TCRAP_Public/170615.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, June 15, 2017, Vol. 20, No. 118

                            Headlines


A U S T R A L I A

ADVANTECH TRADING: First Creditors' Meeting Set for June 22
ALEXANDRIA LIGHTHOUSE: Second Creditors' Meeting Set for June 22
ALLIANCE MERCHANDISING: Director Disqualified for 4 Years
DATCOM GROUP: First Creditors' Meeting Set for June 23
JUST BRICK: Second Creditors' Meeting Set for June 21

KIMBERLEY DIAMONDS: First Creditors' Meeting Set for June 22
NETWORK TEN: Placed Into Voluntary Administration
OCTAVIAR GROUP: ASIC Seeks Orders to Wind Up Companies
PENNESHAW IGA: First Creditors' Meeting Set for June 23


C A M B O D I A

ADVANCED BANK: S&P Assigns 'B' ICR; Outlook Negative


C H I N A

CHINA: Defaults Feared as Firms Confront Short Debt Addiction
CHINA WATER: S&P Affirms 'BB+' CCR; Outlook Stable


I N D I A

A E INFRA: CRISIL Lowers Rating on INR5.0MM Overdraft to B+
AL AMEEN: CRISIL Lowers Rating on INR120MM LT Loan to 'B'
AVANI DYECHEM: CRISIL Reaffirms 'B+' Rating on INR4.0MM Cash Loan
CHAUDHARY TIMBER: CRISIL Lowers Rating on INR1.5MM Loan to 'B'
CHOICE PRECITECH: CRISIL Reaffirms 'D' Rating on INR3.5MM Loan

CLUSTER JEWELLERY: CRISIL Lowers Rating on INR7.15MM Loan to B
CROWN ENGINEERING: CRISIL Lowers Rating on INR3MM Loan to 'B'
DEVKINANDAN PAPER: CRISIL Cuts Rating on INR4.5MM Loan to 'B'
DHANRAJ JEWELLERS: Ind-Ra Migrates B+ Rating to Non-Cooperating
DYNAMIC ELECTRICALS: CRISIL Cuts Rating on INR2.5MM Loan to 'B'

ENERGETIC GLOBETEX: CRISIL Cuts Rating on INR10MM Cash Loan to D
ESS AAR: CRISIL Assigns B+ Rating to INR5MM Fund Based Loan
ESSAR STEEL: Expects Lenders to OK Restructuring by Month End
FIVEBRO INTERNATIONAL: Ind-Ra Assigns 'D' Long-Term Issuer Rating
GOVINDAM TEX: CRISIL Assigns 'B' Rating to INR7.05MM Term Loan

GREEN TEAK: CRISIL Reaffirms B- Rating on INR4.75MM Cash Loan
GUJARAT EXPORT: CRISIL Cuts Rating on INR10MM LT Loan to 'D'
HARIYANA INT'L: CRISIL Reaffirms B+ Rating on INR200MM Loan
JNB STEEL: CRISIL Cuts Rating on INR18MM Cash Loan to 'B'
JSR INFRA: CRISIL Cuts Rating on INR37MM Cash Loan to 'B'

KAPADIA TEXTILES: CRISIL Cuts Rating on INR7MM Loan to D
KOHINOOR EXIMTEX: CRISIL Cuts Rating on INR9MM Cash Loan to D
KRISHNA STONE: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
MATHURAM SWASTHYA: Ind-Ra Assigns 'B+' Rating to Bank Facilities
NAGAR DAIRY: CRISIL Lowers Rating on INR50MM Cash Loan to B

NARMADA CEREAL: CRISIL Reaffirms B+ Rating on INR42MM Cash Loan
NCC URBAN: CRISIL Lowers Rating on INR50MM LT Loan to B+
P. DAS: CRISIL Lowers Rating on INR4MM Cash Loan to B+
PERMANENT MAGNETS: CRISIL Reaffirms 'C' Rating on INR15MM Loan
PRAGATI CONSTRUCTION: CRISIL Cuts Rating on INR5MM Bank Loan to B

RAJENDRA ISPAT: CRISIL Lowers Rating on INR11MM Cash Loan to B+
RAVANI TIMBER: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
RUPESH KUMAR: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
SARASWATI TRADING: Ind-Ra Migrates 'B' Rating to Non-Cooperating
SATNAM GLOBAL: CRISIL Reaffirms B- Rating on INR9.6MM Demand Loan

SCENARIO POWERTECH: CRISIL Assigns B Rating to INR3MM Term Loan
SELVE CASHEWS: CRISIL Reaffirms B Rating on INR5MM Cash Loan
SHREE RENUKA: Ind-Ra Affirms 'D' Long-Term Issuer Rating
SHRI RAMSWAROOP: Ind-Ra Migrates 'D' Rating to Non-Cooperating
SIMBHAOLI SUGARS: CRISIL Reaffirms 'D' Rating on INR308.75MM Loan

SPIRIT INFRATECH: Ind-Ra Migrates 'D' Rating to Non-Cooperating
SUBH SANKET: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
SUPRABHA CONSTRUCTION: CRISIL Ups Rating on INR5.8MM Loan to B
SWASTIK PLYBOARD: CRISIL Assigns B- Rating to INR3MM Cash Loan
TULSI INFRA: CRISIL Lowers Rating on INR9.75MM Term Loan to B

ULTIMA SWITCHGEARS: CRISIL Reaffirms B Rating on INR6MM Cash Loan
V. S. Y. INTERNATIONAL: CRISIL Cuts Rating on INR2.5MM Loan to B
VISA POWERTECH: CRISIL Lowers Rating on INR2MM Cash Loan to 'B'
YESKAY CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR7MM Loan
ZAACI DIAMONDS: Ind-Ra Migrates 'D' Rating to Non-Cooperating


J A P A N

TOSHIBA CORP: Hynix, Bain May Join Gov't.-Led Bid for Chip Unit
TOSHIBA CORP: Faces Nearly $1BB in Claims from Accounting Scandal


M O N G O L I A

MONGOLIA: Moots Asset Management Company to Tackle Bad Loans


S I N G A P O R E

BW GROUP: Moody's Withdraws Ba1 CFR and Stable Outlook


                            - - - - -


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


ADVANTECH TRADING: First Creditors' Meeting Set for June 22
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Advantech
Trading Systems Pty Ltd will be held at 105A Bowen Street, Spring
Hill, in Queensland, on June 22, 2017, at 11:00 a.m.

David Lewis Clout -- dclout@clouts.com.au -- and Patricia Talty
-- ttalty@clouts.com.au -- of David Clout & Associates were
appointed as ad administrators of Advantech Trading on June 12,
2017.


ALEXANDRIA LIGHTHOUSE: Second Creditors' Meeting Set for June 22
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Alexandria
Lighthouse Group Pty Ltd has been set for June 22, 2017, at
11:30 a.m. at Level 3, 95 Macquarie Street, in Parramatta, 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 21, 2017, at 4:00 p.m.

Riad Tayeh and Suelen McCallum of de Vries Tayeh were appointed
as administrators of Alexandria Lighthouse on May 24, 2017.


ALLIANCE MERCHANDISING: Director Disqualified for 4 Years
---------------------------------------------------------
Peter Thomas Gillam of Kallangur, Queensland has been
disqualified by the Australian Securities and Investments
Commission from managing corporations for four years.

Mr. Gillam's disqualification follows the appointment of
liquidators to four companies he managed:

   * Alliance Merchandising Pty Ltd;
   * Alliance Sales and Merchandising Pty Ltd;
   * PBL Distributors Pty Ltd; and
   * Allploy Pty Ltd.

As a result of information contained in reports lodged by the
liquidators of the failed companies, ASIC was concerned Mr.
Gillam had:

   * Failed to prevent ASM from trading while insolvent;
   * Failed to ensure that AM, ASM, PBL and Allploy paid their
     taxes;
   * Failed to discharge his duty as a director of AM and ASM;
     and
   * Engaged in illegal 'phoenix activity' by transferring the
     assets of an indebted company to a new company and leaving
     insufficient assets to pay creditors.

Liquidators reported that the total amount owed to creditors
exceeded AUD1.75 million across all four companies.

Mr. Gillam is disqualified from managing corporations until
March 19, 2021.

Section 206F of the Corporations Act allows ASIC to disqualify a
person from managing corporations for up to five years if, within
a seven-year period, the person was an officer of two or more
companies, and those companies were wound up and a liquidator
provides a report to ASIC about the company's inability to pay
its debts.

ASIC maintains a public register of banned and disqualified
persons that provides information about people who have been:

   * disqualified from involvement in the management of a
     corporation;
   * disqualified from auditing self-managed superannuation funds
     (SMSFs); or
   * banned from practicing in the financial services of credit
     industry.

The reports lodged by the liquidators of Alliance Merchandising
Pty Ltd and Alliance Sales and Merchandising Pty Ltd were used by
ASIC to make its findings.


DATCOM GROUP: First Creditors' Meeting Set for June 23
------------------------------------------------------
A first meeting of the creditors in the proceedings of Datcom
Group Pty Ltd will be held at the offices of BPS Recovery,
Level 18, 201 Kent Street, in Sydney, NSW, on June 23, 2017, at
10:00 a.m.

Daniel Frisken -- danielf@bpsrecovery.com.au -- of BPS Recovery
was appointed as administrator of Datcom Group on June 13, 2017.


JUST BRICK: Second Creditors' Meeting Set for June 21
-----------------------------------------------------
A second meeting of creditors in the proceedings of Just Brick
Fences Pty Ltd has been set for June 21, 2017, at 10:00 a.m. at
the offices of Hall Chadwick Chartered Accountants, Level 14, 440
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.

David Allan Ingram and David Ross of Hall Chadwick were appointed
as administrators of Just Brick on May 16, 2017.


KIMBERLEY DIAMONDS: First Creditors' Meeting Set for June 22
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Kimberley
Diamonds Ltd will be held at the offices of Bentleys Corporate
Recovery, Level 3, 1 Castlereagh Street, in Sydney, NSW, on
June 22, 2017, at 11:00 a.m.

Katherine Elizabeth Barnet -- kbarnet@bcr.bentleys.com.au -- and
Hugh Armenis -- harmenis@bcr.bentleys.com.au -- of Bentleys
Corporate Recovery were appointed as ad administrators of
Kimberley Diamonds on June 10, 2017.


NETWORK TEN: Placed Into Voluntary Administration
-------------------------------------------------
KordaMentha Restructuring partners Mark Korda, Jenny Nettleton
and Jarrod Villani have been appointed voluntary administrators
to Network Ten.

"Network Ten will continue to operate under its existing
management and operating structures with KordaMentha oversight.
Customers, employees and other stakeholders are assured that the
administrators intend to keep the business running. Viewers can
expect the same content they currently enjoy on Network Ten,"
KordaMentha said in a statement.

The appointment will allow the voluntary administrators to
explore options for the recapitalisation or sale of Network Ten.

KordaMentha partner Mark Korda said: "Network Ten is a quality
free-to-air TV network with a rich history of broadcasting well-
known Australian television content. The administrators are
confident that the network is an attractive asset which will find
a buyer or will be recapitalised."

Murdoch and Gordon Make a Move

In a separate report, ABC News said billionaire media owner Bruce
Gordon and News Corporation scion Lachlan Murdoch have merged
their holdings in the Ten Network, in a play that could
ultimately see the pair take the business out of administration
and into private hands.

In a change of substantial holding notice to the ASX, Mr.
Gordon's investment vehicle Birketu, which holds 15 percent of
Ten stock, announced a tie up with Mr. Murdoch's 7.5 percent
stake held in his Illyria company, ABC News says.

ABC News relates that the announcement was made just hours after
Ten entered voluntary administration, having failed to secure a
guarantee for a new AUD250 million loan it had sought in order to
continue its operations beyond Christmas.

According to ABC News, the combined 22.5 percent stake of Mr.
Gordon and Mr. Murdoch is above the 19.9 percent threshold where
a takeover bid must be launched.  However, at this stage there
has been no word of a bid being made.

ABC News reports that Ten stopped trading on the ASX on June 13
after being told that key shareholders Lachlan Murdoch and Bruce
Gordon would no longer support the ailing network's refinancing
plans.

