TCRAP_Public/170623.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

            Friday, June 23, 2017, Vol. 20, No. 124

                            Headlines


A U S T R A L I A

ALERTFORCE PTY: First Creditors' Meeting Set for June 30
BLACKWATER QUARRIES: Second Creditors' Meeting Set for June 29
ELEFTERIA PTY: First Creditors' Meeting Set for June 28
ISLAMIC COLLEGE: Placed Into Liquidation
LOCK FORWARD: Second Creditors' Meeting Set for June 30

NOVO IT: Second Creditors' Meeting Set for June 28
SOUTH TOWNSVILLE: Second Creditors' Meeting Set for June 28


C H I N A

CHINA COMMERCIAL: Amends Prospectus for $30 Million Offering
HUACHEN ENERGY: Moody's Assigns B1 Corporate Family Rating


I N D I A

AATHEES HARD: CRISIL Assigns B+ Rating to INR2.45MM Term Loan
AFTAB STEELS: CRISIL Reaffirms B Rating on INR2.75MM Loan
AIR INDIA: Civil Aviation Ministry Concerned Over Privatization
ALOK INDUSTRIES: Lenders to Start Insolvency Proceedings
ALUPAN COMPOSITE: CRISIL Cuts Rating on INR16MM Cash Loan to D

AMBICA ALLOYS: CRISIL Cuts Rating on INR10MM Cash Loan to 'B'
ASHOKA KRAFT: CRISIL Lowers Rating on INR16MM Term Loan to 'B'
BINJRAJKA INDUSTRIES: CRISIL Lowers Rating on INR6MM Loan to B
BLACK HORSE: CRISIL Assigns B- Rating to INR28MM Long Term Loan
DREAMFOLKS SERVICES: CRISIL Cuts Rating on INR4MM Loan to 'B'

EAK AUTOMOBILES: CRISIL Reaffirms 'B' Rating on INR4.5MM Loan
ERAM MOTORS: CRISIL Raises Rating on INR15MM Cash Loan to B+
ESS GEE: CRISIL Downgrades Rating on INR8MM Cash Loan to 'B'
ESSPEE CONSTRUCTION: CRISIL Lowers Rating on INR7MM Loan to 'B'
GANESH RAM: CRISIL Raises Rating on INR40MM Cash Loan to BB-

HANUMAN TIMBER: CRISIL Reaffirms B Rating on INR0.1MM Cash Loan
HARICHANDANA COTTONS: CRISIL Reaffirms Rating on INR3MM Loan
IVALUE INFOSOLUTIONS: CRISIL Lowers Rating on INR8MM Loan to B+
JANAA INDUSTRIES: CRISIL Reaffirms Rating on INR3.6MM Cash Loan
KRISHNA COIL: CRISIL Downgrades Rating on INR20MM Loan to B

KUNDAN JEWELLERS: CRISIL Lowers Rating on INR23MM Loan to 'B'
MAIYAS BEVERAGES: CRISIL Reaffirms B Rating on INR20MM Loan
NEELKANTH TOWN: CRISIL Lowers Rating on INR18MM Term Loan to B
NISCHINT FOODS: CRISIL Cuts Rating on INR8MM Cash Loan to 'B'
POLYPLASTICS AUTO: CRISIL Cuts Rating on INR8.3MM Loan to 'B'

PREMIUM FERRO: CRISIL Reaffirms B+ Rating on INR2MM Cash Loan
PURVI BHARAT: CRISIL Lowers Rating on INR10MM Cash Loan to B
QUADRANT CABLES: CRISIL Reaffirms 'B' Rating on INR8MM Loan
R. N. KAPOOR: CRISIL Lowers Rating on INR5MM Cash Loan to 'B'
RAJ BORAX: CRISIL Cuts Rating on INR4.5MM Cash Loan to B

RATHI SPECIAL: CRISIL Cuts Rating on INR28MM Cash Loan to B
SEPCON SYSTEMS: CRISIL Lowers Rating on INR3.10MM Loan to 'B'
SHREE SHAKAMBARI: CRISIL Lowers Rating on INR20MM Cash Loan to B
SOMOCHEM INDIA: CRISIL Lowers Rating on INR1MM Cash Loan to B
SPECIAL LIME: CRISIL Lowers Rating on INR6MM Cash Loan to 'B'

SORKHI INDUSTRIES: CRISIL Assigns B+ Rating to INR6.95MM Loan
SREE SANNIDHI: CRISIL Lowers Rating on INR11MM Term Loan to B
SRI ADITYA: CRISIL Cuts Rating on INR14MM Cash Loan to 'B'
SRI MEENAXI: CRISIL Assigns 'B' Rating to INR3MM Loan
SRI VENKATESHWARA: CRISIL Assigns B Rating to INR3.5MM Cash Loan

SSR CREST: CRISIL Downgrades Rating on INR5MM Loan to B
SSVM CONSTRUCTION: CRISIL Lowers Rating on INR2MM Cash Loan to B+
SUPER SHOES: CRISIL Downgrades Rating on INR4.5MM Loan to 'B'
WHITE GOLD: CRISIL Lowers Rating on INR14MM Cash Loan to 'B'


J A P A N

TAKATA CORP: To File for Bankruptcy as Early as June 26
TOSHIBA CORP: WD's Suit Now Seen as Biggest Hurdle for Unit Sale
TOSHIBA CORP: Broadcom Backs Away From $20BB Bid for Chip Unit


N E W  Z E A L A N D

FP IGNITION 2017-B: Fitch Assigns B+(EXP)sf Rating to Cl. F Notes


P H I L I P P I N E S

ARMEL PLASTIC: Faces Tax Evasion Charges


X X X X X X X X

FIJI: B1 Rating Reflects Continuing Improvements, Moody's Says


                            - - - - -


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


ALERTFORCE PTY: First Creditors' Meeting Set for June 30
--------------------------------------------------------
A first meeting of the creditors in the proceedings of AlertForce
Pty Ltd will be held at the offices of Woodgate & Co., Level 8, 6-
10 O'Connell Street, in Sydney, NSW, on June 30, 2017, at
10:00 a.m.

Richard James Rowley of Woodgate & Co was appointed as
administrator of AlertForce Pty Ltd on June 20, 2017.


BLACKWATER QUARRIES: Second Creditors' Meeting Set for June 29
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Blackwater
Quarries & Concrete Pty Ltd and Nationwide Quarries Pty Ltd has
been set for June 29, 2017, at 11:00 a.m., at United Services Club
Queensland, 183 Wickham Terrace, in Spring Hill, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 28, 2017, at 4:00 p.m.

Geoffrey Trent Hancock and Bradley Tonks of PKF were appointed as
administrators of Blackwater Quarries on March 21, 2017.


ELEFTERIA PTY: First Creditors' Meeting Set for June 28
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Elefteria
Pty Limited will be held at Suite 1, Level 15, 9 Castlereagh
Street, in Sydney, NSW, on June 28, 2017, at 3:00 p.m.

Christopher Darin of Worrells Solvency was appointed as
administrator of Elefteria Pty on June 16, 2017.


ISLAMIC COLLEGE: Placed Into Liquidation
----------------------------------------
Meredith Booth at The Australian reports that the insolvent
Islamic College of South Australia has been placed into
liquidation with the 400-student school to reopen under new
management as the Australian Islamic College (Adelaide).

Australian Islamic College chief executive officer Abdullah Khan
said registration would be fast-tracked with the South Australian
education department and reinstatement of federal funds was
expected, The Australian relates.

According to The Australian, Perth-based AIC, which has been
negotiating since May with the school board, federal and state
departments to take over the beleaguered Adelaide school, hopes to
reinstate principal Kadir Emniyet, reported to have been sacked by
rogue board members via a text message last week, when emotions
boiled over between school management and parents.

Police were called, and remained for several hours, at the College
in Adelaide's inner western suburbs last week to break up tensions
between parents, Mr. Emniyet and liquidator Hugh Martin following
an announcement by education minister Simon Birmingham that
federal funding would not be reinstated, The Australian says.

The Australian relates that Mr. Khan said the new owners would cut
some jobs from the current 60-strong staff under a restructure
because funding would fall in line with a dramatic drop in student
numbers from 550 to 400 in the past few months.

AIC's board was independent with no links to Muslims Australia,
the landlord of its three campuses in Perth, and had the "full
trust" of the Western Australian and federal governments, Mr. Khan
said, The Australian relays.

"I would like to ask parents to be optimistic because things are
operating quite well and we are a very stable and financially
viable school," the report quotes Mr. Khan as saying.

The Australian relates that Mr. Khan said AIC had negotiated a
drop in its annual rent payments to Adelaide campus landlord
Muslims Australia to AUD220,000, for the site, in thinner western
suburbs.

An increase in rent charged at the site from AUD94,000 to
AUD300,000, and links to Muslims Australia on the school board
were one of a number of federal government concerns related to it
revoking funding for the Adelaide school earlier this year, the
report states.

The Australian adds that a South Australian education department
spokesman said a deregistration of the Islamic College of SA with
the Education Standards Board and then successfully apply to
register the new entity was required before students could return
to the school.

It comes as Australia's largest Islamic school, Malek Fahd in
Sydney, may have to close in two weeks if AUD19 million in annual
federal funding is not reinstated, the report relays.

Malek Fahd chairman John Bennett said the board had written to
education authorities last week about the school's possible
closure, adds The Australian.


LOCK FORWARD: Second Creditors' Meeting Set for June 30
-------------------------------------------------------
A second meeting of creditors in the proceedings of Lock Forward
Investments Pty Ltd has been set for June 30, 2017, at 9:00 a.m.,
at the offices of SV Partners, SV House, 138 Mary Street, in
Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 29, 2017, at 4:00 p.m.

David Michael Stimpson and Terrence John Rose of SV Partners were
appointed as administrators of Lock Forward on May 26, 2017.


NOVO IT: Second Creditors' Meeting Set for June 28
--------------------------------------------------
A second meeting of creditors in the proceedings of Novo IT Pty
Ltd has been set for June 28, 2017, at 10:30 a.m., at Level 19
Eclipse Tower 60 Station Street, in Parramatta, 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 27, 2017, at 4:00 p.m.

David Ian Mansfield and Neil Robert Cussen of Deloitte Financial
Advisory were appointed as administrators of Novo IT on May 23,
2017.


