TCRAP_Public/170621.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Wednesday, June 21, 2017, Vol. 20, No. 122

                            Headlines


A U S T R A L I A

BUILDING BUREAU: First Creditors' Meeting Set for June 27
KITCHEN CHOICE: Second Creditors' Meeting Set for June 27
OROTONGROUP LIMITED: May be Sold as Part of Strategic Review
QUEENSLAND INDEPENDENT: First Creditors' Meeting Set for June 29
ROYAL CROQUET: First Creditors' Meeting Set for June 27

SO REAL SYNTHETIC: First Creditors' Meeting Set for June 27
STYLEVISION AUSTRALIA: Second Creditors' Meeting Set for June 27
TEXSKILL LIMITED: First Creditors' Meeting Set for June 26


C H I N A

GOME ELECTRICAL: S&P Affirms BB CCR on Retap of Sr. Unsec. Notes
SHANDONG RUYI: S&P Affirms B Corp. Credit Rating; Outlook Stable


H O N G  K O N G

NOBLE GROUP: $2 Billion Loan Deal Prompts Default-Swap Question


I N D I A

AGGARWAL AUTOMOTIVE: CRISIL Reaffirms B+ Rating on INR19MM Loan
AUTO PROFILES: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
BALAJI ACQUA: Ind-Ra Assigns 'B' Long-Term Issuer Rating
BHUPTANI ASSOCIATES: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
C.P. FOODS: CRISIL Reaffirms B+ Rating on INR5.85MM Loan

C B & SONS: CRISIL Cuts Rating on INR7MM Long Term Loan to 'B'
CHADALAVADA INFRATECH: CRISIL Reaffirms D Rating on INR93MM Loan
CHEER SAGAR: CRISIL Lowers Rating on INR0.4MM Loan to B
GANGA JAMUNA: CRISIL Reaffirms B+ Rating on INR5.5MM Cash Loan
GERB VIBRATION: CRISIL Lowers Rating on INR2MM Cash Loan to B

GS MOTORS: CRISIL Lowers Rating on INR4.5MM Loan to 'B'
GURUDEV OVERSEAS: CRISIL Cuts Rating on INR4MM Cash Loan to 'B'
INNOVATIVE VASTUNIRMAN: Ind-Ra Assigns BB+ Issuer Rating
JFK INTERNATIONAL: CRISIL Assigns B+ Rating to INR.1MM LT Loan
KATTI-MA EXPORTS: CRISIL Lowers Rating on INR3MM Loan to 'B'

NARVEDA MOTORS: CRISIL Cuts Rating on INR4.75MM Loan to 'B'
NRU SPINNING: CRISIL Reaffirms 'D' Rating on INR4.85MM Cash Loan
OM SAKTHI: CRISIL Reaffirms B+ Rating on INR9.5MM Loan
OPPO MOBILES: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
PARAMESU BIOTECH: CRISIL Reaffirms B- Rating on INR36.4MM Loan

PARAMOUNT PHARMA: CRISIL Cuts Rating on INR10MM Cash Loan to B
PARICHITHA CONSTRUCTIONS: CRISIL Reaffirms B+ INR3.5M Loan Rating
R. PRIYA: CRISIL Assigns 'B' Rating to INR1.63MM Term Loan
R. C. INDUSTRIES: CRISIL Cuts Rating on INR2.67MM Loan to 'B'
RABINA ENTERPRISES: CRISIL Cuts Rating on INR11.5MM Loan to 'B'

RUBYKON MANUFACTURING: CRISIL Cuts Rating on INR13MM Loan to B
S M RICE: CRISIL Lowers Rating on INR5MM Cash Loan to 'B'
S.S. OIL: CRISIL Lowers Rating on INR6.4MM Cash Loan to 'B'
SANIMO POLYMERS: CRISIL Cuts Rating on INR13.75MM Cash Loan to B
SANJAY COTTON: CRISIL Cuts Rating on INR5MM Cash Loan to B

SAYA AUTOMOBILES: CRISIL Cuts Rating on INR45MM Cash Loan to B
SHREE BALAJI: CRISIL Raises Rating on INR14MM Cash Loan to BB-
SHREE UMA: CRISIL Lowers Rating on INR4MM Cash Loan to 'B'
SISCO INDUSTRIES: CRISIL Reaffirms B+ Rating on INR9.5MM Loan
SRI SARASWATHI: CRISIL Cuts Rating on INR3.6MM LT Loan to B+

SUNGRACIA TILES: CRISIL Cuts Rating on INR15MM Cash Loan to B
SUR GEMS: CRISIL Lowers Rating on INR25MM Loan to 'B'
THERDOSE PHARMA: CRISIL Lowers Rating on INR5.49MM LT Loan to B
VIJAYA SARADA: CRISIL Lowers Rating on INR6.5MM Cash Loan to B
VISHAL CHAIN: CRISIL Lowers Rating on INR15MM LT Loan to 'B'

VIVANTA REALTY: CRISIL Reaffirms B+ Rating on INR9.9MM Loan
VIVO MOBILE: Ind-Ra Affirms 'BB' Long-Term Issuer Rating


J A P A N

TOSHIBA CORP: TSE Listing Review Likely to Take Longer
TOSHIBA CORP: Not Expected to Submit Securities Report by June 30


M A L A Y S I A

ASIA KNIGHT: Gets Time Extension to Submit Regularization Plan


N E W  Z E A L A N D

OSBORNE BUILDING: Hillcrest Seeks Payment Over Leaky Building


                            - - - - -


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A U S T R A L I A
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BUILDING BUREAU: First Creditors' Meeting Set for June 27
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Building
Bureau Pty Ltd will be held at the offices of Deloitte Financial
Advisory Pty Ltd, at Eclipse Tower, Level 19, at 60 Station
Street, in Parramatta, NSW, on June 27, 2017, at 3:00 p.m.

David Ian Mansfield & Neil Robert Cussen of Deloitte were
appointed as administrators of Building Bureau on June 16, 2017,


KITCHEN CHOICE: Second Creditors' Meeting Set for June 27
---------------------------------------------------------
A second meeting of creditors in the proceedings of Kitchen
Choice Pty Ltd has been set for June 27, 2017, at 10:00 a.m., at
the offices of HLB Mann Judd (Insolvency WA), Level 3, at 35
Outram Street, in West Perth, WA.

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 26, 2017, at 10:00 a.m.

Kimberley Stuart Wallman of HLB Mann Judd (Insolvency WA) was
appointed as administrator of Kitchen Choice on May 25, 2017.


OROTONGROUP LIMITED: May be Sold as Part of Strategic Review
------------------------------------------------------------
Eli Greenblat at The Australian reports that struggling up-market
fashion brand Oroton could be sold, refinanced or recapitalised
as part of a wide-ranging strategic review.

The Australian says the move comes after a string of profit
downgrades and the shock departure of its chief executive earlier
this year, following which the retailer's shares have collapsed
to record lows.

It also comes as Orotongroup Limited on June 20 revealed its
worsening debt position, with the company now in discussions with
its lender, Westpac, over the future of a AUD35 million borrowing
facility which is due to expire in April next year.

In the midst of one of the worst trading conditions in decades
for the fashion and apparel sector, Oroton, known for its
handbags and accessories, has suffered a number of missteps and
setbacks including poor investment decisions in new brands and
countless profit warnings that have damaged investor confidence,
according to the Australian.

Only last month, shares in Oroton slumped by as much as 32% after
it warned that full-year earnings would be around AUD10 million
weaker than the previous year, in what the group's interim CEO
calls "unacceptable" profitability, The Australian discloses.

The report says the stock quickly hit the skids, to AUD1 and an
18-year low, with interim CEO and major shareholder Ross Lane
revealing the company had engaged investment bank Moelis & Co to
assist in a strategic review to "assess our various options".

According to The Australian, Oroton on June 20 released early
details of that review, which could include a sale of the
business.

"Following that announcement, numerous parties have expressed
interest in exploring certain strategic options which may involve
a sale, refinancing of debt facilities or recapitalisation of the
company," Oroton, as cited by The Australian, said in a statement
to the Australian Securities Exchange.

"Oroton Group's board has decided it is appropriate to commence a
formal process in response to the interest received to explore
these options and to invite additional parties to participate in
the process.

"The strategic process will be focused on maximising value for
the company and its stakeholders. It is premature to comment in
detail on potential structures, terms or outcomes."

The Australian relates that in a trading update accompanying the
strategic review statement, Oroton said it could confirm that
although market conditions remained very competitive and
challenging, and difficult to forecast, previous guidance for
underlying FY17 EBITDA remained unchanged at AUD2 million - AUD3
million.

It said a AUD35 million facility with Westpac, its primary lender
of more than 50 years, expires in April 2018 and the company was
in ongoing discussions with the bank on the terms of that
facility, The Australian relays.

"The group's working capital advances which form part of this
facility, historically have fluctuated with the seasons. At mid-
June 2017, the working capital advances were drawn to a total of
AUD16m which is reflective of the June seasonal high-point with
the purchase of inventory for the upcoming Spring season.

"The company anticipates a net debt position at FY17 year-end of
approximately AUD10 million. This forecast AUD6 million decrease
in the net debt balance by year end primarily reflects the normal
working capital cycle in June and July and the importance of
these months on the company's overall cash position."

The company would need support in the lead up to the Christmas
sales.

"Accordingly, Oroton will require ongoing support from Westpac to
incur that debt, and in relation to the continued use of all its
facilities."

It said a major shareholder and former director Will Vicars had
provided up to AUD3 million credit support for its working
capital facility with Westpac, The Australian reports.

OrotonGroup Limited (ASX:ORL) -- http://www.orotongroup.com.au/-
-- is an Australia-based retail company. The Company's segments
include Oroton and Gap brands. The Company is engaged in
retailing and wholesaling of leather goods, fashion apparel and
related accessories under the OROTON brand. It is engaged in
retailing of fashion apparel under the GAP label. It is also
engaged in licensing of the OROTON brand name. The Company
operates over 80 stores across Australia, New Zealand, Singapore,
Malaysia and China. Its Gap brand includes GapKids and babyGap,
and offers wardrobe essentials. Its Oroton sells a range of
products for men and women. Oroton's offerings for women include
bags, wallets, jewelry, beauty, gifts, sunglasses and
accessories. Its offerings for men include bags, wallets,
accessories, apparel, sunglasses and gifts. The Company has a
presence as a multi-channel retailer, including online, first
retail stores, concessions, factory outlets and wholesale for
both owned brand and licensed partnerships.


QUEENSLAND INDEPENDENT: First Creditors' Meeting Set for June 29
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Queensland
Independent College Limited will be held at the offices of Pilot
Partners, Level 10, Waterfront Place, at 1 Eagle Street, in
Brisbane, Queensland, on June 29, 2017, at 9:30 a.m.

Ann Fordyce and Nigel Markey of Pilot Partners were appointed as
administrators of Queensland Independent on June 19, 2017.


ROYAL CROQUET: First Creditors' Meeting Set for June 27
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Royal
Croquet Club Adelaide Pty Ltd will be held at the offices of
DuncanPowell, Level 4, 70 Pirie Street, in Adelaide, South
Australia, on June 27, 2017, at 11:30 a.m.

Peter James Lanthois and Andrew George Ashbrook Langshaw of
DuncanPowell were appointed as administrators of Royal Croquet on
June 15, 2017.