"The directors of Ten regret very much that these circumstances
have come to pass," Ten, as cited by ABC News, said in a
statement released to the ASX.  "They [the directors] wish to
take this opportunity to thank all Ten employees and contractors
for their commitment and enthusiasm for Ten's programs and
business."

ABC News says the move is good news for the Commonwealth Bank,
which will retrieve a AUD200 million loan that was due to expire
just before Christmas, and was underwritten by private companies
owned by Mr. Murdoch, Mr. Gordon and James Packer.

However, it is bad news for shareholders who face the prospect of
losing the entire value of their investments, the report notes.

While there are around 17,000 investors on Ten's share register,
the bulk of the pain will be felt by several high-wealth
individuals including Gina Rinehart and Kerry Stokes who have
money in the game, according to ABC News.

It is believed the biggest shareholders, who built up their
stakes when Ten's share price was at far loftier levels than its
16 cent closing price on June 9, stand to lose in the order of
AUD1 billion, the report adds.

                          About Network Ten

Network Ten is a division of Ten Network Holdings, one of
Australia's leading entertainment and news content companies,
with free-to-air television and digital media assets. Ten Network
Holdings includes three free-to-air television channels - TEN/TEN
HD, ELEVEN and ONE - in Australia's five metropolitan markets of
Sydney, Melbourne, Brisbane, Adelaide and Perth, plus the online
catch-up and streaming service tenplay.


OCTAVIAR GROUP: ASIC Seeks Orders to Wind Up Companies
------------------------------------------------------
The Australian Securities and Investments Commission has applied
to the Supreme Court of Queensland for an order that Octaviar IHH
Pty Ltd (deregistered) (OIHH) be reinstated as a company under
the Corporations Act 2001 (Act) and for orders to wind up OIHH,
Octaviar Investment Holdings (No 3) Pty Ltd (OIH3), Erskine House
Developments Pty Ltd (EHD) and Sunleisure Pty Ltd (SPL) on just
and equitable grounds (companies).

Each of the companies is a member of the Octaviar Group of
companies of which the ultimate holding company is Octaviar
Limited (in liquidation) (formerly known as MFS Limited).

ASIC is concerned that OIH3, EHD and SPL are contravening
provisions of the Act, including the requirement for a
proprietary company to have at least one director.

ASIC has applied for the Court to appoint Andrew Fielding and
Helen Newman, of BDO Australia, as joint and several liquidators
of the companies.

The matter is listed for hearing in the Supreme Court of
Queensland on June 22, 2017.


PENNESHAW IGA: First Creditors' Meeting Set for June 23
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Penneshaw
IGA Pty Ltd will be held at the offices Worrells Solvency &
Forensic Accountants, Suite 1103, Level 11, 147 Pirie Street, in
Adelaide, SA, on June 23, 2017, at 10:30 a.m.

Nick Cooper and Dominic Cantone of Worrells Solvency & Forensic
Accountants were appointed as administrators of Penneshaw IGA
were appointed as administrators of Penneshaw IGA on June 13,
2017.



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ADVANCED BANK: S&P Assigns 'B' ICR; Outlook Negative
----------------------------------------------------
S&P Global Ratings said that it had assigned its 'B' long-term
and 'B' short-term issuer credit ratings to Advanced Bank of Asia
Ltd. (ABA Bank).  The outlook on the long-term rating is
negative.  S&P also assigned its 'axB+' long-term and 'axB'
short-term ASEAN regional scale rating to the Cambodia-based
bank.

ABA Bank, established in 1996, is a mid-sized commercial bank
based in Cambodia.  It has growth aspiration and has carved out a
niche in the booming micro business and small and midsized
enterprises (SME) segment.  Being a full-fledged commercial bank,
ABA Bank started to focus on higher-yield, micro-business and SME
borrowers since 2012 and has been registering above-industry-
average, rapid credit growth since then (53% CAGR during 2012-
2016).  The bank's market position has been constantly improving.
As of the end of 2016, ABA Bank was the fourth-largest bank in
Cambodia in terms of loans (5.7%) and deposits (5.8%) market
share, up from ninth and tenth place in 2010.  Likewise, its
reported return on equity jumped to 22.49% by end-2016 from 9.50%
in 2012.

"The bank's funding and liquidity profile appears adequate in a
Cambodian context, in our opinion," said S&P Global Ratings
credit analyst Rujun Duan.  Its funding base compares well with
most peers in the local market, with its customer deposit base
constituting 84% of the overall funding, of which a majority
(72%) is actually sourced from the retail segment--above the
industry average of 60% (2016 data).  Even with aggressive asset
expansion, ABA Bank's gross loan-to-deposit ratio is currently
still below 100%.  However, the bank has been generally paying
50-90 basis points higher interest rates for its fixed deposits
than the industry average, which indicates the lower
sustainability of its retail deposit base.  For liquidity, its
ratio of broad liquid assets to short-term wholesale funding is
2.7x as of Dec. 31, 2016, which is in line with its peers.

ABA Bank's fast loan growth, however, brings its own risks to the
bank's credit profile.  S&P do not believe the near 50% annual
increase of its loan book is sustainable and it could further
stretch the bank's weak capital base.  S&P's risk-adjusted
capital (RAC) ratio for ABA Bank is currently at about 5% and S&P
expects it to dip further to 4.90% in the next 12 months, even
under a revised slower loan growth target of 28%-32% and an
assumption of no dividend payout.  The bank's internal capital-
generation is not sufficient to support loan expansion at such a
brisk speed, in S&P's view.

S&P's ratings on ABA Bank also factor in S&P's assessment of the
overall operating environment for local banks in Cambodia.

S&P's rating does not factor in any parental support from the
National Bank of Canada (NBC) to ABA Bank.  The reason is that
ABA Bank constitutes less than 1% of consolidated assets of NBC
or 1.5% of its consolidated shareholders' equity, which is a
relatively small part of the NBC business umbrella (due to the
financial year end differences, the 1.5% equity share of ABA Bank
in NBC Group is calculated based on audited figures of December-
2016 for ABA Bank and October-2016 for NBC).

"The negative outlook reflects our view of emerging headwinds in
the Cambodian banking sector," said Ms. Duan.  The sector's
negative outlook stems from rapid private sector credit growth
(30% per year over the past three years) and real estate price
inflation.  This could heighten credit risks faced by Cambodia
banks, through direct exposure to real estate and high dependence
on property as collateral.  The government's cooling measures for
the real estate market to counter overheating are showing signs
of success, and S&P's base-case assessment is that credit and
property price moderation will be orderly.

The negative outlook on ABA Bank reflects a one-in-three chance
of a downgrade if the operating environment in Cambodia
deteriorates such that there is a disorderly unwinding in the
property market or poor execution of prudential measures.  S&P
may also lower the rating in the following low-probability
scenarios: (1) ABA Bank continues to pursue rapid credit
expansion such that S&P Global Ratings' RAC ratio falls below 3%;
or (2) the bank's funding profile weakens further compared with
peers due to deposit mobilization failing to keep pace with loans
growth.

S&P could revise the outlook on ABA Bank from negative to stable
if S&P believes the credit risk in the Cambodian banking system
has been successfully contained and is likely to stabilize
thereafter.



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C H I N A
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CHINA: Defaults Feared as Firms Confront Short Debt Addiction
-------------------------------------------------------------
Bloomberg News reports that China's leverage crackdown is forcing
local companies to confront their addiction to short-term bond
sales that they use to roll over debt. The shock therapy is
worsening the outlook for corporate defaults in the second half
of this year after borrowing costs jumped to a two-year high,
says Bloomberg.

With yields surging, Chinese non-banking firms sold CNY131
billion ($19.3 billion) of bonds with a maturity of one year or
less in May, the least since January 2014 and less than half of
the same month last year, according to data compiled by
Bloomberg. About 87 percent of the short note sales last month
will be used for refinancing, according to Bloomberg data.

The habit of relying on borrowing short-term money to repay
maturing debt has pushed up such liabilities to a total of
CNY5.2 trillion on China's listed non-financial companies'
balance sheets as of March 31, the highest on record, according
to data compiled by Bloomberg. With no sign of an end to the
government's campaign against leverage, the average coupon rate
for bonds maturing in one year or less rose to 5.5 percent in
June, deterring issuers from raising money to roll over debt,
Bloomberg says.

"Small issuance of short-term bonds will be a normal phenomenon
in the coming six months because cash supply will probably remain
tight," Bloomberg quotes Ma Quansheng, Shanghai-based chief
strategist at Fullgoal Fund Management Co., which oversees
CNY186 billion of assets, as saying. "Both default risks and the
number of corporate bond defaults may increase."

According to Bloomberg, the loose funding environment last year
helped Chinese companies raise enough money to withstand
repayment pressure so far in 2017. There have been 13 onshore
defaults in the public bond market in 2017, compared with 16 in
the same period of 2016.

The yield on one-year AAA rated company bonds averaged 4.19
percent this year, up from 2.97 percent in 2016. HFT Investment
Management Co. said more note defaults may come as the economy
doesn't look good. In the second half of this year, Chinese non-
banking firms must repay CNY2.36 trillion of bonds, according to
Bloomberg data.

"The current rising borrowing costs may have a big impact on
companies' operations and finance," Bloomberg quotes Lu Congfan,
a fixed-income assistant fund manager at HFT Investment
Management, as saying. "What can you do when you must refinance
to repay maturing debt while facing such high borrowing costs?
That would be a question challenging many local companies in the
second half or next year."

Still, some firms are selling bonds despite the high yields, the
report notes. Xingjiang Guanghui Industry Investment Group, a AA+
rated automobile service provider, issued one-year bonds at a
yield of 7.3 percent this month, the highest among all notes
maturing in one year or less, the report discloses.

Bloomberg relates that Moody's Investors Service said on May 10
that Xinjiang Guanghui's short-term debt amounted to around
CNY54 billion as of Dec. 31, well exceeding its cash holdings.

The worst issuers' liquidity problems are still worsening,
according to China International Capital Corp. About 14.6 percent
of bond issuers' cash and cash equivalents is less than 30
percent of their short-term borrowings as of March 31. The
percentage is higher than the year-end level in 2015 and 2016,
said CICC, Bloomberg relays.

"Any temporary halt in high-leverage issuers' access to the
short-term bond market could trigger more defaults," Bloomberg
quotes Wang Ying, head of China research initiative at Fitch
Ratings in Shanghai, as saying. "The government is showing more
tolerance for corporate defaults. But if there is any sign of
regional risk, it may intervene to prevent default risks from
spreading."

Bloomberg relates that Chen Qi, chief strategist at private fund
management company Shanghai Silver Leaf Investment Co., said the
surging borrowing costs will make matters even worse for
struggling companies.

"High-quality companies will still be able to borrow money from
banks even if they cancel bond sales," said Chen in Shanghai,
Bloomberg relays. "But it's difficult for lower-quality companies
to get money elsewhere. They may face something bad down the
road."


CHINA WATER: S&P Affirms 'BB+' CCR; Outlook Stable
--------------------------------------------------
S&P Global Ratings said that it had affirmed its 'BB+' long-term
corporate credit rating and 'cnBBB+' long-term Greater China
regional scale rating on China Water Affairs Group Ltd. (CWA).
The outlook on the long-term corporate credit rating is stable.

S&P affirmed the ratings because it anticipates CWA's cash flow
and leverage to remain in line with S&P's expectation despite an
accounting adjustment to the company's gross profit.

S&P expects increase in new project coverage, urbanization, and
increase in water usage per household to continue to drive CWA's
growth in operating cash flow.  S&P estimates CWA's capital
expenditure to be Chinese renminbi (RMB) 1.5 billion-RMB1.8
billion annually in the coming three years (mainly on water
supply projects).  S&P also anticipates stable growth in
installation fee and water consumption charges.  Installation fee
is one of CWA's major earnings drivers and this revenue stream
has higher margins than other revenue sources.  S&P forecasts an
improvement in the ratio of cash flow to debt in the coming few
years.  S&P has not assumed any potential acquisition in its
base-case forecast.

The adjustments do not change S&P's fundamental assumptions for
CWA or S&P's view on the company's operations.  S&P expects CWA's
continuous growth in revenues and cash flows, coupled with a
steady and moderate increase in capital expenditure, to underpin
its financial risk profile.