SOUTH TOWNSVILLE: Second Creditors' Meeting Set for June 28
-----------------------------------------------------------
A second meeting of creditors in the proceedings of South
Townsville Investments Pty Ltd has been set for June 28, 2017, at
11:00 a.m., at Level 3, 65 York 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 27, 2017, at 4:00 p.m.

David Anthony Hurst of HoskingHurst was appointed as administrator
of South Townsville Investments on May 23, 2017.



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


CHINA COMMERCIAL: Amends Prospectus for $30 Million Offering
------------------------------------------------------------
China Commercial Credit, Inc., filed with the Securities and
Exchange Commission an amended Form S-3 registration statement in
connection with an offering of common stock, preferred stock,
warrants, or a combination of these securities, or units, for an
aggregate offering price of up to $30 million.

The Company's common stock is listed on the NASDAQ Capital Market
under the symbol "CCCR."  On June 14, 2017, the last reported
sales price of the Company's common stock was $3.12.  The Company
will apply to list any shares of common stock sold by it under
this prospectus and any prospectus supplement on the NASDAQ
Capital Market.  The prospectus supplement will contain
information, where applicable, as to any other listing of the
securities on the NASDAQ Capital Market or any other securities
market or exchange covered by the prospectus supplement.

As of June 14, 2017, the aggregate market value of the Company's
outstanding common stock held by non-affiliates is $54,236,298.50,
based on 17,383,429 shares of outstanding common stock, of which
approximately 14,073,654 shares are held by non-affiliates, and a
per share price of $3.12 based on the closing sale price of our
common stock on June 14, 2017.

During the 12 calendar month period ended June 7, 2017, 2,499,025
shares of the common stock of the Company have been offered.

A full-text copy of the Form S-3/A is available for free at:

                     https://is.gd/xWdph7

                 About China Commercial Credit

China Commercial Credit, Inc., offers financial services in China.
It provides direct loans, loan guarantees and financial leasing
services to small-to-medium sized businesses, farmers and
individuals in the city of Wujiang, Jiangsu Province.

China Commercial reported a net loss of US$1.98 million on US$1.29
million of total interest and fee income for the year ended Dec.
31, 2016, compared with a net loss of US$61.26 million on US$2.98
million of total interest income for the year ended Dec. 31, 2015.
As of March 31, 2017, China Commercial had $20.27 million in total
assets, $19.13 million in total liabilities and $1.13 million in
total shareholders' equity.

Marcum Bernstein & Pinchuk LLP, in Shanghai, China, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2016, citing that the
Company has accumulated deficit that raises substantial doubt
about its ability to continue as a going concern.


HUACHEN ENERGY: Moody's Assigns B1 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has assigned a definitive B1 corporate
family rating to Huachen Energy Co., Ltd. and a definitive B2
rating to its USD500 million, 6.625%, 3-year senior unsecured
bond, due May 18, 2020.

The ratings outlook is stable.

RATINGS RATIONALE

Moody's definitive corporate family rating on Huachen Energy Co.,
Ltd. and rating on its debt obligation follows the company's
completion of its USD bond issuance, the final terms and
conditions of which are consistent with Moody's expectations.

The provisional ratings were assigned on May 5, 2017, and Moody's
rating rationale was set out in a press release published on the
same day.

The proceeds from the bond will be used for investment in overseas
nuclear power projects and general corporate purposes.

The principal methodology used in these ratings was Regulated
Electric and Gas Utilities published in December 2013.

Huachen Energy Co., Ltd. is a privately-owned power generating
company headquartered in Beijing, with its core thermal power
operation in Jiangsu and Henan provinces. At end-2016, it had
total installed capacity of about 5GW, of which 83% were coal
fired; 16% gas fired and 1% solar power.

At end-2016, Huachen was indirectly wholly-owned by Wintime Energy
Co., Ltd. (unrated), which is listed on the Shanghai Stock
Exchange. Wintime Energy is a listed A-share coal-mining and
trading company in China, and is owned as to 32.41% by Wintime
Holding Group Co., Ltd, which is ultimately controlled by Mr. Wang
Guangxi.



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


AATHEES HARD: CRISIL Assigns B+ Rating to INR2.45MM Term Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Aathees Hard Flooring (AHF).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               2.45      CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      2.15      CRISIL B+/Stable

   Bank Guarantee          1         CRISIL A4

   Overdraft               1.4       CRISIL A4

The ratings reflect a modest scale of and working capital
intensive operations.  These weaknesses are partially offset by
the extensive industry experience of the proprietor, and a
moderate financial risk profile because of comfortable gearing and
debt protection metrics.

Key Rating Drivers & Detailed Description

Weakness

* Extensive industry experience of the proprietor:  The
proprietor, Mr. N Athimuthan, an architect, has an experience of
20 years in the paver tile block industry. This has resulted in a
healthy relationship with key stakeholders, thereby ensuring a
steady order flows.

* Moderate financial risk profile: The networth is moderate,
estimated at INR7.45 crore as on March 31, 2017, and comfortable
gearing, estimated at 0.75 time as on the same date. Debt
protection metrics too are also comfortable as reflected in an
interest coverage ratio of 2.68 times and net cash accrual to
total debt ratio of 0.19 time, estimated for fiscal 2017.

Strengths

* Modest scale of operations:  The revenue of the firm is modest,
estimated at INR 5 crore in fiscal 2017, declined from from INR7
crore in fiscal 2016. The decline was due to reduction in the
number of orders received from various government agencies.

* Working Capital Intensive nature of operations:  The firms
operations are working capital intensive in nature as reflected in
gross current asset (GCA) days of 304 days as on March 31, 2016.
The high GCA days was primarily owing to high credit period of
around 150 to 180 days offered to customers, primarily
governmental entities. Moreover, the firm maintains an inventory
of around 140 days.

Outlook: Stable

CRISIL believes AHF will continue to benefit from the extensive
industry experience of its proprietor. The outlook may be revised
to 'Positive' in case of sustained growth in revenue and
profitability, while the capital structure is maintained and the
business risk profile strengthened through greater customer
diversity. The outlook may be revised to 'Negative' in case of a
sharp decline in profitability, a stretched working capital cycle,
or larger-than-expected, debt-funded capital expenditure,
weakening the financial risk profile.

AHF was established in 2004 as a proprietorship firm by Mr.
Athimuthan. The firm, based in Madurai, Tamil Nadu, manufactures
and lays paver tile blocks.

Net profit was INR0.22 crore on revenue of INR7.01 crore in fiscal
2016, against a net profit of INR0.47 crore on revenue of INR8.99
crore in fiscal 2015.


AFTAB STEELS: CRISIL Reaffirms B Rating on INR2.75MM Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of Aftab Steels Private
Limited continue to reflect the company's modest scale of
operations and vulnerability to fluctuations in raw material
prices. These weaknesses are mitigated by the extensive experience
of its promoters in the steel industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         0.34      CRISIL A4 (Reaffirmed)
   Cash Credit            2.75      CRISIL B/Stable (Reaffirmed)
   Term Loan              2.70      CRISIL B/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations in fragmented industry: Intense
competition in the steel industry constrains scalability in
operations; turnover was small at INR21 crore in fiscal 2016.

* Low operating profitability and working capital-intensive
operations: Operating margin was 5.7% in fiscal 2016 and will
remain subdued due to limited value addition in an intensely
competitive segment. Gross current assets were high at 98 days as
on March 31, 2016. Working capital requirement will remain large
over the medium term.

* Average financial risk profile: Gearing was moderate at 1.7
times as on March 31, 2016, while interest coverage ratio of 2.1
times for fiscal 2016. Financial risk profile will remain subdued
over the medium term.

Strength:

* Experience of promoters: Presence of more than two decades in
the steel industry has enabled the promoters to establish strong
customer relationship. The company also benefits from its presence
in Gujarat, which ensures a large clientele.

Outlook: Stable

CRISIL believes ASPL will benefit over the medium term from its
promoters' experience. The outlook may be revised to 'Positive' if
significant improvement in scale of operations and profitability
leads to better-than-expected cash accrual, while maintaining
capital structure. The outlook may be revised to 'Negative' in
case of larger-than-expected capital expenditure or further
weakening of financial risk profile, particularly liquidity.

Incorporated in 2013 and promoted by Gujarat-based Mr. Firoz Bloch
and his brother, Mr. Imtiaz Bloch, ASPL manufactures stainless
steel billets/ingots and rounds in Jamnagar, Gujarat.

Profit after tax (PAT) was INR0.17 crore on an operating income of
INR21 crore in fiscal 2016, against a PAT of INR0.12 crore on an
operating income of INR27.4 crore in fiscal 2015.


AIR INDIA: Civil Aviation Ministry Concerned Over Privatization
---------------------------------------------------------------
The Times of India reports that a final decision on the revival
plan for debt-laden Air India is likely to take some more time as
the civil aviation ministry has voiced concerns over the proposal
to privatise the national carrier, an official said.

According to the report, a senior finance ministry official said
the plan for revival would be taken up by the Cabinet only after
various issues, including the concerns raised by the parent
ministry, are resolved.

Surviving on taxpayers' money, Air India has been in the red for
long and various proposals, including government think tank Niti
Aayog's suggestion for complete privatisation, have been made, TOI
says.

The civil aviation ministry has however voiced concerns over
privatising the airline citing issues such as those related to
debt burden, proposed voluntary retirement scheme for employees
and fleet, he said, the report notes.

While discussions are still going on, at least two different views
have emerged within the government with respect to stake sale in
the airline, according to TOI.

One view is that the government should offload majority stake in
the airline and retain the minority stake as well as the Air India
logo, the official, as cited by TOI, said.  This could be done
after taking over a portion of its debt, he added.

Another idea being floated is for minority stake sale by the
government and then work on ways to address the debt woes,
including by way of selling the airline's assets, TOI relays.

TOI says the aviation ministry is in favor of reviving the
airline, which has debt of more than INR52,000 crore, but not keen
on majority stake sale, the official noted. It is surviving on a
INR30,000-crore bailout package extended by the previous UPA
government in 2012.

As part of efforts to reduce its debt, the government might also
nudge LIC and other public sector enterprises to buy certain non-
core assets of Air India, the report says.

The larger question before the government is whether there is a
need for a state-owned carrier and if it is to be there, whether
the current operational structure should be revamped or not, the
official said, TOI relays.

