, which are sold under the
brand Sonalika. The company caters to 35 dealers of ITL located
in and around Indore (Madhya Pradesh). The sales are mainly of
tractors with 41-50 horse power capacities.


MVPR INFRASTRUCTURE: CRISIL Cuts Rating on INR6MM Cash Loan to B
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with MVPR
Infrastructure Limited (MVPR) for obtaining information through
letters and emails dated January 20, 2017, and February 10, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          4        CRISIL A4 (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL A4+')

   Cash Credit             1        CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB/Stable')

   Letter of Credit        4        CRISIL A4 (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL A4+')

   Proposed Cash           6        CRISIL B/Stable (Issuer Not
   Credit Limit                     Cooperating; Downgraded from
                                    'CRISIL BB/Stable')

   Proposed Letter         6        CRISIL A4 ((Issuer Not
   of Credit                        Cooperating; Downgraded from
                                    'CRISIL A4+')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MVPR Infrastructure Limited.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for MVPR Infrastructure Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with Crisil B Rating
category or lower.' Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
downgrading the rating at 'CRISIL B/Stable/CRISIL A4'.

Incorporated in 2003, MVPR executes electrical and civil
contracts in Andhra Pradesh, Telangana, and Karnataka. It is
promoted by Mr. Pavan Kumar Reddy and his family.


NIRWANA HOTELS: ICRA Revises Rating on INR7.77cr Loan to B
----------------------------------------------------------
ICRA Ratings has revised the long-term rating of the INR9.79
crore bank facilities of Nirwana Hotels & Resorts Private Limited
from [ICRA]B+ to [ICRA]B. The outlook on the long-term rating is
stable.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Long-term-Fund
  Based-Term loan         7.77        [ICRA]B (Stable); revised
                                      from [ICRA]B+

  Fund based-Overdraft    2.00        [ICRA]B (Stable); revised
                                      from [ICRA]B+

  Non-fund based          0.02        [ICRA]B (Stable); revised
                                      from [ICRA]B+

Rationale

The rating revision takes into account the weakening of financial
profile of the company characterised by stretched capital
structure and weak coverage indicators, and sizeable repayment
obligations to be met in the near to medium term vis-Ö-vis the
cash accruals of the company. It also considers the weak
operating metrics characterised by a dip in the Average Room
Rates (ARR) and occupancy levels during FY2017. The rating
revision continues to be constrained by the modest scale of
operations of the company and its high geographical concentration
risks with a single property in Hassan (Karnataka). It also
factors in the cyclical and seasonal nature of the hospitality
industry, exposing it to general economic slowdowns and
competition from relatively cheaper hotels in its vicinity.

The rating revision, however, continues to derive comfort from
the favorable location of the resort, located close to several
heritage sites in Hassan and within easy reach from nearby
cities, which supports its business prospects. Furthermore, the
rating takes into account the longstanding experience of the
promoters in the hospitality industry, and strong brand presence
by virtue of the company tying up with national and international
travel agencies and online portals. Ancillary services like spa,
souvenir shop, cafÇ, bar and dining facilities (also open to
walk-in customers) have facilitated multiple avenues for revenue
generation that have resulted in a steady increase in non-room
revenues of the company. Going forward, improvement in
operational metrics and achievement of adequate accruals to
comfortably meet debt obligations will be the key rating
sensitivities

Key rating drivers

Credit strengths

* Longstanding experience of the promoters in the hospitality
   industry.

* Favourable location of the resort in Hassan; excellent
   connectivity from Bangalore, Mangalore and Mysore aid
   corporate bookings while proximity to several heritage
   sites attracts tourist reservations.

* The positioning of the resort, different classes of rooms and
   ancillary services attract affluent customers from India and
   abroad leading to higher revenue generation opportunities.

* Tie ups with travel agents across locations likely to drive
   occupancy, going forward.

Credit weaknesses

* Modest scale of operations with a single property base,
   exposing earnings to any adverse local developments.

* Weakening of capital structure and coverage indicators owing
   to significant debt-funded capital expenditure towards
   infrastructure development and construction of new facilities.

* Subdued occupancy levels in FY2016 and FY2017 due to
   construction and other factors; higher room rates as compared
   to those in the vicinity might restrict occupancies to an
   extent.

* Seasonality and cyclicality risks inherent to the hospitality
   industry; growth remains vulnerable to economic slowdown and
   exogenous shocks.

Description of key rating drivers:

NHRPL commenced operations with 49 rooms in 1993 and has expanded
to 59 rooms in 2017. The resort is easily accessible with Hassan
being well connected to the major towns and cities in Karnataka
like Bangalore, Mangalore and Mysore. Hassan has a long history
attached to it which makes it an important tourist attraction.
The favourable location of the resort provides easy access to
tourist attractions like Belur, Halebidu, Shravanabelagola and
Chikmagalur, enhancing business prospects. The resort's revenues
remain well-diversified across product and service offerings with
the resort offering several ancillary facilities like spa, treks,
swimming pool, bullock cart ride, souvenir shop, etc. The resort
offers 30 cottages, 10 suites, and nine villas with Jacuzzi
facilities. With the addition of 10 more rooms in FY2017, it is
expected to attract more footfalls. The resort has also entered
into agreements with a number of travel agents across India to
facilitate higher bookings. The hotel's ARR levels have witnessed
a decline in FY2017 as compared to the levels in the previous
years and stands at INR9,873. The company's occupancy levels
witnessed a decline in FY2017, also impacting the other
operational metrics like Revenue per available room (RevPARs).
Due to debt-funded capital expenditure incurred by the company,
the gearing and coverage indicators witnessed weakening. While
the gearing worsened to 7.66 times as on December 31, 2016, the
interest coverage also stood low at 1.51 times in 9M FY2017. The
company might have to depend on timely funding support from
promoters and group companies for debt-servicing, given the low
accruals in relation to scheduled debt repayment. The business is
inherently cyclical, with the company deriving majority of its
revenues during the second half of the year, leading to
significant volatility in its cash flows during the year. While
the revenues remain susceptible to adverse market conditions, as
its operations are limited to Hassan, improving ARR and occupancy
levels would be important to scale up the operations and the
profitability of the company.

Incorporated in 1993, NHRPL is engaged in hospitality services
through a single, 59-room resort, "Hoysala Village Resort"
located in Hassan, Karnataka, about 200 km from Bangalore. The
resort is spread over seven acres completely owned by the
promoters, with about 30 cottages, 10 suites, nine villas and 10
palace rooms. Apart from lodging, Hoysala Village Resort offers a
variety of other facilities to its guests like a swimming pool,
indoor sports, massage and trekking options. The resort also has
multi-cuisine restaurant, a spa, a souvenir shop and a cafÇ to
cater to varied preferences of its domestic and foreign guests.
The company is promoted by Mr. K. R Alwa and his family. The
promoters have a presence across real estate and agricultural
businesses through their other companies, such as Civic India
Housing Private Limited and Civic India Mphar Private Limited.

