TCRAP_Public/170614.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Wednesday, June 14, 2017, Vol. 20, No. 117

                            Headlines


A U S T R A L I A

AUSTRADIA PTY: Myer May Lose More Than AUD10MM in Topshop
CK CROUCH: Second Creditors' Meeting Set for June 21
CLEARMEDAL PTY: First Creditors' Meeting Set for June 21
FOLEY AND BEAR: Second Creditors' Meeting Set for June 21
GUNNS LTD: Australian Executor Faces AUD55MM Lawsuit for Breach

J & A DAVIS: First Creditors' Meeting Slated for June 22
KDH AUSTRALIA: Second Creditors' Meeting Set for June 21
RL ADAMS: First Creditors' Meeting Scheduled for June 21
SUMO SALAD: First Creditors' Meeting Slated for June 23
TEN NETWORK: Future in Doubt as Billionaire Backers Pull Support


C H I N A

MIE HOLDINGS: S&P Cuts CCR to 'CC' on Distressed Exchange Notice


H O N G  K O N G

NOBLE GROUP: Receives Interest for Oil Business, FT Reports


I N D I A

AL AMEEN: CRISIL Cuts Rating on INR120MM LT Loan to 'B'
AMRITA SAI: Ind-Ra Affirms 'BB' Rating on INR29MM Facilities
APHELION FINANCE: Ind-Ra Raises Rating on INR100MM Loan to 'BB'
AVANI DYECHEM: CRISIL Reaffirms B+ Rating on INR4MM Cash Loan
BASTI NAGAR: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating

CHAUDHARY TIMBER: CRISIL Cuts Rating on INR1.5MM Cash Loan to B
CLUSTER JEWELLERY: CRISIL Cuts Rating on INR7.15MM LT Loan to B
COCHIN MINERALS: Ind-Ra Assigns 'B' Long-Term Issuer Rating
CROWN ENGINEERING: CRISIL Cuts Rating on INR3MM Cash Loan to B
DHOLADHAR DEVELOPERS: CRISIL Raises Rating on INR8MM Loan to 'C'

DISCOVERY LABORATORIES: ICRA Reaffirms B Rating on INR6.25cr Loan
DYNAMIC ELECTRICALS: CRISIL Cuts Rating on INR2.5MM Loan to B
ESS AAR: CRISIL Assigns B+ Rating to INR5MM Fund Based Loan
GOWTHAMI INFRATECH: Ind-Ra Migrates 'D' Rating to Non-Cooperating
GUJARAT EXPORT: CRISIL Cuts Rating on INR15MM Loan to 'D'

HAYWARD SYNTHETICS: ICRA Reaffirms B+/A4 Rating on INR15cr Loan
HIGH TECH: ICRA Reassigns 'D' Rating to INR5.87cr Term Loan
HIGH TECH FILATEX: ICRA Reassigns D Rating to INR6.18cr Loan
HIGH TECH KNITWEAR: ICRA Reassigns D Rating to INR33.85cr Loan
HIGH TECH TEXOLENE: ICRA Reassigns D Rating to INR5.84cr Loan

HIGH TECH WEAVES: ICRA Lowers Rating on INR7.50cr Loan to 'D'
ICON PETROLEUM: ICRA Reaffirms B+ Rating on INR5.0cr Cash Loan
JAI SAI: CRISIL Reaffirms B+ Rating on INR5.0MM Cash Loan
JAWAHAR SAHAKARI: Ind-Ra Assigns B+ Rating to INR300MM Bank Loans
KALYA CONSTRUCTIONS: ICRA Assigns B+ Rating to INR6cr Loan

KAPADIA TEXTILES: CRISIL Cuts Rating on INR7MM Cash Loan to 'D'
KHATUSHYAM PROCESSORS: ICRA Reaffirms B+ Rating on INR8.59cr Loan
KOHINOOR EXIMTEX: CRISIL Cuts Rating on INR9MM Cash Loan to D
KRISHNA COTTEX: ICRA Reaffirms B Rating on INR5.37cr Loan
MASTI HEALTH: CRISIL Downgrades Rating on INR3.0MM Cash Loan to B

MUPPA PROJECTS: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
OM COTTON: ICRA Reaffirms B+ Rating on INR5.0cr Cash Loan
P. DAS: CRISIL Lowers Rating on INR4MM Cash Loan to B+
PAGRO FROZEN: ICRA Reaffirms 'B' Rating on INR15cr Cash Loan
PEE KAY: CRISIL Reaffirms 'B' Rating on INR7.5MM LT Loan

PRAGATI CONSTRUCTION: CRISIL Cuts Rating on INR5MM Loan to 'B'
RD FORGE: CRISIL Reaffirms B+ Rating on INR7.5MM Term Loan
RELIANCE COMM: ICRA Lowers Rating on INR28,116cr LT Loan to D
RELIANCE INFRATEL: ICRA Lowers Rating on INR2,271cr Loan to D
SELVE CASHEWS: CRISIL Reaffirms 'B' Rating on INR5MM Cash Loan

SHRI DAKSHINESHWARI: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
SHYAM ENTERPRISES: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
SUN REALTY: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
SURYODAYA INFRA: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
SUSHMA AGENCY: CRISIL Assigns B+ Rating to INR6MM Cash Loan

UNITED TELECOMS: ICRA Reaffirms D Rating on INR306cr Loan
VARSHA INDUSTRIES: ICRA Reaffirms B/A4 Rating on INR47cr Loan
VICHITRA CONSTRUCTIONS: ICRA Reaffirms C Rating on INR5cr Loan
WELCOME FOOTWEARS: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
YESKAY CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR7MM Loan


I N D O N E S I A

JAPFA COMFEED: Fitch Affirms BB- Long-Term IDR; Outlook Stable


J A P A N

TAKATA CORP: Recommends Re-Electing Current board


S O U T H  K O R E A

DAEWOO SHIPBUILDING: Plans to Sell KRW790 Billion in New Stocks


                            - - - - -


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


AUSTRADIA PTY: Myer May Lose More Than AUD10MM in Topshop
---------------------------------------------------------
Sue Mitchell at Australian Financial Review reports that Myer
could lose more than AUD10 million on its 18-month partnership
with British fashion brand Topshop if a rescue package by brand
owner Arcadia Group is insufficient to repay creditors.

Myer not only owns 20% of the Australian Topshop franchisee,
Austradia, it is also an unsecured creditor to the company, which
was placed into voluntary administration late last month, AFR
says.

AFR relates that Sir Philp Green's Arcadia Group, which owns the
Topshop and Topman brands, is expected to take control of the
Australian business and buy back all the stock and inventory as
part of a working capital deal or a deed of company arrangement.

However, the administrators are still negotiating with Arcadia
Group over the size of the deal and it is unclear whether it will
be sufficient to repay creditors in full.

The major creditors are landlords, including Scentre Group, GPT
Group and Vicinity Centres, Myer, which opened 17 Topshop and
Topman concessions after buying a 255 equity stake in Austradia
in September 2015 (it was diluted to 20% last year), suppliers
and staff, AFR discloses.

While Arcadia is keen to maintain a relationship with Myer, the
department store chain is expected to lose its equity investment
in Austradia, which was written down from AUD9.2 million to
AUD7.2 million in Myer's half-year accounts, and may not be
recoup all the money it is owed, according to AFR.

About 25 creditors attended the first creditors' meeting in
Sydney on June 5, establishing a creditors' committee. A second
meeting is expected to be held before the end of the month, when
the administrator's report will be released, the report notes.

"The claims of creditors are still being received and assessed.
Until all claims are known and the first creditor's report is
released, we will not have details on the quantum or
prioritisation of creditor claims," AFR quotes Ferrier Hodgson
partner Ryan Eagle as saying.  "While this is occurring, the
administrators are continuing discussions with Arcadia Group,
with a focus on right sizing of the Topshop/Topman Australian
business."

AFR relates that a spokesman said the administrators were still
confident of reaching agreement on a rescue package with Arcadia
Group, which is keen to see the Topshop and Topman brands prosper
in Australia.

"They're still working with Arcadia . . . they'll take back
control of the business and the administrators will recommend the
optimal structure for them," the spokesman, as cited by AFR,
said.

The administrators have already started cutting costs to 'right
size' the business, shedding 18 jobs at Austradia's headquarters
in May.

Austradia, which had annual sales of about AUD90 million, lost
AUD3 million in the six months ending December, based on losses
of AUD600,000 reported by Myer at its half-year results in March,
AFR discloses.

Austradia Pty Ltd (trading as 'Topshop/Topman') one of
Australia's best known fast fashion retailers, was placed into
Voluntary Administration on May 24.

Ferrier Hodgson partners James Stewart, Jim Sarantinos, and Ryan
Eagle were appointed Voluntary Administrators by the company's
board of directors.

Topshop and Topman are the foundational brands of Arcadia Group
Ltd, a British multinational fashion retailer. The separately
owned and operated Australian franchise, Topshop/Topman opened
locally in 2011.


CK CROUCH: Second Creditors' Meeting Set for June 21
----------------------------------------------------
A second meeting of creditors in the proceedings CK Crouch Pty
Ltd has been set for June 21, 2017, at 3:30 p.m. at The Rialto,
Level 30, 525 Collins Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 20, 2017, at 4:00 p.m.

Stephen Robert Dixon and Ahmed Bise of Grant Thornton were
appointed as administrators of CK Crouch on May 16, 2017.


CLEARMEDAL PTY: First Creditors' Meeting Set for June 21
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Clearmedal
Pty Ltd will be held at Dexus Place, Level 31, Waterfront Place,
1 Eagle Street, in Brisbane, on June 21, 2017, at 11:30 a.m.

Darryl Kirk and Bruno Secatore of Cor Cordis Chartered
Accountants were appointed as administrators of Clearmedal Pty on
June 9, 2017.


FOLEY AND BEAR: Second Creditors' Meeting Set for June 21
---------------------------------------------------------
A second meeting of creditors in the proceedings of Foley and
Bear Pty Ltd has been set for June 21, 2017, at 10:30 a.m. at the
offices of Cor Cordis Chartered Accountants, Level 29, 360
Collins Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 20, 2017, at 5:00 p.m.

Barry Wight and Sam Kaso of Cor Cordis were appointed as
administrators of Foley and Bear on May 16, 2017.


GUNNS LTD: Australian Executor Faces AUD55MM Lawsuit for Breach
---------------------------------------------------------------
IMF Bentham Ltd refers to its ASX announcements dated May 10,
2017 and December 8, 2016 regarding the claims it is funding
against Australian Executor Trustees (SA) Ltd (AET) for
negligence and breach of trust.

The claims arise as a result of AET's conduct as the trustee of
the SEAS Sapfor (Southern Australian Perpetual Forests) scheme,
and are being brought on behalf of around 4,500 scheme investors
(known as the Covenantholders) by Mr. David Kerr of RSM as the
court appointed additional trustee of the scheme. Simon Morris of
Piper Alderman lawyers in Sydney is acting for Mr. Kerr,
instructing Alan Sullivan QC of Eleven Wentworth Chambers, David
Sulan of Banco Chambers and Sebastian Hartford Davis of Tenth
Floor Chambers.

On June 1, 2017, the case reached an important landmark as
proceedings were issued in the Supreme Court of New South Wales,
Equity Division, Commercial List, seeking compensation for the
losses suffered by Covenantholders (which are estimated to exceed
AUD55 million plus interest).

                            Background

The Southern Perpetual Australian Forests scheme was first
established in the 1930s. For generations it was marketed as a
secure long term investment suitable for retail investors, who
would subscribe money for a share of proceeds from timber growing
in South Australia's green triangle.

The scheme was operated by SEAS Sapfor companies, commonly
referred to as "Auspine". It was AET's job to oversee Auspine's
forestry management and to ensure that investors received
proceeds from the sale of scheme timber. AET is a subsidiary in
the IOOF Group. AET as the security trustee for the scheme had a
duty to protect Covenantholders' interests.

One of the features of the stability of the investment was that
AET held a statutory mortgage over the scheme land securing
Auspine's obligation to pay proceeds of timber sales to
Covenantholders. Another feature of the stability of the
investment was that Auspine was prohibited from charging scheme
timber and land.

In January 2008 Auspine was bought by the Gunns Group.

In February 2010, in breach of the prohibition against charging
scheme assets, and unbeknown to AET and the Covenantholders,
Gunns granted its principal creditor, ANZ Bank, a charge over the
entirety of the Auspine scheme assets as collateral for further
borrowing.

In March 2012, in an attempt to repay its massive debts, Gunns
sold the scheme trees and land for AUD39m. Extraordinarily, as
part of the sale of the scheme assets AET consented to the
statutory mortgages in favour of Covenantholders being discharged
but received nothing in return. The consequence of this was that
none of the purchase price for the scheme timber reached the
Covenantholders.

Instead of the money being paid to the Covenantholders the
proceeds became subject to the ANZ Charge and were paid straight
into Gunns' overdraft account.

In September 2012 Gunns was insolvent and receivers and
administrators were appointed to take over the company. Having
had their security forfeited by AET the Covenantholders were
rendered unsecured creditors in the Gunns' liquidation.

The result was a disaster, as around 4500 Covenantholders lost
the entirety of their investment.

With Gunns insolvent and AET denying responsibility, many
Covenantholders had given up hope of ever getting their money
back.

                          Investigation

Simon Morris of Piper Alderman took up the case when he was
contacted by a Covenantholder in 2015. "It was clear that
something had gone seriously wrong. Security trustees are paid to
protect the scheme assets, and that is exactly what AET had
failed to do. But at the outset we were faced by many obstacles.
AET denied liability and refused to provide us with documents,
claiming that complete records from that long ago were no longer
available", said Mr. Morris.

Piper Alderman applied to the NSW Supreme Court to have a new
trustee appointed, and in June 2016 David Kerr of RSM was
appointed with the power to investigate the scheme's affairs.
"That was the gamechanger", said Mr. Morris. "Over 2000 documents
were then provided. The disclosure confirmed our theory that this
trustee was effectively asleep on the watch and failing in its
duty to protect Covenantholders - despite massive warning signs
that Gunns was going under."

With IMF's backing, the Covenantholders can now finally pursue
their claims knowing that they have Australia's largest
litigation funder behind them. Oliver Gayner of IMF said: "Many
Covenantholders have told us that they lost their retirement
funds when this scheme went under, but when they tried to enquire
what had happened they were met with a 'wall of silence'. IMF is
proud to be standing behind David Kerr and the Covenantholders,
and we hope our intervention will help to see justice served."

IMF is operating a customer contact centre and RSM is providing
an information website for all eligible Covenantholders. Any
Covenantholders in the SEAS Sapfor scheme with covenants from the
1981 to 1985 planting years should contact IMF at
http://www.imf.com.au/aetor call 1800 016 464.

                            About Gunns

Based in Launceston, Australia, Gunns Limited (ASX:GNS) --
http://www.gunns.com.au/-- was an hardwood and softwood forest
products company. It operated within three segments: Forest
products, Timber products and Other activities.  Gunns has about
645 employees in Tasmania, Victoria, South Australia and Western
Australia.

On Sept. 25, 2012, the directors of Gunns Limited and its 35
entities, and the responsible entity of Gunns Plantations Limited
appointed Ian Carson, Daniel Bryant and Craig Crosbie of PPB
Advisory as Voluntary Administrators.  KordaMentha has also been
appointed Receivers and Managers.

The appointment came after Gunns failed to secure an equity
investor amid high debt and a prolonged trading halt, The
Australian reported.

Gunns was placed into liquidation in March 2013.


J & A DAVIS: First Creditors' Meeting Slated for June 22
--------------------------------------------------------
A first meeting of the creditors in the proceedings of J & A
Davis Pty Ltd will be held at the offices of Worrells Solvency &
Forensic Accountants, Level 8, 102 Adelaide Street, in Brisbane,
Queensland, on June 22, 2017, at 10:30 a.m.

Morgan Gerard Lane and Christopher Richard Cook of Worrells
Solvency were appointed as administrators of J & A Davis on June
12, 2017.


KDH AUSTRALIA: Second Creditors' Meeting Set for June 21
--------------------------------------------------------
A second meeting of creditors in the proceedings of KDH Australia
Pty Ltd and KPG AU Group Pty Ltd has been set for June 21, 2017,
at 11:45 a.m. at the offices of Mackay Goodwin, Exchange House,
Suite 2, Level 8, 10 Bridge Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 19, 2017, at 5:00 p.m.

Domenico Alessandro Calabretta of Mackay Goodwin was appointed as
administrator of KDH Australia on March 28, 2017.


RL ADAMS: First Creditors' Meeting Scheduled for June 21
--------------------------------------------------------
A first meeting of the creditors in the proceedings of RL Adams
Pty. Ltd will be held, at Dexus Place, Level 31, Waterfront
Place, 1 Eagle Street, in Brisbane, on June 21, 2017, at
11:30 a.m.

Darryl Kirk and Bruno Secatore of Cor Cordis Chartered
Accountants were appointed as administrators of Clearmedal Pty on
June 9, 2017.


SUMO SALAD: First Creditors' Meeting Slated for June 23
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Sumo Salad
(Leasing) Westfield Pty Ltd and Sumo Salad (Leasing) Pty Ltd will
be held at the offices of Ferrier Hodgson, Level 13, Grosvenor
Place, 225 George Street, in Sydney, NSW, on June 23, 2017, at
11:00 a.m.