Besides, he said, there would be problems in attracting buyers for
the airline as there are not too many deep-pocketed domestic
entities and stake sale to a foreign investors could trigger a lot
of opposition, according to TOI.

TOI relates that the official said the matter relating to Air
India is now at the level of Prime Minister's Office (PMO) and
once the issues are resolved between the ministries, the final
proposal would be taken to the Cabinet.

It would take a few more weeks before the plan is finalised, he
added, TOI reports.

                           About Air India

Air India Ltd -- http://www.airindia.com/-- is the flag carrier
airline of India owned by Air India Limited (AIL), a Government
of India enterprise. The airline operates a fleet of Airbus and
Boeing aircraft serving various domestic and international
airports. It is headquartered at the Indian Airlines House in
New Delhi.

As reported in the Troubled Company Reporter-Asia Pacific on
March 28, 2014, The Times of India said Air India got a breather
in the form of INR1,000-crore equity infusion from the government
on March 26, 2014.  According to the report, the airline's
unending financial stress had got worse as the Centre had so far
given INR6,000 crore instead of the promised INR8,500 crore for
the fiscal. As a result, AI had to bridge this gap by borrowing
money from banks at 11%-12%, which increased its debt servicing
burden, the report said.  Before the infusion, the government had
injected INR12,200 crore into AI and there was a shortfall in
equity to the tune of INR3,574 crore -- despite the airline
meeting most of the milestone-linked equity targets -- leading to
a liquidity crunch, the report related.  TOI said the airline's
aircraft and working capital debt was INR26,033 crore and
INR21,125 crore respectively on December 31, 2013. The airline is
expected to lose INR3,990 crore this fiscal.

Air India has posted continuous losses since 2007, according to
The Economic Times.


ALOK INDUSTRIES: Lenders to Start Insolvency Proceedings
--------------------------------------------------------
Business Standard reports that lenders to Alok Industries on
June 21 decided to start insolvency proceedings for the textile
firm, by moving an application before the National Company Law
Tribunal (NCLT).

Business Standard relates that the joint lenders forum approved a
move of the State Bank of India (SBI) to file the application
under the Insolvency and Bankruptcy Code. This follows the Reserve
Bank of India's directive to lenders to initiate corporate
insolvency resolution process (CIRP) against the company, a senior
executive with a financial institution said.

According to the report, the textile company reported a
consolidated loss of INR3,071 crore on an income of INR8,919 crore
in 2016-17. It had booked a loss of INR4,367 crore on revenue of
INR12,929 crore in 2015-16.

Business Standard says the company created large capacities
through debt funding to cater to global demand, but with slowdown
in international markets, it was hit badly. This capacity creation
was accompanied by a large accumulation of debt. Now, it faces a
mismatch in timing of cash inflows and outflows, creating severe
financial stress, the report states.

The company, in its 2015-16 annual report, listed factors such as
demand slump, investment calls going wrong and fluctuations in
foreign exchange as key reasons for its poor performance, says
Business Standard.

Its investments in retail, both in India and the UK, did not pan
out as expected, Business Standard relates. While it closed
operations in India, the UK business is still burning cash. The
diversification into real estate, although intrinsically value
creating, failed to give any asset appreciation and essentially
locked up large capital.

According to Business Standard, lenders began meetings on June 19
to initiate proceedings against 12 stressed accounts identified by
the central bank. Besides Alok Industries, the accounts identified
by the RBI include Amtek Auto, Bhushan Steel, Essar Steel and
Bhushan Power and Steel.  The list also includes Monnet Ispat,
Electrosteel Steels, Era Infra, Jaypee Infratech, Lanco Infratech,
ABG Shipyard and Jyoti Structures as defaulting borrowers,
Business Standard discloses.

These 12 accounts referred to by the RBI have debt of more than
INR5,000 crore each, with 60% or more classified as bad loans by
banks as of March 2016, the report notes.

Bankers are also working on short-listing resolution professionals
whose names would be proposed to the NCLT at the time of filing
cases, adds Business Standard.

Alok Industries Limited (BOM:521070) -- http://www.alokind.com/
-- is a textile company with a presence in the cotton and
polyester segments. The Company is engaged in manufacturing of
textile, including mending and packing activities; leather and
other apparel products. Its geographic segments include Domestic,
which includes sales to customers located in India and
International, which includes sales to customers located outside
India. Its divisions include Spinning, such as cotton yarn; Home
Textiles, such as sheeting fabric, equivalent sheet sets and terry
towels; Apparel Fabrics, such as woven fabric (includes
embroidery) and knits; Garments, and Polyester, such as continuous
polymerization, partially oriented yarn (POY)/chip, draw
texturized yarn (DTY), fully drawn yarn (FDY), polyester staple
fiber/cationic yarn and master batch. Its products include
accessories, corrugated pallets, cotton and blended yarn. It
exports its products to over 90 countries across the United
States, Europe, Latin America, Asia and Africa.


ALUPAN COMPOSITE: CRISIL Cuts Rating on INR16MM Cash Loan to D
--------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of Alupan Composite Panels Private Limited to 'CRISIL D/CRISIL D'
from 'CRISIL B-/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              16      CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Letter of Credit          8      CRISIL D (Downgraded from
                                    'CRISIL A4')

   Proposed Long Term        1      CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B-/Stable')

The downgrade reflects instances of delay in servicing debt due to
stretched liquidity.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile:  The total outside liabilities to
tangible networth ratio is high and debt protection metrics are
below-average on account of low profitability. The financial risk
profile will remain weak over the medium term owing to large
working capital borrowing.

* Large working capital requirement:  That's primarily because of
a long receivables collection cycle and high stocking requirement
owing to the variety of products offered. Though part of the
requirement is met by negotiating with suppliers for longer credit
periods, working capital requirement will remain dependent on
external debt over the medium term.

* Small scale of operations:  The company is a small player in the
highly fragmented domestic aluminium composite panels industry in
which there are several such players and a few organised ones.
This limits its ability to exploit benefits associated with
economies of scale. This also exposes it to competitive pressures,
and hence to low pricing power with customers, thus not only
impacting profitability but also stretching receivables.

Strengths

* Extensive industry experience of the promoters:  ACPPL, which
commenced operations in 2006, sells aluminium composite panels in
the domestic market. Over the years, the company has enhanced its
marketing network and currently sells its products through dealer
network and has five depots across India. Operations will benefit
over the medium term from the experience of the promoters, and
healthy growth prospects for the industry.

ACPPL was established in 2003, promoted by Mr. Vinod Kumar Garg.
The company manufactures aluminium composite panels at its
facility in Haridwar, Uttarakhand.


AMBICA ALLOYS: CRISIL Cuts Rating on INR10MM Cash Loan to 'B'
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Ambica
Alloys 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
   ----------          ---------     -------
   Cash Credit             10        CRISIL B/Stable (Issuer Not
                                     Co-operating; Downgraded
                                     from 'CRISIL BB+/Stable')

   Letter of Credit         2.5      CRISIL A4 (Issuer Not
                                     Co-operating; 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 Ambica Alloys. 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 Ambica Alloys 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 at
'CRISIL B/Stable/CRISIL A4'.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Ambica and JB Rolling Mills Ltd
(JBRML). This is because the two entities, together referred to as
the JB group, are in the same business, and have common management
and significant business and financial synergies.

Ambica was incorporated in 2004 and is in the same line of
business as JBRML. The firm also trades in MS bars, angels,
channels, and girders.

Promoted by members of the Jain family and incorporated in 1992,
JBRML started operations in 2002-03 (refers to financial year,
April 1 to March 31). The company manufactures mild steel (MS)
ingots, bars, channels, angles, girders, and thermo-mechanically
treated bars at its facility in Kala Amb, Himachal Pradesh.
Operations are managed by Mr. Surinder Jain and Mr. Sanjay Jain.


ASHOKA KRAFT: CRISIL Lowers Rating on INR16MM Term Loan to 'B'
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Ashoka
Kraft Paper Mills L.L.P for obtaining information through letters
and emails dated November 9, 2016, and December 14, 2016, 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 BB/Stable')

   Term Loan               16        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 Ashoka Kraft Paper Mills L.L.P.
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 Ashoka Kraft Paper Mills L.L.P 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 downgraded the rating to CRISIL B/Stable.

Ashoka Kraft, a limited liability partnership firm, was
established on May 3, 2013. The firm manufactures kraft paper; it
has an installed capacity of 30,000 tonnes per annum at its
facility in Assam. The firm's product is mainly used for
manufacturing of corrugated boxes used for packaging.


BINJRAJKA INDUSTRIES: CRISIL Lowers Rating on INR6MM Loan to B
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Binjrajka
Industries Private Limited 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             6         CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Long Term Loan          3.13      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 Binjrajka Industries Private
Limited. This restricts CRISIL's ability to take a forward looking
view on the credit quality of the entity. CRISIL believes that the
information available for Binjrajka Industries Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B rating category
or lower'. Based on the last available information, CRISIL has
downgraded the rating to 'CRISIL B/Stable'.

BIPL, based at Hyderabad and incorporated in 2014, manufactures
pre-galvanised steel tubes. It is also setting up a manufacturing
unit for high-frequency induction-welded carbon steel tubes. Its
operations are managed by Mr. Rakesh Binjrajka and Mr. Ramesh
Chandra Agarwal.


BLACK HORSE: CRISIL Assigns B- Rating to INR28MM Long Term Loan
---------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable' rating to the
bank facility of Black Horse Tyres Limited (BHTL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      28      CRISIL B-/Stable

The rating reflects BHTL's exposure to risks related to project
implementation and stabilization of operations. These rating
weaknesses are partially offset by the extensive industry
experience of its promoters.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to risks related to project implementation and
stabilization of ongoing project:  BHTL is expected to risks
related to project implementation and stabilisation of the on-
going project.

Strengths

* Extensive industry experience of the promoters:  BHTL is aided
by the extensive experience of its promoters who are in
manufacturing and trading of rubber products for past 2 decades.

Outlook: Stable

CRISIL believes that BHTL will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' if earlier-than-expected
stabilisation of the project results in higher revenues and
profitability, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
there is significant delay in stabilisation of its operations
leading to time and cost overruns in its ongoing project resulting
in weakening of its financial risk profile.

BHTL was incorporated in 2015 at Hyderabad. The company is
promoted by Raman Wahi and Srikanth Sarda.