SO REAL SYNTHETIC: First Creditors' Meeting Set for June 27
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of So Real
Synthetic Grass Pty Ltd will be held at the offices of Worrells
Solvency & Forensic Accountants, Level 3, 15 Ogilvie Road, in
Mount Pleasant, WA, on June 27, 2017, at 10:30 a.m.

Mervyn Jonathan Kitay of Worrells was appointed as administrator
of So Real on June 15, 2017.


STYLEVISION AUSTRALIA: Second Creditors' Meeting Set for June 27
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Stylevision
Australia Pty Ltd has been set for June 27, 2017, at 11:00 a.m.,
at the offices of Young Business RIT, Level 14, 9-13 Hunter
Street, in Sydney, NSW.

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 26, 2017, at 5:00 p.m.


TEXSKILL LIMITED: First Creditors' Meeting Set for June 26
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Texskill
Limited will be held at Level 12, 460 Lonsdale Street, in
Melbourne, Victoria, on June 26, 2017, at 10:30 a.m.

Malcolm Kimbal Howell & Liam William Paul Bellamy of Jirsch
Sutherland were appointed as administrators of Texskill Limited
on June 14, 2017.



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GOME ELECTRICAL: S&P Affirms BB CCR on Retap of Sr. Unsec. Notes
----------------------------------------------------------------
S&P Global Ratings said it affirmed its 'BB' long-term corporate
credit rating on GOME Electrical Appliances Holdings Ltd.  The
outlook is stable.  S&P also affirmed its 'cnBBB-' long-term
Greater China regional scale rating on the China-based electrical
appliance and consumer electronics retailer.

At the same time, S&P affirmed its 'BB-' long-term issue rating
and 'cnBB+' Greater China regional scale issue rating on GOME's
existing U.S. dollar-denominated senior unsecured notes.

"We affirmed our rating on GOME because we believe the retailer's
mild revenue growth and improving profit margins will continue to
support its cash flow generation, which provides a modest buffer
against the company's aggressive capital expenditure needs for
store revamps and logistics infrastructure over the next 12
months" said S&P Global Ratings credit analyst Shalynn Teo.

S&P expects the debt-to-EBITDA ratio to remain stable at 3.2x-
3.6x in 2017, compared with 3.4x in 2016.

In S&P's opinion, GOME's profit margin will gradually recover
from its trough in 2016, with EBITDA margins improving to 6.0%-
6.5% in 2017, from 5.5% in 2016.  This is because S&P expects the
company will continue to effectively adjust its product mix to
increase the contribution of higher-margin differentiated
products.  The completion of revamps for its larger and more
profitable higher-tier stores during 2016 provides another
support to profitability.  Adjusted gross margins in the first
quarter of 2017 increased to 16.4%, from 15.6% in 2016, with
differentiated products accounting for 49.0% of sales, up from
40.0% for 2016.  Differentiated products have a margin of about
20%.

However, China's electronics retail market is volatile, and
GOME's margins could deteriorate over the next 12-24 months if
operating conditions turn more challenging, GOME fails to
continue to improve product mix, or operating expenses increase
more than S&P expects due to aggressive promotion efforts.

While S&P anticipates GOME will continue to incur significant
capital expenditures for store upgrades and expansions in
logistics infrastructure, S&P expects operating cash flow will
offset the increase in leverage.  In addition, S&P expects the
company to remain disciplined in working capital management.  S&P
do not expect GOME to undertake overly aggressive financial
activities such as material new acquisitions, aggressive
dividends distributions or share buybacks over the next 12
months.

GOME's satisfactory market position, strong brand name, and
extensive distribution network in China's highly competitive
electronics and appliance retail industry will continue to
underpin the rating.

GOME's plans to retap the notes program under which it issued
US$400 million 5.0% bonds due 2020 in March 2017.  S&P believes
the additional funding would have no immediate impact on GOME's
credit profile.  The issue rating on the program is one notch
lower than the long-term corporate rating on GOME to reflect
structural subordination risk. GOME intends to use the proceeds
from its bond for its overseas expansion.

The stable outlook reflects S&P's expectation that GOME will
sustain its good market position, modest sales growth, stable
margins, and disciplined capital management over the next 12
months, despite intense competition in China.

While the company will continue to use debt to fund its store
upgrades and expansion in logistics infrastructure, S&P
anticipates its profit margins will recover over the next 12
months and that its revenue will modestly expand, such that
GOME's debt-to-EBITDA will remain at 3.2x-3.6x.

S&P could lower the rating if GOME's debt-to-EBITDA ratio
increases above 4.0x or the EBITDA interest coverage decreases to
below 3.0x.  This may happen if the company:

   -- Has difficulty executing its expansion strategy or faces
      more severe competition than we expect, resulting in a
      significant deterioration in its profitability;

   -- Undertakes a more aggressive debt-funded expansion than S&P
      expects; or

   -- Increases dispersions to shareholders.

S&P may raise the rating if GOME can maintain a debt-to-EBITDA
ratio of below 3.0x and EBITDA interest coverage of above 6.0x on
a sustained basis.  This could happen if the company can:

   -- Improve profitability through successful product
      differentiation or good cost control despite intense market
      competition and slowing economic growth; and

   -- Implement disciplined financial management to control debt-
      funded expansions.


SHANDONG RUYI: S&P Affirms B Corp. Credit Rating; Outlook Stable
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term corporate credit
rating on Shandong Ruyi Technology Group Co. Ltd. with stable
outlook.  S&P also affirmed its 'cnBB-' long-term Greater China
regional scale rating on the company.

At the same time, S&P assigned its 'B-' and 'cnB+' long-term
issue ratings to the proposed senior unsecured bonds that Prime
Bloom Holdings Ltd., a wholly owned subsidiary of Ruyi, proposes
to issue.  S&P also affirmed its 'B-' and 'cnB+' issue ratings on
Prime Bloom's existing US$345 million senior unsecured notes.
Ruyi unconditionally and irrevocably guarantees the notes.

Ruyi is a China-based textile manufacturer with operations across
upstream cultivation and trading, and textile manufacturing to
downstream apparel brand management.

S&P affirmed the rating on Ruyi because we expect the company's
operations will remain exposed to high competition and volatile
commodity prices and to the fragmented nature of China's textile
industry.  In addition, Ruyi has weaker profitability than its
international peers'.  S&P also expects the company's financial
leverage to remain high due to its aggressive debt-funded
expansion appetite.  Ruyi's large operating scale, wide product
offerings, and satisfactory geographic diversification temper
these weaknesses.

The rating on the notes is one notch below the long-term
corporate credit rating on Ruyi in view of the company's
significant priority liabilities at the parent level.  Still, S&P
recognizes a modest level of mitigating factors such as the
parent group's diversity of subsidiaries, which partially offsets
the significant structural subordination risk.

S&P anticipates that Ruyi's EBITDA margin will improve to 11.0%-
12.0% over the next 12-24 months, from 9.6% in 2016.  This
reflects the full-year consolidation of French fashion firm SMCP
in October 2016, SMCP's good growth prospects in Asia, and the
ramp-up of Ruyi's production plants in Xinjiang and Ningxia.  The
capacity expansion in Xinjiang and Ningxia will improve Ruyi's
cost structure and operating efficiency because of lower
manufacturing costs in the new production sites owing to
government subsidy, cheaper utility costs, and highly automated
production facilities. Ruyi's profitability may remain weak in
its textile and trading segments, reflecting intense competition
in China.

S&P expects Ruyi's debt-to-EBITDA ratio to remain high at 5.5-
6.5x over the next 12-24 months, an improvement from 7.0x in
2016, due to the full-year consolidation of SMCP.  S&P's debt
assumptions include third-party guarantees of about Chinese
renminbi (RMB) 3.4 billion, as of 2016.  S&P continues to expect
Ruyi's leverage to remain above 5.0x, reflecting the company's
aggressive expansion appetite.

The stable outlook reflects S&P's expectation that Ruyi will
maintain its market position through its large and vertically
integrated operations, wide product offerings, and improving
geographical diversification over the next 12 months.  S&P
expects the company to continue to deleverage, but the ratio of
debt to EBITDA should remain above 5.0x over the same period.

S&P may lower the rating if it believes Ruyi's profitability has
weakened materially or the company is taking longer to reduce
debt than S&P expects.  This could happen if S&P anticipates that
Ruyi's EBITDA margin will consistently stay below 10% owing to
intense competition, low capacity utilization, or higher
operating expenses than S&P expects for the integration of new
acquisitions.

S&P may also lower the rating if Ruyi's debt-to-EBITDA ratio
stays materially above 5.0x without signs of improvement,
possibly due to more aggressive debt-funded investment or a
weaker operating performance than S&P expects.

S&P may upgrade Ruyi if its debt-to-EBITDA ratio falls below 5.0x
on a sustainable basis.  This could occur through capital
injections from shareholders or equity disposals following
successful IPOs of subsidiaries.  The ratio could also improve on
the back of materially enhanced operating cash flow, given strong
revenue growth, or margin improvement combined with financial
discipline and continued deleveraging.



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H O N G  K O N G
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NOBLE GROUP: $2 Billion Loan Deal Prompts Default-Swap Question
---------------------------------------------------------------
Bloomberg News reports that just days after Noble Group Ltd.
secured a $2 billion loan extension, some investors in the credit
protection market are looking to get paid.

Bloomberg says the International Swaps & Derivatives Association
(ISDA) has been asked to decide whether a four-month loan
extension from the Hong Kong-based company's banks constitutes a
so-called restructuring credit event.  Bloomberg relates that an
anonymous party filed a petition on June 19 asking the
determinations committee to consider the question, which could
mean payouts for holders of credit-default swaps on almost $5
billion of company debt.

According to Bloomberg, Noble Group had been in talks for weeks
over the facility, which underpins its global oil business and
was due to expire later this month. The commodity trader reached
a preliminary agreement with its banks to extend the facility for
120 days at just under its current $2 billion limit, Bloomberg
reported on June 16, Bloomberg relays.

The extension resets the clock on the company's attempts to find
new investors, sell assets or shutter unprofitable businesses.
With its new chairman, Paul Brough -- a restructuring specialist
who worked on the liquidation of Lehman Brothers Holdings Inc. --
Noble Group has hired investment banks Morgan Stanley and Moelis
& Co. to review its options, says Bloomberg.

Bloomberg notes that Noble Group remains under severe pressure
after enduring several turbulent years marked by losses, credit-
rating downgrades, and accusations of improper accounting that
the company has denied. The trader's market capitalization has
fallen from more than $10 billion to just $300 million. S&P
Global Ratings last month warned of the risk of a default within
a year, Bloomberg states.

                         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.



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AGGARWAL AUTOMOTIVE: CRISIL Reaffirms B+ Rating on INR19MM Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Aggarwal
Automotive Private Limited (AAPL) for obtaining information
through letters and emails dated February 15, 2017 and March 27,
2017 among others, apart from telephonic communication. However,
the issuer has remained non-cooperative.

CRISIL thus gave this rating:

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Inventory Funding        19      CRISIL B+/Stable (Issuer Not
   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 Aggarwal Automotive 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 Aggarwal Automotive Private
Limited is consistent with 'Scenario 3' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BBB' category or lower. Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL B+/Stable'.

