TCRAP_Public/170629.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

            Thursday, June 29, 2017, Vol. 20, No. 128

                            Headlines


A U S T R A L I A

CHALLENGER BEVERAGES: Second Creditors' Meeting Slated for July 5
COONAN STREET: First Creditors' Meeting Slated for July 6
FATCHOPS PTY: First Creditors' Meeting Set for July 5
FORRO'S TIPPER: First Creditors' Meeting Set for July 6
PANAMERA COMMERCIAL: First Creditors' Meeting Set for July 7

PANDORA: To Close Australia and New Zealand Operations
VIRGIN AUSTRALIA: S&P Affirms B+ CCR & Revises Outlook to Stable


C H I N A

AOXING PHARMACEUTICAL: Stockholders Elect 5 Directors
CBAK ENERGY: Yunfei Li Holds 15% Equity Stake at May 31
CHINA AUTOMATION: S&P Affirms CCC CCR on Refinancing Initiatives


I N D I A

AASTHA HOSPITAL: CRISIL Reaffirms B Rating on INR2.92MM Term Loan
AKSHAY SPINNING: CRISIL Reaffirms 'B-' Rating on INR7.1MM Loan
AMIT LEATHER: CRISIL Assigns B+ Rating to INR3.2MM Term Loan
AMITEX AGRO: CRISIL Assigns 'B' Rating to INR13MM Long Term Loan
ANUPAM FIBROTECH: CRISIL Cuts Rating on INR3MM Cash Loan to B

BANSAL RICE: CRISIL Reaffirms D Rating on INR4 Million Loan
BELLONA PAPER: CRISIL Reaffirms B+ Rating on INR7.35MM Term Loan
BHATIA GLOBAL: IDBI Bank Commences insolvency Process vs Firm
CHALAPATHI EDUCATIONAL: CRISIL Rates INR14.32M LT Loan at B+
DIAMOND TMT: CRISIL Reaffirms B+ Rating on INR30MM Cash Loan

ESGI GARMENTS: CRISIL Lowers Rating on INR8.0MM Loan to B-
FRONTLINE SYSTEMS: CRISIL Reaffirms 'B' Rating on INR9.5MM Loan
GEE EMM: CRISIL Reaffirms 'B' Rating on INR6MM Cash Loan
GEE GEE: CRISIL Reaffirms B Rating on INR11.0MM Cash Loan
HIMAVASINI MOTORS: CRISIL Reaffirms B Rating on INR5MM Loan

HT GLOBAL: Fitch Affirms BB- Long-Term IDR; Outlook Stable
ICOMM TELE: Lenders May Split two business lines
IRIS BUSINESS: Ind-Ra Lowers Long-Term Issuer Rating to 'BB-'
KALYANESWARI POLYFABS: CRISIL Reaffirms B Rating on INR6MM Loan
KRITIKA ENTERPRISES: CRISIL Reaffirms D Rating on INR8MM Loan

MAHALAKSHMI SERVICE: CRISIL Assigns B+ Rating to INR5MM LT Loan
ORBIT TECHNOLOGIES: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
PATNAIK STEELS: CRISIL Ups Rating on INR63.38MM Term Loan to B+
PRISTINE MEDICAL: CRISIL Assigns B- Rating to INR3.05MM Loan
PUNJAB NATIONAL: Fitch Affirms 'bb' Viability Rating

RADIANT TEXTILES: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
REDHU HATCHERIES: CRISIL Reaffirms D Rating on INR24.8MM Loan
RUBY BUS: CRISIL Assigns B- Rating to INR27MM Cash Loan
S.E. ENTERPRISES: CRISIL Reaffirms B Rating on INR5MM Cash Loan
SAGAR MOTORS: CRISIL Raises Rating on INR7.5MM Loan to BB-

SAI SWADHIN: CRISIL Reaffirms 'B' Rating on INR5MM Cash Loan
SARASWATI TRADING: CRISIL Assigns B+ Rating to INR7.0MM Cash Loan
SEW KRISHNAGAR: CRISIL Reaffirms D Rating on INR600.32MM Loan
SEW LSY: CRISIL Reaffirms 'D' Rating on INR1.7BB Term Loan
SHREE DURGA: CRISIL Reaffirms 'B' Rating on INR4.5MM Cash Loan

SHRI GANESHA: CRISIL Reaffirms B+ Rating on INR8.47MM LT Loan
SHRI JAGADGURU: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
SILPA PROJECTS: CRISIL Reaffirms B+ Rating on INR33MM Cash Loan
SOUBHAGYA PROCESSOR: CRISIL Reaffirms Rating on INR4.87MM Loan
STAR AGRO: CRISIL Lowers Rating on INR17.45MM LT Loan to 'B'

STAR AQUA: CRISIL Lowers Rating on INR10MM Cash Loan to 'B'
STAR ORGANIC: CRISIL Lowers Rating on INR1.85MM LT Loan to 'B'
STARCARE HOSPITAL: CRISIL Reaffirms B+ Rating on INR22MM Loan
SUPREME FILAMENTS: CRISIL Assigns B+ Rating to INR3.43MM Loan
SURESH TECHNO: CRISIL Reaffirms B+ Rating on INR1.5MM Cash Loan

TOSHNIWAL INDUSTRIES: CRISIL Ups Rating on INR8MM Loan to BB-
TRACK INDIA: CRISIL Lowers Rating on INR9MM Cash Loan to 'B'
UNISHIRE URBANSCAPE: CRISIL Lowers Rating on INR126MM Loan to D
VIDYASAGAR HIMGHAR: CRISIL Hikes Rating on INR13.43MM Loan to B+
VENKRAFT PAPER: CRISIL Cuts Rating on INR39MM Cash Loan to 'B'

VGN HOMES: CRISIL Reaffirms B+ Rating on INR146MM LT Loan


J A P A N

TAKATA CORP: Offers Condolences to Victims of Faulty Air Bags
TOSHIBA CORP: Sues Western Digital for JPY120 Billion in Damages
TOSHIBA: Western Digital Resubmits Bid with KKR for Chip Unit


T H A I L A N D

PTTEP TREASURY: S&P Assigns 'BB+' Rating on 2 Proposed Securities


                            - - - - -


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A U S T R A L I A
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CHALLENGER BEVERAGES: Second Creditors' Meeting Slated for July 5
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of Challenger
Beverages Trading Pty. Ltd. has been set for July 5, 2017, at
11:00 a.m., at Level 3, 65 York Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 4, 2017, at 4:00 p.m.
David Anthony Hurst of HoskingHurst was appointed as
administrator of Challenger Beverages on July 5, 2017.


COONAN STREET: First Creditors' Meeting Slated for July 6
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Coonan
Street Investments Pty Ltd will be held at the offices of
Worrells Solvency & Foresnic Accountants, Level 5 HQ@Robina,
58 Riverwalk Avenue, in Robina, Queensland, on July 6, 2017, at
2:30 p.m.

