TCRAP_Public/170619.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, June 19, 2017, Vol. 20, No. 120

                            Headlines


A U S T R A L I A

AFIC SCHOOLS: First Creditors' Meeting Set for June 23
AKS HOMES: Second Creditors' Meeting Set for June 23
BAWES PTY: First Creditors' Meeting Set for June 27
CRAWFORD JONES: First Creditors' Meeting Set for June 27
HAYCOLEC INDUSTRIES: First Creditors' Meeting Set for June 23

HYGRADE GROUP: First Creditors' Meeting Set for June 26
SIMPSON PLUMBING: Second Creditors' Meeting Set for June 23
VENTURA EDUCATION: First Creditors' Meeting Set for June 26
WAYNELEC PTY: First Creditors' Meeting Set for June 23


C H I N A

TUNGHSU VENUS: Fitch Gives Final B Rating to US$350MM Sr. Notes


H O N G  K O N G

NOBLE GROUP: Creditors Agree to Extend Credit Facility Deadline
NORD ANGLIA: S&P Affirms 'B' LT CCR, Off CreditWatch Negative


I N D I A

AAJ KA ANAND: CRISIL Reaffirms 'D' Rating on INR46.8MM Cash Loan
AKASHDEEP CONSTRUCTION: CRISIL Rates INR5.85MM LT Loan 'B+'
ALLIED ENGINEERS: CRISIL Cuts Rating on INR5MM Cash Loan to 'B'
ARIHANT INFRASTRUCTURES: CRISIL Cuts Rating on INR12.5M Loan to B
ASMITHA MICROFIN: CRISIL Reaffirms 'D' Rating on INR988.35MM Loan

BALAJEE PLY-PRODUCT: CRISIL Reaffirms B- Rating on INR3MM Loan
BINAYAK HI-TECH: CRISIL Downgrades Rating on INR8MM Loan to B
CLASSY SANITARYWARES: CRISIL Assigns B+ Rating to INR3.9MM Loan
CREATIVE AND CROFTS: CRISIL Cuts Rating on INR2.75MM Loan to B
DUARS UNION: CRISIL Reaffirms B+ Rating on INR7.5MM Cash Loan

EMAAR ALLOYS: CRISIL Reaffirms 'D' Rating on INR9.54MM Loan
GANESH TRANSMISSION: CRISIL Cuts Rating on INR6.5MM Loan to 'B'
GIRINDRA HOSPITALITY: CRISIL Cuts Rating on INR6.5MM Loan to D
PREMIUM FOODS: CRISIL Lowers Rating on INR10MM LT Loan to 'B'
K V BARAD: CRISIL Lowers Rating on INR0.7MM LT Loan to 'B'

KRISHAK VIKAS: CRISIL Lowers Rating on INR1MM LT Loan to 'B'
KUMAR DRINKS: CRISIL Lowers Rating on INR7MM Cash Loan to 'B'
MAA BIJASANI: CRISIL Cuts Rating on INR4.0MM Cash Loan to 'B'
MSC IMPEX: CRISIL Cuts Rating on INR5MM Cash Loan to 'B'
NEW - TECH STEEL: CRISIL Reaffirms 'D' Rating on INR25MM Loan

NUFARM FROZENS: CRISIL Cuts Rating on INR6MM Cash Loan to 'B'
ORAI FLOUR: CRISIL Lowers Rating on INR14MM Cash Loan to 'B'
ORIGIN CORPORATION: CRISIL Reaffirms D Rating on INR6.15MM Loan
PLASTO ELTRONICS: CRISIL Cuts Rating on INR3.0MM Cash Loan to B
RAJ CONSTRUCTION: CRISIL Cuts Rating on INR2MM LT Loan to B+

SANT VALVES: CRISIL Lowers Rating on INR6.50MM Cash Loan to 'B'
SHREE KRISHNA: CRISIL Reaffirms 'B' Rating on INR6.45MM Loan
SPENTO FLOOR: CRISIL Lowers Rating on INR6MM Term Loan to 'B'
SRI BHAGYALAKSHMI: CRISIL Cuts Rating on INR20MM Loan to B+
SRI LAXMI: CRISIL Reaffirms B+ Rating on INR5MM Cash Loan

SUMOHAN ENGINEERS: CRISIL Reaffirms 'D' Rating on INR21MM Loan
SUPERTECH PRECAST: CRISIL Cuts Rating on INR31.5MM Loan to 'D'
SUPERTECH REALTORS: CRISIL Lowers Rating on INR735MM Loan to D
TARA SALES: CRISIL Reaffirms 'D' Rating on INR18MM Cash Loan
VARSHA AUTOLINES: CRISIL Assigns B+ Rating to INR2.0MM Loan

VICTORY OIL: CRISIL Reaffirms B+ Rating on INR10MM Cash Loan
VICTORY OIL GRAM: CRISIL Reaffirms B+ Rating on INR9.5MM Loan
* INDIA: State-Run Lenders May Need More Capital, RBI Deputy Says


J A P A N

TAKATA CORP: Plans to File for Bankruptcy as Soon as This Week
TOSHIBA CORP: S&P Keeps 'CCC-' CCR on CreditWatch Negative


N E W  Z E A L A N D

INTUERI EDUCATION: ACG Buys 7 New Zealand Vocational Schools
NOSH GROUP: Veritas Investments Sued New Owner on NZ$1.9MM Debts


P H I L I P P I N E S

RURAL BANK OF GOA: PDIC Pays PHP82.8-Mil. in Deposit Insurance


S I N G A P O R E

GLOBAL A&T: Fitch Cuts IDRs to CC on Probable Default


T H A I L A N D

PTT EXPLORATION: S&P Lowers Rating on Perpetual Securities to BB+


                            - - - - -


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


AFIC SCHOOLS: First Creditors' Meeting Set for June 23
------------------------------------------------------
A first meeting of the creditors in the proceedings of AFIC
Schools (S.A.) Limited, trading as Islamic College of South
Australia, will be held at the offices of Bernardi Martin,
195 Victoria Square, in Adelaide, SA, on June 23, 2017, at
10:00 a.m.

Hugh Sutcliffe Martin of Bernardi Martin was appointed as
administrator of AFIC Schools on June 14, 2017.


AKS HOMES: Second Creditors' Meeting Set for June 23
----------------------------------------------------
A second meeting of creditors in the proceedings of AKS Homes
(Qld) Pty Ltd has been set for June 23, 2017, at 2:00 p.m., at
the offices of SV Partners, SV House, 138 Mary Street, in
Brisbane, Queensland.

The purpose of the meeting are (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 22, 2017, at 10:30 a.m.


BAWES PTY: First Creditors' Meeting Set for June 27
---------------------------------------------------
A first meeting of the creditors in the proceedings of Bawes Pty
Ltd will be held at Level 9, 60 Pitt Street, in Sydney, NSW, on
June 27, 2017, at 12:00 p.m.

Christian Sprowles -- csprowles@hogansprowles.com.au -- and
Michael Hogan -- mhogan@hogansprowles.com.au -- of HoganSprowles
were appointed as administrators of Bawes Pty on June 15, 2017.


CRAWFORD JONES: First Creditors' Meeting Set for June 27
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Crawford
Jones Pty Ltd, trading as Laser Plumbing and Electrical Artarmon,
will be held at Level 9, 60 Pitt Street, in Sydney, NSW, on
June 27, 2017, at 11:00 a.m.

Christian Sprowles and Michael Hogan of HoganSprowles were
appointed as administrators of Bawes Pty on June 15, 2017.


HAYCOLEC INDUSTRIES: First Creditors' Meeting Set for June 23
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Haycolec
Industries Pty Limited will be held at the Australian Institute
of Company Directors, at the Optus Centre, at Level 26, 367
Collins Street, in Melbourne, Victoria, on June 23, 2017, at
11:00 a.m.

Domenico Alessandro Calabretta & Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of Waynelec Pty on June
14, 2017.


HYGRADE GROUP: First Creditors' Meeting Set for June 26
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Hygrade
Group Pty Ltd, Hygrade Management & Software Pty Ltd, and Hygrade
Cutting Formes Co. Proprietary Limited, will be held at the
offices of Pitcher Partners, Level 19, 15 William Street, in
Melbourne, on June 26, 2017, at 2:00 p.m.

David Raj Vasudevan & Andrew Reginald Yeo of Pitcher Partners
were appointed as administrators of Hygrade Cutting on June 15,
2017.


SIMPSON PLUMBING: Second Creditors' Meeting Set for June 23
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Simpson
Plumbing Qld Pty Ltd has been set for June 23, 2017, at
11:00 a.m., at the offices of AMB Insolvency, Level 1, 6 Allison
Street, in Bowen Hills, Queensland.

The purpose of the meeting are (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 22, 2017, at 4:00 p.m.

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


VENTURA EDUCATION: First Creditors' Meeting Set for June 26
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Ventura
Education Pty Ltd, formerly traded as "KIP McGrath Education
Centres (Bankstown)" and "KIP McGrath Education Centres Chester
Hill", will be held at the boardroom of Chifley Advisory, at
Suite 3.04, Level 3, 39 Martin Place, in Sydney, NSW, on June 26,
2017, at 3:00 p.m.

Gavin Moss of Chifley Advisory Pty Ltd was appointed as
administrator of Ventura Education on June 14, 2017.


WAYNELEC PTY: First Creditors' Meeting Set for June 23
------------------------------------------------------
A first meeting of the creditors in the proceedings of Waynelec
Pty Limited, trading as Ausmar Industries Pty Ltd, will be held
at the Australian Institute of Company Directors, Optus Centre,
Level 26, 367 Collins Street, in Melbourne, Victoria, on June 23,
2017, at 11:30 a.m.

Domenico Alessandro Calabretta & Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of Waynelec Pty on June
14, 2017.



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


TUNGHSU VENUS: Fitch Gives Final B Rating to US$350MM Sr. Notes
---------------------------------------------------------------
Fitch Ratings has assigned Tunghsu Venus Holdings Limited's
US$350 million 7.00% senior notes due 2020 a final rating of 'B+'
and Recovery Rating of 'RR4'.

The notes are guaranteed by Tunghsu Group Co., Ltd.'s (B+/Stable)
and are rated at the same level as Tunghsu's senior unsecured
rating because they constitute its direct and senior unsecured
obligations. The final rating is in line with the expected rating
assigned on May 31, 2017.

Tunghsu's ratings are supported by its established, leading
position in the optoelectronic display industry, its diversified
funding channels and a strong liquidity profile. Tunghsu's
ratings are constrained by its product and geographical
concentration, a short track record in segments that are outside
its main optoelectronic display business, structural
subordination, as well as higher leverage to fund its expansion
in the next three years.

KEY RATING DRIVERS

Niche Market Leader: Tunghsu Group's core business is operated
through its listed affiliate Dongxu Optoelectronic Technology Co
Ltd (DXGD), China's largest glass-substrate producer. Despite the
low shareholding of 18.13%, Tunghsu holds key patents for DXGD's
production, which is crucial in an industry with high
technological and capital barriers. Tunghsu is the only domestic
player manufacturing a complete set of equipment for both TFT-LCD
glass substrates and touch-screen glass, accounting for about 11%
of China's production volume of glass substrate for sizes up to
G6 and 1.6% globally in 2016.

DXGD's low-cost base compared with foreign players has helped it
to maintain gross profit margins above 30%-40%, supported by
favourable industry policies to localise and lower labour costs.
DXGD's high-end equipment capability has enabled the company to
build its production lines in-house, saving the company up to 25%
in capital expenditure.  Fitch expects margins to remain high for
glass substrates in the medium term as the average selling price
has stabilised after its key competitor Corning ceased production
of its lower-end lines for glass sizes less than G6.

Structural Subordination: Tunghsu Group operates two of its four
key business segments, namely optoelectronic displays and solar
farm operation, through its two listed affiliates, obtained
through backdoor listings. Other than DXGD, it owns 30.98% of
Tunghsu Azure Renewable Energy Co Ltd (DXLT), under which it
operates its solar farm business. Tunghsu's access to its listed
affiliates' cash is limited by their dividend policies due to
material minority interests. Therefore, Fitch has taken a
proportionate consolidated approach to evaluate Tunghsu's
financial profile.

