TCRAP_Public/170626.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, June 26, 2017, Vol. 20, No. 125

                            Headlines


A U S T R A L I A

ALINTA ENERGY: Moody's Assigns Ba1 Corporate Family Rating
BLOOMER CONSTRUCTIONS: Second Creditors' Meeting Set for June 28
CAREERS AUSTRALIA: Second Creditors' Meeting Set for June 30
JENNARDS PORT: First Creditors' Meeting Set for July 3
M & M BUILDING: Second Creditors' Meeting Set for July 3

NUON PTY: First Creditors' Meeting Set for July 4
PROJECT RECYCLING: First Creditors' Meeting Set for July 3
QUINTIS LTD: S&P Cuts CCR to 'CCC-' on Increased Liquidity Stress
TEN NETWORK: Creditors-Only Meeting Set Today, June 26
TRITON TRUST 2014-P: Fitch Raises Rating on Cl. E Notes to BB+


C H I N A

CHINA LOGISTICS: Fitch Assigns B Long-Term IDR; Outlook Stable
QINGHAI PROVINCIAL: S&P Assigns 'BB-' Rating to Proposed Notes
SHIMAO PROPERTY: USD Bond Offer No Impact on Moody's Ba2 CFR
SHIMAO PROPERTY: S&P Assigns 'BB' Rating to Proposed US$ Notes
SPI ENERGY: Seeking to List Ordinary Shares on Nasdaq


H O N G  K O N G

NOBLE GROUP: Attracts Goldilocks as New Major Holder


I N D I A

AADYA MOTOR: CRISIL Reaffirms 'D' Rating on INR20MM Loan
AARVEE INTERNATIONAL: CRISIL Cuts Rating on INR18MM Loan to 'D'
ASIAN THAI: CRISIL Reaffirms 'B' Rating on INR10MM LT Loan
BABA BEARINGS: CRISIL Cuts Rating on INR2.64MM Loan to 'B'
BRAHMANAND HIMGHAR: CRISIL Reaffirms B+ Rating on INR10MM Loan

CARITAS HEALTHCARE: CRISIL Reaffirms B+ Rating on INR6MM Loan
DERON PROPERTIES: CRISIL Assigns B+ Rating to INR25MM Term Loan
DRASHTI INNOVATIVE: CRISIL Reaffirms D Rating on INR10.13MM Loan
GAURI INTERNATIONAL: CRISIL Reaffirms D Rating on INR15MM Loan
GK-AUTOPAL LIGHTING: CRISIL Reaffirms B Rating on INR5MM Loan

GOUTHAMI HATCHERIES: CRISIL Reaffirms D Rating on INR16.5MM Loan
GOYAL SONS: CRISIL Cuts Rating on INR2MM Cash Loan to 'B'
GRAND HYUNDAI: CRISIL Reaffirms B+ Rating on INR9.2MM Loan
GRAND MOTORS: CRISIL Reaffirms 'B' Rating on INR3.5MM Cash Loan
JHUNJHUNWALA OIL: CRISIL Reaffirms D Rating on INR33MM Cash Loan

JUMBO BAG: CRISIL Reaffirms B+ Rating on INR35.8MM Cash Loan
K.T. MATHEW: CRISIL Reaffirms 'B' Rating on INR4MM Cash Loan
KEWIN CHEMICALS: CRISIL Reaffirms B+ Rating on INR1.5MM Loan
KUMARAGIRI SPINNERSS: CRISIL Cuts Rating on INR37.20MM Loan to B
LEOFORTUNE INFRA: CRISIL Reaffirms D Rating on INR15MM Loan

LOTUS INFRATECH: CRISIL Assigns 'B+' Rating to INR1.75MM Loan
M.K. ROY: CRISIL Reaffirms 'B' Rating on INR5.42MM LT Loan
METALLOY IMPEX: CRISIL Reaffirms 'B' Rating on INR8.25MM Loan
MEWAR UNIVERSITY: CRISIL Reaffirms 'D' Rating on INR29.67MM Loan
MOHAN GEMS: CRISIL Reaffirms D Rating on INR225MM Term Loan

NOVA AGRI: CRISIL Assigns 'B' Rating to INR4MM Cash Loan
ONE STOP ENTERTAINMENT: CRISIL Reaffirms 'B' on INR8MM Term Loan
ORISSA DIESEL: CRISIL Reaffirms B+ Rating on INR3.12MM Loan
PANDA INFRAPROJECT: CRISIL Reaffirms B Rating on INR15MM Loan
PRACHIN FOUNDATION: CRISIL Reaffirms 'D' Rating on INR7.09MM Loan

R T EXPORTS: CRISIL Reaffirms 'D' Rating on INR14.95MM Term Loan
RAGHAV COTSPIN: CRISIL Reaffirms 'B' Rating on INR22MM Loan
RAJPAL CARGO: CRISIL Reaffirms B+ Rating on INR5MM Cash Loan
RAM MEHER: CRISIL Reaffirms B+ Rating on INR5.1MM LT Loan
SAAKAAR CONSTRUCTIONS: CRISIL Reaffirms B Rating on INR5MM Loan

SATYA JEWELLERS: CRISIL Reaffirms B Rating on INR3MM Cash Loan
SHIVA GRAMODYOG: CRISIL Reaffirms B Rating on INR2.5MM Loan
SHRADDHA GEMS: CRISIL Reaffirms B+ Rating on INR2.25MM Loan
SHREE VISHWAKARMA: CRISIL Reaffirms 'B' Rating on INR6MM Loan
SHRI GURU: CRISIL Reaffirms 'B' Rating on INR5MM Cash Loan

SHRI RAM: CRISIL Assigns B+ Rating to INR3.0MM LT Loan
SRI VARALAKSHMI: CRISIL Reaffirms 'B' Rating on INR2.65MM Loan
SUNRISE PROCESS: CRISIL Reaffirms B Rating on INR3MM Cash Loan
SURENDRA MINING: CRISIL Lowers Rating on INR55.2MM Term Loan to B
SUVILAS PROPERTIES: CRISIL Reaffirms 'B' Rating on INR35MM Loan

VINAYAK MINERALS: CRISIL Reaffirms B Rating on INR3MM Term Loan


J A P A N

TAKATA: Bankruptcy Would Cloud Auto Industry's Biggest Recall
TOSHIBA CORP: Demoted to Tokyo Exchange's Second Tier
TOSHIBA CORP: Chip Unit Deal 'Not Finished', SK Chairman Says


M O N G O L I A

GOLOMT BANK: S&P Affirms 'B-' ICR; Outlook Revised to Stable


S O U T H  K O R E A

MAGNACHIP SEMICONDUCTOR: S&P Raises CCR to 'B-'; Outlook Stable
SK HYNIX: Moody's Says Toshiba Deal May Cut Financial Flexibility


                            - - - - -


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A U S T R A L I A
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ALINTA ENERGY: Moody's Assigns Ba1 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has assigned a Ba1 corporate family
rating to Alinta Energy Limited, which is the newly established
holding company of the Alinta group and will issue debt on behalf
of the group.

The outlook on the rating is stable.

At the same time, Moody's has withdrawn the Ba3 corporate family
rating with a developing outlook previously assigned to Alinta
Holdings.

RATINGS RATIONALE

Alinta's Ba1 rating considers the company's financial metrics
(based on Moody's central scenario of the company issuing senior
debt of up to AUD1 billion over the next 12-18 months), the
evolving nature of its core energy markets, and the absence of a
track record under the new owner.

Moody's understands that Alinta currently has no material finance
debt outstanding, following the repayment of the latter from
shareholder capital, after the group was acquired by Chow Tai Fook
Enterprises Limited (CTFE, unrated) in April 2017.

CTFE is a privately held diversified conglomerate based in Hong
Kong, with investments in property development, hotel
accommodation and various private equity interests.

Based on this central scenario, Moody's expects that Alinta's
financial leverage - as measured by funds from operations
(FFO)/debt - will remain above 30%, and its FFO/interest coverage
around 7x, which represents a material strengthening compared to
the previous financing structure.

"The Ba1 rating balances the likely strengthening in Alinta's
financial metrics, against the challenges facing the company,
particularly the increasing competition in its core Western
Australian gas retail business, its exposure to mining
counterparties under its power purchase agreements and the
challenges in the national electricity market," says Spencer Ng, a
Moody's Vice President and Senior Analyst.

The Ba1 rating reflects the absence of a track record under the
new owner, as well as the possibility of future material
acquisitions, which could increase financial leverage and/or the
company's business risk. Moody's notes that the company is
reportedly interested in bidding for Loy Yang B, a 1,050 MW coal-
fired generator in Victoria.

Furthermore, in addition to existing competition from Kleenheat
-- which is a subsidiary of Wesfarmers Ltd (A3 stable) -- AGL
Energy Ltd (Baa2 stable) and Origin Energy Limited (Baa3 negative)
-- which are large vertically integrated utilities operating in
Australia's east coast - have also announced plans to enter the
Western Australian gas retail market.

Consequently, the ability of the company to manage the challenges
in the operating environment and visibility over the company's
acquisition strategy under new ownership will be key rating
drivers.

The Ba1 rating recognizes Alinta's track record of implementing
operating improvements and generally meeting or exceeding
financial projections over recent years under the previous owners,
as well as the average 10-year term of its contracted assets
portfolio. These factors increase the likelihood of resilient
earnings absent a material weakening in counterparty credit
quality.

"We believe Alinta in its current form has a manageable exposure
to carbon transition risk in the energy market, particularly
because most of its revenue is generated from gas, which is a
lower emission fuel source," adds Ng.

Alinta's Ba1 rating could be upgraded, if the group's future
financial performance is consistent with Moody's central scenario,
and there is no deterioration in its business risk profile. In
particular, Moody's would consider upgrading the rating if, for
example, Alinta's FFO/debt exceeds 30%, and its FFO/interest
coverage stays above 5x on a consistent basis.

On the other hand, Alinta's rating could experience downward
pressure, if Moody's expects a material deterioration in its
financial metrics, as indicated by FFO/debt falling below 20%,
and/or interest cover below 3.5x on a sustained basis, and/or if
there is a material increase in the company's business risk.

Such an increase could result from a material weakening in the
credit quality of key counterparties, larger-than-expected churn
and discounting in the Western Australian gas market, and/or
adverse regulatory developments.

The principal methodology used in this rating was Unregulated
Utilities and Unregulated Power Companies published in May 2017.

Alinta Energy Limited is an energy retailer based in Australia,
with a gas and electricity retail presence in Western Australia,
and to a lesser extent, in the east coast national electricity
market. The company serves around 800,000 customers.

It owns and operates six intermediate or peaking power stations
across the country, and a single power station in New Zealand. The
company's generation fleet has a combined generation capacity of
around 2,000 MW.


BLOOMER CONSTRUCTIONS: Second Creditors' Meeting Set for June 28
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Bloomer
Constructions (QLD) Pty Ltd has been set for June 28, 2017, at
11:00 a.m., at the offices of Cliftons Brisbane, Level 2, 288
Edward 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 27, 2017, at 4:00 p.m.

Trent Andrew Devine & Sule Arnautovic of Cliftons Brisbane were
appointed as administrators of Bloomer Constructions on April 26,
2017.


CAREERS AUSTRALIA: Second Creditors' Meeting Set for June 30
------------------------------------------------------------
A second meeting of creditors in the proceedings of:

- Careers Australia Group Limited;
- Careers Australia Education Institute Pty Ltd;
- Australian School of Management Pty Ltd;
- Careers Australia Institute of Training Pty Ltd;
- Australian College of Applied Education Pty Ltd; and
- M & M Building Pty Ltd

has been set for June 30, 2017, at 10:00 a.m., at Brisbane
Convention & Exhibition Centre, Cnr Merivale & Glenelg Streets,
South Bank, 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 Laurence McEvoy of PPB Advisory was appointed as
administrator of Careers Australia et al. on May 25, 2017.


JENNARDS PORT: First Creditors' Meeting Set for July 3
------------------------------------------------------
A first meeting of the creditors in the proceedings of Jennards
Port Macquarie Pty Ltd, trading as "Clark Rubber Port Macquarie"
and "Port Macquarie Clark Rubber", will be held at the offices of
Deloitte Financial Advisory Pty Ltd, at Level 19, Eclipse Tower,
60 Station Street, in Parramatta, NSW, on July 3, 2017, at
11:00 a.m.

Neil Robert Cussen and Michael James Billingsley of Deloitte
Financial were appointed as administrators of Jennards Port on
June 21, 2017.


M & M BUILDING: Second Creditors' Meeting Set for July 3
--------------------------------------------------------
A second meeting of creditors in the proceedings of M & M Building
Pty Ltd has been set for July 3, 2017, at 11:00 a.m., at the
offices of Cor Cordis Chartered Accountants, One Wharf Lane
Level 20, 161 Sussex Street, in Sydney.

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 30, 2017, at 4:00 p.m.

Jason Tang & Ozem Kassem of Cor Cordis were appointed as
administrators of M & M Building on May 26, 2017.


NUON PTY: First Creditors' Meeting Set for July 4
-------------------------------------------------
A first meeting of the creditors in the proceedings of Nuon Pty
Ltd and Nuon IP Pty Ltd will be held at the offices of Chartered
Accountants Australia and New Zealand, at Level 18 Bourke Place,
in Melbourne, Victoria, on July 4, 2017, at 11:00 a.m.

Craig Crosbie and Robert Ditrich of PPB Advisory were appointed as
administrators of Nuon Pty on June 22, 2017.


PROJECT RECYCLING: First Creditors' Meeting Set for July 3
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Project
Recycling Pty. Ltd., trading As "ACT Paper & Cardboard Recycling"
and "MR. Skippy Bins", will be held at the Boardroom of Chifley
Advisory, Suite 3.04, Level 3, 39 Martin Place, in Sydney, NSW, at
July 3, 2017, at 3:00 p.m.

Gavin Moss and Trent McMillen of Chifley Advisory were appointed
as administrators of Project Recycling on June 23, 2017.


QUINTIS LTD: S&P Cuts CCR to 'CCC-' on Increased Liquidity Stress
-----------------------------------------------------------------
S&P Global Ratings lowered its corporate credit rating on
Australia-based sandalwood producer Quintis Ltd. and issue ratings
on the company's senior secured notes to 'CCC-' from 'CCC+'.  The
recovery rating on the notes remains unchanged at '4'.  At the
same time, S&P placed the ratings on CreditWatch with negative
implications.