Jason Walter Bettles and Raj Khatri of Worrells Solvency &
Forensic Accountants were appointed as administrators of Coonan
Street on June 26, 2017.


FATCHOPS PTY: First Creditors' Meeting Set for July 5
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Fatchops
Pty Limited, trading as Viva Darwin, will be held at Level 1,
Paspalis Business Centre, 48-50 Smith Street, in Darwin, NT, on
July 5, 2017, at 10:00 a.m.

Kathleen Vouris and Blair Pleash of Hall Chadwick were appointed
as administrators of Fatchops Pty on June 27, 2017.


FORRO'S TIPPER: First Creditors' Meeting Set for July 6
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Forro's
Tipper Hire Pty Ltd will be held at the offices of SV Partners,
SV House 138 Mary Street, in Brisbane, Queensland, on July 6,
2017, at 10:30 a.m.

Terrence John Rose and Anne Meagher of SV Partners were appointed
as administrators of Forro's Tipper on June 26, 2017.


PANAMERA COMMERCIAL: First Creditors' Meeting Set for July 7
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Panamera
Commercial Pty Ltd will be held at the offices of KordaMentha,
Level 10, 40 St Georges Tce, in Perth, WA, on July 7, 2017, at
11:00 a.m.

John Bumbak and Richard Tucker of KordaMentha were appointed as
administrators of Panamera Commercial on June 27, 2017.


PANDORA: To Close Australia and New Zealand Operations
------------------------------------------------------
David Swan at The Australian reports that music streaming service
Pandora will close its doors in Australia and New Zealand after
five years, with its North Sydney office to shut next month.

According to The Australian, the company, which has struggled to
gain a foothold locally up against the likes of Spotify and Apple
Music, will end its service for Australian listeners "over the
next few weeks."

"After diligent analysis, we have decided to discontinue our
operations in Australia and New Zealand and expect to wind down
the service for listeners over the next few weeks," the report
quotes a spokesman as saying in a statement.

"While our experience in these markets reinforces the broader
global opportunity long-term, in the short-term we must remain
laser-focused on the expansion of our core business in the United
States."

Pandora's Australia and New Zealand operation was its only non-US
effort to date, The Australian notes. It's understood the closure
will affect around 60 jobs across Australia and New Zealand,
while the company counts approximately 1.2 million subscribers in
Australia, the report notes.

The Australian says the US company's CEO Tim Westergren stepped
down overnight, with CFO Naveen Chopra to fill the top spot as
interim CEO look for a permanent replacement.

Pandora's president Mike Herring and chief marketing officer Nick
Bartle are also stepping down, the report notes.

"I came back to the CEO role last year to drive transformation
across the business. We accomplished far more than we
anticipated," Mr. Westergren, as cited by The Australian, said in
a statement.

"We rebuilt Pandora's relationships with the music industry;
launched a fantastic Premium on-demand service, and brought a
host of tech innovations to our advertising business. With these
in place, plus a strengthened balance sheet, I believe Pandora is
perfectly poised for its next chapter."

The news follows the local closures of music streaming service
Guvera and JB Hi-Fi NOW in 2016, and Deezer this year, The
Australian notes.


VIRGIN AUSTRALIA: S&P Affirms B+ CCR & Revises Outlook to Stable
----------------------------------------------------------------
S&P Global Ratings said that it had revised the rating outlook on
Australian airline Virgin Australia Holdings Ltd. to stable from
negative.  At the same time, S&P has affirmed its 'B+' corporate
credit rating on the airline, as well as S&P's 'B-' rating and
recovery rating of '6' on Virgin's U.S. 144A/Reg-S senior
unsecured notes.

S&P revised the outlook to stable to reflect its growing
confidence that Virgin has a realistic deleveraging path.  Virgin
Australia's investment in repositioning itself as a full-service
airline is substantially complete, and S&P believes its focus has
now turned to cash generation.

S&P expects Virgin's earnings profile to moderately improve as
excess capacity washes through the domestic system.  Virgin
should also benefit from disciplined capacity growth,
structurally lower fuel prices, and cost-saving measures.
However, we believe it is likely that competition for high-
yielding corporate and government travelers will remain intense,
domestic demand will remain weak, and some excess capacity will
linger across Virgin's networks.

Since 2012, Virgin has invested heavily in the pursuit of high-
yielding domestic corporate and government passengers who are
willing to pay for convenience, flexibility, and full service.
These passengers have important spillover benefits for Virgin's
international and frequent-flyer businesses, as well as providing
important feeder traffic to its shareholding airlines' networks.
Virgin's sizable investments in improved lounge facilities,
reconfigured cabins, and better route network and frequency have
pressured its balance sheet.  That said, Virgin now offers a
viable alternative to business travelers.

Virgin's share of the corporate and government travel market has
risen with the help of relatively cheaper fares.  Corporate
travel policies tend to favor the lowest practical fare of the
day.  For example, the Australian government requires its
officials to book the cheapest available fare, taking into
account a one-hour window.  In addition, S&P believes it has
become more difficult for airlines to secure exclusive business
contracts.

However, S&P also believes that Jetstar (Qantas Airways Ltd.'s
low cost carrier [LCC]) has moved to capture some of the
passengers for whom Virgin's mainline is no longer cost-
competitive.  It's less likely that Tigerair (Virgin's LCC) has
picked up its share of these passengers given its smaller scale
and greater market segmentation.

Virgin has narrowed Qantas' revenue premium as well as gained
incremental market share.  However, the service improvements that
allowed Virgin to chase higher-yielding passengers have increased
its variable unit costs.  These include upgraded lounge
amenities, in-flight experience, more flexible conditions, and
reduced load factors.  These costs are incurred whether
passengers are willing to pay for them or not, and are in
addition to capital expenditure.  That said, given the speed at
which Virgin has repositioned its mainline operations, S&P
believes much of the cost escalation has been associated with
fleet deployment that should be optimized over time.

Although Virgin has repositioned its mainline brand and now
mirrors Qantas' dual-brand strategy with the acquisition of
Tigerair Australia, its share of the domestic profit pool remains
small relative its market share.  S&P expects this to somewhat
improve, both in relative and absolute terms, as the airline
improves its cost position and the domestic market becomes more
profitable.  Virgin's international business has not performed as
well and struggles to achieve profitability despite structurally
lower fuel prices and the airline's relatively "capital-light"
operating strategy.

Private equity firm Affinity Equity Partners holds about a A$350
million or 35% economic interest in Virgin's Velocity frequent-
flyer business through the ownership of convertible notes.  It
has the option to exit from October 2017 either via a trade sale
or an IPO. Virgin Australia has a right of first offer or to
participate in the sale.

