TCRAP_Public/170608.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, June 8, 2017, Vol. 20, No. 113

                            Headlines


A U S T R A L I A

DELTA SBD: In Administration; Wongawilli Ceases Operations
EXCLUSIVE CONSULTANCY: First Creditors' Meeting Set for June 15
GNG (ACT): First Creditors' Meeting Set for June 15
INDIA RESOURCES: First Creditors' Meeting Set for June 15
STAX HEALTH: Second Creditors' Meeting Set for June 15

KIMBERLEY DIAMONDS: Puts Diamond Mine Into Administration


H O N G  K O N G

NOBLE GROUP: Lenders in Talks on US$2BB Credit Line, FT Reports


I N D I A

ALLURI SITARAMA: CRISIL Reaffirms B+ Rating on INR21MM LT Loan
ANLON HEALTHCARE: CARE Assigns 'B+' Rating to INR11.5cr Loan
ARUN POLYMERS: CRISIL Cuts Rating on INR3.5MM Loan to 'B'
ASIAN HANDICRAFTS: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
BASUDEB AUTO: CRISIL Raises Rating on INR10.05MM Loan to B+

CHANDI MATA: CRISIL Reaffirms B- Rating on INR4.4MM Cash Loan
CHAUDHARY CONST: CRISIL Assigns B+ Rating to INR7.5MM Bank Loan
CPR CAPITAL: CRISIL Reaffirms 'C' Rating on INR6.50MM Loan
DI-AN-ARE EXPORTS: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
DKM AGENCIES: CARE Assigns 'B' Rating to INR8.30cr LT Loan

DLP COTTON: CRISIL Raises Rating on INR8MM Cash Loan to B+
DMS BUILDERS: CRISIL Assigns B+ Rating to INR5.5MM Term Loan
FAIRDEAL CONSUMER: CRISIL Lowers Rating on INR12MM Loan to B+
GOODEARTH MARITIME: ICRA Withdraws D Rating on INR379cr Loan
HARIYANA SHIP: CRISIL Reaffirms B+ Rating on INR200MM Loan

HARSHA INTERNATIONAL: CARE Assigns B+ Rating to INR25cr LT Loan
HEMKUNT RICE: CRISIL Reaffirms B+ Rating on INR3.75MM LT Loan
HIGH TECH: ICRA Downgrades Rating on INR5.70cr Term Loan to D
INDIAN STEEL: ICRA Reaffirms 'D' Rating on INR1,046.82cr Loan
J C CONSTRUCTION: Ind-Ra Assigns 'BB' Long-Term Issuer Rating

KAMDHENU COTTON: CRISIL Reaffirms B+ Rating on INR17.20MM Loan
MAHARASHTRA ALUMINIUM: CRISIL Reaffirms B Rating on INR10MM Loan
MR. BROWN: CRISIL Raises Rating on INR8.2MM Term Loan to B+
NARAYAN COTTON: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
NEW LAXMI: Ind-Ra Assigns 'BB' Long-Term Issuer Rating

P P RUBBER: CRISIL Reaffirms B+ Rating on INR12.5MM Cash Loan
P.B. COTTON: ICRA Withdraws 'B' Rating on INR7cr Cash Loan
PITAMBARA FOODS: ICRA Reaffirms B+ Rating on INR3.50cr Loan
PNB REALITY: ICRA Reaffirms 'D' Rating on INR5.97cr Term Loan
RELIANCE COMMUNICATIONS: Fitch Lowers Long-Term IDR to RD

RELIANCE COMMUNICATIONS: Moody's Cuts CFR to Ca; Outlook Negative
RELIANCE TELECOM: ICRA Lowers Rating on INR812cr LT Loan to D
S.L. THAKUR: CRISIL Assigns B+ Rating to INR6.0MM Crash Credit
SANT MUKTAI: Ind-Ra Assigns 'B' Long-Term Issuer Rating
SHILPI CABLE: ICRA Lowers Rating on INR27cr Loan to C

SHIVAM COTTON: ICRA Reaffirms 'B' Rating on INR12CR Cash Loan
SHREE NARSHING: CRISIL Assigns B+ Rating to INR4MM Cash Loan
SHREE RAJASVI: CRISIL Reaffirms B- Rating on INR16MM Cash Loan
SHRI AAVISHKAR: ICRA Withdraws B+ Rating on INR4.50cr Loan
SPECTRUM SCAN: CRISIL Cuts Rating on INR4MM LT Loan to B

SPENZZER CRAFT: CARE Assigns B+ Rating to INR7.35cr LT Loan
SPS YARNS: CRISIL Assigns B- Rating to INR6.55MM LT Loan
SRE VENGADALAKSHMI: CRISIL Assigns B+ Rating to INR8.8MM Loan
STEELMAN INDUSTRIES: CRISIL Assigns B+ Rating to INR4MM Loan
SUPER OVERSEAS: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating

SWARAJ SYNTHETICS: CRISIL Cuts Rating on INR4MM Cash Loan to B
TRIMURTI COTTON: CARE Assigns 'B' Rating to INR6.90cr LT Loan
UNITECH FABRICATORS: CRISIL Reaffirms B Rating on INR5MM Loan
USHA SPINCOAT: CARE Raises Rating on INR29.36cr LT Loan to BB-
UTTORAYON TEA: CRISIL Upgrades Rating on INR5.75MM LT Loan to B+

VISHWAS COTTON: ICRA Reaffirms 'B' Rating on INR5.0cr Loan


N E W  Z E A L A N D

CALLACTIVE: Payment Sought from People Tied to Directors


P H I L I P P I N E S

PROVIDENT PLANS: Likely to be Placed Under Conservatorship


S I N G A P O R E

MISA TRAVEL: STB Serves Notice of License Revocation


                            - - - - -


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A U S T R A L I A
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DELTA SBD: In Administration; Wongawilli Ceases Operations
----------------------------------------------------------
Lou Caruana at MiningMonthly.com reports that Wollongong Coal's
Wongawilli Colliery in New South Wales has ceased operating after
its main contractor Delta SBD was placed in voluntary
administration last week.

John McInerney and Said Jahani of Grant Thornton were appointed
joint and several administrators of the contractor on May 31 and
Wollongong Coal was advised that the administrators had stood
down Delta SBD's workforce, including those providing the mining
services contract, the report relates.

According to the report, the mining services contract between
Wongawilli Coal and SBD Services dated July 17, 2016 stated the
contractor was to provide mining services at the Wongawilli
colliery including, but not limited to, the mining and extraction
of coal, maintenance of coal stockpiles and operation, inspection
and testing of certain associated machinery and equipment.

"The company is in discussions with the administrators with a
view to putting in place arrangements to reinstate the
contractor's workforce necessary to recommence the provision of
the mining services at the Wongawilli colliery, either in whole
or part, during the administration period, which is typically
approximately five weeks," Wollongong Coal, as cited by
MiningMonthly.com, said.

"The company wishes to advise that its major shareholder holder,
Jindal Steel and Power (Mauritius) Limited remains supportive and
their support letter remains valid, effective and in force."

According to MiningMonthly.com, Delta said the administrators are
undertaking an urgent assessment of the business to identify
steps that may be taken to stabilise the business.


EXCLUSIVE CONSULTANCY: First Creditors' Meeting Set for June 15
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Exclusive
Consultancy Group Pty Ltd will be held at the offices of Mackay
Goodwin, Suite 2, Level 8, 10 Bridge Street, in Sydney, NSW, on
June 15, 2017, at 11:00 a.m.

Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of Exclusive Consultancy
on June 5, 2017.


GNG (ACT): First Creditors' Meeting Set for June 15
---------------------------------------------------
A first meeting of the creditors in the proceedings of GNG (ACT)
Pty Ltd will be held at the offices of RSM Australia Partners,
Equinox Building 4, Level 2, 70 Kent St, in Deakin, ACT, on
June 15, 2017, at 11:00 a.m.

Frank Lo Pilato of RSM Australia was appointed as administrator
of GNG (ACT) on June 2, 2017.


INDIA RESOURCES: First Creditors' Meeting Set for June 15
---------------------------------------------------------
A first meeting of the creditors in the proceedings of India
Resources Limited will be held at the offices of Deloitte Touche
Tohmatsu, Tower 2, Brookfield Place, 123 St Georges Terrace, in
Perth, WA, on June 15, 2017, at 1:30 p.m.

Jason Tracy and Vaughan Strawbridge of Deloitte Touche were
appointed as administrators of India Resources on June 2, 2017.


STAX HEALTH: Second Creditors' Meeting Set for June 15
------------------------------------------------------
A second meeting of creditors in the proceedings of Stax Health &
Fitness Pty Ltd has been set for June 15, 2017, at 10:30 a.m. at
the offices of Worrells Solvency & Forensic Accountants
Level 1, 160 Brisbane Street, in Ipswich, 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 14, 2017, at 5:00 p.m.

Adam Francis Ward and Michael John Griffin of Worrells Solvency
were appointed as administrators of Stax Health on May 18, 2017.


KIMBERLEY DIAMONDS: Puts Diamond Mine Into Administration
---------------------------------------------------------
Paul Garvey at The Australian reports that controversial
Australia-based miner Kimberley Diamonds has put its last
remaining diamond mine into administration after it failed to
secure fresh funding.

The Australian relates that Kimberley, which avoided an estimated
AUD40 million clean-up bill after it walked away from its
Ellendale mine in Western Australia's north, shut its Lerala
operation in Botswana last week and placed the subsidiary
responsible for the project into administration.

According to the report, Kimberley said its subsidiary Lerala
Diamond Mines had "no choice" but to place itself into
administration after the parent company was unable to strike a
new financing deal.

It had earlier stopped day to day operations at Lerala pending an
overhaul of the mine's diamond processing plant, the report
notes.

"The successful completion of this performance improvement plant
required further funds to be provided by investors and despite
considerable progress being made on implementing these
improvements, all of the required funds have not been
forthcoming," Kimberley, as cited by the Australian, said.
"Kimberley has been in discussions with investors regarding
further funds for some time, however to date no agreement for
further and sufficient funding has been reached and KDL has been
forced to cease providing financial support to Lerala."

But the collapse of Lerala won't kill off the parent, says the
Australian. Kimberley said it remained in discussions with
investors for further funding and was "exploring corporate
restructuring options".

The Australian says Kimberley delisted from the ASX earlier this
year after a chequered history. The stock enjoyed a charmed run
early on, surging from 11c in 2012 to $1.30 in 2013, but fell
spectacularly in 2014 when it revealed it had failed to secure a
price increase from global jeweller Tiffany & Co that it had
already factored into its profit forecasts, the report recalls.
Its shares never recovered, and last traded at just 0.7c prior to
its delisting.

The Australian adds the company, chaired by former stockbroker
Alexandre Alexander, also came under fire for its handling of the
closure of Ellendale. According to the report, the liquidators
appointed to the Kimberley subsidiary that held Ellendale used a
legal loophole to shift responsibility for the clean-up to the
state government's industry-funded mining rehabilitation fund.

The rehabilitation costs at Ellendale have been estimated at
between AUD28 million and AUD40 million, the report states.



================
H O N G  K O N G
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NOBLE GROUP: Lenders in Talks on US$2BB Credit Line, FT Reports
--------------------------------------------------------------
Alice Woodhouse at The Financial Times reports that Noble Group
took another tumble on June 7 following a report the company's
main banks are in last-ditch talks over whether to give the
commodities trader more time to find a white knight investor or
to force it into restructuring or liquidation.

The FT reported banks including HSBC, Societe Generale, ABN Amro,
Citigroup and ING have appointed legal advisers as they weigh
extending a US$2 billion credit line to the Hong Kong-based,
Singapore-listed company to allow it to continue its search for a
major new investor.

Noble has been hit over the past two years by a downturn in the
commodities market and questions about its accounting. Its
problems deepened last month when it said it may not be
profitable until 2019, sparking fears it would not be able to
service its US$3.2 billion debt burden, the FT notes.

The company's shares fell as much as much as 6.4%, easing to be
down 4.8% at SGD0.30 a share, and hovering around its lowest
level since February 2001, the FT discloses. The company's shares
have fallen 83.4% since the beginning of the year, the report
notes.

Hong Kong-based Noble Group Limited (SGX:N21) --
http://www.thisisnoble.com/-- engages in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores. Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in
Asia and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.

As reported in the Troubled Company Reporter-Asia Pacific on
May 24, 2017, S&P Global Ratings lowered its long-term corporate
credit rating on Noble Group Ltd. to 'CCC+' from 'B+'.  The
outlook is negative. At the same time, S&P lowered the long-term
issue rating on Noble's outstanding senior unsecured notes to
'CCC' from 'B'.  In addition, S&P lowered its long-term Greater
China regional scale rating on the company to 'cnCCC+' from
'cnBB-' and on the notes to 'cnCCC' from 'cnB+'.

S&P downgraded Noble because S&P believes the company's capital
structure is not sustainable.  This is due to continuing weak
cash flows and profitability, and Noble's access to funding will
have further weakened following its weak results for the three
months ending March 31, 2017.

The TCR-AP reported on May 18, 2017, that Moody's Investors
Service has downgraded Noble Group Limited's corporate family
rating and senior unsecured bond ratings to Caa1 from B2, and the
rating on its senior unsecured medium-term note (MTN) program to
(P)Caa1 from (P)B2.  The ratings outlook remains negative.



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I N D I A
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ALLURI SITARAMA: CRISIL Reaffirms B+ Rating on INR21MM LT Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the long term bank facility
of Alluri Sitarama Raju Educational Society (ASRES) at 'CRISIL
B+/Stable'.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Long Term Loan         21      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect ASRES's below-average financial
risk profile because of weak capital structure, geographic
concentration in revenue, and exposure to risks related to the
regulated nature of the education sector. These weaknesses are
partially offset by established regional position in the medical
education segment, and healthy revenue from multi-speciality
hospital.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile
ASRES's net worth is negative resulting in a weak gearing. Its
return on capital employed and DSCR were 6.4 per cent and 1.1
times as on March, 2017.

* Geographical concentration in the revenue profile
ASRES's derives its revenue from Andhra Pradesh (AP). It is
present in a single location and faces significant competition
from other institutions and hospitals in and around the region.

* Susceptibility to adverse regulatory changes in the education
sector
The education sector faces a high degree of regulation from
various governmental and quasi-governmental agencies such as the
University Grant Commission (UGC), Medical Council of India
(MCI), universities, and state governments.

Strengths

* Established regional position in medical education segment
ASRES has an established regional position, supported by its
members' extensive experience in the field of medicine. ASRES has
developed an established brand, and has a healthy positioning
among private medical colleges.

* Healthy revenue stream from its multi-specialty hospital
ASRES has a stable revenue stream, supported by integrated
facilities and super speciality services in various clinical
disciplines. ASRES's operations have been growing at a healthy
pace, with focus on increasing occupancy and revenue per bed; it
achieved this growth through continuous expansions in
specialties, addition of prominent consultants and state-of-the-
art facilities.

Outlook: Stable

CRISIL believes ASRES will continue to benefit over the medium
term from its established regional position in the medical
education segment. The outlook may be revised to 'Positive' if
the society registers substantial and sustained increase in
revenue and operating margin, or receives sizeable donations,
resulting in larger cash accruals and hence stronger liquidity.
Conversely, the outlook may be revised to 'Negative' if revenues
or operating margin declines owing to lower occupancies or
substantial increase in costs, or debt increases significantly
for funding large capital expenditure, weakening the financial
risk profile.

ASRES was established in 1998 as a not-for-profit society by Mr.
G Ganga Raju, Mr. G V K Ranga Raju, and Mr. G Rama Raju. The
society has two divisions: a multi-speciality hospital, and an
educational institution that offers graduate and post-graduate
courses in medicine, nursing, and para-medicine. ASRES is based
out of Eluru, Andhra Pradesh.

For 2015-16, ASRES reported net loss of INR4.2 crores on net
sales of INR72.1 crores against profit after tax (PAT) of INR3.1
crores on net sales of INR65.3 crores for 2014-15.


ANLON HEALTHCARE: CARE Assigns 'B+' Rating to INR11.5cr Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Anlon
Healthcare Private Limited (AHPL) as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term/Short-        3         CARE B+; Stable/CARE A4
   term Bank                         Assigned
   Facilities

   Long-term Bank
   Facilities             11.50      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

Rajkot-based (Gujarat), AHPL was incorporated in March 2014 by
three directors namely Mr. Punit Rasadia, Mr. Vaibhav Ramani and
Mr. Meet Vachhani. The company is setting up a unit for
manufacturing of pharma intermediates and ingredients having
total installed capacity of 11 metric tonnes per month. Total
project cost envisaged at INR26 crore which will be funded
through debt/equity mix of 1.08 times. AHPL has envisaged
commencing operations by end of June 2017. Promoters of AHPL are
also associated with another group company named Anlon Chemical
Research Organization which is into trading of pharma products.

Detailed description of the key rating drivers

Key Rating Strengths
Project implementation and stabilization risk: AHPL is
implementing a Greenfield project of Manufacturing of Pharma
intermediates and ingredients with the estimated cost of INR26
crore to be funded through debt/equity mix of 1.08 times. Till
March 31, 2017, AHPL had incurred 91.92% of total cost of the
project. With balance costs yet to incur, the firm is exposed to
project implementation and stabilization risk. Increasing
competitive pressure and regulatory burden: AHPL faces high
competition within similar segment in domestic market wherein
large number of players operates at large and small level.
Further, pharmaceutical sector is one of the most regulated
sectors by the government because of its relevance with public
health.

Raw material price fluctuation risk: AHPL will manufacture pharma
intermediates and ingredients, which required many different
chemicals and solvents as raw material. There is a risk of
unexpected change of price of them depending upon the demand and
supply, which can have a direct impact on the profitability of
the company.

Key rating strengths
Experienced promoters: AHPL has been promoted by three promoters
who are holding healthy experience in the pharma industry.
Further, they are also associated with Anlon Chemical Research
Organization (ACRO), a group entity which is engaged in the
business of pharma products trading.

Rajkot-based (Gujarat), AHPL was incorporated in March 2014 by
three directors namely Mr. Punit Rasadia, Mr. Vaibhav Ramani and
Mr. Meet Vachhani. The company is setting up a unit for
manufacturing of pharma intermediates and ingredients having
total installed capacity of 11 metric tonnes per month. Total
project cost envisaged at INR26 crore which will be funded
through debt/equity mix of a term loan of INR11.50 crore, equity
share capital of INR8 crore and balance by way of unsecured loans
of INR6.50 crore. AHPL has envisaged commencing operations by end
of June 2017.


ARUN POLYMERS: CRISIL Cuts Rating on INR3.5MM Loan to 'B'
---------------------------------------------------------
CRISIL has been consistently following up with Arun Polymers (AP)
for obtaining information through letters and emails dated
January 19, 2017, and February 9, 2017, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        0.15       CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Cash Credit           3.50       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL B+/Stable')

   Letter of Credit      7.55       CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Proposed Short Term    .90       CRISIL A4 (Issuer Not
   Bank Loan Facility               Cooperating; Rating
                                    Reaffirmed)

   SME Credit            0.25       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL B+/Stable')

   Term Loan             2.40       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 Arun Polymers. 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 Arun Polymers is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL B' category or lower. Based on the last
available information, CRISIL has downgraded the long term rating
at 'CRISIL B/Stable' & Reaffirmed short term rating 'CRISIL A4'.

AP is a partnership firm set up in 2000 by Mr. P. Thiyagarajan.
The firm manufactures PVC pipes.