As per provisional results for FY2017, the company reported a net
profit of INR0.11 crore on an operating income of INR4.11 crore
till December 2016, as against a net profit of INR0.06 on an
operating income of INR5.88 crore for FY2016.


PAS TRADING: CRISIL Reaffirms B+ Rating on INR12MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on
the long term bank facilities of PAS Trading House (PAS).

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

   Long Term Bank
   Facility                 1.5    CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the firm's below-average
financial risk profile because of modest net worth and weak
capital structure and large working capital requirement. These
weaknesses are partially offset by its promoters' extensive
experience in the paper trading business.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: The financial risk
profile is below average marked by high Total Outstanding
Liabilities to Tangible Net worth (TOL/TNW) ratio of around 5
times primarily on account of modest net worth of about INR5 cr.
estimated as on March 31, 2017. The firm has weak debt protection
metrics as reflected by estimated interest coverage of 1.4 times
for 2016-17 (refers to financial year, April 1 to March 31).

* Working capital-intensive operations: The firm has high working
capital requirements as reflected in estimated GCA days of more
than 191 days estimated as on March 31, 2017 primarily on account
of high receivable holding of 85 days and inventory days of 70
days as on March 31, 2017. Working capital intensive operations
has led to high utilization of its short term bank lines

Strength

* Extensive experience of promoters in the paper trading
business: Experience of more than two decades in the trading
segment has helped the promoters to establish strong relationship
with suppliers and customers, leading to ramp-up in scale in the
scale of operations. CRISIL believes that the extensive
experience of the promoters in the paper trading business will
continue to support the overall business risk profile going ahead
as well.

Outlook: Stable

CRISIL believes PAS will benefit from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
the firm's scale of operations increases significantly, while it
achieves moderate and stable profitability, leading to higher-
than-expected cash accrual, or if promoters infuse substantial
long term funds in the company thereby leading to improvement in
the liquidity. Conversely, the outlook may be revised to
'Negative' if financial risk profile, particularly liquidity,
weakens because of lower cash accrual or stretch in working
capital cycle.

PAS, a partnership firm established by Mr. Sunil Khanna and his
family members, trades in paper. It imports around 75 percent of
its requirement.

The estimated profit after tax (PAT) was INR79 lakhs on net sales
of INR53.05 cr for fiscal 2017. For fiscal 2016, profit after tax
(PAT) was INR38 lakhs on net sales of INR38.01 crore.


R.K. PULSES: CRISIL Reaffirms 'B' Rating on INR8MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
loan facilities of R.K. Pulses Private Limited (RKPL) at 'CRISIL
B/Stable'.

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

RKPL witnessed decline in operating income at INR26.8 crore in
fiscal 2017 against INR28 crore in previous fiscal due to impact
of demonetization. However, it is expected to grow at moderate
pace over medium term while operating margin are expected to be
low at around 3 ' 4% due to highly competitive market.

Liquidity is constrained due to high bank limit utilization but
supported by low but sufficient cash accruals of INR19 ' 21 lakhs
against no long term debt repayment obligation.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Financial risk profile is marked
by high total outside liabilities to tangible networth ratio and
small networth, estimated at 5.5 times and INR1.5 crore,
respectively, as on March 31, 2017. Debt protection metrics are
weak, with adjusted interest coverage ratio of 1.2 times for
fiscal 2017. Financial risk profile may continue to be weak,
owing to low accretion to reserves, stemming from moderate growth
in operating income and muted net profit margin.

* Small scale of operations: Intense competition, from organised
and unorganised players, has kept the scale of operation small,
as reflected in estimated operating income of INR27 crore in
fiscal 2017.

* Moderate working capital requirement: Operations are moderately
working capital intensive, as reflected in estimated gross
current assets of 136 days as on March 31, 2017, mainly led by
large inventory estimated at 120 days, given the seasonal
availability of pulses. Receivables are lower, estimated around
20 days as on March 31, 2017. RKPL received low credit period
estimated at 20 days as on March 31, 2017 which results in high
bank limit utilization.

Strengths

* Extensive experience of the promoters, and their funding
support: Benefits from the promoter's presence of over a decade,
in the foodgrain trading business, and understanding of business
nuances and local market conditions, will continue. The promoter
has also extended unsecured loans of around INR1.48 crore as on
March 31, 2017.

Outlook: Stable

RKP will benefit from the extensive experience and funding
support of its promoter. The outlook may be revised to 'Positive'
if the company reports significant growth in revenue and
profitability, and manages working capital requirement in an
efficient manner. The outlook may be revised to 'Negative' if
liquidity weakens because of lower-than-anticipated cash accrual,
large working capital requirement, or debt-funded capital
expenditure.

Incorporated in 2000 by Mr. Rajiv Kumar Agarwal, RKPL processes
pulses such as split and whole urad dal, masoor, soyabean and
soyameal, and also trades in other pulses and sugar. The
manufacturing unit is located at Bareilly, Uttar Pradesh.

Profit after tax was INR10 lakhs on operating income of INR28.2
crore in fiscal 2016, vis-a-vis INR8 lakhs and INR14.7 crore,
respectively, in fiscal 2015.


RAGHAVENDRA COTTON: CRISIL Assigns B+ Rating to INR6MM Cash Loan
----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long term bank facilities of Raghavendra Cotton Corporation (RCC)

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             6        CRISIL B+/Stable

The rating reflects RCC's modest scale of operations amid intense
competition and susceptibility of operating margins to volatility
in raw material prices. The rating also factors in the firm's
subdued financial risk profile, marked by modest networth, high
total outside liabilities to adjusted networth (TOLANW) ratio and
average debt protection metrics. These rating weaknesses are
partially offset by extensive industry experience the partners in
highly competitive cotton ginning industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in a highly competitive cotton
ginning industry.
The firm's has modest scale of operations as reflected by the net
sales of INR61.5 crore in fiscal 2017. The modest scale of
operations also restricts the ability to negotiate with customers
or suppliers since cotton ginning business is highly fragmented
with several small players operating within the country.

* Susceptibility of operating margins to volatility in raw
material prices
Being an agricultural commodity, cotton's availability is highly
dependent on the monsoon. Furthermore, government interventions,
and fluctuations in global cotton output, resulted in sharp
fluctuations in cotton prices, thus impacting the margins of
cotton ginners.