AAPL was incorporated in 2014 by the Delhi-based Bansal family.
AAPL runs a HMIL dealership in Delhi. AAPL has two sales
showrooms along with one service and spares workshop. Mr. Harsh V
Bansal is the director in the company, actively managing the
company's operations. AAPL is a part of the Unity group based in
Delhi, having extensive presence in the commercial real estate
sector. It started operations in February 2015.


AUTO PROFILES: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Auto Profiles
Limited (APL) a Long-Term Issuer Rating of 'IND BB'.  The Outlook
is Stable.  The instrument-wise rating actions are:

   -- INR304 mil. Fund-based limits assigned with
      'IND BB/Stable/IND A4+' rating;

   -- INR287.2 mil. Term loan assigned with 'IND BB/Stable'
      rating; and

   -- INR58.8 mil. Proposed fund-based limit* assigned with
      provisional IND BB/Stable/Provisional IND A4+ rating

# The details of the term loan are provided in Annexure.

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

                        KEY RATING DRIVERS

The ratings reflect APL's moderate scale of operations and credit
metrics.  According to FY17 provisional financials, revenue was
INR2.85 billion (FY16: INR2.55 billion).  The increase in revenue
was driven by a rise in production and supply of high tonnage
products (long and cross member chassis assemblies) to its key
customer Tata Motors Limited.  In FY17, interest coverage
(operating EBITDA/gross interest expense) was 3.0x (FY16: 2.6x)
and financial leverage (total adjusted net debt/operating
EBITDAR) was 3.2x (3.1x).  The improvement in coverage, despite a
decline in EBITDA margin, was on account of a fall in interest
cost due to a decrease in interest rate.  Meanwhile, the marginal
deterioration in leverage was driven by a decline in EBITDA and
the addition of new long-term debt to fund ongoing capex until
FY18.  Ind-Ra expects credit metrics to remain moderate in FY18
on account of rising revenue.

The ratings also reflect a volatile EBITDA margin (FY17: 6.7%;
FY16: 7.7%; FY15: 5.3%), as the company is highly susceptible to
raw material price fluctuations.  In addition, APL has a high
customer concentration, considering Tata Motors Limited
contributes 75%-80% to revenue, and a moderate liquidity
position, indicated by an almost 95% average utilization of
working capital limits during the 12 months ended April 2017.

The ratings, however, are supported by the promoter's experience
of more than three decades in the current line of business and
APL's association with reputed customer base, which includes Tata
Motors Limited, Tata Cummins Limited, Tata Hitachi Construction
Machinery Co. Ltd., Daimler India Commercial Vehicles Pvt. Ltd.
(Bharatbenz)  and Omax Autos Limited.

                       RATING SENSITIVITIES

Negative: A fall in revenue and EBITDA margin and/or an increase
in the working capital cycle leading to a tight liquidity
position and deterioration in financial leverage could lead to a
negative rating action.

Positive: A substantial improvement in the scale of operations
and EBITDA margin, driven by a reduction in customer
concentration, will lead to positive rating action.

COMPANY PROFILE

APL was incorporated under the Companies Act, 1956, in 1989.  APL
is promoted by Mr Bikash Mukherjee.  It is engaged in the
manufacturing of sheet metal pressed auto components and has a
total production capacity of 78,000 metric tons per annum.

APL has five manufacturing units across Jamshedpur (four) and
Lucknow (one).  All units are supported by a central
sophisticated and well-equipped tool room.


BALAJI ACQUA: Ind-Ra Assigns 'B' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Balaji Acqua and
Agro Products Private Limited (BAAPPL) a Long-Term Issuer Rating
of 'IND B'.  The Outlook is Stable.  Instrument-wise rating
actions are:

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

   -- INR70 mil. Term loan assigned with 'IND B/Stable' rating

                         KEY RATING DRIVERS

The ratings reflect BAAPPL's increasing albeit moderate scale of
operations and weak credit metrics.  According to FY17
provisional results, revenue was INR155.9 million (FY16: INR119.2
million), net leverage (total adjusted net debt/operating EBITDA)
was 6.2x (7.7x) and interest coverage (operating EBITDA/gross
interest expense) was 1.4x (1.7x).  EBITDA margin improved to
13.6% in FY17P (FY16: 8.3%) on account of better absorption of
fixed cost due to scale benefits.

The ratings also reflect BAAPPL's tight liquidity position as
indicated by 93% average utilization of cash credit limits during
the 12 months ended May 2017, and an elongated net working
capital cycle of 201 days in FY17 (FY16: 131days) on account of
an increase in receivables due to the nascent stage of quartz
mining operations.

The ratings, however, are supported by the company's vintage of
27 years and directors' three decades of experience in the shrimp
hatching and shrimp feed manufacturing business, along with a
presence in the mining sector.

                        RATING SENSITIVITIES

Positive: A substantial growth in the revenue and/or EBITDA
margin leading to a sustained improvement in the credit metrics
could lead to a positive rating action.

Negative: A decline in the revenue and/or EBITDA margin leading
to a sustained deterioration in the credit metrics could lead to
a negative rating action.

COMPANY PROFILE

Established in 1990, BAAPPL is a Vijayawada, Andhra Pradesh-based
company engaged in shrimp hatching (particularly vannamei
shrimp), manufacturing of shrimp feed and quartz mining.


BHUPTANI ASSOCIATES: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Bhuptani
Associates' (BA) Long-Term Issuer Rating at 'IND BB-'.  The
Outlook is Stable.  The instrument-wise rating actions are:

   -- INR30 mil. Fund-based working capital limit affirmed with
      'IND BB-/Stable/IND A4+' rating; and

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

                         KEY RATING DRIVERS

The affirmation reflects BA's small scale of operations and
moderate credit metrics.  According to provisional FY17
financials, revenue declined to INR201 million (FY16: INR428
million) due to the non-clearance of the sites by the government.
Net leverage (adjusted net debt/operating EBITDAR) increased to
1.0x in FY17 (FY16: negative 0.3x) and EBITDA interest coverage
(operating EBITDA/gross interest expense) was 2.0x (FY16: 2.1x).
The leverage deteriorated on account of a decline in operating
EBITDA to INR9 million from INR17 million.

The ratings are constrained by the volatility in the firm's
EBITDA margins, ranging between 3.1%-4.5% over FY13-FY17, on
account raw material price fluctuations.  Moreover, the company
has only moderate revenue visibility.  As of April 2017, BA had
an outstanding order book position of INR590 million (2.9x of
FY17 unaudited revenue) that will be executed in the next one and
half years.

The ratings also factor in the firm's partnership form of
organization.

The ratings, however, are supported by a comfortable liquidity
position and the partners' experience.  The average utilization
of its working capital limits was 34% during the 12 months ended
May 2017.  The partner has 25 years of experience in the
engineering procurement construction business.

                       RATING SENSITIVITIES

Positive: Substantial growth in the top line and an improvement
in the profitability leading to a sustained improvement in the
credit metrics will be positive for the ratings.

Negative: Any further decline in the profitability resulting in
stress on the liquidity position and sustained deterioration in
credit profile will be negative for the ratings.

COMPANY PROFILE

The firm was established in 1971 as Sorath Construction and was
renamed Bhuptani Associates in 1993.  Based in Junagadh
(Gujarat), the firm specialises in civil construction of
buildings, roads, water supply, dams and bridges contract
projects.


C.P. FOODS: CRISIL Reaffirms B+ Rating on INR5.85MM Loan
--------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on
the long-term bank facility of C. P. Foods (CPF). The rating
continues to reflect its below-average financial risk profile
marked by leveraged capital structure and customer concentration
in revenue profile. These weaknesses are partially offset by
extensive experience of promoters in the agro commodities trading
segment.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Overdraft              5.85      CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile:
Estimated net worth of INR2.9 crores as on March 31, 2017 led to
a high total outside liabilities to tangible networth (TOLTNW) of
9.52 times as on March 31, 2017, while debt protection metrics is
estimated to be average, with interest coverage of 2 times for
fiscal 2017. Financial risk profile will remain weak over the
medium term due to its small net worth.

* Customer concentration in revenue profile:
CPF's revenue profile is exposed to significant customer
concentration with single client contributing to about 75% of its
total revenue.

Strengths

* Extensive experience of promoters:
Presence of more than 10 years in trading of agro commodities has
enabled the promoters to establish strong relationship with
suppliers and customers.

Outlook: Stable

CRISIL believes CPF will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may
be revised to 'Positive' if significant increase in revenue and
profitability lead to healthy cash accrual and hence better
capital structure. The outlook may be revised to 'Negative' if
profitability declines, or if sizeable capital expenditure or
stretch in working capital cycle further weakens financial risk
profile.

Established in 2001 as a partnership firm by Mr. E Jawahar, Mr. E
Kathirvel, Mr. E Rajavel, and Mr. Manikanda Prabhu, CPF trades
and processes pulses, including masoor dal, toor dal, udad dal,
moong dal, and yellow and chick peas. It primarily caters to the
domestic market. Processing unit is in Virudhunagar, Tamil Nadu.

CPF reported net profit of INR1.08 crore on operating income of
INR177.33 crore in fiscal 2016 against net profit of INR0.28
crore on operating income of INR136.6 crore in fiscal 2015.


C B & SONS: CRISIL Cuts Rating on INR7MM Long Term Loan to 'B'
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with C B & Sons
Constructions Private Limited (CBSCPL) 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.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term       7        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 C B & Sons Constructions
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 C B & Sons
Constructions 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.

C B & Sons Construction Pvt. Ltd (CBSCPL) was incorporated in
2010, promoted by Mr. Chandraiah B Kalal. The company is a Class
1A civil-contractor in infrastructure projects, including
construction of roads and bridges for Public Works Department
(PWD), Maharashtra. Registered office is in Mumbai (Maharashtra).


CHADALAVADA INFRATECH: CRISIL Reaffirms D Rating on INR93MM Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with
Chadalavada Infratech Limited (CIL) for obtaining information
through letters and emails dated Jan. 20, 2017 and February 9,
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          93        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit             22        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan          65        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 CIL. 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
CIL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL B Rating
category or lower.' Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
reaffirming the rating at 'CRISIL D'.

Chadalavada Infratech Ltd. (erstwhile Chadalavada Construction
Pvt. Ltd.) was incorporated in February 2000 and started as a
subcontractor to L&T. The company is engaged in Electrical
Transmission & Distribution Infrastructure Industry involving
Engineering, Procurement and Commissioning of sub-stations and
Electrical Transmission lines. The company undertakes activities
mostly for government departments.


CHEER SAGAR: CRISIL Lowers Rating on INR0.4MM Loan to B
-------------------------------------------------------
CRISIL Ratings has been consistently following up with Cheer
Sagar Exports (CSE) for obtaining information through letters and
emails dated March 06, 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
   ----------          ---------     -------
   Foreign Bill            0.4       CRISIL B/Stable (Issuer Not
   Purchase                          Cooperating; Downgraded from
                                     'CRISIL BB/Stable')

   Packing Credit          4.0       CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL A4+')

   Standby Line of         1.6       CRISIL A4 (Issuer Not
   Credit                            Cooperating; Downgraded from
                                     'CRISIL A4+')

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

Detailed Rationale

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

CSE, incorporated in 1996 is a Rajasthan-based firm, whose
operations are managed by its partners Mr. Ghanshyam Prasad
Poddar, Mr. Rakshit Poddar and Ms. Raghushree Poddar. CSE
manufactures readymade garments for the ladies' and kids'
segment; apart from apparels, it also deals in household
furnishing which includes cushion covers, quilts, bedspreads, and
bags. The manufacturing facility is in Jaipur and has an
installed capacity to produce 0.15 million pieces of readymade
garments per month.