ASIAN HANDICRAFTS: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Asian
Handicrafts Private Limited (AHPL) a Long-Term Issuer Rating of
'IND BB-'.  The Outlook is Stable.  The instrument-wise rating
actions are:

   -- INR39.26 mil. Term loan assigned with 'IND BB-/Stable'
      rating; and

   -- INR100 mil. Fund-based working capital assigned with
      'IND BB-/Stable/IND A4+' rating

                        KEY RATING DRIVERS

The rating reflects AHPL's small scale of operations and moderate
EBITDA margin due to intense competition and the appreciation of
the Indian rupee against the US dollar and the British pound.
According to provisional financials for FY17, revenue was
INR226.96 million (FY16: INR239.36 million) and EBITDA margin was
6.22% (8.87%).

The ratings also reflect weak credit metrics.  In FY17, gross
leverage (total adjusted debt/operating EBITDA) was 9.22x
(FY16: 1.60x) and gross interest coverage (operating EBITDA/gross
interest expense) was 2.04x (6.28x).  The deterioration in credit
metrics was due to lower EBITDA and debt-led capex.

The ratings, however, are supported by the promoter's experience
of over three decades in the handicraft business and a
comfortable liquidity position.  AHPL's utilization of fund-based
limits was about 73.57% during the nine months ended April 2017.

                        RATING SENSITIVITIES

Negative: A decline in operating profitability leading to
deterioration in credit metrics could lead to a negative rating
action.

Positive: A substantial rise in revenue, along with operating
profitability, leading to an improvement in credit metrics could
lead to a positive rating action.

COMPANY PROFILE

AHPL was established as a partnership firm in 1976. In 2004, it
was converted into a private limited company.  AHPL manufactures
handicraft products such as picture frames, decorative items,
jewelry boxes and fashion jewelry, and exports to Australia,
Japan, the UAE, the US, and the UK and other European countries.


BASUDEB AUTO: CRISIL Raises Rating on INR10.05MM Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Basudeb Auto Limited (BAL) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            4.25      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Channel Financing     10.05      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Proposed Long Term     .70       CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

The upgrade reflects CRISIL's belief that BAL's business risk
profile will improve over the medium term, driven by estimated
31% increase in revenue to INR67 crore in fiscal 2017 from INR51
crore in the previous fiscal, supported by government orders.

The rating reflects the company's large working capital
requirement, and exposure to intense competition in the
automotive (auto) dealership business leading to pressure on
profitability. These weaknesses are partially offset by its
promoters' extensive industry experience and established
relationship with principal supplier Tata Motors Ltd (TML), and
its improving financial risk profile.

Key Rating Drivers & Detailed Description

Strengths:

Extensive experience of the promoters in the auto dealership
industry: BAL's promoters have been in the auto dealership
business for over four decades and have developed expertise. They
have dealership of other auto makers such as LML Vespa, and had a
dealership of Hindustan Motors since the 1970s, which has now
been closed down. BAL has been a dealer of TML's passenger
vehicles for 15 years, and has an established market presence in
Jharkhand, with a distribution network spread across the state,
including four showrooms and two workshops in Ranchi, Hazaribagh,
Ramgarh, and Daltonganj. CRISIL believes BAL's business risk
profile will continue to be supported by its promoters' extensive
experience and longstanding association with TML.

* Improving financial risk profile: Gearing improved to 3 times
as on March 31, 2016, from 4.06 times as on March 31, 2014, and
is estimated to have stayed stable in fiscal 2017. Interest
coverage improved to an estimated 1.37 times in fiscal 2017.
CRISIL believes the financial risk profile will continue to
improve over the medium term.
Strengths

Weakness

* Exposure to intense competition leading to pressure on
profitability: BAL's business depends entirely on TML. Value
addition by the company is minimal, and consequently, its
profitability is low. Operating margin was 4.86% for fiscal 2016.
Furthermore, the Indian passenger car industry is highly
competitive with a number of car manufacturers present in various
car segments. Auto makers have consistently introduced newer
models and variants. The success or failure of a new launch
affects the profitability of all players in the value chain,
including dealers.

* Large working capital requirement: The company had gross
current assets of 140-190 days in the four fiscals through 2017,
driven by large inventory. Receivables averaged 30 days in the
past three fiscals on account of delays in payments by government
clients. On the other hand, BAL has to make advance payments to
TML. Due to modest cash accrual, the company funds working
capital requirement through bank debt and credit from other.

Outlook: Stable

CRISIL believes BAL will continue to benefit from its promoters'
extensive industry experience and established relationship with
TML. The outlook may be revised to 'Positive' if financial risk
profile improves on account of higher-than-expected accrual and
better working capital management. The outlook may be revised to
'Negative' if financial risk profile, particularly liquidity,
weakens because of lower-than-expected cash accrual, or larger-
than-expected working capital requirement, or sizeable, debt-
funded capital expenditure.

BAL, based in Ranchi, Jharkhand, was incorporated in 2000 as a
closely held limited company by the Kataruka family. The company
is an authorised dealer of passenger vehicles of TML in four
districts of Jharkhand: Ranchi, Hazaribagh, Ramgarh, and
Daltonganj.

Profit after tax is estimated at INR0.20 crore and turnover at
INR67.10 crore in fiscal 2017, against profit after tax of
INR0.09 crore and turnover of INR51.09 crore in fiscal 2016.


CHANDI MATA: CRISIL Reaffirms B- Rating on INR4.4MM Cash Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Chandi Mata Cold
Storage Private Limited (CCSPL) 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        0.1        CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Cash Credit           4.4        CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Proposed Long Term     .43       CRISIL B-/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Rating
                                    Reaffirmed)

   Term Loan             2.07       CRISIL B-/Stable (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 Chandi Mata Cold Storage
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 Chandi Mata Cold
Storage Private Limited is consistent with 'Scenario 3' outlined
in the 'Framework for Assessing Consistency of Information with
Crisil BBB Rating category or Lower'.' Based on the last
available information, CRISIL has reaffirmed the rating at
'CRISIL B-/Stable/CRISIL A4'.

CCSPL, incorporated in 1982, is engaged in the business of
providing cold storage facilities to potato farmers and traders.
The company was taken over in 2013. Its cold storage facility is
located in Paschim Midnapur district (West Bengal). The installed
capacity of CCSPL in 2014-15 (refers to financial year, April 1
to March 31) is 1,19,792 quintal consisting of two chambers and
are fully utilised. The daily operations of the company are
looked after by its director, Mr. Ranjit Dandapat.


CHAUDHARY CONST: CRISIL Assigns B+ Rating to INR7.5MM Bank Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Chaudhary Const. Co (CCC). The ratings
reflect a modest scale of operations in the highly fragmented
industry, large working capital requirement leading to high bank
limit utilisation, and geographical concentration in revenue.
These weaknesses are partially offset by the extensive experience
of promoters, and a moderate financial risk profile.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Bank
   Guarantee              7.5       CRISIL B+/Stable

   Overdraft              3.5       CRISIL A4

   Loan Against
   Property                .75      CRISIL B+/Stable

   Long Term Loan          .75      CRISIL B+/Stable

Analytical Approach

CRISIL has treated unsecured loans as nether debt nor equity as
they are expected to remain in the business.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations in a highly fragmented industry:
CCC's scale is modest, as reflected in gross revenue of INR52.65
crore in fiscal 2017.

* Working capital-intensive operations: Working capital-intensive
operations is reflected in the estimated gross current assets of
187 days as of March 2017, driven by high debtors and also due to
the inherent nature of the contracting industry. Working capital
requirement is funded through bank limit that have been fully
utilised over the 12 months through March 2017.

* Geographical concentration: Revenue is concentrated in Uttar
Pradesh.

Strengths

* Extensive experience of proprietor in the electrical
contracting industry: Mr. Vikas Sharma has over a decade of
experience in the electrical contracting industry, leading to
successful completion of several contracts in Uttar Pradesh.

* Moderate financial risk profile: With gearing below 1.0 time as
of March 2017, and debt protection metrics, with interest cover
and net cash accrual to total debt ratio of over 4 times and 0.4
time, respectively, the financial risk profile remains above
average and is expected to remain at similar levels in the medium
term.

Outlook: Stable

CRISIL believes CCC will continue to benefit over the medium term
from its proprietor's extensive experience. The outlook may be
revised to 'Positive' in case of significant and sustained
improvement in revenue, with improvement in its margins and
capital structure. Conversely, the outlook may be revised to
'Negative' if significant decline in revenue or margins, or
stretch in working capital cycle or any large, debt-funded
capital expenditure weakens the financial risk profile.

Established in 1996 as a proprietorship by Mr. Vikas Sharma, CCC,
undertakes turnkey projects of setting up of substations and
transmission lines for state power transmission and distribution
utilities in Uttar Pradesh.

Profit before tax is estimated at INR3.22 crore on an estimated
operating income of INR52.65 crore for fiscal 2017, against
INR3.02 crore and INR49.67 crore, respectively, for fiscal 2016.


CPR CAPITAL: CRISIL Reaffirms 'C' Rating on INR6.50MM Loan
----------------------------------------------------------
CRISIL has been consistently following up with CPR Capital
Services Limited (CPR) for information and a discussion with the
management since March 2017. Despite several emails and calls,
the company has not submitted any information. CRISIL had,
through letters dated March 30, 2017 (director letter), and April
18, 2017 (senior director letter), informed the company of the
extant guidelines and requested for cooperation. The issuer,
however, remains non-cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Overdraft              6.50      CRISIL C (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 CPR. 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
CPR is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL B rating
category or lower.'

CPR has a loan against shares (LAS) facility (not rated by
CRISIL); this facility remains classified as a non-performing
asset. Based on the last available information, CRISIL has
reaffirmed the rating at 'CRISIL C'.

CPR was incorporated in Ghaziabad, Uttar Pradesh, in 1995,
promoted and managed by the Garg family. Mr. Pawan Garg and his
immediate family hold around 74% in the company, while other
relatives and friends hold the rest. It was established to
provide broking services to retail and corporate clients,
especially in the equity segment. The company has business
interests in securities, commodities, currency derivatives, and
depository services.


DI-AN-ARE EXPORTS: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Di-aN-aRe
Exports' Long-Term Issuer Rating at 'IND BB-'.  The Outlook is
Stable.  Instrument-wise rating actions are:

  -- INR100 mil. (reduced from INR120) fund-based working capital
     Limits affirmed with 'IND BB-/Stable/IND A4+' rating; and

  -- INR30 mil. Proposed fund-based limit rating withdrawn (as
     the company did not proceed with the instrument as
     envisaged)

                         KEY RATING DRIVERS

The affirmation reflects Dianare's continued moderate, albeit
volatile credit profile due to its presence in a highly
fragmented and competitive cut and polished diamonds industry,
and fluctuations in diamond price (end-product) and foreign
currency. The firm derives its revenue mainly from exports.
However, it mitigates the foreign currency risk by importing
rough diamonds. Provisional FY17 financials indicated revenue of
INR860.1 million (FY16: INR759.7 million; FY15: INR786 million),
net leverage (adjusted net debt/operating EBITDAR) of 4.5x (5.8x;
4.8x), EBITDA interest cover (operating EBITDA/gross interest
expense) of 1.9x (1.8x; 2.2x) and EBITDA margin of 1.8% (1.9%;
2.2%).

The ratings also factor in Dianare's moderate liquidity position
with 94% average utilization of working capital limits over the
12 months ended April 2017.

The ratings also remain constrained by the partnership structure
of the organization.

However, the ratings continue to be supported by Dianare's
partners' over two decades of experience in the import,
processing and export of diamonds, the firm's strong relationship
with its customers and suppliers, and its Gemological Institute
of America certified product range.

                        RATING SENSITIVITIES

Positive: A substantial growth in the revenue and operating
profitability leading to a sustained improvement in the credit
metrics will lead to a positive rating action.

Negative: A decline in the revenue and/or operating profitability
leading to deterioration in the credit metrics will be negative
for the ratings.

COMPANY PROFILE

Established in 1994, Dianare is a Mumbai, Maharashtra-based firm
engaged in the importing, exporting and manufacturing of
diamonds. The firm imports rough diamonds and processes them to
cut and polished diamonds of size 0.3-2 carats, which are
exported with the Gemological Institute of America certification.
Its manufacturing unit is located in Surat.


DKM AGENCIES: CARE Assigns 'B' Rating to INR8.30cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
DKM Agencies Private Limited (DKM) as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             8.30       CARE B; Stable Assigned

   Short-term Bank
   Facilities             0.20       CARE A4 Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of DKM are
constrained by its small scale of operations along with low PAT
margin, leveraged capital structure, weak debt coverage
indicators and working capital intensive nature of operations.
The ratings are further constrained by highly fragmented and
competitive nature of industry.

The ratings, however, derive strength from experienced promoters
with long track record of operations, established distribution
network and association with reputed customers and suppliers.

Going forward, the ability of the company to scale up its
operations while improving its solvency position and efficient
management of working capital would remain the key rating
sensitivities.

Detailed description of the key rating drivers

Strengths
Experienced promoters with long track record of operations and
established distribution network
DKM has been in the trading of food products for around two
decades. The company is currently being managed Mr. Sachin Malik
and Ms Nainy Malik. Both the directors have an experience of
around two decades. Furthermore, the company has an established
distribution network of around 400 distributors spread majorly
across Haryana, Punjab, Himachal Pradesh and Jammu & Kashmir.

Association with reputed customer and supplier base
The company is into trading of food products and is an authorized
distributor of reputed players like Venky's India Limited, Fine
Organic Industries Private Limited, etc. DKM is also supplying
products to reputed institutional customers.

Weaknesses

Small scale of operations with low PAT margin
Despite being in operations for around two decades, the company's
scale of operations has remained small marked by the total
operating income (TOI) of INR40.24 crore in FY16 (refers to the
period April 01 to March 31). The small scale limits the
company's financial flexibility in times of stress and deprives
it from scale benefits.

The PBILDT margin and PAT margin of the company stood at 3.17%
and 0.20%, respectively, in FY16.

Leveraged capital structure and weak debt coverage indicators
The capital structure of the company stood leveraged with overall
gearing ratio of 5.38x as on March 31, 2016 due to company's high
dependence upon borrowings to fund various business requirements.

The debt coverage indicators marked by interest coverage ratio
and total debt to GCA stood weak at 1.21x in FY16 and 62.62x for
FY16, respectively.

Working capital intensive nature of operations
The operations of the company are working capital intensive
marked by full utilization of the working capital limits for 12
months period ended February 2017. The average operating cycle of
the company stood at 85 days for FY16 (PY:80 days).

Highly fragmented and competitive nature of industry
The company operates in highly fragmented and competitive market
marked by the presence of numerous organized and unorganized
players in India. Presence of large number of entities in both
organized and unorganized sector with low entry barriers results
in intense competition in trading of food products. The same in
turn limits the pricing flexibility.

DKM Agencies Private Limited (DKM) was incorporated in March 1999
and is currently being managed by Mr. Sachin Malik and Ms Nainy
Malik. DKM is engaged in trading of food products such as food
chemicals, juices, dairy products, bakery products, frozen food,
etc, at its outlet located in Ludhiana, Punjab. The company is
the authorized distributor of Venky's India Limited (rated 'CARE
BBB/ CARE A3+'), Fine Organic Industries Private Limited, Bambino
Agro Industries Limited, Gujarat Co-operative Milk Marketing
Federation Limited (Amul), Britannia Industries Limited, Dabur
India Limited, etc. DKM supply products to various distributors
spread all across India and also to institutional customers like
Metro Cash & Carry India Private Limited, Reliance Fresh Limited
and Walmart Stores Inc. The company also has a group concern,
namely, DKM Enterprises which is a proprietorship firm
established in 2002 and is engaged in same business as DKM.
Additionally, the company has also commenced manufacturing of
non-dairy creamer from October 2016.

In FY16, DKM has achieved a total operating income (TOI) of
INR40.11 crore with PAT of INR0.08 crore as against total
operating income of INR40.06 crore with PAT of INR0.13 crore in
FY15. In 11MFY17 (Provisional), the company had achieved TOI of
around INR34.00 crore.


DLP COTTON: CRISIL Raises Rating on INR8MM Cash Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the bank facility of DLP Cotton
(DLP) to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

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

   Term Loan            2        CRISIL B+/Stable (Upgraded
                                 from 'CRISIL B/Stable')

The upgrade reflects expectation that the firm's business and
financial risk profiles will improve with stabilisation in
operations resulting in higher average realisation and cash
accrual. Gearing moderated to 1.35 times as on March 31, 2017
from 3.54 times a year earlier, strengthening financial risk
profile.

The rating reflects modest scale of operations and vulnerability
to changes in cotton prices. These rating weaknesses are
partially offset by the extensive experience of the partners in
the cotton ginning industry.

Analytical Approach

Unsecured loans that DLP has received from the promoters has been
treated as neither debt nor equity, as the interest rates are
lower than the market rate and the loans should remain in the
business.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations in highly fragmented industry:
Intense competition in the cotton ginning industry continues to
constrain scalability in operations, and limits pricing powerand
profitability. The operating margin were modest at 2.7% for
fiscal 2017.

* Vulnerability to changes in cotton prices
Since cotton is an agricultural commodity its availability is
highly dependent on the monsoon. Furthermore, government
interventions and fluctuations in global cotton output have
resulted in sharp fluctuations in cotton prices. Finished cotton
prices declined and have remained volatile. Such fluctuations in
cotton prices are likely to impact the margins of cotton ginners.
Ability to manage this volatility will remain a key sensitivity
factor.

Strengths

* Extensive experience of promoters in cotton ginning industry:
Benefits from the extensive experience of the partners, their
understanding of local market dynamics, and healthy relationships
with customers and suppliers will continue to support business.

Outlook: Stable

CRISIL believes DLP will benefit over the medium term from the
promoters' extensive experience. The outlook may be revised to
'Positive' if early stabilisation of operations leads to sizeable
cash accrual. Conversely, the outlook may be revised to
'Negative' if cash accrual is low, or financial risk profile
deteriorates because of stretch in working capital cycle or large
debt-funded capital expenditure, or operations are disrupted by
regulatory changes.

Set up in 2015 as a partnership firm by the Morbi, Gujarat-based
Mr. Piyush D Saradava and his family, DLP gins and trades in
cotton. Operations commence in February 2016.

In fiscal 2017, net profit was INR0.23crore on operating income
of INR59.68crore, against net profit of INR0.01crore. on
operating income of INR4.26crore in fiscal 2016.


DMS BUILDERS: CRISIL Assigns B+ Rating to INR5.5MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of DMS Builders and Developers (DMS).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Term Loan      5.5      CRISIL B+/Stable

The rating reflects exposure to significant risks associated with
implementation and saleability of an ongoing project and timely
inflow of customer advances, and also to cyclicality inherent in
the Indian real estate industry. These weaknesses are partially
offset by the extensive industry experience of the partners and
moderate bookings received for the project.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to risks related to implementation and saleability of
the project and timely inflow of customer advances: Only about
30% of the total project cost has been incurred till April 2017;
hence, the project remains susceptible to timely completion.
Furthermore, despite of moderate bookings, customer advances were
lower than the value of inventory sold. Any delay in sales of
units or in timely receipt of customer advances will impact
project implementation as well as debt servicing ability.

* Vulnerability to cyclicality inherent in the Indian real estate
industry: The real estate sector in India is cyclical and
affected by volatile prices, opaque transactions, and a highly
fragmented market structure. Hence, the business risk profile
will remain susceptible to risks arising from any industry
slowdown

Strengths
* Extensive industry experience of the partners: Over the past 10
years, the partners, have executed many real estate projects in
Ratlam, Madhya Pradesh. The firm will continue to benefit from
the successful project completion track record of past projects.