* Subdued financial risk profile
Both capital structure and debt protection metrics are expected
to remain weak over the medium term. The networth was modest at
INR2.8 crore estimated as on March 31, 2017, against INR2.2
crores a year earlier. Interest coverage ratio is expected to
remain average at less than 2 times driven by modest cash
accrual.

Strengths

* Extensive industry experience of the partners in cotton
industry.

The promoters of the firm, Mr. Y. Narsimulu and Mr. P.
Purushottam Reddy, have an experience of over a decade in the
cotton industry. This has helped in achieving healthy growth in
revenue. Established relationship with major suppliers and
customers further strengthens the market position.

Outlook: Stable

CRISIL believes that the firm will continue to benefit over the
medium term from the extensive experience of its partners in the
cotton industry. The outlook may be revised to 'Positive' if
there is a significant growth in its revenue with sustained
improvement in its operating profitability resulting in better
than expected accruals or if its capital structure improves, by
capital infusion. Conversely the outlook may be revised to
'Negative' if RCC's financial risk profile deteriorates, most
likely because of increased working capital borrowings or large
debt funded capital expenditure.

Set up in 2013 as a partnership firm, RCC is a cotton ginning
unit with a capacity of producing 200-250 bales per day. The firm
processes raw cotton (kappas) into cotton bales and caters to
domestic markets. The day to day operations are managed by Mr. Y.
Narsimulu and Mr. P. Purushottam Reddy, who has been involved in
cotton trading business for more than a decade through their
group concern Sai Shobha Cotton Agents. The firm's unit is based
in Mahbubnagar, Telangana.

Net profit was INR0.28 crore on net sales of INR52.1 crore in
fiscal 2016, vis-a-vis INR0.19 crore and INR30.7 crore,
respectively, in fiscal 2015.


RAM NATH: CRISIL Reaffirms 'D' Rating on INR16.30MM Term Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Ram Nath
Memorial Trust Society (RNMTS) for obtaining information through
letters and emails dated February 8, 2017, and February 23, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Funded Interest        3.55      CRISIL D (Issuer Not
   Term Loan                        Cooperating; Rating
                                    Reaffirmed)

   Term Loan             16.30      CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Ram Nath Memorial Trust
Society. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Ram Nath Memorial Trust
Society is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with Crisil B
Rating category or lower.' Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
reaffirming the rating at 'CRISIL D'.

RNMTS, established in 1998 and managed by the Singhal family
operates an institute in Meerut, Uttar Pradesh, and offering
Bachelor of Education, Master of Education, and Bachelor of
Physical Education courses.


RELIANCE COMMUNICATIONS: Gets 7-Month Reprieve to Pay Debt
----------------------------------------------------------
Bhuma Shrivastava and Anurag Joshi at Bloomberg News report that
Reliance Communications Ltd.'s lenders have agreed to a seven-
month moratorium on the debt payments of Indian billionaire Anil
Ambani's wireless business, which had its credit rating slashed
in the past month.

Creditors have given Reliance Communications, or Rcom, time until
December to sell its towers to Canadian asset manager Brookfield
Infrastructure Group and merge the wireless business with Aircel
Ltd., Chairman Ambani said at a press conference in Mumbai on
June 2, Bloomberg relates. These transactions will help the
company reduce debt by 60 percent, he said.

"This will be the largest-ever debt reduction by one company in
the history of India," Bloomberg quotes Mr. Ambani as saying. The
company will create long-term shareholder value and a
"conservative debt profile," he said.

Reliance Communications, which has lost 39 percent of its market
value in the past month, is trying to assuage investor concerns
after local rating firms cut the credit score on the company's
rupee-denominated bonds and loans to the lowest level, indicating
that default is expected soon, according to Bloomberg. The
carrier has struggled to retain customers in an increasingly
competitive market, particularly after older brother Mukesh's
Reliance Jio Infocomm Ltd. started last year with offers of free
services, Bloomberg notes.

"Rcom is running a very tight timeline to complete the two
deals," Raj Kothari, London-based head of trading at Jay Capital
Ltd, told Bloomberg in a phone interview. "The lenders will avoid
making moves that may trigger a default for the company. Rather,
they will be glad to take this extension until December to
resolve the crisis."

The Brookfield and Aircel transactions are expected to conclude
in September, well before the deadline laid out by lenders, Mr.
Ambani said on June 2, Bloomberg relays. A joint forum of the
company's lenders have taken note of the substantial progress
made by Rcom, he said.

Reliance Communications delayed an installment payment that had
been due on Feb. 7 on its 11.25 percent rupee bond by two months,
and also pushed back the due date for principal repayment for
those notes, Bloomberg discloses citing a May 27 filing. Fitch
said that "some kind default is a real possibility."

Rcom's stock traded at 20.65 rupees at the close of trading in
Mumbai, dropping 16 percent for last week, notes the report. It's
the worst performer on the S&P BSE 100 index in the past month,
Bloomberg notes.

The asset sales will help Reliance Communications, which reported
its first annual loss last week, cut its net debt position to 200
billion rupees, Mr. Ambani, as cited by Bloomberg, said. The
company's future plans include selling its direct-to-home
business and a strategic sale of the global and Indian enterprise
business and data centers, he said.

The company's current net worth is INR275 billion, while its net
assets stand at INR720 billion, Punit Garg, president of
corporate strategy at Rcom said at June 2 briefing, according to
Bloomberg. Telecom companies have run out of money to pay for
government airwave auctions, as all companies were compelled to
match free voice and reduce data charges offered by new entrant
Jio, he said, Bloomberg relays.

                   About Reliance Communications

Based in Mumbai, India, Reliance Communications Ltd (BOM:532712)
-- http://www.rcom.co.in/Rcom/personal/home/index.html-- is a
telecommunications service provider. The Company operates through
two segments: India Operations and Global Operations. India
operations segment comprises wireless telecommunications services
to retail customers through global system for mobile
communication (GSM) technology-based networks across India;
voice, long distance services and broadband access to enterprise
customers; managed Internet data center services, and direct-to-
home (DTH) business. Global operations comprise Carrier,
Enterprise and Consumer Business units. It provides carrier's
carrier voice, carrier's carrier bandwidth, enterprise data and
consumer voice services. The Company owns and operates Internet
protocol (IP) enabled connectivity infrastructure, comprising
over 280,000 kilometers of fiber optic cable systems in India,
the United States, Europe, Middle East and the Asia Pacific
region.

As reported in the Troubled Company Reporter-Asia Pacific on
June 1, 2017, Moody's Investors Service 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.