CWA generates some profit by constructing certain assets that are
subject to concession rights and which, under the International
Accounting Standards Board's IFRIC 12 Service Concession
Arrangement, is included in EBITDA.  Given the non-cash nature of
these profit and loss items, S&P now deducts them from its
calculation of EBITDA.  S&P believes this revised accounting
adjustment provides greater clarity on the company's cash flow.

Although this adjustment results in a reduction in S&P Global
Ratings' assessment of adjusted EBITDA and funds from operations
(FFO), it does not change CWA's reported EBITDA and underlying
cash flows.

S&P's analysis previously took into account the non-cash nature
of such profit and factored in some degree of buffer in its
upgrade and downgrade triggers.  In S&P's view, the revised
metrics better reflect the company's financial performance and
reduce the potential earnings volatility owing to the earlier
accounting treatment.  S&P has adjusted this difference in its
rating triggers for the company.

The stable outlook on CWA over the next 12-24 months reflects
S&P's expectation that the company will continue to expand its
water business in China and have stable profitability.  S&P
anticipates that the water tariff regime in China will remain
generally stable and allow CWA's water supply projects to earn
steady returns.

S&P may lower its ratings if regulatory changes in China or poor
execution of the 8%-12% allowed return for water supply projects
undermines CWA's profitability and cash flows.  This could happen
if the government does not allow a tariff hike despite project
returns being consistently below target.

S&P may also lower the ratings if CWA aggressively expands with a
higher debt burden than S&P forecasts, such that its ratio of FFO
to debt is consistently below 13%.

S&P may also lower its ratings on negative developments in CWA's
management and corporate governance.

S&P may raise its rating if CWA continues to grow its business
such that the ratio of FFO to debt approaches 23%, and the
company demonstrates a track record of disciplined financial
management and acquisition.

Potential improvements in the regulatory environment could lead
S&P to re-evaluate its assessment of CWA's business risk.  This
could happen if the government sets a more transparent tariff
framework that enhances CWA's cash flow visibility.



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A E INFRA: CRISIL Lowers Rating on INR5.0MM Overdraft to B+
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
A E Infra Projects Private Limited' to 'CRISIL B+/Stable/CRISIL
A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         1.5       CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Letter Of Guarantee    3.5       CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Overdraft              5.0       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The downgrade reflects stretch in the company's liquidity arising
from an elongated working capital cycle. Due to increase in the
working capital requirements, there isn't any cushion in the
short term bank lines of the company. Additionally the revenues
in fiscal 2017 declined due to delays in execution of the order
thereby constraining the overall business risk profile.
Correction in the company's working capital cycle along and fund
support from the promoters will remain a key driver of the
company's liquidity going ahead.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations and geographical concentration in
the intensely competitive civil construction industry:
The AEIPL is a modest player in the civil construction business
.The revenues for the group depicted volatility owing to the
tender nature of the business and intense completion in the civil
construction industry leading to pressure on its revenues.
Furthermore, the group's modest scale and modest net worth base
limit its ability to bid for the projects, further restricting is
scale of operations.

* Geographical concentration in revenue:
AEIPL undertakes projects mostly in Thane and Sangli, and its
revenue growth is dependent on regional impetus on infrastructure
development. Any slowdown in infrastructure spending in its area
of operations will impact AEIPL's revenue growth. Though the
company has taken contracts in Gujarat, Thane and Sangli remain
main areas; geographical concentration in revenue will continue
to constrain the business risk profile over the medium term.

Strengths

* Promoters' extensive experience in civil construction industry:
AEIPL's promoters Mr. Mukesh N Barot and Mr. Rajesh N Barot have
experience of around two decades in the civil construction
industry. This has helped the company attain Class 1 contractor
certification from Maharashtra Jeewan Padikaran, which allows the
company to bid for tenders of any amount. AEIPL has unexecuted
order book of INR65 cr executable over next two years. Strong
order book, gives the company strong revenue visibility over the
medium term. AEIPL will continue to benefit over the medium term
from its promoters' industry experience and its moderate order
book.

Outlook: Stable

CRISIL believes AEIPL will benefit over the medium term from its
promoters' longstanding experience and comfortable order book.
The outlook may be revised to 'Positive' if liquidity improves
owing to better working capital cycle or capital infusion, along
with a greater-than-expected increase in scale of operations.
Conversely, the outlook may be revised to 'Negative' if decline
in revenue or profitability, stretched working capital cycle, or
unanticipated debt-funded capital expenditure weakens financial
risk profile.

AEIPL was incorporated in 2009, promoted by Mr. Mukesh N Barot
and Mr. Rajesh N Barot. The company is a civil contractor based
in Mumbai and undertakes subcontracting, mostly in Thane, Sangli
(both in Maharashtra) and Gujarat.

For fiscal 2016-17 AEIPL estimated profit after tax (PAT) was
INR0.9 crore on net sales of INR22 crore, against INR1 crore of
INR26.3 crore respectively crore for 2015-16.


AL AMEEN: CRISIL Lowers Rating on INR120MM LT Loan to 'B'
---------------------------------------------------------
CRISIL has been consistently following up with Al Ameen Green
Energy Private Limited (Al Ameen) 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.


AVANI DYECHEM: CRISIL Reaffirms 'B+' Rating on INR4.0MM 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         .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       .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 INR1.12 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.


CHAUDHARY TIMBER: CRISIL Lowers Rating on INR1.5MM 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).


CHOICE PRECITECH: CRISIL Reaffirms 'D' Rating on INR3.5MM Loan
--------------------------------------------------------------
CRISIL has been consistently following up with Choice Precitech
India Private Limited (Choice) for obtaining information through
letters and emails dated March 6, 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         .63        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit           3.50        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit      1.00        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan        2.16        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Standby Line of
   Credit                 .50        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Working Capital
   Demand Loan           2.00        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Choice Precitech India Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Choice Precitech India Private
Limited  is consistent with 'Scenario1' outlined in the
'Framework for Assessing Consistency of Information with Crisil B
Rating category or Lower'.' Based on the last available
information, CRISIL has reaffirmed the rating at CRISIL D/
CRISIL D.

Set up in 1994 by Mr. B Narayana Murthy and his family, Choice
manufactures moulds for industrial plastics, glass bulbs shells,
and sheet metal components. The company is based in Hyderabad,
Telangana.


CLUSTER JEWELLERY: CRISIL Lowers Rating on INR7.15MM 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).


CROWN ENGINEERING: CRISIL Lowers Rating on INR3MM 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 9, 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
   Letter of Credit       1.5     CRISIL A4 (Issuer Not
                                  Cooperating; Downgraded from
                                  'CRISIL A4+')

   Letter of Credit
   Bill Discounting      10       CRISIL A4 (Issuer Not
                                  Cooperating; Downgraded from
                                  'CRISIL A4+')

   Proposed Long Term     0.5     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.


DEVKINANDAN PAPER: CRISIL Cuts Rating on INR4.5MM Loan to 'B'
-------------------------------------------------------------
CRISIL has been consistently following up with Devkinandan Paper
Mills Private Limited (DPMPL) 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
   ----------        ---------      -------
   Bank Guarantee        0.5        CRISIL A4 (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL A4+')

   Cash Credit           4.5        CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB-/Stable')

   Proposed Long Term     .41       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Downgraded from
                                    'CRISIL BB-/Stable')

   Term Loan              .37       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 Devkinandan Paper Mills
Private Limited. This restricts CRISIL's ability to take a
forward looking view on the credit quality of the entity. CRISIL
believes that the information available for Devkinandan Paper
Mills Private Limited is consistent with 'Scenario 1' outlined in
the 'Framework for Assessing Consistency of Information with
CRISIL B rating category or lower.' Based on the last available
information, CRISIL has downgraded the rating to CRISIL
B/Stable/CRISIL A4.

Set up in 2001, DPMPL is promoted by the Morbi (Gujarat)-based
Mr. Vivek R Gothi and family. The company manufactures craft
paper, which is used by various fast-moving consumer goods and
packaging companies.


DHANRAJ JEWELLERS: Ind-Ra Migrates B+ Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Dhanraj
Jewellers' 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 ratings will
now appear as 'IND B+(ISSUER NOT COOPERATING)' on the agency's
website.  The instrument-wise rating action is:

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 17, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1995 by Deepak Murpana, Dhanraj Jewellers is a
jewelry retail shop in Mumbai.


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.


ENERGETIC GLOBETEX: CRISIL Cuts Rating on INR10MM Cash Loan to D
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Energetic Globetex Pvt Ltd (EGPL, part of the Kohinoor group)
to 'CRISIL D' from 'CRISIL BB-/Stable'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           10       CRISIL D (Downgraded from
                                  '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 EGPL, Enigma Ventures Pvt Ltd (EVPL), Kohinoor Eximtex Pvt Ltd
(KEPL), 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.

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.

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.


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).

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.

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

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.


ESSAR STEEL: Expects Lenders to OK Restructuring by Month End
-------------------------------------------------------------
Swansy Afonso at Bloomberg News reports that Essar Steel India
Ltd., the mill controlled by billionaire brothers Shashi and Ravi
Ruia, expects lenders to decide on its debt restructuring plans
by the end of this month as the company's prospects brighten on
increased output and an improved domestic demand outlook.

"We are in discussions with lenders and the entire restructuring
package should be done by June-end," Bloomberg quotes
Shivramkrishnan Hariharan, the director commercial at the closely
held Mumbai-based steelmaker, as saying in an interview on
June 7. "We should be back to our normal operational routine
without having the baggage of the stressed assets issue."

A revival in steel usage, driven by Prime Minister Narendra
Modi's plans to build infrastructure and smart cities as well as
growth in automotive and defense sectors, saw Essar Group raise
production by almost half last fiscal year, Bloomberg says. The
mill, which has about INR400 billion ($6.2 billion) of debt,
according to the company, had been hurt by weak demand, reduced
gas supply and lower capacity use at its plants.

India's stressed assets -- bad loans, restructured debt and
advances to companies that can't meet servicing requirements --
have risen to about 17 percent of total loans, the highest level
among major economies, Bloomberg discloses citing data compiled
by the government. Lawmakers recently approved a proposal giving
the Reserve Bank of India more powers to resolve the nation's
stressed loans, a majority of which are in the steel sector.

Bloomberg relates that steel producers in India, which imports
about 70 percent of its coking coal needs and some grades of iron
ore, found it more difficult to service their debt as higher raw
material costs cut into their earnings. Coal prices have come off
a bit in the recent weeks and a further correction of about 20
percent is seen in global coking coal rates to $140 a ton over
the next couple of months as Chinese consumption declines,
Hariharan, as cited by Bloomberg, said.

"We are just getting over the hump" and once the restructuring
issues are resolved, Essar Steel will get back to the drawing
board to see how it "can join the India steel story," the report
quotes Hariharan as saying. Production at its plants is forecast
to climb to 6.5 million metric tons in the financial year started
April 1 from 5.6 million tons last year, he said.

Essar Steel has a mill in Hazira in Gujarat with annual capacity
of 10 million metric tons and plans to commission a 6-million-ton
pellet plant in Odisha by first quarter of 2018, taking its total
capacity to 20 million tons, according to Hariharan, Bloomberg
relays.

Incorporated in 1976, Essar Steel India Ltd. is a part of
the Essar Group and is having 10 MTPA integrated steel
manufacturing facilities at Hazira, Gujarat and iron ore
beneficiation and pelletisation facilities in Paradeep, Odisha
(12 mtpa) and Vizag, Andhra Pradesh (8 mtpa). The company also
owns and operates two iron ore slurry pipelines -- one each in
Odisha (Dabuna to Paradip) and Andhra Pradesh (Kirandul-Vizag),
which transport the iron ore slurry from the beneficiation plant
(located near the iron ore mines in Dabuna and Kirandul) to the
pellet plant (located near the Paradip and Vizag ports). A large
portion of the iron ore pellets produced are intended for captive
consumption by ESIL's steel plant at Hazira for cost
optimization.


