TCRAP_Public/170628.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Wednesday, June 28, 2017, Vol. 20, No. 127

                            Headlines


A U S T R A L I A

19 WICKHAM: Second Creditors' Meeting Set for July 6
COUNTRY SOLAR: First Creditors' Meeting Set for July 5
INFINTY CONTRACTING: Clifton Hall Appointed as Administrators
KINGSROSE MINING: Shareholders to Vote on Recapitalization Soon
NOVO IT: Administrators Probe Potential Breaches From Directors

PARKLANE ASSETS: Former Director Charged with Fraud
ZEPTER INTERNATIONAL: Second Creditors' Meeting Set for July 5


C H I N A

CHINA: 43% of Listed Firms Suspected of Faking Financial Reports


I N D I A

9PLANETS PRODUCTS: CRISIL Assigns D Issuer Not Cooperating Rating
AL MANAMA: CRISIL Reaffirms B+ Rating on INR12.4MM Cash Loan
ALKA FASHIONS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
APICORE PHARMACEUTICALS: Ind-Ra Affirms 'BB+' LT Issuer Rating
ARYABHATTA TUTORIALS: CARE Assigns B+ Rating to INR6cr LT Loan

C. DOCTOR: CARE Assigns B/A4 Ratings to INR20.20cr Bank Loan
CALYX SPACES: CARE Assigns B+ Rating to INR20cr LT Loan
ELLEN TEXTILES: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
FLEXI PLAST: CARE Assigns B Rating to INR5.40cr Long Term Loan
GANESHA INTERNATIONAL: CARE Assigns B+ Rating to INR4cr LT Loan

GVR AJMER: Ind-Ra Lowers Rating on INR3.187BB Bank Loan to 'D'
H. R. INTERNATIONAL: CRISIL Reaffirms D Rating on INR12MM Loan
J AND J PRECISION: CRISIL Reaffirms B- Rating on INR15MM Loan
JB ROLLING: CRISIL Lowers Rating on INR10MM Cash Loan to 'B'
KALPATHARU BREWERIES: CRISIL Reaffirms B Rating on INR5MM Loan

KOMMINENI INFOTECH: CARE Assigns B+ Rating to INR8cr LT Loan
KRISHNA TECHNOCHEM: CRISIL Reaffirms 'B' Rating on INR4.25MM Loan
LOTUS HOUSEHOLD: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
MAILAM SUBRAMANIYA: CARE Assigns B+ Rating to INR18.75MM Loan
NAMRATA DEVELOPERS: CRISIL Reaffirms 'B' Rating on INR14MM Loan

NAVJIVAN POLYFAB: Ind-Ra Assigns 'B' Long-Term Issuer Rating
NEW TUPLES: CARE Assigns 'B' Rating to INR5.06cr LT Bank Loan
ONKAR PLASTO: CARE Assigns 'B' Rating to INR2.73cr LT Loan
R. G. PIGMENTS: CRISIL Cuts Rating on INR3MM LT Bank Loan to B
RAVINDRA KUMAR: CARE Assigns 'B' Rating to INR9cr LT Loan

RC AUTOMOTIVE: CRISIL Reaffirms B- Rating on INR18MM Cash Loan
SAMRIDDHI RICE: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
SANDWOODS INFRATECH: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
SAOMYA FORTUNE: CRISIL Reaffirms 'D' Rating on INR15MM Loan
SHANTI PARBOILING: CARE Assigns B+ Rating to INR7.16cr LT Loan

SHIRT COMPANY: CRISIL Reaffirms B- Rating on INR43.81MM Loan
SHRI MARUTINANDAN: CARE Assigns B Rating to INR5.41cr LT Loan
SHRI SANKALP: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
SUJATHA FEEDS: CRISIL Reaffirms 'D' Rating on INR17.4MM Loan
TRIPURESHWARI AGRO: CARE Assigns B+ Rating to INR5.0cr LT Loan

TRIMURTI RE-ROLLERS: CARE Assigns B+ Rating to INR11cr Loan
ZENITH COMPUTERS: Pine Forest Files Insolvency vs Firm


J A P A N

TAKATA CORP: Automakers Sign $300M Accommodation Agreement
TAKATA CORP: Ch. 11 Debtors Propose to Pay $47.4M to Key Vendors
TAKATA CORP: Ch. 11 Debtors to Seek Ancillary Relief in Canada
TAKATA CORP: Ch. 11 Case Summary & 50 Top Unsec. Creditors
TAKATA CORP: Future Costs Still Unclear Even After Bankruptcy


N E W  Z E A L A N D

TINAKORI BISTRO: Creditors Have Until July 10 to File Claims


                            - - - - -


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


19 WICKHAM: Second Creditors' Meeting Set for July 6
----------------------------------------------------
A second meeting of creditors in the proceedings of 19 Wickham
Street Pty Ltd has been set for July 6, 2017, at 11:30 a.m., at
the offices of Melsom Robson Chartered Accountants, at 75A Brewer
Street, in Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 5, 2017, at 5:00 p.m.

George Aubrey Lopez and Evan Robert Verge of Melsom Robson were
appointed as administrators of 19 Wickham on March 21, 2017.


COUNTRY SOLAR: First Creditors' Meeting Set for July 5
------------------------------------------------------
A first meeting of the creditors in the proceedings of Country
Solar Pty Ltd will be held at Sturt Business Centre, 1/25 Sturt
Street, in Townsville City, Queensland, on July 5, 2017, at
11:00 a.m.

Richard Albarram, David Ross & Cameron Shaw of Hall Chadwick were
appointed as administrators of Country Solar on June 23, 2017.


INFINTY CONTRACTING: Clifton Hall Appointed as Administrators
-------------------------------------------------------------
Timothy Clifton and Daniel Lopresti of Clifton Hall were
appointed as Joint and Several Administrators of Infinty
Contracting Pty Ltd on June 13, 2017.

A meeting of creditors was held on June 22, 2017, at Clifton
Hall, Level 3, 431 King William Street, in Adelaide.


KINGSROSE MINING: Shareholders to Vote on Recapitalization Soon
---------------------------------------------------------------
Michael Quinn at PNGIndustryNews.net reports that Kingsrose
Mining is heading back towards life on the Australian Securities
Exchange with a mining executive being sought and shareholders to
soon vote on recapitalisation initiatives that have included
raising AUD6.55 million.

PNGIndustryNews.net relates that a meeting of creditors earlier
this month agreed to a deed of company arrangement that includes
conversion of convertible loans and debts owed to secured
creditors Michael Andrews and Great Golden Investment into
equity.  That will happen at a price of 4c per share, the same
price AUD6.55 million raised in a convertible note earlier this
year.

Meanwhile, Kingsrose's administrators are said to be in
discussions with potential new board members as the hunt for a
new chief executive officer gets under way, PNGIndustryNews.net
says.

Kingsrose went into administration at the end of 2016 as it
struggled to fund required operational changes at the Talang
Santo mine in Indonesia -- part of the company's Way Linggo
project.

Talang Santo contains resources of 1.4 million tonnes grading 8
grams per tonne gold for 360,000 ounces of gold, and is seen as
having substantial upside -- as is the broader epithermal region
being targeted by Kingsrose.

Way Linggo also comprises a 140,000 tonne per annum processing
plant that can be expanded to 200,000tpa at low capital cost, the
company said.

Kingsrose Mining Limited is an Australia-based company engaged in
production, exploration and development of its gold and silver
deposits at the Way Linggo project in south Sumatra, Indonesia.
The Company operates through gold and silver segment. The Company
produces gold and silver dore at its Way Linggo project in
Indonesia, which is refined locally in Indonesia to produce gold
and silver granules. The Way Linggo project is located on the
mineralized Trans-Sumatran fault, which is part of the Pacific
Rim of Fire. The Company is producing from its second mine on the
project area, Talang Santo. The Talang Santo is located within a
cluster of epithermal veining and is situated approximately 17
kilometers from the Way Linggo processing plant. The Talang Santo
mine includes Hanging Wall vein, Mawi vein and Splay vein. The
Company focuses on areas, including Talang Cluster, Mitra Jaya,
Way Handa, Rowo Rejo, Sindang Jaya, Petai Kayu and Talang Tebat
in the Way Linggo project.

Michael Joseph Patrick Ryan and Ian Charles Francis of FTI
Consulting were appointed as administrators of Kingsrose Mining
on Dec. 14, 2016.


NOVO IT: Administrators Probe Potential Breaches From Directors
---------------------------------------------------------------
Preliminary investigations by the administrators of Novo IT have
suggested there may have been offences and voidable transactions,
according to a Deloitte report to creditors obtained by CRN.

CRN relates that the administrators understood that prior to the
appointment of administrators, Novo IT's business operations
stopped trading and a new entity, Novo IT Australia, began
operating under a direct service agreement. Shares valued at
AUD250,000 were provided to Novo IT as part of the agreement.
However, this transfer of business did not receive the Australian
Taxation Office's approval, according to the report obtained by
CRN.

"In our opinion this transfer represents an uncommercial
transaction and would be voidable as to a liquidator if so
appointed. As such, we have included the transaction as
recoverable in all liquidation scenarios," the administrators, as
cited by CRN, said.

As previously reported by CRN, Novo IT director Stephen Chapman
said that the company in administration, Novo IT Pty Ltd, was
"one of our non-trading subsidiaries" and that the "principal
trading entity, Novo IT Australia Pty Limited, a wholly owned
subsidiary of the group, is unaffected".

The administrators also investigated transactions relating to
shareholder loan accounts identified in Novo IT accounts, CRN
says. According to the report to creditors, investigations
revealed the directors withdrew funds from the company, which was
recorded in a shareholder loan account, CRN relays.

"The loan account was periodically cleared and noted as a working
capital loan owing from ICT Vision Investment Holdings Pty Ltd.
We understand that this may be payment for the directors'
salaries. Our investigations into these transactions are
continuing with the assistance of the directors," the
administrators stated.

According to CRN, the administrators also identified more than
AUD80,000 in payments to the NSW Office of State Revenue (OSR).
According to the report, this could mean that an "unfair
preference" was given to the OSR if it is found that the company
was insolvent at the time the payments were made.

The administrators have stressed that the investigations are only
preliminary and are seeking further information relating to the
transactions, adds CRN.

CRN notes that there was 37% decrease in Novo IT's sales revenue
from the 2015 and 2016 financial years. The fall was attributed
to the company's decision to diversify revenue streams and build
direct relationships with clients as opposed to relying solely on
the marketing arrangement with Telstra and a sales director
retired from the business resulting in a decline in sales
revenue.

The report revealed that the agreement with Telstra represented
60% of Novo IT's referral business, CRN states.

CRN meanwhile reports that the directors have submitted a deed of
company arrangement (DOCA) as expected. The administrators have
recommended creditors to approve the DOCA as they believe this
would provide a bigger return to creditors as well as continued
employment by most of the employees, CRN says.

A Deed Fund will be established of up to AUD609,312 and the DOCA
proposal includes the extinguishment of the AUD1.8 million debt
with the ATO, CRN discloses.

If the ATO votes in favor of the DOCA, its debt will be
extinguished along with the debts of unsecured creditors and they
will be required to remove their security interests, as required
by the DOCA from both the company and its associated entities:
ACV (NSW) Pty Ltd, Devplus Pty Ltd & ICT Vision Investment
Holdings Pty Ltd, according to CRN.

Current employees would not have been included in the DOCA and
therefore will not be considered a priority if their situation
changes, adds CRN.

Novo IT is a managed services provider, formerly known as AVC and
was founded 28 years ago. The MSP partners with major vendors
including AWS, Cisco, Dell, Microsoft and Telstra.

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


PARKLANE ASSETS: Former Director Charged with Fraud
--------------------------------------------------
The former director of Parklane Assets Pty Ltd, Mrs. Gela Anne
Newitt, has been charged with fraud. Counsel for Mrs. Newitt
appeared on her behalf on June 7, 2017, in the Melbourne
Magistrates' Court.

Mrs. Newitt used Parklane to operate the Mentone Gardens
Supportive Care Home in Mentone, Victoria.

It is alleged that on two occasions in February 2009 and March
2009, Mrs. Newitt dishonestly obtained a financial advantage for
herself by falsely representing to residents of Mentone Gardens
that their deposit money would be held in a trust account and
that interest gained from this money would be used to reduce
accommodation fees.

It is also alleged that on two occasions in January 2010 and
July 2010, Mrs. Newitt dishonestly appropriated deposit money
belonging to residents of Mentone Gardens with the intention of
permanently depriving them of their money.

The charges were brought against Mrs Newitt following an ASIC
investigation into her conduct as the director of Parklane.

Mrs. Newitt did not enter a plea.

The matter was adjourned to a committal mention on August 2,
2017.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.

Mentone Gardens is a 42-bed aged care facility located in
Mentone, Victoria.  Parklane was placed in liquidation in 2013,
leaving many residents and their families owed hundreds of
thousands of dollars.

As a result of her alleged conduct, an investigation was
conducted by the Victorian Ombudsman.

Mrs. Newitt has been charged with two counts under section 82(1)
and two counts under section 74(1) of the Crimes Act 1958 (Vic).
The maximum penalty for this offence is 10 years imprisonment.


ZEPTER INTERNATIONAL: Second Creditors' Meeting Set for July 5
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Zepter
International Pty Ltd has been set for July 5, 2017, at
10:00 a.m., at the offices of Bentleys Corporate Recovery
Level 3, 1 Castlereagh Street, in Sydney, NSW.

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

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

Hugh Armenis and Katherine Elizabeth Barnet of Bentleys Corporate
were appointed as administrators of Zepter International on
June 9, 2017.



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


CHINA: 43% of Listed Firms Suspected of Faking Financial Reports
----------------------------------------------------------------
The Standard reports that a total of 1,139 or about 43 percent of
a sample of 2,629 Chinese companies listed in the A-shares
market, are suspected to be involved in different degrees of
faking their financial statements.

This was the major finding of a financial security report
published jointly by the China Fortune Academy of the China
Fortune Media Group and the Chinese Academy of International
Trade and Economic Cooperation of the Ministry of Commerce, The
Standard relates. The report said 2017 is the worst year in terms
of the overall financial security status of China's non-financial
listed companies in the recent 10 years, The Standard says.

Among companies suspected to be faking their financial
statements, property developers were the most questionable, the
report said.

Of the 138 listed property developers, 98 or 71 percent had
questionable financial statements, according to The Standard.

In other sectors, 34 or 61 percent of 56 home appliances
companies and 20 or 59 percent of 34 casual apparel firms were
suspected of faking their financial statements, The Standard
discloses.

According to The Standard, the report also showed that in 25
industry sectors, the financial condition of garment and apparel
manufacturers was the best, while that of property developers was
the worst.

Of the 1,139 firms tipped to be faking statements, 446 pose
financial risks, The Standard says.

Of the 100 worst performing companies, 23 were property
developers, 14 machinery and equipment manufacturers and 12
pharmaceutical and biotech firms, The Standard adds.



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


9PLANETS PRODUCTS: CRISIL Assigns D Issuer Not Cooperating Rating
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with 9Planets
Products Private Limited (9PPPL) 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             4.2       CRISIL D(Issuer Not
                                     Cooperating)

   Term Loan              14.9       CRISIL D(Issuer Not
                                     Cooperating)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of 9Planets Products 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 9Planets Products Private
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'.

9PPPL, incorporated in 2012, manufactures PVC sheets. The company
has a manufacturing unit in Khed (Pune). It is promoted by Mr.
Shekar Parab and his wife, Ms. Aishwarya Parab. The company
started its commercial operations in December 2013.


AL MANAMA: CRISIL Reaffirms B+ Rating on INR12.4MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Al Manama
Retail Private Limited (Al Manama) for obtaining information
through letters and emails dated February 13, 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
   ----------          ---------     -------
   Cash Credit            12.4       CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan              11.6       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 Al Manama Retail Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Al Manama Retail 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'.

Set up as a partnership firm in 2012, Al Manama was subsequently
converted to a private limited company under the current name.
The company is in the organised retail business through its
stores in Kerala.


ALKA FASHIONS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Alka Fashions
Company (AFC) a Long-Term Issuer rating of 'IND B+'.  The Outlook
is Stable.  The instrument-wise rating action is:

   -- INR50 mil. Fund-based facilities assigned with
      'IND B+/Stable/IND A4' rating;

                         KEY RATING DRIVERS

The rating reflects AFC's small scale of operations, weak credit
metrics and declining profitability.  According to unaudited
financials for FY17, revenue was INR 240 million (FY16: INR260
million).  The decline in revenue was owing to an increase in raw
material prices and a slowdown in order flow due to
demonetisation.  In FY17, EBITDA interest coverage (operating
EBITDA/gross interest expense) was 1.4x (FY16: 1.9x) and net
financial leverage (total Ind-Ra-adjusted net debt/operating
EBITDA) was 5.0x (4.4x).  The deterioration in credit metrics was
due to a fall in EBITDA margin.  EBITDA margin was 4.2% in FY17
(FY16: 4.3%; FY15: 5.3%).  The margin was low due to the trading
nature of business.

The ratings also reflect AFC's tight liquidity position,
indicated by four-five days of overutilization of fund-based
facilities during the 12 months ended April 2017.  Net cash
conversion cycle improved to 90 days in FY17 from 106 days in
FY16 on account of an improvement in the collection period.

The ratings, however, are supported by the promoters' experience
of five decades in the trading of fabrics and the manufacturing
of garments.

                       RATING SENSITIVITIES

Negative: A fall in EBITDA margin leading to a sustained
deterioration in credit metrics could be negative for the
ratings.

Positive: A significant rise in revenue, along with an increase
in EBITDA margin, leading to a sustained improvement in credit
metrics could be positive for the rating.

COMPANY PROFILE

Formed in July 2007, AFC is a partnership firm engaged in garment
manufacturing and fabric trading.  The firm was formed as a
family-owned business by Late Mr. Ramesh Ladda, the father of
Partner Mr. Brijbhushan Ladda, trading fabrics for over 50 years.
In 2007, it opened a garmenting unit at Chandiwali, Andheri East,
Mumbai.

Mr. Brijbhushan Ramesh Ladda and Mrs. Alka Ramesh Ladda are the
partners of the firm.  They have a decade-long related
experience.


APICORE PHARMACEUTICALS: Ind-Ra Affirms 'BB+' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Apicore
Pharmaceuticals Private Limited's (APPL) Long-Term Issuer Rating
at 'IND BB+'.  The Outlook is Stable.  The instrument-wise rating
actions are:

   -- INR25 mil. Fund-based working capital limits affirmed with
      'IND BB+/Stable/IND A4+' rating;

   -- INR38.6 (reduced from INR54.7) mil. Term loan limits
      affirmed with 'IND BB+/Stable' rating; and

   -- INR15 mil. Non-fund-based working capital limits affirmed
      with 'IND A4+' rating

                         KEY RATING DRIVERS

The affirmation reflects APPL's continued moderate scale of
operations.  According to provisional financials for FY17,
revenue was INR547.3 million (FY16: INR552.3 million; FY15:
INR329.0 million).  The marginal decline in revenue was due to
lower realization.  EBITDA margin was 18.3% in FY17 (FY16:
13.5%).

The ratings continue to factor in the foreign currency
fluctuation risk faced by APPL, considering exports contribute
over 65% to revenue.