GANGA JAMUNA: CRISIL Reaffirms B+ Rating on INR5.5MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Ganga Jamuna Steel Private Limited (GJSPL) at 'CRISIL
B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             5.5      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        2.0      CRISIL A4 (Reaffirmed)


The business risk profile is expected to remain modest because of
low operating profitability. Operating revenue was INR102 crore
in fiscal 2016 and is estimated at around INR110 crore for fiscal
2017. Operating profitability remained low, estimated at around
3% for fiscal 2017. The operating revenue is expected to remain
stable over the medium term driven by an established relationship
with key customers, Jindal Stainless Ltd (JSL) and Shah Alloys
(SA).

The ratings continue to reflect a modest scale of operations,
high customer concentration in revenue, susceptibility to
volatility in stainless steel (SS) prices, exposure to
cyclicality in the steel industry, and a weak financial risk
profile. These rating weaknesses are partially offset by the
extensive experience of the promoter in the SS industry.

Analytical Approach

CRISIL has treated unsecured loans from the promoter, estimated
at INR75 lakh as on March 31, 2017, as neither debt nor equity.
That's because the loans are subordinated to bank debt and are
expected to be retained in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations and high customer concentration in
   revenue.  There is high fragmentation in the secondary steel
   manufacturing industry due to low capital intensity and entry
   barriers. Moreover, the company has underutilised capacities
   and non-integrated operations. It mainly manufactures SS
   ingots; the commoditised nature of this product restricts
   pricing flexibility. Furthermore, most of the revenue is
   derived from JSL and SA. The scale of operations is thus
   likely to remain modest and exposed to high customer
   concentration over the medium term.

* Susceptibility to volatility in SS prices and exposure to
   cyclicality in the steel industry.  Raw material costs account
   for 70% of the total cost of production. Profitability is
   likely to remain vulnerable to adverse raw material price
   fluctuations.

* Weak financial risk profile.  The networth was INR7.6 crore as
   on March 31, 2016, and is expected to remain modest over the
   medium term due to limited accretion to reserves, driven by
   low operating profitability. The total outside liabilities to
   adjusted net worth ratio was high at 7.4 times as on this
   date. Debt protection metrics were average: net cash accrual
   to adjusted debt and interest coverage ratios were at 0.09
   time and 1.7 times, respectively, for fiscal 2016.

Strength:

* Extensive industry experience of the promoter.  The promoter
   has an experience of around two decades in the SS industry
   through a family business set up in 1995. This has resulted in
   a healthy relationship with customers and suppliers and hence
   in a robust growth in operating income.

Outlook: Stable

CRISIL believes GJSPL will continue to benefit from the extensive
industry experience of its promoter. The outlook may be revised
to 'Positive' if significant improvement in profitability and
efficient working capital management lead to high cash accrual.
The outlook may be revised to 'Negative' if revenue or the
operating profitability margin declines, or the capital structure
weakens further on account of larger-than-expected working
capital requirement or substantial debt-funded capital
expenditure.

Incorporated in 2005 and promoted by Mr Ram Avtar Garg, GJSPL
manufactures SS ingots at its facility in Sonepat, Haryana. The
facility has two electric induction furnaces, and a total ingot
manufacturing capacity of 7200 tonne per annum.

Profit after tax was INR66 lakh on net sales of INR102.7 crore in
fiscal 2016, against INR64 lakh and INR97.8 crore, respectively,
in fiscal 2015. The net sales for fiscal 2017 are estimated at
INR110 crore.


GERB VIBRATION: CRISIL Lowers Rating on INR2MM Cash Loan to B
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Gerb
Vibration Control Systems Private Limited (Gerb) for obtaining
information through letters and emails dated January 24, 2017 and
February 13, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           14       CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A3')

   Cash Credit               2       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BBB-/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 Gerb Vibration Control Systems
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 Gerb Vibration
Control Systems Private Limited is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL B' category or lower. Based on the last
available information, CRISIL has downgraded the rating at
'CRISIL B/Stable/CRISIL A4'.

Set up in 1992 in Bengaluru, Gerb manufactures vibration
isolation systems. Its equity is fully held by Gerb Holding,
Germany. Its products include spring units, springs-cum-dampers,
and viscous dampers, which have wide industrial applications. The
company receives technical support from Gerb Holding, Germany,
which was established in 1908 by Mr. William Gerb. It
manufactures vibration-isolation and noise-control machinery. Its
headquarters and main manufacturing facilities, together with its
research and development division, are in Berlin, Germany.


GS MOTORS: CRISIL Lowers Rating on INR4.5MM Loan to 'B'
-------------------------------------------------------
CRISIL Ratings has been consistently following up with GS Motors
Private 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.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           1        CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4+')

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

   Inventory Funding        4.5      CRISIL B/Stable (Issuer Not
   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 GS Motors 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 GS Motors Private Limited is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL B' category or lower.
Based on the last available information, CRISIL has downgraded
the rating at 'CRISIL B/Stable/CRISIL A4'.

GS Motors was incorporated in 2008 by Mr. Sunil Kumar Sharma in
Begusarai (Bihar). It started dealership of MSIL's passenger cars
in September 2008. GS Motors has two car showrooms, in Begusarai
(since 2008) and Saharsha (Bihar; since 2013), and one service
centre.


GURUDEV OVERSEAS: CRISIL Cuts Rating on INR4MM Cash Loan to 'B'
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Gurudev
Overseas Limited (GOL) 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
   ----------          ---------     -------
   Cash Credit             4         CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Inland/Import           7.5       CRISIL A4 (Issuer Not
   Letter of Credit                  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 Gurudev Overseas 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 Gurudev Overseas 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.

GOL promoted by Mr. Sanjay Chaudhary was incorporated in 1993.
The company trades in heavy metal scrap and iron scrap in the
domestic market. The company has a warehouse in Mandi Gobindgarh
(Punjab).


INNOVATIVE VASTUNIRMAN: Ind-Ra Assigns BB+ Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Innovative
Vastunirman Private Limited a Long-Term Issuer Rating of 'IND
BB+'.  The Outlook is Stable.  The instrument-wise rating actions
are:

   -- INR20 mil. Fund-based working capital limits assigned with
      'IND BB+/Stable/IND A4+' rating; and

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

                         KEY RATING DRIVERS

The ratings reflect IVPL's small scale of operations due to its
short operational track record of six years in the construction
industry and the receipt of new orders being based on capex
spending by counterparties.  According to FY17 provisional
financials, revenue grew 80.5% yoy to INR130 million (FY16: INR72
million), driven by the execution of more orders.  The revenue
declined continuously from FY13-FY16 due to a delay in the
execution of civil construction work.  IVPL begins installation
activity only after the completion of the civil construction
work. IVPL has a small order book of INR425 million, out of which
orders worth INR136.4 million will be completed by end-September
2017.

The ratings factor in IVPL's moderate albeit improving EBITDA
margin and healthy credit metrics.  EBITDA margin improved to
15.6% in FY17 (FY16: 13.1%) on account of the increase in revenue
and minimization of variable expenses.  As of FY17, gross
interest coverage (operating EBITDA/gross interest expense) was
21.2x (FY16: 12.7x) and net financial leverage (adjusted net
debt/operating EBITDA) was negative 0.29x (0.31x).  The
improvement in credit metrics was mainly due to the increase in
absolute EBITDA.  The credit metrics are likely to remain
comfortable as the company does not have any debt-funded capex in
the near term.

The ratings also factor in IVPL's comfortable liquidity position,
indicated by 48% utilization of the working capital limits on an
average during the 12 months ended May 2017.  The net cash
conversion cycle was moderate at 44 days in FY17 (FY16: 80 days).
The improvement was mainly driven by a reduction in debtor days
and an increase in creditor days.  IVPL receives 10%-20% of
revenue as advance payment from customers, 60%-70% at the time of
supply of material, 25% at the time of installation, and 5% after
one year of the completion of projects.  The average inventory
days are 30-40. IVPL is offered a 30-50 days credit period from
its suppliers.

Moreover, the company's promoters' have more than 10 years of
experience in the construction application products designing and
contracting business.

                       RATING SENSITIVITIES

Negative: A substantial decline in the revenue and profitability
or deterioration in the net cash conversion cycle leading to
stress on the liquidity or credit metrics could be negative for
the ratings.

Positive: A substantial growth in the company's revenue and order
book position while maintaining the credit metrics could be
positive for the ratings.

COMPANY PROFILE

Pune-based IVPL was incorporated in 2011 by Mr. Prashant Zawar.
The company provides construction solutions and services to
various industries.


JFK INTERNATIONAL: CRISIL Assigns B+ Rating to INR.1MM LT Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
rating to the bank facility of JFK International Ltd (JFK). The
rating reflects average financial risk profile, volatile scale of
operations and vulnerable operating margins due to intense
competition in tea trading business. These rating weakness are
partially offset by promoter's extensive experience.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Packing Credit          19.9      CRISIL A4

   Proposed Long Term
   Bank Loan Facility        .1      CRISIL B+/Stable

Key Rating Drivers & Detailed Description

Weaknesses

* Volatile scale of operations and vulnerable operating margins
   due to intense competition in tea trading: Operating income
   reduced to INR27.3 crore in fiscal 2016 from INR44.18 crore in
   fiscal 2015 as the company was not able to win a tender worth
   INR10-15 crore from Tunisia in fiscals 2015 and 2016.
   Furthermore, the fragmented nature of the industry and the
   presence of established players constrain the growth prospects
   for tea manufacturers such as JFK. Hence, the operating margin
   dropped to 2-3% in fiscal 2017 from 23.9% in fiscal 2016.
   Profitability is also susceptible to the fluctuations in tea
   prices.

* Average financial risk profile: Gearing was over 3 times as on
   March 31, 2017, owing to high debt levels and modest networth
   (RS5-6 crore as on March 31, 2017). Interest coverage and net
   cash accrual to total debt ratios are estimated at 1.5-2 times
   and 0.01-0.03 time, respectively, in fiscal 2017.

Strength

* Promoter's experience: With over 15 years of experience in the
   tea industry, the promoter has developed good relationships
   with suppliers and customers, which has helped withstand
   seasonality in the industry.

Outlook: Stable

CRISIL believes JFK will continue to benefit over the medium term
from the promoter's experience. The outlook may be revised to
'Positive' if scale of operations increases substantially while
maintaining profitability. Conversely, the outlook may be revised
to 'Negative' if considerable decline in revenue or
profitability, stretched working capital cycle, or any large,
debt-funded capital expenditure weakens financial risk profile.

Incorporated in 2000 by Dr Ful Kant Jha, JFK trades and exports
tea, spices and rice.

Profit after tax was INR20 lakh on operating income of INR27.30
crore in fiscal 2016 against INR10 lakh and INR25.53 crore,
respectively, in fiscal 2015.