S&P has lowered the ratings on Quintis because the company's
liquidity pressure has increased pending an upcoming interest
payment due on its bonds on Aug. 1, 2017, and the potential for a
put option to be exercised in July 2017.  In addition, further
delays in the sales of Quintis' Indian sandalwood, lower investor
cash flows, and a lack of clarity regarding any potential capital
support have increased the company's liquidity risk.

In S&P's view, the continued uncertainty regarding wood sales and
cancellation of managed investment schemes (MIS) mean that without
a sale of Indian sandalwood or capital injection, the company
faces acute liquidity pressure.  This creates significant
uncertainty around the approximately US$13 million interest
payment on the outstanding senior secured bonds due at
the beginning of August.  In addition, the prospect of a A$37
million put option being exercised in July 2017 could accelerate
any liquidity event.

Nevertheless, the company has announced an approach from more than
one party regarding potential corporate transactions to provide
capital support.  S&P will consider the impact on the rating
should any offer materialize.  At this stage, S&P's view of the
rating captures Quintis' current business conditions and the
impact on the company's liquidity position.

S&P will resolve the CreditWatch either by Aug. 1, 2017, when the
bond interest payment is due, or prior to this date after S&P's
assessment on the completion of a potential recapitalization or
sandalwood sales to China.


TEN NETWORK: Creditors-Only Meeting Set Today, June 26
------------------------------------------------------
Christian Edwards at the Australian Associated Press reports that
creditors of the Ten Network will gather for the first time next
week to meet with the newly appointed administrators and discuss
possible futures for the embattled broadcaster.

The first meeting of the Ten Network's creditors will be held at
the Sofitel Hotel in Sydney today, June 26, the report discloses.

According to the AAP, the creditors-only meeting follows the
third-ranking free-to-air network's failure to secure a new debt
facility and its consequent slide into voluntary administration on
June 14.

After calling for refinancing or sale options with advertisements
in national newspapers last week, administrators KordaMentha have
drawn criticism from the Australian Shareholders' Association,
which is angry that shareholders and media are barred from the
meeting, AAP says.

AAP relates that a spokesperson for KordaMentha said the
administrators will provide creditors with an overview of the
administration process so far and creditors will vote to appoint a
committee of creditors and on whether the administrators should
continue in their role.

According to the report, lead administrator Mark Korda told the
ASA on June 23 that only registered creditors would be admitted
into the meeting in Sydney.  However, Network Ten journalists, in
their capacity as creditor employees will be admitted, the
spokesperson said.

AAP relates that ASA director Allan Goldin said the move was
disappointing and that the ASA, as the peak body for Ten's 17,000
small shareholders, should be given access.

"Since the administrators were appointed, Ten's own news services
have been talking up the likelihood of the company regaining its
listing, so with this in mind we were keen to be represented on
the creditors' committee but now won't be able to put that
proposition," the report quotes Mr. Goldin as saying.

The ASA will instead be briefed by Mr Korda after the meeting, the
report says.

A second meeting will be held within 25 days for the administrator
to provide a defined strategy to creditors, the AAP relates.

AAP notes that the Ten Network called in the administrators after
it became clear two key backers -- billionaire shareholders
Lachlan Murdoch and Bruce Gordon -- would not extend their
guarantee on the network's AUD200 million debt facility to a new,
AUD250 million facility needed by December.

Messrs. Murdoch and Gordon, who hold 7.7% and 15% of Ten, through
their respective private investment companies Illyria and Birketu
have combined their voting power and are working together on a
plan to restructure or repay Ten's debt, according to the AAP.

The two are not expected to attend today's meeting, the AAP notes.

Following speculation that Messrs. Murdoch and Gordon could emerge
as possible buyers should Ten go into liquidation, the network's
fall has renewed concerns around Australian media ownership laws
and that "business as usual" at Channel Ten -- as the
administrator has pledged -- may not be an option, the report
states.

Ten shares are suspended from the ASX, having last traded at 16
cents, adds AAP.

As reported in the Troubled Company Reporter-Asia Pacific on
June 15, 2017, KordaMentha Restructuring partners Mark Korda,
Jenny Nettleton and Jarrod Villani have been appointed voluntary
administrators to Network Ten.

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

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

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


TRITON TRUST 2014-P: Fitch Raises Rating on Cl. E Notes to BB+
--------------------------------------------------------------
Fitch Ratings has upgraded four tranches from Triton Trust No. 2
Bond Series 2014-P and affirmed 13 tranches of five Triton Trust
RMBS transactions. These transactions are backed by pools of
Australian residential mortgages. The notes have been issued by
Perpetual Corporate Trust Limited, in its capacity as trustee.

KEY RATING DRIVERS

The upgrades to the class B, C, D and E notes of Triton 2014-P
reflects the build-up of credit enhancement sufficient to achieve
higher ratings. Concentration, based on pool composition,
constrains the class E notes due to tail risk as the transaction
gets smaller.

The affirmations reflect Fitch's view that available credit
enhancement is sufficient to support the notes' current ratings
and the agency's expectations of Australia's economic conditions.
Credit quality and performance of the underlying loans remain
within Fitch's expectations.

At end-April 2017, Triton 2014-P had the highest level of arrears,
at 4.6%; above Fitch's 4Q16 Dinkum RMBS Index of 1.1%. Low-
documentation loans made up 24.1% of the pool. The pool had an
average loan/value ratio (LVR) of 64.3% and an indexed LVR of
51.3%. Interest-only loans accounted for 19.8% of the pool by
balance and investment loans made up 52.9%. Lenders' mortgage
insurance (LMI) covered 18.5% of the pool and was provided by
Genworth Financial Mortgage Insurance Pty Limited (Insurer
Financial Strength Rating: A+/Stable) and QBE Lenders' Mortgage
Insurance Limited (Insurer Financial Strength Rating: AA-/Stable).

At end-April 2017, Triton Trust No. 2 Bond Series 2013-1, Triton
Trust No.7 Bond Series 2015-1 and Triton Trust No.7 Bond Series
2016-1 had arrears levels below Fitch's 4Q16 Dinkum RMBS Index,
while Triton Trust No.2 Bond Series 2014-1 had 30+ days arrears of
1.2%.

The transactions have performed within Fitch's expectations, with
only Triton 2013-1 and Triton 2014-P experiencing losses since
closing, resulting in zero losses across the outstanding Fitch-
rated notes. All losses were covered by LMI or excess spread.

The default model was not re-run for Triton 2013-1, Triton 2014-1
and Triton 2016-1, as the outstanding ratings were all 'AAAsf',
the transactions did not have revolving periods and a review of
pre-determined performance triggers indicated that the transaction
displayed stable asset performance.

Triton 2015-1 has a two-year revolving period, which ends in
January 2018. The transaction includes rating and performance
triggers to mitigate portfolio deterioration.

RATING SENSITIVITIES

The ratings are not expected to be affected by any foreseeable
change in performance. Pro rata amortisation will switch to
sequential when call-option triggers are met, mitigating tail
risk.

The ratings of class AB notes of Triton 2014-1 Trust and class B
and C notes of Triton 2015-1 are LMI dependent. The remaining
notes are independent of downgrade to the LMI providers' ratings.

Full list of rating actions with balances as at end-April 2017:

Triton Trust No. 2 Bond Series 2013-1:

- AUD130.8 million Class A notes affirmed at 'AAAsf'; Outlook
   Stable

- AUD20.6 million Class AB notes affirmed at 'AAAsf'; Outlook
   Stable

Triton Trust No.2 Bond Series 2014-P:

- AUD46.5 million Class A1 notes affirmed at 'AAAsf'; Outlook
   Stable

- AUD10.5 million Class A2 notes affirmed at 'AAAsf'; Outlook
   Stable

- AUD3.1 million Class B notes upgraded to 'AAAsf' from 'AAsf';
   Outlook Stable

- AUD2.3 million Class C notes upgraded to 'AAsf' from 'Asf';
   Outlook Stable

- AUD2.9 million Class D notes upgraded to 'Asf' from 'BBBsf';
   Outlook Stable

- AUD3.7 million Class E notes upgraded to 'BB+sf' from 'BBsf';
   Outlook Stable

Triton Trust No.2 Bond Series 2014-1:

- AUD199.1 million Class A notes affirmed at 'AAAsf'; Outlook
   Stable
- AUD28.5 million Class AB notes affirmed at 'AAAsf'; Outlook
   Stable

Triton Trust No.7 Bond Series 2015-1:

- AUD450.0 million Class A1 notes affirmed at 'AAAsf'; Outlook
   Stable
- AUD0.0 million Class A2 notes affirmed at 'AAAsf'; Outlook
   Stable
- AUD28.1 million Class B notes affirmed at 'AAsf'; Outlook
   Stable
- AUD10.1 million Class C notes affirmed at 'BBBsf'; Outlook
   Stable

Triton Trust No.7 Bond Series 2016-1:

- AUD222.5 million Class A1-b notes affirmed at 'AAAsf'; Outlook
   Stable
- AUD22.8 million Class A2 notes affirmed at 'AAAsf'; Outlook
   Stable
- AUD11.4 million Class AB notes affirmed at 'AAAsf'; Outlook
   Stable



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C H I N A
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CHINA LOGISTICS: Fitch Assigns B Long-Term IDR; Outlook Stable
--------------------------------------------------------------
Fitch Ratings has assigned China-based high-standard warehouse
owner China Logistics Property Holdings Co., Ltd's (CNLP) Long-
Term Foreign-Currency Issuer Default Rating at 'B' with a Stable
Outlook. Fitch has also assigned CNLP's senior unsecured rating at
'B', with a Recovery Rating of 'RR4'.

CNLP's ratings are supported by the strong industry demand for
high-standard warehouses, the company's national geographic
coverage and its extensive network. CNLP will also benefit from
its advantage in China's Yangtze-River-Delta (YRD) region, being
one of the largest logistic-property owners in the area. However,
its ratings are constrained by small scale, low interest coverage
of below 1.0x at 0.57x in 2016, and continuing funding demand for
capex. CNLP's reliance on debt for this expansion indicates its
limited financial flexibility, and is therefore a further
constraint to its rating.

KEY RATING DRIVERS

Growing Industry, Regional Imbalance: China's high-standard
warehouse industry is still underdeveloped. This presents enormous
potential, accounting for only 2%-3% of total warehouse supply of
around 1 billion square metres (sqm) as of end-2015 - in sharp
contrast to a penetration rate of over 20% in the US. The industry
has been growing rapidly over the past decade, driven by compound
annual growth rate (CAGR) growth of over 40% in the e-commerce
sector in 2011-2015. E-commerce (including related third-party
logistics, or 3PLs) is likely to comprise 50% of the new warehouse
demand in 2017, according to CBRE Research.

Nevertheless, the favourable industry outlook and higher
investment return have attracted so many new entrants that some
Tier 2 cities in China started to show signs of overcapacity in
2016, especially in western China such as Chengdu, Chongqing and
Wuhan. On the other hand, Fitch expects Tier 1 city rents to hold
firm and enjoy 3%-6% rent reversion due to limited land supply.
Fitch is likely to see rent divergence in different cities and
some weakness in the rental growth of lower-tier cities in 2017.

Strong Network Effect, YRD-Focused: CNLP is one of the top 10
high-standard warehouse owners in China, with more than 2 million
sqm of completed logistic properties. CNLP is relatively stronger
in the YRD, with 30%-40% completed gross floor area (GFA)
concentrated in Zhejiang and Jiangsu provinces - of which Suzhou
alone accounts for 20%-30%. JD.com is the largest customer and
contributed 31% of CNLP's total revenue in 2016; 34% of the GFA
completed is occupied by multi-location tenants. The market
competition will continue to be intense, although Fitch believes
that the industry will be increasingly dominated by large players
with a strong network and solid customer relationships.

Small Scale, Declining Occupancy Rate: CNLP had recurring EBITDA
of USD17 million in 2016, much smaller than the industry leader
Global Logistic Properties Limited's (BBB+/Stable) EBITDA USD772
million in the year ended March 2017. CNLP had a thin EBITDA
margin of only 40% in 2016, due mainly to its small scale. The
company is also facing a declining occupancy rate for its
completed and 'stabilised' logistic assets, which dropped to 86.6%
in 2016 from 97.3% in 2014. Judging by the relatively low
occupancy rate of the 2016 new projects, Fitch expects the
occupancy rate for stabilised assets to further decline in 2017,
which will exert pressure on CNLP's EBITDA margin and pace of
expansion. CNLP defines 'stabilised projects' as those in
operation for more than 12 months or achieving a 90% occupancy
rate.

High Capex, Low Interest Coverage: CNLP's recurring EBITDA
interest coverage was only 0.57x in 2016 (excluding all IPO-
related expenses). Coverage may edge lower in 2017 because the
interest payment will more than double after CNLP replaces all
equity-like hybrid instruments with traditional debt funding, even
if EBITDA doubles in 2017. Fitch expects coverage to rise to above
1x by end-2019 when more than 80% of CNLP's assets become
stabilised. However, any significant changes in market
demand/supply dynamics may delay the improvement in CNLP's
interest coverage.

Low Leverage: CNLP's LTV (net debt to investment property assets)
was low at 26% at end 2016. However, Fitch expects the leverage
headroom to be small as CNLP's unsecured assets/unsecured debt
coverage was only 1.1x and will continue to hover around 1x in the
next three years. CNLP had CNY1.5 billion in unpledged investment
property at end-2016, while unsecured offshore debt amounted to
CNY1.4 billion.

DERIVATION SUMMARY

CNLP's business profile is in line with the 'B+'/'BB-' category,
but the recurring EBITDA interest coverage of only 0.6x is more in
line with a 'B-' rating, which results in a final rating of 'B'.
CNLP is still far away from 'BB-' rated peers such as Lai Fung
Holdings Limited (BB-/Stable) with an interest coverage of 1.3x
and better asset quality; and PT Pakuwon Jati Tbk (BB-/Positive)
with an interest coverage of 2.5x, helped by its quality malls but
constrained by its small scale and exposure to development
property.