The ratings, however, continue to be supported by comfortable
credit metrics and liquidity.  In FY17, net financial leverage
(Ind-Ra total adjusted net debt/operating EBITDAR) was 1.1x
(FY16: 0.9x) and EBITDA interest coverage (operating EBITDA/gross
interest expense) was 13.3x (7.7x).  The marginal deterioration
in net financial leverage was due to higher use of short-term
working capital debt, and the improvement in EBITDA interest
coverage was driven by a decline in interest expenses (FY17:
INR7.6 million; FY16: INR9.6 million) and an increase in absolute
EBITDA (FY17: INR100 million; FY16: INR74.6 million).  APPL's
average peak utilization of fund-based limits was 45% during the
12 months ended May 2017.

Moreover, the ratings continue to be supported by APPL's
established operational track record of around a decade and its
promoter's experience of more than two decades in the
pharmaceutical industry.

                       RATING SENSITIVITIES

Negative: Any debt-led capex or EBITDA margin pressure leading to
deterioration in credit metrics could lead to a negative rating
action.

Positive: A substantial rise in revenue while maintaining credit
metrics at the current level could lead to a positive rating
action.

COMPANY PROFILE

Incorporated in 2006, APPL, a wholly owned subsidiary of US-based
Apicore LLC, manufactures specialty active pharmaceutical
ingredients.


ARYABHATTA TUTORIALS: CARE Assigns B+ Rating to INR6cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Aryabhatta Tutorials Private Limited (ATPL), as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities               6       CARE B+;Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of ATPL is constrained
by its small and stagnant scale of operations along with low net
worth base, leveraged capital structure and weak debt coverage
indicators. The rating is further constrained by high competition
in the education sector and regulatory risk. The rating, however,
derives strength from experienced promoters with qualified
teaching staff and moderate profitability margins. Going forward,
the ability of the company to increase its scale of operations
and improve its solvency position while maintaining the
profitability margins would remain the key rating sensitivities.

Detailed description of the key rating drivers

Strengths

Experienced promoters with qualified teaching staff
ATPL has been providing education services since 2008 in
Ludhiana, Punjab. The company is currently being managed by Mr.
Ram Krishan Goyal who has a work experience of around three
decades and Mr. Deepak Goyal & Mrs Amita Rani Goyal who have work
experience of around a decade. Furthermore, ATPL has employed
experienced and qualified teaching staff to support the academic
requirements of the coaching institute.

Moderate profitability margins
The profitability margins of the company stood moderate marked by
PBILDT margin and PAT margin of 24.48% and 4.19%, respectively in
FY17 (Provisional, refers to the period April 1 to March 31).

Weaknesses

Small and stagnant scale of operations with low net worth base
Despite being in operations for around a decade, the company's
scale of operations has remained small marked by Total Operating
Income (TOI) of INR5.98 crore in FY17 with a net worth base of
INR2.17 crore for FY17. The small scale limits the company's
financial flexibility in times of stress and deprives it from
scale benefits. Furthermore, the TOI stood stable during last two
financial years on account of almost stable enrolment of students
(marginal increase of 25 students in AY16-17 from 950 students in
AY15-16).

Leveraged capital structure and weak debt coverage indicators
The capital structure of the company stood leveraged with overall
gearing ratio of 6.32x as on March 31, 2017 due to company's high
dependence upon borrowings to fund capex pertaining to expansion
of existing facilities. The debt coverage indicators marked by
interest coverage ratio and total debt to GCA stood weak at 1.45x
in FY17 and 30.49x for FY17 respectively.

High competition in the education sector and regulatory risk
The informal education sector primarily coaching is dependent on
the core education system. Any structural change in the core
education system such as changes in competitive exam structures
can affect the coaching industry. Furthermore, the coaching
segment has both organised and unorganised players, which leads
to high fragmentation and intense competition and an increase in
coaching institutes over the past few years have resulted into
intense competition.

Incorporated in 2008, Ludhiana -based Aryabhatta Tutorials
Private Limited (ATPL) is engaged in the business of providing
coaching for various medical and non-medical entrance
examinations like Joint Entrance Examination (JEE), the All-India
Institute of Medical Science (AIIMS) entrance exam and All India
Engineering Entrance Examination (AIEEE). Mr. Ram Krishan Goyal,
Mr. Deepak Goyal and Mrs Amita Rani Goyal are the directors of
ATPL. The company provides coaching under the brand name
"EduSquare", at its two servicing facilities located in Ludhiana.
ATPL offers class room based coaching through study material
developed by in-house faculty.

In FY17 (Provisional), ATPL has achieved a total operating income
(TOI) of INR5.98 crore with PAT of INR0.25 crore as against total
operating income of INR5.87 crore with PAT of INR0.20 crore in
FY16.


C. DOCTOR: CARE Assigns B/A4 Ratings to INR20.20cr Bank Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
C. Doctor and Company Private Limited (CDCPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term/Short-      20.20       CARE B; Stable/CARE A4
   term Bank                         Assigned
   Facilities

   Long-term Bank
   Facilities             2.00       CARE B; Stable Assigned

   Short-term Bank
   Facilities             2.65       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of CDCPL are
constrained on account of its small scale of operations, decline
in the total operating income (TOI) in FY17 (Provisional; refers
to the period April 1 to March 31) along with susceptibility of
profit margins to volatility in raw material price and foreign
exchange rates coupled with tender-driven nature of business for
few contracts. The ratings are further constrained on account of
its weak financial risk profile marked by fluctuating profit
margins, highly leveraged capital structure, weak debt coverage
indicators and stressed liquidity position.

The above constraints, however, outweigh the comforts derived
from the wide experience of the promoters with established track
record of operations.

The ability of CDCPL to scale up its operations and improve its
overall financial risk profile by improving its profitability,
capital structure and debt coverage indicators coupled with
effective management of working capital would be the key rating
sensitivities.

Detailed description of key rating drivers

Key Rating Weaknesses

Small scale of operations coupled with a decline in TOI: Despite
a long track record of operations of more than 3 decades the TOI
stood small at INR20.81 crore in FY17(Provisional), a decrease by
23.77% y-o-y. The level of tangible net worth also stood small as
on March 31, 2017 (Provisional). Susceptibility of operating
margin to fluctuations in raw material prices and foreign
exchange rates along with tenderdriven nature of business: The
prices of primary raw materials, i.e., steel sheets, plates and
tubes is fluctuating in nature, while the company also exports
its finished goods to a few countries which affects the margins
of the company. Also, the tender-driven contracts are awarded
under a bidding process wherein, the lowest bidder gets the work,
which might further put pressure on the margins of CDCPL.

Weak financial risk profile marked by highly leveraged capital
structure, weak debt coverage indicators and stressed liquidity
position: The capital structure of CDCPL stood highly leveraged
as marked by an overall gearing ratio at 5.07 times as on
March 31, 2017 (Provisional). The debt coverage indicators as
marked by total debt to gross cash accruals (GCA) stood weak at
31.54 times as on March 31, 2017 (Provisional), while the
interest coverage ratio stood below unity as on March 31, 2017
(Provisional). The liquidity position remained stressed as marked
by an elongated working capital cycle of 198 days during FY17
(Provisional), while the average utilization of working capital
borrowings remained full during the past 12-month period ended
May 2017.

Key Rating Strengths

Wide experience of the promoters with established track record of
operations: While CDCPL was originally established in 1915, the
promoters of CDCPL on an average have an experience of more than
2 decades in the same line of business.

CDCPL was originally established as a partnership firm as 'C.
Doctor and Company' by Mr. Chinubhai Mehta and Mr. Vadibhai Mehta
during 1915. Later on during 1944, it was converted to private
limited company with its present name. CDCPL is engaged in the
business of supply and erection of heating, ventilation
(including tunnel ventilation) and air conditioning system on
turnkey basis, which finds application in wide number of
industries like power, cement, paper, sugar, fertilizer, etc, Mr.
Suhas Mehta, Mr. Saurabh Mehta and Mr. Sisir Chakraborty are the
present directors of CDCPL. The registered office of the company
is situated at Ahmedabad (Gujarat) and it has plants at Ahmedabad
and Kolkata. The raw materials like steel plates and tubes are
mostly purchased locally while the finished goods are sold mostly
within India, while very less proportion is being exported to few
countries.

The clientele of the company includes players from both
Government as well as private sector players. The group companies
include C Doctor India Private Limited (CDIPL, engaged in the
business of manufacturing of industrial heat exchangers and
vacuum cleaning systems), CB Doctor Ventilators Private Limited
(CBVPL, rated 'CARE B; Stable/ CARE A4', engaged into the
business of manufacturing of industrial fans and industrial
blowers) and Mehta Machinery Private Limited (engaged in the
business of manufacturing of humidification ventilation plant).

During FY17 (Provisional), CDCPL reported a total operating
income (TOI) of INR20.81 crore with a PAT of INR0.20 crore as
against a TOI of INR27.30 crore with a net loss of INR2.16 crore
during FY16.


CALYX SPACES: CARE Assigns B+ Rating to INR20cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Calyx
Spaces LLP (CSLLP), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              20        CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of CSLLP is
constrained on the account of project execution and marketing
risk with pending financial closure, competition from other real
estate players in the region along with cyclical nature of the
industry and constitution of the firm as a partnership concern.
However, the aforementioned constraints outweigh the strengths
derived from resourceful partners coupled with the experienced
promoter group in the real estate industry, strategic location of
the project and receipt of approvals for the project. Going
forward, the ability of the firm to timely execute the project
along with timely receipt of advances and sell balance units at
envisaged prices are the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Strengths

Resourceful partners coupled with experienced promoter group: The
partners have a wide experience of one and a half decade in real
estate business and have been a part of established Calyx
group(CG). The group has developed around 18.35 lakh square feet
(lsf) of area including residential and commercial complexes,
across various locations in Pune and other nearby locations.
Strategic location of the project: The project is a residential
project surrounded by hills and greenery located 3 kms away from
MIDC, Talegaon targeting customers from the middle class and
lower middle class. In addition, the project has proximity to the
Old Mumbai-Pune Expressway, railway stations and proposed
international airport.

Receipt of approvals and clearances for the project: Calyx Spaces
LLP (CSLLP) has received all the necessary clearances and
approvals for the project related to land acquisition and
construction. The requisite sanction plan of the Phase I of the
said project has been approved under Pune Metropolitan Regional
Development Authority (PMRDA). Commencement certificate from the
Pune Chinchwad Municipal Corporation (PCMC) has been received.

Key Rating Weaknesses

Project execution risk with pending financial closure: The total
cost of Phase-I is estimated at INR44.25 crore to be funded by
promoter's contribution, term loan (applied for sanction) and
customer advances in the ratio of 0.12:0.45:0.43. The
construction of the project is expected to commence from June,
2017 and is expected to be completed by March, 2020. The project
is expected to have its soft launch in the month of September,
2017. As on May 31, 2017, the firm has incurred a total cost of
around 5.02% of the total project cost which was funded through
promoter's contribution. Hence, the ability of the entity to
complete the project as per schedule within the envisaged cost
and achieve the project sales at the assumed price will be
critical from a credit perspective.

Cyclical nature of the real estate industry: The firm is exposed
to the cyclicality associated with the real estate sector which
has direct linkage with the general macroeconomic scenario,
interest rates and level of disposable income available with
individuals. In case of real estate companies, the profitability
is highly dependent on property markets. A high interest rate
scenario could discourage the consumers from borrowing to finance
the real estate purchases and may depress the real estate market.

Presence in a competitive environment: The real estate industry
in India is highly fragmented with most of the real estate
developers having region-specific presence. CG also faces
competition from other real-estate developers who exist with
residential projects in Talegaon, Pune such as XRBIA Jambhul,
Ranka Developers, Naiknavare Developers, Krishna Developers, VTP
Realty etc and such other upcoming projects. However, the project
belongs to the existing Calyx Group which has done many other
real estate projects in the past. Partnership nature of its
constitution limiting the financial flexibility of the firm:
Being partnership nature of constitution, the firm is exposed to
the risk of withdrawal of capital by partners due to personal
exigencies, dissolution of firm due to retirement or death of any
partner and restricted financial flexibility due to inability to
explore cheaper sources of finance leading to limited growth
potential.

Established in the year 2017, Calyx Spaces LLP (CSLLP) is the
special purpose vehicle (SPV) of the Pune based real estate
developer, Calyx group (CG). The group has completed 21
residential cum commercial projects of total area of 18.35 lsf in
Pune since 2007. CSLLP was established with a view to execute the
real estate project namely 'Atulya' in Jambhul Talegaon, Pune.
The project is expected to commence its construction from the
month of June, 2017. Currently, the firm is developing Phase I of
the project with a total saleable area of1.91 lsf. The total cost
of Phase-I is estimated at INR44.25 crore and estimated total
revenue of INR76.28 crore, out of which 28% of share has been
allotted to land owners. The project is expected to complete by
the end of March 2020.


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

   -- INR16.00 mil. Term loan migrated to Non-Cooperating
      Category;

   -- INR25.00 mil. Fund-based limit migrated to Non-Cooperating
      Category; and

   -- INR2.80 mil. Non-fund-based limit migrated to Non-
      Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 11, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

ETPL was established in 1980.  The company manufactures polyester
yarn in the count range of 48-64 and combed cotton yarn in the
count range of 40-60.


FLEXI PLAST: CARE Assigns B Rating to INR5.40cr Long Term Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Flexi Plast Industries (FPI), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.40       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of FPI is primarily
constrained on account of its nascent stage of operations with
operating and cash loss in 6MFY17, weak solvency position and
stressed liquidity position.

The rating is, further, constrained on account of its presence in
a highly competitive and regulated packaging industry and its
constitution as a partnership concern.

The rating, however, favourably takes into account experienced
management along with reputed customer base and stable demand
indicators from the end-user industries, mainly packaging.

The ability of the firm to stabilize its operations coupled with
achievement of envisaged level of TOI and efficient working
capital management would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Nascent stage of operations with operating and cash loss in
6MFY17, weak solvency position and stressed liquidity
Position.

The firm has completed its project and started commercial
operations from October 2016. Within six month of operations, the
firm has achieved Total Operating Income (TOI) of INR7.28 crore.
However, the firm has registered operating loss of INR0.36 crore
and net loss of INR1.03 crore in FY17 (refers to the period
April 1 to March 31) owing to nascent stage of operations. With
operating and net loss in FY17, the firm also registered cash
loss of INR0.61 crore in FY17.

Although, the capital structure stood moderate with overall
gearing ratio of 1.45 times as on March 31, 2017 however,
debt coverage indicators like total debt to GCA and interest
coverage stood negative due to operating and cash loss in FY17.

Furthermore, the liquidity position stood stressed with 70-80% of
utilization of its working capital bank borrowings in last four
months ended on May, 2017.

Presence in a highly competitive and regulated packaging industry
and constitution as a partnership concern
Food packaging materials are regulated by the Ministry of Health
and Family Welfare under the Prevention of Food Adulteration Act,
1954. The regulation are stringent with regard to clean and
sanitary condition, prevent contamination. Furthermore, the
plastic containers used in contact with food must conform to
standards issued by Bureau of Indian Standards (BIS).

The industry is highly fragmented, however, large packaging
manufacturers account for about 70 percent of the total
market. Furthermore, the packaging industry is increasingly
becoming technology-oriented with innovations driving the market.

Furthermore, the low net worth base makes its operations highly
susceptible to any business shock, thereby limiting its ability
to absorb losses or financial exigencies. Further, its
constitution as a partnership concern led to risk of withdrawal
of capital.

Key Rating Strengths

Experienced management
Mr Rakesh Jain, Partner, is a Graduate by qualification and look
after the production, technical and commercial functions of the
firm. He has around 17 years of experience in the industry.
Furthermore, he is supported by the other partner Mr. Pushpendra
Sharma who is also a graduate by qualification and has 5 years of
experience. Furthermore, Mr. Sunil Singhvi, partner, is post
graduate by qualification having 18 years of experience and looks
after marketing function of the firm. Furthermore, top management
is assisted by second tier management.

Pali-based (Rajasthan) FPI was formed as a partnership concern in
February, 2015 by Mr. Pushpendra Sharma, Mr. Sunil Singhvi and
Mr. Rakesh Jain with an objective to set up greenfield project
for manufacturing of flexible packaging laminates. The project of
the firm has been completed and started commercial production
from October, 2016. It has incurred total project cost of INR7.52
crore towards the project which funded through term loan of
INR2.00 crore, partner's capital of INR3.72 and balance through
unsecured loans. The plant of the firm has processing capacity of
2400 Metric Tonne Per Annum (MTPA) of flexible packaging
laminates and it has utilized 500-550 MTPA in 6MFY17. The product
will be majorly catered in the food packaging industry and
currently caters its product in Rajasthan, Gujarat, Jharkhand,
Maharashtra, Madhya Pradesh and Uttar Pradesh.

During 6MFY17 (refers to the period April 1 to March 31), FPI has
reported a total operating income of INR7.28 crore with operating
and cash loss.


GANESHA INTERNATIONAL: CARE Assigns B+ Rating to INR4cr LT Loan
---------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Ganesha International (GIL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities               4        CARE B+; Stable Assigned

   Short-term Bank
   Facilities              11        CARE A4 Assigned

Detailed Rationale and key rating drivers

The ratings assigned to GIL are primarily constrained by small
and declining scale of operations coupled with low net worth base
and low profitability margins. The ratings are further
constrained by highly fragmented and competitive nature of
industry and business risk associated with tender-based orders.
The ratings, however, continue to draw comfort from the
experienced proprietor, moderate capital structure and operating
cycle.

Going forward, the ability of GIL to increase its scale of
operations while improving its profitability margins and
efficiently managing its working capital requirement shall be the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Small and declining scale of operations coupled with low net
worth base: The scale of operations stood small which limits the
firm's financial flexibility in times of stress and deprives it
of scale benefits. Further the scale of operations is declining
owing to discontinuation of trading of jewelry business in June,
2015 as the company switched to the business of manufacturing of
garments. Furthermore, the net worth base of the firm also
remained small as on March 31, 2016.

Low profitability margins: The profitability margins of the
company remained on lower side for the past three financial
years FY14-FY16 (refers to the period April 1 to March 31) owing
to trading nature of the business and intense market competition
in the industry.

Highly fragmented and competitive nature of industry: The textile
related products industry is characterized by numerous small
players and is concentrated in the northern part of India. Low
entry barriers and low investment requirement makes the industry
highly lucrative and thus competitive. Smaller companies in
general are more vulnerable to intense competition due to their
limited pricing flexibility, which constrains their profitability
as compared to larger companies who have better efficiencies and
pricing power considering their scale of operations.

Business risk associated with tender-based orders: The firm
majorly undertakes government projects, which are awarded
through the tender-based system. The growth of the business
depends on its ability to successfully bid for the tenders
and emerge as the lowest bidder. Furthermore, any changes in the
government policy or government spending on projects are likely
to affect the revenues of the firm.

Key Rating Strengths

Experienced proprietor: The proprietor of the firm has an
experience of around a decade in trading and manufacturing of
readymade garments mainly through his association with his other
group entities and looks after the overall operations of the
firm.

Moderate capital structure and coverage indicators: The capital
structure of the company stood moderate as on March 31, 2016
owing to low reliance on the external debts by the firm.
Furthermore, the firm has moderate coverage indicators for FY16
owing to lower interest cost and the debt levels of the firm.