S&P continues to fully consolidate Velocity and do not expect
Virgin to pursue options that would adversely affect its cash
flow/leverage metrics.  In addition, S&P expects Velocity to
effectively manage any near-term earnings disruption from new
government regulations that cap banks' ability to pass on the
cost of frequent-flyer incentives via interchange fees starting
July 1, 2017.  Banks are Velocity's largest customers.

Virgin's highly leveraged capital structure continues to weigh on
the rating. S&P Global Ratings' adjusted credit metrics do not
explicitly adjust for Virgin's substantial cash holdings, given
our assessment of the airline's business risk profile as weak.
S&P also capitalizes Virgin's sizable operating lease commitments
and treat this value as debt (A$2.7 billion as of June 30, 2016),
as well as add back to EBITDA our estimate of interest and
depreciation associated with operating leases.

S&P forecasts that Virgin will not achieve S&P Global Ratings-
adjusted debt-to-EBITDA below 5x in the year ending June 30,
2017. That said, we believe Virgin is likely to gradually
deleverage through fiscal 2018 before gaining a little more
momentum in fiscal 2019.  Its relatively young fleet gives it
some scope to moderate capital expenditure over the next few
years.

S&P has become more comfortable with Virgin's ownership structure
at the 'B+' rating level.  Virgin Australia is 90%-owned by
Etihad Airways, Singapore Airlines, Nanshan Group, HNA Group, and
Virgin Group.  On two separate occasions in 2013 and 2016,
Virgin's owners have provided near-term liquidity support via a
12-month loan facility, closely followed by a sizable equity
injection. Since November 2013, Virgin has raised A$1.45 billion
in new equity, which is broadly equivalent to its current market
capitalization.  S&P estimates that Virgin's most recent
recapitalization was insufficient to resume capacity-based
competition.  This reinforces our expectation that Virgin will
focus on cash generation to mend its balance sheet.

Virgin's owners have a variety of interests that may extend
beyond the airline's stand-alone profitability.  These include:

   -- Using the Australian domestic market as a feeder to their
      international networks;
   -- Competitiveness against the Qantas/Emirates partnership;
   -- Access to Australia's treaties established under the global
      bilateral air services framework;
   -- Antitrust immunity with major alliance partners; and/or
   -- A desire to contain Qantas' market power in the
      Asia-Pacific region.

Virgin Group receives long-term brand royalties, while other
shareholding airlines have interests in a number of associated
businesses including ground handling, catering, and aircraft
leasing.

There are no guarantees that Virgin's owners will continue to
underwrite future operating losses.  For example, Etihad Airways
recently supported Air Berlin but allowed Alitalia to file for
special administration.  Also, the operating environment for
Etihad and Singapore has become more difficult, which might
affect their willingness or ability to provide timely support to
Virgin. Government stakes in Virgin's owners might also
complicate these decisions.  Furthermore, S&P believes Chinese
government capital controls could hinder HNA and Nanshan's
outward investment.

After five years of ownership, Air New Zealand sold the bulk of
its interest in Virgin after participating in the August 2016
capital raising.  The remaining owners have not indicated any
change in their stance toward Virgin.

The stable outlook reflects S&P's growing confidence that Virgin
has a realistic deleveraging path as the airline turns to
generating cash, supported by steady market conditions.

S&P could lower the rating if it expects Virgin's lease adjusted
debt-to-EBITDA to increase above 6x or if S&P assess Virgin's
liquidity to be less than adequate.  A return to capacity-based
competition, higher fuel costs, or an external shock could
disrupt the airline's deleveraging path or weaken its liquidity.
The use of debt financing to repurchase Affinity's 35% economic
interest in Velocity would also pressure Virgin's credit metrics.

Downward ratings pressure could also arise if S&P assess
shareholder support to have diminished, in particular, if Etihad
Airways, Singapore Airlines, or HNA Group were to reduce their
ownership stakes.

Upward rating action is unlikely over the next year.  S&P could
raise the rating if it expects Virgin to sustain its debt-to-
EBITDA below 4x.



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AOXING PHARMACEUTICAL: Stockholders Elect 5 Directors
-----------------------------------------------------
At Aoxing Pharmaceutical Company, Inc.'s annual meeting of
shareholders held on June 22, 2017, Zhenjiang Yue, Jun Min,
Guozhu Xu, Yang Li and Yuelin Zhang were elected as directors to
hold office until the next annual meeting of shareholders and
until their successors are duly elected.  The shareholders also
ratified the appointment of BDO China Shu Lun Pan Certified
Accountants, LLP as independent registered public accounting firm
of the Company for the fiscal year ending June 30, 2017.

                        About Aoxing

Foster City, California-based Aoxing Pharmaceutical Company,
Inc., has one operating subsidiary, Hebei Aoxing Pharmaceutical
Co., Inc., which is organized under the laws of the People's
Republic of China.  Since 2002, Hebei Aoxing has been engaged in
developing narcotics and pain management products.  In 2008 Hebei
Aoxing supplemented its product lines by acquiring Shijiazhuang
Lerentang Pharmaceutical Company, Ltd., a specialty
pharmaceutical company focusing on herbal pain related
therapeutics.  The Company owns 95% of the equity in Hebei
Aoxing.

Aoxing reported net income of $2.24 million for the year ended
June 30, 2016, compared to net income of $5.81 million for the
year ended June 30, 2015.

As of March 31, 2017, Aoxing had $62.46 million in total assets,
$44.38 million in total liabilities and $18.08 million in total
equity.

BDO China Shu Lun Pan Certified Public Accountants LLP, in
Shanghai, People's Republic of China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended June 30, 2016, citing that the Company accumulated a
large deficit and a working capital deficit that raise
substantial doubt about its ability to continue as a going
concern.


CBAK ENERGY: Yunfei Li Holds 15% Equity Stake at May 31
-------------------------------------------------------
Yunfei Li disclosed in a regulatory filing with the Securities
and Exchange Commission that as of May 31, 2017, he beneficially
owns 3,926,018 shares of Common Stock, representing approximately
15.0% of the outstanding Common Stock of CBAK Energy Technology,
Inc. (based on 26,252,986 shares of Common Stock outstanding), as
to which he has sole voting and dispositive powers.

On April 19, 2016, pursuant to the 2015 Plan, the Company granted
Mr. Li an aggregate of 150,000 restricted shares of the Company's
Common Stock.  The restricted shares vest semi-annually in six
equal installments over a three year period with the first
vesting on Dec. 31, 2016.

On May 31, 2017, Mr. Li entered into a securities purchase
agreement with the Company, pursuant to which, Mr. Li acquired
764,018 shares of Common Stock at a purchase price of $1.50 per
share for a total of $1,146,027.  That purchase was funded from
Mr. Li's personal funds.