KATTI-MA EXPORTS: CRISIL Lowers Rating on INR3MM Loan to 'B'
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Katti-Ma
Exports Private Limited (KEPL) 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          0.1       CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4+')

   Bill Discounting        3.0       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BB/Stable')

   Bill Discounting        0.4       CRISIL A4 (Issuer Not
   under Letter of                   Cooperating; Downgraded
   Credit                            from 'CRISIL A4+')

   Packing Credit          5.0       CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4+')

   Standby Line of         1.5       CRISIL B/Stable (Issuer Not
   Credit                            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 Katti-Ma Exports Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Katti-Ma Exports Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
B' category or lower. Based on the last available information,
CRISIL has downgraded the rating at 'CRISIL B/Stable/CRISIL A4'.

Incorporated in 1999, Chennai-based KEPL trades in granite stone
and manufactures granite structures such as tables, slabs, and
cemetery stones. The company is promoted by Mr. K S Gokuldas and
his son Mr. Kalyan Kumar.


NARVEDA MOTORS: CRISIL Cuts Rating on INR4.75MM Loan to 'B'
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Narveda
Motors Private Limited (NMPL) 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              2        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

   Inventory Funding        4.75     CRISIL B/Stable (Issuer Not
   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 Narveda Motors 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 Narveda Motors Private Limited
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B' category or
lower. Based on the last available information, CRISIL has
downgraded the rating at 'CRISIL B/Stable'.

Incorporated in 1998, NMPL is based in Lucknow, Uttar Pradesh. It
is an authorised dealer of commercial vehicles such as trucks,
buses and tractors of Volvo-Eicher and construction equipment of
Escorts. The company operates two showrooms and three service
centers in Lucknow and Faizabad in Uttar Pradesh. The company is
owned and promoted by Mr. Vishal Gupta and his family members.


NRU SPINNING: CRISIL Reaffirms 'D' Rating on INR4.85MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of NRU Spinning Mills Ltd
(NRU) continue to reflect delays in servicing debt because of
weak liquidity on account of cash flow mismatch.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            4.85       CRISIL D (Reaffirmed)

   Letter of Credit        .85       CRISIL D (Reaffirmed)

   Long Term Loan         3.69       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      .19       CRISIL D (Reaffirmed)

The company also has a weak financial risk profile because of
small networth, high gearing, and average debt protection
metrics, and modest scale of operations in the highly fragmented
textile yarn industry. However, it benefits from the extensive
experience of promoters in the textile industry.

Key Rating Drivers & Detailed Description

Weakness

* Delays in servicing term loan due to stretched liquidity:
   Weak liquidity on account of low cash accrual led to delays in
   meeting term debt obligation. High bank limit utilisation also
   constrained financial flexibility. The account has been
   classified as non-performing asset (NPA) by the bank.

* Weak financial risk profile: Gearing was high at 5.12 times as
   on March 31, 2016, due to large working capital debt, while
   networth was small at INR14.7 crore because of modest scale of
   operations. High debt level and low cash accrual led to muted
   debt protection metrics. Financial risk profile will remain
   constrained over the medium term.

* Small scale of operations: With revenue of INR20.9 crores in
   fiscal 2016, scale remains modest in the intensely competitive
   cotton yarn segment that has many organised and unorganised
   players. Also, top five players account for less than 5% of
   total capacity. Small scale restricts ability to derive
   benefits arising out of economies of scale and also limits
   bargaining power with customers and suppliers.

Strengths

* Extensive experience of promoters: The promoters have diverse
   business interests such as textiles, hospitality, and
   education. This has enabled them to understand local market
   dynamics and establish strong relationship with customers and
   suppliers.

Set up in 1995 by Mr. Devadass and family, NRU manufactures
cotton yarn.

NRU reported Profit after Tax (PAT) of INR19.78 lakhs on revenues
of INR20.92 crores in fiscal 2016 against a PAT of INR2.10 lakhs
on revenues of INR18.05 crores in fiscal 2015.


OM SAKTHI: CRISIL Reaffirms B+ Rating on INR9.5MM Loan
------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Om Sakthi Constructions (OSC) at 'CRISIL B+/Stable/CRISIL A4'.
The ratings continue to reflect susceptibility of OSC's
operations to intense competition in the civil construction
industry due to the tender-based nature of operations. The rating
weakness is partially offset by the extensive industry experience
of the promoters and a moderate financial risk profile because of
moderate gearing and debt protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         2.5       CRISIL A4 (Reaffirmed)
   Overdraft              9.5       CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Susceptibility of operations to intense competition: OSC is
   exposed to intense competition in the civil construction
   industry which is highly fragmented with the presence of large
   organized players and several unorganized players. The
   presence in the highly competitive industry restricts the
   ability to bid for larger tenders and thereby limits growth
   prospects over the medium term.

Strengths

* Extensive experience of promoters: With over two decades'
   experience, the partners gained significant market insights
   and established relationships with key customers leading to
   steady order flow.

Outlook: Stable

CRISIL believes OSC will continue to benefit over the medium term
from its healthy order book and the extensive industry experience
of its promoters. The outlook may be revised to 'Positive' in
case of a further improvement in working capital management,
leading to better liquidity. Conversely, the outlook may be
revised to 'Negative' if there is substantial debt-funded capital
expenditure, or revenue or profitability declines, or promoters
withdraw substantial capital, leading to deterioration in the
financial risk profile.

Set up in 2011 as a partnership firm, OSC undertakes civil
construction in the roads segment in Tamil Nadu and Puducherry.
The firm is promoted by Mr. V Kannan along with his family
members.

The firm reported net profit of INR10.4 core on revenues of
INR175 crore for fiscal 2016, vis-a-vis INR5.4 crore and INR137
crore, respectively, in fiscal 2015.


OPPO MOBILES: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed OPPO Mobiles
India Private Limited's (OPPO) Long-Term Issuer Rating at
'IND BB'.  The Outlook is Stable.  The instrument-wise rating
action is:

   -- INR7 mil. Non-convertible debentures (NCDs) affirmed with
      'IND BB/Stable' rating

                          KEY RATING DRIVERS

Refinancing Risk: Ind-Ra expects OPPO to remain vulnerable to the
refinancing risk, as operating EBIDTA is insufficient to service
NCD repayment in September 2019.  Considering it would have a
weak debt-service coverage ratio in the year of NCD redemption
(FY20), principal repayment will continue to remain a key risk to
its ratings.  However, low interest payments on NCDs are likely
to be met from cash and equivalents (FY17: INR11.5 billion
(unaudited)) and operating EBITDA.  OPPO has a weak financial
risk profile.

Industry Risks: The rating factors in industry risks such as
rapid technological advancements, changing consumer preferences
and competitive pricing pressure.  Moreover, OPPO faces the forex
risk owing to imports; however, this is partially mitigated by
increasing the mix of indigenous sourcing/manufacturing.

Financing Structure Supports Operating Losses: OPPO is a net cash
positive entity at present, with working capital cycle funded
through high payable days from the suppliers. Furthermore, the
infusion of medium-term funds through the INR7 billion NCDs
supported operating losses and capex in FY17.

Reducing Operating Losses: OPPO incurred a cumulative EBITDA loss
of INR0.9 billion in FY17 (FY16: INR3 billion) and had an
accumulated net loss of INR3.3 billion as of March 2017.  OPPO
expects to register EBIDTA profit for FY18 despite continued
heavy initial advertising and sales promotion expenditure (FY17:
INR5.6 billion; FY16: INR1.6 billion; FY15: INR0.6 billion).  The
management indicates that it would continue to spend 7%-10% of
revenue on sales promotions in the medium term.  Heavy investment
in brand building indicates OPPO's intent to establish itself in
the Indian market in the long term.  However, such investment
would continue to moderate its profitability in the medium term.

Growing Market Presence: OPPO was among the top five smartphone
companies (based on sales volume) in India in 1Q2017, although it
is a relatively new player.  OPPO's revenue increased 754% yoy to
INR79.4 billion in FY17 (FY16: INR9.3 billion), driven by
technology-based product differentiation and strong marketing
efforts.  However, the Indian mobile handset market is
overcrowded and extremely price-sensitive, with changing customer
preferences and low brand loyalty.  Hence, gaining market share
on a sustained basis would remain challenging.

Domestic Manufacturing: OPPO incurred a capex of INR1 billion on
the establishment of a mobile assembly plant with an annual
capacity of 12 million handsets in Noida, Uttar Pradesh.  The
site became operational in June 2016.  This was aimed at
benefitting from duty differential and taking advantage of
indigenous manufacturing.  Moreover, OPPO has capex plans of INR2
billion to set up a surface-mount technology plant in September
2017 to support its Noida assembly plant.

Furthermore, the management plans to incur a large greenfield
capex of INR25 billion over FY18-FY21 to set up a facility with
an annual manufacturing capacity of 50 million handsets.  OPPO is
yet to receive the financial closure and approval under the
Modified Special Incentive Package Scheme of the Ministry of
Electronics and Information Technology for the plans.  Capex
funding would be dependent on the support of the parent and
internal cash accruals.

                       RATING SENSITIVITIES

Positive: An improvement in the financial risk profile could be
positive for the ratings.

Negative: Deterioration in the financial risk profile could be
negative for the ratings.

COMPANY PROFILE

Formed in November 2013, OPPO is a mobile handset provider.


PARAMESU BIOTECH: CRISIL Reaffirms B- Rating on INR36.4MM Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Paramesu
Biotech Private Limited (PBPL) 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          0.5       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan         36.4       CRISIL B-/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Open Cash Credit       17.0       CRISIL B-/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Cash           7.5       CRISIL B-/Stable (Issuer Not
   Credit Limit                      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 Paramesu Biotech 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 Paramesu Biotech 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 B-/Stable/CRISIL A4'.

PBPL, incorporated in September 2011, has a corn wet milling unit
with crushing capacity of 200 tonne per day at Devarapalli in
West Godavari, Andhra Pradesh. The operations are managed by Mr.
Ananda Swaroop Adavani.


PARAMOUNT PHARMA: CRISIL Cuts Rating on INR10MM Cash Loan to B
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Paramount
Pharma 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              10       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Letter of Credit         10       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'. 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 Paramount Pharma. 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 Paramount Pharma is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL B' category or lower. Based on the
last available information, CRISIL has downgraded the rating at
'CRISIL B/Stable/CRISIL A4'.

Paramount Pharma is a partnership firm set up in 2006 by Mr. S S
Nandwana, Mr. Pankaj Nandwana, and Mr. Rajat Nandwana. It
manufactures bulk drugs such as paracetamol, chloramphenicol, and
chloramphenicol-palmitate. Its manufacturing facility is in
Kathua (Jammu and Kashmir [J&K]). Mr. S S Nandwana has experience
of over 30 years in the pharmaceutical industry.


PARICHITHA CONSTRUCTIONS: CRISIL Reaffirms B+ INR3.5M Loan Rating
-----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on
the bank facilities of Parichitha Constructions (PC).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          3        CRISIL A4 (Reaffirmed)
   Overdraft               3.5      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the company's modest scale of
operations in the intensely competitive civil construction
industry and geographical concentration in revenue and
susceptibility to risks inherent in tender-based contracts
leading to volatility in revenue. These weakness are partially
offset by the following strengths proprietor's extensive industry
experience.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in the intensely competitive civil
construction industry and geographical concentration in revenue:
PC has been in business for around two and half decades, but the
scale of operations still remains modest with net sales estimated
at about INR7.75 crore in 2016-17 (refers to financial year,
April 1 to March 31). Given the low entry barriers in the civil
construction industry, the firm faces intense competition from
large number of players in the sector. Entire revenue comes from
Karnataka, which exposes the firm to availability of local
tenders and changes in state government policies. CRISIL expects
PC's scale of operations to remain modest and geographical
concentration risk in revenue over the medium term.