Gurgaon-based (Haryana) Ganesha International (GIL) is a
proprietorship firm established in 2007 by Mr. Kinshuk Goel. In
FY16, the firm commenced business of manufacturing of uniforms
primarily for defense sector. Previously, the firm was engaged in
the trading of gold bars and gold jewelry business until June,
2015. The manufacturing facility is located in Gurgaon, Haryana.
GIL obtains orders on tender basis from Director General of
Ordinances Services (DGOS). The main raw materials for the firm
are various type of fabric (like cotton, nylon, polyester cotton,
charcoal coated fabric, PU coated fabric, etc.) and related
accessories like buttons, threads, labels etc. which it procures
domestically from manufacturers located in Delhi, Haryana, Punjab
and Mumbai. The firm has group associates namely Goel Exports and
Heritage Creations engaged in manufacturing of handicrafts.

During FY17 (refers to the period April 1 to March 31; based on
provisional results), GIL has achieved a total operating income
(TOI) of INR4.04 crore with PAT of INR0.13 crore respectively, as
against TOI of INR42.91 crore with PAT of INR0.07 crore
respectively in FY16.


GVR AJMER: Ind-Ra Lowers Rating on INR3.187BB Bank Loan to 'D'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded GVR Ajmer
Nagaur Tollway Private Limited's (GANTPL) bank loan as:

   -- INR3.187 bil. Bank loan lowered to 'IND D' rating

                        KEY RATING DRIVERS

The downgrade to the default category reflects the issuer's
confirmation to Ind-Ra that the account has been classified as
special mention account (SMA -1) by its lenders.

                       RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in a positive rating action.

COMPANY PROFILE

GANTPL is an SPV owned by GVR Infra Projects Limited (GVR Infra).
It has been established to construct, operate and maintain the
two-laned Ajmer-Nagaur section of NH-89, in Rajasthan under a 21-
year concession from the Rajasthan Public Works Department on a
design, build, finance, operate and transfer basis.  The total
project cost of INR4.25 billion is being funded by equity of
INR612.50 million, a grant of INR450 million and a debt of
INR3.187 billion.


H. R. INTERNATIONAL: CRISIL Reaffirms D Rating on INR12MM Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with H. R.
International Limited (HRIL) 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          2.5       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit            12.0       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Foreign Documentary    10.0       CRISIL D (Issuer Not
   Bills Purchase                    Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit       10.0       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Packing Credit          8.0       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      6.06      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Term Loan                .94      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 H. R. International 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 H. R. International 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'.

HRIL, part of the Mall group of Kolkata, trades in jute and jute-
based products. The company commissioned a jute-bag manufacturing
unit in December 2011 with total capacity of 63,000 bags per
annum. The Mall family has a track record of over 100 years in
the jute business (including trading and manufacturing). The
business was started by Mr. Harkisandas Ramkishendas Mall and is
currently being managed by the family's fourth generation.


J AND J PRECISION: CRISIL Reaffirms B- Rating on INR15MM Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with J and J
Precision Industries (JJPI) 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 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 J and J Precision Industries.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for J and J Precision Industries is
consistent with 'Scenario1' outlined in the 'Framework for
Assessing Consistency of Information with Crisil B Rating
category or Lower'.' Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL B-/Stable'.

JJPI, established in 2013, is a proprietorship concern of Mr.
Joit Kumar Jain. The firm manufactures memory cards and other
flash memory devices such as pen drives. Mr. Jain has also been
associated with lighting and electrical appliance manufacturers
such as Cenzer Industries Ltd (rated 'CRISIL B-/Stable'). Its
manufacturing facility and administrative office are in Mapusa,
Goa.


JB ROLLING: CRISIL Lowers Rating on INR10MM Cash Loan to 'B'
------------------------------------------------------------
CRISIL Ratings has been consistently following up with JB Rolling
Mills Limited (JBRML) for obtaining information through letters
and emails dated March 6, 2017, and March 22, 2017, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

CRISIL thus gave these ratings:

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

   Proposed Long Term       2.5      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                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 JB Rolling 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 JB Rolling Mills 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 JBRML and Ambica Alloys (Ambica). This
is because the two entities, together referred to as the JB
group, are in the same business, and have common management and
significant business and financial synergies.

Promoted by members of the Jain family and incorporated in 1992,
JBRML started operations in 2002-03 (refers to financial year,
April 1 to March 31). The company manufactures mild steel (MS)
ingots, bars, channels, angles, girders, and thermo-mechanically
treated bars at its facility in Kala Amb, Himachal Pradesh.
Operations are managed by Mr. Surinder Jain and Mr. Sanjay Jain.
Ambica was incorporated in 2004 and is in the same line of
business as JBRML. The firm also trades in MS bars, angels,
channels, and girders.

For 2014-15, JBRML reported a profit after tax (PAT) of INR21.1
million on net sales of INR1,660.6 million, against a PAT of
INR24.9 million on net sales of INR3002.7 million for 2013-14.


KALPATHARU BREWERIES: CRISIL Reaffirms B Rating on INR5MM Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Kalpatharu
Breweries and Distilleries Private Limited (KBDPL) for obtaining
information through letters and emails dated J March 6, 2017, and
March 22, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

CRISIL thus gave these ratings:

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

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

   Term Loan                3.5      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 Kalpatharu Breweries and
Distilleries 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 Kalpatharu
Breweries and Distilleries 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 2010, KBDPL is an IMFL producer and markets its
own brand of liquor comprising of whisky, gin, rum, and brandy.
It also undertakes bottling for third-party brands. Located at
Sompura, Karnataka, the company is promoted and managed by Mr. S
Kantappa.


KOMMINENI INFOTECH: CARE Assigns B+ Rating to INR8cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Kommineni Infotech Private Limited (KIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              8         CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of KIPL is constrained
by the company's small scale of operations, short-term revenue
visibility from order book position, fluctuating profitability
margins, tenderbased nature of operations due to high
competition, moderately leveraged capital structure and weak debt
coverage
indicators and elongated operating cycle days. The rating is,
however, underpinned by the long track record of the company with
experience of the promoter for more than a decade in IT industry,
increase in total operating income during review period and
established relations with reputed customers and suppliers.
Going forward, the company's ability to increase its scale of
operations by bagging new orders in a competitive market,
improve the profitability margins and manage working capital
requirements efficiently are the key rating sensitivities.

Detailed Description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: Despite, long track record of the
company, the scale of operations are relatively small marked by
total operating income (TOI) of INR7.07 crore during FY17 CA.
Certified, Prov. (refers to period April 01 to March 31) with low
net worth base of INR2.75 crore as March 31, 2017 CA. certified,
Prov. as compared to other peers in the industry.

Short-term revenue visibility from order book position: The
company has an order book of INR11.75 crore as on April 17, 2017,
which translates to 1.66x of total operating of FY17
(Provisional) supply of computer, networking products and related
computer peripherals to APSRTC, TSRTC and TSGENCO constitute
around 18% (INR2.15 crore) of total order book while balance 82%
of the order book pertains to AMCs worth INR9.60 crore from
public sector undertaking like Hindustan Aeronautics Limited,
Bharat Heavy Electricals, Food Corporation of India, West Bengal
Highway Development Corporation and others.

Tender based nature of operations due to high competition: The
company receives 100% work orders from government organizations.
All these are tender-based and the revenues are dependent on the
company's ability to bid successfully for these tenders.
Profitability margins come under pressure because of competitive
nature of the industry. However, the promoter's long industry
experience of two decades mitigates this risk to some extent.
Nevertheless, there are numerous fragmented & unorganized players
operating in the segment, which makes the IT industry space
highly competitive.

Moderately leveraged capital structure and weak debt coverage
indicators: The company has moderately leveraged capital
structure due to low net worth and high dependence on working
capital borrowing to fund the operations. However, the capital
structure of the company marked by debt equity and overall
gearing ratio of the company improved from 1.00x and 1.87x
respectively, as on March 31, 2016 to 0.65x and 1.72x
respectively as on March 31, 2017 CA.  certified, Prov. at the
back of increase in net worth on account of infusion of equity
share capital of INR1.86 crore in FY17 (Provisional) along with
accretion of profit to the net worth of the company.

The company has weak debt coverage indicators due to low profit
levels and cash accruals along with high debt levels.  The PBILDT
interest coverage ratio of the company deteriorated from 2.17x in
FY16 to 1.24x in FY17 (CA. Certified, provisional) CA. Certified,
Prov. due to increase in interest cost of the company. Total
debt/GCA of the company, though improved from 73.33x in FY16 to
50.63x in FY17 (CA Certified Provisional) due to increase in cash
accruals, stood weak.

Increasing working capital cycle: The operating cycle days of the
company has been increasing y-o-y during review period from 17
days in FY15 to 123 days in FY17 majorly due to increase in
average collection days and average inventory days. With increase
in scale of operations and execution of some of the orders during
Q4FY17, the average collection days of the company increased from
68 days in FY16 to 89 days in FY17. Furthermore, the company
keeps around two months of stock of computers, laptops, printers,
networking products and related computer peripherals to meet the
customers' requirements. Generally, the company received payments
form customers in between 2-3 months' time. To meet the working
capital requirement, the company is utilizing cash credit
facility and average utilisation of the cash credit facility was
90% for the last 12 months ended April 30, 2017.

Key Rating Strengths

Long track of the company with experienced promoter for more than
a decade in IT industry: KIPL was incorporated in the year 1998
and since then, it is engaged in supply, installation and
maintenance of computers, laptops, printers, networking products
and related peripheral equipments majorly to government
organizations. Currently, the business is managed by Mr. Praveen
kumar who is the Managing Director of the company. Mr. Praveen
Kumar is a B. Tech graduate and has more than a decade of
experience in the IT industry. The other director, Mrs Uma who is
the mother of Mr. Praveen Kumar, also has experience in the same
line of business. The company is likely to be benefitted from the
experience of the promoters of the company.

Increase in total operating income albeit fluctuation in
profitability margins during review period: The total operating
income of the company increased significantly from INR0.52 crore
in FY15 to INR7.07 crore in FY17 (CA. Certified, provisional) at
the back of increase in execution of work orders received from
the government organizations. Furthermore, the company has
achieved sales of INR1.61 crore from April 2017 till May 20,
2017.

The operating margin of the company depends upon the nature of
work order under execution. Furthermore, AMC works carries higher
profitability margins compared to supply of computers, laptops,
printers, networking products and related computer peripherals.
The PBILDT margin of the company has been fluctuating during
review period depending upon quantum of AMC works executed. The
PBILDT margin of the company declined to 2.98% in FY16 from 7.09%
in FY15 due to lower execution of AMC contracts. However, the
PBILDT margin increased by 439 basis points to 7.37% in FY17 (CA.
Certified, provisional) over FY16 mainly at the back of increase
in AMC revenues from INR0.33 crore in FY16 to INR2.26 crore in
FY17 (CA. Certified, provisional). Similarly, the PAT margin of
the company has been fluctuating during review period due to
lower growth in PBILDT compared to financial expenses. However,
the PAT margin of the company increased from 0.31% in FY16 to
0.84% in FY17 (CA. Certified, Prov.) due to increase in PBILDT
level.

Established relations with reputed customers and suppliers: The
company being into the same business from past two decades and
has been associated majorly with government organizations. With
the long track of the company, the promoters have established
relations with customers (government departments) and suppliers.
Furthermore, the promoters have gained significant amount of
experience in executing the tender based government contracts.

Kommineni Infotech Private Limited (KIPL) was incorporated in the
year 1998 as a Private Limited company. Presently, the directors
of the company are Mr. Praveen Kumar (Managing Director), Mrs Uma
(Director), Mrs Y. Saila Rani (Director) and Mr. Ajay Kumar
(Director). KIPL has its registered office located at Hyderabad
and is engaged in supply, installation and maintenance of
computers, laptops, printers, networking products and related
computer peripherals. The company receives the orders from State
and Central government through participating in tenders (online
and offline bidding) for supply, repairs and annual maintenance
services (AMC) services. The company supplies its products and
renders services to government departments like Andhra Pradesh
State Road Transport Corporation (APSRTC), Telangana State Power
Generation Corporation Limited (TSGENCO), Canara Bank, State Bank
of India, Bharat Sanchar Niagam Limited, Urban Development
Department (Government of Karnataka) among others.

In FY17 [(CA. Certified Prov.), refers to period April 1 to
March 31], KIPL reported a PAT of INR0.05 crore on a total
operating income of INR7.07 crore, as against a PAT and TOI of
INR0.01 crore and INR3.62 crore, respectively, in FY16.


KRISHNA TECHNOCHEM: CRISIL Reaffirms 'B' Rating on INR4.25MM Loan
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Krishna
Technochem Private Limited (KTPL) 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          .25       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit            4.25       CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit       2.00       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit       2.00       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 Krishna Technochem Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Krishna Technochem 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'.

Incorporated in 1994, KTPL manufactures petrochemicals such as
organic composite solvent oil (OCS), crude mineral oil bottom,
and benzene. Over 80 percent of the total revenue is generated
through sales of OCS. Its manufacturing unit is in Howrah.


LOTUS HOUSEHOLD: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Lotus Household
Products Pvt. Ltd.'s (LHP) Long-Term Issuer Rating at 'IND BB'.
The Outlook is Stable.  The instrument-wise rating actions are:

   -- INR40.0 mil. Fund-based limit affirmed with
      'IND BB/Stable/IND A4+' rating; and

   -- INR9.9 (reduced from INR30.39) mil. Term loans affirmed
      with 'IND BB/Stable' rating

                        KEY RATING DRIVERS

The affirmation reflects LHP's continued small scale of
operations and moderate profitability due to its presence in the
highly competitive and fragmented mosquito repellent industry.
According to FY17 provisional financials, revenue was INR251.76
million (FY16: INR282.45 million and FY15: INR234.52 million) and
EBITDA margins were 6.48% (6.65% and 7.69%).

The ratings are, however, supported by LHP's continued strong
credit metrics due to low debt levels.  Interest coverage
(operating EBITDA/gross interest expense) increased to 5.65x in
FY17 (FY16: 4.55x and FY15: 2.98x) and net financial leverage
(total adjusted net debt/operating EBITDAR) reduced to 1.59x
(2.64x and 2.54x) due to a reduction in the total debt to INR26.1
million (FY16: INR49.7 million) and consequently lower interest
expenses of INR2.89 million (FY16: INR4.13 million).

The ratings are also supported by LHP's supply agreement with
Reckitt Benckiser (India) Pvt Ltd, giving revenue visibility.
Also, the liquidity is comfortable as evident from its 34.27%
average use of the working capital limits during the 12 months
ended May 2017.

                        RATING SENSITIVITIES

Negative: A further decline in the revenue and/or operating
margins leading to deterioration in the credit metrics will be
negative for the ratings.

Positive: An increase in the revenue while maintaining the credit
metrics will be positive for the ratings.

COMPANY PROFILE

LHP was incorporated in June 2012 by Gajendra Singh, Dharmendra
Kumar and Niraj Dubey.  The company manufactures mosquito coils,
insect mats and mosquito and insect repellents.


MAILAM SUBRAMANIYA: CARE Assigns B+ Rating to INR18.75MM Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Mailam
Subramaniya Swamy Educational Trust (MSSET), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            18.75       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of MSSET is
constrained by the declining surplus margin during the last three
financial years, elongation in collection period and inherent
cash flow mismatches in the sector, exposure to group entity and
presence in highly regulated industry.

The rating, however, draws strength from the long-standing
experience of the trustees and long operational track record
of the trust, stable level of revenue and moderate capital
structure.

Going forward, the ability of the trust to improve surplus margin
while managing operational cost and exposure to group entities
would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Stable level of revenue albeit with declining surplus margin: The
trust has reported stable level of income over the past few years
backed by moderate student enrolment levels. However, surplus
margin witnessed continuous fall over the past three years from
20.41% in FY14 (refers to the period April 1 to March 31) to
3.37% in FY16. The decline is attributed to increasing salary
cost to retain quality teaching faculty. Elongation in collection
period and inherent cash flow mismatch: The collection period
almost doubled during the past three years from 55 days in FY14
to 103 days in FY16. Furthermore, the trust encounters mismatch
in cash flows on account of annual cash inflow in the form of fee
receipts while it incurs regular operational expenditure. MSSET
manages the mismatch by maintaining adequate cash balance in its
bank accounts.

Exposure to group entity: The Trustees of MSSET manage another
educational trust which operates six colleges in Puducherry.
MSSET advanced INR18.08 crore to the group entity as of March 31,
2016 (PY: INR19.90 crore). Gearing adjusted for the exposure
stood at 0.76x as on March 31, 2016 and 0.94x as on March 31,
2015.

Presence in highly regulated industry: The education sector is
highly regulated in India. In addition to AICTE, the engineering
colleges are regulated by respective state governments in various
aspects which have significant impact on the revenues and
profitability of educational institutions and limit their
financial flexibility.

Key Rating Strengths

Established track record of the trust with experienced trustees:
The trust has been operational for close to two decades with
experienced trustees at the helm. The Chairman of the Trust, Mr.
Dhanasekaran, has around 18 years of experience in the academic
sector and is ably supported by Mr. Sugumaran, Vice Chairman, who
also has 18 years of experience in the sector. The day-to-day
operations of the institute are managed by the Administrative
Officer, Mr. Sivanandam, who is supported by administrative
staff.

Moderate capital structure: The capital structure of the trust is
moderate with a net worth base of INR35.27 crore and debt equity
ratio of 0.37x as on March 31, 2016. The trust has not availed
any working capital facilities. The total debt to GCA increased
from 1.42 years as on March 31, 2014 to 3.04 years as on March
31, 2015, due to debt-funded capex. The total debt to GCA was
5.74 years as on March 31, 2016.

MSSET was founded by Mr. N Kesavan in 1996. The trust established
Mailam Engineering College (MEC) in Villupuram district, Tamil
Nadu in 1998. MEC is approved by the AICTE, New Delhi and is
affiliated to Anna University, Chennai. The college offers six
undergraduate and six post graduate engineering and management
courses and has total student strength of around 3,700.

MSSET reported surplus of INR0.64 crore on a total operating
income of INR18.85 crore in FY16 as compared to surplus of
INR3.19 crore on a total operating income of INR18.03 crore in
FY15.


NAMRATA DEVELOPERS: CRISIL Reaffirms 'B' Rating on INR14MM Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Namrata
Developers Private Limited (NDPL) 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
   ----------          ---------     -------
   Project Loan            14        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 Namrata Developers 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 Namrata Developers Private
Limitedis 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'.

NDPL is a part of the Pune-based Namrata group. It is a real
estate developer, and is presently undertaking Namrata Weekender
project in Kamshet (Maharashtra) and Ecocity Phase II project in
Talegaon (Maharashtra).


NAVJIVAN POLYFAB: Ind-Ra Assigns 'B' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Navjivan Polyfab
Private Limited (NPPL) a Long-Term Issuer Rating of 'IND B'.  The
Outlook is Stable.  The instrument-wise rating actions are:

   -- INR50.00 mil. Long-term loans assigned with 'IND B/Stable'
      rating; and

   -- INR20.00 mil. Fund-based facilities assigned with
      'IND B/Stable/IND A4' rating

                        KEY RATING DRIVERS

The ratings reflect NPPL's weak credit profile.  Although the
company started its operations in April 2016, FY17 was its first
full year of operations.  According to the provisional FY17
financials, the revenue was INR63.78 million, EBITDA margin was
19.4%, EBITDA interest coverage (operating EBITDA/gross interest
expense) was 1.7x  and net financial leverage (Ind-Ra adjusted
net debt/operating EBITDAR) was 6.7x .  The management expects
the credit metrics to improve in the near term on account of the
scheduled repayment of term loans along with an improvement in
the both top line and bottom line.