A full-text copy of the regulatory filing is available at:

                      https://is.gd/BVKZzW

                       About CBAK Energy

Dalian, China-based CBAK Energy Technology, Inc., formerly China
BAK Battery, Inc., incorporated on Oct. 4, 1999, is a holding
company.  The Company and its subsidiaries are principally
engaged in the manufacture, commercialization and distribution of
a range of standard and customized lithium ion (Li-ion)
rechargeable batteries for use in an array of applications.  The
Company's products are sold to packing plants operated by third
parties primarily for use in mobile phones and other electronic
devices.  The Company conducts its manufacturing activities in
China.

China Bank is the first China-based lithium battery company
listed in the U.S., in January 2005 (NASDAQ: CBAK).

The Company's subsidiaries include China BAK Asia Holdings
Limited (BAK Asia), Dalian BAK Trading Co., Ltd. (Dalian BAK
Trading), and Dalian BAK Power Battery Co., Ltd. (Dalian BAK
Power). Dalian BAK Trading focuses on the wholesale of lithium
batteries and lithium batteries' materials, import and export
business, and related technology consulting services.  Dalian BAK
Power focuses on the development and manufacture of high-power
lithium batteries.

China BAK reported a net loss of US$12.65 million for the year
ended Sept. 30, 2016, following net profit of $15.87 million for
the year ended Sept. 30, 2015.  As of March 31, 2017, CBAK Energy
had US$97.30 million in total assets, US$86.45 million in total
liabilities and US$10.84 million in total shareholders' equity.

Centurion ZD CPA Limited, in Hong Kong, China, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Sept. 30, 2016, stating that the Company has a
working capital deficiency, accumulated deficit from recurring
net losses and significant short-term debt obligations maturing
in less than one year as of Sept. 30, 2016.  All these factors
raise substantial doubt about its ability to continue as a going
concern.


CHINA AUTOMATION: S&P Affirms CCC CCR on Refinancing Initiatives
----------------------------------------------------------------
S&P Global Ratings affirmed its 'CCC' long-term corporate credit
rating on China Automation Group Ltd. (CAG).  The outlook is
negative.  At the same time, S&P affirmed its cnCCC long-term
Greater China regional scale rating on CAG.

S&P also affirmed its 'CCC' long-term issue rating on the
US$30 million 8.75% senior unsecured notes due 2018 issued by
Tri-Control Automation Co. Ltd.  CAG unconditionally and
irrevocably guarantees the notes.  Additionally, S&P affirmed its
cnCCC long-term Greater China regional scale rating on the notes.

S&P affirmed its rating on CAG because S&P expects the company
will continue to face liquidity deficits in the coming 12 months.
S&P also sees some pressure has been temporarily relieved by
ongoing efforts to roll over debt, and a successful refinancing
with the issuance of a Chinese renminbi (RMB) 200 million onshore
bond in September 2016.

CAG will face high liquidity and refinancing risk in the coming
12 months due to its large level of short-term maturing debt.
S&P expects that the performance of its core business of
providing control systems and engineering services will remain
weak and volatile.  This in turn may weaken CAG's access to banks
and capital markets, and make the company vulnerable to any
adverse changes in onshore credit conditions.  However, CAG's
evenly distributed debt-maturity profile over the next 12 months
tempers the risk to some extent.

In S&P's view, demand for CAG's services, especially in the
petrochemical-services sector, remains weak.  In addition, the
company's competitive position is weakening, indicating
uncertainty as to whether CAG can secure new orders and grow
revenues.

Given tough market conditions, CAG's profitability is unlikely to
recover in the coming 12 months, although the company is striving
to strike a balance between market-share gains and business
profitability.  S&P expects CAG will continue to face unfavorable
market conditions with increasing competition from industry
peers.

The company plans to dispose of its non-core railway power supply
business and to acquire a healthcare business.  In S&P's base-
case scenario, it do not factor in the above transactions.  If
completed, S&P believes the operating cash flow and debt leverage
may improve moderately, but the liquidity position will remain
weak because the level of short-term maturing debt is relatively
high.

The negative outlook reflects S&P's view that CAG faces
heightened refinancing and liquidity risk over the next 12 months
due to its large short-term maturities of financial obligations.
Any weakening in the company's banking relationships or standing
in the capital markets will reduce its capability to roll over
its short-term borrowings.

S&P may lower the ratings by one or more notches if CAG's
refinancing plan is materially delayed or its liquidity position
deteriorates.  This could happen if: (1) CAG's operating cash
outflows are substantially higher than S&P estimates due to
difficult operating conditions; (2) the company's banking
relationships weaken such that it faces difficulty in rolling
over its short-term borrowings or secure new borrowings, or (3)
there is any change of shareholding structure, reducing its
headroom for a change-of-control covenant.

S&P could revise the outlook to stable if CAG improves its
liquidity position substantially.  This could happen if the
company refinances its short-term borrowings with longer-tenor
debt or significantly improves its operating cash flows, such
that sources of liquidity exceed uses of liquidity by more than
1.0x.



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AASTHA HOSPITAL: CRISIL Reaffirms B Rating on INR2.92MM Term Loan
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Aastha
Hospital (AH) for obtaining information through letters and
emails dated February 7, 2017, and March 22, 2017, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             0.10      CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan               2.92      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 Aastha Hospital. 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 Aastha Hospital 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'.

AH, incorporated in 2009, is a Mandi (Himachal Pradesh)-based
hospital, promoted by Dr. Arun Chandel and Dr. Bandna Chandel. AH
currently manages a 50-bed multi-specialty hospital in Mandi
offering specialisation in Orthopaedics, Gynaecology and
Obstetrics, and Physiotherapy and Radiology.


AKSHAY SPINNING: CRISIL Reaffirms 'B-' Rating on INR7.1MM Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Akshay
Spinning Mills (ASM) 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             3.25      CRISIL B-/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Import Letter of        0.13      CRISIL A4 (Issuer Not
   Credit Limit                      Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      2.02      CRISIL B-/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Term Loan               7.10      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 Akshay Spinning Mills. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Akshay Spinning Mills 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'.

Established in 1996, ASM is a partnership firm based in Panipat
(Haryana). It manufactures cotton and cotton-based yarn. The firm
is promoted by Mr. Sanjay Garg and Ms. Aruna Gupta.


AMIT LEATHER: CRISIL Assigns B+ Rating to INR3.2MM Term Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Amit Leather Wears (ALW).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               3.2       CRISIL B+/Stable

   Packing Credit in
   Foreign Currency        7.0       CRISIL A4

   Proposed Term Loan      0.3       CRISIL B+/Stable

The ratings reflect a moderate scale and working capital-
intensive operations, and a below-average financial risk profile.
These weaknesses are partially offset by proprietor's extensive
experience in the leather industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Moderate scale of operations
ALW is a small player in the leather goods industry, as reflected
in estimated operating income of INR50.09 crore for fiscal 2017.
Despite healthy revenue growth expected over the medium term, the
scale will likely remain moderate over the medium term due to
fragmentation and competition.