BHTL is currently setting-up a 2000 tyres per day (TPD)
manufacturing unit at Medchal, Hyderabad. The facility is expected
to commence operations from June 2018.


DREAMFOLKS SERVICES: CRISIL Cuts Rating on INR4MM Loan to 'B'
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Dreamfolks
Services Private Limited for obtaining information through letters
and emails dated February 6, 2017, and March 22, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft                2        CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4+')

   Proposed Fund-           4        CRISIL B/Stable (Issuer Not
   Based Bank Limits                 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 Dreamfolks Services 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 Dreamfolks Services Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B rating category
or lower.' Based on the last available information, CRISIL has
downgraded the rating to CRISIL B/Stable/CRISIL A4.

DSPL is a Gurgaon based company, established and promoted in 2010
by Mr. Mukesh Yadav, Mr. Dinesh Nagpal and Ms. Liberatha Kallat.
DSPL acts as a facilitator between the lounge service providers on
the Airports and the credit card partners like Master, Visa,
Diners club and American express. The company is serving lounges
at airports within domestic geographies.


EAK AUTOMOBILES: CRISIL Reaffirms 'B' Rating on INR4.5MM Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Eak
Automobiles Private Limited for obtaining information through
letters and emails dated January 25, 2017, and February 14, 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; Rating
                                     Reaffirmed)

   Inventory Funding        3        CRISIL B/Stable (Issuer Not
   Facility                          Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan           3        CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term       4.5      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Eak Automobiles 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 Eak Automobiles 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
reaffirmed the rating at 'CRISIL B/Stable'.

Incorporated in 2014, EAPL is setting up an automotive dealership
business for Hyundai Motor India Ltd (rated 'CRISIL A1+') at
Panvel in Navi Mumbai (Maharashtra). The company is promoted by
Mr. Vishal Tyagi, who has experience of over two decades in the
automotive dealership business.


ERAM MOTORS: CRISIL Raises Rating on INR15MM Cash Loan to B+
------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Eram Motors Private Limited (Eram) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable', and reaffirmed the short-term
rating at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           9        CRISIL A4 (Reaffirmed)

   Cash Credit             15        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Inventory Funding       15        CRISIL B+/Stable (Upgraded
   Facility                          from 'CRISIL B/Stable')

   Long Term Loan           9        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects improvement in Eram's liquidity, because of
steady revenue growth and better-than-expected profitability.
Operating income was at INR422 crore in fiscal 2017, manifested a
steady year-on-year growth of 28% over the two years ending fiscal
2015 driven by improving off-take for Mahindra & Mahindra's
utility vehicles and the addition of new showrooms; Operating
profitability at 1.3% estimated in fiscal 2017 was better than
CRISIL's earlier estimates primarily supported by higher
contribution from services division. The net cash accrual hence is
expected to have improved to INR2.5-2.6 crore in fiscal 2017 from
that of INR 1.7 crore in fiscal 2016. The upgrade also factors in
the improvement in liquidity, with growing cushion between cash
accrual and debt obligation, better working capital management,
and no substantial long-term debt obligation or major debt-funded
capital expenditure (capex) over the medium term.

The ratings reflect Eram's average financial risk profile because
of high gearing, weak debt protection metrics, and susceptibility
to economic slowdown and to intense competition in the automobile
(auto) dealership segment. These weaknesses are partially offset
by the extensive experience of its promoter.

Key Rating Drivers & Detailed Description

Weakness

* Average financial risk profile:  Capital structure is leveraged
and debt protection metrics muted. Gearing is expected to be more
than 2.5 times over the medium term. Since operating margin
remains constrained on account of trading nature of business and
high overhead costs, debt protection metrics were weak, with
estimated interest coverage ratio of 1.8 times for fiscal 2017.
Financial risk profile will remain average over the medium term.

* Susceptibility to economic slowdown and intense competition: The
auto dealership business is vulnerable to changes in economic
cycles. Any economic uncertainty or monetary tightening measures
(such as increase in interest rates) can affect demand for
vehicles. Furthermore, due to trading nature of business, auto
dealers have limited bargaining power with principals. This is
compounded by intense competition in the segment from dealers of
other established players.

Strengths

* Extensive experience of promoter:  The company's promoter has
around 25 years' experience in segments such as industrial
contracting, project management solutions, automotive, healthcare,
travel, information technology, manufacturing and other service
sectors.

Outlook: Stable

CRISIL believes Eram will continue to benefit over the medium term
from the extensive experience of its promoter. The outlook may be
revised to 'Positive' if increase in cash accrual due to ramp-up
in operations or improvement in operating profitability leads to
better liquidity and financial risk profile. The outlook may be
revised to 'Negative' if decline in revenue or operating
profitability, larger-than-expected debt-funded capex, or delays
in receipt of funding from promoter further weakens financial risk
profile particularly liquidity.

Incorporated in 2009 and promoted by Dr. Sideek Ahmed, Eram is an
authorised dealer for passenger vehicles of M&M in Kerala, where
it operates 17 showrooms. The company is a part of the Eram group.

Profit after tax was negative INR2.34 crore on operating income of
INR413.88 crore in fiscal 2016, against negative INR8.31 crore and
INR324.21 crore, respectively, in fiscal 2015.


ESS GEE: CRISIL Downgrades Rating on INR8MM Cash Loan to 'B'
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Ess Gee
Trendz Private Limited for obtaining information through letters
and emails dated January 27, 2017, and March 22, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           2        CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit              8        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 Ess Gee Trendz 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 Ess Gee Trendz Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B rating category
or lower.' Based on the last available information, CRISIL has
downgraded the long term rating to CRISIL B/Stable and reaffirmed
short term rating at CRISIL A4.

EGT was originally established in 2003 as a proprietorship firm,
Ess Gee Footwear; the firm was reconstituted as a company with the
current name in 2009. It is a distributor for brands such as
Adidas, Reebok, UCB, Pepe, and Red Chief, mainly in North India.
It also has five retail outlets. The company is promoted by Mr.
Gaurav Chawla and Mr. Sanjay Chawla.


ESSPEE CONSTRUCTION: CRISIL Lowers Rating on INR7MM Loan to 'B'
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Esspee
Construction for obtaining information through letters and emails
dated January 20, 2017 and February 10, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           3        CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4+')

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

EC is a partnership firm promoted by Mr. N L Pareek and his sons.
The firm undertakes construction of buildings and other civil
structures in Rajasthan.


GANESH RAM: CRISIL Raises Rating on INR40MM Cash Loan to BB-
------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of M/s Ganesh Ram Dokania to 'CRISIL BB-/Stable' from
'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              40       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term        1       CRISIL BB-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The rating reflects the extensive experience of partners as civil
works contractors for public sector organisations and a healthy
networth. This strength is partially offset by geographical and
segmental concentration in revenue profile, and its working
capital-intensive operations.

Key Rating Drivers & Detailed Description

Strengths

* Extensive experience of partners as civil works contractors: The
partners' experience of over five decades and established position
have helped GRD win tenders and thereby have a healthy order book.
Moreover, its clientele includes large government entities which
will continue to support the business risk profile.

* Healthy networth:  The financial risk profile is supported by
above-average networth, estimated at INR23 crore as on March 31,
2017. This enables GRD to bid for large-value tenders and provide
financial flexibility and ability to scale up its operations and
meet incremental working capital requirement.

Weaknesses

* Exposure to geographical and segmental concentration: Operations
are restricted mainly to Bihar and parts of Jharkhand, which
account for the entire revenue. It is registered with the
Government of Bihar under the Class IA category. This makes GRD a
regional player susceptible to changes in the state government's
policies and financial condition of the state's treasury.

* Working capital-intensive operations:  Working capital
requirement is large, as reflected in gross current assets
estimated at 318 days as of March 2017, primarily driven by
traditionally high inventory or work-in-progress levels.
Furthermore, a portion of the contract value is withheld by the
customer as retention money, which is released 6-18 months after
project completion. This exerts further pressure on liquidity and
constrains the financial flexibility.

Outlook: Stable

CRISIL believes GRD will continue to benefit over the medium term
from its partners' extensive experience. The outlook may be
revised to 'Positive' in case of sustained growth in scale and
profitability, while improving its liquidity, driven by lower
debtor and inventory days. Conversely, the outlook may be revised
to 'Negative' in case of a sharp decline in profitability, or a
further stretch in working capital cycle, or substantial debt-
funded capital expenditure, weakening the financial risk profile.

GRD was originally established as a proprietorship concern in 1958
by Mr. Ganesh Ram Dokania. Subsequently, the concern was
reconstituted as a partnership entity in 1996 with the induction
of the second generation and other family friends. Since
inception, the firm has been undertaking civil construction
projects such as construction of roads, bridges, and certain
irrigation works. It is registered as a Class IA contractor with
the Government of Bihar.

GRD reported a profit after tax of INR0.47 crore on net sales of
INR67.95 crore in fiscal 2016 against INR0.10 crore and INR55.37
crore, respectively, in fiscal 2015.


HANUMAN TIMBER: CRISIL Reaffirms B Rating on INR0.1MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Hanuman
Timber Co. 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             0.1       CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit        5.0       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 Hanuman Timber Co. 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 Hanuman Timber Co 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 reaffirmed the rating at
'CRISIL B/Stable/CRISIL A4'.

Set up in 1990 as a partnership firm, HTC trades in timber and
timber logs. The firm, promoted by Mr. Murari Badruka and Mr.
Ambrish Daga, is based in Visakhapatnam (Andhra Pradesh).


HARICHANDANA COTTONS: CRISIL Reaffirms Rating on INR3MM Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with
Harichandana Cottons Private Limited for obtaining information
through letters and emails dated January 30, 2017, and March 22,
2017, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              3        CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan           2.5      CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Cash            1.75     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 Harichandana Cottons 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 Harichandana Cottons 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
reaffirmed the rating at 'CRISIL B/Stable'.

Established in 2015, HCPL is engaged in ginning and pressing of
raw cotton and sells cotton lint and cotton seeds. Based out of
Warangal in Telangana, HCPL is promoted by Mr. M.Gopal Reddy and
his associates. The company started commercial operations during
January 2016.