Historically, Tunghsu has pledged a large portion of the listed
affiliates' shares to banks. Fitch expects this practice to
remain a regular source of funding for the group, given the lower
financing cost and the group's continuous funding needs to
support its listed businesses.

Limited Record on New Business: Tunghsu's businesses outside of
optoelectronic display industry were established in the last two
years. Fitch expects its high-end equipment manufacturing segment
to be the key driver of its EBITDA generation in the next few
years given its relatively larger scale, high-margin nature and
low operating leverage. However, Tunghsu's order book history in
this segment is quite volatile and order book backlog in 4Q16 was
20% of 2016 revenue. Tunghsu relies on continuous incoming orders
to sustain the segment's revenue.

In addition, Tunghsu has accelerated its expansion in solar farm
construction since 2016. The strategy entails high execution risk
for a new entrant in the capital intensive, regulation-driven,
highly competitive solar plant industry. There is low visibility
on DXLT's competitive position, and its source of funding to
support its aggressive construction plan of 2GW within the next
two years, and another 2GW in 2019-2021. Currently the largest PV
power plant investor in China has on-grid installed capacity of
1.4GW. Capex in the next three years will be over CNY20 billion.

Leverage to Increase: On a proportionate consolidated basis,
Tunghsu's FFO-adjusted net leverage was 5.4x and 2.5x in 2015 and
2016, respectively, and Fitch expects this to increase to 3x-3.5x
in 2017, including the CNY3.7 billion debt guarantee to DXLT. The
higher leverage is mostly driven by the high capex plans of its
two listed affiliates, to which Tunghsu will contribute on a
proportionate basis.

Tunghsu's financial profile has lower predictability due to its
opportunistic expansion and the continuous funding needs of its
listed affiliates, which plan to fund most of their expansion
through equity placements. Tunghsu will continue to participate
in the placements to avoid a dilution of its stakes. Both DXGD
and DXLT operate in industries that require significant capital
investments.

Diversified Funding Channels: Tunghsu has established diversified
funding channels in recent years. DXGD and DXLT have completed
CNY25 billion in private placements within the last two years,
and expect to launch another CNY8.6 billion placement subject to
exchange approval in 2017. At end-2016, Tunghsu had CNY15.2
billion in onshore bonds outstanding. In addition, Tunghsu has
the support of its second-largest shareholder Huarong Trust
International (with 25% interest) in terms of short-term
facilities and co-investment opportunities.

DERIVATION SUMMARY

Tunghsu's profile is comparable with its peers with 'B+' ratings.
Tunghsu's proportionately consolidated EBITDA of CNY3.5 billion
is higher than China XD Plastics Co Ltd's (B+/Stable) at CNY1.4
billion. Historical EBITDA margin is higher at 20%-25%, yet with
lower visibility due to the evolving business mix as Tunghsu
expands. FFO-adjusted net leverage is comparable to 'B+' peers at
2x-3x. Tunghsu's business profile is driven by its weaker non-
listed segments and the stronger DXGD. The non-listed segments'
profile is comparable to 'B' level peers, due to its weak market
position, limited track record and lower business stability.
DXGD's profile is comparable to Kangde Xin Composite Material
Group Co., Ltd. (BB/Stable) due to its technology leadership,
strong market position in a niche market, low cost base, and
strategic alliance with customers.

KEY ASSUMPTIONS

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

- Stable revenue and EBITDA margin for the non-listed high
   equipment business

- DXGD's EBITDA growth of 25%, 55%, and 14% in 2017-2019 driven
   by glass substrates capacity expansion and contribution from
   newly acquired businesses

- Dividend payout ratio to remain at 25% and 10% for DXGD and
   DXLT, respectively in 2017-2019

- Capital expenditure for DXGD and DXLT to be around CNY40
   billion for 2017-2019

RATING SENSITIVITIES

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

- Material cash flows from listed entities to Tunghsu, including
   patent fees or dividends
- FFO-adjusted net leverage to be sustained below 2x
- FFO interest coverage to be sustained above 3x
- Material improvements in its segment credit profile

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

- FFO-adjusted net leverage to be sustained above 3x
- Non-listed segments' FFO-adjusted net leverage to be sustained
   above 5x
- EBITDA margin to be sustained below 20%
- FFO interest coverage to be sustained below 2x
- Material deterioration in its segment credit profile

LIQUIDITY

Strong Liquidity: Tunghsu Group's (after deconsolidating the
listed and financing entities) undrawn credit facilities from
banks amounted to CNY17.5 billion at end-2016. Tunghsu has
sufficient liquidity to meet its short-term debt of CNY6.3
billion and investments in 2017.



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


NOBLE GROUP: Creditors Agree to Extend Credit Facility Deadline
---------------------------------------------------------------
Reuters reports that creditors of Noble Group Ltd have agreed to
offer a lifeline by pushing back a repayment deadline on a
crucial credit line until October, a source familiar with the
matter said on June 16.

The report relates that the Singapore-listed company has been in
negotiations with banks to roll over a US$2 billion credit
facility, secured on its inventories and working capital. The
facility is due to be rolled over by the end of this week,
Reuters says.

The expiry of the credit line has been extended until October and
in exchange creditors have asked Noble to find a strategic
investor, the person said, declining to be named because the
information is not public yet, Reuters relays.

                        About Noble Group

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

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

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

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


NORD ANGLIA: S&P Affirms 'B' LT CCR, Off CreditWatch Negative
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term corporate credit
rating and 'cnBB-' Greater China regional scale rating on Nord
Anglia Education Inc., a Hong Kong-based premium education
provider.  S&P also affirmed its 'B' long-term issue rating and
'cnBB-'Greater China regional scale rating on Nord Anglia's
guaranteed loans, notes, and revolving credit facility.  The
recovery rating on Nord Anglia's existing bank loans remains at
'4', indicating S&P's expectation for average recovery (30%-40%;
rounded estimate: 40%) in the event of payment default.  S&P
removed all the ratings from CreditWatch, where it had placed
them with negative implications on April 27, 2017.

S&P affirmed the ratings on Nord Anglia in tandem with S&P's
rating action on Bach Finance Ltd. earlier today.  Bach Finance
(B(prelim)/Stable/--; cnBB-(prelim)/--) is the holding company
for a consortium that proposes to acquire Nord Anglia.

Bach Finance would become the parent of Nord Anglia should the
proposed acquisition be completed.  The company's purpose is to
solely and wholly hold Nord Anglia for the consortium led by
Baring Private Equity Asia and Canada Pension Plan Investment
Board.  As such, S&P has equalized the ratings on Nord Anglia
with the preliminary rating on Bach Finance.

The stable outlook on Nord Anglia reflects the stable outlook on
the preliminary rating on Bach Finance.

S&P could lower or raise its ratings on Nord Anglia if S&P lowers
or raise its ratings on Bach Finance.  S&P could review the
rating and outlook on Nord Anglia if the deal does not
materialize.



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I N D I A
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AAJ KA ANAND: CRISIL Reaffirms 'D' Rating on INR46.8MM Cash Loan
----------------------------------------------------------------
CRISIL has been consistently following up with Aaj Ka Anand
Papers Limited 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.

Thus, CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             38        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Funded Interest         15.2      CRISIL D (Issuer Not
   Term Loan                         Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit       46.85      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan              20.22      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Working Capital        31.73      CRISIL D (Issuer Not
   Term Loan                         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', CRISIL said. 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 Aaj Ka Anand Papers 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 Aaj Ka Anand Papers 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,

AKAPL, based in Pune, was formed as a proprietorship firm in
1971; this firm was reconstituted as a closely held company in
1993, promoted by Mr. Shyam Agarwal. The company prints and
publishes Hindi, Marathi, and English daily newspapers: Aaj ka
Anand, Sandhyanand, and Life 365, respectively. It also owns a
30-room budget hotel, Citi-o-tel, at Pune. AKAPL is currently
being managed by Mr. Anand Agarwal.


AKASHDEEP CONSTRUCTION: CRISIL Rates INR5.85MM LT Loan 'B+'
-----------------------------------------------------------
CRISIL Ratings has assigned its CRISIL B+/Stable/CRISIL A4 rating
to the bank facilities of Akashdeep Construction Co. The ratings
reflect the firm's modest scale of operations and large working
capital requirement in the highly fragmented civil construction
industry. These weaknesses are partially offset by its
proprietor's extensive industry experience, and its above-average
financial risk profile.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Proposed Long Term
   Bank Loan Facility        5.85      CRISIL B+/Stable
   Loan Against Property     1.35      CRISIL B+/Stable
   Bank Guarantee            7.00      CRISIL A4
   Cash Credit                .80      CRISIL B+/Stable

Key Rating Drivers & Detailed Description

Weaknesses

Modest scale of operations in a highly fragmented industry: ACC's
scale of operations, indicated by provisional turnover of
INR18.35 crore in fiscal 2017, is modest relative to the size of
the civil construction industry. The firm's tender-based
operations limit its pricing flexibility in a competitive
industry.

Working capital intensity of operations: ACC's operations have
remained highly working capital intensive, marked by gross
current assets (GCA) of 365 days as on March 31, 2016. The same
is on account of moderate debtor days, and deposits in form of
FDR's, NSC's and securities with various departments of INR3.3
crore. The working capital operations are expected to improve as
the company is expected to use bank guarantee for security
deposits over the medium term. However, the operations will still
remain working capital intensive in the range of 100-150 days in
2016-17.

Strength

Proprietor's extensive industry experience: The proprietor Mr.
Hemant Agarwal and his family have been actively engaged in the
civil construction industry for over two decades through ACC.
Since its inception, the firm has executed several projects for
public works departments and municipal authorities for roads in
Uttar Pradesh. The proprietor's longstanding presence in the
civil construction industry has led to established relationships
with suppliers, ensuring easy availability of raw materials.

Above-average financial risk profile: The financial risk profile
is supported by estimated gearing of less than 1 time as on
March 31, 2017. The company recorded gearing of 0.71 times with
interest cover and NCATD of 1.53 times and 0.10 times as on
March 31, 2016.

Outlook: Stable

CRISIL believes ACC will continue to benefit from its
proprietor's extensive industry experience. The outlook may be
revised to 'Positive' if more-than-expected increase in revenue
leads to higher-than-expected net cash accrual, and working
capital is managed prudently. The outlook may be revised to
'Negative' if the financial risk profile weakens on account of a
decline in revenue and profitability, or if the firm undertakes
larger-than-expected, debt-funded capital expenditure, or if
liquidity weakens significantly because of increase in working
capital requirement.

ACC, a proprietorship firm incorporated in 1991 by Mr. Hemant
Agarwal, undertakes civil construction work, mainly for roads and
buildings for government organizations, mainly Raj Krishi Mandi
Utpadan Samiti (Mandi Parishad), Pradhan Mantri Gram Sadak Yojna
(PMGSY), Uttar Pradesh State Industrial Development Corporation
(UPSIDC) in Uttar Pradesh.

The firm had a profit after tax (PAT) of INR20 lakh on operating
income of INR4.58 crore in fiscal 2016, against a PAT of INR13
lakh on operating income of INR3.52 crore in fiscal 2015.


ALLIED ENGINEERS: CRISIL Cuts Rating on INR5MM Cash Loan to 'B'
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Allied
Engineers - Karnal (AE) for obtaining information through letters
and emails dated February 7, 2017, and March 22, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non-cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           5        CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING', CRISIL said. 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 Allied Engineers - Karnal.
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 Allied Engineers - Karnal 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
the short term rating at CRISIL A4.

AE was set up by Karnal, Haryana-based Gupta family. Mr. Pankaj
Gupta and his brother, Mr. Sandeep Gupta was the partners in the
company with profit sharing of 50 per cent each. In 2015, Mr.
Pankaj Gupta left the partnership and his father Mr. Pawan Gupta
became partner in the firm. AE is engaged in commercial and
industrial construction, primarily in Haryana. AE undertakes
buildings construction project for government departments and
private entities.