FIVEBRO INTERNATIONAL: Ind-Ra Assigns 'D' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Fivebro
International Private Limited (FIPL) a Long-Term Issuer Rating of
'IND 'D'.  The instrument-wise rating actions are:

   -- INR8.6 mil. Term loan (Long term) assigned with 'D' rating;

   -- INR130 mil. Fund-based working capital limits (long
      term/short term) assigned with 'IND D/IND D' rating;

   -- INR120 mil. Non-fund-based letter of credit limits (short
      term) assigned with 'D' rating; and

   -- INR30 mil. Non-fund-based bank guarantee limits (short
      term) assigned with 'D' rating

                        KEY RATING DRIVERS

The ratings are constrained by FIPL's delays in debt servicing
due to a stretched liquidity position, as evidenced by its
intermittent overuse with of the working capital facility during
the 12 months ended April 2017.  The maximum overutilization of
the working capital facility was over 25 days in the six months
ended April 2017.

The ratings also factor in the devolved letter of credit with
outstanding dues unsettled from the 29 days ended June 1, 2017.

                       RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 2002 in Gujarat, FIPL is involved in the trading
of water treatment components such as pumps, motors, valves and
membranes.  The company has 11 offices and nine warehouses across
India.  FIPL is promoted by Mr. Nishit Doshi and his family, who
have almost three decades of experience in the same line of
business.

According to provisional FY17 figures provided by the company,
FIPL achieved revenue of INR594.39 million.


GOVINDAM TEX: CRISIL Assigns 'B' Rating to INR7.05MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Govindam Tex Fab Private Limited (GTPL).

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             7.05      CRISIL B/Stable
   Cash Credit            .70      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    2.25      CRISIL B/Stable

The rating reflects moderate scale of operations in a fragmented
industry and high customer concentration risk in the revenue
profile. These weaknesses are partially offset by extensive
experience of promoters in textile processing industry and its
funding support.

Analytical Approach

For arriving at the rating, CRISIL has treated unsecured loans of
INR0.61 crore as on March 31, 2017, from the promoters as neither
debt nor equity. That's because the loans bear a nominal interest
rate and are expected to remain in the business over the medium
term.

Key Rating Drivers & Detailed Description

Weakness

* Moderate scale of operations and exposure to intense
competition in textile industry
GTPL's business risk profile remains constrained by its moderate
scale of operations and no significant track record of the
company in the intensely competitive textile industry. The firm's
small scale is indicated by its revenues of INR4.5 crore during
fiscal 2017 (refers to financial year, April 1 to March 31).

* High customer concentration risks
The major customer of GTPL is Manomay Tex India Ltd, which
contributed nearly the entire revenues of GTPL in the first
financial year of operations. The company has no plans to
diversify its customer base over the medium term and team
believes that GTPL's business risk profile is constrained by the
high customer concentration risks.

Strengths

* Extensive industry experience of the promoters
GTPL's promoters have extensive experiences of around two decades
in the various other industries including transport industry,
hospitality business, etc. GTPL benefits from its promoters
extensive experience, their understanding of the dynamics of the
local market.

Outlook: Stable

CRISIL believes Govindam Texfab Private Limited (GTPL) will
benefit over the medium term from the extensive business
experience of its promoters and their funding support. The
outlook may be revised to 'Positive' if its revenue and
profitability significantly improve, leading to higher-than-
expected cash accruals with efficient working capital management.
The outlook may be revised to 'Negative' in case of lower-than-
expected accrual or deterioration in working capital management
or undertaking any large debt funded capex, weakening its
financial risk profile and liquidity.

Established in April, 2015; Govindam Texfab Private Limited
(GTPL) is engaged in carrying out weaving on a job work basis for
its clients. The company is promoted by ' Mr. Sanjay Kumar
Sharma, Mr. Shyam Lal Sharma, Mr. Praveen Tak and Mr. Kishanwati
Atri. The company's facility is based out in Bhilwara, Rajasthan.

Revenue is INR4.50 crore and net profit is INR0.19 crore for
fiscal 2017 (provisional). There were no business operations
during fiscal 2016.


GREEN TEAK: CRISIL Reaffirms B- Rating on INR4.75MM Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable' rating on the long-
term bank facilities of Green Teak (India) Private Limited (GTPL)
and reassigned its 'CRISIL A4' rating to the short-term facility.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         2         CRISIL A4 (Reassigned)
   Cash Credit            4.75      CRISIL B-/Stable (Reaffirmed)
   Proposed Term Loan      .78      CRISIL B-/Stable (Reaffirmed)
   SME Gold Card           .47      CRISIL B-/Stable (Reaffirmed)

Net sales rose just 8% in fiscal 2017, due to slowdown in the
end-user industry (construction), on account of the impact of
demonetization. Revenue growth is likely to remain muted, at 5%
per fiscal, over the medium term. Net profitability, expected at
0.7-0.9%, will remain susceptible to volatility in timber prices.

Liquidity is constrained by fully utilised bank limits over the
12 months through March 2017, owing to large working capital
requirement. However, net cash accrual should remain adequate to
meet debt obligation over the medium term. Also, unsecured loans
from promoter (estimated at INR2.62 crore on March 31, 2017)
support liquidity.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in a highly fragmented industry:
Scale remains modest, with net sales estimated at INR7.64 crore
in fiscal 2017. Despite expected increase in scale of operations,
GTPL will remain a small player due to fragmentation in the
timber trading and processing business.

* Large working capital requirement: Gross current assets are
estimated at 792 days as on March 31, 2017, driven by substantial
receivables and inventory of 649 days and 165 days, respectively.
Operations are likely to remain working capital intensive over
the medium term.

* Weak financial risk profile: Total outside liabilities to
tangible networth ratio was high, at 10.69 times as on March 31,
2017. Debt protection metrics were weak, with interest coverage
and net cash accrual to total debt ratios at 1.13 times and 0.02
time, respectively, in fiscal 2017. The financial risk profile
will remain weak over the medium term on account of sizeable
working capital debt and continued low accretion to reserves.

Strength

* Promoter's extensive industry experience and funding support:
Presence of more than four decades in the timber industry has
enabled the promoter to establish healthy relationships with key
customers and suppliers, and develop industry insight. The
promoter has also supported the company through unsecured loans.

Outlook: Stable

CRISIL believes GTPL will continue to benefit from its
longstanding presence in the timber industry. However, its
financial risk profile will remain constrained due to working
capital-intensive operations. The outlook may be revised to
'Positive' if improvement in working capital management, leads to
better financial flexibility and increase in networth. The
outlook may be revised to 'Negative' if the financial risk
profile weakens because of significant borrowings to fund capital
expenditure or working capital requirement.

Incorporated in 1990 and promoted by Mr. Sumer Chand Jain, GTPL
manufactures wooden doors (flush, wire ness doors) and trades in
timber. The company's manufacturing facility is in Jaipur.

Profit after tax (PAT) is estimated at INR0.06 crore and net
sales at INR7.64 crore in fiscal 2017, vis-a-vis INR0.05 crore
and INR8.30 crore, respectively, in fiscal 2016.


GUJARAT EXPORT: CRISIL Cuts Rating on INR10MM LT 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 A4+')

   Proposed Long Term      10       CRISIL D (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

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.


HARIYANA INT'L: CRISIL Reaffirms B+ Rating on INR200MM Loan
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Hariyana International
Private Limited's (HIPL; part of the Hariyana group) continues to
reflects deterioration in Hariyana group's business profile
marked by weakened operating profitability.

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

Additionally, the operating margin is expected to continue to
remain weak over the medium term driven by oversupply of steel
and subdued demand conditions prevailing globally. The lower
price realization of its products, procured against letters of
credit (LCs), constrains its credit profile, particularly its
liquidity. The liquidity is further constrained by loans to third
parties remaining at the same level, as against expectations of a
decline in their quantum. The receipt of the loans continues to
remain a key rating sensitivity factor affecting the group's
credit profile, especially liquidity over the medium term.

Analytical Approach

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

Key Rating Drivers & Detailed Description

Weakness

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

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

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

The group also has a large money lending portfolio, which stood
at an estimated INR350 crores as on March 31, 2016. The group
mostly lends these funds to real estate developers known to the
promoters. This exposes the group to risks related to
recoverability, especially during any slowdown or downturns in
the sector. While the group also takes charge of assets funded by
these loans in return, it does not entirely eliminate risks
related to recoverability. Such large and increasing exposure
towards money lending could substantially impact the group's
credit risk profile in case of non-recoverability. However,
CRISIL expects the money lending portfolio to reduce gradually
over the medium term, reducing risks pertaining to this segment.

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

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

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

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

Strengths

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

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

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

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

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

Outlook: Stable

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

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

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


JNB STEEL: CRISIL Cuts Rating on INR18MM Cash Loan to 'B'
---------------------------------------------------------
CRISIL has been consistently following up with JNB Steel
Industries Private Limited (JNBS) for obtaining information
through letters and emails dated January 20, 2017, and
February 10, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            18        CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB+/Stable')

   Proposed Short Term     .06      CRISIL A4 (Issuer Not
   Bank Loan Facility               Cooperating; Downgraded from
                                    'CRISIL A4+')

   Term Loan              4.80      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 JNB Steel 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 JNB Steel 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.

JNBS was incorporated in 1995 as a proprietorship firm ' JNB
Industries and later in 2003 was reconstituted as a private
limited company. The company manufactures cold-rolled steel
strips and stainless steel tubes/pipes. It has two separate
manufacturing units for cold rolling and stainless pipes and
tubes, both in Hissar (Haryana). The company is managed by Mr.
Rakesh Bansal and his nephew, Mr. Manish Bansal.


JSR INFRA: CRISIL Cuts Rating on INR37MM Cash Loan to 'B'
---------------------------------------------------------
CRISIL has been consistently following up with JSR Infra
Developers Private Limited (JSR) for obtaining information
through letters, emails, and telephonic communication. CRISIL
had, through a letter dated May 2, 2017, from a senior director,
informed the company of the extant guidelines and requested for
cooperation. The issuer, however, remains non-cooperative.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          6        CRISIL A4 (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL A4+' and Removed
                                    from 'Rating Watch with
                                    Negative Implications')

   Cash Credit            37        CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB' and Removed from
                                    'Rating Watch with Negative
                                    Implications')

   Proposed Long Term     11        CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Downgraded from
                                    'CRISIL BB' and Removed from
                                    'Rating Watch with Negative
                                    Implications')

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 JSR
to 'CRISIL B/CRISIL A4' from 'CRISIL BB/CRISIL A4+'. The rating
on the bank facilities has been removed from 'Rating Watch with
Negative Implications' and the outlook is now 'Stable'. The
ratings had been placed on watch as CRISIL believed the operating
performance would remain weaker over the medium term than earlier
expected due to reduced order inflow following the arrest of the
promoter and major shareholder, Mr. Sekhar Reddy, for money
laundering.

The downgrade reflects CRISIL's inability to maintain the ratings
at 'CRISIL BB /CRISIL A4+' due to inadequate information and lack
of management cooperation, thereby restricting any forward-
looking view on the credit quality of the company. JSR scores
high ('H') on availability of past information. It scores low
('L') on future information due to unavailability of management's
public stated stance on expectations, strategic decisions, and
capital expenditure. It scores low ('L') on stability in the
absence of information on future cash flow.

Established in 2009 as a partnership firm by Mr. J Sekar and Ms
Jayasree and reconstituted as a private limited company in 2015,
JSR undertakes civil construction works, primarily roads, in
Tamil Nadu.


KAPADIA TEXTILES: CRISIL Cuts Rating on INR7MM 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.


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 STONE: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Krishna Stone
Industries Private Limited's (KSIPL) 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:

   -- INR200 mil. Fund-based facilities migrated to Non-
      Cooperating Category; and

   -- INR3.90 mil. Term loan migrated to Non-Cooperating Category

Note: Issuer Not Cooperating: The ratings were last reviewed on
Feb. 16, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1989, KSIPL processes boulders and crushed sand.
It has two stone crushing units in Uttarakhand, one each in
Haldwani and Sitarganj, with an installed capacity of 200TPH and
500TPH, respectively.