IVALUE INFOSOLUTIONS: CRISIL Lowers Rating on INR8MM Loan to B+
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Ivalue
Infosolutions Private Limited for obtaining information through
letters and emails dated January 24, 2017, and February 14, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

CRISIL thus gave these ratings:

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

   Letter of Credit       11        CRISIL A4 (Issuer Not
                                    Co-operating; Downgraded
                                    from 'CRISIL A3')

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 Ivalue Infosolutions 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 Ivalue Infosolutions 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 at 'CRISIL B+/Stable/CRISIL A4'.

Ivalue was set up in 2008 by a group of professionals, which
comprises Mr. Sunil Pillai, Mr. Krishna Sharma, Mr. Sriram S, Mr.
Subodh Anchan, Mr. Venkatesh R, Mr. Brijesh Srivastava, Mr.
Abraham Yohannan, and others.

The company provides consulting solutions and associated services
in data, network, and application protection and management, along
with digital asset protection. The company partners more than 22
original equipment manufacturers and more than 600 system
integrators. It has offices in Bengaluru, Kolkata, Kerala, New
Delhi, Ahmedabad, Mumbai, Chennai, Pune, and Secunderabad, and in
Kenya and Singapore.


JANAA INDUSTRIES: CRISIL Reaffirms Rating on INR3.6MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Janaa Industries (JI)
continue to reflect the firm's small scale of operations in the
highly fragmented cotton yarn industry, and its moderate financial
risk profile marked by small networth limiting financial
flexibility. These weaknesses are partially offset by extensive
industry experience of its partners.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          0.2      CRISIL A4 (Reaffirmed)

   Cash Credit             3.6      CRISIL B+/Stable (Reaffirmed)

   Long Term Loan          1.12     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       .78     CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations in highly fragmented cotton yarn
industry:  JIT's business risk profile is marked by its small
scale of operations in the highly fragmented cotton yarn industry;
despite being in the industry for more than a decade, JIT's scale
of operations is small as indicated by its estimated revenue of
about INR14.5 crore during fiscal 2017.

* Small networth limiting financial flexibility:  The firm's net
worth is estimated to remain low at around INR3.3 crore as on
March 31, 2017. The net worth has remained low due to low initial
partners' capital and limited accretion to reserves; the latter is
a result of small scale of operations and modest profitability
margins.

Strengths

* Partner's extensive industry experience:  JI benefits from the
industry experience of its partners who have been part of a family
that has been in the textile industry for more than five decades.
The firm derives its entire revenue through supply of cotton yarn
and has established relations with its customers, leading to
repeat orders from them. The extensive experience of the promoter,
his understanding of the dynamics of the local market, and
established relationship with suppliers and customers have
resulted in stable growth of JIT despite downturn in the industry.

Outlook: Stable

CRISIL believes JI will continue to benefit over the medium term
from the extensive industry experience of its partners. The
outlook may be revised to 'Positive' if revenue and profitability
increase significantly, while improving its capital structure.
Conversely, the outlook may be revised to 'Negative' if
considerable decline in yarn realisations leads to fall in
accrual, or if working capital management weakens, resulting in
stretched liquidity.

Set up in 1996 and promoted by Mr. Janagaraj, Rajapalayam (Tamil
Nadu)-based JIT manufactures cotton yarn.

Profit after tax (PAT) was INR0.22 crore on operating income of
INR16.17 crore for fiscal 2016, against a PAT of INR0.2 crore on
operating income of INR16.84 crore for fiscal 2015.


KRISHNA COIL: CRISIL Downgrades Rating on INR20MM Loan to B
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Krishna
Coil Cutters Private Limited for obtaining information through
letters and emails dated January 24, 2017, and February 14, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bill Discounting         1       CRISIL A4 (Issuer Not
                                    Co-operating; Downgraded from
                                    'CRISIL A4+')

   Cash Credit             20       CRISIL B/Stable (Issuer Not
                                    Co-operating; Downgraded from
                                    'CRISIL BB+/Stable')

   Letter of Credit        40       CRISIL A4 (Issuer Not
                                    Co-operating; Downgraded from
                                    'CRISIL A4+')

   Letter of credit &       5       CRISIL A4 (Issuer Not
   Bank Guarantee                   Co-operating; 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 Krishna Coil Cutters 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 Krishna Coil Cutters 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 at 'CRISIL B/Stable/CRISIL A4'.

KSPPL, set up in April 1995, trades in and processes hot-rolled
and cold-rolled steel coils and galvanised steel. The company's
head office is in Mumbai and its processing plant is in Taloja
(Maharashtra). KCCL, incorporated in 2007, is in the same line of
business, and caters to the Gujarat market.


KUNDAN JEWELLERS: CRISIL Lowers Rating on INR23MM Loan to 'B'
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Kundan
Jewellers Private Limited 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              23       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 Kundan Jewellers 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 Kundan Jewellers 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 to 'CRISIL B/Stable'.

KJPL was incorporated on March 27, 2000, promoted by Mr. R K Jain.
The company is primarily engaged in manufacturing and retailing
gold and diamond-studded jewellery.


MAIYAS BEVERAGES: CRISIL Reaffirms B Rating on INR20MM Loan
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Maiyas
Beverages and Foods Private Limited for obtaining information
through letters and emails dated January 27, 2017, and
February 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
   ----------         ---------    -------
   Proposed Working        20      CRISIL B/Stable (Issuer Not
   Capital 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 Maiyas Beverages and Foods
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 Maiyas Beverages and Foods
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 reaffirmed the rating at 'CRISIL
B/Stable'.

MBFPL is a private limited company incorporated in 2008 and
promoted by Mr. P Sadananda Maiya. Based in Bengaluru, the company
manufactures and processes various ready-to-eat food products,
pickles, beverages, spices, instant mixes, and savories; and sells
under the brand, Maiyas.


NEELKANTH TOWN: CRISIL Lowers Rating on INR18MM Term Loan to B
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Neelkanth
Town Planners Private Limited for obtaining information through
letters and emails dated November 21, 2016, and December 22, 2016,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

CRISIL thus gave these ratings:

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long Term        10       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating; Downgraded
                                      from 'CRISIL BB+/Stable')

   Term Loan                 18       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 Neelkanth Town Planners 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 Neelkanth Town Planners 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 at 'CRISIL B/Stable'.

NTPL was set up in 1995 by Mr. Ravinder Taneja and Mr. N D Taneja,
of the TDI group. In 2005, the company was taken over by the
current promoters, Mr. Parveen Arora and Mr. Shubham Sogani. The
company is undertaking a premium residential project, Ourania, at
Golf Course Road, Gurgaon. The project is nearing completion and
the company is expected to hand over possession by December 2015.
Construction of the school and clubhouse in the project is
expected to be completed by March 2016 and December 2015,
respectively.


NISCHINT FOODS: CRISIL Cuts Rating on INR8MM Cash Loan to 'B'
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Nischint
Foods Private Limited for obtaining information through letters
and emails dated November 21, 2016, and December 22, 2016, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

CRISIL thus gave these ratings:

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

   Proposed Long Term      4.5       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 Nischint Foods 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 Nischint Foods 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'.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of NFPL and its associate entity Nischint
Traders Private Limited (NTPL), together referred to as the
Nischint Group. This is because both entities are in the same line
of business, have a common management and have operational and
financial linkages with each other.

NFPL was established in 2000 by Delhi based Kanodia family. It is
engaged in the trading of agro food commodities like broken rice,
barley, bajra, pulses, edible oil and seeds. The company is
promoted mainly by Mr. Anil Kanodia.

NTPL was incorporated in 1995 by Mr. Anil Kanodia and is engaged
in the trading of agro based commodities which include Barley,
Bajra, Chana, and Rice among others in the domestic market.


POLYPLASTICS AUTO: CRISIL Cuts Rating on INR8.3MM Loan to 'B'
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with
Polyplastics Auto Components Private Limited for obtaining
information through letters and emails dated November 9, 2016, and
December 14, 2016, 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')

   Proposed Long Term        .7      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL BB+/Stable')

   Term Loan                8.3      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB+/Stable')

The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. 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 Polyplastics Auto Components
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 Polyplastics Auto Components
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 at CRISIL B/Stable.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of PACL with Polyplastics Industries
(India) Pvt Ltd (PIPL; 'Rating Suspended'), Polyplastics Uttar
Bharat Pvt Ltd (PUPL; 'CRISIL B/Stable/CRISIL A4'), United
Precision Engineering Company (UPEC), and Euro American Plastic
Products Pvt Ltd (EAPL). This is because all these entities,
together referred to as the Polyplastic group, have significant
inter-group operational linkages and are under a common
management.

Incorporated in 2010, PACL is a 100 per cent subsidiary of PPI.
The company has set up a facility at Chennai to manufacture
various automotive components such as grills, garnishes, covers,
hubcaps, and emblems.

The Polyplastic group has plants in Yamuna Nagar, Bawal (both in
Haryana), Bhiwadi (Rajasthan), Chennai (Tamilnadu), and Pune
(Maharashtra). The group's main company, PIPL, supplies auto
components to original equipment manufacturers. PUPL and EAPL
supply plastic auto components to PIPL. UPEC makes dies and moulds
for supply to group companies only. PACL, based in Chennai,
supplies its products exclusively to Renault Nissan Automotive
India Pvt Ltd.


PREMIUM FERRO: CRISIL Reaffirms B+ Rating on INR2MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Premium
Ferro Alloys Limited for obtaining information through letters and
emails dated January 27, 2017, and March 06, 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; Rating
                                     Reaffirmed)

   Letter of Credit         4        CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Standby Line of          0.5      CRISIL B+/Stable (Issuer Not
   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 Premium Ferro Alloys 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 Premium Ferro Alloys 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
reaffirmed the rating at CRISIL B+/Stable/CRISIL A4.

Incorporated in 1992, PFAL commenced operations from 1995. The
company, promoted by Mr. Shyam Sunder Agarwal, manufactures steel
ingots and thermo-mechanically treated (TMT) bars. Its plants in
Kerala have an installed capacity of 15,000 tonnes per annum each
for ingots and TMT bars.


PURVI BHARAT: CRISIL Lowers Rating on INR10MM Cash Loan to B
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Purvi
Bharat Steels Limited for obtaining information through letters
and emails dated January 20, 2017 and February 10, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              10       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 Purvi Bharat Steels 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 Purvi Bharat Steels 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'.

Set up in 1995, PBSL manufactures and trades in thermo-
mechanically treated (TMT) bars. The company is currently managed
by Mr. Ganesh Prasad Kandoi, Mr. Navin Kumar Kandoi, and their
family members.