* Moderate bookings received for the ongoing project: Favourable
location and competitive prices have led to moderate bookings of
around 43% of total units till April 15, 2017.

Outlook: Stable

CRISIL believes DMS will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' if healthy sales of units and receipt of customer
advances on the back of timely implementation of the project
leads to healthy cash inflow. The outlook may be revised to
'Negative' if time and cost overruns, lower-than-expected sales,
or delays in receipt of customer advances lead to low cash
inflow, thus impacting liquidity.

Established in 2012, DMS is a partnership firm of Mr.  Jitendra
Nagal and his wife. It undertakes residential real estate project
development, mainly in Ratlam.


FAIRDEAL CONSUMER: CRISIL Lowers Rating on INR12MM Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its ratings on bank facilities of Fairdeal
Consumer Durables Private Limited (FDCDL) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB/Stable/CRISIL A4+'

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          8        CRISIL A4 (Downgraded from
                                    'CRISIL BB/Stable')

   Cash Credit            12        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

The downgrade reflects deterioration in the company's financial
risk profile particularly liquidity due to stretch in its working
capital cycle. Higher receivable cycle has led to increased
reliance on short term bank lines. Additionally the cash accruals
of the company are expected to remain shunted below INR0.25 cr
going ahead as well constraining the overall liquidity. Timely
long term fund infusion from its promoters will be key driver of
its liquidity position over the near to medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile
FDCDL has a below average financial risk profile marked by low
net worth of INR 1.65 as on March 31,2017 and estimated high
gearing of 5.65 times for the same period. Debt protection
metrics are also expected to remain subdued as on 31 march
2017due to high reliance on short term debt and week capital
structure. Financial risk profile is likely to remain weak over
the medium term.

* Geographical concentration in revenue
Fairdeal is an authorised distributor of mobile handsets of
Micromax. It is also an authorised distributor for Morphy
Richards and Oster range of home appliances. These products are
sold to local dealers and retailers in Bengaluru. As the company
derives more than 80 per cent of its revenue from distribution of
these products in Bengaluru, it remains exposed to high
geographical concentration risk. CRISIL believes that though
Fairdeal's scale of operations will improve over the medium term,
the same will remain exposed to geographical concentration risk.

Strengths

* Established relationships with principals
Fairdeal's longstanding presence and established distribution
network of 300 retailers/dealers in Bengaluru have led to strong
relationships with principals. It has been associated with Morphy
Richards India for over 10 years, and was awarded dealerships of
Micromax mobile handsets, Apple India's iPods and iPads, Dell
India's mobile handsets (distribution of Apple's and Dell's
products has been discontinued) and home appliances of local
brands. CRISIL believes that the proprietor's extensive
experience will help the firm sustain its business risk profile
over the medium term.

Outlook: Stable

CRISIL believes Fairdeal will benefit over the medium term from
established relationships with its principals. The outlook may be
revised to 'Positive' if substantial infusion of long-term funds
by the promoters strengthens financial risk profile. Conversely,
the outlook may be revised to 'Negative' if lower-than-expected
accrual, stretched working capital cycle, or any sizeable capital
expenditure increases gearing.

Promoted by Mr. Devi Dasan and his wife, Ms. R Saraswathy, in
1999, Fairdeal is an authorised distributor of Micromax mobile
handsets. It is also an authorised distributor of Morphy Richards
and Oster range of home appliances in Bengaluru. Further in 2015-
16 (refers to financial year, April 1 to March 31) the company
has signed-up for the distribution of Reliance JIO (Hardware as
well as Connectivity).

FDCDL reported estimated loss of INR0.88 cr on net sales of INR
24 cr for 2016-17, against loss of INR1.96 cr on net sales of
INR42 cr for 2015-16.


GOODEARTH MARITIME: ICRA Withdraws D Rating on INR379cr Loan
------------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]D
assigned to the INR242.961 -crore term loans (revised from
INR302.1 crore) of Goodearth Maritime Limited. The ratings
outstanding on unallocated limits have been withdrawn.

                           Amount
  Facilities             (INR crore)    Ratings
  ----------             -----------    -------
  Term Loans                 242.96     [ICRA]D Reaffirmed

  Long Term Unallocated      379.00     [ICRA]D rating withdrawn

  Short Term Unallocated     221.90     [ICRA]D rating withdrawn

Rationale
The re-affirmation of ratings considers the continued delays in
debt servicing by the company. The company's operations had been
impacted by weakness in charter rates during the last few years
due to which the operations became unviable and the company had
sold its operational vessels to reduce debt levels. The sale of
vessels and other assets helped the company in reducing its debt
levels to some extent, however, the company still has outstanding
debt to be repaid. With no operational vessels at present, its
cash flows will be dependent on additional assets sales and
dividend from subsidiaries, which would be irrregular in nature
and hence the weak liquidity position is expected to continue in
the medium term.

Goodearth Maritime Limited is a part of the Chennai-based Archean
Group, promoted by Mr. P.B. Anandam and family. GML commenced its
operations in FY2002 by chartering ships and later acquired ships
at the trough of the cycle in the calendar year (CY) 2003.
However, due to sustained weakness in charter rates in the dry-
bulk segment in the last few years coupled with interest burden
on high debt levels, the company has been selling its vessels to
reduce debt levels and at present it has no operational vessel.
GML also owns a jetty in Jakhau, Gujarat from where the salt
produced by Jakhau Salt Company Private Limited (JSCPL), a group
company, is loaded onto barges for trans-shipment. GML also has a
wholly-owned subsidiary - GML BKS Private Limited, Jersey - which
was incorporated as a special purpose vehicle (SPV) for coal
mining operations in Indonesia. GML also has a wholly-owned
subsidiary called Drillco Exploration FZE (Drillco). Besides dry-
bulk shipping, the Archean Group is present in export of granite
stones, iron ore fines and industrial salts.


HARIYANA SHIP: CRISIL Reaffirms B+ Rating on INR200MM Loan
----------------------------------------------------------
CRISIL's rating on the bank facilities of Hariyana Ship
Demolition Private Limited (HSDPL; part of the Hariyana group)
reflects deterioration in Hariyana group's business profile
marked by weakened operating profitability. Additionally, the
operating margin is expected to continue to remain weak over the
medium term driven by oversupply of steel and subdued demand
conditions prevailing globally. The lower price realization of
its products, procured against letters of credit (LCs),
constrains its credit profile, particularly its liquidity. The
liquidity is further constrained by loans to third parties
remaining at the same level, as against expectations of a decline
in their quantum. The receipt of the loans continues to remain a
key rating sensitivity factor affecting the group's credit
profile, especially liquidity over the medium term.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Letter of Credit     200      CRISIL B+/Stable (Reaffirmed)

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of HIPL, Hariyana Ship Demolition Ltd
(HSDL), Hariyana Ship Breakers Ltd (HSBL), and Inducto Steel Ltd.
This is because these entities, collectively referred to as the
Hariyana group, have significant operational linkages and
fungible cash flows, and are under a common management.

Key Rating Drivers & Detailed Description

Strengths

Exposure to risks inherent in ship breaking, steel trading, and
money lending businesses
The Hariyana group derives majority of its revenues and profits
from ship breaking, steel trading and money lending activities.
While revenues from ship breaking and steel trading are volatile
in nature, its money lending activities expose it to substantial
risks related with recoverability, especially during a downturn
in the market.

The Hariyana group's earnings from ship breaking are volatile in
nature and are based on freight rates and industry cycles. The
cost of ships for demolition varies considerably, depending on
the freight index and cost of melting scrap. Ship prices have a
direct bearing on the performance of players in the ship breaking
sector as it is not viable to buy costly ships, which may not
fetch the expected prices for scrap sales after demolition.

While the revenues from steel trading are relatively steady, it
exposes the group to fluctuations in steel prices, since it has
to maintain inventory of about one and a half month on an
average. The company's procurement is also not backed by orders.
However, this segment does provide relative stability to the
group's overall revenue stream.

The group also has a large money lending portfolio, which stood
at an estimated INR3.5 billion as on December 31, 2015. The group
mostly lends these funds to real estate developers known to the
promoters. This exposes the group to risks related to
recoverability, especially during any slowdown or downturns in
the sector. While the group also takes charge of assets funded by
these loans in return, it does not entirely eliminate risks
related to recoverability. Such large and increasing exposure
towards money lending could substantially impact the group's
credit risk profile in case of non-recoverability. However,
CRISIL expects the money lending portfolio to reduce gradually
over the medium term, reducing risks pertaining to this segment.

CRISIL believes that the Hariyana group's revenues will remain
volatile over the medium term because of significant dependence
on ship breaking activity.

Group's extant investments in unrelated businesses such as real
estate
The Hariyana group's aggressive growth strategy has resulted in
unrelated diversifications in the real estate and construction
industry, and money lending activities. The management frequently
resorts to inter-company borrowings; the group companies have
fungible cash flows, depending on business requirements. Since
2004, when the ship breaking business was on the decline, the
Hariyana group has focussed on financing activities, and extended
large loans to corporate entities and partnership firms engaged
in the real estate business. Although the money lending
activities have been curtailed by the group and no fresh money is
being lent, the outstanding exposure in money lending continues
to be large.

The Hariyana group has partnerships with real estate developers
for development of residential projects in Bangalore for a stake
of 40 to 50 per cent. Although the group's foray into the real
estate development business exposes it to the risks and
cyclicality inherent in the sector, the management's experience
in real estate development through associate concerns mitigates
this risk. However, the group remains exposed to risks inherent
in the real estate business and its success in these ventures
remains a key rating sensitivity factor.

CRISIL believes that the Hariyana group's unrelated
diversifications into real estate and financing activities expose
the group to risks inherent in these sectors and will continue to
influence the group's future credit risk profile.

Weakness

Moderate financial risk profile
The Hariyana group has a moderate financial risk profile marked
by healthy net worth, low gearing. The net worth and gearing
stood at an estimated INR226 crores and 0.14 time respectively as
on March 31, 2016. The net cash accruals to total debt ratio and
interest coverage ratio are estimated at 171 per cent and 3.48
times respectively for 2015-16. However, the interest income on
its money lending portfolio is not entirely received by the
company and is accrued, which further results in lower adjusted
debt protection metrics. The absence of capex plans and healthy
accretion to reserves supports the financial risk profile.
Moreover, the company's borrowings are predominantly short term
in nature, with low maturing debt obligations vis-a-vis estimated
cash accruals.

CRISIL believes that the Hariyana group will maintain its
moderate financial risk profile over the medium term, on the back
of steady revenues and moderate capex plans.

Established market position in ship breaking industry
The Hariyana group was established in 1976 by Mr. Shanti Sarup
Reniwal, who is presently the chairman of the group. The group
has been engaged in the ship breaking business for over three
decades, and has accumulated a strong knowledge of the industry
over the years. It has demolished more than 100 ships during its
tenure of ship breaking activity. The group has demonstrated
expertise in demolishing various types of ships such as
passenger, tankers, and navy destroyers. It is equipped to break
and demolish large vessels and very large crude carriers (VLCCs);
it demolished Pacific Blue, which had a capacity of about 50,000
tonnes, one of the largest vessels ever demolished in the
country.

The Hariyana group's management has demonstrated its ability to
maintain its growth in adverse business conditions. The group has
diversified into related business domains, such as sponge iron
manufacturing and steel trading. These are contra-cyclical to
ship breaking activity and ensure stability in revenues.

CRISIL believes that the Hariyana group will leverage on its
management's experience for strengthening its market position
over the medium term.

Outlook: Stable

CRISIL believes that Hariyana group will remain exposed to risks
inherent in ship-breaking. The outlook may be revised to
'Positive' if the group recovers its funds advanced to third
parties sooner than expected or achieves significantly higher
profitability or revenue growth thereby improving its liquidity
profile. Conversely, the outlook may be revised to 'Negative' if
Hariyana group incurs losses in its money-lending businesses,
witnesses a steep decline in its revenues, or weakens its capital
structure by undertaking a larger-than-expected debt-funded
capital expenditure programme.

The Hariyana group, promoted by Mr. Shanti Sarup Reniwal, is
primarily into ship breaking and steel trading. The group also
undertakes inter-corporate lending activities, and develops
residential real estate projects.

Hariyana group generated net sales of INR866 crores in 2015-16
(Refers to financial year from 1st April 2015 to 31st March 2016)
with Profit after Tax of INR11.45 crores as compared to net sales
of INR759 crores with Profit after Tax of INR21.83 crores in
2014-15.


HARSHA INTERNATIONAL: CARE Assigns B+ Rating to INR25cr LT Loan
---------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Harsha
International (HI) as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              25        CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of HI is constrained
by project completion and implementation risk, competition from
other players in the industry, seasonality associated with the
hotel industry and constitution of the entity as a partnership
with inherent risk of withdrawal of capital. The rating is,
however, underpinned by the experienced partners, achievement of
financial closure and stable demand of hotel business.

Going forward, the ability of the firm to complete the project in
timely manner and start the commercial operations as envisaged
would be key rating sensitivity.

Detailed Description of the key rating drivers

Key Rating Weaknesses
Project completion and implementation risk: The firm is setting
up an accommodation (short-term stay)-cum-restaurant under the
name "Harsha International". The total cost of the project is
INR43 crore and the same is expected to be funded by partners'
capital of INR18 crore and long-term loans of INR25 crore. The
project is expected to be completed by August 2018. As on
February 28, 2017, the firm has incurred INR9.71 crore (around
23% of the total project cost) which is funded through partners'
capital. The financial closure for the project has been achieved.
The ability of the firm to complete the project without any cost
or time over run will remain critical from credit risk
perspective.

Competition from other players in the industry: The firm faces
competition from a number of small and medium players.

Though there are other regional players offering services, along
with upcoming players in the market.

Seasonality associated with hotel industry: The demand for hotel
and hospitality sector has direct relation to the overall
health of economy. The Indian hotel industry normally experiences
high demand during October-April, followed which the monsoon
months entail low demand. Usually, the December and March
quarters bring in 60% of the year's turnover for India's
hoteliers. However, this trend is seeing a change over the recent
few years. Hotels have introduced various offerings to improve
performance (occupancy) during the lean months. These include
targeting the conferencing segment and offering lucrative
packages during the lean period.

Key Rating Strengths

Experienced Partners: HI was promoted by Mr. Maharudrappa, along
with his spouse. Mr. Maharudrappa is a qualified graduate having
more than two decades of experience in real estate and other
trading business.

Stable demand of hotel business: The Indian tourism and
hospitality industry has emerged as one of the key drivers of
growth among the services sector in India. Tourism in India has
significant potential considering the rich cultural and
historical heritage, variety in ecology, terrains and places of
natural beauty spread across the country. Tourism is also a
potentially large employment generator besides being a
significant source of foreign exchange for the country

Harsha International (HI) was established in the year 2015 as
partnership firm. HI is promoted by Mr. Maharudrappa along
with his spouse Ms Annapurneswari. The firm is planning to
construct accommodation for short-term stay and restaurant
under the name "Harsha International". The firm is planning to
construct 80 rooms along with food and beverage facilities. The
project is expected to start commercial operations from August
2018.


HEMKUNT RICE: CRISIL Reaffirms B+ Rating on INR3.75MM LT Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Hemkunt Rice Mills Private Limited.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             5       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      3.75    CRISIL B+/Stable (Reaffirmed)

   Term Loan               1.25     CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the company's modest scale of
operations in the intensely competitive rice milling industry and
below average financial risk profile marked by small net-worth
and high gearing. These weaknesses are partially offset by the
extensive experience of its promoters and established regional
market position.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in an intensely competitive industry
With revenue of INR63.31 crore in fiscal 2016 and installed paddy
milling capacity of 16 tonne per hour, scale continues to remain
modest in a highly fragmented and intensely competitive industry.

* Below average financial risk profile
HRMPL's financial risk profile remains constrained on account of
high gearing of 2.5 times and small net worth of INR3.69 crores
as on March 31, 2016. The gearing levels are estimated to have
remained high as on March 31, 2017 on account of small net-worth
and muted accretion to reserves.

Strengths

* Extensive industry experience of promoters and established
regional market position
Presence of more than two decades in the rice industry has
enabled the promoters to establish strong relationship with
customers and suppliers. The long standing presence has also
enabled HRMPL to establish a strong regional market position.
Further HRMPL was one of the first rice milling units to be set
up in Hazaribagh, which is favourably located near Jharkhand's
paddy-growing region.
Outlook: Stable

CRISIL believes HRMPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if there is a substantial and
sustained increase in scale and accrual along with improved
capital structure and stable working capital management, leading
to an improved financial risk profile. The outlook may be revised
to 'Negative' if large, debt-funded capital expenditure, decline
in revenue or profitability, or stretch in working capital cycle
weakens financial risk profile, particularly liquidity.

Incorporated in May 2005 in Hazaribagh and promoted by Mr.
Manjeet Singh Kalra and Mr. Swaranpal Singh Kalra, HRMPL mills
and processes parboiled rice. The company markets its product
under 10 registered brands.

Profit after tax was INR0.19 crore on net sales of INR63.31 crore
for fiscal 2016, against loss of of INR0.57 crore on net sales of
INR46.80 crore in fiscal 2015.


HIGH TECH: ICRA Downgrades Rating on INR5.70cr Term Loan to D
-------------------------------------------------------------
ICRA Ratings has revised the long term rating assigned to the
INR10.60 crore fund based limits of High Tech Garments Private
Limited from [ICRA]BB (SO) to [ICRA]D.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Term Loan               5.70       Revised to [ICRA]D from
                                     [ICRA]BB (SO) (Stable)

  Cash Credit             4.90       Revised to [ICRA]D from
                                     [ICRA]BB (SO) (Stable)

The rating downgrade takes into account the recent delays in debt
servicing due to stretched liquidity position arising out of
delay in receivables from customers as well as lower offtake.

Incorporated in the year 2005, High Tech Garments Private Limited
is engaged in the manufacturing of grey fabric made out of
polyester yarns. The company is promoted by Mr. Ajay Agrawal and
other family members who have been in the textile business for
over a decade. The manufacturing unit of the company is located a
Kim, Surat. During FY15, the company reported a net profit of
INR0.08 crore on an operating income of INR23.63 crore.


INDIAN STEEL: ICRA Reaffirms 'D' Rating on INR1,046.82cr Loan
-------------------------------------------------------------
ICRA Ratings has reaffirmed the [ICRA]D rating on the
INR2,520.53-crore bank limits of Indian Steel Corporation
Limited.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Term loans            793.61      [ICRA]D; reaffirmed

  Fund-based limits     205.36      [ICRA]D; reaffirmed

  Non-fund based
  limits              1,046.82      [ICRA]D; reaffirmed

  Unallocated           474.74      [ICRA]D; reaffirmed

Rationale
The rating reaffirmation factors in the continued delays in debt
servicing, overdrawals of fund-based (FB) limits and instances of
devolvement of letters of credit (LC) over the last two years on
account of ISCL's stretched liquidity profile. Given the weak
market conditions, ISCL has reported decline in its turnover over
the last two years along with significant losses at the net
level. In addition, the company has been facing working capital
funding constraints, which have further limited its scale of
operations. Further, the conversion of devolved LCs into fund-
based limits has resulted in higher working capital borrowings
and increase in overall debt. Moreover, continued losses at net
level resulted in a negative net worth in 9M FY2017, which
coupled with increased debt has deteriorated ISCL's leverage
profile. The rating also continues to factor in the competitive
nature of the steel industry, which limits the pricing
flexibility of the industry participants including ISCL and
adversely impacts their profitability. ISCL's profitability also
remains exposed to foreign exchange risk, given the significant
level of raw material imports.