* Inherent risk in tender-based contracts leading to volatility
in revenue: PC participates in tenders floated by its customers;
hence, its business certainty is significantly dependent on its
ability to win tenders. Inherent uncertainty in tender-based
contract jobs results in volatility in the revenue stream. CRISIL
believes that PC's business risk profile will remain constrained
by the tender based nature of its business operations over the
medium term.

Strengths

* Promoters' industry experience:  PC's proprietor Mr. Murthy is
a civil engineer who has around three decades of experience in
the civil construction industry. His expertise helps the firm
secure contracts and successfully executes them resulting in
repeat orders from customers. CRISIL believes that PC will
continue to benefit from its proprietor's extensive experience
and established relationships with its customers over the medium
term.

Outlook: Stable

CRISIL believes PC will maintain its comfortable financial risk
profile and benefit from its proprietor's extensive industry
experience, over the medium term. The outlook may be revised to
'Positive' in case of sustained improvement in working capital
cycle or long-term fund infusion by proprietor, shoring up
liquidity. Conversely, the outlook may be revised to 'Negative'
if there is sharp decline in revenue and profitability, if
working capital cycle lengthens, or if the firm undertakes large
debt-funded capital expenditure, weakening its financial risk
profile.

PC was established as a proprietorship firm by Mr. N Srinivas
Murthy in 1987. It is based in Bengaluru and undertakes civil
construction of roads, bridges, drains, and underpasses for
government bodies.

For fiscal 2016, profit after tax (PAT) was INR0.12 crore on net
sales of INR5.6 crore. Estimated PAT and net sales are INR0.38
crore and INR7.75 crore, respectively, for fiscal 2017.


R. PRIYA: CRISIL Assigns 'B' Rating to INR1.63MM Term Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facilities of R. Priya (RP).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     .37        CRISIL B/Stable

   Term Loan             1.63        CRISIL B/Stable

The rating reflects exposure to offtake risk, and a small scale
of operations in the fragmented media equipment rental industry.
These rating weaknesses are partially offset by the extensive
industry experience of the proprietor.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to offtake-related risks associated with an ongoing
project: The firm rents out cameras to clients in the media
industry. It has received quotations and is likely to purchase
cameras by the end of June 2017. The total cost of the equipment
is around INR1.75 crore and is being funded through a term loan
of INR1.63 crore equity from the proprietor. The funding risk for
the project is low as the external debt has already been
sanctioned by the bank, although the amount is yet to be drawn.

There is significant demand risk as customers need to be added.
Penetrating the market, creating and developing demand for the
product, and other such factors are expected to consume a
substantial amount of time before the firm finds acceptance among
customers.

* Small scale of operations and limited customer base: Revenue
for fiscal 2018 is expected to be low at INR25 lakh, but is
expected to improve over the medium term with addition of
customers. Also, the industry is highly fragmented with the
majority of the market being unorganised. The small scale of
operations limits the firm's bargaining power in terms of credit
offered to customers and passing on increased costs to them,
thereby impacting working capital requirement and profitability.

Strengths

* Extensive experience of the proprietor:  The proprietor, Ms R
Priya, has been in the camera renting business for close to a
decade. She was engaged in the same line of business before RP
was established in 2017. The experience will help the firm add
customers and diversify its presence across India.

Outlook: Stable

CRISIL believes RP will continue to benefit from the extensive
industry experience of its proprietor. The outlook may be revised
to 'Positive' if the financial risk profile improves, most likely
driven by earlier-than-expected stabilisation of the project or
equity infusion. The outlook may be revised to 'Negative' if the
financial risk profile deteriorates owing to delays in starting
or stabilising commercial operations, or additional debt-funded
capital expenditure.

RP, based in Chennai, was established in 2017 by Ms R Priya. The
firm rents out cameras and allied equipment used in the media
industry.


R. C. INDUSTRIES: CRISIL Cuts Rating on INR2.67MM Loan to 'B'
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with R. C.
Industries (RCI) 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              1        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB/Stable')

   Export Packing Credit   21        CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term       2.67     CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL BB/Stable')

   Term Loan                2.33     CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB/Stable')

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

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 R. C. 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 R. C. Industries is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL B rating category or lower.' Based on
the last available information, CRISIL has downgraded the rating
to CRISIL B/Stable/CRISIL A4.

Set up in 1995, RCI is a partnership firm of Mr. Vipin Kumar, his
brother Mr. Dilip Kumar, and his father Mr. Jeewat Ram. The firm
processes sesame seeds that have varied applications in the food
industry.


RABINA ENTERPRISES: CRISIL Cuts Rating on INR11.5MM Loan to 'B'
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Rabina
Enterprises Private Limited (REPL) 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           33       CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4+')

   Cash Credit              11.5     CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BB-/Stable')

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

Detailed Rationale

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

REPL was incorporated in 2001 and till 2009-10 (refers to
financial year, April 1 to March 31), it remained dormant. In
2009-10, it registered itself with Military Engineering Services
(MES) for participating in the tenders floated by MES. The
company solely undertakes construction activities for MES and
primarily undertakes civil works.


RUBYKON MANUFACTURING: CRISIL Cuts Rating on INR13MM Loan to B
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Rubykon
Manufacturing Company (RMC) 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
   ----------          ---------     -------
   Cash Credit              13       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB+/Stable')

   Foreign Letter of         5.7     CRISIL B/Stable (Issuer Not
   Credit                            Cooperating; Downgraded from
                                     'CRISIL BB+/Stable')

   Letter of Credit          0.1     CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL A4+')

   Long Term Loan            6.7     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 Rubykon Manufacturing Company.
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 Rubykon Manufacturing Company 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.

Established in 2011 as a partnership firm by Mr. Ashok Mehta and
his wife Mrs. Bharti Mehta, RMC is engaged in manufacturing of 3
ply and 5 ply corrugated boxes and cardboard cartons widely
ranging in thickness, shapes and sizes. The firm has
manufacturing plant set up at Kala Amb, Himachal Pradesh.


S M RICE: CRISIL Lowers Rating on INR5MM Cash Loan to 'B'
---------------------------------------------------------
CRISIL Ratings has been consistently following up with S M Rice
Land Private Limited (SMRPL) 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
   ----------          ---------     -------
   Cash Credit              5        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

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

Set up in 1982 as a partnership firm by Mr. Sunil Mittal and his
family and friends, and reconstituted as a private limited
company in 2010, SMRPL processes basmati rice, mainly parboiled
rice. It was taken over by Mr. Ramneek Singh and Mr. Kawaljit
Singh in 2014-15 (refers to financial year, April 1 to March 31).


S.S. OIL: CRISIL Lowers Rating on INR6.4MM Cash Loan to 'B'
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with S. S. Oil
Refinery (SSOR) 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             6.4       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

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

Detailed Rationale

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

SSOR, located in Sangli (Maharashtra) is established in 1999. It
is engaged in extraction and refining of cotton seed oil and
refining of various crude edible oils. It is jointly owned and
managed by Mr. Wahid Chini and his son Mr. Sarfaraz Chini.


SANIMO POLYMERS: CRISIL Cuts Rating on INR13.75MM Cash Loan to B
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sanimo
Polymers Private Limited (SPPL) 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            13.75      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

   Proposed Long Term      4.75      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

   Rupee Term Loan         1.50      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

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

Detailed Rationale

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

SPPL, incorporated in 1986 and promoted by Mr. Suresh Shah, dyes
and processes polyester yarn, including embroidery yarn, multi-
coloured fancy yarn, and carpet yarn. Its manufacturing facility
is at Kim, 35 kilometres from Surat, in Gujarat. The facility has
a twisting capacity of 125 tonnes per month (tpm), dyeing
capacity of 200 tpm, and winding capacity of 400 tpm. The company
is managed by Mr. Suresh Shah, his son Mr. Tejas Shah, and
daughter Ms. Tejal Shah.


SANJAY COTTON: CRISIL Cuts Rating on INR5MM Cash Loan to B
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Sanjay
Cotton (Gondal) (SC) 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             5         CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term      1.05      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Working        2         CRISIL B/Stable (Issuer Not
   Capital Facility                  Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

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

Detailed Rationale

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

Established in May 2005 as a partnership, SC has a cotton ginning
and pressing unit with capacity to produce 200 bales per day in
Gondal. The firm's operations are managed by Mr. Dineshkumar J
Bhalodi, who has experience of 10 years in cotton ginning and
pressing.


SAYA AUTOMOBILES: CRISIL Cuts Rating on INR45MM Cash Loan to B
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Saya
Automobiles Limited (SAL) 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
   ----------          ---------     -------
   Cash Credit              45       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

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

Detailed Rationale

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

SAL, promoted by Mr. Ramesh Handa and his wife Ms. Uma Handa in
1984, was set up as a limited company and started commercial
operation in 1987 as an authorised dealership for MSIL at GT
Karnal Road, New Delhi. SAL also has an authorised service
station for MSIL at GT Karnal Road, and a workshop and
accessories and body shop at Badli, New Delhi, which has a
capacity to provide servicing facility for 55-60 cars per day at
both service stations.


SHREE BALAJI: CRISIL Raises Rating on INR14MM Cash Loan to BB-
--------------------------------------------------------------
CRISIL Ratings has upgraded its ratings on the bank facilities of
Shree Balaji Ethnicity Retail Limited (SBERL) to 'CRISIL BB-
/Stable/CRISIL A4+' from 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             14        CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit         6        CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Proposed Long Term       5.93     CRISIL BB-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Term Loan                4.07     CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The rating upgrade reflects CRISIL's belief that SBERL's
financial risk profile particularly its liquidity is expected to
further improve, backed by its increasing cash accruals and
steady working capital cycle. Steady growth in the business in
Fiscal 2018 and sustenance of its margins at around 3.5 per cent
will translate into cash accruals of around INR3.9 cr, which will
be sufficient to repay the maturing fixed debt obligation of
INR1.9 cr in the same period. While the company is expected to
ramp up its scale of operations, the working capital cycle is
expected to remain steady with efficient churn of its inventory.
Commensurate enhancement in its working capital bank lines and
sustenance of its operating margins while the company is opening
up new stores will be a key rating sensitive parameter over the
medium term.

Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans
of INR15.7 crore (as on March 31, 2017) extended to SBERL by its
promoters as neither debt nor equity as the loans are expected to
be retained in the business over the medium term.

Key Rating Drivers & Detailed Description

Strengths

* Promoter's extensive experience in retail industry:  The
Company runs Ethnicity, an ethnic wear retail chain catering to
women, men and children. The management of the SBERL has
extensive experience in the retail industry, of managing large
retail chains such as Pantaloons and Central. Ethnicity is also
based on similar line, retails ethnic wear (for women, men, and
children). The traditional nature of its products differentiates
Ethnicity from other retailers. Furthermore, SBERL is undertaking
expansion activities and opening several new showrooms to
increase its reach and revenue generation avenues. CRISIL expects
SBERL to benefit from its management's extensive experience.