Morgan John Kelly and Peter James Gothard of Ferrier Hodgson were
appointed as administrators of Sumo Salad on June 13, 2017.


TEN NETWORK: Future in Doubt as Billionaire Backers Pull Support
----------------------------------------------------------------
Herald Sun reports that the immediate future of the Ten Network
is in doubt after its billionaire shareholders decided not to
support a new funding deal for the loss-making commercial free-
to-air broadcaster.

Herald Sun relates that shares in Ten have been placed in a
trading halt after Lachlan Murdoch and Bruce Gordon - who own
stakes through their Illyria and Birketu private investment
vehicles - said they will no longer guarantee its debt when its
present AUD200 million debt facility through the Commonwealth
Bank expires on December 23.

It means the broadcaster could be unable to continue as a going
concern beyond that date, putting the future of its broadcasting
licence and stable of programs under a dark cloud, the report
says.

According to the report, Ten said on June 13 it was told of the
billionaires' changed intentions through correspondence at the
weekend.

"Ten's board is considering the position of the company in light
of the position being taken by Illyria and Birketu and the range
of restructuring and refinancing initiatives it has underway,"
Ten, as cited by Herald Sun, said in a statement to the
Australian share market operator.  "Pending these determinations
over the coming days, Ten considers that its shares will not be
able to trade on an informed basis and, accordingly, requests the
trading halt."

Until the weekend, Murdoch, Gordon and Crown Resorts majority
owner James Packer had gone guarantors for a AUD200 million line
of credit for the broadcaster, which is looking to secure
agreement for a new AUD250 million loan to keep it afloat, the
report notes.

Shares in the broadcaster behind MasterChef Australia, The
Project and Survivor Australia last traded at 16c, giving the
group a market capitalisation of just AUD59 million, Herald Sun
discloses.

Australia-based Ten Network Holdings Limited (ASX:TEN) --
http://tenplay.com.au/corporate-- is engaged in the investment
in The Ten Group Pty Limited and controlled entities, whose
principal activities are the operation of multichannel commercial
television licenses in Sydney, Melbourne, Brisbane, Adelaide and
Perth, and out-of-home advertising in the United States of
America. The Company is engaged in two segments which includes
Television and Out-of-Home (Roads and Maritime Services contract
(RMS) and Eye US operations). The Company includes three free-to-
air television channels, TEN, ELEVEN and ONE, in Sydney,
Melbourne, Brisbane, Adelaide and Perth, plus the digital
platform tenplay.



=========
C H I N A
=========


MIE HOLDINGS: S&P Cuts CCR to 'CC' on Distressed Exchange Notice
----------------------------------------------------------------
S&P Global Ratings said that it had lowered its long-term
corporate credit rating on China-based oil and gas producer MIE
Holdings Corp. (MIE) to 'CC' from 'CCC'.  The outlook is
negative. S&P also lowered the long-term issue rating on the
company's outstanding senior unsecured notes to 'CC' from 'CCC'.

At the same time, S&P lowered its Greater China regional scale
rating on MIE and its notes to 'cnCC' from 'cnCCC'.

S&P lowered the ratings following MIE's announcement of a cash
tender offer for its senior unsecured notes due 2018 and 2019.
S&P views the offer as a distressed exchange tantamount to an
immediate default on conclusion because the offer is at a
significant discount to the par value of the outstanding notes.

Under the terms of the offer, MIE will provide a cash tender
offer of US$600 per US$1,000 principal amount for its outstanding
6.875% senior notes due 2018, and a cash tender offer of US$400
per US$1,000 principal amount and an extra of US$155 as early
tender payment for its outstanding 7.50% senior notes due 2019.
MIE will offer a tender cap up to an aggregate cash amount of
US$20 million for the 2019 notes.  MIE is also offering US$10 per
US$1,000 principal amount of notes as consent payment for
eliminating all of the restrictive covenants contained in the
2018 indenture, and certain of the related events of default with
respect to the 2018 notes.

S&P will again review the credit profile of MIE after the tender
offer is complete.  Given that the source of funding for the
tender offer is a secured bank loan, subordination risk could
increase on the remaining outstanding senior unsecured 2019 notes
after the tender offer is complete.

S&P will also consider the impact of MIE's proposed acquisition
of Canada-based CQ Energy Canada Partnership, which was announced
on June 9, 2017.  Based on the proposed funding structure of the
acquisition, S&P believes MIE's debt level is likely to remain
high since the company will rely on additional debt to fund the
acquisition.  MIE does not have adequate cash on hand and
operating cash flow to support the C$722 million acquisition.
MIE will receive proceeds from its issuance of convertible
preferred shares to the other two investors of CQ Energy.  The
company will still need to rely on additional debt and equity
financing to fund the remaining part of the acquisition.

In S&P's preliminary view, the CQ Energy acquisition could
improve MIE's reserve base, asset quality, and business scale.
CQ Energy has a daily production of 55,775 barrels of oil
equivalent (boe) per day and 1P (proved) reserves of 230 million
boe, which is several times the scale of MIE, which has a daily
production of 5913 boe per day and 1P reserves of 37 million boe
as of 2016.

S&P views CQ Energy's reserve life of over 10 years as
satisfactory.  The acquisition cost of around C$3.1 (about US$
2.3) per barrel is reasonably low, partly due to a high
proportion of gas reserves in CQ Energy's portfolio.  S&P will
have a better assessment of CQ Energy's asset quality, cost
position, and cash flow contribution to MIE when more information
is available once the acquisition is complete.

The negative outlook on MIE reflects the likelihood that S&P will
lower its corporate credit rating on MIE to 'SD' and S&P's issue
rating on the company's senior unsecured notes to 'D' when the
distressed exchange is complete.

Following the conclusion of the exchange, S&P will reassess MIE's
financial and liquidity position before revising the ratings
again, based on the amount of notes tendered.



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


NOBLE GROUP: Receives Interest for Oil Business, FT Reports
-----------------------------------------------------------
Neil Hume and David Sheppard at The Financial Times report that
Noble Group has received approaches for its oil business as the
commodities house remains locked in talks with its lenders over a
deal to stave off a debt restructuring or liquidation, according
to four people familiar with the situation.

The FT relates that the Hong Kong-based group has been sounded
out by rival trading companies about buying parts of its
Americas-focused oil unit, which has a prime position on a key US
oil pipeline and storage facilities across the continent.

A sale would, in effect, split Noble in two, leaving what was one
of Asia's biggest and most diversified commodity traders with a
rump business focused on coal and liquefied natural gas, the FT
notes.

While a sale of all or part of its oil business could help Noble
raise much-needed cash and free up working capital, the trading
house has so far resisted entering into discussions, the people,
as cited by the FT, said. Noble declined to comment.

Noble remains focused on its search for a strategic investor who
can recapitalise the entire company, reinforce its oil business,
and help it secure new credit lines, according to people familiar
with the company's strategy, the FT relays.

But the interest in its oil unit shows that Noble may have an
alternative to betting its entire future on securing a "white
knight" to rescue the company, the report says.

The FT says Noble has endured a torrid two years. It was hit hard
by a downturn in commodity markets and then by questions about
its accounting, with some analysts highlighting that the
company's profits were not fully matched by its cash flow.

Noble's shares, which are listed in Singapore, have plunged to a
17-year low and the company is now valued at only $280 million,
against $14 billion at its peak in 2011, the report discloses,
the FT discloses. Its bonds are trading at 37 cents on the
dollar, a level that implies distress.

                        About Noble Group

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.



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


AL AMEEN: CRISIL Cuts Rating on INR120MM LT Loan to 'B'
-------------------------------------------------------
CRISIL has been consistently following up with Al Ameen Green
Energy Private Limited for obtaining information through letters
and emails dated January 23, 2017, and February 10, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term      120       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Al Ameen Green Energy 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 Al Ameen Green Energy Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL B
rating category or lower.' Based on the last available
information, CRISIL has downgraded the rating to CRISIL B/Stable.

Incorporated in 2013, Al Ameen is setting up a 25-megawatt solar
power plant in Virudhanagar district (Tamil Nadu). In 2015, it
entered into a 25-year power purchase agreement with TANGEDCO.


AMRITA SAI: Ind-Ra Affirms 'BB' Rating on INR29MM Facilities
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Amrita Sai
Educational Improvement Trust's (ASEIT) bank facilities ratings
as:

   -- INR29 mil. Working capital facilities affirmed with
      'IND BB/Stable' rating

                         KEY RATING DRIVERS

The affirmation reflects ASEIT's continued ability to attract
students, despite no increase in approved intake as per
provisional statements for FY17.  Headcount increased to 1,963 in
FY17 (FY16: 1,865) mainly on the back of a 14.08% yoy increase in
B. Tech and diploma students to 1,806.  The capacity utilization
for the trust's sponsored college increased 3.24pp to 64.91% in
FY17 due to a 5.25% yoy increase in headcount.  The approved
intake grew at a CAGR of 12.23% over FY12-FY16.  ASEIT's college
now falls under the jurisdiction of Andhra Pradesh Capital
Region. Therefore, Ind-Ra expects the trust's enrolment rate to
increase in the medium-to-long term due to influx of migrants
into the newly constructed capital.

The trust's liquidity ratios remained inadequate, although
slightly improved during FY15-FY17P from FY14.  During FY16,
available funds-cash and unrestricted investments accounted
13.80% (FY16: 14.94%, FY15: 12.36%, FY14: 5.97% of total debt and
7.87% (8.81%, 8.95%, 4.43%) of operating expenditures.  ASEIT's
collection period remained high at 126 days in FY16 (FY15: 127
days).  Ind-Ra expects the collection period to have remained
high in FY17 due to delay in fee reimbursement from the state
government.

The ratings also factor in a decline in ASEIT's operating margin
to 13.06% in FY16 (FY15: 17.89%) owing to an increase in
operating expenditure (34.14% yoy to INR96.75 million) in
proportion to operating income (26.67% yoy to INR111.28 million).
However, as per provisional financials for FY17, operating margin
increased to 15.54% owing to an increase in the operating income
(5.92% yoy to INR117.87 million) as compared with the operating
expenditure (2.89% yoy to INR 99.55 million).

The trust's debt service coverage ratio deteriorated to 0.96x in
FY16 (FY15: 1.34x) and interest coverage ratio to 2.73x (3.24x);
although rebounded to 1.34x and 3.01x, respectively, in FY17P
owing to a 26.07% yoy improvement in current balance before
interest and depreciation (CBBID) to INR18.32 million.

The trust's debt levels increased 9.20% yoy to INR57.06 million
in FY16 (FY15: INR52.25 million).  Simultaneously, CBBID declined
7.57% yoy to INR14.53 million in FY16 (FY15: INR15.72 million).
This resulted in an increase in debt/CBBID to 3.93x in FY16
(FY15: 3.32x).  However, during FY17P, debt/CBBID reduced to
3.10x due to a reduction in debt to INR56.79 million and an
increase in CBBID to INR18.32 million.

ASEIT's revenue is dominated by tuition fee income, which on an
average accounted 98.47% of the total revenue during FY12-FY17P.
Staff cost (average FY12-FY17P: 45.78%) was the prime contributor
to the total expenditure followed by other operating expenditure
(32.22%).  The trust reported a net operating deficit of
INR3.40 million in FY17P (FY16: INR7.60 million) and total income
of INR117.87 million (INR111.28 million).

                      RATING SENSITIVITIES

Positive: The ratings could be upgraded if the demand for the
trust offered courses increases in conjunction with improvement
in the liquidity position.

Negative: A substantial increase in the debt burden and fall in
debt service capability with a limited increase in the operating
income could result in a negative rating action.

COMPANY PROFILE

ASEIT was formed in 2007 as a charitable trust.  The chief
objective of the trust is to serve as a not-for-profit
educational institution.  The trust has an engineering college
situated about 25km from Vijayawada.


APHELION FINANCE: Ind-Ra Raises Rating on INR100MM Loan to 'BB'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Aphelion Finance
Pvt. Ltd.'s (AFPL) bank facilities as:

   -- INR100 mil. Bank loan (Term loan) raised to 'IND BB/Stable'
      rating;

   -- INR50 mil. Bank loan (Term loan) raised to 'IND BB/Stable'
      rating; and

   -- INR200 mil. (increased from INR100) Cash credit raised to
      'IND BB/Stable' rating

                     KEY RATING DRIVERS

The upgrade reflects the capital infusion of INR4.9 million into
AFPL by its promoter in FY17 and AFPL's improved internal
accruals.  However, the rating remains constrained by the
company's small and concentrated franchise, evolving processes ,
limited funding sources, majorly unsecured credit products and
limited portfolio performance track record of the company in
digital platform based credit products.

The net profit improved in FY17 to INR18.3 million (FY16: INR9
million), resulting in internal accruals rising to 14% (7%),
majorly because of an increase in loan book and reduction in
credit costs.  Future credit costs also depend upon its portfolio
performance in new products (tie-up with finance and technology
companies) which are unsecured, short term and untested.  The
cost to income ratio fell to 56% in FY17 from 63% in FY16 and is
likely to remain at similar levels.

AFPL's capitalization levels have remained reasonable for its
size, with capital constituting about 30% of its balance sheet.
Management plans to maintain higher capitalization and infuse
equity in line with the growth in AFPL's advances.  Debt to
equity ratio was 2.3x in FY17 (FY16: 1.5x).

AFPL's gross NPL ratio reduced to 1.3% at end-FY17 (FY16: 1.6%),
majorly because of operating leverage kicking in. Also, portfolio
at risk 0 has improved, indicating better originations.  However,
the movement in gross NPLs and portfolio at risk (0 dpd) will be
a key monitorable, given that the NBFC is venturing in short-term
unsecured credit through partnerships with aggregators in the
marketplace.

Most of AFPL's loans (FY17: 57%; FY16: 56%) are in the unsecured
personal loan segment, which is considered a riskier segment than
secured loans; however, the company prices in this risk (average
yield FY17: 26% -28%).  The other large piece in its portfolio
(FY17: 24%; FY16: 39%) covers loans that have been originated
through the references of minority shareholders.  These loans are
typically secured against loans given by minority shareholders to
AFPL.  The company has also introduced products in the secured
segment; these include gold loans, loans against insurance
policy, loan against hypothecation and loans against property
which constitute 19% of the portfolio (FY16: 5%).  Majority of
AFPL's borrowers (more than 95% of outstanding portfolio) are
located in Mumbai and have largely been sourced through
intermediaries and references.  The other borrowers are spread
across Bangalore, Hyderabad, Chennai and Kolkata and are sourced
through partnerships with aggregators.

AFPL has funding lines with two banks and sources funds from
minority shareholders, which constitute 10% of the liabilities.
Management is looking to increase the number of banks it has
relationships with.

AFPL has an operational experience of over a decade, which has
helped it acquire knowledge and understanding to operate in the
unsecured lending space in its geography.

                        RATING SENSITIVITIES

Negative: A sharp rise in delinquencies, non-compliance with
regulatory requirements, sharp expansion in unrelated
geographies, any aggressive loan growth without adequate capital
injection from the promoter and leverage above 3x could lead to a
rating downgrade.

Positive: Adequate diversification of funding sources, larger
franchise and operating scale, strengthened systems, processes
and compliance, demonstrated improvements in internal accruals
and profitability and continued control over delinquencies may
lead to a positive rating action.

COMPANY PROFILE

AFPL is a Reserve Bank of India registered non-banking finance
company that started operations in 1999, but shifted focus to
personal unsecured loans from 2004.  It has diversified into
segments such as gold loans and loans against insurance policies.
It operates in Mumbai through a head office in Mulund.


AVANI DYECHEM: CRISIL Reaffirms B+ Rating on INR4MM Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Avani Dyechem Industries (ADCI).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         0.02      CRISIL A4 (Reaffirmed)

   Cash Credit            4.00      CRISIL B+/Stable (Reaffirmed)

   Foreign Discounting
   Bill Purchase          1.00      CRISIL A4 (Reaffirmed)

   Inland/Import
   Letter of Credit       0.50      CRISIL A4 (Reaffirmed)

   Long Term Loan          .63      CRISIL B+/Stable (Reaffirmed)

The ratings continues to reflect the firm's exposure to intense
competition in the dyes and chemical industry, large working
capital requirement, and modest financial risk profile because of
high gearing and small networth. These weaknesses are partially
offset by the extensive experience of its proprietor.

Key Rating Drivers & Detailed Description

Weakness

* Working capital-intensive operations: Receivables are stretched
at 60-90 days and inventory is sizeable at 20-30 days. However,
credit of 60-90 days from raw material suppliers partially helps
bridge funding gap.

* Weak capital structure: Gearing was high at 4.5 times as on
March 31, 2016, due to a small networth of Rs.1.12 crore.

Strength
* Extensive experience of proprietor: Presence of over three
decades has enabled the proprietor to establish strong
relationship with clients by continuously improving product
quality.

Outlook: Stable

CRISIL believes ADCI will continue to benefit over the medium
term from its proprietor's extensive experience. The outlook may
be revised to 'Positive' in case of a significant increase in
scale of operations and improvement in profitability and capital
structure. The outlook may be revised to 'Negative' if
considerable decline in revenue and profitability, deterioration
in working capital management, or large, debt-funded capital
expenditure further weakens financial risk profile, particularly
liquidity.