However, ICRA takes note of the long experience of ISCL's
promoters and the company's established operational track record
in the steel industry. It has a wide customer base, which
includes reputed players of the auto and white goods sector. ICRA
also takes into account the management support and technical
assistance available to ISCL from Mitsui and Company Limited,
Japan.
Going forward, the company's ability to timely service its debt
obligations, achieve revenue growth and improve its profitability
will be the key rating sensitivity.

Credit strengths

* Long experience of ISCL's promoters and the company's
   established operational track record in the steel industry
* Association with Mitsui & Company Limited, Japan, provides
   access to key raw materials as well as technical assistance
* Established relationship with customers, which include reputed
   players of the auto and white goods industry

Credit weaknesses

* Stretched liquidity profile resulting in LC devolvement;
   overdrawal of fund-based limits and delays in debt servicing
* Continuous decline in revenues and net losses in FY2016 and
   9M FY2017 on account of weak market demand
* Inability to obtain working capital funding from banks has
   adversely impacted the company's business operations
* Deterioration of leverage profile with increase in total debt
   due to conversion of devolved LCs to FB limits and negative
   net worth owing to continued losses
* Highly competitive and fragmented industry structure limits
   the pricing flexibility of the industry participants,
   including ISCL
* Exposure to fluctuation in raw material prices given the high
   inventory levels maintained by the company
* Exposure to adverse movement in foreign exchange rates given
   the significant level of imports and presence of partial
   hedging policy
* Exposed to the cyclicality inherent in the steel industry

Description of key rating drivers:

ISCL manufactures cold rolled (CR) coils and sheets along with
galvanised plain (GP) and galvanised corrugated (GC) sheets at
its manufacturing facilities at Bhimasar near Gandhidham, in
Gujarat. The company has an established operational track record
in the steel industry, having commenced its operations in 2004.
Further, ISCL's promoters have a vast experience of over two
decades in the steel manufacturing industry. This has enabled
ISCL to develop an established customer base over the years,
which includes several reputed players from the automobile and
white goods industries.

However, ISCL's financial profile has continued to remain weak
over the last couple of years, marked by decline in turnover and
significant net losses in FY2016 and 9M FY2017 on account of
subdued market demand. This has resulted in a stretched liquidity
profile, thereby leading to delays in debt servicing by the
company. Further, the availability of working capital funding
from banks has remained low given ISCL's weak financial profile
and instances of LC devolvements and overdrawals of fund-based
limits. This has adversely impacted the company's manufacturing
operations, leading to lower production volumes and consequently,
lower sales volumes. Further, its debt levels have constantly
increased over the last few years because of conversion of
devolved LC limits into fund-based limits. Total debt on ISCL's
books almost doubled to INR1,614 crore in 9M FY2017 from INR829
crore in FY2014. Increased debt, coupled with negative net worth,
owing to continued losses, has significantly deteriorated the
company's leverage profile.


J C CONSTRUCTION: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned J C Construction
Private Limited (JCCPL) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable.  The instrument-wise rating actions are:

   -- INR60 mil. Fund-based working capital limit assigned with
      'IND BB/Stable' rating;

   -- INR9.39 mil. Term loan assigned with 'IND BB/Stable'
      rating; and

   -- INR100 mil. Non-fund-based working capital limit assigned
      with 'IND A4+' rating

                        KEY RATING DRIVERS

The ratings reflect JCCPL's small scale of operations and
moderate liquidity position.  According to provisional financials
for FY17, revenue was INR309 million (FY16: INR283 million).  The
rise in revenue was due to healthy execution of work orders.  Its
utilisation of fund-based limits was 96.79% during the six months
ended March 2017.  It had a long net cash cycle of 142 days in
FY17 (FY16: 119 days).  The elongation of the net cash cycle was
due to an increase in debtor days.

The ratings, however, are supported by strong credit metrics.  In
FY17, gross interest coverage was 4.0x (FY16: 3.6x) and net
financial leverage was 1.1x (1.3x).  The improvement in gross
interest coverage was due to an increase in operating EBITDA.
Meanwhile, the improvement in net financial leverage was driven
by an increase in operating EBITDA and a decline in total debt
due to lower utilization of short-term debt.  Moreover, it had a
comfortable EBITDA margin of 11.8% in FY17 (FY16:11.08%), and its
promoters have an experience of more than four decades in the
construction industry.

                       RATING SENSITIVITIES

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

Positive: An increase in revenue, along with the maintenance of
its credit metrics, will lead to a positive rating action.

COMPANY PROFILE

JCCPL was incorporated in 1974 as a proprietorship firm by
Mr. Jagot Chandra Hazarika.  In 1999, it reconstituted itself as
a private limiated company.  It is a Class I government
contractor. It undertakes various civil construction projects in
Assam and Arunachal Pradesh.


KAMDHENU COTTON: CRISIL Reaffirms B+ Rating on INR17.20MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Kamdhenu Cotton and Spinning Mills Private Limited (KCSM) at
'CRISIL B+/Stable/CRISIL A4'.

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

   Cash Credit            5.8       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       1.0       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     2.75      CRISIL B+/Stable (Reaffirmed)

   Standby Line of
   Credit                 0.75      CRISIL B+/Stable (Reaffirmed)

   Term Loan             17.20      CRISIL B+/Stable (Reaffirmed)

CRISIL's ratings on the bank facilities of KCSM continue to
reflect the company's volatile operating profitability in the
highly fragmented textile industry, and average financial risk
profile because of high gearing and average debt protection
metrics. These weaknesses are partially offset by the extensive
experience of KCSM's promoters and their funding support along
with efficient working capital management.

Key Rating Drivers & Detailed Description

Weaknesses

* Susceptibility to volatility in raw material prices: Prices of
key raw material, polyester, which accounts for 78% of total
production cost, are volatile as these are linked to crude
prices.

* Average financial risk profile: Total outside liabilities to
tangible net worth ratio was comfortable at 1.46 times as on
March 31, 2017, and is expected to because of steady accretion to
reserves and absence of any significant debt-funded capex.
However, debt protection metrics were muted, with interest
coverage and net cash accrual to total debt ratios of 2.2 times
and 0.16 time, respectively, for fiscal 2017. The net cash
accruals for fiscal 2017 are estimated at 2.6 crores which is
tightly matched with the term loan repayments of 2.20 crores.
Metrics are expected to improve over the medium term with better
profitability and lowering of debt.

Strengths

* Extensive experience of promoters and diversified product
profile:
Presence of nearly two decades in the yarn industry has enabled
the promoters to establish strong relationship with vendors and
customers. Also, clientele is diverse, with no single customer
contributing more than 25% to overall revenue. From fiscal 2017,
the company began manufacturing cotton yarn only on job work
basis.

* Efficient working capital management: Gross current assets were
59 days as on March 31, 2017, due to moderate level of inventory
and debtors. With expected ramp-up in scale of operations further
improvement in working capital cycle is expected.

Outlook: Stable

CRISIL believes KCSM will benefit over the medium term from the
extensive experience of its promoters in the textile industry.
The outlook may be revised to 'Positive' if significant increase
in profitability and revenue leads to higher-than-expected cash
accrual, and help to improves key credit metrics. The outlook may
be revised to 'Negative' if decline in profitability, lower
accrual due to stretch in working capital cycle, or large capex
weakens financial risk profile.

Incorporated in 2008 and promoted by Ludhiana-based Dhir and
Johar families, KCSM manufactures synthetic yarn (polyester,
polyester-blended, and acrylic yarn) on jobwork basis.
Operations, which began in January 2013, are managed by Mr.
Puneet Dhir and his brother-in-law, Mr. Manav Johar.


MAHARASHTRA ALUMINIUM: CRISIL Reaffirms B Rating on INR10MM Loan
----------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Maharashtra Aluminium and Alloys Pvt Ltd (MAAPL) at 'CRISIL
B/Stable/ CRISILA4'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            10       CRISIL B/Stable (Reaffirmed)

   Letter of Credit        2       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      3       CRISIL B/Stable (Reaffirmed)


The ratings reflect modest scale of operations and low
profitability susceptible to intense competition in the industry
and below average financial risk profile constrained by small
networth and weak interest coverage. These weaknesses are
partially offset by the extensive experience of promoters and
well established relations with key suppliers and clients and
efficient working capital management.

Key Rating Drivers & Detailed Description

Weakness

* Modest Scale of operations and low operating profitability
The scale of operations has remained modest at around INR70-75
cr. The margins have remained low over the past 3 years 0.6 to 18
per cent. The lower margins are primarily on account of lower
value addition. CRISIL believes that the scale and margins of the
company will remain modest over the medium term.

* Below average financial risk profile
The company has a net worth of INR5.5 cr as on March 31, 2017.
With limited accretions to reserves of close to INR20 lakhs per
annum, the net worth is expected to remain small. Despite the
modest net worth, the company has a moderate total outside
liabilities to adjusted net worth (TOLANW) supported primarily by
its efficient working capital. The interest coverage has however
been the weak with interest coverage of INR 1.35 times in 2016-
17.

Strengths

* Extensive experience of the promoters and long standing
relations with key suppliers and customers
Mr. Manji, 62, started a retail shop after completing his SSC. He
is a first generation entrepreneur. He entered into the steel
business in 1980. The promoters have been engaged in steel
industry since then. Mr. Manji and Mr. Mandan have over the years
developed healthy relations with the key suppliers such as Uttam
Galva, National Steel, Jindal Steel etc.

Outlook: Stable

CRISIL believes that MAAPL will continue to benefit over the
medium term from its promoters extensive experience and the well
established relationships with its key suppliers and customers.
The outlook may be revised to 'Positive' in case of significant
improvement in its cash accrual supported by sustained
improvement in its scale of operations and profitability while
maintaining its efficient working capital management. The outlook
may be revised to 'Negative' in case sharp deterioration in cash
generation or stretch in working capital cycle leads to weakening
of financial risk profile especially liquidity.

MAAPL was initially set up as a proprietorship firm Maharashtra
Steels in 1982. The firm was converted to a private limited
company in the year 2000 under its current name. The company is
engaged in trading of galvanized and colour coated sheets (MS) in
Latur district. Mr. Manji Patel and Mr. Mandan Patel look after
the day-to-day operations of the company.

MAAPL reported a profit after tax (PAT) of INR16 lakh on net
sales of INR72.2 cr for 2016-17, as against PAT of INR13 lakhs on
net sales of INR70.2 cr for 2015-16.


MR. BROWN: CRISIL Raises Rating on INR8.2MM Term Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Mr. Brown Bakery & Food Products Private Limited (Mr. Brown)
to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              8.2       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The upgrade reflects sustained improvement in the business risk
profile of Mr. Brown backed by robust demand for the company's
products in the market. The robust demand has also led to upward
revision in product prices, and with increasing capacity the
company is expected to reap benefits of economies of scale which
is further expected to positively impact the operating margins
over the medium term. Revenues steadily increased to INR17 crore
in fiscal 2017 from INR9 crore in fiscal 2014, at a compound
annual growth rate of 23% with the operating margins improving to
13.7% from 6.7% over the same period. Revenue is expected at over
INR20 crore in fiscal 2018. The liquidity is supported by
unsecured loans of INR3.10 crore from the promoters as on March
31, 2017; these loans would provide financial flexibility and are
expected to remain in the business over the medium term.

The rating reflects the modest net worth and scale of operations,
and delays in commercialization of ongoing capacity expansion.
The rating weaknesses are partially offset by the extensive
industry experience of the promoters and an established brand and
the expected benefits of the ongoing capacity expansion.

Analytical Approach

CRISIL has treated INR3.01 crore of unsecured loans, outstanding
as on March 31, 2017, from the directors, as neither debt nor
equity. That's because these funds are subordinated to bank debt,
have lower interest rate than bank debt, and are expected to
remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Modest networth:
The networth was modest at INR4.68 crore as on March 31, 2017.

* Delayed commercial operation date (COD):
The COD of the ongoing project, which was previously expected in
fiscal 2017, is now likely to be November 2017.

Strengths

* Extensive industry experience of the promoters and an
established brand:
The promoters, Mr.  Ramu Gupta and his family members, have
experience of nearly a decade in the confectionary manufacturing
and retail business. The company started with one retail outlet
and one manufacturing unit, and, over the years, has grown to two
outlets in Lucknow and two in Kanpur under the franchisee model.

* Expected benefits of ongoing capacity expansion:
The operating margin has been steadily improving on the back of
increasing demand along with revision in product prices. With the
ongoing capacity addition, the company is expected to reap
benefits of economies of scale which is further expected to
positively impact the operating margins over the medium term.

Outlook: Stable

CRISIL believes Mr. Brown Bakery will continue to benefit over
the medium term from its established brand, the extensive
industry experience of the promoters, and their funding support.
The outlook may be revised to 'Positive' if the ongoing project
is completed on time and within the budgeted cost, and there's
better-than-expected cash accrual during the early stages of
operations. The outlook may be revised to 'Negative' in case of
any time or cost overrun in the project, or lower-than-expected
cash accrual, constraining liquidity.

Mr. Brown Bakery was established on June 12, 2008, promoted by
Mr. Ramu Gupta and his family members. The company manufactures
bakery and confectionary products that it sells through retail
outlets in Lucknow and Kanpur under its brand, Mr. Brown Bakery.
It is headquartered in Lucknow.

On a provisional basis, profit after tax (PAT) was INR0.96 crore
on operating income of INR16.78 crore for fiscal 2017; PAT and
operating income were INR0.53 crore and INR13.94 crore,
respectively, for fiscal 2016.


NARAYAN COTTON: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Narayan Cotton
Industries (NCI) a Long-Term Issuer Rating of 'IND B+'.  The
Outlook is Stable.  Instrument-wise rating actions are:

   -- INR10.63 mil. Term loan assigned with 'IND B+/Stable'
      rating; and

   -- INR160 mil. Fund-based working capital limits assigned with
      'IND B+/Stable' rating

                        KEY RATING DRIVERS

The ratings reflect NCI's moderate scale of operations and weak
credit metrics.  As per provisional FY17 financials, the firm
achieved revenue of INR422.1 million (FY16: INR401.6 million).
EBITDA margin expanded to 2.8% in FY17P (FY16: 2.0%) on account
of a decline in raw material cost.  Interest coverage (operating
EBITDA/gross interest expense) improved to 1.3x in FY17P
(FY16:0.7x) and net leverage (total adjusted net debt/operating
EBITDA) to 8.5x (16.1x) owing to a decline in interest cost
resulting from a decrease in total debt.

However, the ratings are supported by NCI's strong liquidity
position as reflected by 52.4% average utilization of fund-based
limits during the 12 months ended April 2017.

The ratings also benefit from the partners more than two decades
of experience in the cotton trading business.

                        RATING SENSITIVITIES

Positive: A substantial improvement in the operating
profitability along with an improvement in the credit metrics
will be positive for the ratings.

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

COMPANY PROFILE

Incorporated in 2009 as a partnership firm, NCI is primarily
engaged in the cotton ginning and pressing business.  Its
manufacturing unit is located in Kadi, Gujarat.


NEW LAXMI: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned New Laxmi Steel
& Power Private Limited (NLSP) a Long-Term Issuer Rating of
'IND BB'.  The Outlook is Stable.  The instrument-wise rating
actions are:

   -- INR200 mil. Fund-based limits assigned with 'IND BB/Stable'
      rating; and

   -- INR250 mil. Proposed non-fund-based limit assigned with
      'provisional IND A4+ rating

                         KEY RATING DRIVERS

The ratings reflect NLSP's moderate scale of operations and
credit metrics.  As per FY17 provisional financials, revenue and
operating EBITDA margins improved to INR1.143 billion (FY16:
INR861 million) and 5.5% (4.8%), respectively.  This was on
account of an increase in sale of thermo mechanical treatment
bars (TMT), along with the introduction of a new product line.
Consequently, interest coverage improved to 2.4x in FY17P (FY16:
2.0x) and net leverage to 5.0x (5.5x).

The ratings also factor in NLSP's moderate liquidity position
with 90% average utilization of working capital limits during the
12 months ended April 2017.

The ratings, however, are supported by the promoters' over two
decades of experience in the manufacturing of TMT bars.

                       RATING SENSITIVITIES

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

Negative: A sustained deterioration in the credit profile would
be negative for the ratings.

COMPANY PROFILE

Incorporated in 2007, NLSP is engaged in the manufacturing of TMT
bars, structural steel and billets.  The manufacturing plant is
situated in Khurda, Odisha with an installed capacity of 72,000MT
of TMT bars and 18,000MT of structural bars.

The company plans to set up a galvanizing unit with a capacity of
36,000MT, which is expected to commence operations from 2HFY18.


P P RUBBER: CRISIL Reaffirms B+ Rating on INR12.5MM Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the long term bank facility
of P P Rubber Products Private Limited (PRPPL) at 'CRISIL
B+/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            12.5      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect exposure to a highly fragmented
footwear industry, modest networth, and low current ratio. These
rating weaknesses are partially offset by the promoter's
extensive experience in manufacturing footwear and comfortable
return on capital employed (RoCE) and debt protection metrics.

Analytical Approach

CRISIL has treated unsecured loan amounting to INR2 crores from
promoters as on March 31, 2016 as neither debt nor equity as the
same are subordinated to bank debt and are expected to remain in
business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to a highly fragmented footwear industry: Company
operates in the footwear industry, marked by high degree of
fragmentation with several small players and low entry barriers
resulting in severe competition and thus restricting the
bargaining power of individual players.

* Modest networth Net worth was modest at INR8.1 crores as on
March 31, 2016, due to modest accretion to reserves.

* Low current ratio: The current ratio was below 1 time over the
four years through fiscal 2016.

Strengths

* Promoter's extensive experience in manufacturing footwear: Mr.
Premprakash Poddar has around three decades' experience which
helped in establishing strong relationship with customers and
suppliers.

* Comfortable return on capital employed (RoCE) and debt
protection metrics: RoCE has been 15-23% over the three years
through fiscal 2016. The net cash accrual to total debt ratio
(NCATD) and interest coverage ratio were 15% and 2.9 times in
fiscal 2016 as against 11% and 1.9 times respectively in fiscal
2015. Both are expected to remain moderate over the medium term.
Outlook: Stable

CRISIL believes PRPPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if increase in scale of
operations and efficient working capital management result in a
considerably stronger financial risk profile. Conversely, the
outlook may be revised to 'Negative' if decline in revenue or
margins, or any large, debt-funded capital expenditure weakens
financial risk profile.

PRPPL, incorporated in October 1990, manufactures footwear. The
company's manufacturing facilities are located at Jaipur
(Rajasthan). The company was established by Mr. Premprakash
Poddar, who has been in the business for more than two decades.

Profit after tax was INR1.98 crore on net sales of INR74 crore
for fiscal 2016 against INR0.95 crore and INR69.9 crore,
respectively, for fiscal 2015.


P.B. COTTON: ICRA Withdraws 'B' Rating on INR7cr Cash Loan
----------------------------------------------------------
ICRA Ratings has withdrawn the long-term rating of [ICRA]B
outstanding on the INR7.00-crore cash credit facility, INR1.21-
crore term loan facility and INR0.69-crore unallocated limits of
P.B. Cotton & Oil Industries (PBCOI).

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash
  Credit                  7.00      [ICRA]B; Withdrawn

  Fund-based-Term Loan    1.21      [ICRA]B; Withdrawn

  Unallocated Limits      0.69      [ICRA]B; Withdrawn

Rationale
The long-term rating assigned to P.B. Cotton & Oil Industries has
been withdrawn at the request of the firm based on the no-
objection certificate provided by its banker.