ARIHANT INFRASTRUCTURES: CRISIL Cuts Rating on INR12.5M Loan to B
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Arihant
Infrastructures for obtaining information through letters and
emails dated February 7, 2017 and March 22, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non-cooperative.

CRISIL thus gave this rating:

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan            12.5       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', CRISIL said. 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 Arihant 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 Arihant 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.

Arihant was set up as a partnership firm in 2009. It is a
special-purpose vehicle formed by the Arihant group for
undertaking a residential real estate project, Arihant Cavetto,
at Gariahat Road, Kolkata (West Bengal). The firm is promoted by
Mr. Mahendra Kumar Pandya and his associates.


ASMITHA MICROFIN: CRISIL Reaffirms 'D' Rating on INR988.35MM Loan
-----------------------------------------------------------------
CRISIL Ratings has reaffirmed 'CRISIL D' rating to the bank
facilities of Asmitha Microfin Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Bank
   Facility              988.35      CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     11.65      CRISIL D (Reaffirmed)

The ratings reflect instances of delay by Asmitha in servicing
its debt. The rating also factors in the company's weak financial
risk profile, exposure to risks related to the challenging
operating environment in Andhra Pradesh and Telangana, and the
constrained funding environment for microfinance institutions
(MFIs) operating in these states. The company, however, benefits
from its management's extensive experience in the microfinance
business.

Key Rating Drivers & Detailed Description

Instances of delay in servicing debt
Asmitha has been selective in its debt repayments in the last few
years. While the company has been timely in making repayments on
priority debt, there have been multiple instances of delay in
repayments pertaining to other bank facilities.

Weakness

Weak financial risk profile
Financial risk profile has weakened over the past few years
because of minimal recoveries, and substantial provisioning on
delinquent loan assets in Andhra Pradesh and Telangana. Following
the promulgation of the Andhra Pradesh ordinance, collection
efficiencies in Andhra Pradesh and Telangana decreased to less
than 10% from over 98%, resulting in a significant decline in
Asmitha's interest income.

Constrained resource profile
Since the Government of Andhra Pradesh promulgated the ordinance
for MFIs operating in the state, limited incremental funding has
been made available to MFIs that opted for debt restructuring.
Asmitha received temporary liquidity relief after restructuring
its debt obligations under corporate debt restructuring in April
2011. Subsequently, it has also received priority debt from
existing lenders. However, with the commencement of repayments of
principal on restructured loans and limited availability of fresh
funding, Asmitha's liquidity weakened, resulting in material
decline in its performing loan portfolio outside Andhra Pradesh.

Susceptibility to regulatory and legislative risks
The promulgation of the ordinance on MFIs in October 2010
demonstrated the vulnerability of MFIs to regulatory and
legislative risks. It triggered a chain of events that adversely
impacted their business models by impairing growth, asset
quality, profitability, and solvency. Furthermore, as these
institutions lend to the poor and downtrodden sections of
society, they will remain exposed to socially sensitive factors,
especially relating to interest rates, and consequently, to
tighter regulations and legislation.

Strengths

Experience of management
The company's senior management largely comprises officials, who
have been with Asmitha for a long time. Further, most of the
members of management have more than a decade's experience in the
microfinance industry.

Set up in 2002 as a non-banking financial company, Asmitha is an
MFI offering microcredit to women. The company follows the
microcredit model of Grameen Bank (Bangladesh). As on March 31,
2016, Asmitha had outstanding loan portfolio of INR818.7 crore
(AP and Telangana accounted for 70% of loans outstanding).

Asmitha reported a net loss of INR57.7 crore on a total income of
INR75.5 crore for fiscal 2016, against INR36.8 crore and INR86.7
crore for fiscal 2015.


BALAJEE PLY-PRODUCT: CRISIL Reaffirms B- Rating on INR3MM Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B-/Stable/CRISIL A4'
ratings on the bank facilities of Balajee Ply-Product Private
Limited.

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

Net sales increased just 5% in fiscal 2017, due to slowdown in
the end-user industry (construction) on account of the impact of
demonetization. CRISIL expects the revenue growth to remain at 5%
per fiscal over the medium term. Net profitability is likely to
remain low, at 0.3-0.5% over the medium term.

Liquidity may remain stretched on account of tightly matched
annual cash accrual and debt obligation. Bank limit was fully
utilised over the 12 months through March 2017. However, any gap
between net cash accrual and debt obligation is likely to be met
through unsecured loans from promoters and related parties.

CRISIL had on Dec. 30, 2016 assigned its 'CRISIL B-/Stable/CRISIL
A4' to the bank facilities of BPPL.

Key Rating Drivers & Detailed Description

Weaknesses
Modest scale of operations in a highly fragmented industry: Scale
remains modest, with net sales estimated at INR5.71 crore in
fiscal 2017. Despite expected increase in scale of operations,
BPPL will remain a marginal player due to fragmentation in the
timber trading and processing business.

Large working capital requirements: Gross current assets are
estimated at 708 days as on March 31, 2017, driven by substantial
receivables and inventory of 414 days and 111 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, estimated at 8.03 times as on
March 31, 2017. Debt protection metrics were weak, with interest
coverage and net cash accrual to total debt ratios at 1.33 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

Promoters' extensive industry experience and funding support:
Presence of more than four decades in the timber industry has
enabled the promoters to establish healthy relationships with key
customers and suppliers, and develop industry insight. The
promoters have also supported the company through unsecured loans
(estimated at INR0.68 crore on March 31, 2017).

Outlook: Stable

CRISIL believes BPPL will continue to benefit from its promoters'
extensive industry experience and established customer
relationships. The outlook may be revised to 'Positive' if there
is a significant increase in cash accrual, leading to better debt
protection metrics. The outlook may be revised to 'Negative' if
deterioration in working capital management, or large debt-funded
capital expenditure, weakens the financial risk profile.

Incorporated in 1997 and based in Jaipur, BPPL manufactures
plywood and block boards, and trades in timber. Manufacturing
accounts for most of its turnover.

Profit after tax (PAT) is estimated at INR0.03 crore and net
sales at INR5.71 crore in fiscal 2017, vis-a-vis INR0.02 crore
and INR5.46 crore, respectively, in fiscal 2016.


BINAYAK HI-TECH: CRISIL Downgrades Rating on INR8MM Loan to B
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Binayak
Hi-Tech Engineering Limited (BHTEL) 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.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Foreign Bill             8        CRISIL B (Issuer Not
   Purchase                          Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

   Packing Credit           6        CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term       1        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Binayak Hi-Tech Engineering
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 Binayak Hi-Tech Engineering
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.

BHTEL, promoted by Mr. Mahesh Jhunjhunwala, his wife Ms. Kiran
Jhunjhunwala, and son Mr. Atul Jhunjhunwala, is an ISO 9001:2000
company, incorporated in 1995. BHTEL manufactures casting manhole
covers, garden benches, and fence panels, and sells about 200
kinds of steel products.


CLASSY SANITARYWARES: CRISIL Assigns B+ Rating to INR3.9MM Loan
---------------------------------------------------------------
CRISIL Ratings has assigned 'CRISIL B+/Stable/CRISIL A4' ratings
to the bank facilities of Classy Sanitarywares (CSW). The rating
reflects initial stage of operation with expected modest revenue
and average financial risk profile because of debt funded project
capex. The weaknesses are partly mitigated by expected benefits
from experienced promoters and location advantage of
manufacturing facility.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              3.90       CRISIL B+/Stable
   Bank Guarantee          .25       CRISIL A4
   Cash Credit            2.50       CRISIL B+/Stable

Key Rating Drivers & Detailed Description

Weakness

Initial stage of operations: The unit is expected to
commercialise in June 2017 and currently project is at testing
stage. Time stabilisation and ramp-up in scale will remain a
rating sensitivity factor over the medium term.

Modest scale of operations in the highly fragmented industry:
Revenue is expected to be at modest level due to initial stages
of operation which will also expected to restrict pricing power
with customers or suppliers, as the ceramics business is
intensely competitive.

Average financial risk profile: Gearing of the company is
expected at 2 times in medium term because of debt funded project
capex.

Strengths

Experience of promoters: The promoters have an experience of over
a decade in the industry and have understanding of local market.
This is expected to support the market position and lead to
revenue growth.

Location-based advantage: The unit is in Morbi, Gujarat, which is
the hub of India's ceramics industry. This facilitates easy
access to raw materials, contractors, and skilled labourers.
Other critical infrastructure such as gas and power are readily
available, while transportation cost is also low, given the
proximity to major ports, Kandla and Mundra, in Gujarat.

Outlook: Stable

CRISIL believes CSW will benefit from the experience and funding
support from promoters along with strategic plant location. The
outlook may be revised to 'Positive' if timely implementation and
stabilisation of the project leads to anticipated revenue,
profitability and cash accrual during the initial phase of
operations. Conversely, the outlook may be revised to 'Negative'
if delay in the implementation or stabilisation of the project,
leading to lower revenue or cash accrual, or stretch in working
capital cycle weakens financial risk profile, especially
liquidity.

Established in 2016, CSW is setting up a manufacturing unit of
sanitary wares of various types and bathroom fittings to be sold
underthe brand, Classy. Its manufacturing facility is in Morbi.
Mr. Arvind Vadhadiya and family are the promoters. Expected
commencement of commercial operations is from June 2017.


CREATIVE AND CROFTS: CRISIL Cuts Rating on INR2.75MM Loan to B
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Creative
and Crofts Industries India Private Limited for obtaining
information through letters and emails dated February 6, 2017,
and March 22, 2017 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             .95       CRISIL B/Stable (Issuer Not
                                     Cooperating: Downgraded
                                     from 'CRISIL B+/Stable')

   Foreign Bill           2.75       CRISIL B/Stable (Issuer Not
   Purchase                          Cooperating: Downgraded
                                     from 'CRISIL B+/Stable')

   Packing Credit         2.00       CRISIL A4 (Issuer Not
                                     Cooperating: Rating
                                     Reaffirmed)

   Proposed Long Term     1.30       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating: Downgraded
                                     from 'CRISIL B+/Stable')

The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING', CRISIL said. 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 Creative and Crofts Industries
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 Creative and Crofts
Industries India 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 long term
rating to CRISIL B/Stable and reaffirmed short term rating at
CRISIL A4.

CCPL was established in 2006 by Mr. Harshvardhan Sharma in
partnership with Crofts & Assinder Ltd (United Kingdom). The
company is a 100 per cent export oriented unit that manufactures
hardware used in furniture. It is based in Aligarh (Uttar
Pradesh).


DUARS UNION: CRISIL Reaffirms B+ Rating on INR7.5MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Duars Union Tea Co. Limited (DUTCL) at 'CRISIL
B+/Stable/CRISIL A4'. The ratings continue to reflect the working
capital intensive and modest scale of operations in a fragmented
and matured tea industry. These weaknesses are partially offset
by the extensive industry experience of its promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          0.6      CRISIL A4 (Reaffirmed)

   Cash Credit             7.5      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      0.4      CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

Working capital intensive operations: Operations are expected to
remain working capital intensive over the medium term'Gross
current assets were at 161 days as on March 31, 2016, and
estimated at 163 days as on March 31, 2017, due to sizeable coal
inventory procured (primarily used as feedstock in order to dry
tea leaves). As 90% of total production is sold at auction
houses, debtor risk is minimised. Payments from the same are
realised in 15-30 days. Against this, no significant credit is
availed from suppliers leading to increased working capital
requirement.

Modest scale of operations: DUTCL's scale of operations is small,
as reflected in its turnover of INR13.2 Crore in 2016-17 (refers
to financial year, April 1 to March 31). The tea industry in
India is marked by high fragmentation with the presence of
organised and unorganised players, which results in intense
competition and in the inability to significantly scale up
operations without facing profitability pressures. CRISIL
believes that DUTCL's scale of operations will remain modest over
the medium term.

Strengths

Extensive experience of promoters: The company operates a tea
estate, Ord Tea Estate Factory, in Darjeeling, which provides 80%
of its annual raw material. The promoters' four-decade long
experience in the industry and established relationships with key
auctioneers and customers has helped DUTCL sustain its operations
across various cycles. Benefits from the promoters' extensive
industry experience is expected to continue.