Weaknesses

* Small scale of operations in highly fragmented retail industry:
SBERL has a small scale of operations marked by estimated revenue
of INR154 cr. in 2016-17. Although the company is doing constant
expansions, it is targeting a niche category, catering to
traditional wear, accessories and products; sales of traditional
attire and accessories primarily increase during the festive and
wedding seasons, which could restrict its scale of operations.
CRISIL believes the scale of operation may remain constrained due
to strong competition from established retail chains such as
Bibaa, Lifestyle, Shopper Stop, and Manyavar which cater to
products and brands similar to those of SBERL.

* Below-average financial risk profile:  The financial risk
profile of the company is below-average due to moderate total
outside liability to tangible net worth of 3.2 times and moderate
net worth of INR13 cr estimated as on March 31, 2017. The debt
protection metrics is moderate with interest coverage of 2.2
times in 2016-17. CRISIL believes the financial risk profile may
remain below-average over the medium term due to debt funded
capex plan for setting up of new stores.

Outlook: Stable

CRISIL believes that SBERL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its increasing number of showrooms across India. The outlook may
be revised to 'Positive' in case of sustained increase in the
company's topline while maintaining its profitability and working
capital cycle, leading to better liquidity. Conversely, the
outlook may be revised to 'Negative' if SBERL's financial risk
profile, particularly its liquidity, weakens, most likely because
of large working capital requirements or debt-funded capital
expenditure, or low cash accruals.

Incorporated in September 2011 as S J Retails Pvt Ltd, the
company's name was changed to SBERL in 2014-15. The company
retails ethnic wear (for women, men, and children) under the
retail chain, Ethnicity; it has a presence across Maharashtra,
Gujarat, Tamil Nadu, Andhra Pradesh and Karnataka.

For fiscal 2016, profit after tax (PAT) was INR1.16 crore on net
sales of INR145.84 crore. Estimated PAT and net sales are INR2.18
crore and INR154 crore, respectively, for fiscal 2017.


SHREE UMA: CRISIL Lowers Rating on INR4MM Cash Loan to 'B'
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Shree Uma
Ginning and Oil Industries (SUGOI) 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              4        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Long Term Loan           1.65     CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

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

Detailed Rationale

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

SUGOI is a partnership firm promoted by Mr.Jayeshbhai Jivani, Mr.
Jayeshbhai Detroja, Mr. Jerambhai Sherashiya, Mr.Rajeshbhai
Jivani and their family members, set up in 2015. The firm gins
and presses cotton at its facility in Morbi, Gujarat, which has
installed capacity of 220 bales per day.


SISCO INDUSTRIES: CRISIL Reaffirms B+ Rating on INR9.5MM Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Sisco Industries Limited (SIL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          3        CRISIL A4 (Reaffirmed)
   Cash Credit             9.5      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the company's modest debt
protection metrics and working capital intensive nature of
operations marked by high gross current asset (GCA) days. These
weaknesses are partially offset by its promoters' extensive
experience in the steel industry, and its healthy leverage.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest debt protection metrics:  The interest coverage ratio is
estimated at 1.5 times and net cash accrual to adjusted debt
ratio at 0.05 time in fiscal 2016, in line with the past trend.

* Working capital intensive nature of operations:  The company
has working capital intensive nature operations marked by
estimated GCA of 250 days in fiscal 2016. The high GCA is due to
high inventory, which is estimated to be at 117 days over the
same period. In fiscal 2017 GCA is estimated to be around 270
days with inventory in the range of 110-120 days.

Strengths

* Promoters' extensive experience in the steel industry:  The
promoters' experience of over a decade in the iron and steel
industry has enabled SIL to develop a strong network of dealers
across the country.

* Healthy leverage:  The leverage is indicated by total outside
liabilities to tangible networth ratio of less than 1 time in
line with the past four years through fiscal 2017.

Outlook: Stable

CRISIL believes SIL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if working capital management improves and scale of
operations increases on a sustainable basis, while profitability
remains stable. The outlook may be revised to 'Negative' if
liquidity deteriorates because of stretched working capital
cycle, or if revenue or profitability declines, leading to
significantly low cash accrual, or if any large debt-funded
capital expenditure weakens the capital structure.

SIL, incorporated in March 2003 and based in Uttar Pradesh (UP),
is promoted by Mr Sanjeev Agarwal and his wife Ms Seema Agarwal.
SIL initially traded in iron and steel products. In November
2007, it acquired a running rolling mill from an associate
concern, Sangam Structurals Ltd. SIL manages a semiautomatic
rolling mill in Allahabad, UP, which has installed capacity of
25,000 tonne per annum.

SIL's profit after tax (PAT) was INR0.51 crore on operating
income of INR39.39 crore for fiscal 2016, against INR0.27 crore
and INR39.86 crore, respectively, for fiscal 2015. Further
operating income is estimated to be around INR45 crore with PAT
of around INR0.65 crore in fiscal 2017.


SRI SARASWATHI: CRISIL Cuts Rating on INR3.6MM LT Loan to B+
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sri
Saraswathi Education Society (SSES) for obtaining information
through letters and emails dated February 08, 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
   ----------        ---------    -------
   Long Term Loan         3       CRISIL B+/Stable (Issuer Not
                                  Cooperating; Downgraded from
                                  'CRISIL BBB-/Stable')

   Proposed Long Term     3.6     CRISIL B+/Stable (Issuer Not
   Bank Loan Facility             Cooperating; Downgraded from
                                  'CRISIL BBB-/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 Saraswathi Education
Society. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Sri Saraswathi Education
Society is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
B' category or lower. Based on the last available information,
CRISIL has downgraded the rating at 'CRISIL B+/Stable'.

SSES was established in 1991 under the Indian Societies
registration act. The society runs two schools - Nandi School,
and Nandi International School - in Bellary (Karnataka). The
institutions are managed by the Iqbal Ahmed family.

The Nandi International School is affiliated to the Central Board
of Secondary Education (CBSE) and imparts education from Class I
to Class X. It also offers pre-university courses (Class XI and
Class XII), which is affiliated to Karnataka state board. The
Nandi School is affiliated to the Karnataka state board and
provides education from Kindergarten to Class X.


SUNGRACIA TILES: CRISIL Cuts Rating on INR15MM Cash Loan to B
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sungracia
Tiles Private Limited (STPL) 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          3.1       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit            15.0       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Corporate Loan          6.0       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Letter of Credit        2.0       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term       .24      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Term Loan               6.79      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

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

Detailed Rationale

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

Incorporated in 2012, STPL is promoted by Mr. Bharat Dhirajlal
Sarsavadiya, Mr Manojkumar Govindbhai Patel and Mr Jainendra
Kapoorchand Malesha. The company manufactures digitally printed
wall tiles.


SUR GEMS: CRISIL Lowers Rating on INR25MM Loan to 'B'
-----------------------------------------------------
CRISIL Ratings has been consistently following up with Sur Gems
(SG) 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
   ----------          ---------     -------
   Post Shipment Credit    25        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB+/Stable')

   Pre Shipment Credit     25        CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL A4+')

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

Detailed Rationale

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

Set up in 1976, SG, based at Mumbai, is a partnership between Mr.
Saket Mehta, Mr. Vivek Mehta, and Mrs. Anila Mehta. It
manufactures and exports cut and polished diamonds.


THERDOSE PHARMA: CRISIL Lowers Rating on INR5.49MM LT Loan to B
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Therdose
Pharma Private Limited (TPPL) for obtaining information through
letters and emails dated March 6, 2017 and March 22, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             4.1       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB/Stable')

   Long Term Loan          4.41      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB/Stable')

   Proposed Long Term      5.49      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 Therdose Pharma 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 Therdose Pharma Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
B' category or lower. Based on the last available information,
CRISIL has downgraded the rating at 'CRISIL B/Stable'.

Established in 2003 and based in Hyderabad (Telangana), TPPL is
engaged in research, development and marketing in the oncology
segment. TPPL is promoted by Dr. Teja Bulusu, Dr. Nagesh Palepu
and Mrs. Lakshmi.


VIJAYA SARADA: CRISIL Lowers Rating on INR6.5MM Cash Loan to B
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Vijaya
Sarada Delint Seed Mills (VSDM) 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             6.5       CRISIL B/Stable (Issuer Not
                                     Cooperating: Downgraded from
                                     'CRISIL BB-/Stable')

   Long Term Loan          2.0       CRISIL B/Stable (Issuer Not
                                     Cooperating: Downgraded from
                                     'CRISIL BB-/Stable')

   Proposed Long Term      1.5       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating: Downgraded from
                                     'CRISIL BB-/Stable')

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

Detailed Rationale

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

VSDM is a proprietorship concern set up in 2007 by K. Subhash
Chandra Bose in 2007. The firm processes cotton seeds into de-
oiled cakes, cotton-seed oil, and hull and cotton lint, which
contribute 55, 30, and 15 percent, respectively, to the firm's
revenue. The manufacturing unit is in Guntur District, Andhra
Pradesh.


VISHAL CHAIN: CRISIL Lowers Rating on INR15MM LT Loan to 'B'
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Vishal
Chain and Jewellery Private Limited (VCJ) for obtaining
information through letters and emails dated January 19, 2017,
and February 9, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

CRISIL thus gave these ratings:

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

   Proposed Long Term       15       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 Vishal Chain and Jewellery
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 Vishal Chain and
Jewellery 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 2000, VCJ is engaged in manufacturing of, and
wholesale trading in, gold ornaments, particularly gold chains.
The company operates from Karol Bag (Delhi). The promoter's
family has over 15 years of experience in the jewellery business
and a customer base across northern India.


VIVANTA REALTY: CRISIL Reaffirms B+ Rating on INR9.9MM Loan
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Vivanta
Realty (VR) 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
   ----------          ---------     -------
   Project Loan            9.9       CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

Set up in 2012, VR is a partnership firm promoted by Mr. Vasant
Kate, Mr. Vivek Joshi, and Mr. Suryakant Jadhav for developing a
residential real estate project, Vivanta Life Vishakha, in Pune.
It is currently implementing the project's first phase, which has
150 units.


VIVO MOBILE: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Vivo Mobile
India Private Limited's (Vivo India) Long-Term Issuer Rating at
'IND BB'.  The Outlook is Stable.  Instrument-wise rating action
is:

   -- INR7 mil. Non-Convertible Debentures (NCDs) affirmed with
      'IND BB/Stable' rating

                        KEY RATING DRIVERS

Weak Financial Risk Profile: Ind-Ra expects Vivo India to remain
vulnerable to refinancing risk due to inadequate operating EBITDA
to service the repayment of NCDs in September 2019.  Considering
its weak debt service coverage ratio in the year of NCD
redemption, principal repayment will continue to remain a key
risk for the ratings.  Although low interest payments on the NCDs
are likely to be met out of cash and equivalents (unaudited FY17:
INR4.9 billion) and operating EBITDA.

Vivo India had accumulated losses of more than INR3 billion as on
March 2017.  The company's working capital cycle is completely
funded through trade creditors.  The proceeds of INR7 billion
from NCDs (issued in December 2016) have been used to support the
operating losses and continuous capex activities.  Weak
profitability and capex would continue to result in negative free
cash flows and weak debt service coverage ratio, posing a
refinancing risk.