Moreover, the company has a moderate liquidity position with
85.7% average utilization of the fund-based facilities over the
12 months ended May 2017.

The ratings, however, are supported by the company's promoters'
two decades of experience in manufacturing fabrics and bags.

                       RATING SENSITIVITIES

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

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

COMPANY PROFILE

Incorporated in June 2015, NPPL manufactures fabrics and
polypropylene woven bags, woven sacks and polyethylene bags.  The
company has an installed capacity of 3,000 metric tonnes per
year. It exports its products to Europe, Africa and South
America, which contributes 40% to revenue.  The remaining 60% of
the revenue comes from domestic sales.


NEW TUPLES: CARE Assigns 'B' Rating to INR5.06cr LT Bank Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
New Tuples Educational Society (NTES), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.06       CARE B; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of NTES are primarily
constrained by small scale of operations coupled with elongated
collection period and below average enrolment ratio. The rating
is further constrained by operations concentrated to a single
geographical area and high competition and highly regulated
educational sector in India.

The ratings however, derive strength from experienced and
qualified members of the society and moderate capital structure.

Going forward, the ability of NTES to scale-up its operations
while improving its enrollment ratio amidst high competition will
be the key rating sensitivity.

Detailed description of the key rating drivers

Key rating weakness

Small and declining scale of operations: The scale of operations
of the society marked by total operating income stood small for
FY16 (refers to the period April 1 to March 31). The small scale
limits the society's financial flexibility in times of stress and
deprives it from scale benefits. Furthermore, society's total
operating income has declined in FY16 over FY15 owing to decline
in the total student strength mainly in Engineering & Technology
streams. Furthermore, in few courses average fee per student also
declined due to highly competitive courses.

Elongated operating cycle: The operating cycle of the society
stood elongated at 394 days for FY16. The average collection
period remains elongated at around one year as the society
receives fee from Samaj Kalyan Vibhag for economic weaker section
for the students. Generally fees are received with delay of 10-12
months. This strains the liquidity position of the trust, if
there are further delays in realizations of receipts from the
government body. Furthermore, the average working capital
borrowings remained 90% utilized for the last 12 months period
ended April, 2017.

Below average enrolment ratio: Though NTES offers various
specialized courses in diverse domains in undergraduate and
post graduate courses. Furthermore, the society also operates a
school in the name of Mahaveer International School (MIS)
providing primary and secondary education from Nursery to class
Xth. Thus, the revenue of NTES is not concentrated to a single
course thereby reducing dependency on a particular courses
college. However, the average enrolment ratio stood low at 67%.
The society offers undergraduate and post graduate degree in
engineering, management, computers and a diploma course in
polytechnic.

Operations concentrated to a single geographical area and high
competition: NTES has its institute within a single geography
located in Meerut, Uttar Pradesh which limits the reach
penetration level for the society to tap opportunities.

Furthermore, due to increasing focus on technical education in
India, a number of colleges have been opened up in close
proximity. This exposes the revenue of NTES to competition from
other colleges.

Highly regulated educational sector in India: In addition to
AICTE, the educational institutes are regulated by respective
State Governments with respect to the number of management seats,
amount of the tuition fees charged for the Government quota and
management quota. The factors have a significant impact on the
revenue and surplus of the institution.

Key Rating strength

Experienced and qualified members of the society: Mr. K D Sharma
is the current chairman of the society and has more three decades
of experience in running education institution. Ms Manika Sharma
(Vice-Chairperson) is a post graduate by qualification and has
around two decades of experience in the education sector through
her association with NTES. Moreover, they also get support from
other qualified members in the field of social work to carry out
the day-to-day operations.

Moderate capital structure coupled with moderate coverage
indicators: The society, though 'not-for-profit' in nature
enjoys sound profitability position for FY16. Though, the SBID
margin and net surplus margin declined however they still
remained at moderate levels. The decline was on account of lower
enrolled students which resulted into low admission fee and
development fee, coupled with higher employee cost leading to
decline in margins.

The society gets advances from its students and hence has limited
reliance on external bank borrowings; as a result of which, the
trust has a comfortable capital structure.

Meerut-based, (Uttar Pradesh) NTES was established in 1998 with
an objective to provide education services. The society is
managed by Mr. K D Sharma (Chairman), Ms Manika Sharma (Vice
Chairman) and Mr. Dharmendra Bhardwaj (Secretary). The society
operates colleges and school under the name of Mahaveer Institute
in a single geography i e Meerut. NTES provides undergraduate and
post-graduate courses in various fields of Engineering, Computers
Science, Management and Pharma. The college is affiliated to
Mahamaya Technical University, Uttar Pradesh and is approved by
the All India Council for Technical Education (AICTE). The
society also operates a CBSE school established in 2012 in the
name of Mahaveer International School (MIS) providing primary and
secondary education from Nursery to class Xth. The school is
affiliated to Central Board of Secondary Education (CBSE). NTES
has a total strength of 2882 students in college in the academic
session (AS) 2016-17 and PSS has a total strength of 359 students
for the academic session 2016-17. The society also runs a
hospital in the name of "Mahaveer Ayurvedic Medical College &
Hospital" with the maximum capacity of 100 beds.

For FY16 (refers to the period April 01 to March 31), NTES has
achieved a total operating income (TOI) of INR4.44 crore
with surplus of INR0.96 crore. In 6MFY17 (refer to the period
April 1, 2016 to September 30, 2016; based on provisional
results), the society has achieved sales of INR8.42 crore.


ONKAR PLASTO: CARE Assigns 'B' Rating to INR2.73cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shiv
Onkar Plasto Private Limited, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             2.73       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Shiv Onkar is
primarily constrained by its nascent stage of manufacturing
activities with operations stabilization risk and volatility in
prices of raw materials. The rating is further constrained by its
working capital intensive nature of business and presence in a
fragmented and competitive nature of industry. The rating
however; derives strength from its experienced promoters.

The ability of the company to stabilize its operations and
achieve revenue and profit margins as envisaged and management of
working capital efficiently will remain as the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Nascent stage of manufacturing activities with operations
stabilization risk: SOPL has set up a manufacturing unit of
molded plastic chair at aggregate cost of INR5.20 crore funded by
term loan of INR1.96 crore, unsecured loan of INR1.61 crore and
balance through equity of INR1.63 crore. The plant became
operational in April, 2017. Hence, the company has an extremely
short track record of manufacturing operations. However, there
exists risk relating to stabilization of operations at the newly
commissioned unit and off-take of its products. However, SOPL had
track record of around 7 years in construction and restaurant
business which was discontinued since March 2016 as the company
was not getting works orders.

Volatility in prices of raw materials: The primary raw material
required by SOPL is PP granules which would constitute the
majority of the total cost of sales, thereby making profitability
sensitive to raw material prices. The major raw material for the
company is polypropylene granule which is a crude oil derivative
and witnesses frequent price fluctuations. Therefore, the
operating margin of the company remains susceptible to any sharp
movement in raw material prices.

Working capital intensive nature of business: SOPL is proposed to
hold inventory of around one and half months for smooth running
of production process. Furthermore, it will allow credit of
around a month to its customers due to new in the industry
whereas it will avail credit from its suppliers of around 15 days
only. Hence the operation of the company is working capital
intensive and it needs to rely on the external borrowing for the
same.

Fragmented and competitive industry: Molded plastic chair
business is highly fragmented due to presence of huge small
players owing to low entry barrier and low capital requirement.
Furthermore, SOPL being new in the industry is facing stiff
competition from the organized as well as unorganized players.

Key Rating Strengths

Experienced promoters: The key promoter Mr. Jitendra Kumar Singh
has around 7 years of experience in civil construction business,
looks after the day to day operations of the company. He is
supported by other directors namely Mr. Sudhir Kumar Singh and
Mrs Poonam Singh who also have experience in civil construction
business. However, the promoters lack experience in the plastic
chair industry.

SOPL was incorporated in July 2009 in the name of Shiv Onkar
Constructions Private Limited. However, the name of the company
was changed to current one with effect from April 2015.
Initially, the company was into civil construction and restaurant
business. However, the company had discontinued the civil
construction and restaurant business since April 2016. After
change of its name, the company had started setting up
manufacturing plant for molded plastic chair. In April 2017, SOPL
has completed the project with aggregate cost of INR5.20 crore
funded by term loan of INR1.96 crore, unsecured loan of INR1.61
crore and balance through equity of INR1.63 crore. SOPL has
commenced commercial operations from April 2017 onwards. The
manufacturing facility of the company is located at Sitamarhi,
Bihar with aggregate installed capacity of 432000 chairs per
annum.

As per audited results for FY16 (refers to the period April 1 to
March 31), SOPL has total income of INR0.05 crore (Rs.0.08
crore in FY15). However, during FY17, the company had no
operations and therefore no revenue was booked.


R. G. PIGMENTS: CRISIL Cuts Rating on INR3MM LT Bank Loan to B
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with R. G.
Pigments Private Limited (RGPL) for obtaining information through
letters and emails dated March 06, 2017, and March 22, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              2        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Letter of Credit         7        CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term       3        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                    'CRISIL B+/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of R. G. Pigments Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for R. G. Pigments Private Limited
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B' rating
category or lower. Based on the last available information,
CRISIL has downgraded the long term rating to 'CRISIL B/Stable
and reaffirmed the short term rating at CRISIL A4'.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of RGPL, Mittal Pigments Private Limited
(MPPL) and Jammu Pigments Pvt Ltd (JPPL). This is because the
three companies, together referred to as the Mittal group, are in
the same line of business, and have a common management and
fungible cash flows.

The Mittal group was established by Mr. Ramesh Kumar Agarwal and
his wife. The promoters have been engaged in the same line of
business for over 20 years through other group entities. MPPL,
incorporated in 1991, manufactures refined lead ingots, alloys,
and oxides; and zinc oxides and alloys. The company's
manufacturing facility is in Kota (Rajasthan). JPPL, incorporated
in 2003, also manufactures lead and zinc products. Its
manufacturing facility is in Kathua (Jammu and Kashmir), which is
an excise-free zone. RGPL was established in 1991, engaged in the
manufacturing of Lead Oxide and trading of Pure Lead/Refined
Lead/Lead Ingots/Lead Alloys/Lead Oxide. The company's
manufacturing facility is located at Kota with a total
manufacturing capacity of about 6000 MT/Annum mtpa.


RAVINDRA KUMAR: CARE Assigns 'B' Rating to INR9cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Ravindra Kumar Singh (RKS), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              9         CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RKS is constrained
by its project implementation risk, proprietorship nature of
constitution, geographical concentration risk, high occupancy
risk coupled with susceptibility of revenues to demand for
commercial estate in and around Saharsa of Bihar and intense
competition in the vicinity of the proposed shopping mall.
However, the aforesaid constraints are partially offset by its
experienced proprietor and locational advantage.

The ability of the firm to complete the project without any cost
& time overrun and the ability to achieve the projected scale of
operations as envisaged would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced proprietor: Mr. Ravindra Kumar Singh (aged 63 years)
has over three decades of experience in the banking industry. The
proprietor has limited experience in the leasing business. He
looks after the overall management of the firm, with adequate
support from a team of experienced personnel. Locational
Advantage: The shopping mall is being developed at Saharsa,
Bihar. The project is located at national highway Saharsa-
Madhepura Road. It is situated in a prime location being
surrounded by residential and commercial complex. Thus,
considering a blend of residential and commercial complex and its
vicinity to various industrial complexes, there will be constant
inflow of customers which would increase the footfalls in the
mall and its linkage to road networks and public transport makes
the location of the mall strategically important.

Key Rating Weaknesses

Project implementation risk: RKS is engaged in the construction
of shopping mall cum commercial complex in Saharsa, Bihar, with
an aggregate project cost of INR15.32 crore, which is proposed to
be financed by way of proprietor contribution of INR6.32 crore
and term loan of INR9.00 crore, at a debt equity mix of 1.42:1.
The firm has already invested INR7.0 crore towards land & site
development, building, civil works, etc, till April 30, 2017,
which is met through proprietor contribution of INR3.85 crore and
term loan availed by the firm from State Bank of India of INR3.15
crore. The project is expected to be operational from April 2019.
Constitution as proprietorship firm: RKS, being a proprietorship
firm, is exposed to inherent risk of proprietor's capital being
withdrawn at time of personal contingency and firm being
dissolved upon the death/retirement/insolvency of the partners.
Moreover, proprietorship firms have restricted access to external
borrowing as credit worthiness of proprietor would be the key
factors affecting credit decision for the lenders.

Geographical concentration risk: The entire operation of the firm
is confined in the city of Saharsa (Bihar). The limited
geographic presence limits the ability of the entity to realise
the profit potential and hinders its growth.

High occupancy risk coupled with susceptibility of revenues to
demand for commercial estate in and around Saharsa of Bihar: RKS
is under developmental stage and is proposed to achieve
commercial operation date from April 2019. As of now, there has
been no booking done for the upcoming shopping mall. Furthermore,
it will earn its entire revenue from the lease rentals and other
incomes from a single property. The firm's revenues are highly
dependent upon the demand from retail space, which is dependent
on the level of economic activity in and around Saharsa, Bihar.
Any change in the economic activity may impact the demand in this
region. Due to this, the proposed mall may find it difficult to
lease its property or have to lease at lower rentals in the
situation of economic slowdown.

Intense competition in the vicinity of the proposed shopping
mall: Saharsa, a fast growing city, is witnessing rapid
development as it transforms itself into an important commercial
hub in North India. The city has witnessed development in every
sector from small scale industries to pharmacy, IT and education,
which have brought significant change in people's attitude and
behaviour. With the change in mindset, people's buying habits
have also changed. Now people prefer to visit the shopping malls
instead of old and isolated shopping centres located at various
places. Hence, there is likely to be a high demand for shopping
malls in Saharsa, Bihar. However, with rapid development and
growing demand, significant number of shopping malls has sprung
up in the city in recent times that are likely to offer tough
competition to RKS. The fragmented nature of the industry is
likely to add to increase the competition further.

Set up as a proprietorship firm in 2015, Ravindra Kumar Singh
(RKS) is engaged in the construction of shopping mall-
cumcommercial complex in Saharsa, Bihar. The proposed mall to be
set up on a plot measuring 14.53 Kattha with a built-up area of
57,325 sq.ft. The proposed mall would comprise of 42 small shops
for sale, hyper market, banquet hall, food court and multiplex
for rent or lease. The project is estimated to be set up at a
cost of INR15.32 crore which is proposed to be financed by way of
proprietor contribution of INR6.32 crore and term loan of INR9.00
crore. The firm has already invested INR7.0 crore towards land &
site development, building, civil works, etc, till April 30,
2017, which is met through proprietor contribution of INR3.85
crore and term loan availed by the firm from State Bank of India
of INR3.15 crore. The project is expected to be operational from
April 2019.

Mr. Ravindra Kumar Singh (aged 63 years) has over three decades
of experience and looks after the overall management of the firm
with adequate support from a team of experienced personnel.


RC AUTOMOTIVE: CRISIL Reaffirms B- Rating on INR18MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with RC
Automotive Private Limited (RCAPL) for obtaining information
through letters and emails dated November 9, 2016, and December
14, 2016, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              18       CRISIL B-/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term        2       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 RC Automotive Private Limited.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for RC Automotive Private Limited  is
consistent with 'Scenario1' outlined in the 'Framework for
Assessing Consistency of Information with Crisil B Rating
category or Lower'.' Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL B-/Stable'.

Incorporated in 2011, RCAPL is an authorised dealer of Nissan
India in north-west Delhi. RCAPL commenced operations in November
2011. It has one showroom operating on the sales, service, and
spares (3S) format at Shalimar Bagh in Delhi. The company is
promoted by Mr. Himanshu Chawla and Mr. Parth Chawla.


SAMRIDDHI RICE: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Samriddhi Rice
Mill (P) Ltd.'s (SRMPL) Long-Term Issuer Rating at 'IND BB-'.
The Outlook is Stable.  The instrument-wise rating actions are:

   -- INR70 mil. Fund-based limits affirmed with 'IND BB-/Stable'
      rating;

   -- INR12.80 (reduced from INR15) mil. Term loan affirmed with
      'IND BB-/Stable' rating; and

   -- INR5 mil. Fund-based limits* assigned with 'IND BB-/Stable'
      rating

*The assignment of final rating is based on upon the sanction and
execution of loan documents for the above facilities by SRMPL to
the satisfaction of Ind-Ra.

                        KEY RATING DRIVERS

The affirmation reflects SRMPL's continued small scale of
operations and moderate credit profile.  According to provisional
financials for FY17, revenue was INR380 million (FY16: INR367
million; FY15: INR348 million), gross interest coverage
(EBITDA/gross interest) was 2.2x (2.2x; 2.3x), net financial
leverage (net debt/EBITDA) was 4.3x (4.0x; 3.7x) and operating
EBITDA margin was 5.5% (5.7%; 6.2%).  The slight deterioration in
leverage was due to an increase in the total debt during the
year. Meanwhile, the marginal decline in EBITDA margin was due to
fluctuations in raw material cost.

The ratings factor in SRMPL's tight liquidity position, indicated
by an average maximum working capital limit utilization of 99%
during the 12 months ended May 2017.

The ratings, however, are supported by the more than four decades
of experience of SRMPL's promoters in the rice milling business
and its plant's proximity to a paddy growing area.

                        RATING SENSITIVITIES

Negative: Deterioration in the operating profitability and
overall credit metrics will be negative for the ratings.

Positive: A substantial improvement in the revenues along with
improvement in the credit metrics would be positive for the
ratings.

COMPANY PROFILE

SRMPL was incorporated in 2008 as a private limited company.  The
company is managed by its two directors, Mr. Rishu Chirania,
Mr. Binod Kumar Sekhsaria.  SRMPL purchases paddy from farmers &
mandis and after processing, sells rice to the wholesalers
situated in Bihar, Jharkhand, West Bengal, Assam and Gujarat.


SANDWOODS INFRATECH: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sandwoods
Infratech Projects Private Limited's (SIPPL) Long-Term Issuer
Rating at 'IND BB'.  The Outlook is Stable.  The instrument-wise
rating actions are:

   -- INR317.35 (increased from INR304.3) mil. Long-term loans
      affirmed with 'IND BB/Stable' rating; and

   -- INR150 mil. Proposed long-term loans rating withdrawn

                          KEY RATING DRIVERS

The ratings continue to reflect SIPPL's limited operating record
in the real estate sector and risks associated with timely
completion of its three ongoing projects and related sales.  The
company has achieved a cumulative 72% project completion.  As of
March 31, 2017, about 60% of the flats were booked.

The ratings also reflect high risks associated with timely
realization of cash flow from the sales of flats.

The ratings, however, continue to be supported by Managing
Director SK Bagolia's experience of more than three decades in
the real estate sector.

                        RATING SENSITIVITIES

Negative: Any slowdown in booking of flats leading to a cash flow
shortfall will be negative for the ratings.

Positive: Timely project completion and sale of a substantial
number of housing units leading to strong cash flow visibility
will be positive for the ratings.

COMPANY PROFILE

Established in 2004, SIPPL is engaged in property development in
Delhi NCR, with a focus on luxury residences.  It is among a few
developers that have delivered projects in Himachal Pradesh.

According to provisional financials for FY17, revenue was INR371
million (INR372 million).  Interest coverage (operating
EBITDA/gross interest expense) was 2.0x (FY16: 2.6x) and net
financial leverage (adjusted net debt/operating EBITDAR) was 5.4x
(3.8x).