Established in 2012 as a partnership firm, P.B. Cotton & Oil
Industries (PBCOI) is engaged in raw cotton ginning and pressing,
and cotton seed crushing. The manufacturing facility of the firm
is located at Halvad, Rajkot and is equipped with 24 ginning
machines, one pressing machine and four oil expellers. It
commenced its commercial operations from 2013. The partners of
the firm have past experience in cotton industry.


PITAMBARA FOODS: ICRA Reaffirms B+ Rating on INR3.50cr Loan
-----------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]B+
assigned to the INR3.50-crore cash-credit facility of Pitambara
Foods (PF). ICRA has also reaffirmed the short-term rating of
[ICRA]A4 assigned to the INR2.50-crore bank guarantee facility of
PF. The outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash
  Credit                 3.50       [ICRA]B+ (Stable); Reaffirmed

  Non Fund-based-
  Bank Guarantee         2.50       [ICRA]A4; Reaffirmed

Rationale
The reaffirmation of ratings take into account PF's small scale
of current operations, and weak financial profile as reflected by
low profitability on account of low value-additive nature of the
business and subdued coverage indicators. The ratings also
consider the high working-capital intensive nature of the
business, necessitated by large inventory holding that exert
pressure on the liquidity position of the firm, as also reflected
by high utilisation of its working capital limits. Moreover, the
highly competitive nature of the industry, characterised by the
presence of a large number of players, keeps the firm's
profitability under check. PF also remains vulnerable to adverse
changes in Government policies towards agro-based commodities.
Besides, there is agro-climatic risk as paddy is an agricultural
commodity. ICRA also notes the risk associated with the entity's
status as a partnership firm, including the risk of capital
withdrawal by the partners.

The ratings, however, derive comfort from the long experience of
the promoters in the rice-milling industry, and the firm's
presence in a major paddy-growing area, which ensures easy
availability of paddy and low landed cost of raw material. The
demand prospects for the rice industry are favourable since rice
is a staple food grain and India is the world's second largest
consumer and producer of rice.

In ICRA's opinion, the firm's ability to scale up operations
while improving its profitability and coverage indicators, and
manage its working capital requirement efficiently would remain
key rating sensitivities, going forward.

Key rating drivers

Credit Strengths

* Long experience of the promoters in the rice-milling industry
* Proximity to raw-material sources, leading to low procurement
   cost and easy availability of paddy
* Favorable demand prospects of the industry as India is the
   second largest consumer and producer of rice

Credit Weaknesses

* Modest scale of current operations
* Weak financial profile as reflected by low profitability,
   weak return indicators and subdued coverage indicators
* High working capital intensity of business exerts pressure on
   the liquidity position of the firm
* Vulnerability to adverse changes in Government policies
   towards agro-based commodities like rice
* Exposure to agro-climatic risk, which can affect the
   availability of paddy in adverse weather conditions
* Competitive business environment due to fragmented nature of
   the industry with presence of multiple players in the
   organised and unorganised segments

Description of key rating drivers highlighted above:

PF, established as a partnership firm in 2004, is involved in
milling of raw rice and trading of paddy, rice, broken rice, bran
and husk in Raipur, Chhattisgarh. The annual milling capacity of
the plant is 9,600 MT and is mainly used for custom milling which
is done for the Marketing Federation, Government of Chhattisgarh.
The firm's produce is primarily sold to wholesalers and traders
located in Chhattisgarh, Gujarat, Maharashtra and Odisha. The
primary raw material, paddy, is available in abundance in
Chhattisgarh and other nearby states like Jharkhand and Bihar.
PF's paddy requirements are, therefore, met mainly by local
traders and farmers. The traded goods are procured from the local
rice mills and traders. However, ICRA notes the agro-climatic
risks, which can affect the availability of paddy during adverse
weather conditions, and intense competition in the rice-milling
industry, which limit the pricing flexibility of the
participants, including PF. The firm also remains exposed to
change in Government policies in relation to stipulation of
minimum support price (MSP) for procurement of paddy from farmers
and revision of policies on export of rice, levy sale, etc.

The firm's operating income decreased from INR24.77 crore in
FY2016 to INR23.81 crore in FY2017 (P), depicting a decline of
~4%, primarily on account of decrease in sales volume. The
operating profit margin continued to remain thin and stood at
4.00% in FY2017 (P) on the back of low value-additive and highly
competitive business. The capital structure remained leveraged.
High debt level, coupled with low profitability kept the debt-
coverage indicators weak. The firm's working capital intensity of
operations remained high due to high inventory holding, as
reflected by net working capital relative to operating income
(NWC/OI) of 27% in FY2017 (P).

Established in 2004, Pitambara Foods (PF) is involved in milling
of raw rice and trading of paddy, rice, broken rice, bran, and
husk. The plant is located in Raipur, Chhattisgarh, with an
annual milling capacity of 9,600 metric tonnes (MT). The firm is
promoted by Raipur-based Sharma and Agarwal families, who have
long experience in the rice-milling industry.


PNB REALITY: ICRA Reaffirms 'D' Rating on INR5.97cr Term Loan
-------------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]D to
the INR5.97-crore fund-based term-loan facility, INR0.35-crore
fund-based cash-credit facility and INR2.18-crore long-term
unallocated limits of Pnb Reality Limited.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Long Term-Term
  Loan                    5.97        [ICRA]D Reaffirmed

  Long Term-Cash
  Credit                  0.35        [ICRA]D Reaffirmed

  Long Term-
  Unallocated Limits      2.18        [ICRA]D Reaffirmed

The rating action is based on the best available information-
FY2016 audited numbers and other information. As part of its
process and in accordance with its rating agreement with PRL,
ICRA has been trying to seek information from the company so as
to undertake a surveillance of the ratings. Despite repeated
requests by ICRA, the company's management has remained non-
cooperative. In the absence of requisite information, ICRA's
Rating Committee has taken a rating view based on the best
available information. In line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the
company's rating is now denoted as: "[ICRA]D ISSUER NOT
COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

PnB Realty Ltd. (PnB), a part of the PnB Group of Companies, was
incorporated in March 2008 as a public limited company. The group
is promoted by Mr. VGP Babudas, a second-generation entrepreneur,
with a track record of more than 20 years in real estate and
hospitality sectors. The company operates a hotel named Aurick
Hotel and is also involved in real-estate projects.


RELIANCE COMMUNICATIONS: Fitch Lowers Long-Term IDR to RD
---------------------------------------------------------
Fitch Ratings has downgraded India-based Reliance Communications
Limited's (Rcom) Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDR) to 'RD' from 'CCC'. Fitch has also
downgraded the rating on Rcom's USD300 million 6.5% senior
secured notes due 2020 to 'C/RR4' from 'CCC/RR4'.

The downgrade follows Rcom's June 2, 2017 announcement that all
of its bank lenders are prepared to waive debt service
obligations until end-2017 to provide time for the company to
lower its debt through two proposed transactions and present a
plan demonstrating how the debt can be serviced over the long
term.

Under Fitch ratings definitions this situation constitutes a
restricted default, as multiple waivers or forbearance periods
have been extended in parallel following a non-payment event.

KEY RATING DRIVERS

Critical Liquidity Position: Rcom had poor liquidity at end-March
2017, with cash and equivalents of INR14 billion - insufficient
to pay short-term debt of INR109 billion. Rcom's EBITDA declined
by 30% to INR49 billion in the financial year to end-March 2017
(FY17), from INR71 billion in FY16, and is likely to be
insufficient in FY18 to meet annual interest costs of INR35
billion and maintenance capex of INR15 billion. The company's
management say that it will meet its coupon obligation due on 6
November, and there will be no cross-default prospect while the
banks loans are in standstill; under the bond documents, non-
payment of the bank loan may trigger a cross-default under the
bond documents if such non-payment continues for 30 days
following written notice from either 25% of the bondholders or
the bond trustee.

Deal Execution Risks: Fitch believes weakening cash generation in
the Indian wireless sector may hamper Rcom's plan to sell 51% of
its tower business, Reliance Infratel Ltd. Reliance Infratel will
have significant cash flow exposure to the proposed 50:50
wireless joint venture (JV) between Rcom and Aircel which faces
merger execution risk as well as tough market conditions,
although the JV's other tenant Reliance Jio is backed by Reliance
Industries, rated 'BBB-'/Stable. Even if the tower business and
wireless JV transactions occur and debt is paid down, Fitch
believes the residual business is likely to be saddled with
excessive debt.

The transactions are subject to approval from lenders,
shareholders and the Indian telecom regulator. The standstill
provides Rcom with seven months to complete the transactions.
During this time, Rcom will also provide a sustainable long-term
plan to service its remaining debt of at least INR200 billion.
According to Rcom, the standstill requires lenders' formal
approval, which, given the company's critical liquidity, Fitch
expects to be obtained.

DERIVATION SUMMARY

Under Fitch ratings definitions the standstill constitutes a
restricted default as multiple waivers or forbearance periods
have been extended in parallel following a non-payment event.

KEY ASSUMPTIONS

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

- Delays in executing tower sale and demerger of wireless unit,
leading to inadequate liquidity to pay short-term debt.

- Analytical deconsolidation of wireless JV, Infratel and
subsidiary Global Cloud Xchange (GCX) businesses because of their
inability to provide cash to support Rcom's creditors.

- The wireless JV, Infratel and GCX do not require equity from
Rcom.

- Sale of 51% ownership in Infratel to lower debt by INR110
billion.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action

- Improvement in Rcom's liquidity position such that it can pay
its short-term obligations.

Developments that May, Individually or Collectively, Lead to
Negative Rating Action

- Rcom entering into bankruptcy filings, administration,
receivership, liquidation or other formal winding-up procedures,
or otherwise ceasing business.

LIQUIDITY
Poor Liquidity: Cash and equivalents were INR14 billion at end-
March 2017 - insufficient to repay short-term debt of INR109
billion. The standstill helps liquidity in the short term,
although the company will not be able to meet its obligations
unless execution of the transactions is successful.


RELIANCE COMMUNICATIONS: Moody's Cuts CFR to Ca; Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service has downgraded Reliance Communications
Limited's (RCOM) corporate family rating and senior secured bond
rating to Ca from Caa1.

The outlook is negative.

This concludes the review of the ratings initiated by Moody's on
May 30, 2017.

RATINGS RATIONALE

"The downgrade of RCOM's ratings to Ca from Caa1 follows the
announcement of the company's proposed debt restructuring plan --
including a standstill of RCOM's debt servicing obligations for
210 days -- which is currently being considered by the company's
bank lenders," says Annalisa Di Chiara, a Moody's Vice President
and Senior Credit Officer

On June 2, RCOM announced the formation of a Joint Lenders' Forum
(JLF) to consider and approve a debt resolution plan.

Based on JLF and Corrective Action Plan (CAP) guidelines from
Reserve Bank of India (RBI) dated February 2014, banks are
advised that the JLF should be mandatorily formed if aggregate
exposure of lenders in the account is INR1.0 billion and above
and is classified as a SMA-2 meaning principal or interest are
overdue between 61 and 90 days. Lenders also have the option of
forming a JLF even when the aggregate exposure in an account is
less than INR1.0 billion and/or when the account is reported as
SMA-0 (less than 30 days ) or SMA-1 (31-60 days). It is also
possible that a borrower may request formation of a JLF on
account of imminent stress -- in which case the account is
classified as SMA-0.

RCOM's management has confirmed that its entire bank group --
including onshore and offshore lenders -- are part of the JLF and
have agreed in principle to the proposed debt resolution plan
with reference date of June 2, 2017.

"A missed scheduled payment of either interest or principal is
considered as a default under Moody's definitions. The proposed
debt resolution plan evidences the company's likely inability to
service its upcoming debt service obligations, as scheduled under
its loan agreements," says Di Chiara, also Moody's lead analyst
for RCOM.

"In addition, with the formation of the JLF, the situation would
suggest that the company has failed to make some interest
payments when due, although RCOM's management has yet to confirm
this development," adds Di Chiara.

In addition, RCOM's management has stated that the standstill on
debt service applies to all onshore and offshore bank facilities
but not to the outstanding $300 million senior secured note due 6
November 2020. These notes are current with respect to interest
payments and the next interest payment date is in November 6,
2017 for $9.75 million.

The 210-day moratorium on debt servicing allows RCOM to focus on
closing two strategic transactions -- the sale of its
telecommunications tower assets and the de-merger of its core
wireless operations which it will merge with Aircel Limited
(unrated) in a new joint venture .

Without the successful and timely execution of these two
strategic transactions, there is no scope for RCOM to delever.

According to management, the two strategic transactions will
result in a INR250 billion reduction in balance sheet debt. These
transactions are still subject to lenders' approval as confirmed
by RCOM's management.

In the event the transactions are not completed by December 31,
2017, bank lenders may exercise their right to convert their
debt, in accordance with RBI guidelines.

However, even assuming the two transactions are completed as
planned by September 30, post restructuring, Moody's estimates
that RCOM will have over $3.0 billion of debt remaining on its
balance sheet. This total includes both RCOM's $300 million
senior secured notes and a $350 million senior secured bond
issued by its 100%-owned subsidiary, GCX Limited (B3 review for
downgrade).

Given the heavy debt load and the uncertainty regarding the cash
flow-generating capabilities of the residual businesses post
demerger and asset sales, Moody's believes the capital structure
of the remaining business will remain weak.

RCOM reported an 11% year-on-year decline in revenues and a 29%
contraction of EBITDA to INR53.9 billion ($830 million) for the
full year ending March 31, 2017.

These weak operating results reflect the intense state of
competition, driven in turn by the free services offered by
Reliance Infocomm Limited (unrated) from mid-September 2016
through April 1, 2017.

RCOM's reported total debt of INR489 billion, including INR33.2
billion of deferred payment liabilities, on March 31 resulting in
reported debt/EBITDA of over 9.0x.

Moreover, the company reported INR230 billion in short-term debt
and current long-term debt maturities through March 31, 2018, a
significant portion of which is due by September 2017, although
Moody's understand that this debt is now part of the standstill
arrangement with banks.

Given the high level of competitive intensity in the mobile
sector, Moody's believes that the company's operations will
remain under significant pressure, as EBITDA continues to
contract, and will continue to consume cash over the next several
months. RCOM had just INR10.2 billion of cash on its balance
sheet at March 31, 2017.

The ratings outlook is negative, reflecting the ongoing
uncertainty regarding the company's cash flow-generation
capabilities, debt restructuring progress, and resultant recovery
prospects for both lenders and bondholders. In addition, failure
to meet the proposed restructuring timetable or of remaining
current on the interest payable on the $300 million senior
secured note will result in further downgrade pressure.

The ratings are unlikely to be upgraded prior to the completion
of RCOM's corporate restructuring and debt restructuring,
repayment of debt and accrued interest with proceeds the from
asset sales, and the emergence of clarity on the capital
structure for the remaining businesses. Once completed, the
ratings will be reviewed and potentially upgraded to reflect the
company's prospective capital structure and the credit quality of
the remaining businesses.

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


RELIANCE TELECOM: ICRA Lowers Rating on INR812cr LT Loan to D
-------------------------------------------------------------
ICRA Ratings has downgraded the long-term rating to [ICRA]D from
[ICRA]BB for the INR812-crore long-term fund-based limits
(including unallocated) of Reliance Telecom Limited. ICRA has
also removed the negative outlook from the long term rating. ICRA
has also downgraded the short-term rating to [ICRA]D from
[ICRA]A4 for the INR784-crore short-term non-fund based limits
and the INR500-crore commercial paper programme of RTL.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Long-term Fund-
  based (including
  unallocated)             812        Downgraded to [ICRA]D from
                                      [ICRA]BB(Negative)

  Short-term Non-
  fund Based Limits        784        Downgraded to [ICRA]D from
                                      [ICRA]A4

  Commercial Paper
  (CP) Programme           500        Downgraded to [ICRA]D from
                                      [ICRA]A4

In arriving at RTL's ratings ICRA has taken a consolidated view
of the Reliance Communications (Rcom2) group (referred to as "the
Group") including RTL and Reliance Infratel Limited (RITL).

Rationale
The revision in ratings takes into consideration the delays in
debt servicing by the Group given its weak internal cash flow
generation as against sizeable debt servicing obligations.
Key rating drivers

Credit strengths

* Healthy telecom subscriber base (84.7 million as on March 31,
   2017) and pan-India telecom operations
* Healthy spectrum holding with sizeable spectrum in 800 MHz
   band, which is best suited to provide high speed 4G data
   services
* Moderate capital expenditure plans going forward, given the
   infrastructure-sharing arrangement with Reliance Jio Infocomm
   Limited (RJio)
* No major spectrum expiry in the near to medium term. Limited
   regulatory payouts as compared to those to be incurred by its
   competitors

Credit weaknesses

* Delays in debt servicing given its weak internal cash flow
   generation
* Persistently high debt levels; the debt protection metrics
   have further deteriorated with increase in debt and weakening
   in profitability; its Gross Debt/EBITDA increased to 8.48
   times as on FY2017-end from 6.68 times as on FY2016-end.
* Sizeable debt repayments obligations over next few quarters
* Significant pressure on realisations owing to competitive
   pressures, resulting in decline in profitability in Q4 FY2017
   and Q3 FY2017.
* Heightened and protracted competitive intensity with RJio
   continuing to offer attractive plans and other telcos
   following the same; this has further eroded the pricing power
   of the industry.
* Foreign exchange fluctuation risk given that more than 50% of
   debt is USD-denominated.
* Modest market position with revenue market share of 2.8% and
   subscriber market share of 7.7% in Q3 FY2017.

Description of key rating drivers:

The Group has a pan-India network and an established position in
the Indian telecom industry (84.7 mn subscribers as on March 31,
2017). It has healthy spectrum-holding with sizeable spectrum in
800 MHz band which is suited to provide high speed 4G data
services. The Group has entered into a comprehensive
infrastructure-sharing arrangement with RJio with reciprocal
access to the newly laid network of RJio. This would limit the
upfront capex of the Group while enabling it to offer 4G
services. In addition, the Group is present across segments such
as wireless services, wire-line services, enterprise connectivity
solutions, domestic and international long distance segments, and
direct-to-home (DTH) pay television services.

The Group is undertaking three transactions: a) to merge Sistema
Shyam TeleServices Limited's (SSTL) India wireless business with
itself, b) to merge its wireless operations with that of the
Aircel Group and c) to offload its tower business to Brookfield
Infrastructure Group. Transactions (b) and (c) entail
transfer/reduction of debt along with concomitant transfer of
revenue and EBITDA from the RCom Group. For these transactions,
the Group is in the process of obtaining necessary approvals, of
which it has already received some approvals. ICRA has taken note
of the investigations into acquisition of Aircel by Maxis
Communications Berhad (MCB) in 2006, wherein the honourable
Supreme Court of India (SC) is hearing petitions filed by certain
quarters, and also the fact that the underlying proceedings
brought against the shareholder of Aircel was dismissed by the
special 2G Court on February 2, 2017. On completion of these
transactions, the residual entity will be left with a lower
quantum of debt. However, the debt coverage metrics of the
residual entity are expected to remain subdued.
Competitive pressures apart, shutdown of the code division
multiple access (CDMA) services and demonetisation have exerted
pressure on the Group's revenue and profitability in the current
fiscal. In Q4FY2017, the Group has reported a decline of 24% YoY
in its revenues and a decline of 46% YoY in its earnings before
interest tax and depreciation (EBITDA). The Group has also
reported a decline in its rate per minute (RPM) to INR0.34 in
Q4FY2017 from INR0.40 in Q3FY2017.