QUADRANT CABLES: CRISIL Reaffirms 'B' Rating on INR8MM Loan
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Quadrant
Cables Private Limited for obtaining information through letters
and emails dated January 30, 2017, and March 22, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

CRISIL thus gave these ratings:

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

   Term Loan                8        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 Quadrant Cables 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 Quadrant Cables 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
reaffirmed the rating at 'CRISIL B/Stable'.

QCPL was incorporated in September 2015 by Mr. A S Randhawa, Mr.
Mohit Vohra, Mr. Rajbir Singh Randhawa, Mr. E S Sandhu, Mr. R S
Sandhu, Mr. Vivek Abrol, Mr. Vishesh Abrol, and Mr. Amit Dhawan.
It is setting up a manufacturing unit for electron beam cables
(copper cable) in Mohali (Punjab).


R. N. KAPOOR: CRISIL Lowers Rating on INR5MM Cash Loan to 'B'
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with R. N.
Kapoor Textiles Private Limited 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 BB-/Stable')

   Letter of Credit         4        CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL A4+')

   Mortgage Loan Facility   0.7      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

   Term Loan                2.3      CRISIL B/Stable (Issuer Not
                                     Cooperating)

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. N. Kapoor Textiles 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 R. N. Kapoor Textiles 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'.

RKTPL was set up in 1997 by Mr. Satish Kumar and his three
brothers, Mr. Suresh Kumar, Mr. Sanjeev Kumar, and Mr. Sushil
Kumar, in Ludhiana, Punjab. The company manufactures synthetic
yarn and hosiery garments.  It has a total installed capacity of
around 5 tonnes per day, which is utilised at 70 percent.


RAJ BORAX: CRISIL Cuts Rating on INR4.5MM Cash Loan to B
--------------------------------------------------------
CRISIL Ratings has been consistently following up with Raj Borax
Private Limited for obtaining information through letters and
emails dated February 7, 2017, and March 22, 2017, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          0.5       CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4+')

   Bill Discounting        1.0       CRISIL A4 (Issuer Not
   under Letter of                   Cooperating; Downgraded
   Credit                            from 'CRISIL A4+')

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

   Letter of Credit        5.0       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 Raj Borax 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 Raj Borax 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'.

Established in 1995, the Company was converted into a closely held
limited company in 2007 and a Private Limited Company in 2013 the
company trades and repackages Boron based Chemicals & Fertilizers
to agricultural fertilizers and chemical companies in India.


RATHI SPECIAL: CRISIL Cuts Rating on INR28MM Cash Loan to B
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Rathi
Special Steels 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
   ----------          ---------     -------
   Cash Credit              28       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BB+/Stable')

   Letter of Credit          1.25    CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4+')

   Proposed Long Term        3.15    CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded
                                     from 'CRISIL BB+/Stable')

   Term Loan                13.60    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 Rathi Special Steels 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 Rathi Special Steels 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'.

RSSL was set up by Mr. Kamlesh Kumar Rathi in 2004. The company
manufactures steel long products such as cold twisted deformed
bars and thermo-mechanically treated (TMT) steel bars of various
dimensions. It markets its products under the Rathi and Rathi
Thermex brands. It is managed by Mr. Rathi and his sons, Mr.
Anupam Rathi and Mr. Anurag Rathi. RSSL's manufacturing facility
at RIICO Industrial Area at Bhiwadi in Alwar, Rajasthan, has a
rolling mill capacity of 150,000 tonnes per annum.


SEPCON SYSTEMS: CRISIL Lowers Rating on INR3.10MM Loan to 'B'
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sepcon
Systems Private Limited for obtaining information through letters
and emails dated February 7, 2017, and March 22, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          2.25      CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit             3.10      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term      1.15      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

   Term Loan               0.50      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 Sepcon 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 Sepcon Systems Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B rating category
or lower'. Based on the last available information, CRISIL has
downgraded the long term rating to 'CRISIL B/Stable and reaffirmed
short term rating at CRISIL A4'.

SSPL, incorporated in 1995, in Bengaluru, provides solutions and
process systems for the treatment of water. The company was
incorporated by Mr. Jai Manjunath, a civil and environmental
engineer.


SHREE SHAKAMBARI: CRISIL Lowers Rating on INR20MM Cash Loan to B
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shree
Shakambari Rice Mill Private Limited for obtaining information
through letters and emails dated November 11, 2016, and December
13, 2016, 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             20        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 Shree Shakambari Rice Mill
Private Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Shree Shakambari Rice Mill
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.

For arriving at the ratings, CRISIL has consolidated the financial
and business risk profile of Aadhar Rice Mills Private Limited
(ARMPL) with SSRMPL, together referred to as the Aadhar Group, on
account high operational fungibility between the entities. Besides
having common promoters, the two entities are engaged in the same
line of business, with common products, customers and suppliers.

ARMPL was incorporated in 2009 by Mr. Ram Prakash Agarwal, Mr.
Rajnish Kumar and Mr. Satyadeo Roy. In 2013, the promoters
acquired SSRMPL, which was incorporated in 2006. The group is
engaged in manufacturing of parboiled rice. The group has its
manufacturing facilities in Jharkhand.


SOMOCHEM INDIA: CRISIL Lowers Rating on INR1MM Cash Loan to B
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Somochem
India Private Limited 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 gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit/             1        CRISIL B/Stable (Issuer Not
   Overdraft facility                Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

   Export Packing Credit    2.5      CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Foreign Bill Purchase    3.5      CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Foreign Letter of        1.0      CRISIL A4 (Issuer Not
   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 Somochem India Private Limited.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for Somochem India 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
short term rating at CRISIL A4'.

Incorporated in 1996, SIPL is promoted by the Ghana Based Mohinani
Family. The company is engaged in exports of electrical
equipments, machinery arts, adhesives among others. SIPL is based
out of Mumbai. The company is promoted by the Mr. Ramchand
Mohinani and Mr. Sunil Mohinani and is managed by professionals.


SPECIAL LIME: CRISIL Lowers Rating on INR6MM Cash Loan to 'B'
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Special
Lime Stone Private Limited 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 gave this rating:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              6        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 Special Lime Stone 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 Special Lime Stone 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 is
Downgrading the rating at CRISIL B/Stable.

SLSPL, based in Jodhpur (Rajasthan), was set up in 1996 as a
partnership firm and was reconstituted as a private limited
company in 2001. It is promoted by Mr. Vishnu Prakash Jaju and Mr.
Nandkishore Jaju. It extracts limestone and manufactures hydrated
and quick lime, which it supplies to local customers.


SORKHI INDUSTRIES: CRISIL Assigns B+ Rating to INR6.95MM Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Sorkhi Industries Private Limited
(SIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Term Loan      6.95      CRISIL B+/Stable
   Cash Credit              .35      CRISIL B+/Stable
   Proposed Cash
   Credit Limit            1.70      CRISIL B+/Stable

The rating reflects a small scale of, and working capital-
intensive operations in the highly fragmented pipes industry, and
susceptibility to changes in raw material prices. These weaknesses
are partially offset by moderate financial risk profile because of
low gearing and above average debt protection metrics, the
industry experience of the promoters, and an established
relationship with customers.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of, and working capital-intensive operations in a
highly fragmented industry:  Revenue was small at INR6.56 crore in
fiscal 2017. Gross current assets were at 83 days as on March 31,
2017, because of receivables of 41 days and inventory of 35 days,
further the working capital requirements are estimated to increase
in near future with starting of operations in new unit.
Competition is intense because of limited capital investment
required.

* Vulnerability to increase in raw material prices:  Profitability
was healthy at 11.2-13.2% over the four fiscals ended March 31,
2017, but remains susceptible to continuous changes in raw
material prices, which are linked to the prices of crude oil/clay.


Strengths

* Moderate financial risk profile:  The gearing was low at 0.85
time as on March 31, 2017. The debt protection metrics were
moderate: interest coverage and net cash accrual to total debt
ratios were 5.8 times and 0.60 time, respectively, in fiscal 2017.

* Experience of the promoters:  The promoters have around a decade
of experience, and have established a healthy relationship with
reputed players, in the pipes industry.

Outlook: Stable

CRISIL believes SIPL will continue to benefit from the industry
experience of its promotors and healthy relationship with
customers. The outlook may be revised to 'Positive' in case of
significant improvement in the scale of operations with
stabilisation of operations in the planned unit, along with
maintenance of profitability, leading to substantial cash accrual.
The outlook may be revised to 'Negative' in case of weakening of
the financial risk profile, especially liquidity, because of low
cash accrual, a stretched working capital cycle, or time or cost
overrun in the planned project.

SIPL was incorporated in 2010, promoted by Mr. Rajender Singh and
his family. SIPL manufactures glazed stoneware pipes (ceramic
pipes) in the range of 150-500 millimetre mainly used in sewage
treatment and irrigation systems. It is also planning to set up a
new manufacturing facility for high-density polyethylene (HDPE)
pipes for this segment. Its manufacturing unit is in Hisar,
Haryana.

In fiscal 2017, profit after tax was INR0.35 crore on net sales of
INR6.56 crore, against INR0.08 crore and INR3.71 crore,
respectively, in fiscal 2016.


SREE SANNIDHI: CRISIL Lowers Rating on INR11MM Term Loan to B
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with of Sree
Sannidhi Foods Private Limited 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 gave these ratings:

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

   Proposed Long Term       9.95     CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Term Loan               11.00     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 Sree Sannidhi Foods 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 Sree Sannidhi Foods 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'.

SSFPL, incorporated in 2010 in Chittoor, was taken over by the
current management comprising Mr. Shivam Goyal and Ms. Shavya
Goyal in January 2014. The company manufactures and exports
processed fruit products; it commenced full-fledged commercial
operations from June 2014.


SRI ADITYA: CRISIL Cuts Rating on INR14MM Cash Loan to 'B'
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Sri Aditya
Homes Private Limited 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 gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              14       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

   Proposed Cash             4       CRISIL B/Stable (Issuer Not
   Credit Limit                      Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

   Long Term Bank           12       CRISIL B/Stable (Issuer Not
   Loan Facility                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Sri Aditya Homes 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 Sri Aditya Homes 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 the year 1994 and promoted by Mr. Kota Reddy,
SAHPL is engaged primarily in residential real estate development
in Hyderabad.