* Working capital-intensive operations
Gross current assets (GCAs) were sizeable at 104 days as on
March 31, 2017, with inventory and receivables of 51 and 43 days,
respectively. Payables of 138 days partly support working capital
requirement. Operations may remain working capital intensive over
the medium term, with GCAs expected at around 100 days.

* Weak financial risk profile
The total outside liabilities to tangible networth ratio was
high, estimated at 8.16 times as on March 31, 2017, mainly
because of substantial creditors. The ratio will improve
gradually, aided by expected accretion to reserve and nil large,
debt-funded capital expenditure, but will remain high at 6-7
times in the medium term. Debt protection metrics are above
average: the interest coverage and net cash accrual to total debt
ratios were at 2.59 times and 0.14 time, respectively, for fiscal
2017.

Strength

* Proprietor's extensive experience in the leather industry
Presence of almost two decades in the leather goods industry has
enabled the proprietor to establish healthy relationships with
suppliers and customers. Despite intense competition from China,
Brazil, and Vietnam, the firm has maintained a strong customer
base in the overseas markets. Benefits from promoter's extensive
experience are expected to continue over the medium term.

Outlook: Stable

CRISIL believes ALW will continue to benefit from the
proprietor's extensive experience. The outlook may be revised to
'Positive' if significant ramp-up in operations leads to larger-
than-expected net cash accrual, or if the financial risk profile
improves, especially total outside liabilities to tangible
networth ratio, supported by sizeable equity infusion. The
outlook may be revised to 'Negative' if lower-than-expected net
cash accrual, significant debt-funded capital expenditure or a
stretched working capital cycle leads to deterioration in the
financial risk profile.

Established in 1989, ALW is a proprietorship firm that
manufactures and exports leather garments and bags. It has four
manufacturing facilities across Noida, Uttar Pradesh, with
combined installed capacity of 10,000 garments and bags per
month. Daily operations are managed by Mr Dheeraj Rehan.

Profit after tax is estimated at INR0.51 crore on operating
income of INR50.09 crore for fiscal 2017, vis-a-vis INR0.58 crore
and INR36.14 crore, respectively, in fiscal 2016.


AMITEX AGRO: CRISIL Assigns 'B' Rating to INR13MM Long Term Loan
----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facilities of Amitex Agro Product Private Limited
(Amitex). The rating reflects a modest scale of operations and a
below-average financial risk profile. These weaknesses are
partially offset by the extensive experience of the promoters in
theagro-products industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              7        CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility      13        CRISIL B/Stable

Analytical Approach

For arriving at the ratings, CRISIL has treated INR4.35 crore of
interest-bearing unsecured loans from promoters as neither debt
nor equity as it is expected to be retained in the business and
these are sub-ordinated to bank borrowings.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Revenue was modest at INR10.50
crore in fiscal 2017, as this was the initial year of operations.
Firm is exposed to stabilization and offtake related risk as firm
started its operations in October 2016.

* Below-average financial risk profile: The networth was modest
at about INR7 crore and the gearing high at 3 times, as on March
31, 2017. The interest coverage ratio was weak at 1 time in
fiscal 2017.

Strengths

* Extensive industry experience of the promoters: The promoters
have an experience of over 2 decades of experience in the agro
based industry. This has resulted in steady orders from customers
and a long-standing relationship with suppliers and customers.

Outlook: Stable

CRISIL believes Amitex will continue to benefit from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' in case of a substantial increase in
revenue and profitability, leading to considerably higher-than-
expected cash accrual and hence to a better financial risk
profile. The outlook may be revised to 'Negative' in case of a
decline in revenue and profitability, large, debt-funded capital
expenditure, or an increase in working capital requirement,
resulting in weakening of the financial risk profile,
particularly liquidity.

Incorporated in 1997, and promoted by Lahoti family Amitex
manufactures soya ingredients. Its factory is at Julwania, Madhya
Pradesh.

Net loss was INR0.82 crore on net sales of INR9.83 crore for
fiscal 2017.


ANUPAM FIBROTECH: CRISIL Cuts Rating on INR3MM Cash Loan to B
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Anupam
Fibrotech (AF) 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
   ----------          ---------     -------
   Bank Guarantee           3        CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL A4+')

   Cash Credit              3        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

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

Detailed Rationale

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

Set up in 2004, AF is a proprietorship firm manufacturing and
supplying FRP-based products for the automobile, chemical,
telecom and refinery industries. AF is managed by Mr. M B
Hirenath and has its registered office at Pune (Maharashtra).


BANSAL RICE: CRISIL Reaffirms D Rating on INR4 Million Loan
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Bansal
Rice Mills - Muktsar (BRM) for obtaining information through
letters and emails dated January 27, 2017, and March 22, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

CRISIL thus gave these ratings:

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

   Term Loan                2        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Warehouse Financing      4        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 Bansal Rice Mills - Muktsar.
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 Bansal Rice Mills - Muktsar 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'.

Set up as a proprietorship firm in 2009 by Mr. Sanjiv Kumar and
reconstituted as a partnership firm in 2014, BRM processes
basmati and non-basmati rice for export houses and also sells
under its own brand, Barkat Rice. Production facilities are in
Muktsar, Punjab.


BELLONA PAPER: CRISIL Reaffirms B+ Rating on INR7.35MM Term Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Bellona Paper Mill Private Limited (BPMPL) at 'CRISIL
B+/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         1         CRISIL A4 (Reaffirmed)
   Cash Credit            4         CRISIL B+/Stable (Reaffirmed)
   Term Loan              7.35      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect early stage of operations in a
highly fragmented and competitive paper industry, average
financial risk profile, and susceptibility to fluctuations in
waste paper prices. These weaknesses are partially offset by
promoters' extensive entrepreneurial experience and funding
support.

Key Rating Drivers & Detailed Description

Weaknesses

* Early stage of operations in the intensely competitive
packaging industry: Intense competition in the packaging industry
constrains scalability in operations; turnover was modest at an
estimated INR29 crore for fiscal 2017, with just 6 months in
operations.

* Moderate operating profitability and working capital-intensive
operations: Operating margin was 3.3% for fiscal 2017.
Profitability is expected to improve as higher-grade kraft paper
is now being produced, resulting in higher margin.

Gross current assets were at 102 days as on March 31, 2017.
Operations are expected to remain moderately working capital
intensive over the medium term.

* Average financial risk profile: Gearing is estimated to be
moderate at 2.4 times as on March 31, 2017. The financial risk
profile is expected to remain average over the medium term.
Interest coverage ratio is estimated at 1.1 times for fiscal
2017.