Further the financial profile of the group is characterised by
sizeable debt levels and muted debt-coverage metrics with Gross
Debt/EBITDA weakening to 8.48 times as on FY2017 end from 6.68
times as on FY2016-end. Moreover, the company has sizeable debt
repayment obligation in the near term. ICRA has also noted that
the Group has advised its lenders that it will be making
repayment of an aggregate amount of INR25,000 crore (including
prepayments) from the proceeds of the undergoing transactions, on
or before 30th September 2017. It is also in the process of
getting refinanced its scheduled instalments falling due in the
interim.

Reliance Telecom Limited (RTL) is a RCom group company and
provides global system for mobile communications (GSM) based
services in eight telecom circles, namely Madhya Pradesh, Bihar,
Orissa, West Bengal, Assam, North East, Himachal Pradesh and
Kolkata.


S.L. THAKUR: CRISIL Assigns B+ Rating to INR6.0MM Crash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of S.L. Thakur (SLT).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              .37       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     .63       CRISIL B+/Stable
   Bank Guarantee        3.00       CRISIL A4
   Cash Credit           6.00       CRISIL B+/Stable

The ratings reflect a modest scale of operations, high
geographical concentration in revenue, and exposure to intense
competition in the highly fragmented civil construction industry.
These weaknesses are partially offset by the extensive industry
experience of the proprietor.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations and high geographical concentration
in revenue: The scale of operations remains small around INR18
crore in fiscal 2017 due to competitive civil construction
segment. Operations are concentrated in Sindhurg and Kolhapur in
Maharashtra, rendering growth highly dependent on the number of
tenders floated in the region.

* Exposure to intense competition: Low entry barriers have led to
many players in the civil construction industry, which affects
their ability to win tenders and maintain profitability.

Strengths

* Extensive industry experience of the proprietor: The proprietor
has an experience of around 20 years in the civil construction
industry. Over this period, he has undertaken several projects
for the Government of Maharashtra without significant delays in
execution.

Outlook: Stable

CRISIL believes SLT will continue to benefit from the industry
experience of its proprietor. The outlook may be revised to
'Positive' if there is significant improvement in the scale of
operations and profitability, leading to high cash accrual. The
outlook may be revised to 'Negative' if sizeable, debt-funded
capital expenditure, failure to execute projects on time, or
aggressive bidding exerts pressure on the margins.

SLT was set up as a proprietorship firm in 1997 by Mr.
Shrikrishna Thakur The firm undertakes civil construction work
such as construction of roads, bridges, and buildings.

Profit after tax (PAT) was INR0.75 crore on net sales of INR11.12
crore in fiscal 2016, against INR0.76 crore and INR12.11 crore,
respectively, in fiscal 2015.


SANT MUKTAI: Ind-Ra Assigns 'B' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sant Muktai
Sugar and Energy Limited (SMSEL) a Long-Term Issuer Rating of
'IND B'. The Outlook is Stable.  The instrument-wise rating
actions are:

   -- INR300 mil. Fund-based limits assigned with
      'IND B/Stable/IND A4' rating; and

   -- INR5 mil. Non-fund-based limits assigned with 'IND A4'
      rating

                        KEY RATING DRIVERS

The ratings reflect SMSEL's small scale of operations and weak
credit metrics.  According to provisional financials for FY17,
revenue was INR702 million (FY16: INR198 million), EBITDA
interest cover (operating EBITDA/gross interest expense) was
0.11x (1.74X) and net leverage (total adjusted net debt/operating
EBITDA) was 71.8x (7.57x).  The increase in revenue was mainly
due to liquidation of stocks.  Meanwhile, the deterioration in
EBITDA interest cover and net leverage was owing to a decline in
operating EBITDA.  EBITDA margin was thin at 1.7% in FY17 (FY16:
65.5%).

The ratings also reflect SMSEL's tight liquidity position,
indicated by a fund-based facility utilization of 92.2% over the
12 months ended March 2017.  This was due to the cyclical and
working capital-intensive nature of the sugar industry.

The ratings, however, are supported by the management's
expectation of an improvement in EBITDA margin in FY18, given the
installation of a 12MW cogeneration power plant on Jan. 21, 2017.

                         RATING SENSITIVITIES

Negative: A decline in revenue and EBITDA margin, and
deterioration in credit metrics and liquidity profile will be
negative for the ratings.

Positive: Significant revenue growth, along with an improvement
in EBITDA margin and credit metrics, on a sustained basis will be
positive for the ratings.

COMPANY PROFILE

Incorporated in April 2013, SMSEL is engaged in the manufacture
of sugar and co-generation of power from molasses.  Its
manufacturing unit is located in Jalgaon, Maharashtra.


SHILPI CABLE: ICRA Lowers Rating on INR27cr Loan to C
-----------------------------------------------------
ICRA Ratings has downgraded the long-term rating assigned to the
INR27.00 crore NCD of Shilpi Cable Technologies Limited to
[ICRA]C from [ICRA]BB with negative outlook.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Non-convertible         27.00       Downgraded to [ICRA]C from
  debenture programme                 [ICRA]BB (Negative)

Rationale
The rating action is based on public information, which indicates
delays in debt servicing by the company on a bank line, which is
not rated by ICRA. Debt servicing (including interest payments)
for the ICRA rated instrument is scheduled to begin from next
month. As part of its process and in accordance with its rating
agreement with SCTL, ICRA has been trying to seek information
from the company so as to undertake a detailed review of the
rating, but despite repeated requests by ICRA, the company's
management has remained non-cooperative. In the absence of
requisite information, ICRA's Rating Committee has taken a rating
view based on best available information. In line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01,
2016, the company's rating is now denoted as: "[ICRA]C ISSUER NOT
COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance.

Key rating drivers

* Liquidity issues faced by the company as reflected by the
   ongoing irregularities in debt servicing

Description of key rating drivers:

The rating reflects the liquidity issues faced by the company and
the ongoing irregularities in debt servicing, including instances
of devolvement in letter of credit facilities, to the consortium
bankers. ICRA had earlier revised the rating based on corporate
governance related concerns with the company following a petition
filed by an overseas operational creditor of SCTL against the
company under Section 8 & 9 of the Insolvency and Bankruptcy
Code, 2016 before the National Company Law Tribunal, New Delhi
(NCLT). Also, some of the key management personnel and
independent directors had resigned soon after the above mentioned
litigation. ICRA had expected this development to impact the
company's financial flexibility in raising further funds from the
banking system the company relied heavily on bank borrowings to
meet its working capital requirements, given that it had been
generating negative cash flows from operations.

SCTL was established in July 2006 as Rosenberger Shilpi Cable
Technologies Limited, a 50:50 joint venture (JV) between Shilpi
Communications Private Limited and Rosenberger
Hochfrequenztechnik GmbH & Co. KG, Germany. The JV was formed to
manufacture and sell radio frequency (RF) feeder cables in the
domestic market. The JV set up a manufacturing facility at
Chopanki, Rajasthan. The facility commenced commercial production
in early 2008, and during the same year the stake of the German
partner was bought by the Indian promoters. Though initially SCTL
was only into RF feeder cables manufacturing, it has, over the
years, added products such as wiring harnesses and battery cables
for automobiles, wiring harness sets and power cords for white
goods, and copper conductors (magnet copper wires and bunched
copper wires) to expand and diversify its offerings. The company
thus caters to automotive, telecom, and consumer durables
segments, among others. In addition, it sells house wires,
circuit breakers (MCCB and RCCB), and switches through
distributors under the 'SAFE' brand name.

SCTL, headquartered in Delhi, has five manufacturing units in
Bhiwadi, Chopanki, Bahadurgarh (owned by an associate AGH Wires),
Hosur, and Pune (Bhiwadi and Chopanki plants are owned by the
company, while the remaining have been taken on lease), and has
13 sales offices across India. SCTL also has subsidiaries and
joint ventures in Singapore and UAE, which trade in copper cables
and other products. The company is listed on Bombay Stock
Exchange (BSE) and National Stock Exchange (NSE) since 2011.

SCTL, on a consolidated basis, recorded a profit after tax (PAT)
of INR165.64 crore on an operating income of INR3,895.53 crore
for the year ending March 31, 2016 as against a PAT of INR159.99
crore on an operating income of INR3,212.93 crore for the year
ending March 31, 2015. For the nine months ending December 31,
2016, SCTL reported 19% y-o-y growth in consolidated operating
income to INR3,342.17 crore and a PAT of INR160.13 crore.


SHIVAM COTTON: ICRA Reaffirms 'B' Rating on INR12CR Cash Loan
-------------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]B on
the INR13.46-crore fund-based bank facilities and INR0.83-crore
unallocated limits of Shivam Cotton Industries. The outlook on
the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash
  Credit                  12.00     [ICRA]B (Stable); Reaffirmed

  Fund-based-Term
  Loan                     1.46     [ICRA]B (Stable); Reaffirmed

  Unallocated              0.83     [ICRA]B (Stable); Reaffirmed

Rationale
The rating reaffirmation continues to factor in the weak
financial profile of Shivam Cotton Industries, characterised by
low profitability margins, stretched capital structure and weak
coverage indicators. The rating also continues to take into
account the commoditised nature of products and the vulnerability
of the firm's profitability to adverse movements in cotton price,
which in turn is subject to seasonality and crop harvest. The
firm's operations are exposed to regulations governing the
industry such as restrictions on cotton exports and minimum
support price (MSP). Furthermore, the rating also considers the
highly fragmented nature of the industry due to the presence of
large number of manufacturers, which coupled with low-entry
barriers, leads to high competition and consequently limited
margins. ICRA notes the potential adverse impact on net worth and
gearing levels in case of any substantial withdrawal from capital
accounts. The rating, however, continues to derive comfort from
the long experience of SCI's partners in the cotton industry and
proximity of firm's manufacturing unit to raw materials, easing
procurement.

Key rating drivers

Credit strengths

* Extensive experience of the partners in the cotton ginning
   industry
* Locational advantage by virtue of proximity to raw materials

Credit weaknesses

* Weak financial profile characterised by low profit margins,
   stretched capital structure and weak coverage indicators
* Highly fragmented industry structure due to the presence of
   a large number of manufacturers and traders; low-entry
   barriers result in high competition
* Operations exposed to regulatory restrictions on cotton
   export, minimum support price (MSP) and agro-climatic
   condition
* Risks inherent in partnership firms, wherein any substantial
   capital withdrawal could impact the net-worth and gearing
   levels

Description of key rating drivers:

SCI reported a growth of ~25% in operating income in FY2017
supported by higher sales realisations and enhancement of plant
capacity carried out in FY2016. Cotton bales continue to form the
major portion with 64% of total sales followed by 16% from
cottonseed oilcake in FY2017. The profitability continues to
remain low due to highly fragmented as well as competitive
structure of the industry and limited value additive nature of
business. The customer concentration of SCI remained low with top
ten customers contributing to ~40% of total sales in FY2017.
Despite scheduled repayments of term loan installments, the
capital structure of the firm continued to remain stretched on
account of high working capital requirement.

In ICRA's view, the scale of the firm is expected to remain
stable. However, the ability of the firm to manage the impact of
raw material price fluctuations on its profitability in a highly
competitive business environment and improve its capital
structure by repayment of debt obligation and efficient working
capital management will remain the key rating sensitivity.

Established in 1998 as a partnership firm, Shivam Cotton Industry
(SCI) is involved in the business of raw cotton ginning, pressing
and crushing of cottonseeds. SCI's manufacturing facility,
located at Karjan in Gujarat, is equipped with 36 ginning
machines, 1 pressing machine and 10 expellers for crushing
activity with an installed ginning capacity of 91,800 MT per
annum. The partners of the firm have extensive experience in the
cotton industry vide their association with other cotton ginning
entities.
The firm reported a net profit of INR0.51 crore on an operating
income of INR51.87 crore for the year ending March 31, 2016.


SHREE NARSHING: CRISIL Assigns B+ Rating to INR4MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Shree Narshing Construction (SNC).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         2         CRISIL A4
   Cash Credit            4         CRISIL B+/Stable

The ratings reflect the firm's modest scale of operations,
exposure to tender-driven business, and average financial risk
profile because of small networth and moderate gearing. The
weaknesses are partially offset by the extensive experience of
its proprietor and moderate order book.

Analytical Approach

Unsecured loans from proprietor (Rs 1.09 crore) have been treated
as neither debt nor equity as these loans bear nominal interest
rate and are expected to remain in business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations and exposure to tender-based
operations: With an operating income of INR5.2 crore in fiscal
2016, scale remains small due to regional concentration.
Furthermore, the civil construction industry is highly fragmented
due to low entry barrier which, along with tender-based
operations, significantly affects business risk profile. However,
new orders may stabilize revenue over the medium term.

* Large working capital requirement associated with new projects:
Ramp up in operations with new orders is likely to lead to
sizeable incremental working capital requirement, management of
which will remain a key monitorable.

* Average financial risk profile: Networth was small at INR1.49
crore as on March 31, 2016, on account of capital withdrawals and
limited accretion to reserves. Despite expected increase to about
INR2 crore over the medium term, networth will remain subdued.
Low cash accrual led to weak debt protection metrics, with
interest coverage and net cash accrual to total debt ratios of
1.7 times and 0.06 time, respectively, for fiscal 2016. Though
metrics will improve marginally over the medium term, it will
remain muted.

Strengths

* Extensive experience of promoters: The firm's proprietor has
been executing railway contracts for more than three decades.

* Moderate order book: Outstanding order book of INR59 crore is
almost 6 times the firm's estimated revenue of INR10.9 crores in
FY17, leading to revenue visibility.

Outlook: Stable

CRISIL believes SNC will continue to benefit over the medium term
from its proprietor's extensive experience in civil construction
industry. The outlook may be revised to 'Positive' if significant
and sustained improvement in scale of operations or profitability
leads to better-than-expected cash accrual. The outlook may be
revised to 'Negative' if stretch in working capital cycle, lower-
than-expected cash accrual, or substantial debt-funded capital
expenditure further constrains financial risk profile, especially
liquidity.

Jamshedpur-based SNC, formed in 1980 as a proprietorship firm by
Mr. Bimal Agarwal, is engaged in construction and repairs of
railway tracks, over-bridges, railway sidings, railway stations,
and subways in the Eastern region.

Profit after tax was INR0.26 crore on net sales of INR5.20 crore
for fiscal 2016, against INR0.24 crore and INR7.25 crore,
respectively, for fiscal 2015.


SHREE RAJASVI: CRISIL Reaffirms B- Rating on INR16MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable' rating on the long-
term bank facilities of Shree Rajasvi Polyesters (SRP). The
rating continues to reflect a weak financial risk profile because
of a high gearing, weak debt protection metrics, and stretched
liquidity. The rating also factors in a modest scale and working-
capital-intensive nature of operations. These rating weaknesses
are partially offset by the extensive experience of the partners
in the polyester yarn industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            16        CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      2.03     CRISIL B-/Stable (Reaffirmed)

   Term Loan               2.18     CRISIL B-/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: The networth has reduced to about
INR4 crore as on March 31, 2017, from INR6.9 crore as on March
31, 2015, primarily because of withdrawal of capital in fiscal
2016. Consequently, the gearing deteriorated to over 5 times from
3.6 times over this period. Despite reduction in overall debt,
the debt protection metrics remained subdued with interest
coverage ratio estimated at 1.3 times and net cash accrual to
total debt ratio at 0.4 time for fiscal 2017. Although the
partners have extended unsecured loans, liquidity remains
stretched due to low cash accrual that is barely sufficient to
meet debt repayment, and near full utilisation of the bank line.

* Working capital-intensive operations: That's driven by large
debtors and limited credit from suppliers. Credit of 60-90 days
is provided to customers. The debtors were at 70-100 days over
the past three fiscals, thus significantly lengthening the
working capital cycle. Though inventory is low at around two
weeks, no major credit available on procurement adds to the
working capital intensity and constrains liquidity.

* Modest scale of operations: The firm's activity involves
limited value addition. Besides, there are a large number of
players, leading to high fragmentation and intense price
competition. With estimated revenue of about INR107 crore and
operating margin of less than 4%, in fiscal 2017,  operations are
highly exposed to risks related to intense industry competition
and limited pricing power.

Strengths

* Extensive industry experience of the partners: The partners
have an experience of over 15 years in the polyester yarn
industry. They earlier manufactured texturised and twisted
polyester yarn under different entities that were dissolved and
their operations consolidated in SRP. This has helped them gain
an understanding of the industry and tap new customers. The firm
also exports to many African, South American, and Gulf countries.
The industry experience has helped to survive through different
business cycles and scale up operations.

Outlook: Stable

CRISIL believes SRP will continue to benefit from extensive
industry experience of its partners and their funding support.
The outlook may be revised to 'Positive' in case of improvement
in liquidity, most likely due to substantial capital infusion or
a considerable increase in cash accrual. The outlook may be
revised to 'Negative' if the financial risk profile, especially
liquidity, deteriorates further, owing to a stretched working
capital cycle, lower-than-expected net cash accrual, or sizeable
cash withdrawal.

SRP was set up in 2010 by Mr. Naresh Gandhi and his family by
dissolving multiple entities and consolidating their operations.
The firm manufactures texturised and twisted polyester yarn from
partially oriented yarn (POY) at its facilities in Surat,
Gujarat. It also acts as a del credere agent for selling POY of
Garden Silk Mills Pvt Ltd.

In fiscal 2016, profit after tax (PAT) was INR14 lakh on total
sales of INR106.60 crore, as against INR18 lakh and INR80.77
crore, respectively, in fiscal 2015.


SHRI AAVISHKAR: ICRA Withdraws B+ Rating on INR4.50cr Loan
----------------------------------------------------------
ICRA Ratings has withdrawn the long-term rating of [ICRA]B+ and
short term rating of [ICRA]A4 outstanding on the INR4.50-crore
cash credit facility, INR3.00-crore letter of credit facility and
INR0.20-crore Credit Exposure Limits of Shri Aavishkar Metals
Private Limited.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash
  Credit                  4.50      [ICRA]B+; Withdrawn

  Non Fund-based-
  Short Term              3.20      [ICRA]A4; Withdrawn

Rationale
The long-term rating and short term rating assigned to Shri
Aavishkar Metals Private Limited have been withdrawn at the
request of the firm based on the no-objection certificate
provided by its banker.

Incorporated in 2006 as a private limited company, Shri Aavishkar
Metals Private Limited (SAMPL) is engaged in trading of ferrous
and non ferrous scrap metals. SAMPL procures scrap through both
local and international market and supplies it to end users and
traders present in Gujarat. The promoter has more than two
decades of experience in the scrap trading business.


SPECTRUM SCAN: CRISIL Cuts Rating on INR4MM LT Loan to B
--------------------------------------------------------
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Spectrum Scan Private Limited
(SSPL). 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 SSPL is consistent with 'Scenario
1' outlined in the 'Framework for Assessing Consistency of
Information with CRISIL B rating category or lower.' Based on the
last available information, CRISIL has downgraded the rating to
'CRISIL B/Stable/CRISIL A4' from 'CRISIL BB+/Stable/CRISIL A4'

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Letter of Credit        1        CRISIL A4 (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL A4+')

   Long Term Loan          4        CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL BB+/Stable')

   Proposed Long Term      1        CRISIL B/Stable (Issuer Not
   Bank Loan 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 SSPL. 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
SSPL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL B rating
category or lower.' Based on the last available information,
CRISIL has downgraded the rating to 'CRISIL B/Stable/CRISIL
A4'.from 'CRISIL BB+/Stable/CRISIL A4'

SSPL, incorporated in 1995, prints and packages Point of
Purchase/Point of Sale products. It is promoted by Mr. Amit Shah
who has industry experience of 20 years. The company has two
manufacturing facilities in Mumbai. It undertakes
screen/offset/digital printing, thermoforming, and wood and metal
fabrication processes.