"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.


SABARIS EDUCATIONAL: CRISIL Reaffirms D Rating on INR11.2MM Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL D' rating on the long-
term bank facilities of Sabaris Educational Trust (SET). The
rating continues to reflect delays by SET in servicing its debt,
because of weak liquidity arising from inadequate cash accrual.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            .5       CRISIL D (Reaffirmed)
   Term Loan            11.2       CRISIL D (Reaffirmed)

The trust has a weak financial risk profile because of small
networth and subdued debt protection metrics. However, it
benefits from its good infrastructure facilities.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile
SET has a small networth, high gearing, and weak debt protection
measures. Networth and gearing were at INR1.0 crore and 10.5
times, respectively, as on March 31, 2016. Interest coverage
ratio was 0.58 times for fiscal 2016

Strengths

* Good infrastructure facilities
SET was set up in 1997 and started a higher secondary school in
1999. It set up an engineering college in 2008 to scale up
operations. It is equipped with necessary infrastructure,
including laboratories, hostels, and libraries. The chairman and
managing trustee,  Mr.  Muthoo Nataraajan, has experience of more
than a decade in the education sector.

Set up in 1997 by Mr. T N P Muthoo Nataraajan, SET manages a
higher secondary school, Sri Dhayanandapuri Matriculation Higher
Secondary School, and an engineering college for women, Tejaa
Shakthi Institute of Technology, near Tiruppur in Tamil Nadu.

The trust had a net loss of INR0.3 crore and net revenue of INR5
crore in fiscal 2016, against net profit of INR0.6 crore on net
revenue of INR6.0 crore in fiscal 2015.


SANKALP VENTURES: CRISIL Assigns B+ Rating to INR12MM LT Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of Sankalp Ventures LLP (SVLLP).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan          12       CRISIL B+/Stable

The rating reflects the firm's exposure to project implementation
risk accentuated by saleability risk on account of low bookings
for ongoing commercial real estate project despite the advanced
stage of implementation. This weakness is partially offset by
promoters' extensive industry experience, established track
record and brand recognition in Ahmedabad.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to risks related to project execution, and
geographical concentration in revenue: Despite being in advanced
stage of implementation, project booking has been limited.
Adequate incremental bookings and timely receipt of customer
advances remain critical from timely project implementation
perspective. Any slowdown in the real estate sector could
adversely affect execution and saleability. Also, the firm is
executing only one project in Ahmedabad, which exposes sales to
regional factors.

Strengths

* Extensive experience of promoters and established track record:
The promoters have been developing real estate projects for over
three decades. Also, the Sankalp brand has strong recall in
Ahmedabad due to timely execution and quality of construction.

Outlook: Stable

CRISIL believes SVLLP will continue to benefit over the medium
term from the extensive experience of its promoters and
established brand. The outlook may be revised to 'Positive' in
case of higher-than-expected bookings and timely receipt of
advances significantly improves the cash inflows. The outlook may
be revised to 'Negative' if lower-than-expected bookings or
project delay weaken cash inflows and liquidity.

Established in 2016 as a partnership firm by Mr. Robin Goenka,
Mr. Parth Shah, Mr. Sheel Shah, and Ms. Beena Shah, SVLLP
constructs real estate projects in Ahmedabad. Firm is developing
commercial project in vicinity of Ahmedabad.


SARAS HOTELS: CRISIL Assigns 'D' Rating to INR15MM Term Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL D' rating to the long-
term bank facility of Saras Hotels Private Limited (SHPL). The
rating reflects delays in meeting the term loan obligation due to
stretched liquidity, driven by the nascent stage of operations of
the hotel. The stretched liquidity has constrained the financial
risk profile.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              15        CRISIL D

The rating also factors in geographical concentration in revenue,
and exposure to risks related to the intensely competitive and
cyclical hospitality industry.These weaknesses are mitigated by
the entrepreneurial experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness

* Delays in meeting term loan obligation
The company has delayed the repayment of its term loans
outstanding as on March 20, 2017, by around two months; this was
due to stretched liquidity, driven by the initial stage of
operations. It commenced commercial operations from April 2016.

* Geographical concentration in revenue and susceptibility to
cyclicality in the hospitality industry: Revenue is derived from
a single property in Chennai. Any location-specific demand
constraints or any force majeure event can adversely impact the
business risk profile. Also, the hospitality sector is cyclical
in nature. During positive cycles, the industry witnesses periods
of sustained growth and healthy average room rates and occupancy
rates. This trend continues until the economy undergoes a
downturn or there is excess supply in the sector.

* Stretched liquidity, constraining the financial risk profile:
Cash losses are expected in the near term due to the initial
stage of operations, while there is debt repayment obligation.
However, to some extent, repayment is made (though delayed)
through unsecured loans extended by the promoters.

Strengths

* Entrepreneurial experience of the promoters: The promoters have
been in the real estate business for over three decades. Also,
the company has a tie-up with the Wyndham group, which has been
in the hospitality segment for a long period.

SHPL, established in 2014, and promoted by Mr. Selvaraj R, is
based in Chennai. It runs the 57-room deluxe Days Hotel in
Chennai.


SHIV COTTEX: CRISIL Reaffirms B+ Rating on INR7MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the bank facilities
of Shiv Cottex - Kadi (SC) at 'CRISIL B+/Stable'. The rating
reflects modest scale of operations in the intensely competitive
cotton ginning industry and vulnerability to changes in cotton
prices. These rating weaknesses are partially offset by the
extensive experience of the partners.

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

   Long Term Loan          1.8     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      1.2     CRISIL B+/Stable (Reaffirmed)

Analytical Approach

Unsecured loans that SC has received from its partners have been
treated as neither debt nor equity, as the loans should remain in
the business over the medium term, and the interest paid is lower
than the market rate.
Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations: Intense competition in the cotton
ginning industry will continue to constrain SC's scalability,
thus limiting benefits from economies of scale and profitability.
Operating margin was modest around 4.2% in fiscal 2017.

* Vulnerability to changes in cotton prices: Vagaries in the
monsoon, government interventions and fluctuations in global
cotton output may continue to keep cotton prices volatile. SC's
ability to manage volatility in cotton prices will remain a key
sensitivity factor.

Strength

* Extensive experience of the partners: Benefits from the
extensive experience of the partners, their understanding of
market dynamics, and their established relationships with
customers and suppliers should continue to support business risk
profile.