Set up as a proprietorship concern by Mr. Yogesh Dashrathlal
Parikh, ADCI manufactures synthetic organic dyes in powder form
that are used for garments.

Profit before tax (PBT) was INR0.25 crore on operating income of
INR18.95 crore for fiscal 2016, against a PBT of INR0.31 crore on
operating income of INR25.20 crore for fiscal 2015.


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

                         KEY RATING DRIVERS

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

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

BANPP jurisdiction is about 19.47 km with a population of
114,657. Economic activities in the town are not buoyant and
taxes on an average contributed 2.00% to the total revenue over
FY14-FY16. Along with tax revenue, BANPP's revenue sources
comprise non-tax revenue, grants and contribution, and other
income.  The municipality's non-tax revenue mainly emanates from
various fees and charges, and rental income from municipal
properties, which contributed 7.63% on an average to the total
revenue income over FY12-FY16.

BANPP reported a moderate financial performance in FY16.  Its
revenue receipts increased to INR248.55 million in FY16 from
INR236.49 million in FY14, at a CAGR of 2.52%. It had overall
balance of INR173.39 million in FY16.

BANPP has a high level of dependence on the state government.  It
receives compensation in lieu of stamp duty and revenue grants
for development purposes.  Revenue compensation and revenue
grants cumulatively contributed 89.58% to the total revenue
income during FY14-FY16.

                        RATING SENSITIVITIES

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

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

COMPANY PROFILE

Basti is a city and a municipal council in Basti district in the
state of Uttar Pradesh.  Basti city acts as the district
headquarters.


CHAUDHARY TIMBER: CRISIL Cuts Rating on INR1.5MM Cash Loan to B
---------------------------------------------------------------
CRISIL has been consistently following up with Chaudhary Timber
Industries Private Limited (CTIPL) for obtaining information
through letters and emails dated January 27, 2017, and March 22,
2017 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            1.5       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB+/Stable')

   Letter of Credit      86.5       CRISIL A4 (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL A4+')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Chaudhary Timber Industries
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 Chaudhary Timber
Industries Private Limited is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL B rating category or lower.' Based on the
last available information, CRISIL has downgraded the rating to
CRISIL B/Stable/CRISIL A4.

CTIPL, incorporated in 2007 and promoted by Mr. Vishal Nijhwan
and family, trades and processes timber logs, mainly softwood and
yellow pine. Its plant is in Gandhinagar (Gujarat).


CLUSTER JEWELLERY: CRISIL Cuts Rating on INR7.15MM LT Loan to B
---------------------------------------------------------------
CRISIL has been consistently following up with Cluster Jewellery
Limited for obtaining information through letters and emails
dated January 24, 2017, and February 13, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            4.65      CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL B+/Stable')

   Proposed Long Term     7.15      CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Downgraded from
                                    'CRISIL B+/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Cluster Jewellery 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 Cluster Jewellery Limited is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL B rating category or
lower.' Based on the last available information, CRISIL has
downgraded the rating to CRISIL B/Stable.

Cluster was incorporated in 2005 by Mr. Mahendra Kumar Shah. The
company manufactures and sells gem-studded gold jewellery to
retailers and has a retail outlet in Ahmedabad (Gujarat).


COCHIN MINERALS: Ind-Ra Assigns 'B' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Cochin Minerals
and Rutile Limited (CMRL) a Long-Term Issuer Rating of 'IND B'.
The Outlook is Stable.  The instrument-wise rating actions are:

   -- INR147.38 mil. Long-term loans assigned with 'IND B/Stable'
      rating;

   -- INR365 mil. Fund-based working capital facilities assigned
      with 'IND B/Stable/IND A4' rating; and

   -- INR414 mil. Non-fund-based facilities assigned with
      'IND A4' rating

                          KEY RATING DRIVERS

The ratings reflect CMRL's weak credit profile.  According to
provisional results for FY17, net leverage (total adjusted net
debt/operating EBITDA) was 35.7x (FY16: negative 3.8x; FY15:
negative 2.3x) and interest coverage (operating EBITDA/gross
interest expense) was 0.2x (negative 2.1x; negative 2.7x).  The
deterioration in credit metrics was due to an increase in short-
term debt in FY17.

In addition, revenue was INR1.487 billion in FY17 (FY16:
INR1.582 million; FY15: INR1,158 million).  The decline in
revenue was primarily due to lower synthetic rutile volumes.
EBITDA margin was 0.8% in FY17 (FY16: negative 8.4%; FY15:
negative 18.5%).  EBITDA margin was negative over FY14-FY16 due
to weak synthetic rutile realizations.  Also, CMRL incurred
EBITDA loss until FY16 on account of weak sales realization and
utilization of high-cost inventory imported in bulk in FY14. It
turned EBITDA positive on account of stable raw material prices
in FY17.

The ratings also reflect CMRL's tight liquidity position due to
the working capital-intensive nature of operations.  Net cash
cycle was 130 days in FY17 (FY16: 167 days; FY15: 289 days).  The
cycle is high primarily due to a high inventory holding period.
CMRL's utilization of fund-based working capital facilities was
over 90% during the seven months ended March 2017.

The ratings, however, are supported by strong short-term revenue
visibility and the management's efforts to diversify revenue and
supply sources.  As on May 3, 2017, CMRL had an unexecuted order
book position of INR1.291.7 billion, scheduled to be completed by
FYE18.  Moreover, the promoters have over two decades of
experience in the manufacturing business.

                        RATING SENSITIVITIES

Negative: Any decline in revenue and EBITDA margin or an
elongation of the working capital cycle resulting in
deterioration in the credit profile on a sustained basis would
lead to a negative rating action.

Positive: A substantial increase in revenue and EBITDA margin or
a reduction in the working capital cycle leading to an
improvement in credit metrics on a sustained basis would be
positive for the ratings.

COMPANY PROFILE

Incorporated in 1989, CMRL is primarily engaged in the
manufacture and export of metallurgical-grade synthetic rutile.
Its manufacturing facility is in Aluva, Kerala, and has an
installed capacity of 50,000 metric tons per annum.

In addition, CMRL sells by-products such as ferric chloride,
ferrous chloride and cemox.


CROWN ENGINEERING: CRISIL Cuts Rating on INR3MM Cash Loan to B
--------------------------------------------------------------
CRISIL has been consistently following up with Crown Engineering
Enterprises (CEE) for obtaining information through letters and
emails dated January 20, 2017, and February 09, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

   Inland/Import           1.5      CRISIL A4 (Issuer Not
   Letter of Credit                 Cooperating; Downgraded from
                                    'CRISIL A4+')

   Letter of Credit      10.00      CRISIL A4 (Issuer Not
   Bill Discounting                 Cooperating; Downgraded from
                                    'CRISIL A4+')

   Proposed Long Term      .50      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 Crown Engineering Enterprises.
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 Crown Engineering Enterprises 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.

Incorporated in 2010, CEE manufactures steel barrels. The firm
has its manufacturing unit in Barugur (Tamil Nadu). Its
operations are managed by Mr. Sendil Kumar.


DHOLADHAR DEVELOPERS: CRISIL Raises Rating on INR8MM Loan to 'C'
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of Dholadhar Developers Private Limited to 'CRISIL C'
from 'CRISIL D.'

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Long Term     2.2       CRISIL C (Upgraded from
   Bank Loan Facility               'CRISIL D')

   Term Loan              8.0       CRISIL C (Upgraded from
                                    'CRISIL D')

The upgrade reflects the company's improved liquidity leading to
timely repayment of debt obligation.

The rating reflects the company's subdued financial risk profile
due to small networth and weak debt protection metrics and
nascent stage of operations leading to low occupancy. The
weakness is partially offset by the advantageous location of its
mall, and funding support from its promoter.

Key Rating Drivers & Detailed Description

Weaknesses
* Subdued financial risk profile - The financial risk profile is
constrained by small networth and weak debt protection metrics.
Small networth limits its ability to meet any exigency through
its own cash accrual, and keeps it dependent on funding support
from its promoters.

* Nascent stage of operations ' The operations started in April
2017 and are in nascent stage as a result the occupancy levels at
the mall remains low at around 50-60%.

Strength

* Locational advantage and funding support from promoter: DDPL's
mall is the first shopping and entertainment complex in
Dharamsala, Himachal Pradesh. Also, the promoter has infused
equity and extended unsecured loans to support project
construction and meet debt obligation on time.

DDPL, incorporated in 2007 by Mr Gurmit Singh Mann, has set up
Maximus Mall, a commercial complex with a 2-screen multiplex, at
Dharamsala. The project commenced commercial operations in April
2017. The company's founder has entrepreneurial experience of 48
years.


DISCOVERY LABORATORIES: ICRA Reaffirms B Rating on INR6.25cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
the INR6.25 crore fund-based bank facilities of Discovery
Laboratories Private Limited (DLPL). The outlook on the long term
is stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash
  Credit                  6.25      [ICRA]B (Stable); Reaffirmed

Rationale
The reaffirmation of the rating is constrained by the company's
small scale of operations in pharmaceuticals industry; drop in
turnover from INR42.74 crore in FY2016 to INR38.63 crore in
FY2017 due to lower sales and job work income from Mylan
Laboratories; and high customer concentration risk with top five
customers accounting for ~90% of the total sales. The rating is
also constrained by the project execution risk with the company
increasing the capacity from 100 kilo liters to 180 kilo liters
coupled with ~85% of the project cost yet to be incurred and
adverse impact on the cash flows and coverage metrics in the near
term; tight liquidity profile of the company as reflected from
high working capital limits utilization in the past twelve
months; and highly fragmented and competitive nature of the
industry which limits the pricing flexibility. The rating,
however, positively considers long experience of promoters' in
Active Pharmaceutical Ingredient (API) manufacturing industry and
the diverse product portfolio of the company which includes
various intermediates used in API manufacturing; ICRA also notes
the company's strategic partnership with reputed pharmaceutical
companies such as Dr. Reddy's Laboratories and Mylan Laboratories
which supports company's revenues to an extent.

Going forward, the firm's ability to timely complete the capex
without cost overruns while effectively managing its working
capital cycle shall be the key credit rating sensitivity.

Key rating drivers

Credit strengths

* Long experience of the promoters in the pharmaceutical
   intermediates manufacturing industry
* Strategic partnership with reputed clientele like Dr. Reddy's
   Laboratories Limited (DRL), Mylan Laboratories Limited
* Product portfolio includes intermediates used for
   manufacturing widely used bulk drugs ensuring a stable demand

Credit weaknesses

* Substantial debt funded capex to be incurred over the next
   18 months is expected to affect the leverage and coverage
   metrics adversely; further project is vulnerable to cost
   and time overruns given that 87% of the project cost is yet
   to be incurred as on March 31, 2017
* Drop in turnover from INR42.74 crore in FY2016 to INR38.63
   crore in FY2017 due to lower sales to Mylan Laboratories Ltd
* Highly fragmented and competitive nature of the API industry
   limits pricing flexibility
* High customer concentration risk given that top-5 customers
   account for ~ 90% of the total revenues in the last 2 years
* Tight liquidity profile of the company in the last 12 months
   as reflected by ~90% utilization of working capital limits
   owing to high inventory and debtor levels
* Modest scale of operations with turnover of less than
   INR40 crore for FY2017

Description of key rating drivers:

DLPL is involved in manufacturing of APIs used in the
manufacturing of drugs. DLPL was incorporated in 2004 and is
being managed by Mr. Prashanth Manne who has more than a decade
experience in pharmaceutical industry. The company sells its
products primarily to Mylan Labs and DRL and has a strategic
partnership with these companies for manufacturing APIs under
various therapeutic segments. Further, the company also
manufactures intermediates used for manufacturing widely used
bulk drugs ensuring a stable demand.

The company is currently undertaking a capacity expansion to
increase the total reactor capacity to 180 kilo liters from 100
kilo liters besides adding a pilot plant facility to manufacture
new range of intermediates across different therapeutic segments.
The estimated cost to be incurred is about Rs 20.97 crore funded
by INR5.04 crore promoters' funds (24%), INR3.38 crore internal
accruals (16%), and INR12.62 crore term loan from Telangana State
Financial Corporation Ltd (60%). The company has incurred a cost
of INR2.70 crore till March 31, 2017 which translates to 13% of
the total project cost. Hence the project is vulnerable to time
and cost overruns. Further, the company's financial performance
in FY2017 was modest with turnover dropping to INR38.67 crore in
FY2017 from INR42.74 crore in FY2016 due to lower sales to Mylan
Laboratories while the liquidity profile remained tight owing to
high inventory and debtor levels.


DYNAMIC ELECTRICALS: CRISIL Cuts Rating on INR2.5MM Loan to B
-------------------------------------------------------------
CRISIL has been consistently following up with Dynamic
Electricals and Switchgear Private Limited (DESPL) for obtaining
information through letters and emails dated January 27, 2017,
and March 22, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          2.5      CRISIL A4 (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL A4+')

   Cash Credit             2.5      CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB-/Stable')

   Letter of Credit        0.8      CRISIL A4 (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL A4+')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Dynamic Electricals and
Switchgear 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 Dynamic
Electricals and Switchgear Private Limited is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL B rating category or lower.' Based on
the last available information, CRISIL has downgraded the rating
to CRISIL B/Stable/CRISIL A4.

DESPL, incorporated in 1997 and promoted by Mr. Dinesh Sharma,
executes electrical works including installation and
commissioning of power cable lines and other power equipment in
the civil construction segment. Based in Noida, Uttar Pradesh, it
undertakes projects for residential and commercial real estate
developers mainly in North India.


ESS AAR: CRISIL Assigns B+ Rating to INR5MM Fund Based Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of ESS AAR Automotive Private Limited (EAAPL).

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Fund-Based Facilities      5        CRISIL B+/Stable

The rating reflects the extensive experience of its promoter in
the auto component trading industry, established relationship
with key customers, and moderate capital structure. These
strengths are partially offset by small scale of operations in a
competitive industry, high geographical concentration in revenue
profile, exposure to fluctuations in foreign exchange (forex)
rates, and working capital-intensive operations.

Key Rating Drivers & Detailed Description

Weaknesses
* Modest scale of operations in competitive segment: With
estimated revenue of INR29.43 crore in fiscal 2017, scale remains
small in the intensely competitive auto component trading
industry.

* High geographical concentration in revenue and exposure to
fluctuations in forex rates: Majority of revenue comes from the
USA, which exposes the company to any unfavourable change in
government policy of that region. Furthermore, EAAPL does not
hedge export receivables, which makes cash accrual susceptible to
forex risk.

* Working capital-intensive operations: Gross current assets are
estimated at 283 days as on March 31, 2017, due to stretched
receivables and sizeable inventory.

Strengths
* Longstanding presence: Experience of over three decades in
exporting auto components has enabled the promoter to establish
healthy relationship with key customers.

* Moderate capital structure: Gearing is estimated to be
comfortable at 0.86 time as on March 31, 2017, and external
borrowings mainly comprise working capital debt, with negligible
long-term debt on books.

Outlook: Stable

CRISIL believes EAAPL will continue to benefit over the medium
term from its promoter's extensive experience. The outlook may be
revised to 'Positive' if significant improvement in scale of
operations and profitability leads to better-than-expected cash
accrual, while efficiently managing working capital. The outlook
may be revised to 'Negative' if low cash accrual due to adverse
forex movement or significant debt-funded capital expenditure
puts pressure on financial risk profile.

Incorporated in 2009 and promoted by Mr. Rajiv Anand, EAAPL
exports auto components to clients in the US.

Net profit was INR0.18 crore on net sales of INR27.15 crore in
fiscal 2017, against net profit of INR0.09 crore on net sales of
INR25.94 crore in fiscal 2016.


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

   -- INR62 mil. Fund-based working capital limits (Long-
      term/Short-term) migrated to non-cooperating category;

   -- INR455.4 mil. Non-fund-based working capital limits (Short-
      term) migrated to non-cooperating category; and

   -- INR50 mil. Term Loan (Long-term) migrated to non-
      cooperating category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Feb. 24, 2015.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

GIPL formerly known as KVK Constructions Private Limited was
incorporated in November 2005.  The company provides project
management and engineering, procurement and construction services
under the Rajiv Gandhi Grameen Vidyutikaran Yojna Scheme in
Madhya Pradesh and Odisha.


GUJARAT EXPORT: CRISIL Cuts Rating on INR15MM Loan to 'D'
---------------------------------------------------------
CRISIL has been consistently following up with Gujarat Export
Company (GEC) for obtaining information through letters and
emails (dated January 23, 2017 and February 15, 2017, among
others), apart from telephonic communication. However, the issuer
has remained non-cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Packing Credit          15       CRISIL D (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB/Stable')

   Proposed Long Term      10       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating; Downgraded from
                                    'CRISIL A4+')

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

Detailed Rationale

CRISIL has downgraded its ratings on the bank facilities of GEC
to 'CRISIL D/CRISIL D' from 'CRISIL BB/Stable/CRISIL A4+'. The
downgrade reflects overdrawn working capital facilities.