Strength

* Promoters extensive experience in the packaging industry: The
promoters, Mr Pankaj Patel, Mr Ashish Marvaniya, and Mr Bharat
Loriya, have around two decades of experience in the packaging
industry and hence are conversant with the various aspects of the
business. Their understanding of the dynamics of the local market
and established relationships with suppliers and customers should
continue to support the business risk profile.

Outlook: Stable

CRISIL believes BPMPL will continue to benefit over the medium
term from its promoters' extensive entrepreneurial experience.
The outlook may be revised to 'Positive' in case of ramp-up in
sales, leading to substantial cash accrual in early stages of
operations. Conversely, the outlook may be revised to 'Negative'
if low accrual because of moderate profitability, or sizable
working capital requirement, or additional, debt-funded capital
expenditure leads to deterioration in the financial risk profile
and liquidity.

Established in October 2015, BPMPL, promoted by Mr Pankaj Patel
and others, has recently setup a plant for manufacturing kraft
paper at Morbi, Gujarat, with processing capacity of 100 tonne
per day.

Profit after tax was INR0.09 crore on an operating income of
INR29.04 crore in fiscal 2017, its commercial production started
in October 2016.


BHATIA GLOBAL: IDBI Bank Commences insolvency Process vs Firm
-------------------------------------------------------------
The Hitavada reports that Bhatia Global Trading Limited, has
landed in trouble as the IDBI Bank initiated insolvency
proceedings against it for recovery of Rs82,04,12,819.41 as
principal borrower and Rs38,31,06,744.44 as corporate guarantor
to Asian Natural Resources (India) Limited. The National Company
Law Tribunal (NCLT), Ahmedabad bench while allowing the
insolvency petition has appointed Nitin Hasmukhlal Parikh,
Interim Resolution Professional, the report says.

The Hitavada relates that the Group Company has borrowed more
than Rs4,000 crore loan from Banks led by IDBI Bank Ltd. The bank
accounts of Bhatia Group have turned into bad two years back and
the bankers are finding it difficult to recover their loans, the
report notes.

Despite repeated reminders, the group failed to repay
Rs68,90,36,417 and interest and liquidated damages, expenses to
the tune of Rs13,13,76,401, according to the report. IDBI Bank
had issued demand notice dated February 17, 2017 calling upon the
company to pay the amount within 15 days. When notice failed to
yield result, IDBI moved the NCLT before the Adjudicating
Authority of NCLT pointing out repeated default under regulations
6 of the Insolvency and Bankruptcy Board of India (Insolvency
Resolution Process for Corporate Persons) Regulations 2016, the
report states.

According to The Hitavada, the NCLT in its order dated May 23,
admitted the petition under section 7(5) of the Code and
appointed company secretary Nitin H Parikh. According to legal
experts, the interim resolution professional has responsibility
to prepare rescue plan and resurrect the beleaguered company, try
to recover and attempt for resolution or if all efforts fail,
then go for liquidation.

After admission of the application, the adjudicating authority
Bikki Raveendra Babu has also passed an order declaring a
moratorium under section 13(1)(a) prohibiting the institution of
suits or continuation of pending suits or proceedings against the
corporate debtor including execution of any judgement, decree,
The Hitavada says. Further there will be stay on transferring,
encumbering, alienating or disposing of by the corporate debtor
any of its assets or any legal right or beneficial interest
therein.

Bhatia Group deals mainly in import of coal, coal washeries, coal
transportation, coal shipping, etc and its main promoters are GS
Bhatia, Satyendra Singh Bhatia and Manjit Singh Bhatia. Bhatia
Global Trading Limited, a Bhatia Coal Group Company, was
incorporated on August 28, 1991.


CHALAPATHI EDUCATIONAL: CRISIL Rates INR14.32M LT Loan at B+
------------------------------------------------------------
CRISIL Ratings has revoked the suspension of its rating on the
bank facility of Chalapathi Educational Society (CES) and
assigned its 'CRISIL B+/Stable' rating to the long term bank
facilities. CRISIL had suspended the rating on CES's long-term
bank facilities on December 20, 2013, as the company had not
provided the information required for a rating review. CES has
now shared the requisite information, enabling CRISIL to assign
ratings to its bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         14.32      CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Proposed Long Term      3.14      CRISIL B+/Stable (Assigned;
   Bank Loan Facility                Suspension Revoked)

   Secured Overdraft       2.54      CRISIL B+/Stable (Assigned;
   Facility                          Suspension Revoked)

The rating reflect CES's large working capital intensity in its
operations due to stretch receivables on account of delay in fee
reimbursements from Government of Andhra Pradesh (GOAP) , modest
scale of operations and high degree of regulation by governmental
agencies in all areas including fee structure. These rating
weakness are partially offset by CES's established regional
presence in the education segment aided by its extensive industry
experience of its promoters and its longstanding presence in the
education segment.

Key Rating Drivers & Detailed Description

Weakness

* Working capital-intensive operations: Working capital
requirement is large as reflected in gross current assets at 182
days as on March 31, 2017, driven by stretch in receivables days
to 152 on account of delay in fee reimbursements from Government
of Andhra Pradesh (GOAP).

* Modest scale of operations: Modest scale is indicated by
revenue of INR24.43 crore in fiscal 2017. Intense competition has
constrained ability to significantly scale up operations.

* Susceptibility to regulatory changes and to intense competition
in the education sector: The education sector is highly regulated
by various governmental and quasi-governmental agencies.
Furthermore, there is intense competition from other colleges in
Guntur.

Strengths

* Extensive experience of the trustees: The trustees have more
than two decades of experience in the education sector, resulting
in an established market position for the society in the region.

* Above-average financial risk profile: The networth was INR13.84
crore and gearing 1 time as on March 31, 2017. Despite expected
moderate debt-funded capital expenditure, the capital structure
is likely to remain above average over the medium term.

Outlook: Stable

CRISIL believes CES will continue to benefit over the medium term
from its experienced trustees and the healthy demand prospects
for the education sector. The outlook may be revised to
'Positive' in case of a substantial increase in the scale of
operations and profitability margins, or significant improvement
in liquidity on the back of sizeable equity infusion. The outlook
may be revised to 'Negative' in case of a steep decline in
profitability margins, or significant weakening of the capital
structure caused most likely by a stretch in the working capital
cycle.

CES was established in 1996 by Mr. Y V Anjaneyulu in Guntur,
Andhra Pradesh. CES offers undergraduate and post graduate
courses in engineering, business management and pharmacy streams.

Excess of income over expenditure was INR1.40 crore on total
income of INR24.43 crore for fiscal 2017, against INR1.40 crore
and INR21.28 crore, respectively, for fiscal 2016.

Status of non-cooperation with previous CRA

CES has not cooperated with ICRA Limited which has Classified it
as Non Cooperative vide release dated May 22, 2017. The reason
provided by ICRA limited is non-furnishing of information
required for monitoring of ratings.