Outlook: Stable

CRISIL believes Shiv Cottex will benefit over the medium term
from its partners' extensive industry experience. The outlook may
be revised to 'Positive' if the firm reports substantial revenue
while improving profitability and capital structure. Conversely,
the outlook may be revised to 'Negative' in case of considerable
decline in revenue and profitability, or deterioration in working
capital management, impacting liquidity, or large debt-funded
capital expenditure, weakening financial risk profile.

Established in August 2013 as a partnership firm, SC has a cotton
ginning unit. Operations are managed by Mr. Jayendra Ramesh
Patel. The processing facility is in Kadi, Gujarat.

In fiscal2016, net profit was INR0.20 Cr. on operating income of
INR25.93 Cr., against net loss of INR0.10 Cr. on operating income
of INR.6.0 Cr. in fiscal 2015.


SINGHANIA ENTERPRISES: ICRA Assigns B+ Rating to INR4cr Loan
------------------------------------------------------------
ICRA Ratings has assigned the long-term rating of [ICRA]B+ on the
INR3.0-crore cash-credit facility and INR1.0-crore ODIP facility
of Singhania Enterprises (SE). The outlook on the long-term
rating is 'Stable'. ICRA has also assigned the short-term rating
of [ICRA]A4 on the INR7.0-crore non-fund based facility of SE.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based-Cash
  Credit                  4.00       [ICRA]B+ (Stable); Assigned

  Fund-based-ODIP         1.00       [ICRA]B+ (Stable); Assigned

  Non-Fund-based-
  Bank Guarantee          7.00       [ICRA]A4; Assigned

Rationale
The assigned ratings take into account the long experience of the
partners in the civil construction business and low counterparty
default risk as the firm derives 100% of revenues from government
projects.

The ratings, however, are constrained by the significant decline
in SE's operating income in FY2017 due to reduced order inflows,
the firm's leveraged capital structure as reflected by a gearing
of 2.0 times as on March 31, 2017, and high geographical
concentration risk as its operations are limited to Chhattisgarh.
The ratings also take note of the fragmented and highly
competitive nature of the industry, coupled with a tender-based
contract-awarding system followed by government departments,
which keep margins under check. Besides, there is a risk of
capital withdrawal, which is inherent to a partnership firm.

Going forward, the firm's ability to secure new orders and
execute the same in a timely manner will be a key rating
sensitivity. Besides, any significant withdrawal by partners from
the capital account would adversely impact the capital structure
of the firm.

Key rating drivers

Credit strengths

* Long experience of the partners in the civil-contracts
business

* Low counterparty default risk as the entity derives 100%
   of its revenue from government projects

Credit weaknesses

* Significant decline in operating income in FY2017
* Leveraged capital structure as reflected by a gearing
   of 2.0 times as on March 31, 2017
* High geographical concentration risk as projects are executed
   only in Chhattisgarh
* Fragmented and highly competitive nature of the industry,
   coupled with a tender-based contract awarding system,
   followed by government departments keep margins under check
* Risk inherent to the partnership nature of the constitution
   such as withdrawal of capital

Description of key rating drivers:

SE is a part of the Ralas Group, based out of Raipur,
Chhattisgarh. The group also has auto-dealership and real-estate
businesses in Chhattisgarh. SE is a registered A5 contractor with
Public Works Department (PWD), Chhattisgarh which allows it to
bid for large contracts floated by the government. The
counterparty risk for SE remains low since the entire revenue is
derived from government projects.

The financial profile of the firm is weak with significant
decline in operating income in FY2017, and leveraged capital
structure, as reflected by a gearing of 2.0 times as on March 31,
2017.

Incorporated in 1979 as a partnership firm, Singhania Enterprises
is a civil constructor in Chhattisgarh.  SE is a registered A5
contractor with the PWD, Chhattisgarh, which allows it to bid for
large contracts floated by the department.


SRI MVR: ICRA Reaffirms 'B' Rating on INR14.30cr LT Loan
--------------------------------------------------------
ICRA Ratings has reaffirmed the long term rating at [ICRA]B
assigned to the INR14.30 crore unallocated limits of Sri MVR
Cotton Oil Mills Private Limited. The outlook on the long term
rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long Term
  Unallocated Limits     14.30      [ICRA]B (Stable) Reaffirmed

Rationale
The re-affirmation of rating takes into account the small scale
of MVR's operations in the highly fragmented cotton industry,
commoditized nature of the product and high competition from
organised and unorganised players leading to low pricing power.
The rating also takes into account the weak financial profile as
reflected in high gearing and weak coverage indicators. The
rating considers stretched liquidity profile of the company with
increase in debtor and inventory days leading to high utilization
of working capital limits during the last 12 months. Higher
inventory levels also result in inventory holding risks wherein
any adverse movement in cotton prices would impact margins. The
rating, however, favourably take into account the experience of
the promoters in the cotton trading and ginning business and
ability to produce better quality lint from the Technology
Mission on Cotton (TMC) unit. The proximity of MVR's ginning unit
to cotton growing areas of Guntur in the state of Andhra Pradesh
provides easy access to raw material resulting in lower
transportation costs.

Going forward, the ability of the company to increase its scale
of operations, improve profitability and liquidity position will
be the key rating sensitivities.

Key rating drivers

Credit Strengths

* Experience of promoter in the cotton ginning industry

* Proximity of MVR's ginning unit to cotton growing areas and
   the ability to produce better quality output (lint) from the
   Technology Mission on Cotton (TMC) unit

Credit Weaknesses

* Small scale of operations

* Highly fragmented industry; low pricing power and commoditized
   nature of product

* No entry barriers leading to increase in the number of ginning
   mills in the area leading to high competition

* Weak financial profile of the company with high gearing and
   weak coverage indicators

* Stretched liquidity profile of the company with increase in
   debtor and inventory days; high utilization of working capital
   limits during the last 12 months.

* Inventory risk with company stocking high inventory during
   March every year to be traded/processed during non-peak
season.

Description of key rating drivers:

The scale of operations of MVR remained low at INR45.26 crore
during FY2016 and INR18.26 crore during 9M FY2017. MVR also faces
high competition from other ginning mills in the area as there
are no entry barriers. MVR operates in a highly fragmented
industry with no value addition and hence has lower pricing
power. The financial profile of the company remained stretched
with high gearing of 3.37 times (adjusted gearing of 1.96 times)
and weak coverage indicators as reflected in interest coverage
ratio of 1.25 times, NCA/Debt at 1.43% and Debt/OPBDITA at 13.63
times. The working capital utilization of MVR also remained high
during the last 12 months. However, the promoters have more than
2 decades of experience in the cotton trading and ginning
industry and proximity of the ginning unit to cotton growing
areas of Guntur, and better quality output from its TMC unit
provides operational comfort.