The company has completed four projects until date: Spangle
Heights, Spangle Condos, Campton Estate and Spangle Lok Vihar.
It is promoted by Mr. SK Baagolia, Ms. Uma Bagolia and Mr.
Prateek Bagolia.


SAOMYA FORTUNE: CRISIL Reaffirms 'D' Rating on INR15MM Loan
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Saomya
Fortune Infra Ventures (SFIV) 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 Saomya Fortune Infra Ventures.
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 Saomya Fortune Infra Ventures 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'.

SFIV is a partnership firm between Leofortune Infrabuildcon Pvt.
Ltd and Saomya Infra Pvt. Ltd. The firm is undertaking
development of a residential complex, 'Fortune Belleza' in
Panvel, Navi Mumbai.


SHANTI PARBOILING: CARE Assigns B+ Rating to INR7.16cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shanti
Parboiling Industries (SPI), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             7.16       CARE B+; Stable Assigned

   Short-term Bank
   Facilities             1.92       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SPI are
constrained by its small scale of operation, leveraged capital
structure, volatility in profit margins subject to government
regulations, high working capital intensity and exposure to
vagaries of nature, partnership nature of constitution and its
presence in a fragmented & competitive nature of industry. The
ratings, however, derive comfort from its experienced partners,
long track record of operation, proximity to raw material sources
and favourable industry scenario.

The ability of the firm to further grow its scale of operation
along with improvement in profit margins and manage its working
capital effectively will remain as the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operation: SPI is a relatively small player in the
rice milling industry marked by total operating income of
INR43.11 crore with a PAT of INR0.24 crore in FY16. Furthermore,
during FY17, the firm has booked turnover of INR36.5 crore as
maintained by the management.

Leveraged capital structure: The capital structure remained
leveraged with the overall gearing ratio remaining at 1.70x as
on March 31, 2016.

Volatile in profit margins subject to government regulations: The
Government of India (GOI), every year decides a minimum support
price (MSP - to be paid to paddy growers) for paddy which limits
the bargaining power of rice millers over the farmers. The MSP of
paddy was increased during the crop year 2016-17 to INR
1,470/quintal from INR 1,410/quintal in crop year 2015-16. The
sale of rice in open market is also regulated by the GoI through
the levy of quota, depending on the target laid by the central
government for the central pool. Given the market determined
prices for finished product vis-a-vis fixed acquisition cost for
raw material, the profitability margins are highly vulnerable.
Such a situation does not augur well for the firm, especially in
times of high paddy cultivation.

High working capital intensity and exposure to vagaries of
nature: Rice is mainly a 'kharif' crop and is cultivated from
June-July to September-October. During other months, availability
of paddy is relatively low. Hence, the millers are required to
carry high level of raw material inventory to ensure
uninterrupted production till the next season. Furthermore, while
paddy is sourced mainly on cash payment, the millers are required
to extend credit period to their customers. Accordingly, the
working capital intensity remains high leading to higher stress
on the financial risk profile of the rice milling units. Also,
paddy cultivation is highly dependent on monsoons, thus making
the entity's operations vulnerable to vagaries of nature.
Accordingly, the average inventory holding period remained
moderately high in the range of 35-62 days during FY14 to FY 16
and the average collection period remained moderate in the range
of 16-28 days during FY14-FY16. The average utilization of bank
borrowing was moderate at around 60% in last 12 months ended May,
2017.

Partnership nature of constitution: SPI being a partnership firm,
there is risk of capital withdrawal by the partners at time of
personal contingency. Further, limited ability to raise capital
and poor succession planning may result in dissolution of the
firm.

Fragmented and competitive nature of industry: SPI's plant is
located in Ramsagarpara, Raipur which is in close proximity
to hubs for paddy/rice cultivating region of Raipur. Owing to the
advantage of close proximity to raw material sources, large
number of small units is engaged in milling and processing of
rice in the region. This has resulted in intense competition
which is also fuelled by low entry barriers. Given that the
processing activity does not involve much of technical expertise
or high investment, the entry barriers are low.

Key Rating Strengths

Experienced partners with long track record of operation: SPI is
currently managed by Mr. Sitaram Khandelwal of Raipur,
Chhattisgarh. Mr. Khandelwal has more than two decades of
experience in similar line of business. He looks after the dayto-
day affairs of the firm with the assistance of other partners Mr.
Ramgopal Khandelwal and Mr. Vishal Khandelwal and a team of
experienced professionals. Further, SPI commenced operations in
July, 1993 and accordingly has more than two decades of
operation.

Proximity to raw material sources and favourable industry
scenario: SPI's plant is located at Tatibandh in Raipur District,
Chhattisgarh which is in close proximity to the paddy growing
areas of the state. The entire raw material requirement is met
locally from the farmers (or local agents) helping the firm to
save simultaneously on transportation and paddy procurement cost.
Rice is one of the major food grains in India and it is
considered as the most widely consumed staple food grain across
India. Accordingly the demand prospect of rice is expected to
remain stable throughout the year due to huge dependence of the
majority of Indian population on rice.

SPI was established in July 1993 as a partnership firm to set up
a rice processing & milling unit and sale of its by-products like
husk, bran etc. in the domestic market. The plant, having an
installed capacity of 36,052 metric tonnes per annum (MTPA) for
rice and 2612 metric tonnes per annum (MTPA) for rice bran, is
situated at Tatibandh in Raipur District Chhattisgarh, a major
paddy growing area and is in close proximity to local grain
market enabling easy paddy procurement. Mr. Sitaram Khandelwal,
Mr. Ramgopal Khandelwal and Mr. Vishal Khandelwal of Haridwar,
Uttarakhand were the main partners with 34%, 33% and 33% stakes
respectively.

In FY16, audited the company has reported PAT of INR0.24 crore
(INR0.07 crore in FY15) on a total operating income of INR43.11
core (INR26.18 crore in FY15). During FY17, the firm has booked
turnover of INR36.5 crore as maintained by the management.


SHIRT COMPANY: CRISIL Reaffirms B- Rating on INR43.81MM Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shirt
Company India Limited (SCL) for obtaining information through
letters and emails dated November 11, 2016, and December 14,
2016, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

CRISIL thus gave these ratings:

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

   Letter of Credit        2.5      CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Overdraft              10.88     CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Packing Credit         16.00     CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Proposed Long Term      1.81     CRISIL B-/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Rating
                                    Reaffirmed)

   Term Loan              43.81     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 Shirt Company India 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 Shirt Company India Limited  is
consistent with 'Scenario1' outlined in the 'Framework for
Assessing Consistency of Information with Crisil B Rating
category or Lower'.' Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL B-/Stable/CRISIL A4'.

SCL was established by Mumbai-based Mr. Shivanand Shetty in 1984.
The company manufactures shirts, T-shirts, tops, dresses, and
other ready-made garments for men, women, and children.


SHRI MARUTINANDAN: CARE Assigns B Rating to INR5.41cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shri
Marutinandan Oil Industries (SMOI), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.41       CARE B; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of SMOI is constrained
on account of its nascent stage of operation along with weak
financial risk profile marked by thin profitability, leveraged
capital structure, weak debt coverage indicators and moderate
liquidity position. Furthermore, the rating also remains
constrained on account of its presence in highly fragmented
industry with limited value addition along with its dependence on
agro climatic condition and seasonality associated with the
availability of commodities, vulnerability of its profit margins
to fluctuation in raw material prices and its partnership nature
of constitution.

The rating, however, derives benefits from the experienced
partners in same line of industry along with its proximity to
raw material source.

SMOI's ability to increase its scale of operations coupled in
improving overall financial risk profile will be the key rating
sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

-- Nascent stage of operation along with weak financial risk
profile mark by thin profitability, leveraged capital structure,
weak debt coverage indicators and modest liquidity position:
The operation of SMOI is into nascent stage, as the firm has
commenced its operation from November 2015 and reported TOI of
INR3.65 crore during FY16 (refers to the period April 1 to March
31). Profitability of SMOI remained thin on account of limited
value addition and volatile raw material prices. On account of
high debt level as compared to tangible net worth, capital
structure of the firm stood leveraged. As a result of thin
profitability along with high debt level, the debt coverage
indicators also stood weak. Liquidity position of the SMOI stood
modest marked by below unity current ratio as on March 31, 2016.

-- Presence in highly fragmented industry with limited value
addition:  SMOI is operating in highly fragmented industry having
presence of large number of small and medium scale units due to
low technological and financial investment requirement which
results into fragmented nature of the industry as well as intense
competition from the large domestic integrated players.

-- Dependence on agro climatic condition and seasonality
associated with the availability of commodities:  Being agro-
based products, the availability of oilseeds is susceptible to
agro-climatic vagaries, pests/diseases, which may affect the crop
output and quality.

-- Vulnerability of its profit margins to fluctuation in raw
material prices:  The major raw materials for SMOI are agro-
commodities namely cotton seed, which prices have been volatile
in nature and depend upon factors like area under cultivation,
yield for the year, international demand supply scenario,
government regulation and inventory carry forward of last year.
Hence, any adverse fluctuation in the raw material price will
have direct impact on the operating margins of SMOI. Partnership
nature of constitution SMOI being a partnership firm is exposed
to inherent risk of partners' capital being withdrawn at time of
personal contingency and firm being dissolved upon the
death/retirement/insolvency of key promoters.

Key rating strengths

-- Experienced partner:  Mr. Govindbhai Patel is the key partner
of SMOI, who possesses more than 30 years of experience in the
industry and looks after overall operation of the firm.

-- Proximity to raw material source:  Furthermore, SMOI's
presence in the cotton-producing region results in benefit
derived from a lower logistic expenditure (both on transportation
and storage), easy availability and procurement of raw materials
at effective prices and consistent demand for finished goods
resulting in a sustainable and clear revenue visibility.

SMOI, a Kadi-based (Gujarat) partnership firm, was established in
2015 by four partners, namely, Mr. Govindbhai Patel, Ms
Chandrikaben Patel, Ms Nishaben Patel and Ms Jayshriben Patel.
Mr. Govindbhai possesses vast experience in the industry and
looks after overall management of the firm. The firm is engaged
into cotton seed crushing business. SMOI commenced its operation
from November 2015 and operates from its manufacturing unit
located in Kadi (Gujarat) with an installed crushing capacity of
25,920 MTPA as on March 31, 2016. SMOI procures material from
local ginners and sells cotton seed oil to local refineries and
oilcake to local traders.

During FY16, SMOI has reported PAT of INR0.01 crore on TOI of
INR3.65 crore. Furthermore, during 9MFY17 (Prov.), SMOI has
achieved a turnover of INR6.42 crore.


SHRI SANKALP: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shri Sankalp
Medical and Research Institute Private Limited's (SSMRIPL) Long-
Term Issuer Rating at 'IND BB-'.  The Outlook is Stable.  The
instrument-wise rating actions are:

   -- INR112.5 mil. Term loan affirmed with 'IND BB-/Stable'
      rating

                        KEY RATING DRIVERS

The ratings continue to reflect the under-construction stage of
SSMRIPL's multispecialty hospital, which is likely to commence
operations from 4QFY18.  The total project cost is INR185.5
million, which is being financed through a term loan, unsecured
loans and equity capital.

The ratings also continue to factor in high competition to be
faced by SSMRIPL from existing players, considering it will be a
new entrant.

The ratings, however, continue to be supported by favorable
location of the project on account of its proximity to the
railway station and the highway.  Moreover, the ratings continue
to be supported by the directors' experience of almost a decade
in healthcare.

                       RATING SENSITIVITIES

Negative: Any project delay will be negative for the ratings.

Positive: Stabilization of operations without any project delay
will be positive for the ratings.

COMPANY PROFILE

SSMRIPL is constructing a 100-bed hospital in Raipur,
Chhattisgarh.  It is managed by Dr. Shailendra Kumar Upadhya.


SUJATHA FEEDS: CRISIL Reaffirms 'D' Rating on INR17.4MM Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sujatha
Feeds Private Limited (SFPL) for obtaining information through
letters and emails dated March 6, 2017, and March 22, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             10.5      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan          17.4      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term       1.4      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 Sujatha Feeds 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 Sujatha Feeds 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'.

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


TRIPURESHWARI AGRO: CARE Assigns B+ Rating to INR5.0cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Tripureshwari Agro Product Private Limited (TAPPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.00       CARE B+; Stable Assigned

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of TAPPL is
constrained by small scale of operation with low profitability
margin, exposure to risk associated with agro-climatic conditions
and seasonality of agro products, government regulation in terms
of minimum support price of paddy limiting the bargaining power
of rice millers over farmers, low value adding nature along with
intense competition and highly fragmented nature of industry,
working capital intensive nature of business and leveraged
capital structure. The rating, however, derives strength from
experience of the promoters and stable demand outlook of rice.

Going forward, the ability of the company to increase its scale
of operations with improvement in profitability margins and
effective management of working capital will be the key rating
sensitivities.

Key Rating Weaknesses

-- Small scale of operation with low profitability margins:
TAPPL is a small player in construction industry with total
operating income of INR36.12 crore in FY16 (FY refers to the
period April 1 to March 31) and total capital employed of
INR11.73 crore as on March 31, 2016. This apart, the
profitability margins remained low during FY16. The small size
restricts the financial flexibility of the company in times of
stress and deprives it from benefits of economies of scale. Due
to its small scale of operations, the absolute profit levels of
the company also remained low resulting in lower cash accruals.
However, the company has generated revenue of INR32.00 crore
during 11MFY17 ending on February 2017(provisional).

-- Exposure to risks associated with agro-climatic conditions
and seasonality of agro products:  Rice is mainly a 'kharif' crop
and is cultivated from June-July to September-October and the
peak arrival of crop at major trading centres begins in October.
The output is highly dependent on the monsoon. Unpredictable
weather conditions could affect the domestic output and result in
volatility in price of rice. In view of seasonal availability of
paddy, working capital requirements remain high at season time
owing to the requirement for stocking of paddy in large quantity.

-- Low value adding nature of business combined with intense
competition and high fragmentation resulting in thin
profitability owing to fluctuations in agro-commodity prices:
Rice milling industry is highly fragmented and competitive due to
presence of many players operating in this sector owing
to its low entry barriers, due to low capital and technological
requirements. Raipur and nearby districts of Chhattisgarh
are a major paddy growing area with many rice mills operating in
the area. High competition restricts the pricing flexibility
of the industry participants and has a negative bearing on the
profitability.

-- Regulations by government in terms of Minimum Support Price
for paddy limiting the bargaining power of rice millers over the
farmers:  The Government of India (GoI), every year decides a
minimum support price (MSP) to be paid to paddy growers which
limits the bargaining power of rice millers over the farmers. The
MSP of paddy has been increased to INR1470/quintal in 2016-17 (as
mentioned by the Commission for Agricultural Costs and Prices,
the apex body to advice on MSP to the government) from
INR1410/quintal in crop year 2015-16. Given the market determined
prices for finished product vis-a-vis fixed acquisition cost for
raw material, the profit margins are highly vulnerable.

-- Working capital intensive nature of business:  The average
fund based working capital utilization remained high at about 90%
during last twelve month ending on February 28, 2017.

-- Capital structure of the company was leveraged as marked by
high debt equity and overall gearing ratios during the last two
account closing dates:  Leverage ratios remained high on account
of term loan availed from bank and higher utilisation of working
capital limits. However, the same has improved in FY16 vis-Ö-vis
FY15 on account of scheduled repayment of term loan and accretion
of profits to reserve.

Key Rating Strengths

-- Experienced promoters: Mr. Rakesh Saha has over two decades
long experience in the agro industry. He looks after overall
management of the company, with adequate support from other
director's along with a team of experienced personnel.

-- Stable demand outlook of rice:  Rice, being one of the
primary food articles in India, demand is high throughout the
country and with the change in life style and health
consciousness; by-products of the same like rice bran oil etc.
are in huge demand.

Incorporated in 2012, Tripurashwari Agro Products Private Limited
has been engaged in the business of rice milling & processing.
Presently the company owns a unit in Khayerpur (Tripura) through
which it carries out its operations. The day to day affairs of
the company are looked after by Mr. Rakesh Saha with adequate
support from other directors alongwith a team of experienced
personnel.

During FY16 (refers to the period April 1 to March 31), the
company reported a total operating income of INR36.12 crore
and net loss of INR0.01 crore in FY16 as against a total
operating income of INR1.03 crore and PAT of INR0.14 crore in
FY15.

The company has achieved a turnover of INR32.00 crore during
11MFY17 ending on February 2017.


TRIMURTI RE-ROLLERS: CARE Assigns B+ Rating to INR11cr Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Trimurti Re-Rollers Private Limited (TRPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              11        CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of TRPL is constrained
by its short track record and small size of operations,
volatility in prices of raw materials, working capital intensive
nature of business, leverage capital structure with moderate debt
coverage indicators and its presence in a fragmented and
competitive industry. The rating, however, derives strength from
experienced management team.

The ability of the company to increase its scale of operations
with improvement in the profit margins and effective management
of working capital will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

-- Short track record and small size of operations: TRPL has
commenced operations since July 2016 and thus has very short
track record of operations. Furthermore, the scale of operations
of the company also remained small marked by a total operating
income of INR12.65 crore with a PAT of INR0.18 crore in FY17
(Provisional; refers to the period April 1 to March 31).

-- Volatility in prices of raw-materials: The raw-material cost
is the major cost driver for TRRPL, accounting for around 41.48%
of total cost of sales in FY17. The major raw-materials required
for the TRPL are steel, channel alloy, lock plates etc. and the
company has no backward integration for the same and procures the
same from open market. Since the rawmaterial is the major cost
driver and the prices of which are volatile in nature, the
profitability of the company is susceptible to fluctuation in
raw-material prices.

-- Working capital intensive nature of business: TRPL's business,
being manufacturing of H. R. strips, shutter profiles, MS
pipes and other allied items, is working capital intensive in
nature. The company maintains inventory of around a month
of raw material for smooth running of production process and
finished goods for timely supply to its customers. Further
being new in the industry, the company allows around a month
credit to its customers and accordingly the average utilization
of bank barrowing was moderately high at 70% during last 10
months ended in April 2017.

-- Leverage capital structure with moderate debt coverage
indicators: The capital structure of the company remained
leveraged marked by its debt equity and overall gearing ratios at
0.39x and 3.12x, respectively, as on March 31, 2017. Furthermore,
the debt coverage indicators were moderate marked by satisfactory
interest coverage of 2.02x and weak total debt to GCA of 35.43x
in FY17.

-- Fragmented and competitive industry: The spectrum of the
steel industry in which the company operates is highly fragmented
and competitive marked by the presence of numerous players in and
around Raipur, Chhattisgarh. Hence, the players in the industry
do not have pricing power and are exposed to competition induced
pressures on profitability. This apart, TRPL's products being
steel related, it is subjected to the risks associated with the
industry like cyclicality and price volatility.

Key Rating Strengths

-- Experienced management team: Though TRPL has very short track
record of operations, the present management of the company has
more than three decades of experience in iron & steel industry.
The board of directors of TRPL comprises of four women directors
and they are supported by their husbands. The day-to-day
operations of the company are managed by Mr. Ajay Kansal, Mr.
Vipan Kansal, Mr. Duli Chand Gupta and Mr. Purshottam Gupta, who
have more than three decades of experience in iron and steel
industry. The company is deriving benefit out of the long
industry experience of the management.