Despite repeated attempts to engage with the firm's management,
CRISIL failed to receive any information on either the financial
performance or strategic intent of GEC. This restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. Hence, the rating action is based on best available
information. CRISIL has obtained information, from sources it
believes to be reliable, that GEC's liquidity is under pressure,
as reflected in continuously overdrawn in the working capital
facilities.

The firm also has a weak financial profile because of stretched
liquidity. However, its promoters have extensive experience in
the industry.

Incorporated in 1998, as a proprietorship firm by Kansagra family
of Rajkot, GEC trades in soybean meal, rapeseed, groundnut
extraction meal, oil seeds, wheat, and other agricultural
products.


HAYWARD SYNTHETICS: ICRA Reaffirms B+/A4 Rating on INR15cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ and short
term rating of [ICRA]A4 for the INR15.00 crore fund based bank
facilities of Hayward Synthetics Private Limited.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term and
  Short-term
  Fund-based             15.00      [ICRA]B+ (Stable)/
                                    [ICRA]A4; Reaffirmed

  Short-term-Non
  Fund Based             0.36       [ICRA]A4; Reaffirmed

  Long-term and
  Short-term-
  Unallocated            3.64       [ICRA]B+ (Stable)/[ICRA]A4;
                                    Reaffirmed

ICRA has reaffirmed the short term rating of [ICRA]A4 for the
INR0.36 crore non fund based bank facilities of the company. ICRA
has also reaffirmed the [ICRA]B+ and [ICRA]A4 ratings for the
INR3.64 crore unallocated limits of the company. The outlook on
the long-term rating is 'Stable'.

Rationale
The ratings reaffirmation reflects HSPL's continued modest
financial profile wherein its revenue declined by 12.58% in
FY2017 resulting in lower cash accruals. The capital structure of
the company remains stretched with a gearing of 2.30 times as on
March 31, 2016 which along with moderate margins results in weak
debt protection indicators. ICRA also takes note of the company's
stretched liquidity position arising from elongated credit
extended to customers and high inventory levels necessitating
complete utilisation of bank limits. The ratings are also
constrained by susceptibility of margins to adverse raw material
(majorly polyester yarn) price fluctuations; intense competitive
pressures and sensitivity to forex risks given dealing in export
markets, which keeps the margins under check over the long term.
The ratings, however, continue to favorably factor in the long
experience of HSPL's promoters in the textile industry and the
company's presence in both export and domestic markets with a
moderately diversified client base. The ratings also take into
account the location advantages received by the company in the
form of reduced logistics costs due to its proximity to ports and
raw material sources.

Key rating drivers

Credit strengths

* Long experience of the promoters spanning over two decades
   in the textile industry
* Geographically diversified customer base with presence in
   domestic as well as international market
* Location advantage arising from proximity of manufacturing
   facilities to port for exports and raw material suppliers

Credit weaknesses

* Dip in operating income in FY2017 on account of decline in
   sales volumes
* Stretched liquidity position owing to high inventory levels
   and slow collection from customers resulting in full
   utilization of bank limits
* Leveraged capital structure and weak coverage indicators
* Competitive pressures on account of presence in a fragmented
   industry with low entry barriers
* Vulnerability of profitability to volatility in yarn prices;
   sensitivity to forex risks as the company also deals in
   international markets.

Description of key rating drivers:

HSPL, promoted by Mr. Pramod Daga and Mr. Nilesh Goyal,
manufactures high end fabric for suitings and shirtings at its
plants located at Umbergaon in Gujarat and Tarapur in
Maharashtra. The favorable location of weaving facilities ensures
easy access to raw materials, skilled labour and sea ports for
exports. HSPL's revenues are geographically diversified with
presence of its customers in both domestic as well as
international markets.

The operating income of the company declined by 12.58% in FY2017
to INR36.80 crore from INR42.09 crore owing to decline in sales
volume following a selective approach adopted by the company
towards client selection. With ~39% of the revenues driven by
exports in FY2017, the company's profitability remains
susceptible to any adverse forex fluctuations in the absence of
any hedging mechanism. Furthermore due to the high levels of
inventory maintained by HSPL, its profitability also remains
vulnerable to any fluctuations in raw material prices. Due to the
stretched receivables position and high inventory levels, HSPL's
working capital intensity remained stretched as indicated by
NWC/OI of 44% as on March 31, 2016. The capital structure
remained leveraged as depicted by a gearing level of 2.30 times
as on March 31, 2016 due to the increased reliance of the company
on external borrowings to fund its working capital requirements.

Established in 1991 by Mr. Pramod Daga and Mr. Nilesh Goyal,
Hayward Synthetics Pvt Ltd (HSPL) manufactures fabric for
suitings and shirtings. The company also trades in both finished
and grey fabrics. HSPL has a registered office in Mumbai and two
manufacturing facilities at Umbergaon in Gujarat and Tarapur in
Maharashtra with installed capacities of 37 looms and 48 looms
producing 25 lacs metres and 35 lacs metres of fabric per annum
respectively.


HIGH TECH: ICRA Reassigns 'D' Rating to INR5.87cr Term Loan
-----------------------------------------------------------
ICRA has reassigned the long term rating of [ICRA]BB (SO) to the
INR9.37 crore fund based limits of High Tech Fablon Private
Limited to [ICRA]D.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Term Loan               5.87        Reassigned to [ICRA]D from
                                      [ICRA]BB (SO) (Stable)

  Cash Credit             3.50        Reassigned to [ICRA]D from
                                      [ICRA]BB (SO) (Stable)

The rating reassignment 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 off take.

Incorporated in the year 2010, High Tech Fablon Private Limited
is engaged in 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 INR16.52 crore.


HIGH TECH FILATEX: ICRA Reassigns D Rating to INR6.18cr Loan
------------------------------------------------------------
ICRA has reassigned the long term rating of [ICRA]BB (SO) to the
INR9.37 crore fund based limits of High Tech Filatex Private
Limited to [ICRA]D.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Term Loan              6.18         Reassigned to [ICRA]D from
                                      [ICRA]BB (SO) (Stable)

  Cash Credit            3.50         Reassigned to [ICRA]D from
                                      [ICRA]BB (SO) (Stable)

The rating reassignment 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 off take.

Incorporated in the year 2010, High Tech Filatex 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 INR16.38 crore.


HIGH TECH KNITWEAR: ICRA Reassigns D Rating to INR33.85cr Loan
--------------------------------------------------------------
ICRA has reassigned the long term rating of [ICRA]BB (SO) to the
INR9.37 crore fund based limits of High Tech Knitwear Private
Limited to [ICRA]D.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Term Loan              33.85        Reassigned to [ICRA]D from
                                      [ICRA]BB (SO) (Stable)

  Cash Credit            13.51        Reassigned to [ICRA]D from
                                      [ICRA]BB (SO) (Stable)

  Unallocated             2.97        Reassigned to [ICRA]D from
                                      [ICRA]BB (SO) (Stable)

The rating reassignment 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 off take.

High Tech Knitwear Private Limited (HTKPL) is a part of the
Surat-based High Tech Group which has its presence in
manufacturing of greige fabric, sized yarn and warped yarn. HTKPL
manufactures polyester greige fabrics with an annual installed
capacity of 370 lakh meters. The company has its registered
office in Surat and its manufacturing facility in Bharuch
District (Gujarat).


HIGH TECH TEXOLENE: ICRA Reassigns D Rating to INR5.84cr Loan
-------------------------------------------------------------
ICRA has reassigned the long term rating of [ICRA]BB (SO) to the
INR9.37 crore fund based limits of High Tech Texolene Limited to
[ICRA]D.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Term Loan               5.84        Reassigned to [ICRA]D from
                                      [ICRA]BB (SO) (Stable)

  Cash Credit             3.50        Reassigned to [ICRA]D from
                                      [ICRA]BB (SO) (Stable)

The rating reassignment 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 off take.

Incorporated in the year 2010, High Tech Texolene 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 INR0.17
crore on an operating income of INR16.14 crore.


HIGH TECH WEAVES: ICRA Lowers Rating on INR7.50cr Loan to 'D'
-------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR8.97
crore fund based limits of High Tech Weaves Private Limited from
[ICRA]BB to [ICRA]D.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Term Loan              1.47        Revised to [ICRA]D from
                                     [ICRA]BB (Stable)

  Cash Credit            7.50        Revised to [ICRA]D from
                                     [ICRA]BB (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 1991, High Tech Weaves (India) Private
Limited (HTWPL) is engaged in the manufacturing of sizing and
warping yarns.  The company is promoted by Mr. Ajay Agrawal and
other family members who have been in the textile business for
over a decade. HTWPL started commercial production with two
sizing machines for manufacturing sizing yarn with installed
capacity of 60 MT per month. Currently, the company has an
installed capacity of manufacturing sizing yarn of 250 MT per
month and warping yarn of 200 MT per month.


ICON PETROLEUM: ICRA Reaffirms B+ Rating on INR5.0cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B+ to the
INR5.0-crore cash-credit facilities and INR2.0-crore over-draft
facilities of Icon Petroleum Corporation Limited.  ICRA has also
reaffirmed the short-term rating at [ICRA]A4 to the INR1.0-crore
non-fund based facilities of IPCL. The outlook on the long-term
rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long Term-Cash
  Credit                   5.0      [ICRA]B+ (Stable); Reaffirmed

  Long Term-Over
  Draft                    2.0      [ICRA]B+ (Stable); Reaffirmed

  Short Term-Non-Fund
  Based Facilities         1.0      [ICRA]A4; Reaffirmed

Rationale
The reaffirmation of ratings takes into account the small scale
of operations that restricts financial and operational
flexibility to an extent, notwithstanding the healthy revenue
growth of 53% witnessed in FY2017. The ratings also take into
account the moderate financial profile of the company
characterised by low profit margins, weak coverage indicators and
high working capital intensity owing to high inventory levels,
resulting in high utilisation of working capital limits. The
ratings factor in the high geographical concentration risk as
most of the customers are based out of Karnataka. However, the
ratings continue to be supported by the long presence of the
promoters in the oil industry, a reputed clientele and the strong
relationship that the company has built with the customers and
suppliers over the years which support growth prospects. The
ratings also factor in the improvement in the capacity
utilisation levels with enhancement in the working capital
limits. However, the overall utilisation levels continue to
remain low. Going forward, the company's ability to achieve the
projected revenue growth targets and improve its operating
profitability, while efficiently managing working capital
requirements, would be the key rating factors.

Key rating drivers

Credit strengths

* Long presence of the promoters in the petrochemical industry

* Reputed clientele and strong relationship that the company
   has built with the customers and suppliers over the years
   support growth prospects

* Improvement in the capacity utilisation levels with
   enhancement in working capital limits supports revenue
   visibility; however, the overall utilisation levels
   continue to remain low

Credit weaknesses

* Small scale of operations restrict financial and operational
   flexibility to an extent; notwithstanding the healthy revenue
   growth of 53% witnessed in FY2017

* Moderate financial profile characterised by low profit
   margins, weak coverage indicators

* Working capital intensive nature of operations owing to high
   inventory levels, resulting in high utilisation of working
   capital limits

* High geographical concentration risk with most of the
   customers based out of Karnataka

Description of key rating drivers:

IPCL's manufacturing unit has a capacity to produce 30,000 metric
tonne (MT) of automotive and industrial oils, 20,000 MT of metal
working oil and specialty products, 20,000 MT of transformer and
white oils, 15,000 MT of petroleum jelly and 15,000 MT of
automotive and industrial greases. The promoters of IPCL have
long experience in manufacturing various industrial lubricants.
The company's product portfolio caters to the requirement of a
diverse set of industries comprising auto ancillary, steel,
metals, transformers, sugar, rubber, tyre etc. However, the
company's expertise lies in manufacturing automotive and
industrial oils and greases which contribute to a major portion
of sales in the last two years. The company's products are sold
under the in-house brand 'ICON', which enjoys moderate brand
recognition in the market. The company has well diversified
customer base of more than 100 customers and has long-term
relationship with its key customers. The revenues of the company
witnessed a growth of ~53% during FY2017 due to increase in the
customer base. The company procures base oil from both indigenous
refineries and from foreign refineries, depending on the
prevailing market price. The long-term association with its key
suppliers lends stability in terms of regular and timely supply
of the raw materials. The price of the base oil is directly
related to the international oil prices and varies on a daily
basis. The company has fixed-price contracts for smaller orders,
while for bulk orders there are price-escalation clauses, which
minimises raw material price fluctuations risk to some extent.

Established in 2005, Icon Petroleum Corporation Limited (IPCL) is
a manufacturer of a wide range of high quality and high
performance automotive oils, industrial oils, metal working oils,
rubber process oils, transformer oils, white oils, liquid
paraffin, petroleum jelly, greases, engine coolants, fluids,
synthetic lubricants, speciality oils and allied products. ICPL's
products are formulated with selected virgin base stocks &
imported base oils and are formulated with internationally proven
multi-functional additives packages meeting the standards of
American Petroleum Institute, SAE International, ASTM
International, Bureau of Indian Standards, Japanese, European
Standards and U.S Military Specifications. The lube manufacturing
plant is spread over 10 acres of land, equipped with modern
manufacturing and blending facilities with the state-of-the-art
technology with an installed production capacity of 1,00,000 MT
per annum. It is centrally located at KIADB Industrial Area,
Hoskote, Bangalore, India. IPCL is ISO 9001:2015, ISO 14001:2015
accredited, OHSAS 18001:2007 accredited and GMP Certified.
The company reported a net profit of INR0.08 crore on an
operating income of INR24.4 crore in FY2017 (provisional
financials).


JAI SAI: CRISIL Reaffirms B+ Rating on INR5.0MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short-term bank
loan facility of Jai Sai Construction, and has reaffirmed the
rating of company's long-term facilities at 'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         3.5       CRISIL A4 (Reassigned)
   Cash Credit            5.0       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     1.5       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect firm's concentrated revenue
profile and working capital intensive operations. The rating also
factors weak liquidity because of its large working capital
requirements and hence constraining its financial risk profile.
The weaknesses are partially mitigated by the extensive
experience of the partners in the civil construction industry and
moderate operating profitability.

Key Rating Drivers & Detailed Description

Weaknesses

* Concentrated revenue profile: With revenue dependent on limited
counterparties in Maharashtra, the firm is exposed to customer
and geographical concentration risks.

* Working capital-intensive operations: Due to retention money
and other deposits required to qualify for civil construction
contracts, the working capital cycle has remained large,
reflected in gross current assets of 150-180 days over the two
fiscals through 2016 and will remain at similar levels.

* Below-average financial risk profile: Large working capital
requirements led to fully utilised bank limits, resulting in to
weak liquidity and constraining the financial risk profile.

Strengths

* Extensive experience of the partners in the civil construction
industry: JSC benefits from the experience of a decade of its
partners, Mr Padamkumar Ajmera and Mr Rajkumar Ajmera, in the
civil construction segment.

* Moderate operating profitability: Operating margin is estimated
to be above 11% in the fiscal 2017, which is moderate.

Outlook: Stable

CRISIL believes JSC will continue to benefit from its partners'
extensive industry experience over the medium term. The outlook
may be revised to 'Positive' if the firm significantly improves
working capital management, leading to a better financial risk
profile, particularly liquidity, while maintaining its revenues
and profitability. Conversely, the outlook may be revised to
'Negative' if cash accrual is lower than expected, working
capital cycle stretches, or the firm undertakes large debt-funded
capital expenditure, weakening its liquidity.

Established in 2007 as a partnership concern, JSC is a Class 1
civil contractor and constructs roads, dams, and canals, and
other irrigation projects. Its entire business is tender based,
and it primarily executes tenders floated by the Maharashtra
Irrigation Department, Pune Municipal Corporation (PMC),
Maharashtra Industrial Development Corporation (MIDC) and
Military Engineering Services (MES). The firm derives its entire
revenue from Maharashtra. It is headquartered in Osmanabad
(Maharashtra).

In fiscal 2016, profit after tax was INR1.51 crore on operating
income of INR34.65 crore, as against INR1.20 crore and INR25.75
crore, respectively, in fiscal 2015.


JAWAHAR SAHAKARI: Ind-Ra Assigns B+ Rating to INR300MM Bank Loans
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Jawahar Sahakari
Soot Girni Ltd's (JSSG) bank facilities as:

  -- INR300 mil. Bank loans assigned with 'IND B+/Stable' rating;

  -- INR90 mil. Fund-based working capital facilities assigned
     with 'IND B+/Stable' rating;

  -- INR25 mil. Non-fund-based working capital facilities
     assigned with 'IND B+/Stable' rating

                        KEY RATING DRIVERS

The ratings reflect JSSG's limited operational track record and
weak debt servicing capabilities.  The company commenced
production of carded yarn in end-September 2016 at about 60%
capacity.  During October 2016 and January 2017, it manufactured
about 480,000kg of yarn and booked sale of INR76.426 million.
Currently, JSSG is producing 11,000kg of yarn per day, as against
the average capacity of 13,000kg/day.  As per provisional
financials for FY17, the company reported revenue of
INR184.11 million.

JSSG availed INR300 million of bank loans during FY15-FY17 for
setting up a spinning unit in Amaravti (Maharashtra); debt
servicing began in FY17.  Ind-Ra believes that due to high capex
and nascent stage of operations, the company may have to rely on
promoters' fund for servicing its debt.