MVR was incorporated in 2008 and has a TMC cotton ginning mill in
Guntur district of AP. In addition to better quality output, TMC
unit has other advantages such as higher production speeds and
low manpower requirement. MVR is promoted by Mr. M. Venkateswara
Rao who has over a decade of experience in cotton ginning and
trading. The capacity of the ginning mill was increased during
FY2011 by addition of 24 gins, making the total installed
capacity 48 gins which can produce 144,000 bales of cotton lint
during the cotton season each year.

As per audited financials for FY2016, MVR reported an operating
income of INR45.26 crore with profit after tax of INR0.05 crore
and INR18.42 crore of operating income with OPBDITA of INR1.61
crore for 9M, FY2017 (unaudited and provisional).


STONE WONDERS: CRISIL Reaffirms 'B' Rating on INR4.75MM LT Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Stone Wonders India Limited (SWIL) at 'CRISIL B/Stable/CRISIL
A4'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           0.5      CRISIL A4 (Reaffirmed)

   Export Packing Credit    1.5      CRISIL A4 (Reaffirmed)

   Letter of Credit         0.5      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       4.75     CRISIL B/Stable (Reaffirmed)

The ratings reflect SWIL's modest scale of operations and its
working-capital-intensive nature of operations. These rating
weaknesses are partially offset by the promoters' extensive
experience in the granite industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations
Intense competition from several small and large players,
operating in the granite quarrying and polishing segment, has
kept the scale of operations modest, as reflected in estimated
revenue of INR13 crore in fiscal 2017, and limits the pricing
flexibility and ability to scale up operations.

* Working capital intensity in operations
Operations are highly working capital intensive, as reflected in
gross current assets of over 400 days, estimated as on March 31,
2017, mainly led by large inventory of around 300 days.

Strength
* Extensive experience of the promoters
Benefits from the four decade-long experience of the promoters in
the granite industry, and the healthy relationships with
customers across more than 30 export countries, will continue.

Outlook: Stable

CRISIL believes SWIL will continue to benefit from the
established track record of its promoters in the quarry industry,
and the diversified end-user profile. The outlook may be revised
to 'Positive' if the company reports an improvement in revenue
and profitability, and demonstrates better working capital
management. The outlook may be revised to 'Negative' if lower-
than-expected cash accrual, any major, debt-funded capital
expenditure, or a stretch in the working capital cycle, weakens
the financial risk profile, especially liquidity.

Founded by Mr. R Veeramani in, SWIL is engaged in quarrying and
processing granites and monuments.

Net profit was INR0.3 crore on revenue of INR11.1 crore in fiscal
2016, against INR0.8 crore and INR12 crore, respectively, for
fiscal 2015.


SWACHHA BEVERAGES: CRISIL Reaffirms 'D' Rating on INR3.5MM Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Swachha
Beverages Private Limited (SBPL) for obtaining information
through letters and emails dated January 20, 2017, and February
10, 2017, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         0.2       CRISIL D (Issuer Not
                                    Cooperating; Reaffirmed)

   Cash Credit            2.0       CRISIL D (Issuer Not
                                    Cooperating; Reaffirmed)

   Proposed Long Term      .7       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating; Reaffirmed)

   Term Loan              3.5       CRISIL D (Issuer Not
                                    Cooperating; Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Swachha Beverages Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Swachha Beverages Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with Crisil B
Rating category or Lower' Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
Reaffirming the rating at 'CRISIL D/CRISIL D'.

SBPL was incorporated in Kolkata in January 2011. The company
processes and sells packaged drinking water, marketed in
collaboration with Eureka Forbes Limited under the Aqua Sure
brand.


TULSIANI CONSTRUCTIONS: ICRA Cuts Rating on INR30cr Loan to 'D'
--------------------------------------------------------------
ICRA Ratings has revised its long-term rating on the Rs 30.00-
crore term loan facilities of Tulsiani Constructions and
Developers Limited (TCDL) to [ICRA]D from [ICRA] B+.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Term Loan              30.00       [ICRA] D; revised from
                                     [ICRA] B+

Rationale
The rating factors in the delays in debt servicing by the
company. As part of its process and in accordance with its rating
agreement with Tulsiani Constructions and Developers Limited,
ICRA has been trying to seek information from the company so as
to undertake a surveillance of ratings, but despite multiple
requests; the company's management has remained non-cooperative.
In absence of requisite information ICRA's Rating Committee has
taken a rating view based on the best available information. In
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 01, 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.

Tulsiani Constructions & Developers Limited (TCDL) is a flagship
company of the Tulsiani Group which has several companies
undertaking real estate project in Lucknow, Allahabad and other
regions of Uttar Pradesh. TCDL is promoted by Allahabad based
Tulsiani family and is engaged in the business of construction of
residential and commercial building in Allahabad for last 14
years.


VASAVI PIPES: CRISIL Lowers Rating on INR5MM Cash Loan to 'B'
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Vasavi
Pipes Private Limited (VPPL) for obtaining information through
letters and emails dated January 19, 2017, and February 9, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             5        CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL B+/Stable')

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Vasavi Pipes Private Limited.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for Vasavi Pipes Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with Crisil B Rating
category. Or Lower' Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
downgrading the rating at 'CRISIL B/Stable'.

VPPL, incorporated in 2006, is a part of the Vasavi group. It
trades in PVC pipes and fittings. It is based in Guntakal (Andhra
Pradesh) and is managed by Ms. S Sridevi.


VERONICA MARINE: CRISIL Reaffirms B Rating on INR1.04MM LT Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Veronica Marine
Exports Private Limited (VMEPL) continues to reflect the VMEPL's
below-average financial risk profile, marked by high gearing and
weak debt protection metrics, and its working-capital-intensive
operations. The ratings also factor in the group's exposure to
risks inherent in the seafood exports industry. These rating
weaknesses are partially offset by its established brand in this
industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         0.5       CRISIL A4 (Reaffirmed)

   Export Packing
   Credit                18.0       CRISIL A4 (Reaffirmed)

   Foreign Bill
   Negotiation           12         CRISIL A4 (Reaffirmed)

   Foreign Bill
   Purchase               2.2       CRISIL A4 (Reaffirmed)

   Long Term Loan         1.04      CRISIL B/Stable (Reaffirmed)

Analytical Approach

CRISIL, while assigning the rating on bank facilities of VMEPL,
had earlier combined the business and financial risk profiles of
Capithan Exporting Company (CEC) and VMEPL, because the two
entities had business synergies, common promoters and fungible
cash flows. CRISIL now considered the standalone business and
financial risk profiles of VMEPL for rating its bank facilities,
as the firm is managed independently and there would be no
financial fungibility amongst the entities.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest financial risk profile
The financial risk profile has been modest because of high
gearing and below-average debt protection metrics. Leverage
though high, improved to 3.63 times in fiscal 2016 from 4.05
times in fiscal 2015. Interest coverage ratio was 1.46 times in
fiscal 2016.