Sales Promotion to Weigh on EBITDA: The ratings are constrained
by the uncertainty over EBITDA turning positive in the near term.
EBITDA losses narrowed marginally to INR1.4 billion in FY17
(FY16: INR1.6 billion).  The company expects to break even in
FY18 with a pick-up in mobile phone sales; although advertising
and sales promotion expenditure will remain high (unaudited FY17:
INR5,426 million, FY16: INR845 million).  The management has
indicated that it would continue to spend sizeable amounts (7%-
10% of revenue) on sales promotions.

Rapid Revenue Growth: Revenue multiplied more than 6x to INR62
billion in unaudited FY17 (FY16: INR9.4 billion; FY16 was the
first full year of operations).  Nevertheless, despite entering
late in India in 2014, Vivo India has rapidly captured a 14%
market share in 1Q17 and is among top five smartphone vendors.
The company has registered a substantial growth in sales volume
on account of technology-based product differentiation, and
considerable advertising and marketing spending.  However,
India's smartphone market is crowded and is, hence, extremely
price sensitive.  Therefore, gaining/retaining market share on a
sustained basis would be challenging for the company, given
changing customer preferences and low brand loyalty.

Domestic Manufacturing to Increase: Vivo India's mobile assembly
capacity increased to 24 million pieces/month in March 2017 from
4 million pieces/month on the back of capex of around INR900
million in FY17.  The company plans to further expand capacity to
meet the rapid pick-up in sales.  Vivo India invested a total of
about INR1.7 billion as of March 2017 to save on import duties
and reap the benefits of localized manufacturing.

Industry Risks: The ratings factor in industry risks such as
rapid technological changes, changing consumer preferences and
competitive pricing pressures.  Other risks include forex
volatility resulting from imports; this is partially mitigated by
increasing the mix of indigenous sourcing/manufacturing.

                       RATING SENSITIVITIES

Positive: An improvement in the overall financial risk profile
could be positive for the ratings.

Negative: Deterioration in the overall financial risk profile
could be negative for the ratings.

COMPANY PROFILE

Incorporated in August 2014, Vivo India is engaged in
manufacturing and selling of smartphones and wholesale trading of
mobile spare parts and accessories.



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


TOSHIBA CORP: TSE Listing Review Likely to Take Longer
------------------------------------------------------
The Yomiuri Shimbun reports that the Tokyo Stock Exchange will
likely need more time to examine Toshiba Corp. before deciding
whether its listing should be maintained or not.

Although it has been three months since Toshiba submitted a
document on the status of improvements in its corporate
governance in March, the TSE has no clear idea of when or how it
will be able to make a decision, as problems with Toshiba's
internal management system - such as a confrontation with an
auditing firm - have occurred one after another, the report says.
These problems could affect the TSE's review.

Due to Toshiba's inappropriate accounting practices, the TSE
notified investors by designating Toshiba shares as "securities
on alert" in September 2015, Yomiuri Shimbun recalls. After
Toshiba submitted written confirmation of an internal management
system detailing the status of improvements on March 15 this
year, Japan Exchange Regulation, an independent self-regulatory
body separate from the TSE, began examining the company, Yomiuri
Shimbun notes.

According to the report, TSE said since the alert system was
introduced in November 2007, review periods have typically lasted
about one to three months. But in Toshiba's case, from
the beginning it was expected to take about six months. A source
familiar with the TSE said, "The examination period of Toshiba
will be longer than for other companies because Toshiba is a
giant company that operates worldwide," Yomiuri Shimbun relays.

Further problems arose after Toshiba submitted the internal
management system document. The timing of the examination results
remains unclear, the report states.

Yomiuri Shimbun says Toshiba and its auditing company have also
had a confrontation. Toshiba submitted its quarterly earnings
report for the April-December 2016 period to the Financial
Services Agency with the auditor's disclaimer of conclusion
saying that the auditor refrained from judging whether the report
was proper or not.

In regard to Toshiba selling its flash memory subsidiary, a
dispute with U.S. semiconductor business partner Western Digital
Corp. is becoming more serious, Yomiuri Shimbun says. It is
taking longer than expected for the TSE because it needs to
examine these problems one by one from the viewpoint of how
corporate governance is functioning. Furthermore, the submission
deadline is approaching at the end of June for Toshiba's annual
securities report for the fiscal term ending March this year,
which mainly contains financial statements. But it is becoming
increasingly likely it will suspend its submission because it
will take time for Toshiba to receive an auditor's approval.

"It is quite difficult to unilaterally draw a conclusion without
receiving Toshiba's securities report. It is not easy to reach a
conclusion," Akira Kiyota, chief executive officer of Japan
Exchange Group Inc., which owns the TSE, in regard to Toshiba's
growing problems, at a press conference on June 16, adds Yomiuri
Shimbun.

                          About Toshiba

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

As reported in the Troubled Company Reporter-Asia Pacific on
June 19, 2017, 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.


TOSHIBA CORP: Not Expected to Submit Securities Report by June 30
-----------------------------------------------------------------
The Japan Times reports that Toshiba Corp. is likely to have a
difficult time meeting the legal deadline at the end of this
month for submitting a securities report for the 2016 business
year to the Kanto Local Finance Bureau.

The struggling electronics and machinery maker is still unable to
finalize its 2016 business results due to a disagreement with its
auditor, PricewaterhouseCoopers Aarata LLC, or PwC Aarata, over
huge losses at Toshiba's U.S. nuclear business unit Westinghouse
Electric Co., informed sources said, the Japan Times relates.

It would be the fifth time for Toshiba to fail to submit a
securities report by a deadline since the company was first
rocked by an accounting scandal in the 2014 business year, the
Japan Times points out.

According to the Japan Times, Toshiba is expected to apply for an
extension of the looming deadline by one or two months, while PwC
Aarata has not specified when its auditing of Toshiba's 2016
performance will be completed.

The delay in submitting the report is expected to affect the
Tokyo Stock Exchange's examination of whether Toshiba's listing
should be maintained, the report notes.

If Toshiba is confirmed to be in negative net worth even before
the submission of the 2016 report, the TSE may demote the
company's stock to the second section in August, prior to its
possible eventual delisting, the Japan Times reports citing
securities industry officials.

Toshiba is due to hold a general shareholders meeting June 28,
when the company plans to skip reporting its 2016 results but to
present earnings forecasts for the 2017 business year, sources
familiar with the situation said, according to the Japan Times.

U.S. proxy advisory firm Glass Lewis & Co. has advised clients
holding Toshiba shares to oppose the management-proposed
reappointments of the nine current Toshiba directors, including
President Satoshi Tsunakawa, adds the Japan Times.

                          About Toshiba

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

As reported in the Troubled Company Reporter-Asia Pacific on
June 19, 2017, 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.



===============
M A L A Y S I A
===============


ASIA KNIGHT: Gets Time Extension to Submit Regularization Plan
--------------------------------------------------------------
Asia Knight has obtained approval from Bursa Malaysia Securities
Berhad for an extension of time to submit the regularisation plan
to the regulatory authorities from June 6, 2017 up to August 15,
2017.

The extension of time is without prejudice to Bursa Securities'
right to proceed to suspend the trading of the listed securities
of Asia Knight and to de-list the Company if it fails to submit a
regularisation plan to the regulatory authorities on or before
August 15, 2017, fails to obtain the approval of its
regularisation plan, and fails to implement its regularisation
plan within the time frame or extended time frame.

"Upon occurrence of any of the events set out, Bursa Securities
shall suspend the trading of the listed securities of Asia Knight
on the 6th market day after the date of notification of
suspension by Bursa Securities and de-list the Company, subject
to the Company's right to appeal against the delisting," the
company said.

Asia Knight Berhad is an investment holding company based in
Malaysia. The Company's segments include manufacturing segment
and other reportable segments. The manufacturing segment is
engaged in the manufacturing of plastic parts. The Company's
subsidiaries include T-Venture Industries (M) Sdn. Bhd., which
manufactures plastic parts, and Citiview Hotel Sdn. Bhd.

The company has been a Practice Note 17 issuer since October
2014.  Asia Knight has triggered Paragraph 2.1(d) of the Practice
Note 17 of the Main Market Listing Requirements of Bursa Malaysia
Securities Berhad as the Company Auditors have expressed
disclaimer opinion in the Company's latest audited financial
statements for the 18 months financial period ended June 30,
2014.



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


OSBORNE BUILDING: Hillcrest Seeks Payment Over Leaky Building
-------------------------------------------------------------
Donna-Lee Biddle at Stuff.co.nz reports that the Hillcrest Normal
School board of trustees and then-Education Minister Hekia Parata
are seeking to recover after NZ$324,000 from collapsed company
Osborne Building after it was left with a leaky building. But the
liquidator says there is no money left in the kitty, the report
points out.

Osborne Building completed the school's administration building
in 2006 but the Ministry of Education claims in court documents
that it had issues with weather-tightness, required substantial
remedial works, and did not comply with the New Zealand Building
Code, according to Stuff.co.nz

A claim for remediation was made by the minister and the school's
board of trustees to the High Court in Hamilton in October 2014
against the building company, architect, plumber, Hamilton City
Council and a waterproofing company, Stuff.co.nz recounts.

The case was adjourned until 2016 but soon after the parties
agreed to proceed, Osborne Building was placed into liquidation,
the report relays.

According to Stuff, liquidator Kelera Nayacakalou said she
applied to the High Court in April in the hope a judge would make
a decision on the minister's claim to be a creditor, but after a
two-year court battle, the case is yet to be resolved.

In her initial liquidators' report, Ms. Nayacakalou said Osborne
Building director Darrell Osborne attributed the company's
failure to it being blamed for a design problem and leaking
issues on an old contract, for which the architect wanted to
share the cost of fixing, Stuff relays.

Mr. Osborne is in Portugal, but told Fairfax in an email "the
company ceased trading eight years ago after the death of my
wife. The liquidation has nothing to do with the Hillcrest School
and the company had nothing to do with the design."

Stuff relates that Ms. Nayacakalou was also seeking direction
about how to deal with the request for a meeting of creditors by
the Ministry of Education.

"When I liquidate a company, it's basically working for the
creditors to try and collect as much that's outstanding," Stuff
quotes Ms. Nayacakalou as saying.

Ms. Nayacakalou continues, the report cites, "The company itself
winded up about five years ago and that leaves me in a very
difficult position because there are also no assets for the
company.

"There's nothing at all. So for me, I'm struggling as to where to
go to collect the NZ$325,000 that the minister was asking for."

Stuff adds that Ms. Nayacakalou said she did not consider the
minister to be a creditor as the claim was still before the
courts.

"It's a very difficult one to do, especially if the case is in
court and there hasn't been any judgment so you don't know
whether that is a debt to collect or not.

"Often in cases like this I'll write to the creditors to tell
them there was nothing I could get and that would be the end of
the liquidation.

"I don't know what to do if I can't get hold of any assets."

In April, a High Court judgment ordered Ms. Nayacakalou to either
accept or reject the minister's claim, to make an estimate of the
amount of the claim or to refer the decision to the courts and to
call a meeting of creditors, Stuff says.

According to Stuff, the ministry's head of infrastructure, Kim
Shannon, said the liquidator breached her legal duties.

"We consider that a proper investigation is needed to determine
exactly what funds might be available for recoveries. In the
circumstances we believe it would be appropriate for that
investigation to be conducted by a new liquidator," the report
quotes Shannon as saying.


                             *********

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
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Peter Chapman at 215-945-7000 or Joseph Cardillo at 856-381-8268.



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