Outlook: Stable

CRISIL believes DUTCL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if scale of operations and profitability increase
and capital structure is stable. The outlook may be revised to
'Negative' if low cash accrual or large working capital
requirement weakens financial risk profile, particularly
liquidity.

Headquartered in Kolkata, DUTCL was incorporated in 1914 and was
taken over by the current promoters, Mr. B P Agarwala and his son
Mr. Sushil Kumar Agarwala, in 1968. The company undertakes tea
estate management and tea processing in Darjeeling, West Bengal.

For fiscal 2016, the firm reported losses of INR0.13 crore on net
sales of INR10.05 crore, against losses of INR1.21 crore on net
sales of INR14.13 crore for fiscal 2015.


EMAAR ALLOYS: CRISIL Reaffirms 'D' Rating on INR9.54MM Loan
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Emaar
Alloys Private Limited (EAPL) 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.

CRISIL thus gave this rating:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            9.54       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', CRISIL said. 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 Emaar Alloys 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 Emaar Alloys 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.

Incorporated in 2004, EAPL manufactures sponge iron. The company
is promoted by Mr. Abhimanyu Singh, Mr. Manoj Sinha, and Mr.
Vikas Sinha.


GANESH TRANSMISSION: CRISIL Cuts Rating on INR6.5MM Loan to 'B'
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Ganesh
Transmission Private Limited (GTPL) 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.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             6.5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

   Letter Of Guarantee     0.6       CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term      0.7       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

   Proposed Short Term     0.9       CRISIL A4 (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL A4+')

   Term Loan               1.3       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', CRISIL said. 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 Ganesh Transmission 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 Ganesh Transmission 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.

GTPL, incorporated in July 2002, manufactures and sells enameled
copper wires and processes bare copper wires of various
measurements, according to the client's requirements. The company
is promoted by Kolkata-based Khaitan family. Mr. Bhawani Shankar
Khaitan, Mr. Bimal Kumar Khaitan, Mr. Sajjan Kumar Khaitan, Mr.
Sanjay Kumar Khaitan, and Mr. Praveer Khaitan are the directors.
The company markets its products under the GTP brand.


GIRINDRA HOSPITALITY: CRISIL Cuts Rating on INR6.5MM Loan to D
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Girindra
Hospitality Private Limited (GHPL) 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.

CRISIL thus gave this rating:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          6.5       CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING', CRISIL said. 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 Girindra Hospitality 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 Girindra Hospitality 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 D.

Incorporated in 2013, GHPL is setting up a 50-room five-star
hotel, The Garuda Hotel, in Thrissur, Kerala. The hotel is
currently in the final stage of construction and is expected to
be operational from November 2015. The company is promoted by Mr.
Girijavallaban V K.


PREMIUM FOODS: CRISIL Lowers Rating on INR10MM LT Loan to 'B'
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Premium
Foods (PF) for obtaining information through letters and emails
dated February 7, 2017, and March 16, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non-cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              8        CRISIL B/Stable (Issuer
                                     Not Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term      10        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', CRISIL said. 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 Premium Foods. 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 Premium Foods 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.

Established in 2001 by Mr. Chetan Dalal and his wife Mrs. Shradha
Dalal, PF is a Mumbai based partnership firm that processes and
trades in cashew nuts.


K V BARAD: CRISIL Lowers Rating on INR0.7MM LT Loan to 'B'
----------------------------------------------------------
CRISIL Ratings has been consistently following up with K V Barad
for obtaining information through letters and emails dated
February 6, 2017, and March 6, 2017 among others, apart from
telephonic communication. However, the issuer has remained
non-cooperative.

CRISIL thus gave these ratings:

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

   Cash Credit              0.3      CRISIL B/Stable (Issuer
                                     Not Cooperating; Downgraded
                                     from 'CRISIL BB/Stable')

   Proposed Long Term       0.7      CRISIL B/Stable (Issuer
   Bank Loan Facility                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', CRISIL said. 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 K V Barad. 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 K V Barad 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.

K V Barad was set up as a partnership firm in 1999. Its
operations are limited to Gujarat, where it undertakes
construction of roads and buildings for various departments of
the state government. The firm, managed by Mr. Kishanbhai V
Barad, is an 'AA' class civil contractor with the Government of
Gujarat.


KRISHAK VIKAS: CRISIL Lowers Rating on INR1MM LT Loan to 'B'
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Krishak
Vikas Samiti (KVS) 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.

CRISIL thus gave this rating:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term       1        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', CRISIL said. 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 Krishak Vikas Samiti. 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 Krishak Vikas Samiti 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.

KVS primarily promotes social welfare schemes operated by the
state and Central governments in Ghazipur and Azamgarh districts
of Uttar Pradesh. It provides educational services and skill
development programmes and runs a residential schooling scheme
under Ministry of Social Justice and Empowerment for students
from the scheduled castes and tribes. Apart from this, it also
runs a school with classes from nursery till Standard 8.


KUMAR DRINKS: CRISIL Lowers Rating on INR7MM Cash Loan to 'B'
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Kumar
Drinks (KD) for obtaining information through letters and emails
dated February 6, 2017, and March 22, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non-cooperative.

CRISIL thus gave the ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              7        CRISIL B/Stable (Issuer
                                     Not Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term       1        CRISIL B/Stable (Issuer
   Bank Loan Facility                Not Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING', CRISIL said. 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 Kumar Drinks. 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 Kumar Drinks 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.

Kumar Drinks (KD) is a partnership firm started in 2006 by Mr.
Mukesh Kumar Garg along with his wife. The firm is into
dealership of ITC Limited for FMCG (Fast Movable Consumer Goods)
products (Muzaffarnagar, U.P.), BSNL (Bharat Sanchar Nigam
Limited) for SIM cards and recharge vouchers in Muzaffarnagar,
Haridwar and Dehradun (both in Uttarakhand), and C&F agent for
Hindustan Coca Cola Beverages Pvt Ltd for soft drinks
(Muzaffarnagar). For ITC and Coca Cola, Muzaffarnagar is divided
into two parts, with one authorised dealer in each. Firm has
dealership for one part and caters to retail stores in the area.
For BSNL SIM cards, recharge vouchers and mobile recharge firm
caters to retail shops in Muzaffarnagar, Haridwar and Dehradun.


MAA BIJASANI: CRISIL Cuts Rating on INR4.0MM Cash Loan to 'B'
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Maa
Bijasani Petro Chem Private Limited (MBPPL) 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.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          1.5      CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Cash Credit             4.0      CRISIL B/Stable (Issuer
                                    Not Cooperating; Downgraded
                                    from 'CRISIL B+/Stable')

   Letter of Credit        1.5      CRISIL A4 (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', CRISIL said. 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 Maa Bijasani Petro Chem
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 Maa Bijasani Petro
Chem 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 long term rating to CRISIL
B/Stable and reaffirmed short term rating at CRISIL A4.

MBPPL, incorporated in 1999 and based in Shirpur (Maharashtra),
is promoted by Mr. Pritesh Hasmukhbhai Patel. The company
manufactures petroleum ethers and hydrocarbon solvents for
industrial purposes. Its manufacturing facility is at Shindkheda
in Dhule (Maharashtra).


MSC IMPEX: CRISIL Cuts Rating on INR5MM Cash Loan to 'B'
--------------------------------------------------------
CRISIL Ratings has been consistently following up with MSC Impex
(MSC) for obtaining information through letters and emails dated
January 30, 2017, and March 22, 2017 among others, apart from
telephonic communication. However, the issuer has remained
non-cooperative.

CRISIL thus gave these ratings:

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

   Letter of Credit         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', CRISIL said. 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 MSC Impex. 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 MSC Impex 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.

MSC was established as a proprietorship concern in Bengaluru in
2009 by Mr. Pratik Mehta. The firm trades in several products,
largely non-ferrous metal scraps and raw cashew nuts.


NEW - TECH STEEL: CRISIL Reaffirms 'D' Rating on INR25MM Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with New - Tech
Steel and Alloys Private Limited (New Tech) 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.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              25       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Inland/Import             5       CRISIL D (Issuer Not
   Letter of Credit                  Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term        .08     CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Term Loan               10.42     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', CRISIL said. 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 New - Tech Steel and Alloys
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 New - Tech Steel and
Alloys 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

New Tech, incorporated on June 6, 2003, in Assam, is promoted by
Mr. Suresh Sharma. The company manufactures thermomechanically
treated bars, mild steel (MS) rolls, and MS ingots.


NUFARM FROZENS: CRISIL Cuts Rating on INR6MM Cash Loan to 'B'
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Nufarm
Frozens Private Limited (NFPL) for obtaining information through
letters and emails dated January 30, 2017, and March 22, 2017
among others, apart from telephonic communication. However, the
issuer has remained non-cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              6        CRISIL B/Stable (Issuer
                                     Not Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Cash            3        CRISIL B/Stable (Issuer
   Credit Limit                      Not Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

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

The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING', CRISIL said. 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 Nufarm Frozens 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 Nufarm Frozens 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 2014, NFPL is promoted by Mr. Divyanshu Agrawal,
Mr. Anil Kumar Agrawal, Mr. Vaibhav Agrawal, and Ms. Kanu
Agrawal. The company processes and packages frozen peas and
fruits through the individually quick-frozen method and sells
under its Frostee brand. It has total installed processing and
storage capacity of 5000 tonnes per annum.


ORAI FLOUR: CRISIL Lowers Rating on INR14MM Cash Loan to 'B'
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Orai Flour
Mills Private Limited (OFMPL) 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.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              14       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', CRISIL said. 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 Orai Flour 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 Orai Flour 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.

OFMPL was incorporated in August 1986. The company's business
involves manufacturing of wheat products such as atta, maida,
bran, suji, chokar, daliya and besan. It also trades in wheat.
The company has its manufacturing unit in Orai in District Jalaun
(UP).


ORIGIN CORPORATION: CRISIL Reaffirms D Rating on INR6.15MM Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Origin
Corporation (OC) for obtaining information through letters and
emails dated March 7, 2017, and March 22, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non-cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            6.15       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term     0.67       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Term Loan              0.68       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', CRISIL said. 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 Origin Corporation. 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 Origin Corporation 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.

OC was set up in 2006 in Indore (Madhya Pradesh) by Mr. Tapash
Roy, Mrs. Ajanta Roy, and Mr. Animesh Roy. It was initially
involved in trading in polyester yarn. However, in 2008, the firm
started processing polyester yarn in the count range of 20s to
80s. Gradually, it also started manufacturing sewing threads.


PLASTO ELTRONICS: CRISIL Cuts Rating on INR3.0MM Cash Loan to B
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Plasto
Eltronics Private Limited (PEPL) 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.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          .1        CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

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

   Supplier Bill          3.5        CRISIL A4 (Issuer Not
   Discounting                       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', CRISIL said. 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 Plasto Eltronics 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 Plasto Eltronics 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 long term rating to CRISIL
B/Stable and reaffirmed short term rating at CRISIL A4.

Incorporated in 2002, PEPL manufactures thermoplastic and
thermostat moulded, fabricated, and extruded components such as
meter covers, switch boards, and batten-holder boards. Its
operations are managed by Mr. Swarochis Ghuwalewala and Mr.
Sachin Ghuwalewala.


RAJ CONSTRUCTION: CRISIL Cuts Rating on INR2MM LT Loan to B+
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Raj
Construction (RC) 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          7.5       CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL A4+')

   Cash Credit             0.5       CRISIL B+/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB/Stable')

   Proposed Long Term      2.0       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', CRISIL said. 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 Raj Construction. 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 Raj Construction 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.

RC, established in 2007, is a partnership firm that executes
civil construction projects. The firm primarily undertakes the
construction of buildings for various government departments. Mr.
Anil Kumar Singh, Mr. Ranjeet Kumar Singh, Mr. Sanjay Kumar
Singh, Ms. Neelam Singh and Ms. Geeta Singh are the partners.
However, the operations are primarily managed by Mr. Ranjeet
Kumar Singh. The firm is a registered Class 1A contractor with
the Jharkhand government.