MATHURAM SWASTHYA: Ind-Ra Assigns 'B+' Rating to Bank Facilities
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Mathuram
Swasthya Evam Shikshan Sansthan's (MSESS) bank facilities ratings
as:

  -- INR63.6 mil. Term loan assigned with 'IND B+/Stable' rating;
     and

  -- INR42.9 mil. Term loan assigned with 'IND B+/Stable' rating

                        KEY RATING DRIVERS

The ratings reflect MSESS's nascent stage of business as its
school became operational in FY16 and small scale of operations.
Tuition fee dominates the company's income and contributed
INR49.97 million in FY16.  However, Ind-Ra expects the tuition
fee to have increased in FY17 owing to an increase in headcount,
which doubled to 1,600 in FY17 (FY16: 800).  During FY17, the
school's acceptance and occupancy rates were 66.67% (FY16: 64%)
and 64% (55.56%), respectively.  Ind-Ra expects the headcount to
grow further over FY18-FY19 on account of availability of
infrastructure and the school's reasonably strong market position
as compared with peers'.

MSESS's available funds - cash and unrestricted investments of
INR1.24 million in FY16, provided limited financial cushion to
financial leverage (0.91%) and operating expenditure (6.77%).
The company had taken a loan of INR119.50 million for the
construction of the school during FY14-FY16.  Ind-Ra expects the
liquidity profile to remain stressed in the near term due to its
planned capex for starting a new school in FY20.

The ratings are further constrained by MSESS's high debt burden
as reflected by debt including rent/current balance before
interest, depreciation and rent (CBBIDR) of 4.36x and debt
including rent/income of 274.83% in FY16.

However, the ratings benefit from MSESS's high operating margin
excluding rent of 63.11% in FY16, resulting from low operating
expenses.  Despite the high operating margin, it reported a net
operating deficit of INR14.69 million in FY16 on account of high
interest payment and depreciation, which accounted 24.05% and
47.22% of the total expenditures, respectively.

                       RATING SENSITIVITIES

Negative: A significant decline in the operating margin due to a
decrease in the headcount would trigger a negative rating action.

Positive: A sustained increase in the scale of operations and a
reduction in debt would trigger a positive rating action.

COMPANY PROFILE

Dr. DY Patil Pushapalata Patil International School is a social
endeavour of Mathuram Swasthya Evam Shikshan Sansthan, registered
under Companies Act 1956.  The school was started under the
guidance and patronage of renowned educationist, Padmashri Dr D Y
Patil.  The school's campus is sprawled over three acres and
offers CBSE curriculum to the students from Nursery to Class X.
The school is situated in Kankarbagh, Patna.


NAGAR DAIRY: CRISIL Lowers Rating on INR50MM Cash Loan to B
-----------------------------------------------------------
CRISIL has been consistently following up with Nagar Dairy
Private Limited (NDPL) for obtaining information through letters
and emails dated January 20, 2017, and February 10, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Cash Credit           50      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 Nagar Dairy 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 Nagar Dairy 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 2003-04 (refers to financial year, April 1 to
March 31), NDPL manufactures dairy products such as ghee and
skimmed milk powder under its own brand, Nagar. It has a total
milk processing capacity of 0.6 million litres per day (lpd) at
its unit in Hapur (Uttar Pradesh). The company also carries out
job work of milk processing and manufacturing curd and butter
milk for Gujarat cooperative Milk Marketing Federation Limited
(Amul).


NARMADA CEREAL: CRISIL Reaffirms B+ Rating on INR42MM Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Narmada Cereal Private Limited (NCPL).


                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             42       CRISIL B+/Stable (Reaffirmed)
   Pre Shipment Credit      8       CRISIL A4 (Reaffirmed)
   Rupee Term Loan         10       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect NCPL's weak financial risk
profile, marked by a high gearing, and average debt protection
metrics. The ratings also factor in the company's susceptibility
to regulatory changes, volatility in raw material prices, and
changes in rainfall pattern. These rating weaknesses are
partially offset by the experience of NCPL's promoters in the
rice industry, the company's established relationships with
customers and suppliers, and its moderate brand image.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: NCPL has an average financial risk
profile, with networth of INR17 crore and high gearing of 5.85
times as on March 31, 2016. The company has adequate debt
protection metrics, reflected in interest coverage and net cash
accrual to total debt ratios of 1.2 times and 0.02 time,
respectively, in fiscal 2016.

* Vulnerability to regulatory changes, volatility in raw material
prices, and fluctuations in rainfall patterns: Though NCPL
procures paddy throughout the year, it procures the raw material
in bulk during the crop season (October to December) for its
requirement in the subsequent year. Large inventory exposes NCPL
to the risk of sharp decline in paddy prices after procurement.
Basmati rice is grown only in four states in India. Furthermore,
as a kharif crop, basmati is harvested between September and
December. The water requirement for basmati is high. Therefore,
despite robust irrigation systems, these states also depend on
the monsoon for water supply. NCPL is susceptible to the risk of
limited availability of raw material in case of a weak monsoon.

* Large working capital requirement: Operations are working
capital intensive because of sizeable gross current assets of
more than 333 days and inventory of above 333 days over the three
years through fiscal 2016.

Strengths

* Improving brand image, promoters' experience in various
industry, and established relationships with customers and
suppliers: NCPL was established by Mr. Arun Mittal. They are new
entrants in the field and were previously active in the textile
business. Despite the limited track record, the promoters have
been able to achieve compound annual growth rate of about 15% in
sales over the five years ended March 31, 2017. Strong growth is
a reflection of the promoters established relations with
customers and suppliers.

Outlook: Stable

CRISIL believes NCPL's financial risk profile will remain
constrained over the medium term by weak capital structure. The
outlook may be revised to 'Positive' if capital structure and
liquidity improve significantly through controlled reliance on
external debt or a material sustainable increase in accretion to
reserve. Conversely, the outlook may be revised to 'Negative' if
large, debt-funded capital expenditure, low cash accrual or
stretched working capital cycle weakens capital structure.

NCPL was established in February 2007 by Mr. Arun Mittal and Mr.
Surendra Gupta. The company commenced commercial production on
April 1, 2008. NCPL mills Pusa 1121 basmati rice, mainly sold in
bulk; a part of the produce is also sold domestically under the
in-house brand, Narmada Rice.

For fiscal 2017, estimated profit after tax is around INR2.0
crore on operating income of INR150 crore, against nil profit
after tax on operating income of INR128.3 crore for the previous
year.


NCC URBAN: CRISIL Lowers Rating on INR50MM LT Loan to B+
--------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
NCC Urban Infrastructure Ltd (NCC Urban) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           4        CRISIL B+/Stable (Downgraded
                                  from 'CRISIL BB-/Stable')

   Letter of credit      2        CRISIL A4 (Downgraded from
   & Bank Guarantee               'CRISIL A4+')

   Proposed Long Term   50        CRISIL B+/Stable (Downgraded
   Bank Loan Facility             from 'CRISIL BB-/Stable')

The downgrade reflects increasing pressure on cash flow because
of continued low saleability in residential projects. Saleability
has been significantly affected by subdued market conditions that
were further aggravated by demonetisation. Hence, customer
advances were also lower than expected. The company sold around
1.84 lakh square feet (lsf; including 0.39 lsf from two new
projects launched in the second quarter of fiscal 2017) during
June 2015-March 2017 (against 2.30 lsf during March 2014-June
2015). Though cash flow mismatch was largely mitigated by loans
from parent (NCC Ltd), other corporate loans, and external debt;
sustained low saleability may result in increased funding-related
challenges over the medium term and hence will remain a key
monitorable.

The ratings reflect NCC Urban's average saleability in ongoing
projects, exposure to project implementation risk, and
susceptibility of cash flow to cyclicality inherent in the real
estate sector. These weaknesses are partially offset by moderate
track record in real estate development and financial
flexibility.

Analytical Approach

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of NCC Urban and its subsidiaries. This
is because, all these entities have significant operational and
managerial linkages.

Key Rating Drivers & Detailed Description

Weakness

* Average saleability in ongoing projects
Of the total saleable area of around 2 million square feet (sq
ft) comprising six ongoing projects across Hyderabad, Bangalore,
Chennai, Guntur, Kochi, and Ranchi, 14% had been sold as on
March 31, 2017. Furthermore, around half of total saleable area
is accounted by NGHC Ranchi Phase 2 project (0.9 million sq ft),
which was launched in September 2016 and sales were significantly
affected by demonetisation. Excluding this project, saleability
is around 24%. CRISIL believes overall saleability will remain
under pressure over the medium term, and significant improvement
in it will remain a key rating sensitivity factor.

* Exposure to implementation risks
With average construction progress of 42%, the company remains
exposed to implementation risks. Due to lower-than-estimated
customer advances, construction activity was partly supported by
inflow from parent, surplus of other businesses, and external
debt. Slow construction progress in ongoing projects could
adversely impact customer advances from already sold units.
Furthermore, time and cost overruns in the projects could
adversely affect the company's debt servicing ability.
Construction progress as per schedule will remain critical for
maintaining regular cash flow from customers to fund construction
and service debt.

* Susceptibility of cash flow to cyclicality inherent in the real
estate sector
Exposure to risks and cyclicality inherent in the real estate
sector may result in volatility in both saleability and
realisations and hence, cash flow. The residential real estate
sector has remained under pressure due to weak demand and bearish
consumer sentiment over the past few years, resulting in
refinancing needs. Demonetisation has further affected demand in
the near term. Impact on sales velocity will remain a key rating
sensitivity factor.

Strengths

* Moderate track record in real estate development
With around 3.4 million sq.ft. of residential development spread
over the last eight years in Bangalore, Hyderabad, Kochi, and
Ranchi, track record is moderate. The company is currently
developing 6 residential projects in Hyderabad, Bangalore,
Chennai, Guntur, Kochi and Ranchi, with a total saleable area of
around 2 million sq.ft.  CRISIL believes that company will
continue to benefit from NCC's reputable brand presence and the
company's experience in executing real estate projects.

* Financial flexibility
NCC Urban benefits from the financial support of its parent, NCC
Ltd. Historically, the company's borrowings mainly consisted of
inter-corporate loans from parent. Lower-than-expected sales and
collections have weakened financial risk profile, resulting in
increased reliance on parent for funding support. Loans from
parent and inter-corporate loans stood at INR554 crore as on
March 31, 2017. The parent/inter-corporate loans do not have
defined repayment terms and are to be repaid only if surplus is
available. Given pressure on saleability, reliance on parent will
remain high over the medium term. Any decline in parent support
will result in increased reliance on external debt (low at
INR91.7 crore as on March 31, 2017), and will remain a key rating
sensitivity factor.

Outlook: Stable

CRISIL believes NCC Urban will continue to benefit over the
medium term from its established position in the real estate
market. The outlook may be revised to 'Positive' in case of more-
than-expected cash flow through higher saleability and customer
advances. The outlook may be revised to 'Negative' if customer
advances are lower than anticipated, or if there are significant
delays in project completion, or sizeable increase in external
debt.

Incorporated in 2005, NCC Urban develops residential and
commercial complexes, service apartments, special economic zones,
and integrated townships. NCC Ltd holds 80% equity stake in NCC
Urban, while group company, AVSR Holdings Pvt Ltd, holds the
remaining 20%.

For fiscal 2016, net profit was INR1.94 crore on net sales of
INR202 crore, against a net profit of INR4.46 crore on net sales
of INR243 crore in the previous fiscal.


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 BB/Stable')

   Cash Credit            4        CRISIL B+/Stable (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 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.


PERMANENT MAGNETS: CRISIL Reaffirms 'C' Rating on INR15MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Permanent Magnets Limited (PML) at 'CRISIL C/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit              15        CRISIL C (Reaffirmed)

   Export Bill
   Negotiation               3.2      CRISIL C (Reaffirmed)

   Letter of Credit         15        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        1.23     CRISIL C (Reaffirmed)

   Term Loan                 2.57     CRISIL C (Reaffirmed)

The rating continues to reflect continue instances of delay by
PML in servicing its debt (not rated by CRISIL). PML has a below-
average financial risk profile marked by its modest net worth,
high total outside liabilities to tangible net-worth ratio, and
average debt protection metrics. The company has modest scale of
operations, large working capital requirements, is exposed to
intense competition, and its profitability margins are
susceptible to volatility in raw material prices and fluctuations
in forex rates. However, the company benefits from its promoters'
extensive industry experience and its established relationship
with its customers.