CNLP's financials are weaker than PT Kawasan Industri Jababeka Tbk
(KJIA, B+/Stable), whose recurring EBITDA is generated from its
long-term electricity sales and purchase agreements with state-
owned PT Perusahaan Listrik Negara (PLN, BBB-/Positive), and the
interest coverage hovers consistently above 1x with temporary
disruption due to power plant repair work. However, CNLP is
expanding faster than KIJA, driven by demand from China's fast-
growing e-commerce industry. Fitch expects CNLP's financial
profile to be closer to a 'B' rating in 2019-2020, depending on
market conditions and the ramp-up of progress in CNLP's new
projects. CNLP's weaker financial profile than other investment-
property owners is also due to the logistic property sector's
longer return period and CNLP's fast expansion.

KEY ASSUMPTIONS

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

- Completed and stabilised assets-occupancy rate to edge down to
   86% in 2017-2018 due to a lower occupancy rate for pre-
   stabilised assets.
- Effective rent growth of 2% in 2017-2018.
- Total completed net leasable area of 2.6 million sqm and 3.5
   million sqm in 2017-2018.
- EBITDA margin to improve to 49% in 2017 and 59% in 2018.

RATING SENSITIVITIES

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

- Stable occupancy rate for completed and stabilised assets above
   80%
- Recurring EBITDA/interest coverage sustained above 1.2x
- Net debt/recurring EBITDA sustained below 10x (2016: 27.8x)

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

- Recurring EBITDA/interest coverage fails to improve
   significantly
- Inability to secure funding for expansion or deterioration in
   liquidity
- Weakening of business profile that would be reflected in a
   significant drop in occupancy rates or a sustained fall in
   rentals

LIQUIDITY

Weak Liquidity: CNLP had about CNY2 billion in cash equivalents as
of end-2016 compared with CNY604 million of short-term debt.
Liquidity is bolstered by CNY3 billion of equity proceeds from its
IPO in June 2016. However, Fitch expects CNLP to rely on capital
market debt, further equity placements, or to sell land to fund
its CNY2 billion-3 billion capex per year over the next three
years.


QINGHAI PROVINCIAL: S&P Assigns 'BB-' Rating to Proposed Notes
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issue rating and
'cnBB+' long-term Greater China regional scale rating to Qinghai
Provincial Investment Group Co. Ltd. (QPIG)'s proposed issue of
U.S. dollar-denominated senior unsecured notes.  The ratings are
subject to S&P's review of the final issuance documentation.

S&P's rating on the proposed senior unsecured notes is equalized
to its issuer credit rating on QPIG because S&P expects the
greater portion of this debt to be concentrated at the holding-
company level after this bond issue, which will slightly reduce
QPIG's ratio of priority debt to total assets to about 40%.  In
addition, the company's priority debt is diversified at its
operational subsidiaries, and QPIG will downstream the proceeds to
subsidiaries, which could reduce the structural subordination risk
associated with debt at the holding-company level.

S&P expects the China-based aluminum producer to use most of the
proceeds to repay borrowings, with the rest slated for general
corporate purposes.  QPIG reduced its capital spending in 2016,
and S&P anticipates that deleveraging measures will continue in
2017.  In 2016, QPIG recorded higher-than-expected revenue growth,
driven by a 12% increase in sales volume of primary aluminum, and
a 3.7% increase in prices.  However, margins narrowed due to high
costs from the ramp-up of new aluminum production facilities.  S&P
expects that leverage will remain high for the next 12 months.

In S&P's view, QPIG remains an important provincial state-owned
enterprise in Qinghai province.  At the end of 2016, the Qinghai
provincial government extended a Chinese renminbi (RMB) 2.4
billion (US$356 million) capital injection, which raised the
government's aggregate equity share in QPIG to 69.26% from 50.88%.
This move reinforces our expectation that QPIG is highly likely to
receive extraordinary government support in the event of distress.


SHIMAO PROPERTY: USD Bond Offer No Impact on Moody's Ba2 CFR
------------------------------------------------------------
Moody's Investors Service said that Shimao Property Holdings
Limited's Ba2 corporate family rating and Ba3 senior unsecured
debt rating are unaffected by the company's announcement of a USD
bond offering.

The rating outlook remains stable.

"The proposed bond issuance will have limited impact on the
company's credit metrics, as the majority of the proceeds will be
used to refinance its existing debt," says Franco Leung, a Moody's
Vice President and Senior Credit Officer, also the Lead Analyst
for Shimao.

Moody's expects that following the bond issuance, Shimao's
revenue/debt will be 76%-80% and its EBIT/interest coverage will
be 3.3x-3.8x over the next 12-18 months. These credit metrics
support its Ba2 corporate family rating.

Shimao recorded a robust sales performance during the first five
months of 2017, with contracted sales growing 39% year-on-year to
RMB33.8 billion.

Moody's estimates that the company is on track to achieve its
annual target of RMB80 billion for 2017.

Shimao's liquidity position is strong. Its cash balance of RMB22.2
billion at end-2016 was sufficient to meet its short- term debt of
RMB17.9 billion and committed land payments in the next 12 months.

Shimao's Ba2 corporate family rating reflects the company's
conservative business growth targets, which in turn will reduce
its capital expenditure requirements. The rating also reflects its
diversified, well-located land bank and its portfolio of quality
investment properties. The company's good access to funding
channels is supported by its domestically listed subsidiary,
Shanghai Shimao Co., Ltd. (unrated).

However, the rating is constrained by the company's modest credit
metrics for its rating level, as a result of its weakened
profitability and increased debt leverage.

The stable rating outlook reflects Moody's expectation that Shimao
will slow its business growth, such that its debt leverage will
fall to levels appropriate for the company's rating in the next
12-18 months. Moreover, Moody's expects Shimao's liquidity to
remain adequate through disciplined land acquisitions and
proactive management of capital.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Shimao Property Holdings Limited is a Grand Cayman-incorporated
Chinese property developer listed on the Hong Kong Stock Exchange
in July 2006. Together with its majority-owned Shanghai A-share
listed subsidiary, Shanghai Shimao Co., Ltd. (unrated), the
company held an attributable land bank of 30.79 million square
meters at December 31, 2016, distributed across 43 cities, mainly
in eastern and northeastern China.


SHIMAO PROPERTY: S&P Assigns 'BB' Rating to Proposed US$ Notes
--------------------------------------------------------------
S&P Global Rating assigned its 'BB' long-term issue rating to a
proposed issue of U.S.-dollar-denominated senior unsecured notes
by Shimao Property Holdings Ltd. (BB+/Negative/--; cnBBB/--).  S&P
also assigned its 'cnBBB-' long-term Greater China regional scale
rating to the notes.  The issue rating is one notch lower than the
long-term corporate credit rating on Shimao to reflect the
structural subordination risk.  The ratings are subject to S&P's
review of the final issuance documentation.

Shimao is planning to use the proceeds to refinance existing debt
and for general working capital.  S&P expects the refinancing
could slightly reduce the company's effective interest cost and
extend its debt maturity profile.  In February, the China-based
property developer early-redeemed U.S.-dollar-denominated senior
notes due 2020 with an outstanding principal amount of
US$800 million.

The rating on Shimao is unaffected by the new issuance as the
company's operating performance is within S&P's expectation.  S&P
anticipates the company will achieve its full-year sales target of
Chinese renminbi (RMB) 80 billion.  At the same time, S&P
forecasts that Shimao's financial leverage will improve to between
4.0x-4.5x in 2017, driven by steady revenue growth, margin
improvement, and disciplined debt management.

The negative outlook on Shimao reflects the company's high
leverage and the likelihood that leverage may not improve to the
extent S&P anticipates.  S&P could lower the rating if the ratio
of debt-to-EBITDA ratio does not improve towards 4.0x.  On the
other hand, S&P could revise the outlook back to stable if Shimao
demonstrates a gradual leverage improvement with the debt-to-
EBITDA ratio moving towards 4.0x and at the same time Shimao's
EBITDA interest coverage maintains at above 3.0x.


SPI ENERGY: Seeking to List Ordinary Shares on Nasdaq
-----------------------------------------------------
SPI Energy Co., Ltd., disclosed that it has had discussions with
the Nasdaq Stock Market seeking to list the ordinary shares of the
Company, par value US$0.000001 each, for trading on The Nasdaq
Global Select Market in substitution for its American depositary
shares, each representing ten Ordinary Shares.

As previously disclosed, The Bank of New York Mellon, the
depositary bank for the Company's American depositary shares
facility, announced on March 17, 2017, that it would terminate the
American depositary receipts facility of the Company at
5:00 PM (Eastern Time) on June 19, 2017. The Company expects that,
upon the effectiveness of the Substitution Listing, its ADSs will
cease to be listed on Nasdaq while the Ordinary Shares represented
by the ADSs will trade on Nasdaq under the symbol of "SPI." The
Company has appointed Computershare as the transfer agent for its
Ordinary Shares in the United States. However, there remains
uncertainty regarding whether the Company will be able to obtain
clearance from Nasdaq to effectuate the Substitution Listing prior
to the Termination Date. Subsequent to the Termination Date,
Nasdaq may suspend the trading of the Company's ADSs until such
time as the Substitution Listing shall have taken effect or as
otherwise determined by the staff of Nasdaq.

Owners and holders of the Company's ADSs may surrender their ADSs
to the Depositary for delivery of the underlying Ordinary Shares.
To surrender the ADRs, the address of the Depositary is: The Bank
of New York Mellon, 101 Barclay Street, Depositary Receipts
Division -- 22nd Floor, Attention: Cancellation Desk, New York, NY
10286. Registered or overnight mail is the suggested method of
delivering ADRs to the Depositary. For further information
regarding the ADRs, please contact the Depositary at 1-888-269-
2377 for US callers or 1-201-680-6825 for non-US callers.
Subsequent to the Termination Date, under the terms of the deposit
agreement among the Company, the Depositary and owners and holders
of the American deposit receipts of the Company, the Depositary
may attempt to sell the underlying shares. If the Depositary has
sold such underlying shares or received value for such shares,
holders must surrender the American depositary shares to obtain
payment of the sale proceeds, net of expenses and applicable tax
and charges.

                     About SPI Energy Co., Ltd.

SPI Energy Co., Ltd. (NASDAQ:SPI) is a global provider of
photovoltaic (PV) solutions for business, residential, government
and utility customers and investors. SPI Energy focuses on the
downstream PV market including the development, financing,
installation, operation and sale of utility-scale and residential
solar power projects in China, Japan, Europe and North America. It
operates online energy e-commerce and investment platforms,
http://www.solarbao.com/and http://www.solartao.com/.The Company
has its operating headquarters in Shanghai and maintains global
operations in Asia, Europe, North America and Australia.

SPI Energy reported a net loss of $185 million on $191 million of
net sales for the year ended Dec. 31, 2015, compared to a net
loss of $5.19 million on $91.6 million of net sales for the year
ended Dec. 31, 2014.

As of Dec. 31, 2015, SPI Energy had $710 million in total assets,
$493 million in total liabilities and $216.6 million in total
stockholders' equity.

KPMG Huazhen LLP, in Shanghai, China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2015, citing that SPI Energy Co., Ltd., and
its subsidiaries have suffered significant losses from operations
and have a negative working capital as of Dec. 31, 2015. In
addition, the Group has substantial amounts of debts that will
become due for repayment in 2016. The auditors said these
factors raise substantial doubt about the Group's ability to
continue as a going concern.



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


NOBLE GROUP: Attracts Goldilocks as New Major Holder
----------------------------------------------------
Jack Farchy and Jasmine Ng at Bloomberg News report that Noble
Group Ltd., the commodity trader that's struggling for survival,
has a new substantial shareholder after an Abu Dhabi fund built up
a 5% stake over two days. The stock rallied in Singapore.

Goldilocks Investment Co. added 50.5 million shares on June 20,
after buying 15.5 million shares the day before, Bloomberg relates
citing a filing to the Singapore Exchange late on
June 22. Goldilocks now has a holding of 5.03 percent.

Bloomberg notes that the investment came as Hong Kong-based Noble
Group searches for a strategic investor to restore confidence
after a collapse in its shares and bonds, and followed an
agreement with core banks to extend a key credit facility.
Goldilocks is controlled by investor Jassim Alseddiqi's Abu Dhabi
Financial Group, which didn't respond to requests for comment,
Bloomberg discloses. It started the $200 million fund last year,
saying that it would target undervalued opportunities in the six
Gulf Cooperation Council countries.

"Goldilocks's involvement, together with the recent extension of
Noble's credit facility, provides some encouragement that it can
achieve a meaningful restructure," Bloomberg quotes Ric Spooner,
chief market analyst at CMC Markets in Sydney, as saying in an
email. "However, conservative investors are likely to need
evidence of a more significant deal on equity partnership or asset
sales."

According to Bloomberg, Noble Group has rallied last week after
the company agreed to extend by 120 days the $2 billion credit
facility that had been due to mature, paring its slump since the
start of the year. On June 23, the stock surged as much as 22% to
55.5 Singapore cents, and ended at 53 cents, Bloomberg notes.

                        About Noble Group

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

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

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

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



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


AADYA MOTOR: CRISIL Reaffirms 'D' Rating on INR20MM Loan
--------------------------------------------------------
CRISIL Ratings has been consistently following up with Aadya Motor
Company India Private Limited (AMCPL) for obtaining information
through letters and emails dated March 6, 2017, and March 22,
2017, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           12       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Working Capital          20       CRISIL D (Issuer Not
   Facility                          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 Aadya Motor Company 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 Aadya Motor Company 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 reaffirmed the rating at 'CRISIL D/CRISIL D'.

Incorporated in 2012, AMCPL, promoted by Mr. V Ramanand Rao, is
the authorised dealer for Porsche, with its showroom in Mumbai.
The company began operations in September 2012. The promoter also
has interests in auto dealerships of other brands through group
entities.


AARVEE INTERNATIONAL: CRISIL Cuts Rating on INR18MM Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
Aarvee International (AI) to 'CRISIL D' from 'CRISIL BB/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             18        CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

   Proposed Cash            2        CRISIL D (Downgraded from
   Credit Limit                      'CRISIL BB/Stable')

The downgrade reflects the firm's overutilization of the cash
credit facility for three consecutive months with delay in
repaying its interest servicing of the WC facility.

Key Rating Drivers & Detailed Description

Weaknesses

* Over utilization of the working capital facility: The limits
have been over utilized since February 2017 with currently no
operations being undertaken in the firm. Low accrual and large
working capital debt resulted in stretched liquidity, resulting in
delay in meeting interest obligation on working capital limits.

Strengths

* Extensive experience of promoters
The promoters have close to two decades of experience in trading
in agro commodities. For 15 years, the promoters were associated
with various firms such as Aarvee Global Impex and Aarvee Agro
Processing and then established AI in 2012.