DIAMOND TMT: CRISIL Reaffirms B+ Rating on INR30MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Diamond TMT and Procon Pvt Ltd.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          1        CRISIL A4 (Reaffirmed)
   Cash Credit            30        CRISIL B+/Stable (Reaffirmed)
   Term Loan               8        CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the company's constrained
liquidity; below-average financial profile because of modest
networth, high leverage, and subdued debt protection measures;
and exposure to intense competition in the steel industry. These
weaknesses are partially offset by its promoters' extensive
industry experience and their funding support.

Key Rating Drivers & Detailed Description

Weakness

* Weak liquidity: The company's liquidity is constrained by
modest annual accrual of INR1-1.5 crore against large working
capital requirement (leading to high bank limit utilisation) and
term debt obligation.

* Below-average financial risk profile: Networth and gearing are
estimated at INR11 crore and 2.6 times, respectively, as on
March 31, 2017. Debt protection measures were subdued, with
interest coverage and net cash accrual to total debt ratios at
1.6 times and 0.05 time, respectively, for fiscal 2017.

* Exposure to intense competition: The steel long products
industry has a large number of small players. The resultant
competition constrains Diamond TMT's bargaining power, and hence,
profitability.

Strength

* Promoters' extensive industry experience and funding support:
The promoters have experience of more than 3 decades in the steel
and ship breaking industry. Diamond TMT also benefits from need-
based funding support from the promoters in the form of unsecured
loans.

Outlook: Stable

CRISIL believes Diamond TMT will continue to benefit from its
promoters' industry experience and their funding support. The
outlook may be revised to 'Positive' if liquidity improves
significantly backed by increase in net cash accrual. The outlook
may be revised to 'Negative' if stretch in working capital cycle,
or lower accrual, or large capex weakens the liquidity or
financial risk profile.

Diamond TMT, incorporated in February 2010, is promoted by Mr
Ajay Jain and his son Mr Akshay Jain. The company has a thermo-
mechanically treated (TMT) re-rolling mill in Bhavnagar, Gujarat.
It began commercial production in April 2014.

In fiscal 2016, the company had a loss of INR0.3 crore on sales
of INR124.7 crore, against a profit after tax of INR0.2 crore on
sales of INR129.4 crore in the previous fiscal.


ESGI GARMENTS: CRISIL Lowers Rating on INR8.0MM Loan to B-
----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of ESGI Garments Private Limited (ESGI GPL; part of
the ESGI group) to 'CRISIL B-/Stable' from 'CRISIL B+/Stable',
and has reaffirmed its 'CRISIL A4' rating on the company's short-
term facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             0.7       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Foreign Bill Purchase   9.0       CRISIL A4 (Reaffirmed)

   Packing Credit          8.0       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Short Term
   Bank Loan Facility      1.7       CRISIL A4 (Reaffirmed)

   Term Loan               0.9       CRISIL B-/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

The downgrade reflects the pressure on the ESGI group's credit
risk profile due to lower-than-expected revenue and
profitability. Revenue is estimated at INR51-52 crore for fiscal
2017, and operating margin at 2.7-3.0%, due to weak demand and
the group's inability to fully pass on increase in costs to
customers. The group is likely to have a loss and negative
accrual in the fiscal. Consequently, its financial risk profile
has weakened, constrained by small networth of INR3.5 crore and
high gearing of 3.5 times as on March 31, 2017. Liquidity is
stretched. Accrual is expected at a modest INR0.6-1.0 crore over
the medium term, but will be sufficient to meet debt obligation
of INR0.24 crore in fiscal 2018.

The ratings reflect the ESGI group's below-average financial risk
profile, modest scale of operations in the highly fragmented
leather garments export business, and susceptibility of
profitability to fluctuations in foreign exchange (forex) rates.
These weaknesses are mitigated by the extensive experience of the
promoters in the leather industry.

Analytical Approach

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of ESGI GPL and associate entity SG
Fashions. The two entities, together referred to as the ESGI
group, have a common management, significant operational
linkages, and fungible cash flow.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations
The ESGI group has a modest scale of operations with high
dependence on leather garments, which account for 80% of its
revenue. Fragmentation and intense competition from established
players and small unorganised players have resulted in limited
bargaining power with suppliers and customers, constraining
profitability. Furthermore, there is low product differentiation
among players and the group has no brand of its own.

* Below-average financial risk profile
The financial risk profile is constrained by high gearing and
subdued debt protection metrics. Gearing is estimated at 3.5
times as on March 31, 2017, with most of the debt consisting of
working capital debt. While the group plans no major debt-funded
capital expenditure, the gearing will remain high, over 3 times,
over the medium term. Networth was small, at INR3.5 crore as on
March 31, 2017, and has eroded due to loss in fiscal 2017. Though
the networth should increase because of incremental accrual, it
will remain modest, at INR3.7-3.8 crore, over the medium term.
Debt protection metrics are subdued, with negative net cash
accrual to total debt ratio and interest coverage ratio of 1.27
times in fiscal 2017. The ratios are likely to improve marginally
over the medium term.

* Vulnerability of operating margin to volatility in raw material
prices and forex rates
The operating margin has declined over the past three years from
6.4% to an estimated 2.8% in March 2017. The margin is vulnerable
to fluctuations in raw material prices and forex rates because of
the group's inability to pass on the entire increase in raw
material prices to its customers due to intense competition.
However, the margin should improve over the medium term with
increase in realisations.

Strength

* Extensive experience of the promoters in the leather industry
The ESGI group's promoters have experience of over two decades in
the leather industry. The group supplies leather garments to
customers in Europe and the US. Its clientele includes
international fashion giants such as Guess, Armani, Zara, and
Massimo Dutti. The group also enjoys longstanding relationships
with customers. Furthermore, it has a moderately diversified
revenue profile. Around 85% of the revenue comes from export and
the remaining from the domestic market.

Outlook: Stable

CRISIL believes the ESGI group will continue to benefit from its
established customer base and its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if there is
a significant increase in revenue and sustainable improvement in
profitability and capital structure. The outlook may be revised
to 'Negative' if reduced demand from key customers results in
lower-than-expected revenue, or if working capital management
weakens, or if the group undertakes debt-funded capital
expenditure, leading to deterioration in its financial risk
profile.

Set up in 2012, Chennai-based ESGI GPL manufactures leather
apparel such as jackets, skirts, shorts, and trousers, and
predominantly exports to the US and Europe. The business was
earlier operated under ESGI Leather Exports, a partnership firm.
SG Fashions, based in Delhi, undertakes jobwork for ESGI GPL and
generates its entire income from ESGI GPL.

Profit after tax (PAT) was INR63.13 lakh on revenue of INR58.12
crore for fiscal 2016, against a PAT of INR30.58 lakh on revenue
of INR65.78 crore for fiscal 2015.