The ratings are also constrained by JSSG's tight liquidity
position as reflected by 100% average maximum utilization of
fund-based facilities over the three months ended April 2017.
Ind-Ra expects the company's liquidity profile to remain tight in
FY18 due to its emerging stage of operations.

The ratings, however, benefit from the founders over a-decade-
long experience in the present line of business.

                       RATING SENSITIVITIES

Positive: An increase in the scale of operations driven by an
improvement in operational performance and liquidity position as
projected by Ind-Ra will be positive for the ratings.

Negative: A disproportionate increase in debt in relation to the
operating income as projected by Ind-Ra leading to weak coverage
ratios will be negative for the ratings.

COMPANY PROFILE

Established in 1991, JSSG is a cotton yarn manufacturer
registered under the Maharashtra Co-operative Society's Act,
1960.  The company's spinning unit has a maximum capacity of
23,712 spindles. JSSG caters to the domestic market and
manufactures carded cotton yarn in various count range.


KALYA CONSTRUCTIONS: ICRA Assigns B+ Rating to INR6cr Loan
----------------------------------------------------------
ICRA has assigned a long term-rating of [ICRA]B+  to the INR6.00-
crore fund-based limits of Kalya Constructions Private Limited.
The outlook on the long-term rating is Stable.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Overdraft               6.00       [ICRA]B+(Stable); assigned

Rationale
The assigned rating takes into account the stable increase in
KCPL's order execution, the adequate revenue visibility and the
availability of mobilisation advances to fund the working
capital. The rating is, however, constrained by the company's
small and concentrated operating scale, the decline in the
operating profitability (owing to increase in trading
operations), and the modest capital structure with weak coverage
indicators, attributable to KCPL's high dependence on bank
limits.

Going forward KCPL's ability to ramp up its operating scale and
execute its order book in a timely manner while sustaining
profitability, improving its capital structure and managing its
funding requirements will be the key rating sensitivity.

Key rating drivers

Credit Strengths

* Steady revenue growth at a CAGR of 31.6% since FY2014
* Funds from mobilization advances in the trading business
* Comfortable near-term business certainty; the company had
   INR44.1 crore orders in hand with an order book/OI of 1.5
   times in FY2016

Credit Weakness

* Decline in the operating profitability as the contribution
   from trading activity has increased over the past two
   financial years
* Moderate capital structure with weak coverage indicators
* Stretched working capital utilization (average utilization
   around 95%)

Detailed description of key rating drivers highlighted above:

KCPL incorporated in 2009 as a private limited company has been
engaged in the civil contracting work of groundwork, mining,
laying of pipeline etc. for private and public sector entities.
The average tenure of the projects varies from 6 months to 3
years depending on the type, size and nature of the contract. The
company executes projects in north and west India, particularly
in Gujarat, Bihar, Rajasthan, Madhya Pradesh and Jharkhand. KCPL
also trades raw materials and the revenue share from the trading
activity has been increasing in the past couple of years.

The company achieved a top line of INR30.2 crore in FY2016 and
grew at CAGR of 31.6% between FY2014 to FY2016. This growth is
attributed to the increase in revenue from the trading
activities, which accounted for around 20-30% of the total
revenue in FY2016 as compared to 5-10% in FY2014. The scale of
operations is still moderate as compared to others industry
players.

Till 8MFY17, the company had achieved INR15.0 crore of revenue,
while the total pending order book stood at INR44.1 crore,
translating into an order book/OI of 1.5 times in FY2016. The
contracts have a price escalation clause, which mitigates the
risk of raw material price fluctuation.

The increase in the low-value trading business has pulled the
operating margin down to 8.7% in FY2016 from 13.6% in FY2014. The
increase in debt-funded capex resulted in an increase in
depreciation and interest expense, leading to lower net profit
margin. The capital structure has been modest with the gearing
increasing to 2.3 times as on March 31, 2016, while the interest
coverage stood at 1.9 times and the NCA/TD at 10% in FY2016.
KCPL receives interest free mobilization advances in most of the
contracts to the extent of 5-10%. The firm has to give retention
money as deposit for the projects to the extent of 2.5-5%;
however, as the projects do not involve any guarantees, the non-
fund based limit requirement is reduced. Nonetheless, the working
capital position of the company has remained stretched with the
receivables getting elongated to 90-120 days, particularly from
construction players whose credit profile has worsened over the
years. Hence, KCPL is highly dependent on fund-based limits, with
an average utilization of 95%.

Kalya Constructions Private Limited (KCPL) was incorporated in
2009 as a private limited company under Mr. Ram Kalya and family.
Mr. Ram Kalya has been acting as the managing director of the
company along with Mr. Om Prakash Kalya. The company acts as a
civil contractor for government, non government and private
entities. KCPL primarily does mining, earthwork and pipeline work
for the entities. The company has also started trading activity
of construction raw materials.


KAPADIA TEXTILES: CRISIL Cuts Rating on INR7MM Cash Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Kapadia Textiles (KT, part of the Kohinoor group) to 'CRISIL
D' from 'CRISIL BB-/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             7        CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Proposed Cash           7        CRISIL D (Downgraded from
   Credit Limit                     'CRISIL BB-/Stable')

The rating downgrade reflects instances of over utilisation of
cash credit for more than 30 days and delays in servicing
interest. The delays have been caused by weak liquidity and
stretch in working capital cycle.

Analytical Approach

CRISIL has consolidated the business and financial risk profiles
of KT, Energetic Globetex Pvt Ltd (EGPL), Enigma Ventures Pvt Ltd
(EVPL) and Kohinoor Eximtex Pvt Ltd (KEPL), collectively referred
to as the Kohinoor group, as these entities are engaged in
similar line of business and have operational linkages.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: The Kohinoor group has a weak
financial risk profile, with small networth, high total outside
liabilities to adjusted networth (TOLANW) ratio, and below-
average debt protection metrics.

* Modest scale of operations and exposure to intense competition
in the textile segment, constraining profitability: The group
predominantly manufactures and sells sarees and dress materials.
The operations are expected to remain modest over the medium
term.

Strengths

* Extensive experience of partners in the diamond industry, and
established relations with customers: Kohinoor group's partners
have extensive experience of over two decades in the diamond
trading industry. The partners have developed a sound
understanding of the market because of their long track record of
trading in diamonds.

Registered in 2012, KT manufactures sarees and ladies' dress
material. The firm is based in Surat. Its partners are Mr. Sanjay
Juneja and Mr. Hiren Kapadia.

EGPL, incorporated in 2015, manufactures sarees and ladies' dress
material in Surat and is promoted by Mr Juneja and Mr Nikunj
Kapadia.

Incorporated in 2012, KEPL manufactures fabrics and readymade
garments in Surat. Mr Sanjay Juneja and Mr Hiren Kapadia are the
promoters.

Incorporated in 2010, EVPL manufactures sarees and dress
materials. The manufacturing facility in Surat is managed by Mr
Sanjay Juneja and Mr Jitendra Shukla.


KHATUSHYAM PROCESSORS: ICRA Reaffirms B+ Rating on INR8.59cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ on the
INR5.00-crore fund-based cash credit facility, INR3.19-crore term
loan facility and INR0.40-crore working capital term loan
facility of Khatushyam Processors Private Limited. ICRA has
reaffirmed the short-term rating of [ICRA]A4 on the INR1.00-crore
short-term non-fund-based limits of KPPL. ICRA has also
reaffirmed the long-term rating of [ICRA]B+ and short-term rating
of [ICRA]A4 on the INR2.31-crore unallocated limits of KPPL. The
outlook on the long-term rating is 'Stable'.


                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limits       8.59      [ICRA]B+ (Stable); Reaffirmed
  Non Fund-based Limits   1.00      [ICRA]A4; Reaffirmed
  Unallocated Limits      2.31      [ICRA]B+ (Stable)/[ICRA]A4;
                                    Reaffirmed

Rationale
The reaffirmation of the ratings factors in the company's weak
financial profile as reflected in its high gearing level,
moderate debt coverage indicators and elongated receivables as on
March 31, 2017, resulting in weak liquidity position and high
working capital intensity. The ratings also take into account the
debt-funded capex incurred for diversifying into printing
operations in FY2017, which exerts pressure on the financial
profile of the firm, given the increased finance cost and
associated debt servicing obligations. Furthermore, the ratings
continue to remain constrained by the highly fragmented nature of
the fabric processing industry, resulting in intense competitive
pressures and restricting the pricing flexibility of the players
involved.

The ratings, however, draw comfort from the extensive experience
of promoters in the fabric processing industry and the proximity
of the firm's processing unit to the suppliers of key raw
materials. The ratings also take into consideration the healthy
growth in KPPL's operating income in FY2017 on the back of
increased sales volume and sales realisations.

Going forward, KPPL's ability to increase its scale of
operations, maintain healthy operating profit margins, generate
commensurate cash accruals to service debt servicing obligations,
and effectively manage its working capital requirements would
remain crucial from the credit perspective.

Key rating drivers

Credit strengths

* Extensive experience of promoters in the fabric processing
   industry
* Location advantage by virtue of proximity to raw materials
* Revenue growth of 26% in FY2017 owing to increased sales
   volume and sales realizations

Credit weaknesses

* Financial profile characterised by high gearing and moderate
   debt coverage indicators
* High working capital intensity resulting from elongated
   receivables as on March 31, 2017
* Sizeable debt servicing obligations in the near to medium
   term owing to debt-funded capex incurred in FY2017
* Presence in the lower end of textile processing value chain
   with operations presently confined to dyeing and printing
   activities
* Intense competition owing to high fragmentation and low
   product differentiation, which restricts the pricing
   flexibility

Description of key rating drivers:

KPPL is engaged in the processing of fabric on job work basis at
its dyeing unit located at Palsana, in Surat district of Gujarat.
Earlier, the company was involved only in dyeing, padding and
cutting of fabric; however, the company also diversified into
printing operations in FY2017. KPPL incurred a capital
expenditure of INR4.90 crore in FY2017 and the same was funded by
fresh term loans of INR3.70 crore and rest through a mix of
internal accruals and unsecured loans from promoters. The current
annual installed capacity of the company for dyeing and printing
is 6 crore meters and 7.50 lac meters, respectively. KPPL
operates on job work basis and procures grey cloth from its
customers against firm orders for further processing. The
company's manufacturing unit is located at Palsana, Gujarat,
providing easy access to key raw materials such as colour and
chemicals. KPPL's promoters have long experience in the fabric
processing industry.

The operating income of the company posted a sharp increase of
~26% in FY2017 and stood at INR31.09 crore as compared to
INR24.68 crore in FY2016 on the back of higher volume sales and
additional revenue derived from printing operations. The
operating profitability of the company improved to 11.78% in
FY2017 as compared to 11.08% in FY2016 with diversification in
printing operations. Further, the debt-funded capex incurred in
FY2017 increased the gearing level to 1.93 times as on March 31,
2017 from 1.52 times as on March 31, 2016. The working capital
intensity remained high at 22.0% as on March 31, 2017 on the back
of elongated receivables, resulting in weak liquidity position of
the company.


KOHINOOR EXIMTEX: CRISIL Cuts Rating on INR9MM Cash Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Kohinoor Eximtex Private Limited (KEPL, part of the Kohinoor
group) to 'CRISIL D' from 'CRISIL BB-/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             6        CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Proposed Cash           9        CRISIL D (Downgraded from
   Credit Limit                     'CRISIL BB-/Stable')

The rating downgrade reflects instances of over utilisation of
cash credit for more than 30 days and delays in servicing
interest. The delays have been caused by weak liquidity and
stretch in working capital cycle.

Analytical Approach

CRISIL has consolidated the business and financial risk profiles
of KEPL, Enigma Ventures Pvt Ltd (EVPL), Energetic Globetex Pvt
Ltd (EGPL) and Kapadia Textiles (KT), collectively referred to as
the Kohinoor group, as these entities are engaged in similar line
of business and have operational linkages.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: The Kohinoor group has a weak
financial risk profile, with small networth,  high total outside
liabilities to adjusted networth (TOLANW) ratio, and below-
average debt protection metrics.

* Modest scale of operations and exposure to intense competition
in the textile segment, constraining profitability: The group
predominantly manufactures and sells sarees and dress materials.
The operations are expected to remain modest over the medium
term.

Strengths

* Extensive experience of partners in the diamond industry, and
established relations with customers: Kohinoor group's partners
have extensive experience of over two decades in the diamond
trading industry. The partners have developed a sound
understanding of the market because of their long track record of
trading in diamonds.

Incorporated in 2012, KEPL manufactures fabrics and readymade
garments in Surat. Mr Sanjay Juneja and Mr Hiren Kapadia are the
promoters.

Incorporated in 2010, EVPL manufactures sarees and dress
materials. The manufacturing facility in Surat is managed by Mr
Sanjay Juneja and Mr Jitendra Shukla.

EGPL, incorporated in 2015, manufactures sarees and ladies' dress
material in Surat and is promoted by Mr Juneja and Mr Nikunj
Kapadia.

Registered in 2012, KT manufactures sarees and ladies' dress
material. The firm is based in Surat. Its partners are Mr. Sanjay
Juneja and Mr. Hiren Kapadia.


KRISHNA COTTEX: ICRA Reaffirms B Rating on INR5.37cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B on the
INR4.50-crore cash credit facility and the INR0.87-crore term
loan facility of Krishna Cottex Industries (KCI). The outlook on
the long-term rating is 'Stable'. ICRA has also reaffirmed the
rating of [ICRA]B+(Stable) for the unallocated amount of INR0.68
crore.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based Limits       5.37       [ICRA]B (Stable); reaffirmed
  Unallocated Limits      0.68       [ICRA]B (Stable); reaffirmed

Rationale
The rating reaffirmation continues to factor in KCI's weak
financial profile, marked by modest scale of operations, low
profitability, leveraged capital structure and weak debt coverage
indicators. The rating also factors in the vulnerability of the
firm's profitability to agro-climatic risks and its exposure to
stiff competition. ICRA also notes that KCI is a partnership firm
and any significant withdrawals from the capital account could
adversely impact its net worth and thereby the credit profile.
The rating, however, continues to draw comfort from the vast
experience of the promoters in the industry and the proximity of
the firm's manufacturing unit to raw materials, easing
procurement.

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

Key rating drivers

Credit strengths

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

Credit weaknesses

* Modest scale of operations
* Weak financial profile characterised by low profitability,
   leveraged capital structure and weak debt coverage
   indicators
* Limited value addition; highly competitive and fragmented
   industry structure with low entry barriers restricts
   pricing flexibility
* Vulnerability of profitability to fluctuations in raw
   cotton prices, which are subject to seasonality and crop
   harvest
* Risks associated with partnership form of business in terms
   of continuity, capital infusions and withdrawals

Description of key rating drivers:

KCI has been involved in the business of ginning and pressing of
raw cotton with its partners having vast experience in the cotton
ginning industry. The manufacturing unit of the firm has a
location advantage by virtue of its presence in the cotton-
producing belts of Gujarat. The product profile of the firm
comprised of cotton bales and cotton seeds; with cotton bales
being the highest contributor to revenues (73.48% of total sales
in FY2017, followed by cotton seeds, contributing ~26.52% of
total sales). KCI is involved both in trading as well as
manufacturing sales. However, the contribution from trading sales
declined to 16.5% in FY2017 from 46.7% in FY2016, with increased
focus on manufacturing activity.

KCI's operating income fell by ~4% in FY2017 to INR23.00 from
INR23.94 crore in FY2016 due to fall in the sales volume of
cotton bales. The profitability remained low at 0.35% at the net
level in FY2016 and 0.98% in FY2017 due to limited value-added
nature of operations coupled with the intense competition and
fragmented industry structure. The capital structure continues to
remain adverse with gearing level of 2.41 times as on March 31,
2017 and below average coverage indicators as indicated by the
interest coverage of 2.12 times (as against 1.87 times for
FY2016) and NCA/ Total debt ratio of 10% (as against 7% for
FY2016) in FY2017.

Established in March 2014, Krishna Cottex Industries (KCI) has
been involved in cotton ginning and pressing to produce cotton
bales and cotton seeds. The firm has its manufacturing facility
located at Rajkot in Gujarat. The firm commenced commercial
operations on October 2014. The plant is currently equipped with
24 ginning machines and one pressing machine, with a processing
capacity of 8160 MT of raw cotton annually (considering 200 bales
a day with 24 hours of operations with 240 working days in a
year). KCI is a partnership firm, with the promoters having an
extensive experience in the cotton industry.


MASTI HEALTH: CRISIL Downgrades Rating on INR3.0MM Cash Loan to B
-----------------------------------------------------------------
CRISIL has been consistently following up with Masti Health &
Beauty Pvt Ltd (MHBPL) for obtaining information through letters
and emails dated November 21, 2016 and December 22, 2016 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         0.8       CRISIL A4 (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL A4+')

   Cash Credit            3.0       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB/Stable')

   Proposed Long Term     2.7       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Downgraded from
                                    'CRISIL BB/Stable')

   Term Loan              5.5       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Masti Health & Beauty Pvt Ltd.
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 Masti Health & Beauty Pvt Ltd 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 'CRISIL B/Stable/CRISIL A4'.

MHBPL, incorporated in 2007 and based in Hyderabad, operates a
chain of spas and owns the brand, O2 Spa. The company's day-to-
day operations are managed by Mr. Ritesh Mastipuram.