AI was established in 2012 by the Sorthaiya family based in Rajkot
(Gujarat). The firm trades in agri-based commodities such as
soyabean meal, rapeseed and groundnut extraction meal, and wheat.


ASIAN THAI: CRISIL Reaffirms 'B' Rating on INR10MM LT Loan
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Asian Thai
Foods India Private Limited (ATFIPL) 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
   ----------          ---------     -------
   Proposed Long Term      10        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 Asian Thai Foods 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 Asian Thai Foods 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
reaffirmed the rating at 'CRISIL B/Stable'.

ATFIPL is a subsidiary of Asian Thai Foods (P) Ltd and was
incorporated in December 2009. It is setting up a food processing
plant at Chaygaon, Kamrup, Assam, and is promoted by the Sharda
group, the Jaju group of Nepal, the Baid group headed by Mr.
Mulchand Baid, and the Agarwal group of Assam. The plant is
expected to have an installed capacity of 7875 MTPA for Instant
Noodles and 225 MTPA for Noodles Bhujia.


BABA BEARINGS: CRISIL Cuts Rating on INR2.64MM Loan to 'B'
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Baba
Bearings Private Limited (BBPL) 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             2.6       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Letter of Credit        0.4       CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Term Loan               2.64      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 Baba Bearings 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 Baba Bearings 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' & Reaffirmed
Short Term rating at 'CRISIL A4'.

BBPL was incorporated in 1992, promoted by the Kansara family. The
company manufactures all types of rollers (cylindrical, spherical,
tapered, and flat-end needles) and supplies to major bearing
manufacturing companies in India as well as in European countries
such as the UK, Germany, Italy, and France. The products find
application in the automotive and other precision engineering
industries. The company's unit is at Boranada in Jodhpur,
Rajasthan. Its operations are managed by Mr. Brijlal Kansara, Mr
Balkishan Kansara, Mr. Hari Narayan Kansara, and other family
members.


BRAHMANAND HIMGHAR: CRISIL Reaffirms B+ Rating on INR10MM Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Brahmanand
Himghar Limited (BHL) for obtaining information through letters
and emails dated January 31, 2017, and February 28, 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 Long Term       10       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 Brahmanand Himghar 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 Brahmanand Himghar Limited is consistent
with 'Scenario 3' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BBB' category or lower.
Based on the last available information, CRISIL has reaffirmed the
rating at 'CRISIL B+/Stable'.

BHL, incorporated in June 1990, provides cold storage services to
potato famers and traders. The company has two cold storages'one
each in Paschim Medinipore (West Bengal) and Seraikella-Kharsawan
(Jharkhand). Mr. Rajendra Kumar Agrawal is the managing director.


CARITAS HEALTHCARE: CRISIL Reaffirms B+ Rating on INR6MM Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Caritas
Healthcare Private Limited (CHPL) for obtaining information
through letters and emails dated February 14, 2017, and March 8,
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)

   Export Packing Credit    6       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 Caritas Healthcare 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 Caritas Healthcare Private Limited is
consistent with 'Scenario 3' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' category or
lower. Based on the last available information, CRISIL has
reaffirmed the rating at 'CRISIL B+/Stable'.

Incorporated in 2012, CHPL is a Ahmedabad (Gujarat) based company.
The company supplies and markets a wide range of pharmaceutical
products across the globe. It is promoted by Mr. Ketan Patel and
Mr. Jogendra Bhati.


DERON PROPERTIES: CRISIL Assigns B+ Rating to INR25MM Term Loan
---------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Deron Properties Private Limited
(DPPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Rupee Term Loan        17.5       CRISIL B+/Stable
   Cash Credit            12.5       CRISIL B+/Stable
   Proposed Rupee
   Term Loan              25         CRISIL B+/Stable

The rating reflects the company's exposure to risks related to
implementation, funding, and saleability of its projects, and
susceptibility to intense competition and cyclicality inherent in
the real estate industry. These weaknesses are partially offset by
its promoters' extensive industry experience, and healthy sales in
past projects.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to risks related to implementation, funding, and
saleability of projects: DPPL is developing three projects (mix of
residential and commercial) in Pune at an estimated cost of INR130
crore. Timely completion and sale of the projects will determine
its liquidity over the medium term.

* Vulnerability to cyclicality inherent in the Indian real estate
industry: The real estate sector in India is cyclical and highly
fragmented, and is affected by volatile prices and opaque
transactions. The company's business risk profile will remain
susceptible to risks arising from any industry slowdown.

Strengths

* Promoters' extensive experience in the real estate business: Mr
Umang Madan has experience of 30 years and has established himself
in the real estate market in Pune through successful project
implementation.

* Strategic location of projects: The company's three projects are
in strategic locations (close to Hinjewadi information technology
park) and are well connected to the industrial belt in Pune, which
will support sales.

Outlook: Stable

CRISIL believes DPPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if substantial sales and timely receipt of customer
advances lead to higher-than expected cash inflow. The outlook may
be revised to 'Negative' if time or cost overrun in the projects,
or slower-than-expected customer bookings result in low cash
inflow and constrain the financial risk profile and liquidity.

Incorporated in 2011, DPPL is engaged in residential and
commercial real estate development. It is promoted by Mr Umang
Madan and his wife Ms Mansi Madan.

The company is developing Deron Bhushnam in Baner, Deron Business
Square in Hinjewadi, and Deron Prosper and Deron Rise at Rahatani.


DRASHTI INNOVATIVE: CRISIL Reaffirms D Rating on INR10.13MM Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Drashti
Innovative Syncotex Pvt. Ltd. (DISPL) for obtaining information
through letters and emails dated March 6, 2017, and March 22,
2017, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

CRISIL thus gave these ratings:

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

   Cash Credit             10.13     CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term       4.00     CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Term Loan                9.87     CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Drashti Innovative Syncotex
Pvt. Ltd.. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Drashti Innovative Syncotex
Pvt. Ltd. is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL B'
category or lower. Based on the last available information, CRISIL
has reaffirmed the rating at 'CRISIL D/CRISIL D'.

Incorporated in 2013 and based in Surat, Gujarat, DISPL
manufactures and trades in fabrics used in home furnishing,
readymade garments, and dress material. GIPL, also based in Surat
and incorporated in 2010, is in a similar line of business. The
manufacturing facilities of both companies are in Surat. DISPL is
promoted by Mr. Dhaval Nakrani and Mr. Vishal Balar, while GIPL is
promoted by Mr. Nakrani.


GAURI INTERNATIONAL: CRISIL Reaffirms D Rating on INR15MM Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Gauri
International Private Limited (GIPL) 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              15       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term       10       CRISIL D (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 Gauri International Private
Limited. This restricts CRISIL's ability to take a forward looking
view on the credit quality of the entity. CRISIL believes that the
information available for Gauri International 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
reaffirmed the rating at 'CRISIL D'.

Incorporated in 2010 and based in Surat, Gujarat, GIPL
manufactures and trades in fabrics used in home furnishing,
readymade garments, and dress material. DISPL, also based in Surat
and incorporated in 2013, is in a similar line of business. The
manufacturing facilities of both companies are in Surat. GIPL is
promoted by Mr. Dhaval Nakrani and DISPL is promoted by Mr.
Nakrani and Mr. Vishal Balar.


GK-AUTOPAL LIGHTING: CRISIL Reaffirms B Rating on INR5MM Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with GK-Autopal
Lighting Solutions LLP (GKALS) for obtaining information through
letters and emails dated January 25, 2017, and February 15, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

CRISIL thus gave these ratings:

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

   Rupee Term Loan          1.5      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 GK-Autopal Lighting Solutions
LLP. 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 GK-Autopal Lighting Solutions LLP 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
reaffirmed the rating at 'CRISIL B/Stable'.

GKALS was registered as a partnership firm with limited liability
(LLP) on December 29, 2014. The firm is currently engaged in
trading of compact fluorescent lamps (CFLs) and is in the process
of setting up a plant for manufacturing light-emitting diode (LED)
luminaries.


GOUTHAMI HATCHERIES: CRISIL Reaffirms D Rating on INR16.5MM Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Gouthami
Hatcheries Private Limited (GHPL) 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             16        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan          16.5      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term       7.12     CRISIL D (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 Gouthami Hatcheries 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 Gouthami Hatcheries 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
reaffirmed the rating at 'CRISIL D'.

GHPL, set up in 1999, produces hatching eggs and broiler birds.
SFPL, set up in 2009, manufactures poultry feed. The companies are
promoted by Mr. D Srinath Reddy and his wife, Ms. D Lokeshwari.


GOYAL SONS: CRISIL Cuts Rating on INR2MM Cash Loan to 'B'
---------------------------------------------------------
CRISIL Ratings has been consistently following up with Goyal Sons
(GS) for obtaining information through letters and emails dated
January 20, 2017, and February 10, 2017, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

CRISIL thus gave these ratings:

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

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

   Letter of Credit        2.5       CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL A4+')

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

Detailed Rationale

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

GS was established as a proprietorship concern by Mr. Vinod Goyal
in 1987. The firm is based in Ludhiana (Punjab) and trades in
various types of blended yarn. It is also an authorised agent for
distribution of synthetic textile yarn of Reliance Industries Ltd
(RIL) ('CRISIL AAA/Stable/CRISIL A1+'), Chiripal Industries Ltd,
Sanghi Polyester Ltd, Sanghi Spinners India Ltd, and JCT Ltd.


GRAND HYUNDAI: CRISIL Reaffirms B+ Rating on INR9.2MM Loan
----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Grand Hyundai (GH).

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

   Inventory Funding
   Facility                9.2      CRISIL B+/Stable (Reaffirmed)

   Term Loan               0.8      CRISIL B+/Stable (Reaffirmed)

The rating reflects a modest scale of operations, large working
capital requirement, and a weak financial risk profile. These
rating weaknesses are partially offset by the extensive experience
of the promoters in automobile dealership industry and benefits of
association with the principal, Hyundai Motor India Limited (HMIL;
rated 'CRISIL A1+').

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Revenue is estimated at a modest
INR85.26 crore for fiscal 2017 (Rs 77.01 crore in fiscal 2016).
The operating margin was low at 3.8% for fiscal 2016 and is
estimated at 3.8 % for fiscal 2017

* Weak financial risk profile: The total outside liabilities to
tangible networth ratio was high, estimated at 6.23 times as on
March 31, 2017. The debt protection metrics were average, with
interest coverage ratio estimated at 1.44 times and net cash
accrual to total debt ratio at 0.04 time for fiscal 2017.

* Susceptibility to risks relating to low bargaining power with
the principal and intense industry competition: Owing to the
modest scale of operations, there is limited bargaining power with
HMIL. Furthermore, the principal faces competitive pressures from
other four-wheel vehicle manufacturing brands such as Maruti
Suzuki, Renault, Tata, and Ford. Competition has compelled
automakers to cut costs, including reducing their commissions to
dealers.

Strengths

* Extensive industry experience of the promoters: The promoters
have an experience of 32 years in the automobile dealership
business. They have another concern, Grand Motors, engaged in the
dealership of Bajaj two- and three-wheelers in Palakkad and
Thrissur, in Kerala.

* Benefits from association with HMIL: HMIL has a dominant market
position in the industry as the second-largest player in the
passenger vehicle segment. Launch of new vehicles by the principal
will continue to drive the market position of GH.

Outlook: Stable

CRISIL believes GH will maintain a stable business risk profile
over the medium term backed by the extensive industry experience
of its promoters and an established relationship with the main
principal, HMIL. The outlook may be revised to 'Positive' if there
is infusion of substantial equity, leading to a better financial
risk profile and risk absorption capacity, and an increase in
turnover resulting in improvement of the business risk profile.
The outlook may be revised to 'Negative' in case of a stretched
working capital cycle, a decline in the operating margin, or
significant debt-funded capital expenditure, leading to
deterioration in the financial risk profile, particularly
liquidity.

Set up in April 2012, GH is mainly engaged in HMIL's dealership
for sale of cars, spares and service of vehicles in Kerala. The
firm has seven showrooms and three service centers. The day to day
operations are managed by Mr.Mohammed Iqbal.

GH reported a book profit of INR0.57 crores on revenues of
INR77.01 crores for fiscal 2017 against book profit INR0.55 crores
on revenues of INR65.07 crore for fiscal 2016.


GRAND MOTORS: CRISIL Reaffirms 'B' Rating on INR3.5MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable/CRISIL A4'
ratings to the bank facilities of Grand Motors (GM).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         1.5        CRISIL A4 (Reaffirmed)

   Cash Credit            3.5        CRISIL B/Stable (Reaffirmed)

   Inventory Funding
   Facility               3.5        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      .5        CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect modest scale of operations, weak
financial risk profile and susceptibility to risks relating to low
bargaining power with principal and intense competition in
automotive (auto) dealership market. These rating weaknesses are
partially offset by the extensive experience of promoters in
automobile distribution and benefits of association with the
principal, Bajaj Auto Limited (BAL; rated 'CRISIL
AAA/FAAA/Stable/CRISIL A1+').

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Revenue was modest at INR67.65 crore
in fiscal 2017 (Rs 55.83 crore in fiscal 2016). The operating
margin was low at 2.7% for fiscal 2017 due to the trading nature
of operations.

* Weak financial risk profile: The total outside liabilities to
tangible net worth ratio was high at 14.93 times as on March 31,
2017. The debt protection metrics were weak, with interest
coverage ratio at 1.22 times and net cash accrual to total debt
ratio at 0.04 time for fiscal 2017.

* Susceptibility to risks relating to low bargaining power with
the principal and to intense industry competition: Owing to the
modest scale of operations, there is limited bargaining power with
BAL. Furthermore, the principal faces competitive pressures from
other two- and three-wheeler manufacturing brands such as Hero
MotoCorp, Suzuki Motorcycles India Pvt Ltd, TVS Motor Company Ltd.
India, and Yamaha Motor Pvt Ltd. Competition has compelled
automakers to cut costs, including reducing their commissions to
dealers.

Strengths

* Extensive industry experience of the promoter: The promoter, Mr.
Chola has experience of around 32 years in the auto and ancillary
industry. He has been in the auto dealership business for about 10
years. Before establishing GM, he was a distributor of spare parts
of two- and three-wheelers. He and his son Mr Saljas, manage
operations. The promoters have also set up another entity, Grand
Hyundai (rated CRISIL B+/ Stable), which is an authorised dealer
of Hyundai Motor Company in Palakkad, Kerala. GM currently has 27
service, spare parts, and sales centres, with facilities spread
across three districts of Kerala.