* Moderate scale of operations
Scale of operations remains moderate (reflected in operating
income of INR44.45 crore in fiscal 2016) in the fragmented and
competitive industry, which has many un-organised and large
players.

Strength

* Strong market position
VMEPL has been in the business for over four decades. It has
built healthy relationship with most customers, with whom the
firm has been associated for over 10 years.

Outlook: Stable

CRISIL believes that the VMEPL will continue to benefit over the
medium term from its healthy relationships with suppliers and
customers. The outlook may be revised to 'Positive' if the
working capital management improves while achieving a substantial
increase in its cash accruals, resulting in improved financial
risk profile. Conversely, the outlook may be revised to
'Negative' in case of pressure on the company's liquidity, driven
most likely by large working capital requirements, debt-funded
capital expenditure, or low cash accruals.

Set up in 2004 and promoted by Mr. Alphonse Joseph, VMEPL
processes and exports cuttlefish, peeled un-deveined shrimp, fin
fish, shell fish, and cooked/blanched fish.

Profit after tax was INR30.29 lakh on net sales of INR44.45 crore
for fiscal 2016, vis-a-vis INR31.55 lakh and INR57.33 crore,
respectively, in fiscal 2015.


VIJ AGRO: CRISIL Lowers Rating on INR60MM Cash Loan to 'B'
----------------------------------------------------------
CRISIL has been consistently following up with Vij Agro Exports
Private Limited (Vij Agro) for obtaining information through
letters and emails dated January 19, 2017, and February 9, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             60       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL B+/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Vij Agro Exports Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Vij Agro Exports Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with Crisil B
Rating category.or Lower' Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
Downgrading the rating at 'CRISIL B/Stable/ CRISIL A4'.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Vij Agro and K L Sons. This is because
both the companies, together referred to as the Vij group, are in
similar lines of business and have the same promoters.

Incorporated in 1999, the Vij group mills and processes basmati
rice (Pusa 1121 quality). The group is promoted by Mr. Sunil
Kumar Vij, his two brothers, Mr. Sachin Kumar and Mr. Pravin
Kumar, and their mother, Mrs. Naresh Kumari Vij. Its processing
unit is in Ferozepur, Punjab.



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


TOSHIBA CORP: Pension Fund Sues Auditor Over Investment Losses
--------------------------------------------------------------
Takashi Umekawa at Reuters reports that Japan's Government
Investment Pension Fund (GPIF) has sued the local affiliate of
global accounting firm Ernst & Young, claiming $31 million for
losses on investments in Toshiba Corp stemming from the
conglomerate's accounting scandal in 2015.

According to Reuters, Toshiba has been on the Tokyo Stock
Exchange's supervision list since mid-March as it has failed to
clear up concerns about its internal controls after the $1.3
billion accounting scandal. That scandal preceded the crisis now
engulfing Toshiba over billions of dollars in cost overruns at
its now bankrupt U.S. nuclear unit Westinghouse Electric Corp.

Reuters relates that the world's biggest pension fund filed the
suit last month, seeking JPY3.5 billion ($31.40 million) in
damages from Ernst & Young ShinNihon LLC, saying the auditor
failed to properly monitor Toshiba.

"Showing a considerable lack of care, defendant gave an
unqualified opinion" certifying Toshiba's statements, the $1.3
trillion GPIF claimed in the suit, filed on May 17 in Tokyo
District Court and reviewed by Reuters on June 2, said the
report. "As a result, plaintiff suffered losses."

A ShinNihon spokesman said the firm "will respond appropriately
based on a careful review of the filing," Reuters relays.

An investigation of the accounting scandal found widespread
accounting errors throughout the laptops-to-nuclear conglomerate,
and blamed a corporate culture in which employees found it
difficult to question their superiors, according to Reuters.

GPIF estimates its Toshiba investment losses from the scandal at
JPY12.3 billion, the ShinNihon suit said. GPIF has sued Toshiba
itself over the accounting scandal, seeking a total of
JPY13.2 billion in several filings, Reuters adds.

                          About Toshiba

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
on March 21, 2017, that S&P Global Ratings has lowered its long-
term corporate credit rating on 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.


TOSHIBA CORP: Western Digital Plans New Offer for Chip Unit
-----------------------------------------------------------
Pavel Alpeyev and Takako Taniguchi at Bloomberg News report that
Western Digital Corp. plans to present Toshiba Corp. with a
revised offer for its memory chip unit next week in order to
resolve an increasingly bitter conflict over the future of a
business the two companies jointly own, according to a person
familiar with the matter.

The U.S. company's Chief Executive Officer Steve Milligan will
travel to Tokyo to meet Toshiba President Satoshi Tsunakawa, the
person said, asking not to be identified because the details are
private, Bloomberg relays. The new plan is designed to make it
more palatable for Toshiba shareholders to accept an acquisition
by Western Digital and its associates, according to the person,
who wouldn't specify the price to be offered or name partners,
Bloomberg relates.

Bloomberg says the two companies have been increasingly at odds
over Toshiba's plan sell its flash memory business in which
Western Digital is a manufacturing partner. While Toshiba needs
to raise cash to keep itself afloat following a disastrous
investment in nuclear power, Western Digital has sought to block
the sale on concerns the operations may fall into the hands of
competitors, the report states. The U.S. company has not been
able to match other bidders and has instead sought legal remedies
to delay the sale.

As of a May 19 deadline for second-round offers, Broadcom Ltd.
and a group led by KKR & Co. had emerged as the two leading
bidders for the chip unit, people familiar with the matter said
at the time, Bloomberg recalls. Broadcom, based in San Jose,
California, is offering about JPY2.2 trillion ($20 billion) and
would face simpler regulatory reviews than some rivals, said one
of the people.

The group led by KKR plans to offer about JPY1.8 trillion and may
receive support from the country's government, the people said,
Bloomberg adds. KKR's group may include Innovation Network Corp.
of Japan and Development Bank of Japan, both state-sponsored
investment vehicles. Western Digital had been in discussions to
join the group, but it was offered a stake of less than 20
percent, says Bloomberg.

Western Digital's revised plan will not call for a controlling
stake and will leave room for participation of partners,
including INCJ and DBJ, the person said on June 1, according to
Bloomberg. The U.S. company will eventually seek control of the
venture, according to the person. Western Digital offered about
JPY1.5 trillion in the first round of bidding, a separate person
familiar with the details said, Bloomberg relays.