SANT VALVES: CRISIL Lowers Rating on INR6.50MM Cash Loan to 'B'
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sant
Valves Private Limited (SVPL) for obtaining information through
letters and emails dated February 8, 2017, and March 22, 2017
among others, apart from telephonic communication. However, the
issuer has remained non-cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          .25       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit            6.50       CRISIL B/Stable (Issuer
                                     Not Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term     2.60       CRISIL B/Stable (Issuer
   Bank Loan Facility                Not Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

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

   Term Loan              0.40       CRISIL B/Stable (Issuer
                                     Not Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING', CRISIL said. 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 Sant Valves 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 Sant Valves 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 long term rating to CRISIL B/Stable and
reaffirmed short term rating at CRISIL A4.

SVPL, incorporated in 1992 and promoted by the Himachal Pradesh-
based Dhumal and Rathore families, manufactures different types
of industrial valves and cocks. These products are used by
various industries such as pipes and fittings, power, steel, oil
and gas, cloth mills and chemical. The company's manufacturing
facility is at Jalandhar, Punjab.


SHREE KRISHNA: CRISIL Reaffirms 'B' Rating on INR6.45MM Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shree
Krishna Cold Storage Private Limited (SKCSPL) for obtaining
information through letters and emails dated February 8, 2017 and
March 22, 2017 among others, apart from telephonic communication.
However, the issuer has remained non-cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         0.10       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit            6.45       CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term     0.45       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                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 Shree Krishna Cold Storage
Private Limited. This restricts CRISIL's ability to take a
forward looking view on the credit quality of the entity. CRISIL
believes that the information available for Shree Krishna Cold
Storage 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 long term rating to CRISIL
B/Stable and reaffirmed short term rating at CRISIL A4.

Incorporated in 1995 and promoted by Mr. Ashok Bala, Mr. Ranjit
Bala, and Mr. Arindam Bala in Kolkata, SKCSPL set up a 6- chamber
potato cold storage facility in 1997 at Paschim Mednipur
district, West Bengal. It also trades in potatoes.


SPENTO FLOOR: CRISIL Lowers Rating on INR6MM Term Loan to 'B'
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Spento
Floor Tiles Private Limited (SFPL) for obtaining information
through letters and emails dated February 7, 2017, and March 22,
2017 among others, apart from telephonic communication. However,
the issuer has remained non-cooperative.

CRISIL thus gave these ratings:

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

   Proposed Long Term       1        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded
                                     from 'CRISIL BB-/Stable')

   Term Loan                6        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 Spento Floor Tiles 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 Spento Floor Tiles 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.

SFPL, established in 2011, is promoted by Mr. Pareshkumar
Detroja. The company manufactures porcelain floor tiles at its
plant in Morbi (Gujarat).


SRI BHAGYALAKSHMI: CRISIL Cuts Rating on INR20MM Loan to B+
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with SRI
Bhagyalakshmi Trading Corporation (SBTC) for obtaining
information through letters and emails dated February 8, 2017 and
March 22, 2017 among others, apart from telephonic communication.
However, the issuer has remained non-cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Mortgage Loan            3        CRISIL B+/Stable (Issuer Not
   Facility                          Cooperating; Downgraded from
                                     'CRISIL BB+/Stable')

   Overdraft               20        CRISIL B+/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB+/Stable')

   Proposed Long Term       2        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 SRI Bhagyalakshmi Trading
Corporation. 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 SRI Bhagyalakshmi Trading
Corporation 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.

SBTC was established in 1972 by Mr. B A Ravi Prasad. The firm
processes chana and chana dal and trades in pulses, wheat, rice,
and other agricultural products. Its processing facility in
Bengaluru has a capacity of 1.5 tonnes per hour.


SRI LAXMI: CRISIL Reaffirms B+ Rating on INR5MM Cash Loan
---------------------------------------------------------
CRISIL Ratings has been consistently following up with Sri Laxmi
Venkatadri Agro Food Industries (SLVA) for obtaining information
through letters and emails dated February 6, 2017, and March 22,
2017 among others, apart from telephonic communication. However,
the issuer has remained non-cooperative.

CRISIL thus gave these ratings:

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

   Long Term Loan           1.5      CRISIL B+/Stable (Issuer
                                     Not Cooperating; Rating
                                     Reaffirmed)

   Working Capital          2.5      CRISIL B+/Stable (Issuer
   Demand Loan                       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 Sri Laxmi Venkatadri Agro Food
Industries. 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 Sri Laxmi Venkatadri Agro Food
Industries is consistent with 'Scenario 3' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BBB rating category or lower.' Based on the last available
information, CRISIL has reaffirmed the rating at CRISIL
B+/Stable.

Established as a partnership firm in 2010 and based in Koppal
(Karnataka), SLVA mills and processes paddy into rice, broken
rice, rice bran, and husk. The firm is promoted by Mr. N
Rajgopal, Mr. D Bheemesh, Mr. N Vijayalaxmi, and Mrs. D. Manjula.


SUMOHAN ENGINEERS: CRISIL Reaffirms 'D' Rating on INR21MM Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sumohan
Engineers Private Limited (SEPL) 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.

CRISIL thus gave these ratings:

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

   Cash Credit             21        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 Sumohan Engineers Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Sumohan Engineers 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.

SEPL was set up in 2007 by Mr. G. Seetaramakumar and his family.
The company fabricates engineering and capital goods. It also
undertakes engineering, procurement, and construction contracts.
The company is based in Hyderabad, Telangana.


SUPERTECH PRECAST: CRISIL Cuts Rating on INR31.5MM Loan to 'D'
--------------------------------------------------------------
CRISIL Ratings has been following up with Supertech Precast
Technologies Pvt. Ltd (SPTPL; part of the Supertech group) for
getting information through letters and emails, dated January 17,
2017, March 6, 2017, and April 6, 2017, apart from various
telephonic communication. However, the issuer has remained non-
cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             7         CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BB/Negative')

   Proposed Long Term      0.5       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded
                                     from 'CRISIL BB/Negative')

   Term Loan              31.5       CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BB/Negative')

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 the Supertech group. 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 the Supertech group is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL B Rating category or lower'. CRISIL
has downgraded the rating to 'CRISIL D' because of the delays in
debt servicing by the group as confirmed by the banker.

Supertech Ltd, incorporated in 1995 and promoted by Mr. R K
Arora, undertakes real estate projects, mainly in the residential
segment. The Supertech group started operations with the
construction of Supertech Estate in Vaishali, Uttar Pradesh (UP),
in 2000, and Supertech Residency in Kaushambi, UP, in 2003. The
group developed three shopping malls, Shopprix Mall, in Noida,
Kaushambi, and Vaishali in 2004. The group has over 20 active
real estate projects, most of them in Noida and Greater Noida. It
is now diversifying into Gurgaon.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Supertech Ltd and its subsidiaries and
associates: Supertech Realtors Pvt. Ltd, Dazzle IT Solutions Pvt.
Ltd, Supertech Infrastructure Pvt. Ltd, Surprise Suppliers Pvt.
Ltd, Supertech Hotels Pvt. Ltd, Supertech Township Projects Ltd,
SPTPL, Revital Reality Pvt. Ltd, Tirupati Buildplaza Pvt. Ltd,
Supertech Estate Pvt. Ltd, Sarv Realtors Pvt. Ltd, Doon Valley
Technopolis Pvt. Ltd, and Accord Buildcon Pvt. Ltd. This is
because all these entities, collectively referred to as the
Supertech group, have business and financial linkages, and are
under a common management.


SUPERTECH REALTORS: CRISIL Lowers Rating on INR735MM Loan to D
--------------------------------------------------------------
CRISIL Ratings has been following up with Supertech Realtors Pvt.
Ltd (SRPL; part of the Supertech group) for getting information
through letters and emails, dated January 17, 2017, March 6,
2017, and April 6, 2017, apart from various telephonic
communication. However, the issuer has remained non-cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               735       CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BB/Negative')

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 the Supertech group. 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 the Supertech group is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL B Rating category or lower'. CRISIL
has downgraded the rating to 'CRISIL D' because of the delays in
debt servicing by the group as confirmed by the banker.

Supertech Ltd, incorporated in 1995 and promoted by Mr. R K
Arora, undertakes real estate projects, mainly in the residential
segment. The Supertech group started operations with the
construction of Supertech Estate in Vaishali, Uttar Pradesh (UP),
in 2000, and Supertech Residency in Kaushambi, UP, in 2003. The
group developed three shopping malls, Shopprix Mall, in Noida,
Kaushambi, and Vaishali in 2004. The group has over 20 active
real estate projects, most of them in Noida and Greater Noida. It
is now diversifying into Gurgaon.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Supertech Ltd and its subsidiaries and
associates: SRPL, Dazzle IT Solutions Pvt. Ltd, Supertech
Infrastructure Pvt. Ltd, Surprise Suppliers Pvt. Ltd, Supertech
Hotels Pvt. Ltd, Supertech Township Projects Ltd, Supertech
Precast Technologies Pvt. Ltd, Revital Realtors Pvt. Ltd,
Tirupati Buildplaza Pvt. Ltd, Supertech Estate Pvt. Ltd, Sarv
Realtors Pvt. Ltd, Doon Valley Technopolis Pvt. Ltd, and Accord
Buildcon Pvt. Ltd. This is because all these entities,
collectively referred to as the Supertech group, have business
and financial linkages, and are under a common management.


TARA SALES: CRISIL Reaffirms 'D' Rating on INR18MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Tara Sales
Limited (TSL) 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.

CRISIL thus gave this rating:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              18       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 Tara Sales 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 Tara Sales 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.

TSL was incorporated in 2010 by Mr. Jaswant Singh and Mr. Balwant
Singh in Ludhiana. It trades in rice bran and mustard DOC, maize,
bajra, and other agricultural products.


VARSHA AUTOLINES: CRISIL Assigns B+ Rating to INR2.0MM Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Varsha Autolines (VA).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan              0.5       CRISIL B+/Stable
   Cash Credit            2.0       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      .5       CRISIL B+/Stable

The rating reflects VA's small scale of operations in the
intensely competitive automobile dealership industry and a below-
average financial risk profile. These rating weaknesses are
partially offset by the partners' extensive experience and their
funding support; and efficient working capital management.

Key Rating Drivers & Detailed Description

Weaknesses:

Small scale of operations in an intensely competitive industry:
Revenue is estimated at a modest INR21 crore for fiscal 2017;
that's because of intense competition from dealers of other
automobile manufacturers in the vicinity.

Below-average financial risk profile: Small networth and
moderately high total outside liabilities to total networth
estimated at INR1.19 crore and 3.35 times, respectively, as on
March 31, 2017 constrain the financial risk profile of VA.

Strengths:

Experience of the partners and their funding support: The
partners have been in the automobile dealership business in Pune
for over 15 years. They have also extended funding support in the
form of capital infusion supporting its operations.

Efficient working capital management: The firm manages its
working capital efficiently with gross current assets estimated
at 69 days as on March 31, 2017, due to moderate inventory days.

Outlook: Stable

CRISIL believes VA will continue to benefit over the medium term
from the extensive industry experience of its partners. The
outlook may be revised to 'Positive' if revenue increases
substantially while the operating margin remains stable, leading
to improvement in net cash accrual and hence to a better
financial risk profile. The outlook may be revised to 'Negative'
if revenue declines, the working capital cycle stretches, or
there is sizeable, debt-funded capital expenditure, weakening the
financial risk profile, particularly liquidity.

VA, a partnership firm based in Daund, Pune district
(Maharashtra), was established in 2000 by Mr. Narayan Kale and
Mr. Popat Kale. The firm is a dealer for Hero MotoCorp India Ltd
and has showroom and sale extension counters in the area of
Daund, Haveli, and the Shirur area of Pune district.

For fiscal 2017, on a provisional basis, profit after tax (PAT)
was INR0.13 crore and operating income of INR20.78 crore; PAT was
INR0.05 crore and operating income of INR18.60 crore in fiscal
2015.


VICTORY OIL: CRISIL Reaffirms B+ Rating on INR10MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facility of Victory Oil Gram Udyog Association at 'CRISIL
B+/Stable'.