SPENZZER CRAFT: CARE Assigns B+ Rating to INR7.35cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Spenzzer Craft Private Limited (SCPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             7.35       CARE B+; Stable Assigned

   Long-term/Short-       6.00       CARE B+; Stable/CARE A4
   Term Bank                         Assigned
   Facilities

   Short-term Bank
   Facilities             1.00       CARE A4 Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of SCPL are primarily
constrained on account of its nascent stage of operations,
susceptibility of its operating margins to raw material price
fluctuations and its presence in the competitive paper industry.
The ratings, however, derive comfort from vast experience of the
promoters along with stable outlook of the paper industry in
India.

The ability of SCPL to achieve envisaged level of revenue,
profitability along with effective management of its working
capital requirement would remain the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Nascent stage of operations
SCPL has successfully completed the project and started the
commercial production of Kraft & Absorbent Paper from March 2017;
during first 1MFY17 (provisional) the company has registered a
TOI of INR1.29 crore. Furthermore, during 2MFY18 (Provisional),
SCPL has achieved TOI of INR10.00 crore and has order book of
INR4.5 crore, which will be executed by June, 2017.

Susceptibility to the raw material price fluctuation
SCPL is engaged in the business of manufacturing of Kraft &
Absorbent Paper used in the manufacturing for making paper
grocery bags, wrapping paper, envelops and various types of
corrugated boxes. Waste cartons and waste papers are the raw
material which is driven by demand and supply scenario led to
volatility in the prices.

Competition from other local players
The entry barrier for new manufacturing unit of Kraft & Absorbent
Paper is low. As a result, the manufacturing of Kraft & Absorbent
Paper business has healthy competition in the region. Also, the
presence of existing players with established marketing &
distribution network results into intense competition in the
industry.

Key Rating Strengths

Experienced promoter Mr. Vijeshbhai Dayalal Detharia, Mr.
Pareshbhai Tribhovanbhai Panara and Mrs Sarojben Rameshbhai
Vitthani are the promoters of SCPL. Mr. Vijeshbhai Dayalal
Detharia is engaged in same line of activity since last about 10
years. He looks after overall management of the business. Mr.
Pareshbhai Tribhovanbhai Panara is engaged in the Beverage
Industry for more than 9 years while Mrs Sarojben Rameshbhai
Viotthani is engaged in the chemical industry since last 12
years.

Incorporated in March, 2016, Spenzzer Craft Private Limited
(SCPL) is engaged into manufacturing of kraft paper. SCPL
successfully completed project worth INR21 crore for
manufacturing of Kraft & Absorbent Paper (KAP) which was funded
through debt/equity mix of 1.63 times. The manufacturing unit of
the company is located at Surat (Gujarat) and operates with an
installed capacity of 100 Tonnes per day. SCPL commenced
commercial production from March, 2017 and is selling its
products to various players in the nearby domestic area.

During 1MFY17 (Provisional), SCPL has achieved TOI of INR1.29
crore.


SPS YARNS: CRISIL Assigns B- Rating to INR6.55MM LT Loan
--------------------------------------------------------
CRISIL has assigned rating of 'CRISIL B-/Stable' to the long term
bank loan facilities of SPS Yarns Private Limited (SPS).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           3.45       CRISIL B-/Stable
   Long Term Loan        6.55       CRISIL B-/Stable

The rating reflects its small scale of operations and stretched
working capital cycle. The rating also factors in its weak
financial risk profile marked by high gearing, modest debt
protection metrics and small net worth. These weaknesses are
partially offset by the benefits derived from the extensive
experience of promoters.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations and stretched working capital
management
SPS's scale is small with estimated revenue of INR8 crores in
fiscal 2017.  SPS has stretched working capital cycle with gross
current assets (GCA) days of around 418 days as on March 31, 2017
attributable to high debtor levels of over 350 days for last 3
years ending fiscal 2017.

* Weak financial risk profile
SPS is estimated to report high gearing of 3.5 times and a modest
networth of INR3.3 crores as on March 31, 2017. The debt
protection metrics are weak with net cash accruals to total debt
(NCATD) and interest coverage estimated at 0.03 times and 0.9
times respectively for fiscal 2017.

Strengths

* Promoters' extensive experience
SPS is promoted by Mr. K D Chuttar. The promoters of SPS have an
extensive experience of over two decades in the textile industry,
thus aiding SPS in establishing healthy customer and supplier
relationships.

Outlook: Stable

CRISIL believes SPS will continue to benefit over the medium term
from its extensive experience of promoters. The outlook may be
revised to 'Positive' if the company registers a substantial
increase in revenues and cash accruals, coupled with an increase
in its net-worth either through sizeable equity infusion from its
promoters or through larger accretions resulting in an
improvement in its financial risk profile, while its working
capital management betters. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in the company's
profitability margins, or significant deterioration in its
capital structure caused most likely by a stretch in its working
capital cycle. The outlook may also be revised to negative in
case of delays in fund support by promoters to meet shortfalls in
working capital or debt servicing, adversely impacting the
liquidity profile.

Established in 2011 as a private limited company, SPS is engaged
in manufacturing of Polyester and plastic Zippers. Based in
Hyderabad (Telangana), the company is promoted and managed by Mr.
K D Chuttar.

For fiscal 2016, SPS reported net loss of INR0.2 crores on net
sales of INR7.2 crores against net loss of INR0.26 crores on net
sales of INR8.5 crores for fiscal 2015.

Status of non-cooperation with previous CRA: India Ratings And
Research Private Limited had withdrawn its rating vide its
release dated December 20, 2016. Reason provided by India Ratings
and Research Private Limited lack of adequate information.


SRE VENGADALAKSHMI: CRISIL Assigns B+ Rating to INR8.8MM Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on bank
facilities of Sre Vengadalakshmi Spinners (SVS) and assigned its
'CRISIL B+/Stable' rating to these bank facilities. CRISIL had
suspended the rating vide its rating rationale dated December 11,
2014, as SVS had not provided necessary information required for
a rating review. The company has now shared the requisite
information, enabling CRISIL to assign its rating to the bank
facilities.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Term Loan         2.5      CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

   Open Cash Credit       2.2      CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

   Working Capital        8.8      CRISIL B+/Stable (Assigned;
   Demand Loan                     Suspension Revoked)

The rating reflects modest scale and below-average financial risk
profile. However, these weaknesses are partially offset by the
proprietor's extensive experience and long relationships with
customers.

Key Rating Drivers & Detailed Description

Weakness

* Below average financial risk profile: The firm's financial risk
profile is marked by low net worth, high gearing and subdued debt
protection metrics.

* Susceptibility of operating margins to volatility in raw
material prices: Major raw material, cotton prices are highly
volatile and the margins are susceptible to any major
fluctuations.

Strengths

* Extensive experience of proprietor in the textile industry: The
proprietor was in this line of business for over 15 years and has
established relationship with customers and suppliers.

Outlook: Stable

CRISIL believes that SVS will continue to benefit over the medium
term from the proprietor's extensive experience in the textile
industry. The outlook may be revised to 'Positive' in case the
concern reports higher than expected revenue growth and
profitability margins, while improving its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case the concern registers significantly lower-than-expected
growth in its revenues and accruals, or if its working capital
cycle lengthens further, or if it undertakes a larger-than-
expected debt-funded capital expenditure programme, leading to
weakening of its financial risk profile.

SVS was established in 1999 by Ms. R Pushpa as a proprietorship
concern. It manufactures cotton yarn of counts between 30 and 40
at its unit near Coimbatore (Tamil Nadu). It has installed
capacity of 25,000 spindles. The firm sells its cotton yarn in
domestic market.

SVS's net profit was INR0.18 crore on sales of INR49.45 crore in
fiscal 2016, vis-a-vis net profit of INR0.17 crore on sales of
INR37.4 crore, for fiscal 2015.


STEELMAN INDUSTRIES: CRISIL Assigns B+ Rating to INR4MM Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Steelman Industries (SMI) and has assigned its
'CRISIL B+/Stable/CRISIL A4' ratings to the facilities. CRISIL
had, on November 17, 2016, suspended the ratings as the company
had not provided the necessary information for a rating review.
The company has now shared the requisite information, enabling
CRISIL to assign a rating.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Foreign Bill           6.5       CRISIL B+/Stable (Assigned;
   Purchase                         Suspension Revoked)

   Foreign Letter         4.0       CRISIL A4 (Assigned;
   of Credit                        Suspension Revoked)

   Proposed Long Term     4.0       CRISIL B+/Stable (Assigned;
   Bank Loan Facility               Suspension Revoked)

The ratings reflect the firm's modest scale of operations along
with concentrated customer base and average financial risk
profile marked by a weak interest coverage ratio. These rating
weaknesses are partially offset by the proprietor's extensive
experience in the trading industry, a diversified product
profile, and SMI's comfortable total outside liabilities to
tangible net worth ratio.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations, marked by customer concentration in
revenue profile: SMI's scale of operations is small, as reflected
in net sales of INR17.53 crores in 2015-16, which was around
INR11.91 crores in 2014-15. The firm operates in a highly
competitive spare parts industry marked by the presence of
multiple players. Moreover, the trading nature of the business
results in limited value addition, thus reducing the pricing
power further. Furthermore, the firm derives majority of its
revenue from sale of its products to two customers in Africa,
leading to customer concentration risk, which makes the firm's
operations susceptible to slowdown in the operations of the
customer or change in vendor policy or pricing terms by the
customer. Also, geographical concentration makes the firm
vulnerable to any economic slowdown or political unrest in a
particular country. CRISIL believes that SMI's scale of
operations will remain small and that diversification of customer
base will remain a rating sensitivity factor, over the medium
term.

* Average financial risk profile: SMI's TOLTNW ratio remained
comfortable at around 5.07 times as on March 31, 2016. SMI's net
worth is moderate, at around INR3.03 crores as on March 31, 2016
against debt of around INR8.67 crores. CRISIL believes that SMI's
TOLTNW ratio will improve over the medium term given the expected
capital infusion in the company. SMI's debt protection metrics
have been weak, marked by low interest coverage ratio. The
interest coverage ratio was around 1.95 times as on March 31,
2016, and is likely be below 2 times as on March 31, 2016, owning
to moderate operating profitability.

Strengths

* Extensive experience of proprietor in bicycle components
industry: SMI was set up in 1995. The proprietor has experience
of more than four decades in manufacturing and trading in bicycle
parts. Prior to setting up SMI in 1995, the proprietor undertook
similar business in the group firm, Northern India Sales
Corporation. The established industry experience of the
proprietor has established strong relations with suppliers and
customers, and has helped SMI in terms of pricing and assured
demand-supply. An established customer base has helped the firm
diversify its product base under the trading segment. CRISIL
believes that SMI will continue to benefit from the extensive
experience of its proprietor in the trading industry, over the
medium term.

* Diversified product profile: SMI started manufacture and
trading in bicycle parts but eventually diversified its product
range in the trading segment in 2010-11 to mitigate the risk of
declining bicycle parts business. It entered the food segment and
corrugated galvanised steel sheets, the three segments having
contributed to around one-third each to the firm's total sales in
2015-16. Furthermore, the firm has started importing PVC resin
for sale in the domestic market. SMI's diversification into
different business segments has helped it to achieve stable
revenue over the past two years. CRISIL believes that SMI will
continue to benefit from its foray into different segments, over
the medium term.

Outlook: Stable

CRISIL believes that SMI will continue to benefit over the medium
term from the industry experience of its proprietor and its
established relationships with its customers. The outlook may be
revised to 'Positive' in case of significant growth in the firm's
scale of operations or profitability along with customer
diversification and improvement in working capital management,
leading to improvement in its business risk profile. Conversely,
the outlook may be revised to 'Negative' if there is a decline in
sales or profitability levels, or if SMI's liquidity weakens on
account of a stretch in working capital cycle.

Established in 1995, SMI is a sole proprietorship firm of Mr.
Sham Sunder Gupta and manufactures and trades in bicycle parts
and corrugated galvanised steel sheets. It also exports biscuits,
candies, liquid glucose, and corn starch to African countries.
Moreover, the firm started importing and trading in polyvinyl
chloride (PVC) resin and PVC panels in 2014-15 (refers to
financial year, April 1 to March 31). SMI is based in Ludhiana
(Punjab).

SMI reported profit after tax (PAT) of INR0.32 crores on net
sales of INR17.53 crores for 2015-16; it had reported a PAT of
INR0.43 crores on net sales of INR11.91 crores for 2014-15.


SUPER OVERSEAS: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Super Overseas
Private Limited (SOPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.  The instrument-wise rating actions are:

   -- INR15.68 mil. Term loan assigned with 'IND BB+/Stable'
      rating; and

   -- INR80 mil. Fund-based working capital limit assigned with
      'IND BB+/Stable/IND A4+' rating

                        KEY RATING DRIVERS

The ratings reflect SOPL's moderate scale of operations and
EBITDA margins.  Revenue increased to INR794.49 million in FY17
(Provisional) from INR658.37 million in FY16 due to increased
orders from existing and new customers.  The EBITDA margins
expanded to 8% in FY17P from 7.30% in FY16 on account of increase
in duty drawback announced under the Ministry of Textile's new
scheme for rebate of state levies on garment exports.

The ratings are further constrained by the company's exposure to
high customer concentration risk with the sole customer
contributing around 65% to the total top line in FY17P (FY16:
74.49%).

The ratings also factor in SOPL's moderate liquidity position
with about 92.53% average utilization of fund-based limits during
the 12 months ended April 2017.

However, the ratings derive support from the company's
comfortable credit metrics with gross leverage (total adjusted
debt/operating EBITDA) of 1.78x in FY17 (FY16: 2.05x) and gross
interest coverage (operating EBITDA/gross interest expense) of
7.12x (2.97x).  The improvement in the credit metrics was on the
back of repayment of loan and the subsequent decline in interest
cost.

The ratings are also supported by the promoter's more than two
decades of experience in the textile manufacturing business.

                       RATING SENSITIVITIES

Positive: Diversified clientele along with a substantial growth
in the top line while maintaining the credit metrics could lead
to a positive rating action.

Negative: Deterioration in the credit metrics could be negative
for the ratings.

COMPANY PROFILE

SOPL was established in 1995 as a partnership firm and was
converted to a private limited company in 2011.  The company
manufactures readymade garments in Noida and exports 100% of its
products to the US, the UK and Europe.


SWARAJ SYNTHETICS: CRISIL Cuts Rating on INR4MM Cash Loan to B
--------------------------------------------------------------
CRISIL has been consistently following up with Swaraj Synthetics
Private Limited (SSPL) for obtaining information through letters
and emails dated January 19, 2017, and February 9, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             4        CRISIL B/Stable Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB-/Stable')

   Term Loan               2.42     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 Swaraj Synthetics 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 Swaraj Synthetics Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
B' category or lower. Based on the last available information,
CRISIL has downgraded the rating at 'CRISILB/Stable'.

Incorporated in 2004, SSPL manufactures various kinds of suiting
fabrics, primarily for uniforms, under the brand, Raghav Suiting.
Its manufacturing facilities are located in Bhilwara (Rajasthan)
and the company is promoted by Mr. Santosh Agal and family.


TRIMURTI COTTON: CARE Assigns 'B' Rating to INR6.90cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Trimurti Cotton Industries (TCI), as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             6.90      CARE B; Stable Assigned

Detailed Rationale and Key rating drivers

The rating assigned to the bank facilities of TCI is constrained
on account of its thin profit margins, moderately capital
structure and debt coverage indicators coupled with moderate
liquidity position. The rating is further constrained by inherent
risks associated with partnership form of constitution, TCI's
presence in highly fragmented cotton ginning industry and
susceptible to fluctuations in cotton prices and seasonal
procurement resulting in working capital intensive nature of
operations.

The rating, however, derives comfort from experience of its
promoters in the cotton industry, TCI's plant being located in
proximity to cotton-producing region of Gujarat and fiscal
benefits from government.

TCI's ability to improve its scale of operations along with
profit levels, efficient management of working capital and
improvement in capital structure coupled with debt coverage
indicators are the key rating sensitivities.

Detailed Description of the key rating drivers

Key Rating Weaknesses
Thin profit margins, moderately capital structure and debt
coverage indicators coupled with moderate liquidity Position.
During FY17(Prov.), which is the first year of operation for
TCI, it has recorded a TOI of INR 41.61crore; however the
profitability remained thin, PBILDT remained thin at INR0.58
crore with a PBILDT margin of 1.38% and PAT remained at INR0.11
crore with a PAT margin of 0.26%. As at March 31, 2017, capital
structure remained moderate marked by overall gearing of 0.93
times. Debt coverage indicators also stood moderate. Liquidity
position remained moderate marked by working capital cycle which
stood at 42 days and utilization of working capital limit for
period ended April, 2017 remained high at 80%.

Inherent risks associated with partnership form of constitution
Being a partnership firm, TCI is susceptible to risk associated
with withdrawal / transfer of capital by the partners which
may lead to deterioration in the firm's capital structure.

Presence in highly fragmented cotton ginning industry and
susceptible to fluctuations in cotton prices
Cotton ginning business involves very limited value addition and
is highly dominated by small and medium scale units resulting in
highly fragmented nature of industry. Further, price of raw
cotton is highly volatile in nature and depends upon factors like
area under production, yield for the year, international demand
supply scenario, export quota decided by government and inventory
carry forward of last year.

Seasonal procurement resulting in working capital intensive
nature of operations
Cotton being an agro commodity, its production is seasonal in
nature, where sowing season is normally during March to July and
harvesting season is during November to February every year. Also
the cotton ginners usually have to procure raw cotton in bulk to
bargain better discount from the suppliers.

Key Rating Strengths

Experienced Promoters
TCI is promoted by Mr. Jitendrakumar Chunilal Patel,Mr
Rakeshkumar Kacharbhai Patel, Mr. Manojkumar Somabhai Patel and
Mr. Kalpeshkumar Kantilal Patel. All the promoters are holding
healthy experience in the cotton industry.

Proximity to cotton-producing region of Gujarat
Raw cotton is the key input required for ginning & pressing
activities. TCI's plant is located in the cotton growing region
of Gujarat which is the largest producer of raw cotton in India.

Fiscal benefits from government
TCI is likely to get benefits under various incentive schemes
introduced by Government of India (GoI) and Government of Gujarat
(GoG) to promote cotton ginning and pressing.

Vijapur (Gujarat) based TCI was established during April 2016 by
Mr. Jitendrakumar Chunilal Patel, Mr. Rakeshkumar Kacharbhai
Patel, Mr. Manojlumar Somabhai Patel, Mr. Rohitkumar Rameshbhai
Patel, MrKalpesh kumar Kantilal Patel. TCI in has set up a cotton
ginning plant which commenced operations from December, 2016. The
plant has installed capacity of Cotton Bales - 35,10,000
Kg/annum, Cotton Seeds - 27,19,059 Kg/annum, Cotton Oil -
4,66,560 Kg/annum, Cotton Cake -33,04,800 Kg/annum as on
March 31, 2017.

During FY17(Provisional), TCI has reported a PAT of INR0.07 crore
on a total operating income of INR41.61 crore.