The other bidders for Toshiba's chips business are Taiwan's Hon
Hai Precision Industry Co. and South Korea's SK Hynix Inc. They
face long odds because of political and antitrust opposition,
Bloomberg adds.

                          About Toshiba

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
on March 21, 2017, that S&P Global Ratings has lowered its long-
term corporate credit rating on 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.


TOSHIBA CORP: Moves Back Some Chip Unit Assets to Parent Co.
------------------------------------------------------------
Reuters reports that Toshiba Corp has moved some of the assets of
its memory chip unit back to the parent company in a bid to ward
off Western Digital Corp's legal claim that the Japanese
conglomerate cannot sell the unit without the U.S. partner's
consent.

Reuters relates that the move was meant to address Western
Digital's demand that Toshiba reverse a move to put their joint
venture interests into a unit that was set up in preparation for
the sale.

Toshiba, the world's second-largest NAND chip maker, is depending
on the sale to cover billions of dollars in cost overruns at its
now bankrupt U.S. nuclear unit Westinghouse, Reuters says.

Reuters notes that Western Digital, which jointly owns a
semiconductor plant with Toshiba in Japan, sought international
arbitration in mid May to stop Toshiba from selling its chips
arm.

Reuters relates that in a letter dated May 31, Toshiba lawyers
told Western Digital that the transfer back of the joint venture
interests to the parent "puts this matter to rest," a move that
would allow Toshiba to press ahead with the sale process.

The letter, seen by Reuters, also notes that the joint venture
interests at issue relate just to financing vehicles for some of
the manufacturing equipment and have a total value of less than 5
percent of Toshiba's memory chip business, which it has valued at
at least JPT2 trillion ($18 billion).

Western Digital, however, said in a statement in response on
June 1 that it "has no reason to believe that Toshiba has
resolved its breach of the joint venture agreements" through the
latest transfer, according to Reuters.

"Therefore, Western Digital is not withdrawing its arbitration
claim and will continue to vigorously defend its interests in the
joint ventures and prevent any effort by Toshiba to circumvent
Western Digital's rights," it said, Reuters relays.

                          About Toshiba

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
on March 21, 2017, that S&P Global Ratings has lowered its long-
term corporate credit rating on 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.



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


RURAL BANK OF RAGAY: Creditors Claim Deadline Set for July 3
------------------------------------------------------------
Creditors of the closed Rural Bank of Ragay (Camarines Sur), Inc.
have until July 3, 2017 only to file their claims against the
bank's assets. Claims filed after said date shall be disallowed.
Creditors refer to any individual or entity with a valid claim
against the assets of the closed Rural Bank of Ragay and include
depositors with uninsured deposits that exceed the maximum
deposit insurance coverage (MDIC) of PHP500,000.

The Philippine Deposit Insurance Corporation (PDIC), the
liquidator of the closed Rural Bank of Ragay, announced that
creditors of the closed bank may file their claims personally at
the PDIC Public Assistance Center located at the 3rd Floor, SSS
Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City,
Monday to Friday, 8:00 AM to 5:00 PM, except holidays. Creditors
also have the option to file their claims through mail addressed
to the PDIC Public Assistance Department, 6th Floor, SSS Bldg.,
6782 Ayala Avenue corner V.A. Rufino St., Makati City. A sample
Claim Form against the assets of the closed bank may be
downloaded from the PDIC website, www.pdic.gov.ph. The
Corporation also reiterated that creditors should transact only
with authorized PDIC personnel.

In case claims are denied, creditors shall be notified officially
by PDIC through mail. Claims denied or disallowed by the PDIC may
be filed with the liquidation court within sixty (60) days from
receipt of final notice of denial of claim. PDIC also clarified
that depositors who filed their deposit insurance claims on or at
any time prior to July 3, 2017 are deemed to have filed their
claims against the closed bank's assets.

Rural Bank of Ragay was ordered closed by the Monetary Board (MB)
of the Bangko Sentral ng Pilipinas on April 20, 2017 and as the
designated Receiver, PDIC was directed by the MB to proceed with
the takeover and liquidation of the closed bank in accordance
with Section 12(a) of Republic Act No. 3591, as amended. The
bank's Head Office is located at Tomas Delgado St. cor.
Provincial Road, Poblacion Ilaod, Ragay, Camarines Sur. Its lone
branch is located in Del Gallego, Camarines Sur.

All requests and inquiries relating to the closed Rural Bank of
Ragay should be addressed to the PDIC Public Assistance
Department through mail at the 6th Floor, SSS Bldg., 6782 Ayala
Avenue corner V.A. Rufino St., Makati City, or through telephone
numbers (02) 841-4630 or 841-4631. Depositors and creditors
outside Metro Manila may call the PDIC Toll Free Hotline at 1-
800-1-888-PDIC (7342). Walk-in clients may also visit the PDIC
Public Assistance Center at the 3rd Floor, SSS Bldg., 6782 Ayala
Avenue corner V.A. Rufino St., Makati City, Monday to Friday,
8:00 AM to 5:00 PM, except holidays.



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


* SOUTH KOREA: Shipbuilders Set to Commence Recovery in 2017
------------------------------------------------------------
Yonhap News Agency reports that South Korea's shipbuilders are
expected to recover this year after suffering from a global
industrywide slump in 2016, observers here said on June 4.

Yonhap relates that industry watchers said Samsung Heavy
Industries Co. clinched deals worth US$4.8 billion coming into
this year, which accounts for 74 percent of its annual target of
$6.5 billion. The latest performance marks a sharp turnaround
from last year, when Samsung failed to win a single contract in
the first five months, Yonhap says.

According to Yonhap, Samsung won a deal worth KRW2.9 trillion
(US$2.5 billion) to build a floating LNG facility by June 2022.
The facility will be used in the Coral South Project, which
develops gas wells in seas 250 kilometers northeast off the coast
of Mozambique.

Hyundai Heavy Industries Group also successfully posted deals
worth $3.8 billion in the first five months of this year, which
is already 50 percent above its annual target of $7.5 billion,
Yonhap says.

Daewoo Shipbuilding & Marine Engineering won deals worth $770
million, falling behind its local rivals. The company has been
facing financial challenges which have dealt a harsh blow to its
normal operations, adds Yonhap.

Despite poor showing in the overall tally, it still marks a
significant rise from $130 million posted a year earlier. Daewoo
Shipbuilding currently aims to secure deals worth $5.5 billion
this year, Yonhap discloses.



                             *********

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.



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