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

The rating continues to reflect a modest scale of operations and
exposure to intense competition. Revenue, estimated at INR20.24
crore in fiscal 2017, is expected to grow to INR30-35 crore per
fiscal over the medium term backed by the increase in demand in
the chemical business following the launch of Swachh Bharat
Abhiyan.

Liquidity is supported by no debt-funded capital expenditure
(capex) plan for the medium term. However, working capital
requirement is large as reflected in estimated gross current
assets of 262 days as on March 31, 2017. This led to high bank
limit utilisation at an average of around 94% over the 10 months
through April 2017.

Key Rating Drivers & Detailed Description

Weaknesses

Modest scale of operations: Net sales were INR20 crore in fiscal
2016. The scale of operations is expected to remain modest over
medium term owing to intense competition.

Working capital-intensive operations: Gross current assets were
about 200 days as on March 31, 2017, due to stretched receivables
of 166 days and inventory of 105 days. Most of the debtors are
government enterprises, which release payment on availability
after finalisation of the budget and getting government approval.
Furthermore, finished goods inventory of around three months is
maintained to serve sudden demands of existing customers.

Strengths

Extensive experience of the partners in the edible oil industry:
The promoter family has been associated with the edible oil
business for more than 15 years. The partners have also
diversified into chemicals manufacturing and are gradually
ramping up operations to manufacture naphthalene balls, white
phenyl, black phenyl, and hand wash.

Moderate financial risk profile:

The total outside liabilities to tangible networth (TOLTNW) ratio
and networth were at 2.3 times and INR4.97 crore, respectively,
as on March 31, 2017. The TOLTNW ratio is expected to improve to
1.6-1.9 times over medium term in the absence of any debt-funded
capex plan. Interest coverage and net cash accrual to total debt
ratios were 2.11 times and 0.11 time, respectively, in fiscal
2017. Debt protection metrics will remain moderate at similar
levels over the medium term backed by healthy cash accrual.

Outlook: Stable

CRISIL believes Victory will continue to benefit over the medium
term from its established customer base and extensive industry
experience of its promoters. The outlook may be revised to
'Positive' if the financial risk profile improves because of an
increase in cash accrual and a better working capital cycle. The
outlook may be revised to 'Negative' if profitability declines,
the working capital cycle lengthens, or there is large, debt-
funded capex, adversely affecting the financial risk profile.

Victory, set up in 2000 by Mr. Vashnoo Malhotra and his brother
Mr. Anil Malhotra, manufactures mustard oil. Its processing
facility at Kangra, Himachal Pradesh, has an installed capacity
of 10 tonne per day. Its products are certified by Agmark and
Food Safety and Standards Authority of India (FSSAI), and its
unit is ISO:22000/19000-compliant. The firm has also diversified
into chemicals manufacturing. Other partners in the firm are Mr.
Vashnoo Malhotra's wife Ms Anjula Malhotra, sons Mr. Piyush
Malhotra and Mr. Gautam Malhotra, and Mr. Anil Malhotra's wife Ms
Mamta Malhotra.

Net profit is estimated at INR0.79 crore on net sales of INR20.24
crore for fiscal 2017; net profit was INR0.14 crore on net sales
of INR24.35 crore in fiscal 2016.


VICTORY OIL GRAM: CRISIL Reaffirms B+ Rating on INR9.5MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of Victory Oil Gram Udyog Association at 'CRISIL B+/Stable'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          9.5       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect a modest scale of operations and
exposure to intense competition. Revenue, estimated at INR20.24
crore in fiscal 2017, is expected to grow to INR30-35 crore per
fiscal over the medium term backed by the increase in demand in
the chemical business following the launch of Swachh Bharat
Abhiyan.

Liquidity is supported by no debt-funded capital expenditure
(capex) plan for the medium term. However, working capital
requirement is large as reflected in estimated gross current
assets of 262 days as on March 31, 2017. This led to high bank
limit utilisation at an average of around 94% over the 10 months
through April 2017.

Key Rating Drivers & Detailed Description

Weakness

Modest scale of operations: Net sales were INR20 crore in fiscal
2016. The scale of operations is expected to remain modest over
medium term owing to intense competition.

Working capital-intensive operations: Gross current assets were
about 200 days as on March 31, 2017, due to stretched receivables
of 166 days and inventory of 105 days. Most of the debtors are
government enterprises, which release payment on availability
after finalisation of the budget and getting government approval.
Furthermore, finished goods inventory of around three months is
maintained to serve sudden demands of existing customers.

Strengths

Extensive experience of the partners in the edible oil industry:
The promoter family has been associated with the edible oil
business for more than 15 years. The partners have also
diversified into chemicals manufacturing and are gradually
ramping up operations to manufacture naphthalene balls, white
phenyl, black phenyl, and hand wash.

Moderate financial risk profile:

The total outside liabilities to tangible networth (TOLTNW) ratio
and networth were at 2.3 times and INR4.97 crore, respectively,
as on March 31, 2017. The TOLTNW ratio is expected to improve to
1.6-1.9 times over medium term in the absence of any debt-funded
capex plan. Interest coverage and net cash accrual to total debt
ratios were 2.11 times and 0.11 time, respectively, in fiscal
2017. Debt protection metrics will remain moderate at similar
levels over the medium term backed by healthy cash accrual.

Outlook: Stable

CRISIL believes Victory will continue to benefit over the medium
term from its established customer base and extensive industry
experience of its promoters. The outlook may be revised to
'Positive' if the financial risk profile improves because of an
increase in cash accrual and a better working capital cycle. The
outlook may be revised to 'Negative' if profitability declines,
the working capital cycle lengthens, or there is large, debt-
funded capex, adversely affecting the financial risk profile.

Victory, set up in 2000 by Mr. Vashnoo Malhotra and his brother
Mr. Anil Malhotra, manufactures mustard oil. Its processing
facility at Kangra, Himachal Pradesh, has an installed capacity
of 10 tonne per day. Its products are certified by Agmark and
Food Safety and Standards Authority of India (FSSAI), and its
unit is ISO:22000/19000-compliant. The firm has also diversified
into chemicals manufacturing. Other partners in the firm are Mr.
Vashnoo Malhotra's wife Ms Anjula Malhotra, sons Mr. Piyush
Malhotra and Mr. Gautam Malhotra, and Mr. Anil Malhotra's wife Ms
Mamta Malhotra.

Net profit is estimated at INR0.79 crore on net sales of INR20.24
crore for fiscal 2017; net profit was INR0.14 crore on net sales
of INR24.35 crore in fiscal 2016.


* INDIA: State-Run Lenders May Need More Capital, RBI Deputy Says
-----------------------------------------------------------------
Reuters reports that the Reserve Bank of India Deputy Governor
S.S. Mundra said on June 16 state-run lenders may need more
capital beyond the budgeted total allocation of INR700 billion
($10.84 billion) in the four fiscal years through March 2019.

Reuters relates that Mundra, addressing reporters in the
sidelines of a banking event in New Delhi, also said there was no
specific timeline set by the central bank to identify additional
loan defaulters on which bankers would need to start bankruptcy
proceedings.

The RBI last week had identified 12 of the largest loan
defaulters and said creditors must pursue bankruptcy proceedings
against them, says Reuters.

Reuters adds that credit rating agencies have said India will
ultimately need to inject more capital into state-run lenders,
which hold the bulk of troubled loans in India, to make a dent in
reducing the country's $150 billion in stressed debt.



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


TAKATA CORP: Plans to File for Bankruptcy as Soon as This Week
--------------------------------------------------------------
Craig Trudell, David Welch, and Jie Ma at Bloomberg News report
that Takata Corp. plans to file for bankruptcy as soon as this
week, paving the way for a sale of the 84-year-old Japanese
air-bag maker behind the biggest safety recall in automotive
history.

The supplier is expected to seek protection in its home country
first, with its U.S. subsidiary filing for Chapter 11 bankruptcy
shortly thereafter, Bloomberg relates citing a person familiar
with the matter, who asked not to identified because the matter
isn't public and the timing could change. Trading on Takata
shares were suspended by Tokyo Stock Exchange from 8:20 a.m. on
June 16 to confirm the authenticity of media reports, the
exchange said on its website, Bloomberg relays.

Bankruptcy filings would put Takata a step closer to a sale to
Key Safety Systems Inc., the U.S. air-bag maker owned by China's
Ningbo Joyson Electronic Corp, Bloomberg says. A Takata steering
committee has recommended Key Safety as the preferred bidder for
the manufacturer of faulty air bag inflators linked to at least
17 deaths worldwide, according to Bloomberg. Mounting liabilities
from having to replace more than 100 million of the devices
forced Takata to seek an acquirer that could help see through the
costly restructuring process, Bloomberg says.

"They were trying to avoid this as much as possible," Scott
Upham, the president of Valient Market Research, said of Takata.
"That's what has been holding this up. But all of the bidders
insisted that this happen so they can manage the liabilities."

A spokeswoman for Tokyo-based Takata said she wasn't aware of the
reported plan and the company will issue a statement on it soon.
Representatives for Key Safety and Takata's steering committee
were not immediately available for comment, Bloomberg notes.

A bankruptcy filing would mark the end for an iconic Japanese
company that started out as a textile maker and produced
parachutes for the Imperial Japanese Army during World War II.
Honda Motor Co., a Takata shareholder and the auto-parts maker's
largest customer, first started recalling Accord and Civic models
in 2008 due to the flaw that may end up being Takata's undoing,
Bloomberg recalls.

According to Bloomberg, the supplier's air bag inflators use a
propellant that can be rendered unstable after long-term exposure
to heat and humidity, leading them to rupture and spray deadly
metal shards at vehicle occupants. More than a dozen automakers
have recalled vehicles, include Volkswagen AG, Toyota Motor Corp.
and General Motors Co., adds Bloomberg.

Nikkei Asian Review reports that Takata is expected to file for
bankruptcy protection in Japan as early as this month with
liabilities exceeding JPY1 trillion.  U.S.-based subsidiary TK
Holdings' board is expected to approve a filing for Chapter 11
bankruptcy later this month, Nikkei says.

                        About Takata Corp

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

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

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

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

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

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


TOSHIBA CORP: S&P Keeps 'CCC-' CCR on CreditWatch Negative
----------------------------------------------------------
S&P Global Ratings said it has kept its 'CCC-' long-term and 'C'
short-term ratings on Japan-based capital goods and diversified
electronics company Toshiba Corp. on CreditWatch with negative
implications.  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 a
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 and when S&P lowered the long-term ratings in
March 2017.

The ratings remain on CreditWatch, reflecting S&P's view that
creditor banks' support for Toshiba together with the company's
liquidity levels warrant continued close monitoring because its
plan to sell its memory business has yet to materialize and
additional losses or financial burdens might still arise in
connection with its U.S. nuclear power business.  S&P continues
to hold the view that without unanticipated, significantly
favorable changes in Toshiba's circumstances, the company might
become unable to fulfill its financial obligations in a timely
manner or might undertake a debt restructuring S&P classifies as
distressed in the next six months.

The price Toshiba would get in a sale of its memory business and
the payment schedule are undetermined because negotiations are
ongoing.  S&P believes selling the business in a timely manner
and recovering from a negative net worth in fiscal 2017 (ending
March 31, 2018) are important for Toshiba to continue to receive
support from its creditor banks.  Toshiba's memory business has
performed well in recent months, in S&P's view.  But drawn-out
talks over its sale raise the risk of further clouding the timing
and amount of the sale if the market or conditions in which the
business operates worsen more than the company assumes.  Although
S&P believes creditor banks that have pledged to maintain their
outstanding lending balances will support Toshiba's immediate
funding needs, if prospects of selling the memory business become
more opaque, S&P thinks creditor banks are likely to have
difficulty accepting any potential request for additional funding
from the company.