TRPL was incorporated in July 2004. TRPL was jointly taken over
by the Kansan and Gupta family in December 2015. After take over
by the current management, the company has modernized and
expanded its infrastructure facilities and commenced commercial
operations at its plant since July 2016. TRPL has been engaged in
manufacturing of iron and steel products like hot rolled strips,
shutter profiles, MS pipes and other allied products. The
manufacturing facility of the company is located at Siltara
industrial area, Raipur, Chhattisgarh with aggregate installed
capacity of 15000 metric tone per annum.

As per the provisional results for FY17, TRPL has reported PAT of
INR0.18 crore on a total income of INR12.65 crore.


ZENITH COMPUTERS: Pine Forest Files Insolvency vs Firm
------------------------------------------------------
The Economic Times reports that Pine Forest Products initiated
corporate insolvency resolution process for Zenith Computers last
week.

According to the report, Pine Forest Products & Investments
issued notice under bankruptcy after the company failed to repay
loans despite giving two notices. Zenith Computers owes INR1.25
crore to Pine Forest Products while has total outstanding loans
of INR92 crore as on March 2017, ET discloses.

Over 80 cases of bad loans have been filed in NCLT for speedy
recovery of dues, the report notes.

ET relates that Pine Forest, the financial credit, had extended
INR1.25 crore loan at 24% interest rate for one month to Zenith
Computers in mid of October 2016. The report says the company
failed to repay the loan on due date and asked to longer time to
repay dues. Pine Forest extended the repayment period twice and
both the times Zenith failed to repay the loan following which
they issued a notice under bankruptcy code at National Company
Law Tribunal, Mumbai.

The counsel for Zenith requested for three years to repay the
loan which was rejected by the counsel for the financial
creditors, says ET. Following this, the court admitted the case
for resolution under the new Insolvency and Bankrupcy Code and
has appointed Chetan Shah as interim resolution professional.
According to ET, the court has ordered moratorium with effect
from June 12 till the completion of the corporate insolvency
resolution process or until this such time the bench approves the
resolution plan.



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


TAKATA CORP: Automakers Sign $300M Accommodation Agreement
----------------------------------------------------------
TK Holdings Inc. and other Takata Corp. units that have sought
Chapter 11 protection are seeking approval from the U.S.
Bankruptcy Court for the District of Delaware of an accommodation
agreement with carmakers which will unlock nearly $300 million in
near term liquidity that will allow Takata to continue supplying
replacement kits and other parts to customers.

"The Global Accommodation Agreement is one of the lynchpins of
the success of the Plan and the Global Transaction and represents
significant value to the Debtors, unlocking nearly three hundred
million dollars ($300,000,000) in near term liquidity through the
waiver of setoff, and guaranteeing that the Secured Accommodation
Parties will, later in the Chapter 11 Cases, accelerate over one
hundred million dollars ($100,000,000) in order to ensure that
the Debtors operations continue and the Global Transaction can be
consummated. These benefits alone, without even considering the
other valuable accommodations and message of stability to the
market, far outweigh the minimal costs and burdens associated
with the Global Accommodation Agreement," Scott E. Caudill,
Executive Vice President and COO of TKH said in a court filing.

The form of Global Accommodation Agreement is an agreement in
principle between Takata affiliates across the globe, other than
the Japan Debtors, and the Consenting OEMs from around the world.

The Consenting OEMs are comprised of members of the Customer
Group: BMW, Daimler Trucks and Mercedes-Benz, Fiat Chrysler
Automobiles, Ford, General Motors, Honda, Jaguar Land Rover,
Mazda, Mitsubishi, Nissan, Subaru, Toyota, Volkswagen, and AB
Volvo.

In exchange for the valuable accommodations and liquidity
enhancements the Consenting OEMs will be providing, including
agreeing to forbear from exercising setoffs against their
existing accounts payable to the Debtors, the Debtors will be
agreeing to continue to manufacture and supply parts and
replacement kits during the Chapter 11 Cases and to provide
adequate protection, including replacement liens and
superpriority claims, to those Consenting OEMs that have
outstanding prepetition amounts owed to the Debtors in respect of
Component Parts or services provided by the Debtors under the
Purchase Orders -- Secured Accommodation Parties.

                         Backing From OEMs

Counsel to the Debtors, Michael J. Merchant, Esq., at Richards,
Layton & Finger, P.A., explains that the Debtors are close to
finalizing the terms of a global sale transaction with a
potential plan sponsor -- Global Transaction -- that has the
support of a significant majority of their original equipment
manufacturer customers -- Consenting OEMs -- and that will pave
the way for a relatively quick and successful emergence of the
Debtors' business from restructuring.

In connection with the anticipated Global Transaction and as an
indication of their support, customers that, in the aggregate,
purchased approximately 90% of PSAN Inflators sold by Takata as
of March, 2017 and hold a substantial majority of the total
unsecured claims against the Debtors' estates -- Consenting OEMs
-- have agreed in principle to enter into accommodation
agreements to, among other things, provide Takata liquidity
during the Insolvency Proceedings -- Chapter 11 proceedings in
the U.S. and civil rehabilitation proceedings in Japan -- and to
serve as a bridge to the closing of the Global Transaction and
consummation of the Chapter 11 Plan.

Pursuant to the Global Accommodation Agreement, during the
Chapter 11 Cases, the Customers will agree to provide the Debtors
with, among other accommodations, (a) significant liquidity
enhancement from the acceleration of payment terms on outstanding
purchase orders from the Consenting OEMs' standard payment terms;
(b) restrictions on the Consenting OEMs' ability to resource
parts and programs to the Debtors' competitors during the term of
the Global Accommodation Agreement; (c) certain limitations on
the Consenting OEMs' ability to assert setoffs against the
Debtors' accounts receivable; and (d) a commitment from the
Consenting OEMs to purchase raw materials and furnished goods at
established prices in the event of certain trigger events.

In exchange for these accommodations, the Debtors will commit to
continue to produce and deliver Component Parts to the Consenting
OEMs and to provide other limited accommodations to safeguard the
production of Consenting OEMs.  In exchange for agreeing to make
payment on their outstanding accounts payable and forgo valuable
rights of setoff, the Debtors will also agree to provide the
Consenting OEMs adequate protection, including postpetition
replacement liens, superpriority administrative expense claims,
and other related protections with respect to the Debtors.  As is
customary, the Debtors will further agree, pursuant to an access
and security agreement, to provide the Consenting OEMs with
limited rights to access and utilize the Debtors' facilities and
equipment in the event there is a continuing default under the
Global Accommodation Agreement which has resulted in a
substantial likelihood that a Consenting OEM's production will be
interrupted.

As noted, the Global Accommodation Agreement will set forth
certain milestone dates related to finalizing, executing, and
filing the Global Transaction Documents, including a milestone
date for finalizing the U.S. SAPA and RSA on July 17, 2017.  The
failure to meet a milestone set forth in the Global Accommodation
Agreement will constitute a breach thereunder entitling a
requisite number of the Consenting OEMs to terminate the Global
Accommodation Agreement.

The accommodations embodied in the Global Accommodation Agreement
are central to the Debtors' ability to continue to operate during
the Chapter 11 Cases.  Without the Consenting OEMs' concessions
provided for in the Global Accommodation Agreements, and the
accommodation agreement in Japan, the Global Transaction would
not be possible.

In addition to certain Events of Default and Consenting OEM
Termination Rights that would entitle a Secured Accommodation
Party or the Requisite Consenting OEMs, as applicable, to
terminate the Global Accommodation Agreement, the Global
Accommodation Agreement includes certain milestones relating to
the Plan and other documents, including the following:

   (i) Supplier and the Plan Sponsor shall substantially finalize
definitive Acquisition Agreements for the Sale, in form
acceptable to the Initial Consenting OEMs, on or before July 17,
2017 and such Acquisition Agreements shall be executed on or
before July 31, 2017.

   (ii) Supplier, the Plan Sponsor and the applicable Initial
Consenting OEMs shall be substantially finalize the U.S. RSA,
which includes the U.S. Reorganization Plan as an exhibit, and
the Japan RSA, which includes the Japan Insolvency Plan as an
exhibit, each such RSA in form acceptable to the Initial
Consenting OEMs, on or before July 17, 2017, and such
RSAs shall be executed on or before July 31, 2017.

  (iii) Supplier and the applicable Initial Consenting OEMs shall
substantially finalize the Settlement Agreements, including the
EMEA Settlement Agreement, in form acceptable to the Initial
Consenting OEMs, on or before July 17, 2017, and such Settlement
Agreements are executed on or before July 31, 2017.

   (iv) Entry of the Interim Adequate Protection Order and the
Final Adequate Protection Order assuming the Global Accommodation
Agreement (and the Access Agreement) and approving the Adequate
Protection Rights in the U.S. Proceedings within three calendar
days and 35 calendar days following the Petition Date,
respectively;

    (v) Confirmation of, and occurrence of the effective date
under, the U.S. Reorganization Plan; approval of the Section 42
Business Transfer, or, alternatively, approval and confirmation
of the Japan Insolvency Plan; closing of the Sale to the Plan
Sponsor (the "Closing"), and consummation of the Restructuring
(collectively, the "Consummation Date") before Feb. 27, 2018
(the "Outside Date"); provided, however, that if the deadline for
the payment of the USD $850,000,000 restitution payment payable
by Takata under the DOJ Plea Agreement (the "DOJ Restitution
Award") is extended, the Outside Date shall be extended to the
new date on which such restitution payment is due, subject to the
consent of the Requisite Consenting OEMs; and, provided further,
the Outside Date may not be extended beyond March 31, 2018
without the consent of all Initial Consenting OEMs.

Consenting OEM Accommodations and Commitments:

   (a) Pricing on Replacement Kits. The Consenting OEMs have
agreed to maintain the currently applicable pricing for
replacement kits supplied during the term of the Global
Accommodation Agreement.

   (b) Resourcing Limitation.  With certain exceptions, the
Consenting OEMs have agreed not to resource the production of any
programs currently on contract with the Debtors to any of their
competitors other than in connection with certain agreed upon
Permitted Resourcings.

   (c) Limitations of Setoffs. Subject to the limitations
described in the Global Accommodation Agreement, each of the
Consenting OEMs has agreed not to exercise its rights to assert
setoff, recoupment, or deduction against amounts owed to the
Debtors other than those setoffs that are determined to be
Allowed Setoffs, Materials Setoffs, Tooling Setoffs, and
Professional Fee Setoffs, as set forth in the Global
Accommodation Agreement. In addition, the Consenting OEMs have
also agreed to limit the total amount of any setoff to 2 percent
of the face amount of the respective invoice or group of
invoices. The setoffs permitted above include setoffs for,
among other things, raw materials provided to the Debtors,
payments made to toolmakers on behalf of the Debtors, or for
other ordinary course business issues (e.g., billing errors).
The allowed professional fees setoff amounts relate to both
prepetition and postpetition fees incurred by the Consenting OEMs
and are limited based on a system of sub-caps described in the
Global Accommodation Agreement and, subject to certain
exceptions, are limited to the overall 2 percent Allowed Setoff
cap.

   (d) Inventory Purchase. Each Consenting OEM has committed,
upon the occurrence of certain events, including a permitted
resourcing, to purchase the Debtors' inventory of such Consenting
OEM's parts and any dedicated raw materials related thereto.

   (e) Accounts Payable Acceleration. The Consenting OEMs have
agreed to make payment on their outstanding accounts payables
owed to the Debtors on an expedited basis up to approximately net
15-day payment terms in accordance with a monthly cash flow.

       Setoff Rights and the Proposed Adequate Protection

The Debtors estimate that, based on their books and records, the
Secured Accommodation Parties owe the Debtors approximately
$290,000,000 in Customer Accounts as of the Petition Date.

Certain of the Component Parts include or included non-desiccated
or desiccated phase-stabilized ammonium nitrate ("PSAN")
inflators or components.  Certain PSAN inflators and models of
Takata's airbag systems manufactured with PSAN Inflators are the
subject of ongoing recalls and related remedy programs.  The
Recalls are unprecedented in scale, and over one hundred million
(100,000,000) vehicles have been recalled.  The Secured
Accommodation Parties have and continue to incur costs and
expenses relating to the PSAN Inflators and Subject Takata
Airbags in connection with, among other requirements, complying
with and administering the Recalls.

The Secured Accommodation Parties have claims, rights of
reimbursement, indemnification, setoff and/or recoupment, and
other similar rights against Takata for the Customer Recall Costs
and Expenses, pursuant to each Secured Accommodation Party's
Purchase Orders and applicable law.

In addition, the Secured Accommodation Parties have claims
against Takata, including without limitation, for liabilities
incurred by the Secured Accommodation Parties in connection with
the various personal injury, wrongful death, state attorney
general, and economic loss litigations and any other liabilities
arising out of or relating to the PSAN Inflators and the Subject
Takata Airbags, including, without limitation, Customer Recall
Costs and Expenses and Customer Recall Claims.

With respect to each Secured Accommodation Party, it is clear
that the amount of such Secured Accommodation Party's Customer
Recall Costs and Expenses and Customer Indemnification Claims far
exceeds such Secured Accommodation Party's Customer Accounts.  A
total of 61 million vehicles containing Subject Takata Airbags
have been recalled to date.  Each one of these recalled vehicles
represents a substantial cost to the OEMs for which the OEMs are
entitled to indemnity and reimbursement from the Debtors and
other Takata entities.  In order to fall below the approximately
$290,000,000 in Customer Accounts, the Secured Accommodation
Party's claims would need to be less than $3 per vehicle, which,
on its face, is evidently not the case.  Based on the foregoing,
each Secured Accommodation Party has a valid and enforceable
right of setoff against the Debtors equal in amount to such
Secured Accommodation Party's Customer Accounts, and each such
Secured Accommodation Party has a valid secured claim against the
Debtors in the same magnitude.

Under the terms of the Global Accommodation Agreement, the
Secured Accommodation Parties are agreeing to forebear from
exercising their rights of setoff (with certain limited
exceptions) and release the Customer Accounts in the ordinary
course of business in exchange for the adequate protection
package set forth in the proposed Interim Order.  Such adequate
protection includes the  Replacement Liens and the Adequate
Protection Liens, which ensure that the Secured Accommodation
Parties are adequately protected against the diminution in value
of their secured claims that will occur when the Secured
Accommodation Parties release the Custome Accounts to the
Debtors.

A copy of the Motion is available at:

       http://bankrupt.com/misc/Takata_18_M_AA_OEMs.pdf

TK Holdings can be reached at:

       T K Holdings Inc.
       2500 Takata Drive
       Auburn Hills, MI 48326
       Attention: Scott Caudill and Ken Bowling
       E-mail: Scott.Caudill@Takata.com
              Ken.Bowling@Takata.com

                  - and -

       Takata AG
       Bahnweg 1
       63743 Aschaffenburg, Germany
       Attention: Sven Petersen
       E-mail: Sven.Petersen@eu.Takata.com

                         Consenting OEMs

1. BMW:

         BMW Manufacturing Co., LLC
         1400 Highway 101 South
         Greer, SC 29605
         Attention: Seann Tzouvelekas
         Associate General Counsel
         E-mail: seann.tzouvelekas@bmwmc.com

                  - and -

         BMW Aktiengesellschaft
         Knorrstrasse 147
         80788 Munchen
         Attention: Sven Hofmann, MZ-14
                    Risk Management
         E-mail: sven.sh.hofmann@bmw.de

                  - and -

         BMW Aktiengesellschaft
         DostlerstraBe 3
         80809 Munchen
         Attention: Dr. Stephan Wollbrink, AJ-1
         Legal Counsel
         E-mail: stephan.wollbrink@bmw.de

   BMW's attorneys:

         David A. Rosenzweig
         Norton Rose Fulbright US LLP
         1301 Avenue of the Americas
         New York, NY 10019
         E-mail: david.rosenzweig@nortonrosefulbright.com

2. Daimler:

         Daimler Trucks North America, LLC
         4555 North Channel Ave
         Portland, OR 97217-7549
         Attention: Daniel Howard
         Associate General Counsel
         E-mail: daniel.howard@daimler.com

                  - and -

          Mercedes-Benz U.S. International, Inc.
          1 Mercedes Drive
          Vance, AL 35490-9310
          Attention: Richard Clementz
          General Counsel
          E-mail: rick.clementz@daimler.com

                  - and -

          Damiler AG
          HPC: G036
          Schickardstr. 30
          D- 71034 Boblingen
          Attention: Gotz Rachner
          Senior Manager
          Risk & Restructuring Management (MP/SR)
          Mercedes-Benz Procurement & Supplier Quality
          E-mail: goetz.rachner@daimler.com

  Daimler's attorneys:

          White & Case LLP
          1221 Avenue of the Americas
          New York, NY 10020-1095
          Attention: Thomas Lauria
          E-mail: tlauria@whitecase.com

3. FCA:

          FCA US LLC
          800 Chrysler Drive
          Auburn Hills, MI 48326
          CIMS 484-01-26
          Attention: Sigmund E. Huber
          Global Director, Supplier Relations & Risk Management
          E-mail: sig.huber@fcagroup.com

                  - and -

          FCA US LLC
          1000 Chrysler Drive
          Auburn Hills, MI 48326
          CIMS 485-14-07
          Attention: Mark Werling
          E-mail: mark.werling@fcagroup.com

  FCA's attorneys:

          Sullivan & Cromwell LLP
          125 Broad Street
          New York, New York 10004
          Attention: Brian Glueckstein
          E-mail: gluecksteinb@sullcrom.com

4. Ford:

          Ford Motor Company
          Town Center Offices
          18900 Michigan Avenue
          Dearborn, MI 48126
          Attention: Dennis Barrish
          E-mail: dbarrish@ford.com

  Ford's attorneys:

          McGuireWoods LLP
          625 Liberty Avenue
          23rd Floor
          Pittsburgh, PA 15222
          Attention: Mark E. Freedlander, Esq.
          E-mail: mfreedlander@mcguirewoods.com

5. GM:

          General Motors LLC
          Vehicle Engineering Center
          29755 Louis Chevrolet Rd.
          Warren, MI 48090-9020
          M/C 480-210-85
          Attention: Mark W Fischer
          E-mail: mark.w.fischer@gm.com

                  - and -

          General Motors LLC
          Vehicle Engineering Center
          29755 Louis Chevrolet Rd.
          Warren, MI 48090-9020
          M/C 480-210-8N
          Attention: Aaron M. Silver
          E-mail: aaron.silver@gm.com

  GM's attorneys:

          Honigman Miller Schwartz and Cohn LLP
          2290 First National Building
          660 Woodward Avenue
          Detroit, MI 48226-3506
          Attention: Joseph R. Sgroi
          E-mail: jsgroi@honigman.com

                  - and -

          Wellensiek RechtsanwÑlte PartG mbB
          Guiollettstrasse 54
          D - 60325 Frankfurt am Main, Germany
          Attention: Till Hafner
          E-mail: till.hafner@wellensiek.de

6. Honda:

          Honda North America
          24000 Honda Parkway
          Marysville, OH 43040
          Attention: Tom Lake
          E-mail: tom_lake@ham.honda.com
          Vorys, Sater, Seymour & Pease
          52 East Gay Street
          Columbus, OH 43215
          Attention: Rob Bell
          E-mail: rabell@vorys.com

7. JLR:

          Jaguar Land Rover Limited
          Registered Office: Abbey Road, Whitley, Coventry
          CV3 4LF
          Registered in England No: 1672070
          Attention: Antony Cunningham
          E-mail: ACunning@jaguarlandrover.com