* Benefits from association with BAL: The firm is an authorised
dealer for the vehicles of BAL, which is a leader in the two- and
three-wheeler segment. Furthermore, with the regular launch of new
vehicles by the principal, sound business growth is expected.

Outlook: Stable

CRISIL believes GM will continue to benefit over the medium term
from its exclusive dealership contract with BAL. The outlook may
be revised to 'Positive' if GM's sales volume and operating margin
increase substantially, or if promoter infuse equity, resulting in
improvement in capital structure. Conversely, the outlook may be
revised to 'Negative' if volume declines, significantly impacting
revenue and profitability, or in case of large debt-funded capital
expenditure, weakening capital structure and cash accrual.

Incorporated in February 2007, GM is the sole distributor of Bajaj
two wheelers in Thrissur & Palakkad district in Kerala and Bajaj's
three wheeler (autos) for Malappuram, Kerala.

GM reported a book profit of INR0.15 crores on revenues of
INR67.65 crores for fiscal 2017 against book profit INR0.20 crores
on revenues of INR55.83 crore for fiscal 2016.

Any other information:

GM achieved revenue of INR67.65 crores in fiscal 2017 against
revenue of INR55.83 crores in fiscal 2016. This increase in sales
will support business risk profile over the medium term. Operating
margin was low at 2.7% for fiscal 2017 due to trading nature of
operations.

Working capital requirement is efficiently managed: gross current
assets were 70 days as on March 31, 2017.

Net cash accrual was INR0.30 crore and INR0.37 crore in fiscals
2016 and 2017, respectively, against no long-term debt obligation.
The lack of any fixed debt repayment obligations enhance financial
flexibility over the medium term.


JHUNJHUNWALA OIL: CRISIL Reaffirms D Rating on INR33MM Cash Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with
Jhunjhunwala Oil Mills Limited (JOML) 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 gives these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             33        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit         2        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term       1.5      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Standby Line of Credit   3.5      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan               18.5      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Jhunjhunwala Oil Mills 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 Jhunjhunwala Oil Mills 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
reaffirmed the rating at 'CRISIL D/CRISIL D'.

JOML was established by Mr. Vishwanath Jhunjhunwala in 1973. The
company manufactures and refines edible oil, mainly rice bran oil,
through the solvent extraction process. JOML also has a cattle-
feed plant, which processes de-oiled cake, a by-product of solvent
extraction. The company has solvent extraction and cattle-feed
manufacturing facilities in Varanasi (Uttar Pradesh) and a rice
milling unit in Kudra (Bihar).


JUMBO BAG: CRISIL Reaffirms B+ Rating on INR35.8MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Jumbo Bag Limited (JBL) at 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          0.4      CRISIL A4 (Reaffirmed)

   Cash Credit            35.8      CRISIL B+/Stable (Reaffirmed)

   Foreign Bill
   Discounting             9.25     CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       13.70     CRISIL A4 (Reaffirmed)

   Long Term Loan          1.70     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      2.65     CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the company's below-average
financial risk profile because of leveraged capital structure and
subdued debt protection metrics, working capital-intensive
operations, and exposure to intense competition. These weaknesses
are partially offset by its established regional market position
in the flexible intermediate bulk containers (FIBC) segment.

Analytical Approach

Unsecured loans of INR80 lakh as on May 15, 2017, from promoters
have been treated as neither debt nor equity as these are non-
interest bearing and are subordinate to bank debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Total outside liabilities
to tangible networth ratio was high at over 5 times as on March
31, 2017, while interest coverage ratio was 1.63 times in fiscal
2017. However, capital structure and interest coverage ratio are
expected to improve over the medium term with better
profitability.

* Working capital-intensive operations: Gross current assets were
high at around 300 days as on March 31, 2017, due to sizeable
inventory.

Exposure to intense competition, and limited pricing flexibility:
The FIBC industry is highly fragmented due to low entry barrier in
terms of capital and technology requirements, low gestation
period, and easy availability of raw materials.

Strength

* Established regional market position: With experience of over
two decades in the FIBC segment, JBL is one of the leading players
with presence in both low and medium-end grade bags. It caters to
a diverse range of industries such as chemicals, minerals, and
fertilisers, and has developed healthy relationship with customers
and suppliers.

Outlook: Stable

CRISIL believes JBL will continue to benefit over the medium term
from its strong market position, supported by established
relationship with customers and suppliers. The outlook may be
revised to 'Positive' if a significant improvement in scale of
operations and profitability, or substantial equity infusion leads
to a better financial risk profile. The outlook may be revised to
'Negative' if decline in cash accrual, large, debt-funded capital
expenditure, or deterioration in working capital management
further weakens financial risk profile.

Established in 1990 in Chennai by Mr. G P N Gupta, JBL
manufactures FIBCs, also known as jumbo bags. The company is a
part of the Bliss group.

Profit after tax was INR87.61 lakh on an operating income of
INR96.44 crore in fiscal 2017 against net losses of INR66.81 lakh
on an operating income of INR83.89 crore in fiscal 2016.

Status of non-cooperation with previous CRA
JBL has not cooperated with ICRA Ltd which has suspended its
rating vide release dated October 3, 2016. The reason provided by
ICRA Ltd is non-furnishing of information for monitoring of
ratings.


K.T. MATHEW: CRISIL Reaffirms 'B' Rating on INR4MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with K.T. Mathew
& Co. (KTMC) for obtaining information through letters and emails
dated February 7, 2017, and March 6, 2017, among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           4        CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit              4        CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Working         1        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 K.T. Mathew & 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 K.T. Mathew & Co. 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 reaffirmed the rating at 'CRISIL
B/Stable/CRISIL A4'.

KTMC, set up in 1962, is a partnership firm. It is engaged in
civil construction, primarily construction of roads, bridges, and
canals, for government entities. It is based in Ernakulam, Kerala
and is promoted by Mr. Paul T Mathew.


KEWIN CHEMICALS: CRISIL Reaffirms B+ Rating on INR1.5MM Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Kewin
Chemicals Private Limited (KCPL) for obtaining information through
letters and emails dated January 23, 2017, and February 13, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             1.5       CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Foreign Discounting     7.0       CRISIL A4 (Issuer Not
   Bill Purchase                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      .04       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Secured Overdraft       .36       CRISIL B+/Stable (Issuer Not
   Facility                          Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Kewin Chemicals 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 Kewin Chemicals Private Limited is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower. Based on the last available information, CRISIL has
reaffirmed the rating at 'CRISIL B+/Stable/CRISIL A4'.

Incorporated in 1999, KCPL is based in Ahmedabad (Gujarat) and
owned and managed by brothers Mr. Devang Shah and Mr. Mitesh Shah.
It trades in chemical intermediates, dyes, and pigments.


KUMARAGIRI SPINNERSS: CRISIL Cuts Rating on INR37.20MM Loan to B
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Kumaragiri
Spinnerss Private Limited (KSL) for obtaining information through
letters and emails dated January 20, 2017 and February 10, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          .98       CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL A4+')

   Cash Credit           18.50       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB+/Stable')

   Long Term Loan        37.20       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 Kumaragiri Spinnerss 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 Kumaragiri Spinnerss Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B' category or
lower. Based on the last available information, CRISIL has
downgraded the rating at 'CRISIL B/Stable/CRISIL A4'.

Incorporated in 2004 and promoted by Mr. T R Thangavelu, KSL
manufactures cotton-and-polyester-blended yarn (blended typically
in the ratio of 40:60). The company is based in Erode (Tamil
Nadu).


LEOFORTUNE INFRA: CRISIL Reaffirms D Rating on INR15MM Loan
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Leofortune
Infrabuildcon Private Limited (LIPL) 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
   ----------          ---------     -------
   Term Loan                15       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Leofortune Infrabuildcon
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 Leofortune Infrabuildcon
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 reaffirmed the rating at 'CRISIL D'.

LIPL was incorporated in 2009 by Mr. Pradeep K Swami, Mr.
Sitapathy Chavali, Mr. Dhiren Savla, Mr. Prasad K Swami and Mr.
Vasant D Bhambhaniya. The company is engaged in real estate
development in Navi Mumbai. The company currently has three
ongoing projects - Fortune Symphony, Fortune Calypso and Fortune
Oriana.


LOTUS INFRATECH: CRISIL Assigns 'B+' Rating to INR1.75MM Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank loan facilities of Lotus Infratech (LI).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          9.25      CRISIL A4
   Overdraft               1.75      CRISIL B+/Stable

The rating reflects its limited track record of operations, and
its exposure to intense competition in the civil construction
industry. These rating weaknesses are partially offset by the
benefits that LI derives from its partners' extensive experience
and its established relationships with key customers and
suppliers. The rating also factors in its moderate financial risk
profile marked by moderate capital structure and debt protection
metrics and its moderate order book providing revenue visibility
over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Limited track record of operations: LI's scale of operations are
modest with limited track record of operations, as indicated by
its revenues of INR33 crores in fiscal 2017 (refers to financial
year, April 1 to March 31) , its first full year of operations.

* Intense competition in the construction industry.
Construction and civil works sector is highly fragmented with the
presence of very large companies as well as smaller local players.
While large players operate in several sectors including roads,
hydel projects, thermal plants and urban infrastructure, smaller
players specialize in one or two business segments. Similarly, LI
specializes in civil construction projects mainly in roads & over
bridges and irrigation.

Strengths

* Partners' extensive experience and its established relationships
with key customers and suppliers: LI is promoted and managed by
Mr. N Srinivasa Rao who is engaged in civil construction work
since 1994, which reflects large experience in the business and
its established relationships with key customers and suppliers.

* Moderate order book providing revenue visibility:  LI has
moderate unexecuted order book of INR50 crores as on May, 2017 to
be executed over the next 12 months which provides moderate
revenue visibility for the medium term.

* Moderate financial risk profile:  LI has moderate financial risk
profile marked by estimated gearing of 0.3 times and moderate debt
protection metrics with estimated net cash accruals to total debt
(NCATD) and interest coverage of 0.89 times and 4.1 times,
respectively for 2016-17. This is due to its moderate net cash
accruals and higher debt contracted to meet its working capital
requirements.

Outlook: Stable

CRISIL believes that LI will benefit over the medium term from the
long standing experience of its partners and its established
relationship with its key customers and suppliers. The outlook may
be revised to 'Positive' if LI's revenues and profitability
continue to improve while maintaining its capital structure.
Conversely, the outlook may be revised to 'Negative' if LI's
revenue and profitability deteriorates or if there is a delay in
receipt of bills from various principal contractors leading
deterioration in financial risk profile.

Established in November, 2015 as a partnership firm, LI is engaged
in civil construction mainly in activities like irrigation and
roads & bridges. Based in Vijaywada (Andhra Pradesh), the firm is
promoted and managed by Mr.N Srinivasa Rao. LI started its
commercial operations in April, 2016.

For fiscal 2017, LI is estimated to report profit after tax (PAT)
of INR1.35 crores on net sales of INR33.9 crores.


M.K. ROY: CRISIL Reaffirms 'B' Rating on INR5.42MM LT Loan
----------------------------------------------------------
CRISIL Ratings has been consistently following up with M. K. Roy
and Bros. Project Private Limited (MKRBPPL) for obtaining
information through letters and emails dated March 6, 2017, and
March 22, 2017, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          4.5       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit             5.15      CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      5.42      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Term Loan               0.18      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 M. K. Roy and Bros. Project
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 M. K. Roy and Bros. Project
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 reaffirmed the rating at 'CRISIL B/Stable/CRISIL A4'.

MKRBPPL, formed in 1989 as a proprietorship concern, was
reconstituted as a private limited company in 2000. The company,
promoted by Mr. M K Roy and family, is engaged in supply, design,
fabrication, and erection of storage tanks, and laying of
pipelines for transportation of petrochemical products; it also
undertakes welding, testing, and repair works.


METALLOY IMPEX: CRISIL Reaffirms 'B' Rating on INR8.25MM Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Metalloy
Impex (MI) for obtaining information through letters and emails
dated February 7, 2017, and March 6, 2017, among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Purchase-          .75       CRISIL A4 (Issuer Not
   Discounting                       Cooperating; Rating
   Facility                          Reaffirmed)

   Cash Credit            8.25       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 Metalloy Impex. This restricts
CRISIL's ability to take a forward looking view on the credit
quality of the entity. CRISIL believes that the information
available for Metalloy Impex 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 reaffirmed the rating at 'CRISIL
B/Stable/CRISIL A4'.

Established in 2011, MI trades in stainless steel scrap, ferrous
and non-ferrous metal scrap. The firm sells its products primarily
in Rajkot (Gujarat). The firm is promoted by Kishor Patel.


MEWAR UNIVERSITY: CRISIL Reaffirms 'D' Rating on INR29.67MM Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facility of Mewar University (MU) at 'CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              29.67      CRISIL D (Reaffirmed)

The rating continues to reflect delays in servicing debt on
account of cash flow mismatch and tight liquidity. The trust also
has geographical concentration in revenue and susceptibility to
regulatory risks associated with educational institutions.
However, MU benefits from the extensive experience of its
trustees.

Key Rating Drivers & Detailed Description

Weakness

* Delays in servicing term debt due to cash flow mismatch and
tight liquidity: Delays in realisation of large receivables
(against government scholarships) and uneven cash flow led to
constrained liquidity, which resulted in delays in debt servicing.

* Exposure to intense competition and geographical concentration
in revenue: MU has to compete with other educational institutes.
Also, entire income comes from a single campus in Chittorgarh,
Rajasthan.

* Vulnerability to regulatory risks associated with educational
institutions: Courses offered by MU have to comply with specific
operational and infrastructure norms set by regulatory bodies such
as the All India Council for Technical Education and state
authorities. This leads to significant compliance requirements and
restricts any substantial increase in revenue.

Strengths

* Established regional position in the education sector: MU is
backed by the reputation of Mewar Education Society (MES), which
has presence of over a decade in the education segment.

MU was set up in 2008 in Chittorgarh under MES and became an
autonomous university in 2009. It offers degrees in engineering,
computer application, management and law. MES is only a sponsoring
body with six members on MU's board.

For fiscal 2016, surplus was INR10 crore on income of INR42.6
crore, against INR13.8 crore and INR48.2 crore, respectively, in
the previous fiscal.