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

   -- INR90.2 mil. Term loan migrated to non-cooperating category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Feb. 20, 2015.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2013, MPIPL is engaged in real estate development.
It is developing a residential apartment project, Green Grandeur,
at Gopanpally, near Gachibowli in Hyderabad.

MPIPL has entered into a 65:35 joint development agreement with
the land owners to construct 205 apartments, an amenities complex
and a club house.  The project is being developed in five
apartment blocks at an estimated cost of INR483 million.


OM COTTON: ICRA Reaffirms B+ Rating on INR5.0cr Cash Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ on the
INR5.00-crore fund-based cash credit facility, INR0.01-crore
fund-based term loan facility and INR1.24-crore unallocated
limits of Om Cotton & Oil Industries (OCOI). 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                    0.01      [ICRA]B+ (Stable); Reaffirmed

  Unallocated Limits      1.24      [ICRA]B+ (Stable); Reaffirmed

Rationale
The rating reaffirmation factors in the firm's weak financial
profile as reflected in its modest scale of operations (with ~45%
revenue decline in FY2017), low profitability, weak coverage
indicators and high working capital intensity owing to high
inventory holding as on March 31, 2017. Further, the rating
remains constrained by vulnerability of the firm's profitability
to agro-climatic risks and its exposure to stiff competition.
ICRA also notes that OCOI is a partnership firm and any
significant withdrawals from the capital account could adversely
impact its net worth and thereby the credit profile.

Nonetheless, the rating continues to draw comfort from the long
experience of the partners in the cotton ginning industry and the
proximity of the firm's manufacturing unit to raw material
souces, easing procurement.

Going forward, OCOI's ability to increase its scale of
operations; improve its profitability and effectively manage its
working capital requirements would remain important from the
credit perspective.

Key rating drivers

Credit strengths

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

Credit weaknesses

* Modest scale of operation with decline in revenue reported
   in FY2017
* Financial profile characterised by low profitability, weak
   debt coverage indicators and high working capital intensity
* Limited value addition; highly competitive and fragmented
   industry structure with low entry barriers restricts
   pricing flexibility
* Vulnerability of profitability to fluctuations in raw
   cotton prices, which are subject to seasonality and crop
   harvest
* Risks associated with partnership form of business in terms
   of continuity, capital infusions and withdrawals

Description of key rating drivers:

OCOI gins and presses raw cotton to produce cotton bales and
cotton seeds at its plant at Hirapar, Morbi in Gujarat, which has
an installed capacity of 230 bales per day. Earlier the firm was
also engaged in crushing of cotton seeds to produce cotton seed
oil and oil cake; however, it discontinued crushing operations
from FY2016. A majority of the firm's sales is derived from sale
of cotton bales in the domestic market. The firm's manufacturing
unit is located in Hirapur, which is in proximity to the cotton
producing belt of Gujarat, providing easy access to raw material.
OCOI's partners have long experience in the cotton ginning
industry.

The operating income of the firm witnessed a sharp decline of
~45% in FY2017 and stood at INR14.01 crore as compared to
INR25.33 crore in FY2016, owing to lower volume sales. The
profitability continued to remain low, with operating profit
margins of 4.34% and net margins of 0.27% in FY2017 due to
limited value-added nature of operations coupled with intense
competition. The firm's working capital intensity remained high
at 33% as on March 31, 2017 owing to high inventory levels as on
year-end. The cotton ginning industry is highly fragmented due to
the presence of numerous players operating in Gujarat, leading to
high competition. The industry is also exposed to regulatory
risks with the Government imposing MSP on the purchase of raw
cotton during over-supply in the market and restricting export of
cotton bales in order to support the domestic cotton textile
industry.

Established in 2012, Om Cotton & Oil Industries (OCOI) is
involved in cotton ginning and pressing business. The
manufacturing facility of the firm is located in Hirapar District
Morbi, Gujarat and is currently equipped with 24 ginning machines
and one fully automatic pressing machine, with a capacity to
manufacture 230 bales per day (24 hours operations). The firm is
owned and managed by Mr. Harjivan Jivani and Mr. Sanjay Jivani
along with two other partners.

The firm reported a profit before tax of INR0.04 crore on an
operating income of INR14.01 crore as per provisional financials
in FY2017, as compared to a net loss of INR0.20 crore on an
operating income of INR25.33 crore in the previous year.


P. DAS: CRISIL Lowers Rating on INR4MM Cash Loan to B+
------------------------------------------------------
CRISIL has been consistently following up with P. Das
Infrastructures (PDI) for obtaining information through letters
and emails dated January 20, 2017, and February 10, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          15       CRISIL A4 (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL A4+')

   Cash Credit              4       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 P. Das Infrastructures. 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 P. Das Infrastructures 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.

Set up in 2006, PDI is a partnership firm promoted by the Patel
family. Based in Ahmedabad (Gujarat), the firm specialises in
water- and waste-water-management projects.


PAGRO FROZEN: ICRA Reaffirms 'B' Rating on INR15cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA] B on the
INR22.26 crore long-term fund-based facilities of Pagro Frozen
Foods Private Limited. ICRA has also reaffirmed its long term
rating of [ICRA] B on the Rs 7.74 crore unallocated limits of
PFFPL. ICRA has also reaffirmed its short term rating of [ICRA]
A4 on the INR0.75 crore short term fund based limits of PFFPL.
The outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Term Loans              7.26       [ICRA]B (Stable)/re-affirmed
  Cash Credit            15.00       [ICRA]B (Stable)/re-affirmed
  Corporate Loan          0.75       [ICRA]A4/re-affirmed
  Unallocated Limits      7.74       [ICRA]B (Stable)/re-affirmed

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

Pagro Frozen Foods Private Limited (PFFL) was incorporated in
2007 for setting up an integrated vegetables processing plant in
Punjab. The proposed project, at full capacity, involves contract
growing of vegetables across 10,000 acres of land and processing
around 15,000 MT of vegetables to annually produce 12,000 MT of
frozen vegetables and 3000 MT of French fries. The commercial
operations of the company started in March 2012. In 2013-14, PFFL
processed 8159 metric tons of vegetables including peas. These
processed food products are supplied by the company to clients in
domestic and export markets. PFFL is promoted by Mr. N.S. Brar
and Mr. Pawaninder Singh Dhillon, who have over two decades of
experience in food processing and contract farming. The promoters
are also managing a company in same business namely Pagro Foods
Limited (PFL) for the past eight years. They are joined by Mr.
Satpal Khattar, who is investing in the new company through his
investment arm, Khattar Holdings Pte Limited.


PEE KAY: CRISIL Reaffirms 'B' Rating on INR7.5MM LT Loan
--------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facilities of Pee Kay Shuttering House (PKSH).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           4.0        CRISIL B/Stable (Reaffirmed)
   Long Term Loan        7.5        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the company's modest scale of
operations and exposure to intense competition. Revenue was INR18
crore in fiscal 2017 and is expected to grow moderately at 5-10%
annually over the medium term, backed by the extensive experience
of proprietor and his established relationships with customers.

Liquidity is supported by moderate bank limit utilisation and
sufficient cash accrual to service debt over the medium term.
Working capital is moderately intensive, with gross current
assets estimated at 132 days as on March 31, 2017. Hence, bank
limit was utilised at 74%, on average, in the 12 months through
December 2016.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations
PKSH has modest scale as reflected in the operating revenue of
INR17.86 crore in fiscal 2017. The scale has remained modest
because of subdued demand in the real estate industry, thereby
impacting the demand for scaffoldings. Small scale, coupled with
operations in highly competitive and fragmented industry, results
in low bargaining power with customers and further increases
working capital requirement. Business risk profile is expected to
remain constrained over the medium term by modest scale.

* Large working capital requirement
Working capital requirement has been large, reflected in gross
current assets of 407 days as on March 31, 2017. This is driven
by high debtors of 360 days owing to low pricing power with
customers, coupled with slowdown in the real estate sector,
resulting in stretched payment realisations. It maintains minimal
inventory levels, as majority of the procurement is order-backed.
Large working capital requirement is funded through high reliance
on trade credit (which stood at 383 days as on March 31, 2017)
and short-term bank borrowings.

* Below-average financial risk profile: Total outside liabilities
to tangible networth ratio is high, estimated at 5.25 times as on
March 31, 2017, and is expected to remain at 3-4 times over the
medium term. Debt protection metrics were average, with estimated
interest coverage ratio at 1.88 times for fiscal 2017.

Strengths

* Proprietor's extensive experience
The proprietor, Mr Tejpal Gupta looks after operations and has
over two decades of experience through his association with PKSH.
His long-term experience helped establish strong relationships
with large players in the construction and development industry.
Benefits from the proprietor's experience and established
customer relationships are expected to continue over the medium
term.

Outlook: Stable

CRISIL believes PKSH will continue to benefit over the medium
term from the proprietor's extensive experience. The outlook may
be revised to 'Positive' if more-than-expected increase in scale
and profitability, resulting in higher cash accrual, along with
improvement in working capital management. Conversely, the
outlook may be revised to 'Negative' if revenue or profitability
declines, or the financial risk profile deteriorates because of
stretch in working capital cycle or larger debt-funded capital
expenditure.

Established in 1990 as a proprietorship concern by Mr Tejpal
Gupta, PKSH, based in Panchkula (Haryana) and rents
scaffoldings/shuttering.

PKSH reported book profit and net sales of INR0.79 crore and
INR17.86 crore, respectively, for fiscal 2017, against INR0.71
crore and INR18.63 crore, respectively, for fiscal 2016.

Status of non-cooperation with previous CRA
PKSH has not cooperated CARE, which marked its ratings as non-
cooperative vide a release dated March 16th, 2017. The reason
provided by CARE  was non-furnishing of information by PKSH for
monitoring the ratings.


PRAGATI CONSTRUCTION: CRISIL Cuts Rating on INR5MM Loan to 'B'
--------------------------------------------------------------
CRISIL has been consistently following up with Pragati
Construction Consultants (PCC) 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         10        CRISIL A4 (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL A4+')

   Cash Credit             5        CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB-/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Pragati Construction
Consultants. 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 Pragati Construction
Consultants 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.

Set up in 2003 by Mr. M P Gupta and his sons as a partnership
firm, PCC undertakes civil contracts for the Indian Railways,
Delhi Metro Rail Corporation, and the National Highways Authority
of India. It undertakes all civil construction work, including
construction of buildings, foot overbridges, railway lines, and
embankments.


RD FORGE: CRISIL Reaffirms B+ Rating on INR7.5MM Term Loan
----------------------------------------------------------
CRISIL has reaffirmed 'CRISIL B+/Stable' rating on the bank
facilities of RD Forge Private Limited (RDFPL; part of the RD
group).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Packing Credit         5.0       CRISIL B+/Stable (Reaffirmed)
   Term Loan              7.5       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect weak financial risk profile
because of high gearing and modest debt protection metrics. The
ratings also factor in modest scale of operations and customer
concentration in revenue. These weaknesses are partially offset
by the extensive experience of the promoters in the forging
industry.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of RDFPL and RD Forge (a unit of RD
Chemicals Pvt Ltd). This is because both the entities, together
referred to as the RD group, have integrated operations, a
similar product line, and common management.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Financial risk profile remains
below-average because of high gearing of 2.43 times as on March
31, 2016 and modest debt protection metrics with interest
coverage of 1.94 times and NCATD of 0.10 times, for fiscal 2016.

* Small scale of operations: Operating income continues to remain
small at INR50.52 crore in fiscal 2016 in the competitive forging
segment. The operating income is estimated at INR55 crore for
fiscal 2017.

Strengths

* Extensive experience of promoters: Longstanding presence in the
forging segment has enabled the promoters to build a diverse
customer base and will continue to support the business risk
profile of the company.

Outlook: Stable

CRISIL believes RD group will continue to benefit from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' if increase in revenue and profitability
improves financial risk profile. The outlook may be revised to
'Negative' if low revenue or profitability, increase in working
capital requirement or significant debt-funded capital
expenditure weakens financial risk profile.

Operations of the RD group are managed by Mr Subhash Garg along
with his son, Mr Saurabh Garg, and nephew, Mr Gaurav Garg. The
group manufactures forging parts such as flanges that are used
largely in the oil and gas industry. Its plant in Ghaziabad,
Uttar Pradesh, has a capacity to machine 1200 tonne per month of
forging parts.

Profit after tax was INR0.75 crore on net sales of INR50.52 crore
in fiscal 2016, against INR0.73 crore and INR56.41 crore,
respectively, in fiscal 2015.


RELIANCE COMM: ICRA Lowers Rating on INR28,116cr LT Loan to D
-------------------------------------------------------------
ICRA has downgraded the long-term rating to [ICRA]D from [ICRA]BB
for the INR5,000-crore non-convertible debenture (NCD) programme
and the INR28,116-crore long-term fund-based/non-fund based
limits (including unallocated limits) of Reliance Communications
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 INR7,314-crore short-term fund-
based/non-fund based limits (including unallocated limits) and
the INR2,000-crore commercial paper programme of RCom.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Non-convertible
  Debenture (NCD)
  Programme               5,000       Downgraded to [ICRA]D
                                      from [ICRA]BB(Negative)

  Long-term Fund-
  based/Non-fund
  Based Limits
  (including
  unallocated)           28,116       Downgraded to [ICRA]D
                                      from [ICRA]BB(Negative)

  Short-term Fund-
  based/Non-fund
  Based Limits
  (including
  unallocated)            7,314       Downgraded to [ICRA]D
                                      from [ICRA]A4 Commercial

  Paper (CP) Programme    2,000       Downgraded to [ICRA]D
                                      from [ICRA]A4

ICRA has taken a consolidated view of the RCom Group including
Reliance Telecom Limited (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 Rs 25,000 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.

Analytical approach:
For arriving at the ratings, ICRA has applied its rating
methodologies as indicated below. In addition for arriving at the
rating, ICRA has taken a consolidated view of the RCom Group
(referred to as "the Group") including Reliance Telecom Limited
(RTL) and Reliance Infratel Limited (RITL).

Reliance Communications Limited is the flagship company of the
Reliance Anil Dhirubhai Ambani Group (ADAG) and an integrated
telecommunications service provider in India. It ranks seventh
based on subscriber market share, while its corporate clientele
includes over 39,000 Indian and multinational corporations,
including small and medium enterprises, and over 290 global,
regional and domestic carriers.

RCom has established a pan-India, next generation, integrated
(wireless and wire-line), convergent (voice, data and video)
digital network that is capable of supporting services spanning
the entire communications value chain, covering over 21,000
cities and towns and over 400,000 villages. RCom also owns and
operates next generation IP-enabled connectivity infrastructure,
comprising over 260,000 km of fibre optic cable systems in India,
the USA, Europe, the Middle East and the Asia-Pacific region.


RELIANCE INFRATEL: ICRA Lowers Rating on INR2,271cr Loan to D
-------------------------------------------------------------
ICRA has downgraded the long-term rating to [ICRA]D from [ICRA]BB
for the INR2,271-crore long-term fund-based/non-fund based limits
of Reliance Infratel Limited. ICRA has also removed negative
outlook from the long term rating. ICRA has also downgraded the
short-term rating to [ICRA]D from [ICRA]A4 for the INR245-crore
short-term fund-based/non-fund based limits and the INR1,000-
crore short term debt programme of RITL.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Long-term Fund-
  based Limits
  (including
  unallocated)           2,271         Downgraded to [ICRA]D
                                       from [ICRA]BB(Negative)

  Short-term Fund
  based/Non-fund
  Based Limits             245         Downgraded to [ICRA]D
                                       from [ICRA]A4

  Short Term Debt
  (STD) Programme        1,000         Downgraded to [ICRA]D
                                       from [ICRA]A4

In arriving at the ratings ICRA has taken a consolidated view of
the Reliance Communications (RCom) group including Reliance
Telecom Limited (RTL) and 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 Rs 25,000 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.

Analytical approach:
For arriving at the ratings, ICRA has applied its rating
methodologies as indicated below. In addition for arriving at the
rating, ICRA has taken a consolidated view of the RCom Group
(referred to as "the Group") including Reliance Telecom Limited
(RTL) and Reliance Infratel Limited (RITL).

Reliance Infratel Limited (RITL), formerly Reliance Telecom
Infrastructure Limited, is a part of the RCom group. RCom
(holding company for group telecom operations) has ~ 95% stake in
RITL through its wholly-owned subsidiary - Reliance
Communications Infrastructure Limited and other trusts and
holding companies.

RITL was originally incorporated as Reliance Communications
Rajasthan Private Limited under the Companies Act, 1956 on April
16, 2001 and subsequently changed from private to public limited
company on June 18, 2004. Name of the company was changed to
Reliance Telecom Infrastructure Limited on October 11, 2006.
Subsequently, as a result of a de-merger scheme approved by the
high court on March 16, 2007, the tower infrastructure and
related assets of Reliance Communications Limited (RCom) and
Reliance Telecom Limited (RTL) were transferred to Reliance
Telecom Infrastructure Limited on April 10, 2007 (effective date
for the scheme). Subsequently, the name of the company was
changed to Reliance Infratel Limited in January 2008.