SRI MEENAXI: CRISIL Assigns 'B' Rating to INR3MM Loan
-----------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long term bank facilities of Sri Meenaxi Granites.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Export Packing Credit      3        CRISIL B/Stable
   Proposed Working
   Capital Facility           1        CRISIL B/Stable

The rating reflects firm's modest scale of operations in an
intensely competitive trading industry and below average financial
risk profile marked by modest net worth. These rating weaknesses
are partially offset by extensive experience of promoters and
established relationship with customers and suppliers.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in an intensely competitive trading
industry:  The scale of operations of the firm is modest as
reflected in its estimated revenue of around INR 10 Cr in fiscal
2017. The construction materials trading industry is highly
fragmented with presence of various small and large players. The
scale of operations has remained small owing to the high
competition and low value addition nature of operations.

* Below average financial risk profile marked by modest net worth:
The firm's net worth is modest at INR 1.1 Cr as on March 31, 2017.
Low net worth and dependence on external debt for working capital
requirements has resulted in a high total outside liabilities to
tangible netwoth ratio, which has ranged between 4 to 5 times for
the four years ended March 31, 2017.

Strengths

* Extensive experience of promoters and established relationship
with customers and suppliers:  The promoter of the firm Mr. N.
Senthil has over 2 decades of experience in trading granite
blocks. The promoter's extensive experience has enabled the firm
to establish strong relationships with its customers and
suppliers.

Outlook: Stable

CRISIL believes that SMG will continue to benefit from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' in case of better than expected operating income and
profitability or equity infusion by promoters leading to
improvement in firm's financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the company records lower
than expected accruals, stretch in working capital leading to
deterioration in overall financial risk profile.

SMG was set up in 1999 and is engaged in export of rough granite
blocks. The firm is based out of Chennai and its operations are
managed by its promoter Mr. N Senthil.

SMG reported profit after tax (PAT) of INR0.12 crore on net sales
of INR9.67 crore for fiscal 2017 against PAT of INR0.09 crore on
net sales of INR8.79 crore in the previous fiscal.


SRI VENKATESHWARA: CRISIL Assigns B Rating to INR3.5MM Cash Loan
----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facilities of Sri Venkateshwara Farms (SVF).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             3.5       CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility      3.5       CRISIL B/Stable


CRISIL's rating reflects the below-average financial risk profile,
modest scale of operations, and exposure to intense competition,
and risks inherent in the poultry industry. These weaknesses are
partially offset by extensive experience of the promoters in the
poultry industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations, and exposure to risks inherent in
the poultry industry and intense competition:  Exposure to intense
competition and other risks inherent in the poultry industry will
keep the scale of operations modest, as reflected in estimated
revenue of INR21 crore in fiscal 2017.

* Below-average financial risk profile:  Financial risk profile
will remain below average, as reflected in high gearing of 3.06
times and low networth of INR1.83 crore, estimated as on March 31,
2017, mainly led by high reliance on external working capital
debt.

Strengths

* Extensive experience of the partners in the poultry industry:
The firm is engaged in production of hatching eggs from layer
birds. Extensive experience of the partners has helped the firm
build healthy relationships with key customers, and thus, ensure a
healthy offtake.

Outlook: Stable

CRISIL believes SVF will continue to benefit from the extensive
experience of the partners in the poultry industry. The outlook
may be revised to 'Positive' if substantial improvement in the
scale of operations and profitability, leads to higher cash
accrual. The outlook may be revised to 'Negative' if a stretch in
the working capital cycle or large debt-funded capital
expenditure, weakens the capital structure.

SVF was incorporated in 2004, as a partnership firm by Mr. K
Jeevan Reddy, Mr. K Mohan Reddy, Mr. K Ramachandra Reddy and Mr. K
Satyanarayana Reddy. The firm runs the poultry business at
Hyderabad, with an yearly capacity of 2,40,000 laying birds.

For fiscal 2017, the firm reported estimated losses of INR0.08
crore on net sales of INR21 crore, against losses of INR0.20 crore
on net sales of INR21.6 crore for fiscal 2016.


SSR CREST: CRISIL Downgrades Rating on INR5MM Loan to B
-------------------------------------------------------
CRISIL Ratings has been consistently following up with SSR Crest
Engineers and Constructions Limited (SSR) 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 gave this rating:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           13       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

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

SSR was set up in 1999 by Mr. C H Pavan and his family members.
The company constructs roads and bridges. It mainly caters to the
Roads and Buildings Department of Andhra Pradesh and Andhra
Pradesh Road Development Corporation. The company is based in
Hyderabad.


SSVM CONSTRUCTION: CRISIL Lowers Rating on INR2MM Cash Loan to B+
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with SSVM
Construction Private Limited 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 gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           10       CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL A4+')

   Cash Credit               2       CRISIL B+/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB+/Stable')

   Proposed Long Term        .23     CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL BB+/Stable')

   Term Loan                 .77     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 SSVM Construction 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 SSVM Construction 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'.

Established in October 2005 in Chhattisgarh, SSVM undertakes civil
construction such as construction of roads, dams, buildings, and
bridges.


SUPER SHOES: CRISIL Downgrades Rating on INR4.5MM Loan to 'B'
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Super Shoes
Limited for obtaining information through letters and emails dated
February 6, 2017, and March 22, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             4.5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB/Stable')

   Letter of credit &      0.48      CRISIL A4 (Issuer Not
   Bank Guarantee                    Cooperating; Downgraded from
                                     'CRISIL A4+')

   Proposed Cash           1.50      CRISIL B/Stable (Issuer Not
   Credit Limit                      Cooperating; Downgraded from
                                     'CRISIL BB/Stable')

   Proposed Long Term      1.52      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 Super Shoes 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 Super Shoes Limited is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL B rating category or lower.' Based on the
last available information, CRISIL has downgraded the rating to
CRISIL B/Stable/CRISIL A4.

SSL, incorporated in 2008-09, is engaged in manufacturing of upper
and leather shoes for both men and women. The company is promoted
by Mr. Veqarul-Ul-Amin. The company is located in Unnao at Leather
Technology Park, situated 8 kms from Kanpur (Uttar Pradesh).


WHITE GOLD: CRISIL Lowers Rating on INR14MM Cash Loan to 'B'
------------------------------------------------------------
CRISIL Ratings has been consistently following up with White Gold
Cotton Industries (WGCI) for obtaining information through letters
and emails dated November 21, 2016, and December 22, 2016, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

CRISIL gave this rating:

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              14      CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB-/Stable')

The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. 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 White Gold Cotton 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 White Gold Cotton 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'.

WGCI was incorporated in October 2007 by Mr. Hitesh Gajera and his
family members. The firm is engaged in the ginning and pressing of
raw cotton to produce cotton bales and cotton seeds. Its
manufacturing unit is based in Rajkot.



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


TAKATA CORP: To File for Bankruptcy as Early as June 26
-------------------------------------------------------
Nikkei Asian Review, citing certain sources, reports that Takata
Corp. will file for bankruptcy protection under Japan's Civil
Rehabilitation Act as early as June 26. The company's total
liabilities are expected to exceed JPY1 trillion (US$9 billion)
following a massive global recall of air bags linked to deadly
explosions.

In addition, Takata's U.S.-based subsidiary TK Holdings, based in
the state of Michigan, will file for Chapter 11 bankruptcy, Nikkei
relates.

Nikkei says Takata will continue operations under a new entity. A
new company will be created under American parts maker Key Safety
Systems, which is owned by China's Ningbo Joyson Electronic. The
new company is to purchase Takata's entire operation for about
JPY180 billion, Nikkei reports.

In addition to filing for bankruptcy protection, Takata plans to
ask Sumitomo Mitsui Banking Corp. and other lenders for financial
support worth as much as tens of billions of yen, to help its
suppliers' financing and prevent them from slipping into
bankruptcy, according to Nikkei.

Takata's Chairman and President Shigehisa Takada, a member of the
company's founding family, is likely to resign after prospects of
the restructuring become clear, adds Nikkei.

                       About Takata Corp

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

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

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

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

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

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


TOSHIBA CORP: WD's Suit Now Seen as Biggest Hurdle for Unit Sale
----------------------------------------------------------------
The Japan Times reports that after Toshiba Corp. on June 21 picked
a Japan-U.S.-South Korea consortium as a preferred bidder for its
flash memory unit, a lawsuit filed by Western Digital Corp. of the
United States, Toshiba's chip business partner, appears to be the
biggest hurdle that needs to be cleared before the sale.

Following the decision by the Toshiba board, Western Digital
issued a statement criticizing Toshiba for ignoring its "consent
rights" under their partnership, The Japan Times relates.

According to The Japan Times, the hard disk drive maker vowed to
continue its legal battle to block Toshiba's sale of the unit,
Toshiba Memory Corp., to a third party, saying, "We remain
confident in . . . our legal position."

Western Digital filed the lawsuit with a California court last
week. Depending on a provisional ruling by the U.S. court,
expected to be issued as early as next month, Toshiba's
negotiations on the unit sale could be stalled, informed sources
said, The Japan Times relays.

In the lawsuit, the court is set to hold a hearing on July 14, The
Japan Times relates citing Western Digital's statement.

Toshiba needs to complete the sale for resolving its negative net
worth caused by huge losses from its U.S. nuclear energy business,
the report notes.

The Japan Times says the ailing Japanese electronics and machinery
maker had a negative net worth of JPY540 billion at the fiscal
2016 end on March 31. The company would likely be delisted from
the Tokyo Stock Exchange if it remains in a net debt status for
two successive years.

The Japan-U.S.-South Korea consortium, which has offered to buy
Toshiba Memory for JPY2 trillion, was formed under the initiative
of the Ministry of Economy, Trade and Industry, the report
discloses.

According to the report, government-backed investment fund
Innovation Network Corp. of Japan, the state-affiliated
Development Bank of Japan, and private-sector financial and
nonfinancial firms are likely to shoulder more than 50 percent of
the acquisition costs.

U.S. private equity fund Bain Capital may put up about JPY850
billion, with nearly half of the amount possibly to be financed
with loans from major South Korean chip maker SK Hynix Inc.,
informed sources said, The Japan Times relays.

The Japan Times relates that the sources said SK Hynix is joining
the consortium through the loans, instead of investment, to help
make it easier for the group to pass antitrust authorities'
screenings on its possible Toshiba Memory acquisition.