MOHAN GEMS: CRISIL Reaffirms D Rating on INR225MM Term Loan
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Mohan Gems
and Jewels Private Limited (MGJPL) 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             100       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Funded Interest          25       CRISIL D (Issuer Not
   Term Loan                         Cooperating; Rating
                                     Reaffirmed)

   Working Capital         225       CRISIL D (Issuer Not
   Term Loan                         Cooperating; Rating
                                     Reaffirmed)
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. 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 Mohan Gems and Jewels 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 Mohan Gems and Jewels 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
reaffirmed the rating at 'CRISIL D'.

MGJPL, promoted by Mr. Murari Lal Soni, is a private limited
company incorporated in 2006. It manufactures gold jewellery
ranging from 18 to 24 carats. The company also has a retail
showroom in the Karol Bagh area of Delhi.


NOVA AGRI: CRISIL Assigns 'B' Rating to INR4MM Cash Loan
--------------------------------------------------------
CRISIL Ratings has revoked the suspension of its ratings on the
bank facilities of Nova Agri Sciences (P) Limited (NASPL) and has
assigned its 'CRISIL B/Stable' rating to the facilities. CRISIL
had, on September 27, 2016, suspended the rating as NASPL had not
provided information required for a rating review. NASPL has now
shared the requisite information, enabling CRISIL to assign a
rating to its bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              4        CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

   Term Loan                2.5      CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

The rating reflects NASPL's exposure to risks inherent in domestic
agrochemicals market, fluctuations in raw material prices,
successful acceptance of its new products and weak financial risk
profile. These rating weaknesses are partially offset by the
extensive industry experience of its promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to risks inherent in domestic agrochemicals market,
fluctuations in raw material prices, and successful acceptance of
its new products:  The industry is marked by intense price and
product competition from local players and multi-national
companies. Acceptability of the product is yet to be seen. NSAPL's
operating margin will remain susceptible to high competition from
domestic players and increase in raw material prices.

* Weak financial risk profile:  NASPL has weak financial risk
profile marked by modest net worth and below-average debt
protection metrics.

Strengths

* Extensive industry experience of the promoters:  NSAPL is aided
by the extensive experience of its promoters in the manufacturing,
and marketing of bio fertilizers and micro nutrients for a period
of over a decade.
Outlook: Stable

CRISIL believes that NASPL will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' if the company records higher
revenues and profitability, leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if there is decline in profitability resulting in
weakening of its financial risk profile.

Incorporated in the year 2010, NASPL is engaged in the business of
manufacturing of pesticides both liquids and wettable powders.
Promoted by Mr. Mohammed Ali and Mr. Yeluri Sambasiva Rao, the
company is operates a unit at Singannaguda, Medak district
(Telangana).

Net loss was INR0.11 crore on revenue of INR2.33 crore in fiscal
2017, against net loss of INR0.2 crore on revenue of INR0.75 crore
in fiscal 2016.


ONE STOP ENTERTAINMENT: CRISIL Reaffirms 'B' on INR8MM Term Loan
----------------------------------------------------------------
CRISIL has been consistently following up with One Stop
Entertainment Private Limited (OSEPL) 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
   ----------         ---------     -------
   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 One Stop Entertainment 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 One Stop Entertainment Private Limited
is consistent with 'Scenario 3' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' category or
lower. Based on the last available information, CRISIL has
reaffirmed the rating at 'CRISIL B/Stable'.

Incorporated in 2010, OSEPL is setting up a resort-cum-
entertainment centre on the outskirts of Bhopal (Madhya Pradesh).
The promoter, Mr. Avneet Singh Marwaha, oversees OSEPL's daily
operations.


ORISSA DIESEL: CRISIL Reaffirms B+ Rating on INR3.12MM Loan
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Orissa
Diesel Engines Private Limited (ODEPL) for obtaining information
through letters and emails dated March 6, 2017, and March 22,
2017, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          0.7       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit             3.3       CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Corporate Loan          0.29      CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Electronic Dealer       3.12      CRISIL B+/Stable (Issuer Not
   Financing Scheme                  Cooperating; Rating
   (e-DFS)                           Reaffirmed)

   Proposed Long Term      0.32      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Term Loan               0.47      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 Orissa Diesel Engines 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 Orissa Diesel Engines Private Limited is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower. Based on the last available information, CRISIL has
reaffirmed the rating at 'CRISIL B+/Stable/CRISIL A4'.

Set up in 1992, ODEPL is an authorised dealer of Ashok Leyland Ltd
(ALL) in Bhubaneswar, Puri, Nayaghar, Ganjam, and Gajpati (all in
Odisha). The company also deals in spare parts, and provides
servicing facilities for ALL and Force Motors Ltd, as well as for
other principals such as Tourbo Energy Ltd and Simpson & Company
Ltd. The company has recently entered the three-wheeler market by
taking up dealership of Atul Auto Ltd (rated 'CRISIL A/Stable').
The operations are managed by Mr. A K Patnaik.


PANDA INFRAPROJECT: CRISIL Reaffirms B Rating on INR15MM Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Panda
Infraproject Limited (PIPL) 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 Ratings thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           10       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit              15       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 Panda Infraproject 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 Panda Infraproject 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 reaffirmed the
rating at 'CRISIL B/Stable/CRISIL A4'.

PIPL was founded in September 2002 by Odisha-based Mr. Pratap
Kishore Panda and his wife Ms. Sujata Panda. The company
constructs and repairs roads in Balasore, Keonjhar, and Khurda in
Odisha. It also repairs buildings.


PRACHIN FOUNDATION: CRISIL Reaffirms 'D' Rating on INR7.09MM Loan
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Prachin
Foundation for obtaining information through letters and emails
dated January 23, 2017, and February 13, 2017, among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          7.09      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      2.91      CRISIL D (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 Prachin Foundation. 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 Prachin Foundation is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with Crisil B Rating category.or Lower' Therefore, on
account of inadequate information and lack of management co-
operation, CRISIL is Reaffirming  the rating at 'CRISIL D'.

Prachin, based in Hyderabad (Telangana), was established by Mr. G
Satyanarayana in June 2009. The society has a franchisee agreement
with GIFL, Singapore, to manage the Global Indian International
School. The school offers education from pre-school to high school
level. Its operations are managed by Mr. A Venkateswara Rao.


R T EXPORTS: CRISIL Reaffirms 'D' Rating on INR14.95MM Term Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with R T Exports
Limited (RTEL) for obtaining information through letters and
emails dated January 23, 2017, and February 13, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

CRISIL thus gave this rating:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              14.95      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of R T Exports 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 T Exports Limited is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with Crisil B Rating category.or Lower' Therefore, on
account of inadequate information and lack of management co-
operation, CRISIL is Reaffirming  the rating at 'CRISIL D'.

RTEL was incorporated in 1980 and has since been engaged in the
export of agri products, mainly Basmati rice. The company also has
a warehouse facility in Bundi (Rajasthan), which it leases out to
Food Corporation of India (FCI) and some other clients.


RAGHAV COTSPIN: CRISIL Reaffirms 'B' Rating on INR22MM Loan
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Raghav
Cotspin Private Limited (RCPL) for obtaining information through
letters and emails dated January 27, 2017, and March 3, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              8        CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan               22        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 Raghav Cotspin 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 Raghav Cotspin 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
reaffirmed the rating at 'CRISIL B/Stable'.

Incorporated in 2013, RCPL is promoted by the Gondal (Gujarat)-
based Gajera family. The company is setting up a unit to spin
cotton yarn of 30s count, which is expected to commence operations
in April 2016.


RAJPAL CARGO: CRISIL Reaffirms B+ Rating on INR5MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Rajpal
Cargo Movers Private Limited (RCMPL) 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; Rating
                                     Reaffirmed)

   Proposed Long Term       2.23     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 Rajpal Cargo Movers 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 forRajpal Cargo Movers Private Limited is
consistent with 'Scenario 3' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' category or
lower. Based on the last available information, CRISIL has
reaffirmed the rating at 'CRISIL B+/Stable'.

RCMPL was incorporated in 2000 as Rajpal Cargo Movers South Pvt
Ltd by Mr. Surinder Singh and his family members and was renamed
as Rajpal Cargo Movers Pvt Ltd in 2004. It provides inland
logistics (by road) services, mainly to steel manufacturing
companies in Karnataka and Maharashtra.


RAM MEHER: CRISIL Reaffirms B+ Rating on INR5.1MM LT Loan
---------------------------------------------------------
CRISIL Ratings has been consistently following up with Ram Meher
Infradevelopers Private Limited (RMIPL) for obtaining information
through letters and emails dated February 6, 2017, and March 27,
2017, 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               1.4       CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      5.1       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Term Loan               5.0       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 Ram Meher Infradevelopers
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 Ram Meher Infradevelopers
Private Limited is consistent with 'Scenario 3' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BBB' category or lower. Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL B+/Stable'.

RMIPL was incorporated in 2009 by the Agra based family. The
company is engaged into residential real estate development in
Agra. The company is being promoted by Mr. Ram Vinod Singh, Mr.
Ravi Singhal, Mr. Girish Chand Goyal and Mr. Nitish Goyal. The
company is implementing a residential real estate project with
total cost of INR206.7 million. The project was launched on
January 2015 and is expected to be completed by June 2018.


SAAKAAR CONSTRUCTIONS: CRISIL Reaffirms B Rating on INR5MM Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facility of Saakaar Constructions Private Limited (SCPL) at
'CRISIL B/Stable'.

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

The rating continues to reflect slow booking progress in its
ongoing project, resulting in subdued flow of advances, and
exposure to risks and cyclicality inherent in the real estate
sector. These weaknesses are partially offset by promoters'
extensive experience in the real estate industry and established
brand in Patna (Bihar).

Key Rating Drivers & Detailed Description

Weaknesses

* Slow booking progress in ongoing project resulting in demand and
funding risks:  The ongoing project is exposed to demand and
funding risks as slowdown in demand has resulted in low bookings.
This has also led to slower flow of advances, leading to high
funding risk.

* Exposure to risks and cyclicality inherent in the real estate
industry:  PPPL remains exposed to inherent risks and cyclicality
associated with the Indian real estate industry because of a
highly fragmented market structure due to the presence of several
regional players.

Strength

* Extensive experience of promoters and established brand:  The
promoters' experience of over two decades has helped them
developed good understanding of industry dynamics. Furthermore,
longstanding presence has enabled establishment of, Saakaar, as a
brand in Patna.

Outlook: Stable

CRISIL believes SCPL will continue to benefit over the medium term
from its promoters' extensive experience. The outlook may be
revised to 'Positive' in case of higher-than-expected cash flow
from operations, resulting from accelerated booking of its
projects and improved flow of advances along with adequate
construction progress. Conversely, the outlook may be revised to
'Negative' if significantly lower-than-expected cash flow from
operations, either because of subdued response to its project or
lower-than-envisaged flow of advances, weakens the financial risk
profile, particularly liquidity.

Incorporated in October 1996, SCPL develops residential real
estate in Patna. It sells its projects under the Saakaar brand. Mr
Sudip Kumar, Mrs Smita Choudhury, Mr Jitendra Nath Gupta, Ms Usha
Agarwal, and Mr Ravi Talwar are the directors.

For fiscal 2016, SCPL reported a profit after tax of INR1.48 crore
on an operating income of INR19.21 crore against INR0.74 crore and
INR17.08 crore, respectively, for the previous fiscal.


SATYA JEWELLERS: CRISIL Reaffirms B Rating on INR3MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Satya
Jewellers (SJ) 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              3        CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan           1.72     CRISIL B/Stable(Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Overdraft                2        CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term        .28     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 Satya Jewellers. 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 Satya Jewellers 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 reaffirmed the rating at 'CRISIL
B/Stable/CRISIL A4'.

SJ, a proprietorship concern, was established in 1980 by Mr.
Shelender Verma. The firm retails gold and diamond-studded
jewellery through its establishment in Mall Road, Shimla.


SHIVA GRAMODYOG: CRISIL Reaffirms B Rating on INR2.5MM Loan
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Shiva
Gramodyog Sewa Sansthan (SGSS) 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
   ----------          ---------     -------
   Proposed Fund-          2.5       CRISIL B/Stable (Issuer Not
   Based Bank Limits                 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 Shiva Gramodyog Sewa Sansthan.
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 Shiva Gramodyog Sewa Sansthan 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
reaffirmed the rating at 'CRISIL B/Stable'.

SGSS set up as a not-for-profit society, is managed by its
secretary Mr. Rajender Kumar and chairperson Mr. Jogshewar Singh.
Located in Kanpur district (Uttar Pradesh), the society is engaged
in various schemes operated by the state and central governments
in Kanpur and surrounding areas. The schemes include running the
National Urban Livelihood Mission (NULM), old-age home, shelter
home scheme, Kishori Shakti Yojana, providing training to
Anganwadi teachers, and some other government-mandated schemes.


SHRADDHA GEMS: CRISIL Reaffirms B+ Rating on INR2.25MM Loan
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Shraddha
Gems for obtaining information through letters and emails dated
February 8, 2017, and March 6, 2017, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

CRISIL thus gave these ratings:

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Export Packing Credit      2.25      CRISIL B+/Stable (Issuer
                                        Not Cooperating; Rating
                                        Reaffirmed)

   Post Shipment Credit       5.25      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 Shraddha Gems. This restricts
CRISIL's ability to take a forward looking view on the credit
quality of the entity. CRISIL believes that the information
available for Shraddha Gems is consistent with 'Scenario 2'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB' category or lower. Based on the last
available information, CRISIL has reaffirmed the rating at 'CRISIL
B+/Stable/CRISIL A4'.

Shraddha, set up in 1990 as a partnership firm, is engaged in
cutting and polishing of diamonds. The firm also trades in
polished diamonds. The firm derives around 60 per cent of its
revenues from trading in diamonds, and the balance 40 per cent
from processing of diamonds. The firm currently has four partners
Mr. Ashwin Sanghvi, Mr. Babulal Shah, Mrs. Chetna Shah and Mrs.
Sonal Shah.


SHREE VISHWAKARMA: CRISIL Reaffirms 'B' Rating on INR6MM Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shree
Vishwakarma Cold Storage (SVCS) 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
   ----------          ---------    -------
   Overdraft                6       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 Shree Vishwakarma Cold Storage.
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 Vishwakarma Cold Storage 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
reaffirmed the rating at 'CRISIL B/Stable'.