UNITECH FABRICATORS: CRISIL Reaffirms B Rating on INR5MM Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Unitech
Fabricators and Engineers Private Limited (UFEPL) for obtaining
information through letters and emails dated January 19, 2017,
and February 9, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          5        CRISIL A4 (Issuer Not
                                    Co-operating: Rating
                                    Reaffirmed)

   Bill Discounting        1        CRISIL A4 (Issuer Not
   under Letter of                  Co-operating: Rating
   Credit                           Reaffirmed)

   Cash Credit             5        CRISIL B/Stable (Issuer Not
                                    Co-operating: Rating
                                    Reaffirmed)

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 Unitech Fabricators and
Engineers 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 Unitech
Fabricators and Engineers Private Limited is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL B' category or lower. Based on the
last available information, CRISIL has downgraded the long term
rating at CRISIL B/Stable and reaffirmed short term rating to
CRISIL A4.

UFEPL, incorporated in 1998, was set up by Mr. Kamal
Bhattacharjee and Mr. Debashish Shah. In 2003-04 (refers to
financial year, April 1 to March 31), Mr. Shah exited the
business to start his own venture and the entire stake in UFEPL
came under Mr. Bhattacharjee. The company manufactures cable
trays (used for laying cables) and associated products such as
earthing material and lighting poles. It markets the products
mainly to engineering industries.


USHA SPINCOAT: CARE Raises Rating on INR29.36cr LT Loan to BB-
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Usha Spincoat Private Limited (USPL) as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         29.36      CARE BB-; Stable
   Facilities                        Revised from CARE B+


Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
USPL) takes into account marginal growth in total operating
income and increase in profitability margins along with
improvement in capital structure and debt coverage indicators in
FY17 [(CA Certified, Prov.) refers to period April 1 to March
31]. The rating continues to derive strength from experience of
promoters in cotton yarn business and adequate raw material
availability. The rating, however, continues to be constrained by
the working capital intensive nature of operations and intense
competition in cotton industry.

Going forward, ability of the company to increase the scale of
operations, improve profitability and capital structure and
efficient management of working capital requirements would remain
the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Working capital intensive nature of operations
The operations of the company are working capital intensive. The
operating cycle of the company increased from 104 days during
FY16 to 121 days in FY17 (Prov.), due to increase in collection
period to 24 days, on account of bulk order delivered in March
2017 and the payment for the same was received in first week of
April 2017. Furthermore, cotton being a seasonal crop, the
spinning companies has to stock the inventory during the harvest
season to meet the customer requirement for rest of the year
resulting in average raw material inventory period between 100-
110 days. On account of the said reasons, the average utilization
of working capital bank borrowings remained moderate at 80-85%
during past twelve months ended April 30, 2017.

Intense competition in cotton industry
The cotton industry is characterized by low entry barriers due to
minimal capital requirement and easy availability of technology
which has resulted in proliferation of large number of small
players spread across the country. High competition has resulted
in thin profit margins for the companies operating in the
industry.

Key Rating Strengths
Marginal growth in total operating income and increase in
profitability margins
The total operating income of the company increased marginally
from INR 54.88 crore during FY16 to INR 55.25 crore during FY17
(CA Certified, Prov.) registering a marginal growth of about
0.67% on account of increase in utilized capacity to 97.30% in
FY17 (CA Certified, Prov.) compare to 97.10% in FY16, coupled
with stable domestic demand for 40 count spindles. The PBILDT
increased from INR 7.51 crore in FY16 to INR7.78 crore in FY17
(CA Certified, Prov.), and further, the PAT increased
significantly from 0.10 crore in FY16 to 0.56 crore in FY17 (CA
Certified, Prov.). The PBILDT margin has increased by 41 bps from
13.68% during FY16 to 14.09% during FY17 (CA Certified, Prov.)
due to higher sale of 40 counts spindles which carries relatively
higher profit margins compared to 32 count cotton yarns.
Furthermore, the PAT margin also increased by 83bps from 0.18%
during FY16 to 1.01% during FY17 (CA Certified, Prov.) mainly due
to decrease in interest expenses at the back of low utilization
of working capital limits at 80-85% for the last 12 months ended
on April 30, 2017 along with increase in absolute PBILDT.

Satisfactory financial risk profile marked by improvement in
overall gearing and debt coverage indicators

Overall gearing of the company stood satisfactory and improved
from 3.08x as on March 31, 2016 to 1.22x as on March 31, 2017 (CA
Certified, Prov), due to increase in tangible networth from
INR12.69 crore as on March 31, 2016 to INR20.76 crore as on
March 31, 2017(CA Certified, Prov.), at the back of unsecured
loan of INR7.50 crore considered as quasi equity (the said amount
is subordinate to bank facilities) along with accretion of profit
to the networth of the company and lower outstanding balance of
working capital bank borrowings.

Debt coverage indicators stood at moderate level during the
review period. Total debt to GCA improved from 12.75x during FY16
to 7.28x in FY17 (CA Certified, Prov.) on account of low
utilization of working capital requirement at 80-85% for the last
12 months ended at April 30, 2017, coupled with scheduled
repayment of term loan along with increase in cash accruals. The
interest coverage ratio has also improved from 1.69x during FY16
to 1.86x in FY17 (CA Certified, Prov.) due to decrease in
interest expenses coupled with increase in PBILDT.

Experience of promoter in cotton yarn business
The company was promoted by Mr. P Ranga Rao who has 26 years of
experience in the fabrication of electrical panel boards and
establishment of electrical infrastructure. Currently, the
company was managed by Mr. G Rajesh (Managing Director) who has a
moderate experience of 5 years in cotton industry.

Adequate raw material availability
USPL's cotton spinning unit is located in Krishna District of AP.
The unit is close to Guntur, one of the major cotton growing
areas in the country. The unit is also well connected to Khammam
and Warangal districts which are the prominent cotton growing
belts in Andhra Pradesh which provides ease in raw material
procurement to the company. Further, the company has received
interest subsidy under Technology Upgradation Fund (TUF) scheme
of the Central Government till FY17.

Usha Spincoat Private Limited (USPL) was established by Mr. P.
Ranga Rao, Mr. G. Rajesh and others in October, 2006 for the
manufacturing of cotton yarn. The company started its commercial
operations from February 2011 with 15,600 spindles (11 ring
frames with 1440 spindles per ring frame) which was later
expanded to 20,160 spindles (14 ring frames with 1440 spindles
per ring frame) in September 2011. The company generated around
15% of the total revenue from exports of spindles to China and
South Africa.

In FY16, USPL reported a PAT of INR 0.68 crore on a total
operating income of INR55.24 crore, as against a PAT and TOI of
INR0.09 crore and INR 54.87 crore, respectively, in FY15.


UTTORAYON TEA: CRISIL Upgrades Rating on INR5.75MM LT Loan to B+
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Uttorayon Tea Industries Private Limited (UTIPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable', and reaffirmed its 'CRISIL A4'
rating on the company's short-term facility.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         0.3       CRISIL A4 (Reaffirmed)

   Cash Credit            2.45      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Long Term Loan         5.75      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Proposed Long Term      .10      CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

The upgrade reflects the company's improved business risk profile
led by stabilization of operations. Over the years the company's
revenue levels have improved to INR16.54 crore in fiscal 2017
from INR11.49 crore in fiscal 2015, which was its first full year
of operations. CRISIL believes that the company will be able to
sustain its scale over the medium term backed by stable demand
from its customers. The financial risk profile has also improved
with better gearing and debt protection metrics. Working capital
management has improved, reflected in reduction in gross current
assets (GCAs) from 117 days as on March 31, 2015 to 58 days as on
March 31, 2017. Liquidity has also improved, reflected in
increased cash accrual from INR0.53 crore in fiscal 2015 to
INR1.18 crore in fiscal 2017. Financial profile and liquidity is
expected to improve further over the medium term, supported by
increase in operating income while profitability remains largely
stable leading to better accruals and accretion to reserves.

The ratings reflect the extensive experience of the company's
promoters in the tea industry, and its improving business and
financial risk profiles, and prudent working capital management.
These strengths are partially offset by susceptibility of tea
production to weather conditions.

Key Rating Drivers & Detailed Description

Strengths

* Promoters' extensive industry experience: The promoters'
experience of more than four decades in the tea industry has
helped UTIPL increase sales in a short duration. The promoters
have developed strong relationships with tea planters and
wholesalers, which has helped UTIPL source tea leaves of desired
quantity, and increase sales.

* Increasing scale of operations: The company commenced
operations in February 2014, and has efficiently ramped up
operations, reflected in growth in revenue and operating
profitability to INR16.54 crore and 9.9%, respectively, for
fiscal 2017. Favourable weather conditions in North India,
leading to an increase in production of tea, supported growth.
Operating revenue should increase steadily, assuming that
rainfall will be as expected in North India, over the medium
term.

* Prudent working capital management: GCAs reduced from 117 days
as on March 31, 2015, to 72 days as on March 31, 2016, and were
at 77 days as on March 31, 2017, on account of reduced
receivables and payables. GCAs should remain stable over the
medium term.

* Improving financial risk profile: UTIPL's networth, though
modest, inched up to INR3.30 as on March 31, 2017, from INR3.06
crore a year. CRISIL believes the networth will remain small over
the medium term. Gearing was high, at 2.3 times as on March 31,
2016, and is estimated to have reduced to 1.69 times as on
March 31, 2017 which is further expected to reduce below 1 time
over the medium term with repayment of debt and increased
networth. The debt protection metrics is improving reflected in
its NCATD and interest coverage of 0.09 times and 1.8 times in
fiscal 2016 and estimated to be around 0.21 times and 2.8 times
in fiscal 2017 backed by improvement in topline.

* Improved liquidity: Liquidity has also improved, reflected in
increased cash accrual from INR53 crore in fiscal 2015 to INR1.18
crore in fiscal 2017. Net cash accrual will remain sufficient
against negligible term debt obligation over the medium term.
Bank limit utilisation improved to 85% over the 12 months through
March 2017 from 90% over the 12 months through December 2015.

Weakness

* Susceptibility to weather conditions: The production of tea
remains susceptible to weather conditions. The tea plant requires
a warm and humid climate. Climate influences yield, crop
distribution, and quality. Distribution of rainfall matters a lot
for sustained productivity of tea throughout the season as
adequate rainfall during winter and early spring is crucial for
high yield. Hence, the company's business is sensitive to
climatic conditions.

Outlook: Stable

CRISIL believes UTIPL will continue to benefit from its
promoters' extensive experience in the tea industry. The outlook
may be revised to 'Positive' if UTIPL increases its scale of
operations and improves its financial risk profile. The outlook
may be revised to 'Negative' if liquidity and working capital
management weaken, affecting the financial risk profile.

UTIPL was incorporated in July 2012 in Siliguri. It manufactures
black CTC (crush, tear, curl) tea.

Profit after tax (PAT) and net sales were INR0.20 crore and
INR17.48 crore, respectively, for fiscal 2016, against a PAT of
INR0.10 crore on net sales of INR11.49 crore for the previous
fiscal.


VISHWAS COTTON: ICRA Reaffirms 'B' Rating on INR5.0cr Loan
----------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]B on
the INR5.53-crore fund-based bank facilities and INR0.47-crore
unallocated limits of Vishwas Cotton Industries (VCI). The
outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash
  Credit                 5.00       [ICRA]B (Stable); Reaffirmed

  Fund-based-Term
  Loan                   0.53       [ICRA]B (Stable); Reaffirmed

  Unallocated            0.47       [ICRA]B (Stable); Reaffirmed

Rationale
The rating reaffirmation continues to factor in the weak
financial profile of Vishwas Cotton Industries, characterised by
low profit margins and stretched capital structure. The rating
also continues to take into account the commoditised nature of
products and the vulnerability of the firm's profitability to
adverse movements in cotton price, which in turn is subject to
seasonality and crop harvest. The firm's operations are exposed
to regulations governing the industry such as restrictions on
cotton exports and minimum support price (MSP). Furthermore, the
rating also considers the highly fragmented nature of the
industry due to the presence of large number of manufacturers,
which coupled with low-entry barriers, leads to intense
competition and consequently limited margins. ICRA notes the
potential adverse impact on net worth and gearing levels in case
of any substantial withdrawal from capital accounts. The rating,
however, continues to derive comfort from the proximity of the
firm's manufacturing unit to raw materials, easing procurement.

Key rating drivers

Credit strengths
* Locational advantage by virtue of proximity to raw materials

Credit weaknesses

* Weak financial profile characterised by low profit margins
   and stretched capital structure
* Highly fragmented industry structure due to the presence of
   a large number of manufacturers and traders; low-entry
   barriers result in intense competition
* Operations exposed to regulatory restrictions on cotton
   export, minimum support price (MSP) and agro-climatic
   condition
* Risks inherent in partnership firms, wherein any substantial
   capital withdrawal could impact the net-worth and gearing
   levels

Description of key rating drivers:

The firm reported a de-growth of ~21% in operating income in
FY2017 due to lower sales volumes hampered by demonetisation
move. Post demonetisation, because of supply shortage and delayed
arrival of cotton crop, the firm benefitted in terms of higher
sales realisations. However, the profitability indicators
continued to remain low due to limited value additive nature of
the business and highly fragmented as well as competitive
industry structure. Despite positive cash flow from operations,
the free cash flow remained negative in FY2017 due to repayments
of term loan installments. Going forward, the capital structure
of VCI is expected to improve with schedule debt repayments and
efficient working capital management.

The scale of the firm is expected to remain stable. The ability
of the firm to manage the impact of raw material price
fluctuations on its profitability amidst highly competitive
business environment and improve its capital structure by
scheduled debt repayment will remain the key rating sensitivity.

Established in 2013 as a partnership firm, Vishwas Cotton
Industries (VCI) is involved in the business of ginning and
pressing of raw cotton to produce cotton bales and cottonseeds.
VCI's manufacturing facility, located at Rajkot in Gujarat, is
equipped with 24 ginning machines and 1 pressing machine with an
installed capacity of 29,780 MT per annum. The firm commenced
operations in December 2013 and is currently managed by nine
partners.

The firm reported a net profit of INR0.19 crore on an operating
income of INR39.78 crore for the year ending March 31, 2016.



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


CALLACTIVE: Payment Sought from People Tied to Directors
--------------------------------------------------------
Chloe Winter at Stuff.co.nz reports that an investigation into
the financial records of CallActive has prompted a call for some
people related to its bankrupt directors to pay up.

CallActive was put into liquidation in November last year,
following the collapse of its Australian arm.  Around the same
time, its Australian-based directors, Rick Allan and Phillip
Allan, were declared bankrupt.

Now, people related to the directors have been told to pay up,
following an investigation by liquidators into the company's
finances, Stuff says.

According to Stuff, liquidator Colin Owens, of Deloitte, said he
could not elaborate on who the individuals were, or how they were
related to the directors.

Stuff relates that the latest liquidators report said it has
identified claims against individuals related to the directors of
the company and demand has been made for payment.

"These individuals currently reside in Australia and we have been
liaising with their lawyer regarding our claims," the report, as
cited by Stuff, said.  "The debts have been acknowledged as due
and we are currently discussion repayment terms with the lawyer
representing the related parties."

As at May 8, CallActive owed more than NZ$2.1 million, according
to the report cited by Stuff.

This excluded claims from former staff, who had not yet contacted
liquidators. It is understood there are outstanding wages to be
paid, the liquidators report said, Stuff relays.

Stuff says about 60 CallActive workers at the Willeston Street
office in Wellington were made redundant weeks before Christmas
last year.  This came after its Australian branch folded a month
earlier.  Following the liquidation of the Australian company,
the New Zealand company ceased trading.

Liquidators froze the company's bank account with ANZ, which held
a small amount of money, Stuff adds.


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


PROVIDENT PLANS: Likely to be Placed Under Conservatorship
----------------------------------------------------------
Ben O. de Vera at the Philippine Daily Inquirer reports that the
Department of Finance on June 5 said the Insurance Commission
might place pre-need company Provident Plans International Corp.
under conservatorship due to its poor financial state.

According to the Inquirer, the DOF said Insurance Commissioner
Dennis B. Funa reported to Finance Secretary Carlos G. Dominguez
III that "while Provident Plans manifested before the IC
[Insurance Commission] in February and March this year that it
has a 'white knight' investor to cover up its capital impairment
and trust fund deficiencies, [the regulator] has yet to receive
any concrete plan or letter of intent from this supposed
investor."

"Thus, [the IC] has ordered Provident Plans to submit a concrete
plan and letter of intent from its proposed investor or to cover
up its capital impairment and trust fund deficiencies within 60
days from receipt of the directive dated April 12, or until June
17. Otherwise, [the IC] will issue a cease and desist order and
place the company under conservatorship," Mr. Funa told Mr.
Dominguez.

Based on the IC's assessment, Provident Fund had
PHP340.61 million in capital impairment on top of PHP284 million
in trust deficiency as of December 2016, the DOF said.

The Inquirer relates that the DOF quoted the IC as claiming that
"the primary cause of [Provident Plans'] capital impairment and
trust fund deficiency is the unrecoverable investment with its
previous trustee bank, the Export and Industry (EIB), and the
neglect by its new trustee bank, the United Coconut Planters Bank
(UCPB), in protecting the trust fund."

"The primary reason behind these deficiencies was the
'disallowance of the unrecoverable/unqualified trust fund
investment made by EIB as a trustee bank of Provident Plans, in
its own bank in the form of time deposits in 2005,'" Mr. Funa, as
cited by the Inquirer, explained.

"That year, EIB invested Provident Plans' trust funds in a seven-
year 'double-your-money' time deposit. But in December 2008,
Provident Plans' investment group recommended the withdrawal of
the trust fund deposits because of the following: the resignation
of key officers of EIB's trust department; EIB's 2006 and 2007
audited financial statements showed the bank incurred losses of
PHP2.7 billion; and the suspension of EIB from stock trading,"
Mr. Funa said.

"EIB was ordered closed and placed under receivership by the
Bangko Sentral ng Pilipinas in 2012 over its failure to meet its
maturing obligations, insufficient realizable assets and its
inability to continue business without inflicting losses on its
depositors and creditors," Mr. Funa noted.

According to the report, Mr. Funa said "Provident Plans told the
IC that it has regularly met with its new trustee bank - UCPB -
but the latter apparently did not do anything to protect the
trust fund investment of the pre-need firm in EIB."

Provident Plans sold education, memorial and pension plans, with
70 percent of sales comprised of life policies.



=================
S I N G A P O R E
=================


MISA TRAVEL: STB Serves Notice of License Revocation
----------------------------------------------------
The Singapore Tourism Board (STB) said that MISA Travel Pte Ltd
has been served a notice of revocation on May 30, 2017, in
accordance with the Travel Agents Act (Chapter 334).

MISA Travel has been served a notice of revocation as it has
ceased to carry on the business of a travel agent and is unable
to fulfil its obligations towards its customers.

Affected consumers should contact MISA Travel regarding the
status of their booking or to seek a refund. In the event that
MISA Travel cannot be reached or fails to provide the relevant
service delivery or refund, consumers with applicable travel
insurance should approach their insurance providers for
assistance. Consumers who are not covered by travel insurance can
approach the Consumers Association of Singapore (CASE) or the
Small Claims Tribunal (SCT), where appropriate.

"We take this opportunity to remind consumers to take
precautionary measures such as purchasing travel insurance upon
payment of the travel plans, and to pay by instalments instead of
making full payment. The travel insurance should provide coverage
for unforeseen events such as when a travel agent becomes
insolvent," STB said.

STB said the latest list of licensed travel agents in Singapore
is available at the Travel Related Users' System (TRUST) website.
Travel agents can email stb_ta@stb.gov.sg for related licensing
queries, it added.

In accordance with the Travel Agents Act, MISA Travel Pte Ltd
will be given till June 21, 2017, to provide reasons against the
revocation of their travel agent licence, failing which the
revocation will take effect unless an appeal is submitted to the
Ministry of Trade and Industry (MTI).



                             *********

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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