                  - and -

          Jaguar Land Rover North America, LLC
          555 MacArthur Boulevard
          Mahwah, NJ 07430
          Attention: Anna-Lisa Corrales
          E-mail: acorral8 @jaguarlandrover.com

8. Mazda:

          Mazda Motor Corporation
          3-1 Shinchi, Fuchu-cho, Aki-gun,
          Hiroshima
          730-8670 Japan
          Attention: Mr. Tetsuto Nakamura, General
          Manager, Purchasing Division
          E-mail: nakamura.tet@mazda.co.jp

9. Mitsubishi:

          Mitsubishi Motors Corporation
          1, Nakashinkiri, Hashime-cho
          Okazaki, Aichi Pref., Japan
          Attention: Toshifumi Kimura, General Manager,
          Interior Parts and Aftersales Purchasing Dept.
          E-mail: toshifumi.kimura@mitsubishi-motors.com

   Mitsubishi's attorneys:

          Paul, Weiss, Rifkind, Wharton & Garrison LLP
          1285 Avenue of the Americas
          New York, NY 10019
          Attention: Kevin O'Neill
          E-mail: koneill@paulweiss.com

10. Nissan:

          Nissan North America, Inc.
          39001 Sunrise
          Farmington Hills, MI 48331
          Attention: Donald P. Parshall, Jr.
          E-mail: don.parshall@nissan-usa.com

                  - and -

          Nissan Motor Co., Ltd.
          1-1, Takashima 1-chome, Nishi-ku
          Yokohama-shi, Kanagawa 220-8686 Japan
          Attention: David K. Takeuchi
          E-mail: dtakeuchi@mail.nissan.co.jp

  Nissan's attorneys:

          Jones Day
          600 Brickell Avenue, Suite 3300
          Miami, FL 33131
          Attention: Pedro A. Jimenez
          E-mail: pjimenez@jonesday.com

11. Subaru

          Subaru Corporation
          Ebisu Subaru Bldg., 1-20-8, Ebisu, Shibuya-ku,
          Tokyo
          150-8544
          Japan
          Attention: Naoko Taniguchi, Legal Department
          E-mail: taniguchi.naoko@subaru.co.jp

                  - and -

          Subaru of America, Inc.
          2235 Marlton Pike W.
          Cherry Hill, NJ 08002
          Attention: Terri Woodard Claybrook, DirectorAssociate
          General Counsel
          E-mail: tclaybrook@subaru.com

                  - and -

          Subaru of Indiana Automotive, Inc.
          5500 State Road 38 E
          Lafayette, IN 47905
          Attention: Douglas R. Meyer, Senior Manager and
          General Counsel Legal/HR/CSR
          E-mail: doug.meyer@subaru-sia.com

  Subaru's attorneys:

          Kramer Levin Naftalis & Frankel LLP
          1177 Avenue of the Americas
          New York, NY 10036
          Attention: Adam Rogoff and Anupama Yerramalli
          E-mail: arogoff@kramerlevin.com
                  ayerramalli@kramerlevin.com

12. Toyota:

          Toyota Motor Engineering and Manufacturing
          North America
          25 Atlantic Avenue
          Erlanger, KY 41018
          Attention: Jim Holloway
          E-mail: jim.holloway@tema.toyota.com

                  - and -

          Toyota Motor Engineering and Manufacturing North
          America
          25 Atlantic Avenue
          Erlanger, KY 41018
          Attention: Cortney Romans
          E-mail: cortney.romans@tema.toyota.com

                  - and -

          Toyota Motor Corporation
          1, Toyota-cho
          Toyota, Aichi 471-8571
          Attention: Takuo Nomura
          E-mail: takuo_nomura@mail.toyota.co.jp

Toyota's attorneys:

          Frost Brown Todd LLC
          150 Third Avenue South, Suite 1900
          Nashville, TN 37201- 2043
          Attention: Robert Sartin, Esq.
          E-mail: rsartin@fbtlaw.com

                  - and -

          Orrick, Herrington & Sutcliffe LLP
          51 West 52nd Street
          New York, NY 10019-6142
          Attention: Lorraine S. McGowen, Esq.
          E-mail: lmcgowen@orrick.com

13. Volkswagen:

          Volkswagen AG
          Brieffach 1618
          D-38436 Wolfsburg, Germany
          Attention: Dr. Dirk Taeger
          E-mail: dirk.taeger@volkswagen.de

   Volkswagen's attorneys:

          Davis, Polk and Wardwell LLP
          450 Lexington Avenue
          New York, NY 10017
          Attention: Timothy Graulich
          E-mail: timothy.graulich@davispolk.com

14. Volvo:

          Volvo Group Truck Operations
          Dept. BE83000, GC2N
          40508 Gothenburg, Sweden
          Attention: Alessandro Galluzzi
          E-mail: alessandro.galluzzi@volvo.com

  Volvo's attorneys:

          Baker Hostetler LLP
          Key Tower, 127 Public Square, Suite 2000
          Cleveland, OH 44114-1214
          Attention: Eric R. Goodman, Esq.
          E-mail: egoodman@bakerlaw.com

                       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.
Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide.
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 then began
in 2013.

Takata is 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.

After reaching a deal to sell all its global assets and
operations to Key Safety Systems (KSS) for US$1.588 billion,
Takata and its Japanese subsidiaries commenced proceedings under
the Civil Rehabilitation Act in Japan in the Tokyo District Court
(the "Tokyo Court") on June 25, 2017.

In addition, on June 25, 2017, Takata's main U.S. subsidiary TK
Holdings Inc. and eleven of its U.S. and Mexican affiliates each
filed voluntary petitions under Chapter 11 of the Bankruptcy Code
in the United States Bankruptcy Court for the District of
Delaware.

The Debtors have requested that their cases be jointly
administered under Case No. 17-11375.

Nagashima Ohno & Tsunematsu is the counsel in the Japanese
proceedings.  Weil, Gotshal & Manges LLP  and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.
PricewaterhouseCoopers is serving as financial advisor, and
Lazard is serving as investment banker to Takata.  Ernst & Young
LLP is tax advisor.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor while UBS Investment Bank also
provides financial advice to KSS.

Prime Clerk is the claims and noticing agent and maintains the
case Web site http://www.takata.com/


TAKATA CORP: Ch. 11 Debtors Propose to Pay $47.4M to Key Vendors
----------------------------------------------------------------
TK Holdings Inc. and other Takata Corp. units that have sought
Chapter 11 protection are seeking approval from the U.S.
Bankruptcy Court for the District of Delaware to pay $47.4
million of the $118 million owed to various third-party providers
of goods and services.

The Debtors are only seeking approval to pay the prepetition
claims of "critical vendors", i.e. vendors, suppliers, service
providers, and other similar parties and entities that are
essential to maintaining the going concern value of the Debtors'
businesses.

As a major Tier One supplier to the largest automotive
manufacturers in the world, the Debtors rely heavily on the
Critical Vendors to provide them with the specialized and unique
parts, materials, and services necessary to manufacture the seat
belts, airbags, and other critical safety and non-safety
components and parts that the Debtors produce for original
equipment manufacturers.  The Debtors have put into place
detailed procedures for identifying and selecting Critical
Vendors and ensuring that only Critical Vendors will be paid on
account of their prepetition claims.  The Debtors are not seeking
to pay all prepetition claims of the Critical Vendors, but rather
to pay such undisputed amounts in the ordinary course of the
Debtors' businesses and on terms consistent with the Debtors'
prepetition practices.  Accordingly, payments to the Critical
Vendors will be contingent on their agreement to continue to sell
goods or provide services to the Debtors on terms at least as
favorable as those in effect before the Petition Date.

As of the Petition Date, the Debtors estimate that they owe
$47,440,000 for Critical Vendor Claims, of which $35,580,000 will
come due in the first 30 days of the Chapter 11 Cases:

                                      Payment on      Payment
      Critical Vendor               Interim Basis   Final Basis
      ---------------               -------------   -----------
Production Material Suppliers
* Component Parts Suppliers:         $30,397,500    $40,530,000
* Raw Material and Other
   Production Suppliers:              $1,627,500     $2,170,000
MRO Providers
* Essential Operational Service
Providers:                              $735,000       $980,000
* Dedicated Third-Party
    Logistic Providers:               $2,820,000     $3,760,000

Critical Vendor Claims Entitled
to 503(b)(9) Administrative
Expense Priority:                    $16,785,000    $22,380,000
                                     -----------    -----------
Total Critical Vendor Claims:        $35,580,000    $47,440,000
                                     ===========    ===========

Requests for Critical Vendor treatment, or suppliers refusing
shipment due to non-payment of prepetition claims, will first be
received by members of the Debtors' purchasing team and forwarded
to the appropriate employee based on certain payment thresholds.

Material business terms (including proposed payments) require
approval by (i) specifically-designated buyers, for proposed
payments under $5,000, (ii) specifically-designated directors,
for proposed payments of $5,000 up to $25,000, (iii) the Debtors'
Vice President of Supply Chain Management, for proposed payments
of $25,000 up to $150,000, and (iv) the Debtors' Chief Financial
Officer, for proposed payments over $150,000.  Payments in excess
of $5,000 will require approval of the Vendors Management Team.

The Debtors' Vendor Management Team (VMT) is comprised of:

   * Ken Bowling (TKH)
   * Scott Simpton (TKH)
   * Tina Wertheimer (TKH)
   * Teresa Cromer (TKH)
   * Amy Green (TKH)
   * Matt Goren (Weil)
   * Bill Fasel (PwC)
   * Stephen Hammond (PwC)
   * Lauren Tauro (Weil)

Matt Goren can be reached at:

        Matthew Goren
        Counsel
        WEIL, GOTSHAL & MANGES LLP
        New York
        Tel: +1(212)310-8440
        E-mail: matthew.goren@weil.com

Lauren Tauro can be reached at:

        Lauren Tauro
        Associate
        WEIL, GOTSHAL & MANGES LLP
        New York
        Tel: +1(212)310-8025
        E-mail: lauren.tauro@weil.com

Bill Fasel can be reached at:

        William J. Fasel
        Managing Director
        Business Recovery Services, Chicago
        PRICEWATERHOUSECOOPERS LLP
        1 N Wacker Dr
        Chicago, IL 60606-2807
        E-mail: william.j.fasel@us.pwc.com

                       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.
Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide.
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 then began
in 2013.

Takata is 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.

After reaching a deal to sell all its global assets and
operations to Key Safety Systems (KSS) for US$1.588 billion,
Takata and its Japanese subsidiaries commenced proceedings under
the Civil Rehabilitation Act in Japan in the Tokyo District Court
(the "Tokyo Court") on June 25, 2017.

In addition, on June 25, 2017, Takata's main U.S. subsidiary TK
Holdings Inc. and eleven of its U.S. and Mexican affiliates each
filed voluntary petitions under Chapter 11 of the Bankruptcy Code
in the United States Bankruptcy Court for the District of
Delaware.

The Debtors have requested that their cases be jointly
administered under Case No. 17-11375.

Nagashima Ohno & Tsunematsu is the counsel in the Japanese
proceedings.  Weil, Gotshal & Manges LLP  and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.
PricewaterhouseCoopers is serving as financial advisor, and
Lazard is serving as investment banker to Takata.  Ernst & Young
LLP is tax advisor.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor while UBS Investment Bank also
provides financial advice to KSS.

Prime Clerk is the claims and noticing agent and maintains the
case Web site http://www.takata.com/


TAKATA CORP: Ch. 11 Debtors to Seek Ancillary Relief in Canada
--------------------------------------------------------------
TK Holdings Inc. and other Takata Corp. units that have sought
Chapter 11 protection in the U.S. said June 26, 2017, that they
will shortly seek ancillary relief in Canada on behalf of the
Debtors' estates in Toronto Canada.

TKH and ultimate parent Takata Corp. ("TKJP") are named
defendants in 14 class actions in four Canadian provinces
(British Columbia, Saskatchewan, Quebec, and Ontario).  Although
nine of the Canadian Actions have been formally dismissed or are
currently being held in abeyance, five remain pending against
TKH.  The Canadian Actions are brought by putative representative
plaintiffs who allege that they are consumers who
purchased/leased vehicles in Canada with airbags containing PSAN
Inflators that are subject to recalls.  The putative
representative plaintiffs assert claims for economic losses
largely based on the theory that the recall of PSAN Inflators has
reduced market value of vehicles and/or airbags containing PSAN
Inflators and that they experienced losses arising from their
inability or unwillingness to use their vehicles until the
inflators were replaced and the expenses associated with such
replacement.  Although two of the Canadian Actions allege
personal injuries, to date there are no known instances of
inflator rupture in Canada. Claims in the continuing Canadian
Actions total an aggregate of approximately CA$3.5 billion and
are all at the precertification stage.  As a result of the
pending Canadian Actions against TKH, it is necessary to ensure
that these Chapter 11 Cases as well as certain orders of the U.S.
Court are recognized and enforced in Canada.

TKH (as the proposed Foreign Representative) will shortly seek
ancillary relief in Canada on behalf of the Debtors' estates
pursuant to the Companies' Creditors Arrangement Act (Canada),
R.S.C. 1985, c. C-36 as amended (the "CCAA") in the Ontario
Superior Court of Justice (Commercial List) in Toronto, Ontario,
Canada.  The purpose of the ancillary proceedings is to request
that the Canadian Court recognize these Chapter 11 Cases as a
"foreign proceeding" under the applicable provisions of the CCAA
in order to, among other things, ensure that the protections of
the automatic stay are enforced with respect to the Canadian
Actions and to provide clarity and structure to potential
creditors in Canada.

To commence the Canadian Proceedings, the Debtors require
authority for a Debtor entity to act as the "foreign
representative" on behalf of the Debtors' estates.  The Debtors
accordingly ask the U.S. Bankruptcy Court for the District of
Delaware for authority to appoint TKH as such Foreign
Representative.

                       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.
Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide.
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 then began
in 2013.

Takata is 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.

After reaching a deal to sell all its global assets and
operations to Key Safety Systems (KSS) for US$1.588 billion,
Takata and its Japanese subsidiaries commenced proceedings under
the Civil Rehabilitation Act in Japan in the Tokyo District Court
(the "Tokyo Court") on June 25, 2017.

In addition, on June 25, 2017, Takata's main U.S. subsidiary TK
Holdings Inc. and eleven of its U.S. and Mexican affiliates each
filed voluntary petitions under Chapter 11 of the Bankruptcy Code
in the United States Bankruptcy Court for the District of
Delaware.

The Debtors have requested that their cases be jointly
administered under Case No. 17-11375.

Nagashima Ohno & Tsunematsu is the counsel in the Japanese
proceedings.  Weil, Gotshal & Manges LLP  and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.
PricewaterhouseCoopers is serving as financial advisor, and
Lazard is serving as investment banker to Takata.  Ernst & Young
LLP is tax advisor.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor while UBS Investment Bank also
provides financial advice to KSS.

Prime Clerk is the claims and noticing agent and maintains the
case Web site http://www.takata.com/


TAKATA CORP: Ch. 11 Case Summary & 50 Top Unsec. Creditors
----------------------------------------------------------
Lead Debtor: TK Holdings Inc.
             2500 Takata Drive
             Auburn Hills, MI 48326
             Attention: Scott Caudill and Ken Bowling
             E-mail: Scott.Caudill@Takata.com
                     Ken.Bowling@Takata.com

U.S. and Mexican units of Japan-based Takata Corp. that
simultaneously sought Chapter 11 protection:

   * Takata Americas - is a Delaware partnership that serves as
     the U.S. federal income tax payer for the Company.  Takata
     Americas owns over 99% of the equity in TKH and generally
     has no assets other than the stock in its subsidiaries,
     which, in addition to TKH, include TK Finance LLC (a debtor
     entity which indirectly owns Takata (Shangai) Automotive
     Component Co. Ltd., a non-debtor Chinese entity which may
     implement an asset sale under the Global Transaction) and
     Takata Brasil S.A. (a non-Debtor entity).

   * TK Holdings Inc. (TKH) - is a Delaware-incorporated
     operating company that manufactures and sells inflators,
     airbags and seat belts, and sells steering wheels
     (manufactured by its affiliates).  TKH operates five
     facilities, including a plant in Moses Lake where TKH
     produces PSAN propellant, inflators, and airbag modules,
     and three sales and administration offices.  TKH's revenues
     represent 33 percent of Takata's revenues on a global basis.
     In addition to owning directly or indirectly each of the
     other Debtor entities (excluding Takata Americas), TKH also
     directly or indirectly owns the non-debtor Maquiladoras,
     Highland, and Syntec, as well as ALS Inc., a non-Debtor
     Japanese operating company that provides logistics and
     freight forwarding services (i.e., exporting and importing
     parts and manufactured goods) to TKJP.

   * Takata de Mexico, S.A. de C.V. - is a Mexican incorporated
     Maquiladora that manufactures inflators and assembles airbag
     modules and replacement kits.  TK DM owns two plants,
     including a plant in Monclova where TK DM manufactures PSAN
     Inflators.  Prior to 2014, TK DM contracted with Customers
     for the sale of airbag modules containing PSAN Inflators.

   * Industrias Irvin de Mexico, S.A. de C.V.   Industrias Irvin
     is a Mexican incorporated Maquiladora that assembles airbag
     modules and seat belts and manufactures seat belt
     components.

     Industrias Irvin leases one plant from an affiliate.  Prior
     to 2014, Industrias Irvin contracted with Customers for the
     sale of airbag modules containing PSAN Inflators.

   * Strosshe-Mex, S. de R.L. de C.V. SMX is a Mexican entity
     referred to as a "trading sales company" as it is in the
     business of contracting with Mexican OEMs for the sale of
     the Debtors' products, including airbags containing PSAN
     Inflators.

   * TK Holdings de Mexico, S. de R.L. de C.V.  TK Holdings de
     Mexico is a Mexican holding company that provides
     centralized administration services for its subsidiaries,
     including the Maquiladoras, in exchange for a management
     fee.  The administration services include customs
     compliance, management of accounts receivable and payable,
     taxes, and certain payroll functions.  TK Holdings de Mexico
     does not employ its own employees, but rather leases
     employees from TK DM in exchange for a monthly fee.

   * TK Finance, LLC, TK China LLC, TK Mexico Inc., and TK Mexico
     LLC - are each a holding company with no operations, third-
     party debt, or assets other than the equity in its
     respective subsidiaries.

   * Takata Protection Systems Inc. and Interiors in Flight Inc.
     - sold substantially all of their assets to TransDigm Group
     prepetition and have no ongoing operations.