Key Rating Drivers & Detailed Description

Weakness

* Below average financial risk profile: PML's financial risk
profile is below average as marked by a modest networth and
moderate gearing of 1.38 times as on March 31, 2016. The interest
cover and net cash accrual to total debt ratio are adequate at
about 2.2 times and 0.14 times respectively as on March 31, 2016
(refers to financial year, April 1 to March 31).

* Modest scale of operations and exposure to intense competition
in magnets industry: PML is a moderate player in the magnets
industry as reflected in its turnover of around INR67 crore for
the year ended March 31, 2016. The company is involved in
manufacturing of Alnico (Aluminium, Nickel and Cobalt) magnets,
magnetic assemblies, copper shunts and hi-permeability magnetic
components. However the company is exposed to intense competition
from the other organised and unorganised players in the industry.

* Susceptibility of operating margin to volatility in raw
material prices and forex rates: PML's operating margin is
vulnerable to any adverse movement in the prices of raw material,
largely Nickel and copper. The volatility in the prices of its
raw materials is mitigated to a certain extent as the company
usually enters into a fixed price contract with its customer and
suppliers; however, the volatility in raw material prices has
been quite high in the past, as reflected in the company's
volatile operating margin in the range of 5.0 per cent to 7.6 per
cent over the last five years ended March 31, 2016

* Large working capital requirements: PML's operations are
working capital intensive as reflected in the high gross current
assets of around 218 days as on March 31, 2016. The large working
capital requirement is primarily driven by moderate debtors and
high inventory.

Strengths

* Extensive industry experience of promoters and established
relationships with its customers: The promoters of PML have been
engaged in the custom-built magnets industry for over 5 decades.
Their extensive industry experience has led to the company's
established relationships with reputed suppliers, such as
Sumitomo among others. Furthermore, the promoters have been able
to develop strong relations with customers and are supplying
magnets and other products to various smart grid manufacturers in
the world.

PML was set up in 1960 and was taken over by the Taparia group in
1965. The company manufactures alnico magnets, magnetic
assemblies, hi-permeability magnetic components, and parts and
accessories of electricity meters. Its manufacturing facility
located at Mira road, Mumbai.

For fiscal 2016, PML reported a profit after tax of INR0.9 crore
on an operating income of Rs67.58 crore as against a PAT of
INR0.32 crore on an operating income of INR58.96 crore the
previous fiscal.

Status of non-cooperation with previous CRA:
PML has not cooperated with ICRA Limited, which has suspended its
rating vide release dated June 29, 2016. The reason provided by
ICRA Limited is non-furnishing of information required for
monitoring of ratings.


PRAGATI CONSTRUCTION: CRISIL Cuts Rating on INR5MM Bank 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.


RAJENDRA ISPAT: CRISIL Lowers Rating on INR11MM Cash Loan to B+
---------------------------------------------------------------
CRISIL has downgraded the ratings on the bank facilities of
Rajendra Ispat Private Limited (RIPL) to 'CRISIL B+/Stable/CRISIL
A4' from CRISIL BB-/Stable/CRISIL A4+.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           11       CRISIL B+/Stable (Downgraded
                                  from 'CRISIL BB-/Stable')

   Letter of Credit      19       CRISIL A4 (Downgraded from
                                  'CRISIL A4+')

   Proposed Cash          5       CRISIL B+/Stable (Downgraded
   Credit Limit                   from 'CRISIL BB-/Stable')

The downgrade reflects CRISIL's belief that RIPL's business and
financial risk profile are impacted on account of lower-than-
expected scale of operations and profitability leading to
pressure on its debt protection metrics over the medium term. The
scale of operations is estimated to decline by ~40 per cent in
2016-17 to INR25 Cr. along with operating margins dipping to 8-9
per cent vs. 15 per cent in the year 2014-15. Over the medium
term, the growth in scale of operations is expected to be
moderate along with operating margins to remain close to 8 to 9
per cent. With lower-than expected sales and profitability led to
deterioration in the company's debt protection metrics measured
by interest coverage and net cash accruals to total debt(NCATD).
In 2016-17 its interest coverage and NCATD ratio are estimated to
around 0.8 to 1 times and 0.01 to 0.02 times respectively. The
improvement in sales as well as operating margins is expected to
be the key rating sensitivity factor over the medium term.

The ratings on the bank facilities of RIPL continue to reflect
the extensive experience of RIPL's promoters in dismantling
plants and selling metal scrap. This strength is partially offset
by belwo average financial risk profile, marked by a small
networth, high gearing, and below-average debt protection
metrics, and working capital-intensive operations.

Key Rating Drivers & Detailed Description

Weaknesses

* Below average financial risk profile: Its financial risk
profile supported by average networth and gearing (estimated to
be around INR30 Cr. and above 1.5 times, respectively, as on
March 31, 2017). Its debt protection metrics are expected to be
moderate with interest coverage of 0.8-1.0 times in 2016-17. The
financial risk profile is expected to continue to be below
average over the medium term.

* Working capital-intensive operations: The company has working-
capital-intensive operations, marked by gross current assets of
about 650-850 days. CRISIL believes that MIL's operations will
remain working capital intensive over the medium term.

Strength

* Promoters' extensive experience in dismantling plants and
selling metal scrap: Although RIPL has been operating only since
2004, its promoters have extensive experience of over three and
half decades in similar line of business. Over the years, they
gained industry insights and maintained strong relations with
rolling mills, furnaces and scrap traders based in West Bengal.
The promoters' extensive experience and established clientele
will help over the medium term in maintaining business risk
profile and smooth marketing of products.

Outlook: Stable

CRISIL believes RIPL will benefit over the medium term from its
promoters' experience. The outlook may be revised to 'Positive'
if significant increase in revenue and profitability improves
business and financial risk profiles. Conversely, the outlook may
be revised to 'Negative' if delay in realizations from current
project or low cash accrual weakens liquidity.

RIPL was in 2004 by members of the Modi family based in Kolkata.
The company trades in scrap metal. It also purchases plants
(paper mills, steel plants, and sugar mills), dismantles them,
and sells the scrap.

RIPL reported a profit after tax (PAT) of INR18 lakhs. on sales
of INR42.1 Cr. for 2015-16 (refers to financial year, April 1 to
March 31), against a PAT of INR13 lakhs on sales of INR38 Cr. for
2014-15.


RAVANI TIMBER: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned M/s Ravani
Timber Traders (RTT) a Long-Term Issuer Rating of 'IND B+'.  The
Outlook is Stable.  The instrument-wise rating actions are:

   -- INR15 mil. Fund-based working capital assigned with
      'IND B+/Stable/IND A4' rating; and

   -- INR50 mil. Non-fund-based working capital assigned with
      'IND A4' rating

                        KEY RATING DRIVERS

The ratings reflect RTT's weak credit profile.  According to
provisional financials for FY17, revenue was INR99.82 million
(FY16: INR91.10 million).  The rise in revenue was driven by an
increase in orders received.  EBITDA margin was volatile at 3.1%-
6.6% during FY13-FY17 due to fluctuating raw material prices.  In
FY17, interest coverage (operating EBITDA/gross interest expense)
was 1.2x in FY17 (FY16: 2.6x) and net financial leverage (total
adjusted net debt/operating EBITDA) was 5.4x (6.1x).  The
deterioration in interest coverage was due to a fall in operating
EBITDA, while the improvement in net financial leverage was
driven by a fall in debt.  The firm booked INR3 million in
revenue for the first month of FY18.  As of April 2017, it had an
order book of INR1.8 million, which will be executed in the next
two months.

The ratings, however, are supported by RTT's comfortable
liquidity position, indicated by an average utilization of 69.33%
of fund-based limits during the 12 months ended March 2017.
Moreover, the promoter has more than three decades of experience
in the timber trading and processing business.

                        RATING SENSITIVITIES

Negative: Any decline in revenue and EBITDA margin leading to
deterioration in credit metrics will lead to a negative rating
action.

Positive: Substantial growth and improvement in EBITDA margin
leading to a significant improvement in credit metrics will lead
to a positive rating action.

COMPANY PROFILE

Established in 1985, RTT is a proprietorship firm owned and
managed by Mr. Purushottam M Patel.  The firm is engaged in the
trading of processed and raw timber, particularly kwila.


RUPESH KUMAR: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Rupesh Kumar &
Sons' (RKS) Long-Term Issuer Rating to the non-cooperating
category.  The Outlook was Stable.  The issuer did not
participate in the rating exercise despite continuous requests
and follow ups by the agency.  Therefore, investors and other
users are advised to take appropriate caution while using these
ratings.  The rating will now appear as 'IND B+(ISSUER NOT
COOPERATING)' on the agency's website.  The instrument-wise
rating action is:

   -- INR125 mil. Fund-based facilities migrated to Non-
      Cooperating Category

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

COMPANY PROFILE

Incorporated in March 2012, RKS manufactures carpets and
druggets. The firm is situated at Bhadohi-Mirzapur belt, Uttar
Pradesh, the hub of carpet manufacturing.  The partners of the
firm are Rupesh Kumar Baranwal and Beena Baranwal.


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

   -- INR110 mil. Fund-based limit migrated to non-cooperating
      category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 24, 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 2010 in Punjab, STC is a proprietorship unit
engaged in trading of rice and food grains.


SATNAM GLOBAL: CRISIL Reaffirms B- Rating on INR9.6MM Demand Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its rating on bank facilities of Satnam
Global Infraprojects Limited at 'CRISIL B-/Stable/CRISIL A4.'

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        50        CRISIL A4 (Reaffirmed)

   Cash Credit            6.4      CRISIL B-/Stable (Reaffirmed)

   Letter of Credit       5        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1        CRISIL B-/Stable (Reaffirmed)

   Working Capital
   Demand Loan            9.6      CRISIL B-/Stable (Reaffirmed)


The rating continues to reflect modest scale of operations
coupled with tender-based nature of business and exposure to
intense competition. Revenue, estimated at INR150 crore in fiscal
2017, is expected to grow in range of 10-15% driven by healthy
order book.

SGIL has weak liquidity because of large working capital
requirement, thus leading to fully utilized bank limits. Further,
SGIL's liquidity is also stretched due delays by customers in
remittances.
Key Rating Drivers & Detailed Description

Weaknesses

* Business risk profile is susceptible to the tender base nature
of the business
SGIL's business profile remain constrained because of high
dependence on contracts floated by the agencies and intense
competition from several small players. Operating revenue may
grow by 10-15%, based on revenue visibility provided by the order
book. Operating profit margin has been in the range of 9-12% in
the four years ended March 31, 2017. Further, because of tender-
based nature of the business and intense competition in the
industry, its operating margin will remain vulnerable to
volatility in raw material prices or delays in awarding tenders.

* Working capital intensive operations:
SGIL has high working capital requirement, as reflected in
significant stretch in receivables leading to fully utilised bank
lines. Debtors are around 144 days as on March 31, 2017. The
receivables include around INR25 crore million due from Bihar
Corporation, which are due for more than six months.

Strengths

* Extensive experience of promoters in engineering industry:
SGIL's promoters have experience of over two decades in executing
mechanical engineering projects for industries such as ship
building, power, infrastructure, and fertilisers. The promoters'
extensive industry experience has enabled SGIL to undertake and
successfully execute more than 100 projects so far. Mr. B K Jain,
SGIL's founder promoter, has experience of more than 24 years in
executing mechanical engineering contracts.

Outlook: Stable

SGIL's liquidity will remain weak over the medium term because of
stretched receivables. The outlook may be revised to 'Positive'
if the company realises its overdue receivables without any
further delays and improves its collection cycle, or if promoters
infuse sizeable equity, leading to better liquidity. Conversely,
the outlook may be revised to 'Negative' in case of further
weakening of SGIL's liquidity, most likely because of a continued
stretch in its receivables without equity infusion, or a decline
in its cash accruals driven by lower revenues or profitability.

SGIL was established by Mr. Satnam Singh Sandhu and Mr. B K Jain
in 1987 as a private limited company, and was reconstituted as a
public limited company in 2008. It executes engineering contracts
involving erection, commissioning, and installation of machines.
It also erects and commissions high-capacity diesel generator
sets.

Net profit is estimated at INR4.95 crore  on net sales INR150.59
crore in fiscal 2017, against this company reported PAT of 2.66
crore on net sales of INR98.42 crore in fiscal 2016.