SVCS is a partnership firm set up in 1998 by Mr. Chamanlal
Rugnathji, Mr. Velaji Rugnathji, Mr. Thanaji Shankarji, Mr.
Rugnathji Dharmaji, and Mr. Chunilal Haraji. The firm is based at
Deesa, Banaskantha (Gujarat). It trades in potatoes and also
provides a cold storage facility for potatoes with a capacity of
13,500 tonnes.


SHRI GURU: CRISIL Reaffirms 'B' Rating on INR5MM Cash Loan
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Shri Guru
Stone Crusher Private Limited (SGSCPL) 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; Rating
                                     Reaffirmed)

   Term Loan                3        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 Shri Guru Stone Crusher 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 Shri Guru Stone Crusher 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
reaffirmed the rating at 'CRISIL B/Stable'.

Incorporated in 2012, the Rudrapur (Uttarakhand)-based SGSCPL is
promoted by Mr. Satnam Singh Bedi. It crushes boulders, picked up
from Kosi and Dabka river beds, at its crushing unit into stones
of various sizes (up to 65 millimetres); the unit began commercial
operations from September 2014. The company is managed by Mr.
Satnam Singh Bedi, Mr. Jasvinder Singh Bedi, and Mr. Hemant
Dwivedi.


SHRI RAM: CRISIL Assigns B+ Rating to INR3.0MM LT Loan
------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Shri Ram Autotech Private
Limited (SRAPL). The rating reflects the company's average
financial risk profile, and susceptibility to cyclicality in the
automobile industry. These weaknesses are partially offset by its
promoters' extensive experience in the automobile components
industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft               4.5       CRISIL A4
   Proposed Long Term
   Bank Loan Facility      3.0       CRISIL B+/Stable

Key Rating Drivers & Detailed Description

Weaknesses

* Average financial risk profile:  Debt protection metrics are
moderate, with interest coverage and net cash accrual to term debt
ratios estimated at 2.2 times and 0.13 time, respectively, in
fiscal 2017. Gearing was high, estimated at 3 times as on March
31, 2017.

* Susceptibility to cyclicality in the automobile industry:  The
company derives its entire revenue from the automobile industry,
which is inherently cyclical with performance linked to the
economy. The industry recently underwent a sharp downturn after
four years of robust sales growth, on account of high financing
cost, sharp contraction in credit, and macroeconomic slowdown.

Strength

* Extensive industry experience of the promoters:  The promoters'
experience of more than two decades in the automotive components
business has helped them build healthy relationships with
customers and suppliers.

Outlook: Stable

CRISIL believes SRAPL will continue to benefit from its
longstanding presence in the automobile components industry and
established relationships with customers. The outlook may be
revised to 'Positive' if a considerable increase in revenue, and
improvement in profitability and working capital cycle, lead to
higher-than-expected cash accrual, and hence, to a better
financial risk profile. The outlook may be revised to 'Negative'
if revenue or profitability declines, leading to lower-than-
expected cash accrual, weakening the financial risk profile,
particularly liquidity.

SRAPL, incorporated in 2010, manufactures automotive components
such as sheet metals, plastic moulded components, flanges, jigs,
and fixtures. It was established as a proprietorship firm in 1992
and was reconstituted as a private limited company in 2010. Its
manufacturing units are in Gurgaon and Faridabad in Haryana. The
company is promoted by Mr Rajesh Sharma, Mr Kartik Sharma, Mr
Santosh Sharma and Mr Mohit Sharma.

The company reported profit after tax of INR35 lacs on operating
income of INR36.27 crores as on 2015-16 as against PAT of INR3 lac
on operating income of INR17.82 crores in 2014-15.

The company reported operating income on provisional basis of
INR60.8 crores in 2016-17.


SRI VARALAKSHMI: CRISIL Reaffirms 'B' Rating on INR2.65MM Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sri
Varalakshmi Solvent Oils Private Limited (SVSOPL) 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             6         CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Cash           1.35      CRISIL B/Stable (Issuer Not
   Credit Limit                      Cooperating; Rating
                                     Reaffirmed)

   Term Loan               2.65      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 Sri Varalakshmi Solvent Oils
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 Varalakshmi Solvent Oils
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 reaffirmed the rating at 'CRISIL B/Stable'.

SVSOPL, incorporated in 2010, manufactures rice bran oil. SVSOPL,
promoted by Mr. Visweswara Rao and family, has its plant in
Kotabammali, Andhra Pradesh. The commercial operations started
from January 2012.


SUNRISE PROCESS: CRISIL Reaffirms B Rating on INR3MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of Sunrise Process Equipments (SPE).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              3        CRISIL B/Stable (Reaffirmed)

   Letter Of Guarantee      1.75     CRISIL A4 (Reaffirmed)

   Letter of Credit         1.75     CRISIL A4 (Reaffirmed)

   Packing Credit            .25     CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       3.25     CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect the firm's modest scale of
operations and below-average financial risk profile because of
small net worth, moderate gearing, and subdued debt protection
metrics. These weaknesses are partially offset by the extensive
experience of its proprietor in the pharmaceutical and chemical
equipment segment.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations:  With net sales of INR9.92 crore for
fiscal 2017, scale remains small, which limits advantages of
economies of scale available to players with larger volumes.
Subdued scale will continue to constrain business risk profile
over the medium term.

* Below-average financial risk profile:  Gearing is estimated to
be moderate at 1.3 times and net worth small at INR4.2 crore as on
March 31, 2017. Debt protection metrics were weak, with estimated
net cash accrual to total debt and interest coverage ratios of
over 0.08 time and 1.55 times, respectively, for fiscal 2017.

Strengths

* Extensive experience of proprietor:  Presence of more than two
decades in the equipment manufacturing industry has enabled the
proprietor to establish strong relationship with customers and
suppliers. Proprietor's experience will help maintain a stable
business risk profile over the medium term.

Outlook: Stable

CRISIL believes SPE will continue to benefit over the medium term
from the extensive experience of its proprietor. The outlook may
be revised to 'Positive' in case of significant and sustainable
growth in revenue, while maintaining operating margin and
improving capital structure. The outlook may be revised to
'Negative' if decline in revenue or operating margin, stretch in
working capital cycle, or large, debt-funded capital expenditure
further weakens financial risk profile.

Established in 1998 as a proprietorship concern by Mr. N
Chaudhari, SPE manufactures machinery and equipment for the
pharmaceutical and chemical sectors at its unit in Thane,
Maharashtra.

Estimated profit after tax (PAT) was INR32 lakh on net sales of
INR9.92 crore for fiscal 2017; PAT was INR15 lakh on net sales of
INR6.79 crore for fiscal 2016.


SURENDRA MINING: CRISIL Lowers Rating on INR55.2MM Term Loan to B
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Surendra
Mining Industries Private Limited (SMIPL) 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
   ----------          ---------     -------
   Term Loan               55.2      CRISIL B/Stable (Issuer Not
                                     Co-operating; 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 Surendra Mining 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 Surendra Mining 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 at 'CRISIL B/Stable'.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SMIPL and Vishal Metallics Pvt Ltd
(VMPL). This is because the two companies, together referred to as
the Surendra Mining group, are in the same line of business.
Furthermore, any shortfall in sponge iron requirement for SMIPL's
newly started billet manufacturing unit is planned to be met from
VMPL. Besides, both the companies will be merged over the medium
term, as indicated by the management.

SMIPL, incorporated in 2004, commenced operations as a
manufacturer of sponge iron with an installed capacity of 60,000
tonnes per annum (tpa) in Odisha. In January 2014, the company
forward integrated with the commencement of commercial operations
of its 90,000-tpa steel billet plant and 12-megawatt captive power
plant. The company belongs to the SN Mohanty group, which has been
in the business of iron ore mining in Odisha for over four
decades. VMPL also manufactures sponge iron with an installed
capacity of 60,000 tpa; its facility is located adjacent to
SMIPL's plant.


SUVILAS PROPERTIES: CRISIL Reaffirms 'B' Rating on INR35MM Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Suvilas
Properties Pvt. Ltd. (SPPL) for obtaining information through
letters and emails dated February 8, 2017, and February 23, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Project Loan             35       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 Suvilas Properties Pvt. Ltd..
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for Suvilas Properties Pvt. Ltd. is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B' category or
lower. Based on the last available information, CRISIL has
reaffirmed the rating at 'CRISIL B/Stable'.

SPPL is a Bengaluru (Karnataka)-based real estate Development
Company incorporated in 2012. Its day-to-day operations are
managed by the managing director Mr. Sunil Chowdary.


VINAYAK MINERALS: CRISIL Reaffirms B Rating on INR3MM Term Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Vinayak
Minerals (VM) for obtaining information through letters and emails
dated January 31, 2017, and March 3, 2017, among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             1.5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term       .5       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)


   Proposed Short Term      1        CRISIL A4 (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Term Loan                3        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 Vinayak Minerals. 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 Vinayak Minerals is consistent with 'Scenario 3'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BBB' category or lower. Based on the last
available information, CRISIL has reaffirmed the rating at 'CRISIL
B/Stable/CRISIL A4'.

Set up in February 2015 as a partnership firm, VM is promoted by
Mr. Uttam Vadhadiya and others. The firm is setting up a facility
to produce ceramic body clay with a capacity of 90,000 tonnes per
annum.



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


TAKATA: Bankruptcy Would Cloud Auto Industry's Biggest Recall
-------------------------------------------------------------
Kevin Buckland, Masatsugu Horie, and Ryan Beene at Bloomberg News
report that the expected bankruptcy of troubled air-bag maker
Takata Corp. isn't just a crisis for its employees and suppliers.
It also throws a wild card into one of the biggest and most
complicated recalls in automotive history, the report says.

Bloomberg says the Japan-based auto supplier has pledged to recall
and replace tens of millions of defective air-bag inflators used
by 19 car and truck makers around the world, from Tesla Inc. to
Toyota Motor Corp.  Bloomberg relates that a filing to restructure
in U.S. bankruptcy court, which could come as early as today, June
26, according to people familiar with the matter, doesn't relieve
a manufacturer of recall responsibilities. However, should its
financial assets be exhausted before all the work is done,
carmakers may have to cover the difference.

U.S. bankruptcy laws permit a would-be buyer to acquire Takata's
desirable assets, but not necessarily assume unwanted liabilities
-- including recall obligations, Bloomberg relates citing Robert
Rasmussen, a University of Southern California law professor
specializing in corporate reorganizations.

Funds raised by an asset sale would go toward funding Takata's
production of replacement parts, Mr. Rasmussen, as cited by
Bloomberg, said. U.S. law treats a manufacturer's recall
obligations in bankruptcy as a claim of the U.S. government and
they receive priority "to ensure that consumers are adequately
protected from any safety defect" in a manufacturer's products,
according to statute.

"The big risk is how much are the assets worth versus what's the
cost to do the replacements," Bloomberg quotes Mr. Rasmussen as
saying.

Scott Upham, president of Valient Market Research, estimates that
automakers and suppliers globally face $5 billion in future costs
tied to the recalls, about $2 billion of which can be tied to
Takata. He estimates a Takata asset sale will generate about $1.5
billion to $2 billion, Bloomberg discloses.

"There's not enough money," Bloomberg quotes Mr. Upham as saying.
Automakers may have to cover any shortfall, Mr. Upham said.

Bloomberg notes that the car companies have already shifted
business away from Takata and toward rivals for about 70% of the
parts to repair the millions of vehicles recalled for the
company's defective airbag inflators, which can explode with too
much force and spray drivers and passengers with metal and plastic
shards. That should assure enough new inflators for the estimated
100 million defective ones forecast to be replaced worldwide.

Only 38 percent of the 43 million air bag inflators under recall
in the U.S. had been repaired as of May 26, Bloomberg discloses
citing data on the U.S. Department of Transportation's National
Highway Traffic Safety Administration website. In Japan, 73% of
the close to 19 million air bags under recall have been repaired,
a spokesman at the country's transport ministry said this month.

At least 17 deaths have been linked to the devices worldwide.
Mounting liabilities associated with the faulty airbags have
forced Takata to seek a buyer that would see it through a costly
restructuring process, says Bloomberg. A Takata steering committee
has recommended Key Safety Systems Inc. -- the U.S. air-bag maker
owned by China's Ningbo Joyson Electronic Corp. -- as the
preferred bidder, and bankruptcy filings would bring the Japanese
company a step closer to a sale, according to Bloomberg.

The challenges for the acquirer are manifold, Bloomberg notes.
Takata posted its third-straight annual loss even without
including the full costs of repairing millions of air bags, which
automakers are now paying for, Bloomberg says. It faces a talent
exodus and auto industry distrust, the report adds.

"It would be hard for Key Safety Systems to put in huge amounts of
money if there's no guarantee against unexpected liabilities,
after any deal," Bloomberg quotes Mitsuhiro Harada, a researcher
at Tokyo Shoko Research, as saying. "Takata is making money in
non-airbag operations, so if they can drastically cut recall-
related debt through bankruptcy, they can surely revive soon."

Automakers have avoided supply disruptions by sourcing replacement
parts from Takata competitors Autoliv Inc., ZF-TRW and Daicel
Corp. Autoliv, for example, has already provided 15 million
replacement inflators and has orders for another 15 million into
2019, company spokesman Thomas Jonsson said, Bloomberg relays.

"We are working with suppliers to ensure a steady supply of
replacement inflators for our customers," Bloomberg quotes Kelly
Stefanich, a Toyota spokeswoman in Princeton, Indiana, as saying.
"We don't anticipate any supply disruptions at this time." Honda
Chief Executive Officer Takahiro Hachigo said at a June 16 media
briefing that the automaker hasn't heard any specifics about the
Takata bankruptcy plan.

The Japanese government has said it's focused on completing the
recall process and ensuring there's no disruption of the supply
chain, adds Bloomberg.

                         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: Demoted to Tokyo Exchange's Second Tier
-----------------------------------------------------
Nikkei Asian Review reports that Toshiba Corp. shares will be
reassigned to the Tokyo Stock Exchange's second section on
Aug. 1, the bourse said on June 23, demoting the industrial group
after yet another delay in the release of its latest annual
results.

According to the report, Toshiba on June 23 postponed issuing its
securities report for the year ended March 31 until Aug. 10. The
Kanto Local Finance Bureau approved the extension beyond the
June 30 deadline, Nikkei says.

This marks the fifth time the Tokyo-based company has pushed back
the release of the report and quarterly earnings statements, the
report notes.