Toshiba on June 10, 2017, announced it had reached a deal with
U.S.-based utility Southern Co. to cap the guarantee amount
Toshiba is obliged to bear regarding an unfinished nuclear power
plant project for Southern.  Former Toshiba subsidiary
Westinghouse Electric Co. LLC undertook the work.  S&P believes
the new arrangements were generally in line with Toshiba's
expectation, but the company is still in talks with another
utility, South Carolina Electric & Gas Co., over a cap on
Toshiba's guarantee obligation on nuclear power plant projects
and an installment payment plan.  Utilities that ordered nuclear
power plants might demand Toshiba bear an additional burden, and
Westinghouse's rehabilitation plan might lead to an additional
financial burden for Toshiba.  Therefore, the possibility remains
that such factors could hurt Toshiba's earnings performance or
financial standing, in S&P's view.

S&P intends to resolve the CreditWatch after examining
developments in the next one to two months, focused on prospects
for Toshiba to sell its memory business in the next few months
and whether it can secure continued support from its creditor
banks. S&P might downgrade Toshiba if it faces difficulties
fulfilling its financial obligations in a timely manner because
its restructuring plan, including business sell-offs, does not
move forward and no prospects exist for it to receive continued
support from its creditor banks.  A downgrade of Toshiba is also
possible if, as a result of its nuclear power business
significantly hurting its performance or causing an additional
financial burden, S&P determines that debt restructuring it
classifies as distressed is a virtual certainty.

RATINGS LIST

CreditWatch Action
Toshiba Corp.
Corporate Credit Rating       CCC-/Watch Neg/C
Senior Unsecured              CCC-/Watch Neg
Commercial Paper              C/Watch Neg



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


INTUERI EDUCATION: ACG Buys 7 New Zealand Vocational Schools
------------------------------------------------------------
Paul McBeth at BusinessDesk reports that ACG Education, the
private equity-owned education services provider, has agreed to
buy failed NZX-listed private training provider Intueri Education
Group's seven New Zealand vocational schools for an undisclosed
sum.

Auckland-based ACG, which was bought by Australia's Pacific
Equity Partners in 2015, has signed a conditional deal to buy the
schools with Intueri's administrators William Black and Conor
McElhinney of McGrathNicol, both parties said in separate
statements, BusinessDesk relays. The transaction is subject to a
number of conditions and is expected to be completed on June 30.
No price was disclosed, BusinessDesk notes.

According to BusinessDesk, ACG will buy the shares of the
New Zealand Institute of Sport, the New Zealand College of
Massage, Global Education Group trading as NSI The Professional
Hospitality Academy, and Intueri Education New Zealand trading as
Cut Above Academy, Design and Arts College of New Zealand,
Academy New Zealand, and Elite International School of Beauty and
Spa Therapies.

"A key attraction was the fact that their colleges are
complementary to two of our colleges, NZMA and New Zealand School
of Tourism," BusinessDesk quotes ACG chief executive John
Williamson as saying. "This will enable us to integrate our
operations quickly, combine our strengths to deliver a broad
range of high-quality programmes, and establish a strong platform
for future expansion."

Intueri was put into voluntary administration at the start of the
month after a strategic review attracted an offer for its
operating assets for less than the NZ$70.7 million owed to ANZ
Bank New Zealand, meaning the lender would be forced to take a
loss, BusinessDesk says. At the time of the announcement, Intueri
said it had a confirmed bid for the NZ Institute of Sport, the
College of Massage, and NSIA The Professional Hospitality
Academy.

Once the deal is complete, ACG's vocational training division
will offer vocational education to more than 9,000 students in
New Zealand every year, BusinessDesk notes. Government figures
show there were 44,100 full-time students at private training
establishments in 2015. Prior to the deal, ACG's vocational
training covered about 5,000 domestic and international students
across 23 New Zealand sites, says BusinessDesk.

BusinessDesk relates that McGrathNicol's Black said the sale was
"a very pleasing outcome and allows for a smooth transition of
the business to a new owner, thereby ensuring that education
services to students can continue uninterrupted."

Both the Tertiary Education Commission and New Zealand
Qualifications Authority were consulted with during the sale
process, and ACG's Williams said: "we are pleased that both
regulators are very supportive of ACG's acquisition," relays
BusinessDesk.

ACG provides a wide range of education services spanning
preschools, schools, university pathway programmes, and
vocational and higher education colleges. Once the deal is
complete, it will educate 17,000 students at 50 campuses across
New Zealand, Vietnam and Indonesia, BusinessDesk discloses.


NOSH GROUP: Veritas Investments Sued New Owner on NZ$1.9MM Debts
----------------------------------------------------------------
Tim Hunter at NBR Online reports that NZX-listed Veritas
Investments is suing the buyer of grocery chain Nosh, alleging it
failed to meet obligations to pay $1.9 million to Nosh creditors.

In a statement to the NZX, Veritas chairman Tim Cook said the
failure to pay Nosh's creditors was a breach of the sale and
purchase agreement, NBR relates.

"We entered into this transaction in good faith after a rigorous
process and it is extremely disappointing that the directors of
Gosh Holdings Limited (now Nosh Group Limited) have clearly
failed and continue to fail to meet their financial and legal
obligations."

According to NBR, the Nosh chain was acquired by Gosh Holdings,
since renamed Nosh Group, in February, but quickly ran into
difficulty with suppliers after missing promised payments.

The stores were closed on June 16 and staff left unpaid after
further finance did not materialize, NBR says.

NBR relates that Veritas said it was itself a creditor of Nosh
Group to the amount of NZ$68,549, which is owed for meat supplied
through the Mad Butcher.

It said at the time of sale the amount owed by Nosh to creditors
was NZ$1.9 million, which the new owner had agreed to pay.

Although Veritas is suing Nosh Group, creditors owed money by the
chain while it was under Veritas ownership are entitled to seek
recovery from the Veritas subsidiary, NBR states.

Veritas acknowledged that those obligations remained with its
subsidiary, now named Old NGL. However, "Veritas is not a
guarantor and so has no financial exposure. Old NGL Limited has
no assets to meet the creditor payments that Gosh Holdings
Limited (now Nosh Group Limited) committed to pay."

Several suppliers have told NBR they are considering suing Old
NGL to recover money owing.

According to NBR, Mr. Cook said in taking legal action Veritas
was enforcing its contract with Nosh Group.

"We are asking them to meet their obligations," NBR quotes Mr.
Cook as saying. "It's not about us getting $1.9 million off them.
So in a way, we're hopefully helping the creditors of Nosh."

Mr. Cook said the legal action had been filed to the high Court
on June 16, NBR relays.

"You have to assume they're not going to front up with a cheque
for that amount of money," he said.

At the time of the Nosh sale, the buyers had provided documentary
evidence and undertakings they had enough money to pay the
creditors, said Mr. Cook, "so in good faith, we continued," NBR
relays.

Nosh Group director Andrew Phillips has not returned calls
seeking comment, NBR notes.

Mr. Cook said he had last spoken to Mr. Phillips about 10 days
ago. Veritas' legal adviser Harmos Horton Lusk had subsequently
sent documents to him putting him on notice, he said, adds NBR.



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


RURAL BANK OF GOA: PDIC Pays PHP82.8-Mil. in Deposit Insurance
--------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) paid a total
of PHP82.8 million in insured deposits to depositors of the
closed Rural Bank of Goa (Camarines Sur), Inc., of which
PHP69.4 million was paid during the onsite claims settlement
operations (CSO) that concluded on April 4, 2017. Another PHP13.4
million representing 1,583 accounts was settled thru postal money
orders sent via registered mail to depositors with balances of
PHP100,000 and below where filing of claims was waived by PDIC.

The PDIC announced that it will continue to receive and process
deposit insurance claims from depositors of the closed Rural Bank
of Goa at the PDIC Public Assistance Center, 3rd Floor, SSS
Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City
until March 18, 2019. Claims may also be filed by mail. PDIC
reminds depositors to deal only with PDIC authorized officers.

Rural Bank of Goa has PHP111.4 million in total insured deposits
involving 2,282 accounts. As of April 4, 2017, PDIC has yet to
receive deposit insurance claims for PHP24.5 million covering 258
accounts. In accordance with the provisions of the PDIC Charter,
the last day for filing deposit insurance claims in the said bank
is on March 18, 2019. After said date, PDIC shall no longer
accept any deposit insurance claim.

When filing deposit insurance claims at the PDIC Public
Assistance Center, depositors are required to submit directly to
PDIC their original evidence of deposit and present one (1) valid
photo-bearing ID with signature of the depositor. It is, however,
recommended to bring at least two (2) valid IDs, in case of
discrepancies in signature. Depositors may also file their claims
through mail and enclose their original evidence of deposit and
photocopy of one (1) valid photo-bearing ID with signature
together with a duly accomplished Claim Form which can be
downloaded from the PDIC website, www.pdic.gov.ph. The procedures
and requirements for filing deposit insurance claims are likewise
posted in the PDIC website.

Depositors who are below 18 years old should submit either a
photocopy of their Birth Certificate issued by the Philippine
Statistics Authority (PSA) or a duly certified copy issued by the
Local Civil Registrar as an additional requirement, with the
Claim Form signed by the parent. Claimants who are not the
signatories in the bank records are required to submit an
original copy of a notarized Special Power of Attorney. In the
case of a minor depositor, the Special Power of Attorney must be
executed by the parent. The format of the Special Power of
Attorney may be downloaded from the PDIC website.

In addition, all depositors who have outstanding loans or
payables to the bank have to coordinate with the duly authorized
PDIC Loans Officer prior to the settlement of their deposit
insurance claim.

Rural Bank of Goa was ordered closed by the Monetary Board
through Resolution No. 428.A dated March 16, 2017. It is a two-
unit rural bank with Head Office located in San Jose (Poblacion),
Goa, Camarines Sur. Its lone branch is located in San Vicente,
Pili (Capital), Camarines Sur.

For more information, depositors may contact the Public
Assistance Department at telephone numbers (02) 841-4630 to 31,
or e-mail PDIC at pad@pdic.gov.ph. Depositors outside Metro
Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC
(7342).



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


GLOBAL A&T: Fitch Cuts IDRs to CC on Probable Default
-----------------------------------------------------
Fitch Ratings has downgraded Singapore-based outsourced assembly
and testing (OSAT) services company Global A&T Electronics Ltd's
(GATE) Long-Term Foreign-Currency and Local-Currency Issuer
Default Ratings (IDRs) to 'CC', from 'CCC'.

The rating action reflects Fitch's view that default is now
probable and possible remedies that avoid a debt restructuring
have all but evaporated. The company has also hired lawyers and
investment bankers to contemplate debt restructuring ahead of a
coupon payment due in August 2017.

KEY RATING DRIVERS

Default is Probable: Fitch believes that GATE will struggle to
pay the USD55 million bond coupon. Its end-March cash balance of
USD77 million will be depleted further as Fitch expects GATE to
have an FCF deficit of around USD70 million-80 million in 2017.
Fitch estimates its 2017 EBITDA of USD150 million will be
insufficient to cover annual interest cost of USD110 million and
maintenance capex of USD100 million.

Excessive Refinancing Risk: GATE has an unsustainable capital
structure and limited access to external financing. It had only
USD11.5 million of undrawn committed bank facilities at end-March
2017. Fitch thinks that the company will struggle to redeem
secured notes due in February 2019. Fitch believes that the
company's legal dispute with a group of holders of the first
tranche of its first-lien bonds is likely to remain unresolved in
the medium term.

Compromised Business Model: Fitch expects GATE's EBITDA to stay
relatively flat at around USD150 million in 2017, underpinned by
slow recovery in global demand for semiconductors. GATE lacks the
technological capability and pricing power in the fragmented
USD25 billion OSAT industry to be able to service its current
level of debt.

GATE's independent auditor has given a disclaimer of opinion,
concluding that it is unable to obtain sufficient evidence
regarding the likely outcome of any negotiations with bondholders
over interest payment. Therefore, the auditor has not expressed
an opinion on the 2016 financial statements.

DERIVATION SUMMARY

The rating action reflects Fitch's assessment that short-term
liquidity has deteriorated to a position where default is
probable. The company is not likely to be able to pay its August
2017 coupon, and the capital structure is unsustainable with
excessive refinancing risk given that Fitch expects cash
generation to be insufficient to cover interest costs and
maintenance capex.