SCENARIO POWERTECH: CRISIL Assigns B Rating to INR3MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' rating to the
bank facilities of Scenario Powertech Private Limited (SPPL). The
ratings reflect SPPL's start-up phase, and expected modest scale
of operations in the highly competitive insulator industry. The
ratings also factor in the company's large working capital
requirements and moderate financial risk profile constrained
because of low networth. These rating weaknesses are partially
offset by the promoters' extensive industry experience and
strategic location of upcoming factory.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan            3         CRISIL B/Stable
   Bank Guarantee       2         CRISIL A4
   Cash Credit          1.5       CRISIL B/Stable

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations with moderate profitability: Due to
start-up phase of operations (operations started in April 2017),
scale is expected to remain modest at INR12-14 crore over the
medium term. Alongside margins will also remain at moderate level
because of intense competition in segment.

* Working capital-intensive operations:Working capital
requirement is expected to remain sizeable because of longer
receivables cycle, and moderate inventory. The gross current
assets are expected at 120 days over the medium term.

* Moderate financial risk profile; albeit small networth:
Financial risk profile is moderate with expected gearing level of
more than 2 times because of low networth at INR2.00 Cr as on
March 2017.

Strengths
* Promoters' experience: The promoters' experience of over a
decade and association with customers are expected to help
establish a strong market presence.

Outlook: Stable

CRISIL believes that SPPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company improves its financial risk
profile and promptly stabilises its operations, leading to
substantial cash accruals. Conversely, the outlook may be revised
to 'Negative' if BTPL's financial risk profile weakens owing to
significantly low cash accruals, or substantial working capital
requirements or debt-funded capital expenditure.

Incorporated in 2016, SPPL manufactures polymer insulators of 11-
33 kilovolts. Its facility is at Himatnagar (Gujarat). The
company is promoted by Mr. Ketul Patel, Mr. Ankit Patel, Mr.
Jigar Patel, Mr. Rashmikant Patel, Mr. Yashdeep Patel and Mr.
Dharmendra Patel -- all family members.


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 INR 0.14 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.


SHREE RENUKA: Ind-Ra Affirms 'D' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shree Renuka
Sugars Limited's (SRSL) Long-Term Issuer Rating at 'IND D'.  The
instrument-wise rating actions are:

   -- INR2.5 mil. Non-convertible debentures (NCDs) affirmed with
      'IND D' rating

                         KEY RATING DRIVERS

The affirmation reflects SRSL's continued delays in servicing
debt obligations due to its stretched liquidity position on
account of the inability to generate sufficient operating cash
flows.  Though SRSL on a consolidated level reported an
improvement in EBIDTA in FY17 amid better profitability in the
sugar segment (particularly refinery segment operations), the
cash flows were inadequate for debt servicing.  SRSL's domestic
sugar operations continue to be impacted by the
unavailability/shortage of cane and high cost of procurement.

The company participated in the joint lenders forum last year
which enabled it to reschedule its principle debt obligations.
In FY17, SRSL on a consolidated basis reported revenue growth of
20% yoy to INR119.4 billion with EBIDTA growth of 227.7% yoy to
INR7.0 billion and interest coverage of 0.8x (0.2x).

                        RATING SENSITIVITIES

Positive: An improvement in SRSL's liquidity profile coupled with
timely servicing of debt obligations for at least three
consecutive months could result in a positive rating action.

COMPANY PROFILE

SRSL operates seven sugar mills in India with a total crushing
capacity of 8.4 million metric tons per annum or 42,000 tons
crushed per day. It also has two port-based sugar refineries with
a total capacity of 2.3 million metric tons per annum. SRSL also
has a significant presence in South Brazil, through the
acquisitions of Renuka Vale do Ivai (100% owned) and Renuka do
Brazil (59.4% owned).


SHRI RAMSWAROOP: Ind-Ra Migrates 'D' Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shri Ramswaroop
Memorial Institute of Management and Computer Application's
(SRMIMCA) bank loan ratings 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 ratings will now appear as
'IND D(ISSUER NOT COOPERATING)' on the agency's website.  The
instrument-wise rating actions are:

   -- INR190 mil. Term loans (long term) migrated to Non-
      Cooperating Category;

   -- INR50 mil. Fund-based working capital facility (long term)
      migrated to Non-Cooperating Category

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

COMPANY PROFILE

SRMIMCA was registered in 1998 under the Societies Registration
Act XXI of 1860.  The society is currently chaired by Mr. Lakshmi
Narain Agarwal.  It manages the Shri Ramswaroop Memorial Group of
Professional Colleges, which offers a range of undergraduate and
postgraduate programmes in engineering, computer applications,
and management, and Shri Ramswaroop Memorial Public School, a
kindergarten to 12th grade school.


SIMBHAOLI SUGARS: CRISIL Reaffirms 'D' Rating on INR308.75MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Simbhaoli Sugars
Limited (SSL) continue to reflect instances of delay by the
company in meeting its debt obligations. SSL's financial risk
profile is weak because of a highly leveraged capital structure
and weak debt protection metrics. Also, the company is exposed to
regulatory risks and cyclicality in the sugar industry. However,
it has an established market position in the sugar industry and
is expected to benefit from the high sugar prices prevailing
currently due to favourable supply demand dynamics in the
industry.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           308.75      CRISIL D (Reaffirmed)

   Letter of credit &
   Bank Guarantee         83.50      CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    129.32      CRISIL D (Reaffirmed)

   Term Loan             222.06      CRISIL D (Reaffirmed)

   Working Capital
   Term Loan              49.99      CRISIL D (Reaffirmed)

Key Rating Drivers & Detailed Description

Strengths

* Established market position
SSL's plants are integrated sugar complexes comprising
cogeneration and distillery along with sugar mills to ensure
value addition through by products. SSL has a crushing capacity
of 20,100 tonnes along with a cogeneration capacity of 100 MW.
SSL has three sugar plants, one each in Simbhaoli and Brijnathpur
in western Uttar Pradesh, and in Chilwaria in eastern Uttar
Pradesh In fiscal 2016, the company had revenue of INR769 crore
and for the 9 months ended December 31, 2017, SSL had revenues of
INR555 crore.

* Favourable supply demand dynamics in sugar industry
Healthy demand, coupled with decline in sugar production, has led
to increase in sugar prices from INR26 per kilogram (kg) in SS
2014-15 to INR38 per kg in April, 2017. The sugar production fell
12% year-on-year (y-o-y) to 25 million tonne in SS 2015-16 driven
by the 19% y-o-y fall in production in Maharashtra to 8.5 million
tonne due to two successive deficient monsoons. In SS 2016-17,
the domestic production levels are expected to decline further to
20 million tonne due to decline in sugarcane production in
Maharashtra, as well as the southern states, whereas the
consumption is expected to be around 24 million tonne.

Weaknesses

* Weak Financial risk profile
Sharp decline in sugar prices and high interest costs have led to
substantial deterioration in financial risk profile in the past
few years resulting in cash losses. Accumulated losses have been
INR 6500 crore as on March 31, 2016 leading to a low net worth.
Net worth of the company stood at Rs319 crore as on September 30,
2016. Large debt funded capital expenditure incurred to setup
distillery and cogeneration facilities led to highly leveraged
capital structure with gearing of 2.81 times as on September
30,2016. High debt level resulted in weak debt protection metrics
with low interest coverage and net cash accruals to total debt
ratios.

* Exposure to regulatory risk and cyclical demand in sugar
industry
The sugar industry is susceptible to movements in sugar prices
which results in volatile profitability. Regulatory mechanisms
and dependence on monsoons have also rendered the sugar industry
cyclical. The government regulates the domestic demand-supply
through restrictions on imports and exports. While the input
prices are driven by the government, sugar prices are volatile
and based on open market prices which are dependent on the
production levels. High regulatory risks and cyclical demand in
the sugar industry will continue to constrain SSL's business risk
profile.

SSL (formerly, The Simbhaoli Sugar Mills Ltd) was originally
established as a partnership firm in 1933 in Simbhaoli, Uttar
Pradesh; the firm was reconstituted as a private limited company
in 1936 and then as a public limited company with the current
name in 1989.In 1992, SSL acquired a distillery and transformed
its Simbhaoli sugar plant into a sugar complex. The company now
has an integrated sugar unit and operates under the sugar-
alcohol-power business model. It is among the top 10 integrated
sugar companies in India.

SSL has three sugar plants, one each in Simbhaoli and Brijnathpur
in western Uttar Pradesh, and in Chilwaria in eastern Uttar
Pradesh; the company has a combined crushing capacity of 20,100
tonnes of sugarcane per day. It produces a range of sugar
products, such as white crystal refined sugar, pharmaceutical-
grade sugar, superfine sugar, sugar cubes, icing sugar, table
sugar, candy sugar, and sugar sachets. SSL hived off its power
and alcohol division into two wholly owned subsidiaries,
Simbhaoli Power Ltd and Simbhaoli Spirits Ltd, in 2012. In
November 2015, SSL was merged into Simbhaoli Spirits Ltd. (w.e.f.
April 01, 2015) and the newly formed entity was named SSL.

On a standalone basis, SSL had a net loss of INR92.87 crores on
net sales of INR768.9 crores for 2015-16 (refers to financial
year, April 1 to March 31), as against a net loss of INR159.69
crores on net sales of INR856.25 crores for 2014-15. For the 9
months ended December 31, 2016, SSL had a net loss of INR34.98
crores on net sales of INR554.6 crores as against a net loss of
INR112.8 crores on net sales of INR421.6 crores for the same
period in fiscal 2016.


SPIRIT INFRATECH: Ind-Ra Migrates 'D' Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Spirit Infratech
Private Limited's 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.  The instrument-wise rating action is:

   -- INR125 mil. Long-term loan migrated to Non-Cooperating
      Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Feb.4, 2015.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in February 2007, Spirit Infratech is setting up a
four-star hotel (Park Plaza Amritsar Airport) and service
apartments (Blessings) in Amritsar, Punjab for which it has tied
up with Carlson Hotels Asia Pacific Pty Limited.


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

  -- INR80 mil. Fund-based working capital limit migrated to non-
     cooperating category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 4, 2015.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2005, Subh Sanket Traders is a coal trader.


SUPRABHA CONSTRUCTION: CRISIL Ups Rating on INR5.8MM Loan to B
--------------------------------------------------------------
CRISIL has upgraded its rating on long-term bank facilities of
Suprabha Construction Company Private Limited (SCCPL) to 'CRISIL
B/Stable' from 'CRISIL B-/Stable', while reaffirming the short-
term facility at 'CRISIL A4'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee       2.5       CRISIL A4 (Upgraded from
                                  'CRISIL B-/Stable')

   Cash Credit          5.8       CRISIL B/Stable (Upgraded
                                  from 'CRISIL B-/Stable')

   Proposed Long Term   3.7       CRISIL B/Stable (Upgraded
   Bank Loan Facility             from 'CRISIL B-/Stable')

   Term Loan            2.0       CRISIL B/Stable (Upgraded
                                  from 'CRISIL B-/Stable')

The upgrade reflects improvement in the financial risk profile,
particularly liquidity, on the back of increasing cash accrual,
promoters funding support, and enhancement of the working capital
limit. Cash accrual is likely to be INR2.9-3.0 crore per fiscal
over the medium term, increasing from INR1.5 crore in fiscal 2016
on account of improving revenue and stable profitability. The
cash accrual will be adequate to service debt obligation of
INR0.94 crore per fiscal. The promoters have extended unsecured
loans (estimated at INR5.11 crore as on March 31, 2017) to
support operations. Moreover, the recent enhancement in the
working capital facility will help meet incremental working
capital requirement.

The ratings reflect a modest scale of operations in the intensely
competitive civil construction industry, exposure to risks
related to the tender-based nature of the business, and large
working capital requirement. These weaknesses are partially
offset by the  extensive industry experience of the promoters and
a moderate financial risk profile, though the networth is modest.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations in an intensely competitive industry:
Revenue is estimated to have been modest at INR21.3 crore for
fiscal 2017, constrained by intense competition.

* Exposure to risks related to the tender-based nature of
business: Revenue depends on success in winning tenders in a
competitive bidding process, and hence, may fluctuate.

* Large working capital requirement: Gross current assets are
estimated at 411 days as on March 31, 2017, because of sizeable
receivables, moderate work-in-progress inventory, and substantial
security deposits maintained with various government departments.