Meanwhile, main creditor banks for Toshiba, including Mizuho Bank
and Sumitomo Mitsui Banking Corp., are expected to shortly provide
it with some JPY30 billion from a credit line of JPY680 billion
set for the company to help it cover operating costs, following
the Toshiba board's selection of the consortium as a preferred
bidder, The Japan Times reports citing people familiar with the
situation.

Toshiba is calling on the creditor banks to increase the credit
line. But the banks are expected to carefully examine the request
while closely watching the situation as uncertainties linger, such
as the course of the lawsuit filed by Western Digital, 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.


TOSHIBA CORP: Broadcom Backs Away From $20BB Bid for Chip Unit
--------------------------------------------------------------
CNBC reports that Broadcom Limited has backed away from a
$20 billion bid for Toshiba Corp.'s memory chip business, sources
said.

Toshiba announced on June 21 it had selected a consortium led by
the public-private Innovation Network Corp. of Japan (INCJ) as a
preferred bidder, CNBC says. Other members of the consortium
include Bain Capital Private Equity and the Development Bank of
Japan.

CNBC relates that chipmaker rival Broadcom had lined up a fully
financed bid, sources said, but backed away after Western Digital
took legal action to block Toshiba's sale of the business, the
sources said. Western Digital and Toshiba jointly operate a
semiconductor plant in Japan.

The sources said Broadcom would continue to monitor Western
Digital's lawsuit, adds CNBC.

                           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.



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


FP IGNITION 2017-B: Fitch Assigns B+(EXP)sf Rating to Cl. F Notes
-----------------------------------------------------------------
Fitch Ratings has assigned expected ratings to FP Ignition
2017 - B Trust's automotive lease-backed floating-rate notes. The
issuance consists of notes ultimately backed by New Zealand
finance and operating vehicle leases originated by Fleet Holding
(NZ) Limited (FleetPartners NZ), a subsidiary of FleetPartners Pty
Limited (FleetPartners). The ratings are:

NZD130.4 million Class A notes: 'AAA(EXP)sf'; Outlook Stable
NZD10.2 million Class B notes: 'AA(EXP)sf'; Outlook Stable
NZD17.4 million Class C notes: 'A(EXP)sf'; Outlook Stable
NZD12.0 million Class D notes: 'BBB(EXP)sf'; Outlook Stable
NZD14.0 million Class E notes: 'BB(EXP)sf'; Outlook Stable
NZD4.0 million Class F notes: 'B+(EXP)sf'; Outlook Stable
NZD2.0 million Class G notes: 'NR(EXP)sf'
NZD10.0 million Originator notes: 'NR(EXP)sf'

The notes will be issued by NZGT (FP) Trustee Limited in its
capacity as trustee of FP Ignition 2017 - B Trust.

The total underlying collateral pool consisted of 8,332 leases
totalling NZD235.9 million at the April 30, 2017 cut-off date.
FleetPartners NZ has indicated to Fitch that the final lease-
receivable pool will be adjusted to match the final liability
balance, with no significant changes to the portfolio
stratifications expected.

KEY RATING DRIVERS

Residual Value Risk Present: This is the third term
securitisation, and the first in New Zealand, by FleetPartners
that includes operating leases within the lease portfolio. The
lessees are a broad mix of small-to-medium entities (SMEs) through
to large corporations and government entities. Residual value (RV)
and vehicle-servicing risk are present within the transaction due
to the inclusion of operating leases, along with credit risk.
Fitch assumes 'AAAsf' RV losses of 15.1%.

Large Lessee Concentration: The pool's 20-largest obligors account
for about 26.4% of the asset balance. Fitch deems this
concentration higher than usually observed in consumer ABS
transactions and has therefore derived default assumptions while
considering lessee concentrations and correlation risks, in line
with its SME criteria.

Sufficient Enhancement: The transaction incorporates a sequential
pay/pro rata pay structure, consistent with other ABS
transactions. Pro rata paydown will commence when hard credit
enhancement (CE) reaches 45.0% for the class A notes, subject to
transaction performance. Overall CE is sufficient to cover the
Fitch-stressed cumulative net loss assumptions in all Fitch
scenarios. The transaction also comprises a vehicle-servicing
account to enable the issuer to fund operating lease vehicle-
servicing obligations.

Mixed Collateral Included: The collateral backing the transaction
comprises of lease receivables backed by a mix of passenger
vehicles as well as light and heavy commercial vehicles, with a
weighted-average seasoning of 18.1 months and an average
receivable size of NZD28,306. Operating leases comprise 93.8% of
the portfolio and finance leases 6.2%. Historically,
FleetPartners' 30+ day delinquencies for their New Zealand and
Australian assets have generally tracked below Fitch's Dinkum ABS
Index

EXPECTED RATING SENSITIVITIES

Unexpected decreases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case, possibly resulting in negative rating
action on the notes. Fitch has evaluated the sensitivity of the
ratings to increased defaults and reduced recovery rates over the
life of the transaction.

Expected impact on note ratings from increased defaults:
Final rating AAAsf/AAsf/Asf/BBBsf/BBsf/B+sf
Increase defaults by 10%: AAAsf/AAsf/BBB+sf/BBBsf/BBsf/B+sf
Increase defaults by 25%: AA+sf/A+f/BBB+sf/BBB-sf/BB-sf/B+sf
Increase defaults by 50%: AA-sf/Asf/BBB+sf/BB+sf/B+sf/B+sf

Expected impact on note ratings from decreased recovery rates and
RV sale proceeds:
Final rating AAAsf/AAsf/Asf/BBBsf/BBsf/B+sf
Reduce recoveries and RV sale proceeds by 10%: AAAsf/AA-
sf/Asf/BBBsf/BBsf/B+sf
Reduce recoveries and RV sale proceeds by 25%: AAAsf/AA-sf/A-
sf/BBB-sf/BB-sf/B+sf
Reduce recoveries and RV sale proceeds by 50%:
AAAsf/A+sf/BBB+sf/BBB-sf/B+sf/B+sf

Expected impact on note ratings from multiple factors:
Final rating AAAsf/AAsf/Asf/BBBsf/BBsf/B+sf
Increase defaults by 10%; reduce recoveries and RV sale proceeds
by 10%: AAAsf/AA-sf/A-sf/BBB-sf/BB-sf/B+sf
Increase defaults by 25%; reduce recoveries and RV sale proceeds
by 25%: AAsf/A+sf/A-sf/BB+sf/B+sf/B+sf
Increase defaults by 50%; reduce recoveries and RV sale proceeds
by 50%: Asf/BBB+sf/BBB-sf/BBsf/B+sf/Bsf



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


ARMEL PLASTIC: Faces Tax Evasion Charges
----------------------------------------
Virgil Lopez at GMA News reports that two construction companies,
a restaurant chain, and a plastics maker and trader were
separately charged on June 22 by the Bureau of Internal Revenue
(BIR) before the Department of Justice (DOJ) for allegedly evading
payment of taxes totaling PHP275.2 million.

According to GMA News, the BIR identified the respondents in the
complaints for violations of the Tax Code as Armel Plastic Co.,
Inc.; Marina De Manila, Co. (Marina Seafoods); Ski Construction
Group, Inc.; and GMC Construction and Development Corporation, and
their respective corporate officers.

GMA News relates that the BIR said Armel Plastic failed to pay
taxes worth PHP45.64 million for 2010, while Marina Seafoods had a
tax liability of PHP16.42 million for 2012.

Makati City-based Armel Plastic is engaged in the business of
buying and selling, fabricating and manufacturing, and importing
and exporting of plastic products, materials, and supplies, while
Marina Seafoods operates restaurants all over Metro Manila.

The BIR, meanwhile, accused Ski Construction of evading taxes
worth PHP21.94 million for 2004, while the two cases against
Cabuyao, Laguna-based GMC amount to PHP191.19 million, covering
taxable years 2008 and 2009, GMA News discloses.

GMA News adds that the BIR said the respondents were served
notices of the tax liabilities but failed to either protest or to
submit additional documents to refute the assessments, making them
"final, executory, and demandable."



===============
X X X X X X X X
===============


FIJI: B1 Rating Reflects Continuing Improvements, Moody's Says
--------------------------------------------------------------
Moody's Investors Service says that Fiji's B1 rating and positive
outlook reflect continuing improvements in the country's economic
and institutional strength, as well as lower political risk.
Moderately high government debt and wider fiscal deficits in
recent years are balancing these strengths, along with heightened
susceptibility to natural disasters.

Moody's further notes that Tropical Cyclone Winston, which struck
Fiji in 2016, has not derailed the country's economic momentum as
real GDP grew for the seventh consecutive year in 2016 or an
average of 3.3% over the period, faster than in the decade up to
2009.

Moody's conclusions are contained in its just-released annual
credit analysis of the sovereign, "Government of Fiji -- B1
Positive". The report is a regular update and does not constitute
a rating action.

Moody's determination of Fiji's government issuer rating is based
on consideration of four rating factors: Economic Strength, Low
(+); Institutional Strength, Low (+); Fiscal Strength, Moderate (-
); and Susceptibility to Event Risk, Moderate (-).

Fiji's robust growth coincides with relatively stable inflation
and broad external balance, while greater political stability
since the elections in 2014 has boosted policy reform and business
sentiment, improving funding conditions for the government.
Moody's expects the lower political risk to continue to bolster
Fiji's wider sovereign credit profile.

Tourism continues to be the main driver of economic growth. At the
same time, improved labour market conditions, stable household
earnings and inward remittances have bolstered wholesale and
retail sales. Furthermore, rebuilding from the effects of the
cyclone is boosting construction activity.

Credit challenges include the government's high debt burden
compared with similarly rated sovereigns. However, reliable
domestic financing from the Fiji National Provident Fund (FNPF)
mitigates this source of credit risk. In addition, reconstruction
after the cyclone and development spending are driving wider
fiscal deficits.

Fiji's sovereign credit profile will remain exposed to
environmental risks. The country's small size, lack of economic
diversification and relatively low level of development increase
the potential impact of climate change-related natural disasters.

As indicated, domestic political risk has improved significantly
since elections in 2014. The government has leveraged its solid
electoral mandate to pursue reform, while robust economic growth
has further bolstered its legitimacy. However, there remains a
risk that a re-emergence of political instability could hinder the
effectiveness of fiscal and economic policies aimed at boosting
growth and strengthening public finances.




                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***