Chapter 11 Petition Date: June 25, 2017

Case Nos. of Chapter 11 Debtors:

    Debtor                                         Case No.
    ------                                         --------
    Takata Americas                                17-11372
    TK Finance, LLC                                17-11373
    TK China, LLC                                  17-11374
    TK Holdings Inc.                               17-11375
    Takata Protection Systems Inc.                 17-11376
    Interiors in Flight Inc.                       17-11377
    TK Mexico Inc.                                 17-11378
    TK Mexico LLC                                  17-11379
    TK Holdings de Mexico, S. de R.L. de C.V.      17-11380
    Industrias Irvin de Mexico, S.A. de C.V.       17-11381
    Takata de Mexico, S.A. de C.V.                 17-11382
    Strosshe-Mex, S. de R.L. de C.V.               17-11383

Court: United States Bankruptcy Court
       District of Delaware (Delaware)

Debtors'
General
Counsel:          Marcia L. Goldstein, Esq.
                  Ronit J. Berkovich, Esq.
                  Matthew P. Goren, Esq.
                  WEIL, GOTSHAL & MANGES LLP
                  767 Fifth Avenue
                  New York, NY 10153
                  Tel: (212) 310-8000
                  E-mail: ronit.berkovich@weil.com
                          marcia.goldstein@weil.com
                          matthew.goren@weil.com

Debtors'
Local
Counsel:          Mark D. Collins, Esq.
                  Michael J. Merchant, Esq.
                  Amanda R. Steele, Esq.
                  Brett M. Haywood, Esq.
                  RICHARDS, LAYTON & FINGER, P.A.
                  One Rodney Square
                  920 N. King Street
                  Wilmington, Delaware 19801
                  Tel: (302) 651-7700
                  Fax: (302) 651-7701
                  E-mail: collins@rlf.com
                          merchant@rlf.com
                          steele@rlf.com
                          haywood@rlf.com

Debtors'
Investment
Banker:           LAZARD FRERES & CO. LLC
                  30 Rockefeller Plaza,
                  New York, New York 10112

Debtors'
Financial
Advisor:          PRICEWATERHOUSECOOPERS LLP
                  300 Madison
                  Avenue, New York, New York 10017

Debtors'
Tax
Advisor:          ERNST & YOUNG LLP
                  5 Times Square, New York,
                  New York 10036

Debtors'
Claims,
Noticing
& Solicitation
Agent and
Administrative
Advisor:          PRIME CLERK LLC
                  830 Third Avenue
                  9th Floor,
                  New York, New York 10022
                  Web site:
                  https://restructuring.primeclerk.com/takata

Estimated Assets: $1 billion to $10 billion

Estimated Debt: $10 billion to $50 billion

The petitions were signed by Ken Bowling, secretary.  A full-text
copy of TK Holdings' petition is available for free at:

            http://bankrupt.com/misc/deb17-11375.pdf

Debtors' Consolidated List of 50 Largest Unsecured Creditors:

  Entity                         Nature of Claim    Claim Amount
  ------                         ---------------    ------------
Honda                             Warranty, Recall  Undetermined
24000 Honda Parkway               & Indemnification
Marysville, OH 43040
Name: Tom Lake
Email: tom_lake@ham.honda.com

Toyota                            Warranty, Recall  Undetermined
6565 Headquarters Drive           & Indemnification
Plano, TX 75024
Name: Cortney Romans
Email: cortney.romans@toyota.com

FCA                               Warranty, Recall   Undetermined
800 Chrysler Drive, Auburn Hills  & Indemnification
MI 48321-8004 USA
Name: Sigmund Huber
Email: sig.huber@fcagroup.com

Mazda                             Warranty, Recall   Undetermined
3-1 Shinchi, Fuchu-cho, Aki-gun   & Indemnification
Hiroshima, Japan 730-8670
Name: Mr. Tetsuto Nakamura, General
Manager, Purchasing Division
Email: nakamura.tet@mazda.co.jp

Nissan                             Warranty, Recall  Undetermined
39001 Sunrise                      & Indemnification
Farmington Hills, MI 48331
Name: Don Parshall
Email: don.parshall@nissan-usa.com

BMW                                Warranty, Recall  Undetermined
Knorrstrasse 147                   & Indemnification
Munchen, Germany 80788
Name: Sven Hofmann
Email: sven.sh.hofmann@bmw.de

Ford                               Warranty, Recall  Undetermined
Town Center Offices, 18900         & Indemnification
Michigan Ave
Dearborn MI 48126, USA
Name: Dennis Barrish
Email: dbarrish@ford.com

GM/Saab                            Warranty, Recall  Undetermined
30001 Van Dyke Road, Mail Code:    & Indemnification
480-210-855
Warren, MI 48090-9020
Name: Mark Fisher
Email: mark.w.fischer@gm.com

Mitsubishi                         Warranty, Recall  Undetermined
1, Nakashinkiri, Hashime-cho,      & Indemnification
Okazaki, Aichi Pref., Japan
Name: Takashi Ito
Email: takashi.ito@mitsubishi-motors.com

Subaru                             Warranty, Recall  Undetermined
2235 Marlton Pike W               & Indemnification
Cherry Hill, NJ 08002, USA
Name: Terri Woodard Claybrook,
Director-Associate General Counsel
Email: tclaybrook@subaru.com

Daimler/Mercedes Benz/             Warranty, Recall  Undetermined
Daimler Trucks                     & Indemnification
HPC: G036, Schickardstr. 30,
D-71034
Boblingen, Germany
Name: Goetz Rachner
Email: goetz.rachner@daimler.com

Volkswagen/Audi                    Warranty, Recall  Undetermined
Brieffach 1618, D-38436            & Indemnification
Wolfsburg, Germany
Name: Dirk Taeger
Email: dirk.taeger@volkswagen.de

Tesla                              Warranty, Recall  Undetermined
3500 Deer Creek Road               & Indemnificatin
Palo Alto, CA 94304, USA

Forest River                       Warranty, Recall  Undetermined
55470 Country Road 1               & Indemnification
Elkhart, IN 4614

Fisker                             Warranty, Recall  Undetermined
5515 East La Palma                 & Indemnification
Anaheim, CA 92807 USA

Ferrari                            Warranty, Recall  Undetermined
250 Sylvan Ave                     & Indemnification
Englewood Cliffs, NJ 07632, USA

Jaguar Land Rover                  Warranty, Recall  Undetermined
First Floor Building 552-G/8/3     & Indemnification
Banbury Road
Gaydon, UK CV35 0RR
Name: Antony Cunningham
Email: ACunning@jaguarlandrover.com

US Economic Loss MDL Class          Litigation     Undetermined
Action, Plaintiffs Steering
Committee
Podhurst Orseck, P.A., 25 W. Flagler
St., Ste. 800
Miami, FL 33130
Name: Peter Prieto of Podhurst Orseck,
P.A. as Chair Lead Counsel
Tel: 305-358-2800
Fax: 305-358-2382

Canada Economic Loss Class Action   Litigation     Undetermined
Plaintiffs
1561 Ouellette Avenue
Windsor, Ontario, N8X 1K5
Name: Sutts, Strosberg LLP
Tel: 519-258-9333
Fax: 866-316-5311

State of Hawaii, by its Office of   Litigation     Undetermined
Consumer Protection
Cronin, Fried, Sekiya, Kekina &
Fairbanks
600 Davies Pacific Center
841 Bishop Street
Honolulu, Hawaii 96813
Name: L. Richard Fried, Jr.
Patrick F. McTernan
Tel: 808-524-1433

U.S. Virgin Islands, by its Attorney Litigation     Undetermined
General on behalf of the Department
of Licensing and Consumer Affairs
Motley Rice LLC
401 9th St. NW, Suite 1001
Washington, DC 20004
Name: Linda Singer
Tel: 202-386-9626 ext. 5626
Fax: 202-386-9622

State of New Mexico,                 Litigation     Undetermined
by its Attorney General
Dicello, Levitt & Casey
Ten North Dearborn Street, 11th Floor
Chicago, Illinois 60602
Name: Adam J. Levitt
Tel: 312-214-7900

National Highway Traffic Safety       Fines       $180,000,000
Administration                        Penalties
1200 New Jersey Avenue, SE, West
Building
Washington, DC 20590

Daicel Safety Systems                 Trade        $11,371,896
720 Old Liberty Church Road
Beaver Dam, KY 42320
Name: Stacey Veteto
Tel: 270-274-2600

XPO Logistics Worldwide               Trade         $5,000,000
560 Mission Street, Suite 2950
San Francisco, CA 94105-2992
Name: Eric Rudkin
Tel: 503-450-5806

Special Devices, Inc.                 Trade         $3,973,346
3431 N. Reseda Circle
Mesa, AZ, 44060, US
Name: Abel Tejada
Tel: 480-832-0774

ARC Automotive                         Trade         $2,058,845
1357 Veterans Way
Morgantown, KY 42261
Name: Bob Knight
Tel: 734-340-4980

O&S California, Inc.                   Trade         $1,761,915
9731 Siempre Viva Road, Suite E
San Diego, CA 92154
Name: Bianca Gonzalez
Tel: 619-661-1800
Fax: 619 661-1900

Pegasus Auto Parts                     Trade         $1,489,561
Arco Vial 3.8 Numero 3810, Santa
Catarina
Nuevo Leon, CP 66100, Mexico
Name: Masamichi Mima
Tel: 555-136-3377

Kayaku Safety Systems De               Trade         $1,392,726
Ave. Ruben J. Villarreal S/N Ex.
Hacienda San Isidro, Salinas Victoria
Nuevo Leon, Mexico 65503
Name: Alex Orozco
Tel: 8158-0000 X475

Praxair Mexico S De R                  Trade         $1,132,128
Biologo Masimino Mtz 3804; San
Salvador Xochimanca
PME960701GGo
Mexico D.F. MX 02870
Name: Carlos Cazares
Tel: 866-635-3162

Robles, Delia represented by          Litigation    Undetermined
Contreras, Jose
19182 Lyle Ave
Corona, CA 92881
Name: Delia Robles
Tel: 951-283-9337

Krasulja, Janiece                     Litigation    Undetermined
450 Seventh Avenue - 44th Floor
New York, NY 10123
Name: Marc J. Rothenberg / The
Rothenberg Law Firm
Tel: 212-563-0100

Contreras, Jose; Martinez, Jessica    Litigation    Undetermined
and Daisy
1055 West 7th Street, 33rd Floor
Penthouse
Los Angeles, CA 90017
Name: Child & Marton LLP
Tel: 213-627-3113
Fax: 213-623-9237 (fax)

Shinsho K'mac                            Trade          $995,458
26200 Town Center Dr #160
Novi, MI, 38655, US
Name: Yuki Yoshida
Tel: 248-305-9174
Fax: 248-305-9365

AFX Industries LLC                       Trade          $857,251
1411 Third Street, Suite G
Port Huron, MI 48060
Tel: 810-966-4650
Fax: 810-987-8149
Email: mlowrie@afixindustries.com

3D Plastic, Inc.                         Trade          $833,151
P.O. Box 72488
Cleveland, OH 44192-0002
Name: Linda Boles
Tel: 903-291-9333
Fax: 903-844-9338

J&S America                              Trade          $790,789
1820 E. University Drive, Auburn,
AL 36830
Name: C/O Machen, McChesney & Chastain
Tel: 334-501-8900
Fax: 334-501-8905

Matsuju Mexicana Sa De CV                 Trade         $783,108
Circuito San Roque Sur 323
C.P.36275 Parque Industrial Santa Fe
Ampliacion Silao
Guanajuato Mexico
Name: Shoji Kanbara
Tel: 472-748-9092

Extra Publicidad Y Servicios, S.A De C.V  Trade         $773,227
Brasil 607 A Col. Guadalupe 25750-
Monclova Monclova Coahuila De
Zaragoza Mexico
Name: Gerardo Aguilar
Tel: 866-631-2269

Hy-GRO Chemicals                          Trade         $755,176
Unit 203,204 2nd Floor; Sardar Patel
Road, Secunderabaad, A.P. India
Name: Vivek Bishnoi
Tel: 00 91 4 27720233
Fax: 00 91 4 27848394

Hayakawa Electronics                      Trade         $704,557
10 Industrial Drive
Oxford, MS, L7l 4x6, US
Name: Allison Bailey
Tel: 662-234-1410
Fax: 662-234-1429

Kalkaska Screw Products                   Trade         $670,452
775 Rabourn Road
Kalkaska, MI, 48026, US
Name: Paul Stewart
Tel: 231-258-2560
Fax: 231-258-5215

Indiana Automotive                        Trade         $644,814
1300 West Anderson Boulevard
Greenfield, IN, 48375, US
Name: Cleo Walker
Tel: 317-467-0100 X231
Fax: 317-467-0400

STT USA Inc                               Trade         $619,752
28175 Haggerty Road Suite 159
Novi, MI 48377
Name: Atsuharu Uchida
Tel: 248-994-5733

Gemini Plastics Inc.                      Trade         $613,483
4385 Garfield St
Ubly, MI, 60673-7149, US
Tel: 989-658-8557
Fax: 989-658-8041

Global Tek (WUXI) CO LTD                  Trade         $501,554
No 17-15 Change Jiang S RD; Wuxi
Nat'l Hi-Tech Ind De; Wuxi
Jiangsu, China 214028
Name: Daisie Chen
Tel: 801-391-7511

Gentherm Inc                              Trade         $482,928
21680 Haggarty Road
Northville, MI 48167
Name: Elias Chidiac
Tel: 248-504-0500
Fax: 248-348-9734
Email: info@gentherm.com

Higuchi Manufacturing America LLC         Trade         $474,346
14901 Southton Road
San Antonio, TX 78112
Name: Makoto Suzuki
Tel: 210-633-2877
Fax: 210-633-9228

Mitsubishi Chemical                       Trade         $469,684
2001 Hood Road
Greer, SC, 45403, US
Name: Traci Mefford
Telephone: 864-879-5269 or
864-879-5613


TAKATA CORP: Future Costs Still Unclear Even After Bankruptcy
-------------------------------------------------------------
Akiko Yasuhara at The Japan Times reports that while Takata
Corp.'s bankruptcy filing appears to have it on course to someday
regain financial stability, questions remain about the turnaround
as the company still faces potential additional costs from
recalls and litigation.

The Japan Times says Takata filed for bankruptcy protection
Monday with liabilities estimated at well over JPY1 trillion, the
largest bankruptcy by a Japanese manufacturer in the postwar
period.

According to the report, the auto parts supplier is in the midst
of a global recall of faulty air bag inflators that have affected
42 million vehicles across 19 automakers and are linked to at
least 11 deaths in the United States alone.

"Honestly, I still think things are going to be tough for
Takata," the report quotes Takeshi Miyao, an analyst at Tokyo-
based market researcher Carnorama, as saying.

Automakers including Honda Motor Co. and Toyota Motor Corp. have
been paying the costs to replace the inflators, the report says.
The bankruptcy filing will likely leave most of the financial
burden on them without getting much paid back by Takata, The
Japan Times notes.

The Japan Times relates that Toyota and Honda said after Takata's
decision was announced that they may not be able to collect the
money owed them. For Toyota the amount is JPY570 billion, while
for Honda the figure is JPY556 billion. Takata said June 26 it
needs to proceed with restructuring to finalize its overall debt,
the report adds.

"It's still unclear how much of those liabilities Takata will
shoulder and meanwhile, there are still risks of litigation
liabilities as well," Mr. Miyao, as cited by The Japan Times,
said.

U.S. auto safety regulators imposed a $200 million civil fine on
Takata in 2015 for providing inadequate and inaccurate
information to regulators about the defect, the report recalls.
The air bag maker also agreed this year to pay $1 billion over
its handling of the recall.

Among the various legal actions, the husband of a Malaysian
doctor who was killed by metal shrapnel expelled from a defective
air bag filed a wrongful death suit in the United States against
Takata and Honda.

The Japan Times notes that under its restructuring plan, Takata
selected U.S. auto parts maker Key Safety Systems Inc. to help it
get through the costly restructuring process.

According to the report, Takata will separate its healthy
business units, including its seat belt and child seat
operations, into a new company that Key Safety will buy for
JPY175 billion. The recall-related liabilities will be shouldered
by the remaining entity.

The Japan Times says Takata had been seeking out-of-court
proceedings in discussions with automakers in hopes of keeping
its operations stable. The automakers were initially open to the
plan but later shifted to court-led reforms to ensure a more
transparent process of deciding how to split the monetary burden.

The remaining entity still faces the risk of going bankrupt in
the future, Mr. Miyao said, The Japan Times relays.

"Then Takata's suppliers, especially smaller businesses, will not
get their money back and litigation costs will not be paid," he
said.

The Japan Times says analysts also point out that since Key
Safety Systems will buy the new entity, Takata air bags and seat
belts are expected to be fully rebranded as the U.S. maker's
products.

But even if Takata will have to give up its brand, Mr. Miyao said
that the worst-case scenario, where carmakers will have to halt
production due to a disruption in the supply of air bags, will
likely be avoided.

"Takata air bags have around a 20-30 percent share (of the
market), which means if supply stops, the same amount of cars
will not be produced . . . for carmakers, the restructuring plan
was the only way to create a soft landing," the report quotes
Mr. Miyao as saying.

Shintaro Niimura, an analyst at Nomura Securities Co., is taking
an optimistic view of Takata's future, according to The Japan
Times.

"A Japanese air bag maker is disappearing and Japanese carmakers
will be losing a close partner . . . but I'm not worried about
any negative impact on the auto industry," The Japan Times quotes
Mr. Niimura as saying.

While the Takata brand name will be replaced, the infrastructure
still exists and will continue to ensure a stable supply of air
bags, The Japan Times notes.

                       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.
Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide.
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 then began
in 2013.

Takata is 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.

After reaching a deal to sell all its global assets and
operations to Key Safety Systems (KSS) for US$1.588 billion,
Takata and its Japanese subsidiaries commenced proceedings under
the Civil Rehabilitation Act in Japan in the Tokyo District Court
(the "Tokyo Court") on June 25, 2017.

In addition, on June 25, 2017, Takata's main U.S. subsidiary TK
Holdings Inc. and eleven of its U.S. and Mexican affiliates each
filed voluntary petitions under Chapter 11 of the Bankruptcy Code
in the United States Bankruptcy Court for the District of
Delaware.

The Debtors have requested that their cases be jointly
administered under Case No. 17-11375.

Nagashima Ohno & Tsunematsu is the counsel in the Japanese
proceedings.  Weil, Gotshal & Manges LLP  and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.
PricewaterhouseCoopers is serving as financial advisor, and
Lazard is serving as investment banker to Takata.  Ernst & Young
LLP is tax advisor.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor while UBS Investment Bank also
provides financial advice to KSS.

Prime Clerk is the claims and noticing agent and maintains the
case Web site http://www.takata.com/



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


TINAKORI BISTRO: Creditors Have Until July 10 to File Claims
------------------------------------------------------------
Brad Flahive at Stuff.co.nz reports that Tinakori Bistro, a
well-known Wellington restaurant, is in liquidation owing more
than NZ$300,000 to creditors, after only 18 months under new
ownership.

Tinakori Bistro, owned by Good Root Co, closed its doors on
June 9, after failing to pay back a long list of unsecured
creditors, Stuff says.

Stuff says the restaurant, at 328 Tinakori Rd, in the central
Wellington suburb of Thorndon, has been around for more than 40
years. The Victorian shopfront was first converted into Le
Beauchamp by Celine Cartier in 1974.

The company owes about NZ$220,000 to its lenders, NZ$67,000 to
Inland Revenue, NZ$12,000 to its past and present employees in
unpaid wages and holiday pay, and NZ$45,000 to unsecured
creditors, Stuff discloses.

Stuff notes that in the first liquidator's report, Heath Gair of
Palliser Insolvency said revenue had not met initial
expectations.

"[. . .] Despite reducing costs and various market initiatives,
the company struggled to generate sufficient cash flow.

"After an increase in summer, the revenue decreased again in the
last three months and the shareholder was unable to provide
financial support."

Chef Aaron Stott, director and sole shareholder of Good Root Co,
was "remunerated well below market rate during the year and a
half of trading".

According to his LinkedIn page, Stott has 25 years' experience in
the hospitality industry, and worked in St Petersburg, Russia,
before opening the Thorndon bistro, Stuff discloses.

He was now intending to work as a waged or salaried employee in a
different industry, Mr. Gair, as cited by Stuff, wrote.

Any creditors seeking claims are to do so by July 10, Stuff
discloses.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***