Strengths

* Extensive industry experience of the promoters: The promoter's
experience of over 20 years in the civil construction industry
has helped bag orders from government entities.

* Moderate financial risk profile: The gearing is estimated at
0.75 time as on March 31, 2017, because of moderate reliance on
bank debt. Debt protection metrics are also comfortable, with
interest coverage ratio estimated at 3.4 times for fiscal 2017,
because of moderate operating profitability. However the networth
is modest, estimated at INR6.6 crore As on March 31, 2017.

Outlook: Stable

CRISIL believes SCCPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if significant improvement in revenue and stable
profitability lead to higher-than-expected cash accrual, while
working capital management improves. The outlook may be revised
to 'Negative' if low cash accrual, a stretched working capital
cycle, or large, debt-funded capital expenditure weakens the
financial risk profile, particularly liquidity.

SCCPL was established in Nashik, Maharashtra, in 2005 by Mr.
Praveen Bhoi. The firm is a registered contractor with the Public
Works Department (PWD), Maharashtra. It undertakes contracts for
construction of roads and allied civil works for the PWD and
local government bodies.

For fiscal 2016, net loss was INR0.57 crore on net sales of
INR16.26 crore, against profit after tax of INR0.69 crore on net
sales of INR19.36 crore for the previous fiscal.


SWASTIK PLYBOARD: CRISIL Assigns B- Rating to INR3MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Swastik Plyboard Limited (SPL).

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Letter of Credit      1.5       CRISIL A4
   Bank Guarantee        2         CRISIL A4
   Cash Credit           3         CRISIL B-/Stable


The ratings reflect a modest scale of operations in the highly
fragmented timber industry, large working capital requirement,
and a weak financial risk profile. These weaknesses are partially
offset by the extensive industry experience of the promoter and
their funding support.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in a highly fragmented industry: Net
sales are estimated at INR6.73 crore for fiscal 2017.  Despite an
expected increase in scale of operations, the company will remain
a marginal player in the timber trading and processing business
due to the fragmented nature of the industry.

* Large working capital requirement: Gross current assets were
sizeable, estimated at 661 days as on March 31, 2017, driven by
high receivables and inventory of 338 days and 269 days,
respectively. Operations are likely to remain working capital
intensive over the medium term as well.

* Weak financial risk profile: The total outside liabilities to
tangible networth ratio was high, estimated at 4.64 times as on
March 31, 2017, and debt protection metrics weak, with interest
coverage and net cash accrual to total debt ratios of 1.32 times
and 0.02 time, respectively, in fiscal 2017. The financial risk
profile is expected to remain weak over the medium term on
account of sizeable working capital debt and continued low
accretion to reserves.

Strength

* Extensive industry experience of the promoter and his funding
support: Presence of more than four decades in the timber
industry has enabled the promoter to establish a healthy
relationship with key customers and suppliers, and develop
industry insight. Benefits from this are expected to continue.
The promoter has also extended unsecured loans (estimated at
INR1.15 crore on March 31, 2017).

Outlook: Stable

CRISIL believes SPL will continue to benefit from the extensive
industry experience of the promoter and his funding support. The
outlook may be revised to 'Positive' if there is a significant
and sustained increase in cash accrual, coupled with improvement
in the financial risk profile. The outlook may be revised to
'Negative' in case of a considerable decline in revenue or
profitability margins, a stretch in the working capital cycle, or
large, debt-funded capital expenditure, resulting in
deterioration in the financial risk profile.

Incorporated in 1996, SPL is promoted by Mr. Sumer Chand Jain.
The company manufactures plyboard, block boards, and flush doors,
and also trades in timber. Its manufacturing facility is in
Jaipur.

Profit after tax (PAT) and net sales are estimated at INR0.08
crore and INR6.73 crore, respectively, for fiscal 2017; PAT was
INR0.06 crore on net sales of INR6.69 crore in fiscal 2016.


TULSI INFRA: CRISIL Lowers Rating on INR9.75MM Term Loan to B
-------------------------------------------------------------
CRISIL has been consistently following up with Tulsi Infra
Projects Private Limited (TIPL) for obtaining information through
letters and emails dated January 19, 2017, and February 09, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Term Loan           9.75      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 Tulsi Infra Projects Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Tulsi Infra Projects 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.

TIPL was established in 2011 by Mr. Vivek Patni, Mr. Vilas Patni,
Mr. Manish Sethia, and Mr. Sepani. The company undertakes real
estate development and is currently developing Patni Revellow, a
residential project spread over 250,000 square feet (sq ft) in
Washim, Maharashtra. It has recently completed a commercial
project covering 180,000 sq ft at the same location.


ULTIMA SWITCHGEARS: CRISIL Reaffirms B Rating on INR6MM Cash Loan
-----------------------------------------------------------------
CRISIL has been consistently following up with Ultima Switchgears
Limited (USL) 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; Rating
                                     Reaffirmed)

   Bank Guarantee         3.5        CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Bill Discounting       1.5        CRISIL A4 (Issuer Not
   under Letter of                   Cooperating; Rating
   Credit                            Reaffirmed)

   Cash Credit            6.0        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

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

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

Detailed Rationale

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

Incorporated in 1997, USL manufactures electrical components such
as electrical control panels and boards, switchgears, suspension
clamps, and drop-out fuses. The operations are managed by Mr. D V
Parmar.


V. S. Y. INTERNATIONAL: CRISIL Cuts Rating on INR2.5MM Loan to B
----------------------------------------------------------------
CRISIL has been consistently following up with V. S. Y.
International Private Limited (VSY) for obtaining information
through letters and emails dated January 19, 2017, and
February 9, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          8        CRISIL A4 (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL A4+')

   Cash Credit             2.5      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 V. S. Y. International Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for V. S. Y. International 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.

Incorporated in 2008 by Mr. Vijay Singh Yadav as a private
limited company, VSY constructs roads for the Uttar Pradesh
government. The Mau (Uttar Pradesh)-based company also provides
cold storage facility to potato farmers.


VISA POWERTECH: CRISIL Lowers Rating on INR2MM Cash Loan to 'B'
---------------------------------------------------------------
CRISIL has been consistently following up with Visa Powertech
Private Limited (VPPL) for obtaining information through letters
and emails dated January 19, 2017, and February 09, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                     Amount
   Facilities       (INR Mln)      Ratings
   ----------       ---------      -------
   Bank Guarantee         8        CRISIL A4 (Issuer Not
                                   Cooperating; Downgraded from
                                   'CRISIL A4+')

   Cash Credit            2        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 Visa Powertech 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 Visa Powertech 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.

Incorporated in 2005, VPPL was promoted by Mr. Satinder Agarwal
and Mrs. Bhavna Agarwal. The Navi Mumbai-based company is engaged
in energy distribution, energy quality and efficiency, home
automation systems and manufacturing of solar photo-voltaic power
systems.


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 INR 38.8 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.


ZAACI DIAMONDS: Ind-Ra Migrates 'D' Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Zaaci Diamonds
India Pvt Ltd's (ZDIPL) 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.  The instrument-wise rating actions are:

   -- INR60 mil. Fund-based facilities (long-term) migrated to
      Non-Cooperating Category; and

   -- INR9 mil. Term loan (long-term) migrated to Non-Cooperating
      Category

Note: Issuer Not Cooperating: The ratings were last reviewed on
Jan. 5, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

ZDIPL, a private limited company, was incorporated in 2011.  The
company commenced operations in 2012.  It is engaged in the
production and trading of gold and diamond jewelry.  Its workshop
is located in Mohali, Punjab.



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


TOSHIBA CORP: Hynix, Bain May Join Gov't.-Led Bid for Chip Unit
---------------------------------------------------------------
The Japan Times reports that the government is considering
bringing South Korean chip maker SK Hynix Inc. and U.S.
investment fund Bain Capital into a consortium seeking to buy
Toshiba Corp.'s chip unit, sources close to the matter said on
June 14.

The bid for Toshiba Memory Corp. being arranged by the Economy,
Trade and Industry Ministry could be more than JPY2 trillion
($18.2 billion), the sources said, The Japan Times relates.

It would also put pressure on Western Digital Corp., Toshiba's
chip manufacturing partner, which is seeking to buy the unit and
opposes any sale to a third party, according to the report.

The U.S. company is considering raising its bid price for Toshiba
Memory to over JPY2 trillion, people close to the matter said
last week, Bloomberg recalls.

Earlier in the month, Toshiba said it will seek to pick a bidder
by June 28 when it holds a shareholders meeting to complete the
process within fiscal 2017, the Japan Times notes.

According to the report, the cash-strapped company, reeling from
its worst-ever financial crisis, is hoping for a quick sale of
Toshiba Memory to offset huge losses related to Westinghouse
Electric Co., Toshiba's nuclear unit which filed for Chapter 11
bankruptcy protection in March.

Last month, Toshiba estimated a record group net loss of JPY950
billion for the fiscal year ended March 31 and said it is set to
fall into a negative net worth of JPY540 billion at the end of
next March, the Japan Times relates.

Unless Toshiba eliminates negative net worth by March 2018, it
will face delisting from the Tokyo Stock Exchange. For Toshiba,
selling its flash memory business may well be the last resort to
eliminate the negative net worth within the fiscal year, adds the
Japan Times.

                           About Toshiba

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

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


TOSHIBA CORP: Faces Nearly $1BB in Claims from Accounting Scandal
-----------------------------------------------------------------
Nikkie Asian Review reports that Toshiba Corp. said June 13 that
a lawsuit from 70 plaintiffs, including foreign banks and
institutional investors, that seek about JPY43.9 billion
($399 million) for losses they blame on the dodgy accounting that
came to light in 2015.

The complaint was filed with the Tokyo District Court on April 3
and served on June 12, the company said.  Nikkei relates that the
Japanese group has now been hit with 26 suits from institutional
and individual investors relating to the scandal, demanding a
total of around JPY108.4 billion in compensatory damages. This
creates a potential stumbling block to efforts to repair the
damage from losses in its U.S. nuclear power business.

Nikkei says Toshiba has so far reflected the impact of litigation
costs on its estimated fiscal 2016 results at around
JPY40 billion. The figure includes a portion from the just-
revealed complaint, of which the company received advance notice
from some of the plaintiffs.

With the list having grown, "provisions for a reasonably
estimable amount" of liabilities will be made in fiscal 2016
results, Toshiba said, adds Nikkei.

                           About Toshiba

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

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



===============
M O N G O L I A
===============


MONGOLIA: Moots Asset Management Company to Tackle Bad Loans
------------------------------------------------------------
The Financial Times reports that the Mongolian government is
considering the establishment of an asset management company
before the end of the year to offload onerous non-performing
loans from domestic banks' balance sheets.

Mongolia secured an International Monetary Fund financial package
last month to slash a bulging debt load, notes the report. That
package included a requirement for an audit of the domestic
banking sector as part of its fiscal discipline guidelines, the
FT says.

The FT relates that the IMF's three-year, $434 million loan
unlocked financial support from the Asian Development Bank, the
World Bank, Japan and South Korea, while the People's Bank of
China extended existing swap lines with the Bank of Mongolia, the
central bank.

The total financial package amounts to $5.5 billion, helping
Mongolia service external debt repayments of about $2 billion
through to 2022, the report notes.

The FT says the 16 banks serving Mongolia's $10 billion economy
are small, pay extraordinarily high deposit rates and are
burdened with bad debt built up during the mining industry's
previous boom and bust cycle.

The asset management company would help banks offload NPLs and
release capital that is held against bad loans, which many banks
prefer to roll over rather than recognize, adds the FT.



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


BW GROUP: Moody's Withdraws Ba1 CFR and Stable Outlook
------------------------------------------------------
Moody's Investors Service has withdrawn BW Group Ltd's Ba1
corporate family ratings and its stable outlook.

RATINGS RATIONALE

Moody's has withdrawn the ratings for its own business reasons.

BW Group Ltd is a global maritime transportation group involved
in oil and gas transportation, floating gas infrastructure,
marine environmental technologies and deepwater production. BW
Group Ltd repaid the full amount of its senior secured notes at
the end of April 2017. On May 1, 2017, the Ba1 rating on the
notes were withdrawn.


                             *********

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 ***