SELVE CASHEWS: CRISIL Reaffirms 'B' Rating on INR5MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Selve Cashews (SC) at 'CRISIL B/Stable' and assigned its
'CRISIL A4' rating to the short-term bank loan facility.

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

   Proposed Long Term
   Bank Loan Facility      2.5     CRISIL B/Stable (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility      2.5     CRISIL A4 (Reassigned)

The ratings reflect the small scale of operations, and a subdued
financial risk profile because of a modest networth, high
gearing, and weak debt protection metrics. These weaknesses are
partially offset by the extensive experience of the proprietor in
the cashew industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations:
Revenue is estimated at INR10.2 crore for fiscal 2017 and is
expected to remain modest over the medium term. Furthermore, the
firm operates in a highly-fragmented industry. Owing to
competition and modest scale of operations, the firms bargaining
power with its customers is limited, resulting in modest
operating margins. The business risk profile is likely to remain
constrained on account of a modest scale of operations in a
highly-fragmented industry.

* Subdued financial risk profile:
The networth was small at INR0.66 crore and gearing weak at 9
times, estimated as on March 31, 2017. Debt protection metrics
for fiscal 2017 are estimated to have been weak, with interest
coverage ratio of 1.28 times and net cash accrual to total debt
ratio of 2%.  The gearing and debt-protection metrics have been
weak because the firm has to rely on external debt to fund its
working capital requirements. The financial risk profile is
expected to remain subdued over the medium term.

Strengths
* Extensive industry experience of the proprietor:
The proprietor has an experience of more than a decade in the
cashew processing industry. This has helped to develop a healthy
relationship with suppliers, thereby ensuring adequate and timely
supply of raw material, and has resulted in a strong relationship
with customers, leading to repeat orders.

Outlook: Stable

CRISIL believes SC will continue to benefit from the extensive
industry experience of its proprietor. The outlook may be revised
to 'Positive' if revenue and operating profitability increase
significantly, resulting in a better business risk profile. The
outlook may be revised to 'Negative' in case of large, debt-
funded capital expenditure, a stretched working capital cycle, or
a decline in operating profitability, leading to further
deterioration in the financial risk profile, particularly
liquidity.

SC, set up in 2008 and based in Cuddalore, Tamil Nadu, processes
raw cashew nuts to cashew kernel. It is a proprietorship concern
of Ms. Kalaiselvi and its operations are managed by her husband,
Mr. Ravi.

The firm reported a net profit of INR0.14 crores on sales of
INR8.36 crores in fiscal 2016, vis-a-vis net profit INR0.14
crores on net sales of INR9.57 crores in fiscal 2015.


SHRI DAKSHINESHWARI: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shri
Dakshineshwari Maa Polyfabs Limited (SDMPL) a Long-Term Issuer
Rating of 'IND BB'.  The Outlook is Stable.  The instrument-wise
rating action is:

   -- INR670 mil. Proposed long-term loan assigned with
      provisional IND BB/Stable rating

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

                         KEY RATING DRIVERS

The ratings reflect the risks associated with nascent stage of
SDMPL's project of setting up a plant for manufacturing various
types of plastic bags, with a total production capacity of
8,400mtpa.  As of May 30, 2017, the company had incurred
INR41 million on land acquisition and site development work.
SDMPL expects the plant to start commercial production from April
2018.

However, the ratings are supported by the locational advantage of
the plant in proximity to several cement manufacturing companies,
which will help SDMPL to cater the demand of cement bags.

The ratings are also supported by the company's promoter's
experience of close to a decade in the polypropylene and high
density polyethylene sacks manufacturing business.  The promoter
has two other companies which also manufacture woven sacks and
fabrics.  It helps SDMPL to establish its business as the two
companies have strong clientele and sourcing arrangements.

                       RATING SENSITIVITIES

Negative: Any time or cost overrun for the project will be
negative for the ratings.

Positive: Timely completion of the project in line with the
projected cost outlay will be positive for the ratings.

COMPANY PROFILE

SDMPL was incorporated in November 2016 to set up a plant for
manufacturing printed plastic bags, leno bags, cement bags, ad
protex bags.

SDMPL is promoted by Sajjan Bansal, Nitesh Sharma, Avishek Sharma
and Shresth Bansal. Founder promoter Sajjan Bansal and Nitesh
Sharma also promoted Shri Maa  Polyfabs  Ltd. and Asansol
Polyfabs (P) Ltd.


SHYAM ENTERPRISES: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shyam
Enterprises (SE) a Long-Term Issuer Rating of 'IND B+'.  The
Outlook is Stable.  The instrument-wise rating actions are:

   -- INR40 mil. Fund-based working capital limit assigned with
      'IND B+/Stable/IND A4' rating; and

   -- INR10 mil. Term loan limit assigned with 'IND B+/Stable'
      rating

                        KEY RATING DRIVERS

The ratings reflect SE's limited operational track record, given
the firm commenced commercial operations in April 2017.  Ind-Ra
believes SE's ability to stabilize operations and generate
positive cash flows can be ascertained only after a full year of
operations.

The ratings, however, are supported by the proprietors'
experience of over a decade in the stone crushing and mineral
trading businesses.

                       RATING SENSITIVITIES

Negative: Inability to generate revenue and cash flow as
projected by the management leading to a stressed liquidity
position could lead to negative rating action.

Positive: Generation of revenue and cash flow as projected by the
management could lead to positive rating action.

COMPANY PROFILE

Formed in April 2016, SE is a Karnataka-based proprietorship firm
engaged in the processing of stone aggregates (quarrying,
drilling and crushing).  The management expects a revenue of
about
INR200 million and an EBITDA margin of about 20% in FY18.


SUN REALTY: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sun Realty (SR)
a Long-Term Issuer Rating of 'IND B+'.  The Outlook is Stable.
The instrument-wise rating action is:

   -- INR130 mil. Term loan assigned with 'IND B+/Stable' rating

                        KEY RATING DRIVERS

The ratings reflect SR's single property rent-based revenue
stream in Indore and limited operational track record.  The
company signed a 10-year lease agreement in February 2017 with
Shanti Educational Society for a monthly rental of INR1.95
million.  The agreement has a rent escalation clause of 5% each
year.

The ratings, however, are supported by the fact that almost 100%
of the chargeable area of the company's property is let-out to
its tenant.  The expected cash inflow from the tenancy is 1.27x
of the term liabilities due for repayment in FY18.

The ratings are also supported by SR's efficient escrow mechanism
of depositing the entire rent collected in an escrow bank
account, which allows it to use the residual cash only after
meeting its debt service obligations.

The ratings are further supported by the promoters' over a
decade-long experience in the real estate and development
business.

                        RATING SENSITIVITIES

Negative: Cancellation of rental agreement leading to a
substantial deterioration in the credit metrics as projected will
be negative for the ratings.

Positive: A substantial improvements in the credit profile as
projected will be positive for the ratings.

COMPANY PROFILE

Incorporated in 2013, SR is engaged in leasing of land and
building.  The company has leased its 0.46 hectares land with a
building located in Indore, Madhya Pradesh to Shanti Educational
Society for running a school.


SURYODAYA INFRA: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Suryodaya Infra
Projects (India) Private Limited (SIPIPL) a Long-Term Issuer
Rating of 'IND BB-'.  The Outlook is Stable.  The instrument-wise
rating actions are:

   -- INR50 mil. Fund-based working capital limit assigned with
      'IND BB-/Stable/IND A4+' rating; and

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

                          KEY RATING DRIVERS

The ratings reflect SIPIPL's tight liquidity position.  There
have been multiple instances of overutilization of the working
capital limits ranging between 1-21 days during June 2016 to
April 2017. This can be attributed to the continuous
deterioration in net working capital cycle to 86 days in FY17
based on provisional financials (FY16: 96 days; FY15: 32 days;
FY14: negative 10 days).

The ratings reflect SIPIPL's increasing yet moderate scale of
operations and volatile EBITDA margin.  Its revenue increased at
a CAGR of 15.7% during FY14-FY17 and was INR364.6 million in FY17
(FY16: INR286.9 million).  EBITDA margins are volatile but
comfortable and ranged between 16.3%-24.7% during FY14-FY17.
Interest coverage (Ind-Ra operating EBITDA/gross interest
expense) was 2.9x in FY17 (FY16: 2.4x) and net leverage (Ind-Ra
adjusted debt net of cash/ EBITDAR) was 2x (2.3x).

The ratings, however, are supported the company's moderate
unexecuted order book of INR556 million at end-April 2017 (1.53x
of FY17 revenue).

The ratings are further supported by its promoters' experience of
over 25 years in the construction business.

                        RATING SENSITIVITIES

Positive: A sustained improvement in the liquidity along with
improvement in revenue while maintaining the profitability and
credit metrics could lead to a positive rating action.

Negative: Further tightening of the liquidity and/or a decline in
the revenue and EBITDA margin leading to deterioration in the
credit metrics could lead to negative rating action.

COMPANY PROFILE

Established in 2008 and located in Hyderabad, SIPIPL is an
engineering, procurement and construction company.  The company
is a registered Class Civil Contractor in Karnataka and Uttar
Pradesh.


SUSHMA AGENCY: CRISIL Assigns B+ Rating to INR6MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Sushma Agency - Allahabad (SA). The
rating reflects the small scale of operations in the competitive
agricultural commodities trading industry, large working capital
requirement, and the below-average financial risk profile. These
weaknesses are partially offset by the extensive experience of
the partners.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             6        CRISIL B+/Stable
   Proposed Cash
   Credit Limit            4        CRISIL B+/Stable

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations amidst intense competition: Intense
competition in the agro commodity trading industry, has kept the
scale of operations small, as reflected in revenue of INR17 crore
estimated for fiscal 2017.

* Large working capital requirement: Operations are working
capital intensive, as reflected in gross current assets of 187
days estimated as on March 31, 2017, due to sizeable receivables
and inventory.

* Below-average financial risk profile: The capital structure is
leveraged, marked by a total outside liabilities to tangible
networth ratio estimated at 3.52 times as on March 31, 2017,
because of the small networth and high reliance on working
capital debt. Debt protection metrics were below-average, with an
interest coverage ratio of 1.4 times estimated for fiscal 2017,
because of low profitability.

Strength

* Extensive experience of the promoters in the agro commodity
trading segment: Benefits from the three decade-long experience
of the promoters in the agricultural commodities trading business
in Nagpur and Allahabad, and their healthy relationships with
large number of customers, will continue.

Outlook: Stable

CRISIL believes SA will benefit from the extensive experience of
its partners, in the medium term. The outlook may be revised to
'Positive' if significant improvement in revenue and
profitability leads to sizeable cash accrual. The outlook may be
revised to 'Negative' if low cash accrual, stretch in the
working capital cycle, or capital withdrawal by partners, weakens
the financial risk profile, especially liquidity.

SA was set up as a proprietorship firm by Mrs Sushma Gupta in
2009, and converted into a partnership form in 2011. The company
trades in paddy, rice, wheat, maize and other pulses. Operations
are based out of Nagpur (Maharashtra).

Profit after tax was INR0.01 crore on net sales of INR11.32 crore
in fiscal 2016, vis-a-vis INR0.04 crore and INR9.19 crore,
respectively, in fiscal 2015.


UNITED TELECOMS: ICRA Reaffirms D Rating on INR306cr Loan
---------------------------------------------------------
ICRA has reaffirmed the rating for the Rs 365.00 crore bank
limits of United Telecoms Limited (UTL) at [ICRA]D.

                           Amount
  Facilities            (INR crore)    Ratings
  ----------            -----------    -------
  Fund-based limits         59.00      [ICRA]D; Reaffirmed
  Non-fund based limits    306.00      [ICRA]D; Reaffirmed

Rationale
The rating action is based on the continued delays in the
company's debt servicing. As part of its process and in
accordance with its rating agreement with UTL, ICRA has been
trying to seek information from the company so as to undertake a
surveillance of the ratings and also had sent repeated reminders
to the company for payment of surveillance fee that became
overdue, but despite repeated requests by ICRA, the company's
management has remained non-cooperative. In the absence of
requisite information, ICRA's Rating Committee has taken a rating
view based on best available information. In line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016,
the company's rating is now denoted as: "[ICRA] 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.

Incorporated in 1984, United Telecoms Limited (UTL) is a
Bangalore based information and communication solutions company
with wide experience in telecom equipments, telecom networks, e-
governance networks and real estate development. However, since
FY15 the company has been focussed on executing the order from
Bharat Broadband Network Limit for the supply and installation of
Gigabit Passive Optical Network (GPON) products for the National
Optic Fiber Network project.


VARSHA INDUSTRIES: ICRA Reaffirms B/A4 Rating on INR47cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating to [ICRA]B for the
INR47.00 crore (enhanced from INR40.00 crore) cash credit limits
and INR0.11 crore (reduced from INR3.38 crore) term loan of
Varsha Industries Private Limited (VIPL). ICRA has also
reaffirmed the short term rating to [ICRA]A4 for the fund based
limits of VIPL. The outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based-Cash
  Credit                 47.00       [ICRA]B (Stable)/
                                     [ICRA]A4 reaffirmed

  Fund-based-Term
  Loan                    0.11       [ICRA]B (Stable) reaffirmed

Rationale
The ratings reaffirmation continues to be constrained by
company's weak financial profile characterised by thin
profitability, leveraged capital structure and inadequate
coverage indicators. The ratings further take into account the
high competitive intensity in the agro commodity business
resulting from low entry barriers; exposure of company's
profitability to any adverse regulatory changes particularly
those related to export incentives and availability of agro
commodities as the same is linked to seasonality and crop
harvest. The ratings however, continue to favourably consider the
extensive experience of the promoters in agro commodities
business; its reputed clientele coupled with established
relations with clients and favourable location in Gujarat, easing
procurement.

Key rating drivers

Credit strengths

* Extensive experience of the promoters in agro commodities
   Business
* Reputed clientele coupled with established business relations
   with existing clients
* Locational advantage by virtue of proximity to raw material
   sources for most of the agro products

Credit weaknesses

* Weak financial profile characterised by low profit margins,
   high working capital and weak coverage indicators
* Vulnerability of profitability to regulatory changes with
   respect to export incentives, which contribute significantly
   to the profitability
* Operations depend upon seasonality of various agro products
   as well as the crop harvest
* Low entry barriers lead to intense competition and limited
   pricing flexibility in agro commodities business

Description of key rating drivers:

VIPL reported a significant growth of ~68% in operating income in
FY2017 supported by expansion in European markets through its
marketing subsidiary as well as capex towards increase in plant
capacity. The company also continues to benefit from the existing
reputed clientele like Haldiram group with ~31% of total sales in
FY2017. Groundnut has continued to remain the main product of the
company contributing 70% of the total revenue in FY2017. The
profitability of the company continued to remain weak due to
stiff competition and low value additive nature of business. The
high working capital requirement coupled with low profitability
led to negative cash flow from operations and subsequently
negative free cash flow.

Going forward, the operating income will grow at moderate levels
in near term on account of support expected from export sales,
however the profitability will continue to remain weak due to
stiff competition. In ICRA's view, the company's ability to
improve the profitability margins and manage its working capital
prudently will remain the key rating sensitivity.

Incorporated in 2013, Varsha Industries Private Limited (VIPL) is
involved in the business of processing and trading of agro
commodities such as grains, oil seeds, spices etc. VIPL's
manufacturing facility is located at Junagadh in Gujarat. The
company has an installed sorting capacity of 800 tonnes per day
and is promoted by the Desai family with its promoters having
vast experience in agro commodity business. VIPL has two sister
concerns namely Archana Industries and Bhaskar Agro engaged in
trading of agro commodities in domestic market.

The company is an ISO 22000:2005 certified company and is
registered as Recognized Export House by the Ministry of Commerce
& Industry and Spice Board (Government of India). The company is
also a member of the Indian Oilseeds and Produce Export Promotion
Council and the Agricultural and Processed Food Products Export
Development Authority (Government of India).


VICHITRA CONSTRUCTIONS: ICRA Reaffirms C Rating on INR5cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]C  on the
INR12.00-crore bank facilities of Vichitra Constructions Private
Limited (VCPL).

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based Limits       5.00       [ICRA]C; Reaffirmed

  Proposed Fund-
  based Limits            1.00       [ICRA]C; Reaffirmed

  Non-Fund based
  Limits                  2.00       [ICRA]C; Reaffirmed

  Proposed Non-Fund
  based Limits            4.00       [ICRA]C; Reaffirmed


Rationale
ICRA's rating takes into account VCPL's elongated working capital
cycle due to high receivable levels, which has resulted in a
stretched liquidity position. The rating is also constrained by
the company's weak coverage indicators (DSCR3 of 0.79 x in
FY2016). The rating also factors in the decline in the company's
operating scale in the past years from INR29.64 crore in FY2013
to INR23.08 crore in FY2016. The rating however, derives comfort
from the long standing experience and track record of the
promoters in the industry and the company's ability to earn
healthy operating margins of 17.87% in FY2016. Going forward, the
company's ability to demonstrate a track record of timely debt
servicing, driven by a sustained improvement in its liquidity
position as well as revive its revenue growth and coverage
indicators; will be the key rating sensitivities.