Nikkei says the TSE requires companies with negative shareholder
equity to be demoted to the second section -- a rule that Sharp
ran afoul of last year. The latter company is now readying to
apply to return to the first section, the report states. A drop
down to the second section means a company is automatically
removed from the Nikkei Stock Average and the broader Topix index,
according to Nikkei.

Nikkei adds that Toshiba also on June 23 revised up its estimated
negative shareholder equity as of the March fiscal-year-end to
JPY581.6 billion ($5.22 billion) from JPY540 billion. Its forecast
group net loss widened to JPY995.2 billion from JPY950 billion
owing to increased provisions against litigation and higher loan
guarantee liabilities for Westinghouse Electric, a former
subsidiary that filed for Chapter 11 bankruptcy protection in the
U.S. in March.

Toshiba's delays in finalizing its annual results reflect
continued disagreement with auditor PricewaterhouseCoopers Aarata
over when to recognize losses on Westinghouse nuclear power plant
projects, Nikkei states.

Nikkei adds that the TSE is probing Toshiba's internal controls
and will wait for the securities report before determining whether
to maintain the company's listing. A decision is not expected
until September at the earliest, the report says.

Toshiba President Satoshi Tsunakawa told reporters that the
industrial group "is working to strengthen our internal controls,
and we hope to keep our position as a listed company," adds
Nikkei.

                           About Toshiba

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

As reported in the Troubled Company Reporter-Asia Pacific on
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: Chip Unit Deal 'Not Finished', SK Chairman Says
-------------------------------------------------------------
Yonhap News Agency reports that SK Group Chairman Chey Tae-won
said on June 23 its semiconductor arm's move to join the
acquisition of Toshiba Corp.'s chip business is "not finished,"
hinting there are still challenges moving forward.

Yonhap relates that the remark came as a global consortium
including South Korea's SK hyinx Inc. was tapped as the preferred
bidder for the sale of the memory arm of Japanese tech giant
Toshiba earlier last week.

The consortium included Japanese players and U.S. Bain Capital.
Taking anti-monopoly regulations into account, SK hynix is
expected to join the consortium by offering loans, instead of
directly contributing to buy the chipmaking operation, Yonhap
notes.

According to Yonhap, Mr. Chey's remarks come as many in the
industry said the arrangement could face hurdles down the road, as
U.S.-based Western Digital filed a request for arbitration with an
international court, demanding exclusive negotiation rights.

Japanese media reported that Toshiba is seeking to have Western
Digital join the consortium, which would emerge as yet another
variable for the deal, Yonhap says.

If SK hynix secures at least half of Toshiba's shares, it will
immediately grow to become the second-largest player in the NAND
market, although it is more likely to only take over 15% of the
combined stake in the consortium, Yonhap states. Even with this
modest share, the deal can play a crucial role in the company's
efforts to seek sustainable growth and position itself well going
forward, the industry watchers said, adds Yonhap.

                           About Toshiba

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

As reported in the Troubled Company Reporter-Asia Pacific on
June 19, 2017, S&P Global Ratings said it has kept its 'CCC-'
long-term and 'C' short-term ratings on Japan-based capital goods
and diversified electronics company Toshiba Corp. on CreditWatch
with negative implications.  The long- and short-term ratings on
Toshiba have remained on CreditWatch with negative implications
since December 2016, when S&P also lowered the long-term ratings
because of a likelihood that the company might recognize massive
losses in its U.S. nuclear power business.  S&P kept them on
CreditWatch negative when it lowered the long- and short-term
ratings in January 2017 and when S&P lowered the long-term
ratings in March 2017.

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



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


GOLOMT BANK: S&P Affirms 'B-' ICR; Outlook Revised to Stable
------------------------------------------------------------
S&P Global Ratings revised its outlooks on Trade And Development
Bank of Mongolia LLC (TDB) and Golomt Bank of Mongolia to stable
from negative.  At the same time, S&P affirmed its 'B-' long-term
and 'B' short-term issuer credit ratings on both the Mongolian
banks.  In addition, S&P affirmed its 'B-' long-term and 'B'
short-term issue ratings on TDB's debt.  S&P also affirmed its
'B-' long-term and 'B' short-term issuer credit ratings on
Development Bank of Mongolia (DBM).  The outlook on DBM remains
stable.

The rating actions reflect S&P's view that the Mongolian banking
industry's reliance on external funding has reduced even though
overall funding conditions remain tight.  S&P has revised its view
of the country's banking sector industry risk trend to stable from
negative.  In S&P's base case, it expects that the banking
sector's two-year average net external debt as a percentage of
total domestic loans will peak by end-2017 and then trend below
20%, the threshold supporting our current assessment.

S&P's assessment of industry risk also considers the banking
sector's slowing loan growth and declining foreign currency loans.
These trends reduce the need for banks to issue cross-border
foreign currency bonds to finance their domestic loan growth.  S&P
also notes that the International Monetary Fund's funding program
and the successful refinancing of DBM's U.S. dollar-denominated
bond in March 2017 improved external funding conditions and
confidence.  In S&P's opinion, dependence on cross-border funding
can destabilize the Mongolian banking sector's overall funding
profile, particularly during times of distress when access to
liquidity can be restricted.

S&P continues to view Mongolia's debt capital markets to be narrow
and shallow.  Domestically, the competition for core customer
deposits, the key source of funding for banks, remains tight at
around 56% of system loans (including corporate loans made by DBM,
which are not funded by customer deposits) at the end of 2016.
While S&P expects this ratio to slightly decline over the next
couple of years, S&P believes its current funding risk assessment
adequately captures this risk.

The economic risk trend for Mongolia remains stable and at the
extremely high risk level.  S&P's assessment reflects the
country's low income per capita, still increasing banking sector
credit losses, declining house prices, cyclical exposures to the
volatile mining sector, weak payment culture, and unfavorable rule
of law for creditors.  S&P sees the economy to be still in a
correction phase, along with the continuation of current account
deficit.  S&P expects these trends to continue over the next
couple of years with longer-term improvement potential depending
on successful new government policies and foreign direct
investment.

Mongolia is a small, narrowly diversified economy with low income
levels and high reliance on the mining sector.  The economy is
also vulnerable to the commodity cycle.  Solid long-term economic
growth prospects due to abundant natural resources, together with
some progress in economic stabilization temper these weaknesses.

             TRADE AND DEVELOPMENT BANK OF MONGOLIA LLC

The revised outlook on TDB reflects the improved industry funding
conditions, which S&P believes will have a positive effect on the
bank's operations.  S&P expects TDB to maintain its overall credit
profile over the next 18-24 months despite some asset quality
pressures in line with the industry trend.  The affirmed rating
considers the bank's strong market position, which is moderated by
a very low risk-adjusted capital ratio and large corporate loan
concentrations.

                      GOLOMT BANK OF MONGOLIA

The revised outlook on Golomt also reflects the likely positive
effect on the bank's operations from improved industry funding
conditions.  S&P expects Golomt to maintain its overall credit
profile over the next 18-24 months notwithstanding its higher
appetite for loan growth and some pressure on asset quality in
line with the industry trend.  The affirmed rating on Golomt
reflects the combination of the bank's improved management and
governance and weakening capital and earnings.  S&P's positive
revision of Golomt's management governance score lifts a previous
constraint to its strong business position.  At the same time, S&P
revised downward its assessment of the bank's capital and earnings
to very weak from weak primarily due to expected thinning of
capital buffers from high credit growth notwithstanding potential
capital replenishing plans.

                    DEVELOPMENT BANK OF MONGOLIA

The affirmed rating on DBM with stable outlook reflects S&P's
assessment of the bank's almost certain likelihood of
extraordinary government support.  This is given DBM's critical
role of financing projects for Mongolia's economic development and
its integral link with the government despite the recent change in
its balance sheet structure.  The DBM law was recently revised--a
measure to render it more financially independent and better able
to sustainably achieve its policy functions.  The revision
resulted in a shrunken balance sheet, removing the bank's quasi-
fiscal related activities and carving out government budget
supported loans from its portfolio.  The rating and outlook on DBM
is equalized with those on the Mongolia sovereign and S&P no
longer maintains a stand-alone credit profile on DBM noting it is
not a significant rating driver given the bank's government-
related entity status.

BICRA Score Snapshot
SCORE
                              To                    From
BICRA*                        10                    10

Economic Risk*                10                    10
Economic Risk Trend           Stable                Stable
Economic Resilience           Very high risk        Very high risk
Economic Imbalances           Very high risk        Very high risk
Credit Risk In The Economy    Extremely high risk   Extremely high
risk

Industry Risk*                9                     9
Industry Risk Trend           Stable                Negative
Institutional Framework       Extremely high risk   Extremely high
risk
Competitive Dynamics          High risk             High risk
Systemwide Funding            Very high risk        Very high risk

*On a scale of 1 (lowest risk) to 10 (highest risk)

Ratings List

Ratings Affirmed; CreditWatch/Outlook Action
                                To                 From
Golomt Bank of Mongolia
Issuer Credit Rating           B-/Stable/B        B-/Neg./B

Trade and Development Bank of Mongolia LLC
Issuer Credit Rating           B-/Stable/B        B-/Neg./B

Ratings Affirmed

Development Bank of Mongolia
Issuer Credit Rating           B-/Stable/B

Trade and Development Bank of Mongolia LLC
Senior Unsecured                       B-
Short-Term Debt                        B



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


MAGNACHIP SEMICONDUCTOR: S&P Raises CCR to 'B-'; Outlook Stable
---------------------------------------------------------------
S&P Global Ratings raised its long-term corporate credit rating on
MagnaChip Semiconductor Corp. to 'B-' from 'CCC+'.  The outlook is
stable.  At the same time, S&P raised its issue rating on the
company's US$225 million notes due 2021 to 'B-' from 'CCC+'.
MagnaChip is a Korea-based analog and mixed-signal semiconductor
designer and manufacturer.

S&P upgraded MagnaChip mainly because it expects the company to
strengthen its operating and financial performances over the next
one to two years.  The improvement is primarily due to steady
demand growth in MagnaChip's major businesses and ongoing cost-
reduction efforts.

S&P believes that MagnaChip's improving internal cash flow
generation has increased its capacity to manage its debts coming
due in 2021 with better access to capital markets.  But the
company is still somewhat vulnerable to market volatility.

In S&P's view, MagnaChip can grow its display solution business
over the next two years because of the increasing adoption of
AMOLED technology for smartphones and other devices, given the
company's good relationship with the leading AMOLED panel makers.
Also, S&P anticipates its foundry business to show improving
profitability over the next 12 months mainly due to the high
utilization rate in its facilities with stronger market demand.

The company is currently making efforts to improve its operating
efficiency through headcount reduction, and S&P expects this
measure to affect its overall profitability somewhat positively
from the second half of 2017.  Under S&P's base case, it estimates
MagnaChip can improve its operating margin to 3%-6% over the next
one to two years, compared with 0.6% in 2016 and negative EBITDA
in 2015.

Notwithstanding this, S&P believes the company's operating
performances are still susceptible to industry volatility because
of its relatively small scale and less competitive technological
capabilities.  As such, S&P revised its assessment of the
company's business risk profile to weak from vulnerable.

S&P expects the recovery in MagnaChip's operating performance to
steadily improve its financial metrics.  However, given the
company's high debt level and still relatively low profitability,
S&P expects credit metrics to remain highly leveraged over the
next one to two years.  Under S&P's base case, it expects the
company's adjusted debt-to-EBITDA ratio to be around 5x-7x in 2017
and 2018, compared with 8.8x in 2016.

S&P believes MagnaChip's enhancing operating performance, if
sustained, can improve its access to capital markets and leave the
company in a better position to address its large debt maturities
in 2021.  The company's issuance of US$86 million exchangeable
notes in January 2017 indicates its improving access and reduces
its liquidity risk with a significant cash position.  S&P has
therefore revised its assessment on the company's liquidity to
adequate from less than adequate.

The stable outlook reflects S&P's expectation that MagnaChip will
further recover its operating cash flows over the next one to two
years, albeit at a modest pace, mainly due to demand growth in its
display solution products and foundry business.

S&P may lower the ratings if MagnaChip's profitability
deteriorates significantly, possibly due to a material weakening
of its market position or key customer relationships, and, as a
result, S&P sees heightening risk on sustaining its highly
leveraged capital structure.  Significantly increasing liquidity
risk and a rapidly shrinking cash level would also pressure the
ratings.  S&P could also lower the ratings if the company's
financial policy, such as shareholders' returns, becomes
significantly more aggressive than S&P factors into the current
rating.

S&P could raise the ratings if the company significantly improves
operating profitability and generates positive free operating cash
flows, resulting in its debt-to-EBITDA ratio approaching 4.0x on a
sustainable basis.


SK HYNIX: Moody's Says Toshiba Deal May Cut Financial Flexibility
-----------------------------------------------------------------
Moody's Investors Service notes that SK Hynix Inc.'s (Ba1
positive) participation in a consortium selected as a preferred
bidder for Toshiba Corporation's (Caa1 negative) memory business,
Toshiba Memory Corporation (TMC).

In Moody's view, the transaction and related cash outlays, if
successful, would reduce SK Hynix's financial flexibility, while
whether the company can have access to TMC's technology and cash
flows is uncertain.

However, the potential impact on SK Hynix's credit quality could
be mitigated by the company's robust operating performance,
assuming that it will have a minority stake in the consortium.

Given tight supply and demand conditions in the memory chip
market, Moody's expects that SK Hynix will generate around KRW12
trillion in operating cash flow in 2017.

The company is planning around KRW7 trillion in capex. As a
result, it will have excess cash to deploy.

However, if the company assumes a significant share of funding for
the consortium, such that it exceeds its free cash flow, pressure
could arise on its rating and outlook.

Toshiba and the consortium are seeking to come to a definitive
agreement by June 28, and to close the transaction by March 2018,
upon clearance of all the required processes, including
competition law approvals in key jurisdictions.

The positive outlook on SK Hynix's ratings continues to reflect
the increasing resilience of the company's credit profile through
industry cycles, underpinned by its solid market position in DRAM,
very low leverage, and strong liquidity.

The principal methodology used in this rating was Semiconductor
Industry Methodology published in December 2015.

SK Hynix Inc., a Korea-based company, is engaged in the design,
manufacture and sale of memory chips, such as DRAM and NAND flash
memory. It is 20.07%-owned by SK Telecom Co., Ltd. (A3 stable).



                             *********

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

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

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


                            *********


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

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

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

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

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



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