KEY ASSUMPTIONS

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

- Revenue to stay relatively flat in 2017.
- Operating EBITDA margin of 22%-23% in 2017-2018 (2016: 22.4%).
- Annual capex of USD100 million in 2017-2018.
- Annual cash taxes and cash interest of around USD10 million
   and USD110 million, respectively.
- No asset sales or capital injection.

RATING SENSITIVITIES

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

- Default is imminent or inevitable, or the issuer is in
   standstill
- In Fitch's opinion, the company has experienced an uncured
   payment default
- Announcement by the company, or its agent, of a distressed
   debt exchange

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

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

LIQUIDITY

Liquidity to Worsen: Fitch expects liquidity stress to increase
in the next 12 months, based on a cash balance of USD77 million
as of end-March 2017 and sustained negative FCF in the medium
term. Continuing weak business prospects would place considerable
pressure on GATE to meet its interest commitments in August 2017.
Access to external financing is also limited; it had only USD11.5
million of undrawn credit and banking facilities available for
working-capital purposes as at end-March 2017.



===============
T H A I L A N D
===============


PTT EXPLORATION: S&P Lowers Rating on Perpetual Securities to BB+
-----------------------------------------------------------------
S&P Global Ratings said that it had affirmed its 'BBB+' long-term
corporate credit rating on PTT Exploration and Production Public
Co. Ltd. (PTTEP).  The outlook is stable.  S&P also affirmed its
'axA+' long-term ASEAN regional scale rating on the Thailand-
based oil and gas producer.

At the same time, S&P affirmed its 'BBB+' long-term issue rating
on the company's senior unsecured notes and outstanding
guaranteed notes.  S&P lowered its issue ratings on the company's
perpetual securities to 'BB+' from 'BBB-' after lowering of the
company's stand-alone credit profile (SACP) to 'bbb' from 'bbb+'.

S&P affirmed the ratings because it expects PTTEP to remain a
core subsidiary of its majority shareholder PTT Public Co. Ltd.
(PTT: BBB+/Stable/--; axA+/--) over the next two years at least.
In addition, S&P believes that the government of Thailand
(foreign currency BBB+/Stable/A-2; local currency A-/Stable/A-2;
axAA/axA-1) is likely to extend direct support to PTTEP, if
needed, given that the company is a major producer of gas in the
country, is a core subsidiary of PTT, and S&P considers PTTEP to
be a government-related entity.

S&P has lowered its assessment of PTTEP's SACP to 'bbb' from
'bbb+' to reflect S&P's less favorable assessment of the reserve
profile of the company's hydrocarbon assets and the challenges
S&P believes the company will face in sustainably replenishing
its reserves.  That assessment outweighs a balance sheet that is
otherwise more solid than that of the majority of PTTEP's
globally rated peers.

S&P's view on the position, profile, and life of PTTEP's
hydrocarbon reserves is less favorable now than earlier.  This
factor has become an increasing point of focus for the company's
SACP since 2015.  PTTEP's absolute proven reserves (1P) have been
diminishing in each of the past six years -- they were about 695
million of barrels of oil equivalent (boe) in 2016, down from
about 738 million boe in 2015.  These reserves were about 969
million boe in 2011.  Proven and probable reserves have also
depleted to about 1,099 million boe in 2016, from 1,867 million
boe in 2011.

Amid PTTEP's production growth of about 20% between 2011 and 2016
to about 368 thousand barrels of oil equivalent per day (kboe/d)
and its three-year average reserve replacement ratio (RRR) of
50%-60% annually since 2014, the life of the company's 1P
reserves has steadily declined to marginally above five years at
the end of 2016, from about 9.5 years at the end of 2010.  The
life of the company's proven and probable reserves has also
nearly halved over the period to reach about eight years in 2016.

S&P believes PTTEP will continue to face ongoing challenges in
replacing reserves over the next three to four years at least.
At current gross depletion rates of about 130 million boe per
year and the historical replacement rates, the yearly reserve
addition needed to stabilize reserve life is fairly substantial,
in S&P's view.  The life of PTTEP's proven reserves could
potentially dip slightly below five years at the end of 2017 if
the company delays its investment decision on some of the pre-
development projects in its pipeline and does not make any
acquisitions.  S&P estimates that the company would need to add
about 200 million boe of gross proven reserves per year annually
for the next two-to-three years for its 1P reserve life to stay
comfortably above five years, a level that is at the weaker end
of the proven reserve profile of most global peers with a
satisfactory business risk profile.

Such replacements would entail nearly doubling PTTEP's latest
three-year average RRR of about 0.6x in 2016 on a sustainable
basis, a level that is difficult to achieve -- and sustain --
through 2020, in S&P's view, given the company's current project
pipeline. Any material shortfall in reserve replacement in a
given year will also lead to increasingly elevated replacement
needs to sustain reserves at more comfortable levels, given the
company's still-high production forecasts till 2020.

S&P recognizes that PTTEP has a number of ongoing and potential
projects that could add to 1P reserves over the next few years.
The company's project in Mozambique, in particular, could add
slightly over one year of 1P reserve life once PTTEP takes the
final investment decision to sanction the project, possibly by
the end of 2017 at the earliest.  S&P acknowledges that this
project could temporarily lift the 1P reserve life to about six
years in 2018.  Nevertheless, S&P understands that the project is
unlikely to start producing its first gas until 2022 at the
earliest, noting that projects of this magnitude have often
experienced delays.  It will require substantial spending from
PTTEP and its partners over the next four to five years (which
S&P believes PTTEP has the financial capacity and ratio headroom
to undertake, and which S&P factors in its base case).  The
company has also postponed the investment decision over the past
two years following protracted negotiations with the government
at first and then subdued market conditions, although S&P
understands that there is greater visibility on a forthcoming
decision.  As such, reserves from this project, if and when
recognized, will remain undeveloped for the next few years, with
the life of PTTEP's proven developed reserves staying below S&P's
estimate of four years in the meantime.  Proven developed
reserves are those that do not require material spending in order
to start producing.

PTTEP's other projects include a mix of shorter and longer lead-
time projects and expanded capacity in Algeria and southeast
Asia, with generally modest potential to add reserves.  The
company is also likely to bid for the extension of the concession
of the Bongkot field in Thailand, one of its main producing
assets whose concession is coming up for renewal by 2022 and
2023.  Even though PTTEP has been a legacy operator with a sound
record of production, S&P understands that exploitation of the
field will be re-tendered through a competitive process over the
next few months, with residual uncertainty on the outcome for
PTTEP.

PTTEP's challenge in replacing reserves is likely to require a
step-up in spending on exploration and development -- which the
company reduced by nearly 80% between 2014 and 2016 amid reduced
hydrocarbon prices -- and in capital expenditure.  S&P also
believes the company may need to engage more aggressively in
inorganic growth over the next two years to complement organic
reserve addition, although the replenishment needs could make
that latter option expensive.

Also, while PTTEP has solid cash costs of production and has
demonstrated sound profitability through the previous price cycle
(with EBITDA margins averaging about 70%), future potentially
elevated replacement costs to improve the reserve profile,
including depreciation and depletion, could start to weigh on the
company's medium-term overall profitability, EBIT per barrel, and
return on capital.  Finally, the company may need to start
reducing its production schedule to avoid depleting reserves too
rapidly.  From multi-year sales volumes of about 320 kboe/d in
2016, the company's public guidance for sales volumes is about
265 kboe/d by 2021, figures that could reduce further depending
on PTTEP's RRR over the next few years.

Proactive financial management, debt reduction, and substantial
cash accumulation partly mitigate S&P's less favorable view on
PTTEP's reserve profile and underpin the company's SACP.  These
factors provide some buffer in the event PTTEP steps up capital
spending or undertakes inorganic reserve replacement.  The
company's has a net cash position of about US$1.58 billion as of
March 31, 2017 (2015: about US$255 million), following lower
capital spending and cost reductions.  PTTEP has maintained a
ratio of debt to EBITDA below 1.0x through the price downturn of
2014-2016, a fairly conservative level compared with
international peers'.  The ratio includes adjustments for surplus
cash, asset retirement obligations, perpetual securities, and
pensions.

Under S&P's base case of annual EBITDA of roughly US$3 billion
through 2019, the ratio of debt to EBITDA will stay below 1.0x
over the period, with breakeven to marginally negative
discretionary cash flows annually and no incremental debt.  S&P
estimates that the company has a financial buffer of
US$1.5 billion - US$2 billion in incremental debt before reaching
our trigger of debt-to-EBITDA ratio of 1.5x for a lower SACP.

S&P lowered the ratings on PTTEP's perpetual securities as a
result of the lower SACP.  S&P still assess these securities as
having an intermediate equity content and reclassify 50% of the
instrument as debt and 50% as equity.  The rating on the
perpetual securities is two notches below PTTEP's SACP.  S&P uses
the SACP as a reference point for notching the perpetual
securities because the Thai government is yet to show a track
record of support to equity-like instruments issued by state-
owned companies or subsidiaries of state-owned companies in
Thailand.

PTTEP's recent announcement that operations at certain parts of
its S1 field in Thailand are temporarily suspended is credit
neutral.  The company estimates that sales volumes could fall by
12 kboe/d, or about 5% of its previous target.  Given PTTEP's
sizable net reported cash position, the impact on the company's
operating cash flows or credit ratios is likely to be immaterial
for 2017.  PTTEP also announced that Indonesia's Ministry of
Environment and Forestry had filed a lawsuit against the company
following an oil spill in 2009 in Australia.  While the
contingency is potentially sizable, S&P has no visibility on the
timeframe, which could take years and is not currently captured
in its base-case forecasts.

"We continue to equate the ratings on PTTEP with the rating on
PTT because we believe that a solid strategic fit remains between
PTTEP's upstream oil and gas operations and PTT's transmission,
distribution, refining, petrochemical, and marketing operations,
despite our less favorable view of PTTEP's reserve position.
PTTEP is a major supplier of feedstock to PTT's subsidiaries
through PTT.  We expect PTTEP to contribute 30%-40% of PTT's
consolidated EBITDA through a cycle of hydrocarbon prices.  Both
companies share the same name, and PTTEP has a track record of
satisfactory operations.  We also believe it is highly unlikely
that PTT will reduce its stake in PTTEP over the next two years.
Therefore, we see high incentives for PTT to provide support in
the event PTTEP faces financial difficulties," S&P said.

The stable outlook on PTTEP reflects the outlook on PTT and S&P
Global Ratings' expectation that PTTEP will remain a core
subsidiary of the parent over the next 24 months.

S&P may downgrade PTTEP if any of these occurs:

   -- S&P lowers the rating on PTT.  This could happen due to
      negative changes in the sovereign credit rating on
      Thailand, S&P's opinion of the likelihood of extraordinary
      government support, and S&P's assessment of PTT's SACP; or

   -- PTTEP's business integration with PTT shifts considerably,
      such that PTTEP's contribution to the consolidated cash
      flow lessens or PTT's shareholding in PTTEP falls below 50%
      and changes S&P's assessment of PTTEP's strategic
      importance to PTT.

S&P could revise downward its assessment of the SACP of PTTEP if:

   -- S&P assess the company's business risk profile to have
      weakened.  This could materialize if PTTEP's proven reserve
      profile weakens below five years with no prospect of
      recovery, or the company experiences operational problems
      at its development projects or those in production; or

   -- The company's debt-to-EBITDA ratio increases above 1.5x on
      a sustained basis.  This could occur if: (1) oil prices
      fall below US$35/barrel on a sustained basis, with no
      commensurate cash preservation measures by PTTEP with
      respect to operating costs, capital spending, or dividends;
      or (2) the company engages in debt-financed acquisitions
      that translate into a higher net debt without a
      commensurate improvement in its business risk profile.

S&P may raise the ratings on PTTEP if we raise the ratings on PTT
and Thailand, and PTTEP maintains its core status within the PTT
group.

S&P sees a low likelihood of an upward revision in PTTEP's SACP
over the next two years.  Nevertheless, S&P could revise upward
the SACP if the company executes its growth strategy and
materially expands its reserves, reserve life, and production
levels while maintaining a debt-to-EBITDA ratio well below 1.5x
under most product pricing scenarios.



                             *********

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

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

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


                            *********


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

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

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

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

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



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