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with VCPL, ICRA had sent repeated reminders to the company to
seek information and for payment of surveillance fee that became
overdue; however despite multiple requests; the company's
management has remained non-cooperative. ICRA's Rating Committee
has taken a rating view based on best available information. In
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, the company's rating is now denoted as: "[ICRA]
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 since the time it was
last rated.

Incorporated in 1989, VCPL has been promoted by Mr. R.N. Aggarwal
and Mr. R.A. Aggarwal. The company is involved in the laying and
construction of gas and high density polyethylene (HDPE)
pipelines and laying of optic fibre cables. Its operations are
well diversified in Gujarat, Punjab, Haryana, Rajasthan and
Maharashtra. The company's major clients include Gujarat Gas
Limited, Bharat Sanchar Nigam Ltd (BSNL), Public health
engineering Department (PHED) etc.

In FY2016, the company reported a net profit of INR0.79 crore on
an operating income of INR23.08 crore, as compared to a net
profit of INR0.01 crore on an operating income of INR24.57 crore
in the previous year.


WELCOME FOOTWEARS: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Welcome
Footwears (WF) 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/IND A4+' rating;

   -- INR26 mil. Term loan assigned with 'IND BB+/Stable' rating;

   -- INR70 mil. Non-fund-based working capital limit assigned
      with 'IND A4+' rating;

   -- INR34 mil. Proposed fund-based limits* assigned with
      provisional 'IND BB+/Stable/Provisional IND A4+' rating;
      and

   -- INR30 mil. Proposed non-fund-based limits** assigned with
      provisional 'IND A4+' rating

* The ratings are provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by WF to the satisfaction of Ind-Ra.

                        KEY RATING DRIVERS

The ratings reflect WF's small scale of operations and the
continuous decline in its revenue to INR687.1 million in FY17
from INR839 million (FY15: INR974 million) due to the impact of
demonetisation on cash-driven domestic sales.  The revenue fall
in FY16 was due to a decline in overall domestic sales.  However,
the firm registered a healthy CAGR of 29% during FY12-FY15. FY17
financials are provisional in nature.

The ratings further reflect the firm's high leverage (adjusted
debt/operating EBITDAR) of around 3x, which is  likely to remain
in the range of 2x-3x on account of the regular capex incurred by
the firm for the purchase of moulds.  9MFY17 leverage was 2.39x
(FY16: 1.98x; FY15: 3.40x).  The leverage improved substantially
in FY16 on account of repayment of long-term debt and unsecured
debt and improved operating margins.

The ratings, however, are supported by WF's comfortable gross
interest coverage (operating EBITDA/gross interest expense) of
around 3x due to stable interest cost and moderate operating
margins.  9MFY17 coverage was 2.82x (FY16: 3.39x; FY15: 2.70x).

The ratings are further supported by the firm's moderate-yet-
steadily increasing operating margins. 9MFY17 provisional
indicate operating margins of 9.5% (FY16: 8.82%; FY15: 7%).  The
continuous increase in margins is attributed to the reduction in
overhead cost in terms of achieving operational efficiencies over
FY15-FY17.

Moreover, the liquidity of the firm is comfortable with 84%
average utilization of the working capital facilities during the
12 months ended March 2017.  The net working capital cycle is
stable in the range of 45-50 days since FY14 on account of an
efficient inventory management system and debtors being realized
in around 60 days.  The creditor days, however, are volatile as
the credit term varies from 30 days to 75 days depending on the
term of relationship with the suppliers and nature of
procurement; based on firm's efficient working capital
management, Ind-Ra expects the cycle to remain in the range of
48-50 days till FY19.

The ratings are also supported by more than 25 years of
experience of the firm's partners in footwear manufacturing.

                        RATING SENSITIVITIES

Positive: An increase in the overall revenues while the credit
metrics being maintained or improving will be positive for the
ratings.

Negative: A dip in the operating margins leading to deterioration
in the credit metrics will be negative for the ratings.

COMPANY PROFILE

Established in 1996 as a partnership firm, WF manufactures
footwear at its manufacturing facility in Bahadurgarh, Haryana.
It is one of the leading footwear manufacturing hubs of north
India.  The firm has an installed capacity of 9.50 million
pairs/year.  WF is managed by three partners namely, Mr. Satish
Kumar, Smt. Rita Ranchal and Smt. Reena Ranchal.


YESKAY CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR7MM Loan
---------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Yeskay Constructions (YC) at 'CRISIL B+/Stable'.

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

   Proposed Long Term
   Bank Loan Facility      2        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect its modest scale of operations
and exposure to intense competition in the fragmented civil
construction industry. These weaknesses are partially offset by
the proprietor's extensive experience.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations:
The firm has modest scale of operations, as reflected in
estimated revenue of INR42.5 crore in fiscal 2017. The revenue in
the previous fiscal stood at INR38.8 crores. Owing to modest
scale of operations, the firms bargaining power with its
customers is limited, which has resulted in moderate operating
margins, which have ranged between 7.8%-11.4 percent in the past
3 years. In the absence of any major capital expenditure plans,
the firm's scale of operations is likely to remain modest over
the medium term.

* Exposure to intense competition in the fragmented civil
construction industry:
The firm operates in the highly fragmented civil construction
industry, which is dominated by a few large players such as
Larsen & Toubro Ltd (L&T; rated 'CRISIL AAA/FAAA/Stable/CRISIL
A1+'), and several other unorganised regional players. The civil
construction industry is intensely competitive owing to low entry
barriers. YC is exposed to intense competition from the large
organised players and other unorganised players.

Strengths

* Proprietor's extensive experience
Mr. Sunil Kumar has over three decades of experience in the civil
construction business. He started YC as a small contractor and
gradually became one of the reputed contractors. The firm
achieved revenue of INR42.5 crore in fiscal 2017, and had an
order book of around INR75-80 crore as on April 2017, to be
executed in the next 18-24 months, which provides revenue
visibility over the medium term. His experience has also helped
establish healthy relationships with key suppliers, which helps
in sourcing raw materials smoothly.

Outlook: Stable

CRISIL believes YC will benefit over the medium term from its
proprietor's experience and moderate order book. The outlook may
be revised to 'Positive' in case of significant improvement in
scale and profitability, leading to substantial cash accrual
resulting in an improvement in the financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in revenue and profitability, or deterioration in
working capital management, or any large, debt-funded capital
expenditure, weakening the financial risk profile.

YC, set up in 1988 as a proprietary concern and promoted by Mr
Sunil Kumar, is a sub-contractor in the infrastructure segment;
it offers civil construction services such as construction of
industrial, residential, and commercial buildings.

The firm reported a net profit of INR2.09 crore on revenue of
INR38.72 crore in fiscal 2016, vis-a-vis net profit of INR1.17
crore on net sales of INR36.02 crore in fiscal 2015.



=================
I N D O N E S I A
=================


JAPFA COMFEED: Fitch Affirms BB- Long-Term IDR; Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed PT Japfa Comfeed Indonesia Tbk's Long-
Term Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook.
Fitch Ratings Indonesia has also affirmed Japfa's National Long-
Term Rating at 'AA-(idn)' with a Stable Outlook.

Japfa plans a tap of its USD150 million 5.5% senior unsecured
notes maturing in 2022, which have also been affirmed at 'BB-'.
The company intends to use the proceeds mainly to repay its
existing working capital loans, and for capex and other corporate
purposes.

Japfa's annualised leverage, measured by net debt to EBITDA,
increased to 2.3x at end1Q17 from 0.9x at end-2016 due to weaker
profitability. This brings it close to the 2.5x level at which
Fitch would consider a negative rating action, but Fitch believes
it should moderate with improved profitability from 2Q17. Factors
important to Fitch Stable Outlook include sustained government
intervention to maintain a demand-supply balance for chicken in
Indonesia and Japfa's ability to pass-through costs to customers
in its animal feed segment.

'AA' National Ratings denote expectations of very low default
risk relative to other issuers or obligations in the same
country. The default risk inherently differs only slightly from
that of the country's highest-rated issuers or obligations.

KEY RATING DRIVERS

Profitability to Improve from 2Q17: Japfa's EBITDA margin
declined by more than Fitch expectations to 6.6% in 1Q17, from
13.1% in 2016 and 8.4% in 1Q16. Japfa incurred an operating loss
for its commercial farming segment (40% of external revenue, 30%
of gross) due to an oversupply of broiler chickens that resulted
in weaker prices, while margins in the animal feed segment (37%
of external revenue, 46% of gross) were squeezed by higher raw-
material costs. Fitch believes margins will improve from 2Q17
based on government directives to poultry companies to reduce the
domestic chicken supply and Japfa's ability to pass-through
higher costs in the animal feed segment. However, Fitch expects
margins to remain below the 2016 level.

Government Directives to Manage Supply: The Indonesian government
in late March 2017 directed the poultry industry to reduce the
supply of day-old chicks. Following a government directive in
October 2015, the industry culled around 3 million birds (parent
stock), which was the main driver of improved profitability for
Japfa and other poultry companies in 2016. Fitch think that the
latest government directive, if properly implemented, should
result in a better industry demand-supply balance and improved
margins for the breeding and commercial farming segments from
2Q17.

Domestic Sourcing Raises Costs: The government has also
introduced restrictions on the import of corn, a key raw material
for animal feed, to encourage domestic sourcing of corn. Japfa,
which used to import around 30% of its needs, is now required to
seek government approval for imports. This has reduced its raw-
material sourcing flexibility and increased costs due to higher
local corn prices given increased demand. The company plans to
invest in additional corn drying and storage facilities to
prepare for increased domestic procurement, as corn harvesting in
Indonesia normally happens only in the first and third quarters
of the year.

Cost Pass-Through Ability: Japfa is able to mitigate risk from
rising raw-material costs through a strong ability to pass
through cost increases to customers in the key animal-feed
segment. This is due to its high market share and its ability to
retain corn inventory and adjust output. PT Charoen Pokphand
Indonesia Tbk (CPIN) and Japfa together control about 50% of
Indonesia's poultry feed market, and react similarly to increases
in raw material costs by seeking to raise prices. Japfa's corn
dryers also allow it to store dried corn for up to four months,
providing some flexibility in production.

Higher Capex Expected in 2017: Japfa is planning to increase its
spending to over IDR1.5 trillion in 2017 from around IDR800
billion in 2016. The higher capex is aimed at increasing corn
drying and storage capacity for the animal feed segment, and
expanding its market share in the breeding and commercial farming
segments where the company sees an opportunity due its cost
efficiencies. However, Japfa has flexibility to delay its capex
plans based on market conditions and cash flows, especially for
the breeding and commercial farming segments.

Moderate Leverage: Fitch expects Japfa's leverage to remain at
around 2.0x on average over 2017-19, after factoring in higher
capex in 2017, moderation in EBITDA margin from 2017 from the
2016 level and the tap issue. Fitch also estimates Japfa's free
cash flows to improve from 2018, after being negative in 2017,
and fixed-charge cover to average more than 4x over 2017-19.

DERIVATION SUMMARY

Japfa's IDR can be compared with that of Fufeng Group Limited
(Fufeng, BB+/Stable), which is largest producer of monosodium
glutamate globally. Fufeng enjoys advantages such as economies of
scale, integrated facilities and proximity to raw materials that
are difficult to replicate. These advantages justify Fufeng's
higher rating than Japfa's.

Japfa's National Rating can be compared with that of PT Sumber
Alfaria Trijaya Tbk (Alfamart, AA-(idn)/Stable) which benefits
from its solid position as Indonesia's largest mini market
operator by number of stores. It accounts for about 30% of modern
retail revenue in the country. Alfamart is bigger in terms of
revenues and EBITDA, but these advantages are offset by Japfa's
higher margins and a better projected leverage profile.

KEY ASSUMPTIONS

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

- Animal-feed sales volume to rise by 3% annually from 2017

- Average annual sales volume growth of 3%-5% for day-old chicks
  and live poultry from 2017

- EBITDA margin of around 8% in 2017 and 9% from 2018
- Capex of around IDR1.5 trillion in 2017 and around IDR900
  billion annually thereafter

RATING SENSITIVITIES

Future developments that may, individually or collectively, lead
to positive rating action include:

- Leverage (net debt/EBITDA) below 1.5x on a sustained basis
  (2016: 0.9x)
- No significant weakening of industry fundamentals and Japfa's
  market position

Future developments that may, individually or collectively, lead
to negative rating action include:

- Leverage above 2.5x on a sustained basis
- Significant reduction in size of the animal-feed segment, which
  would be demonstrated by its share of total revenue falling
  below 30% (2016: 36%)

LIQUIDITY

Japfa had IDR7.2 trillion of debt and IDR3.3 trillion of cash at
end-March 2017. Out of total debt, IDR5.5 trillion was long-term
debt comprising of unsecured US dollar- and rupiah-denominated
bonds. The company used its cash balance to redeem IDR2.6trillion
of US dollar bonds in 2Q17. The remaining bond maturities are
relatively spread out, with IDR850 billion maturing in 2019 and
the remaining in 2021-22. Fitch believes that Japfa should not
face any significant issues in addressing its debt maturities
based on Fitch expectations of improving free cash flows and its
access to diverse funding sources.

FULL LIST OF RATING ACTIONS

PT Japfa Comfeed Indonesia Tbk
-- Long-Term IDR affirmed at 'BB-'; Outlook Stable
-- National Long-Term Rating affirmed at 'AA-(idn)'; Outlook
    Stable
-- Senior unsecured rating affirmed at 'BB-'
-- USD150 million 5.5% US dollar senior unsecured notes due in
    2022 affirmed at 'BB-'
-- IDR3 trillion bond programme and IDR2 trillion of bonds
    issued under the programme affirmed at 'AA-(idn)'



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


TAKATA CORP: Recommends Re-Electing Current board
-------------------------------------------------
The Japan Times reports that Takata Corp, the airbag maker at the
center of world's largest automotive recall, has recommended
reappointing its current board, underscoring slow progress in its
efforts to clinch a financial backer to overhaul the business.

The proposed reappointments for the six-member board include
Chairman Shigehisa Takada, the report says. The Takada family
commands a stake of around 60% in the auto parts maker, which is
facing bankruptcy over the crisis.

The target of widespread criticism over the firm's handling of
the multi-billion dollar recall, Takada had said at last year's
shareholders' meeting that he would resign after a "new
management regime" was found, The Japan Times relates.

In a letter to shareholders on June 12, the company said Takada
had been nominated for reappointment as he needs to finish
important management issues such as recall measures and work
relating to the firm's business revival plans, according to the
report.

U.S. auto components maker Key Safety Systems (KSS) and partner
private equity firm Bain Capital are the frontrunners among
potential suitors, the report discloses. They are seeking to
strike a rescue deal worth around JPY200 billion with Takata's
steering committee and its automaker customers.

Talks have dragged on since February 2016 as potential bidders
try to identify and ring-fence Takata's liabilities, the report
says.

According to the report, Takata's airbag inflators can explode
with excessive force, unleashing metal shrapnel inside cars and
trucks. They have been blamed for at least 16 deaths and more
than 180 injuries worldwide.

Takata's annual shareholders meeting is scheduled for June 27,
the report notes.

                         About Takata Corp

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles.  The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts.  The
Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore,
Korea, China and other countries.

In May 1995, a voluntary recall in the U.S. affecting 8 million
predominantly Japanese built vehicles made from 1986 to 1991 with
seat belts manufactured by the Takata was conducted.

Large recalls of vehicles due to faulty Takata-made airbags began
in 2013.

Takata is presently facing massive costs of recalling 100 million
defective airbag inflators worldwide and lawsuits tied to at
least 16 deaths and numerous injuries.

As of May 19, 2015, Takata has already recalled 40 million
vehicles across 12 vehicle brands for defective airbags.

In November 2015, Takata was fined $200 million by U.S. federal
regulators for mishandling the way it recalled its air bag
inflators.  The fine is the largest civil penalty in NHTSA
history.



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


DAEWOO SHIPBUILDING: Plans to Sell KRW790 Billion in New Stocks
---------------------------------------------------------------
Yonhap News Agency reports that Daewoo Shipbuilding & Marine
Engineering Co. said on June 13 that it plans to sell
KRW793 billion (US$702 million) worth of new stocks in a bid to
strengthen its financial status.

In a regulatory filing, Daewoo Shipbuilding said the new stocks
will be sold at KRW40,350 apiece to the state-run Korea
Development Bank (KDB) and others, including Woori Bank, Yonhap
relates.

According to Yonhap, the trading of Daewoo Shipbuilding stocks
has been suspended since July last year, due to its impaired
capital base. Its creditors, including the KDB, are seeking to
help resume the trading of Daewoo Shipbuilding on the Seoul
bourse this year after dressing up its financial conditions, the
report says.

In March, the KDB-led creditors announced a fresh rescue package
for the ailing shipbuilder that has been suffering from a severe
liquidity crunch due to heavy losses in its offshore projects,
the report recalls.

Yonhap notes that under the lifeline package, Daewoo Shipbuilding
gets new loans worth KRW2.9 trillion, with lenders and
bondholders swapping KRW2.9 trillion of debt for new shares in
the shipyard.

In return, Daewoo Shipbuilding has pledged to implement self-
rescue measures worth KRW5.3 trillion through 2018. It has
already sold off noncore assets and cut its workforce, through
which it has raised or saved KRW1.8 trillion, the report says.

Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures.  Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***