FRONTLINE SYSTEMS: CRISIL Reaffirms 'B' Rating on INR9.5MM Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Frontline
Systems and Services Private Limited (FSSPL) for obtaining
information through letters and emails dated January 20, 2017,
and February 10, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           3        CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit         1        CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Overdraft                1.5      CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Working         9.5      CRISIL B/Stable (Issuer Not
   Capital Facility                  Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Frontline Systems & Services
Private Limited. This restricts CRISIL's ability to take a
forward looking view on the credit quality of the entity. CRISIL
believes that the information available for Frontline Systems &
Services 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 downgraded the Long Term rating to
'CRISIL B/Stable' & Reaffirmed Short Term rating at 'CRISIL A4'.

FSSPL, established in 1993 and based in Chennai, supplies power
protection equipment. It is promoted by Mr. S Venkataraman, Mr. M
Balasubramanian, Mr. T Umasankar, and Mr. K Arivazhagan, who have
equal shares in the company.


GEE EMM: CRISIL Reaffirms 'B' Rating on INR6MM Cash Loan
--------------------------------------------------------
CRISIL Ratings has been consistently following up with Gee Emm
Overseas (GEO) for obtaining information through letters and
emails dated January 24, 2017, and February 13, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

CRISIL thus gave these ratings:

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

   Inventory Funding        2.35     CRISIL B/Stable (Issuer Not
   Facility                          Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

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

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

Detailed Rationale

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of GEO and Gee Agrotech (GGA). This is
because the two entities, together referred to as the Gee group,
are in the same line of business and have common promoters and
management.

GEO was set up as a partnership firm in 2010 by the Goyal family,
which has been in the rice-milling industry since 1998. The firm
processes basmati and parboiled rice at its facility in Moga
(Punjab). Its operations are managed by Mr. Naresh Goyal and his
son Mr. Manav Goyal.

Established in 2005, GGA mills and processes rice (including
basmati rice), and undertakes milling work for the Government of
Punjab. Its production facilities are in Moga and have capacity
of 10 tonne per hour. The firm is owned and managed by Mr. Manav
Goyal and his family.


GEE GEE: CRISIL Reaffirms B Rating on INR11.0MM Cash Loan
---------------------------------------------------------
CRISIL Ratings has been consistently following up with Gee Gee
Agro Tech (GGA) for obtaining information through letters and
emails dated January 24, 2017, and February 13, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           0.5      CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit             11.0      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Inventory Funding        7.5      CRISIL B/Stable (Issuer Not
   Facility                          Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

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

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. 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 Gee Gee Agro Tech. 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 Gee Gee Agro Tech 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 downgraded the Long Term
rating to 'CRISIL B/Stable' & Reaffirmed Short Term rating at
'CRISIL A4'.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of GGA and Gee Emm Overseas (GEO). This
is because the two entities, together referred to as the Gee
group, are in the same line of business and have common promoters
and management.

GEO was set up as a partnership firm in 2010 by the Goyal family,
which has been in the rice-milling industry since 1998. The firm
processes basmati and parboiled rice at its facility in Moga
(Punjab). Its operations are managed by Mr. Naresh Goyal and his
son Mr. Manav Goyal.

Established in 2005, GGA mills and processes rice (including
basmati rice), and undertakes milling work for the Government of
Punjab. Its production facilities are in Moga and have capacity
of 10 tonne per hour. The firm is owned and managed by Mr. Manav
Goyal and his family.


HIMAVASINI MOTORS: CRISIL Reaffirms B Rating on INR5MM Loan
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Himavasini
Motors Private Limited (HMPL) for obtaining information through
letters and emails dated January 20, 2017, and February 10, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

CRISIL thus gave these ratings:

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

   Proposed Long Term       .16      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Term Loan               1.84      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 Himavasini Motors Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Himavasini Motors 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'.

HMPL was a founded in Krishnagiri (Tamil Nadu) in 2010. The
company is promoted by Mr. Suresh Kumar and his family members,
and runs a commercial vehicle showroom in the district. HMPL is
an authorised dealer for commercial vehicles of Tata Motors Ltd.


HT GLOBAL: Fitch Affirms BB- Long-Term IDR; Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed HT Global IT Solutions Holdings
Limited's Long-Term Foreign- and Local-Currency Issuer Default
Ratings (IDRs) at 'BB-'. The Outlook is Stable. The agency has
also affirmed the 'BB-' rating on its USD300 million 7% senior
secured notes due 2021.

KEY RATING DRIVERS

Mid-Tier IT Services Company: HT Global owns a 71% stake in
Indian IT service provider Hexaware Technologies Limited. Its
ratings reflect Hexaware's mid-tier position in the global IT
services industry, relatively small scale and modest cost and
technology advantage over peers. However, its ratings are
supported by the moderate-to-high costs to its customers of
switching to competitors, diversified revenue stream in terms of
products and industries served and its profitable niche with a
solid customer base willing to work with the company on a
recurring basis.

HT Global's business profile is weaker than that of Marble II
Pte. Ltd. (BB/Stable), given Marble's larger revenue base, better
free cash flow (FCF) profile and minimum revenue guarantees from
its customers, primarily from Hewlett Packard Enterprise- (HPE,
BBB+/Stable) related clients, including DXC Technology Company
(BBB+/Stable), HP Inc. (BBB+/Stable) and Micro Focus
International plc. However, Marble's stronger business profile is
constrained by its weaker financial profile, as its
proportionally consolidated Fitch-forecast FFO-adjusted net
leverage of 5.0x in 2018 is higher than HT Global's 4.0x-4.3x in
2017 (2016: 5.1x) on a like-for-like basis.

Low Ratings Headroom: HT Global's ratings are constrained by
leverage that is higher than most IT peers, which typically have
minimal debt as these businesses generate stable cash flows and
require minimum capex. Fitch analyse leverage by proportionally
consolidating Hexaware, given its 29% minority shareholding, and
forecast 2017 FFO-adjusted net leverage to improve to around
4.0x-4.3x (2016: 5.1x), around the threshold of 4.25x above which
Fitch would consider negative rating action. Except for special
dividends and M&A, Fitch expects HT Global's leverage to improve
during 2018-2020 given increasing EBITDA and ability to generate
annual FCF of USD25 million-30 million.

Revenue, EBITDA Growth: Fitch forecasts revenue and EBITDA growth
of 8%-10% annually during 2017-2018, driven mainly by higher IT
spending by existing customers. Growth is driven by new orders
primarily in the infrastructure management service business in
the Asia-Pacific region. Revenue visibility is high, as repeat
customers contribute about 96% of revenue. HT Global has not lost
any of its top-20 customers in the last 10 years. It has
multiyear contracts worth around USD110 million with two out of
its top-five customers, which are on take-or-pay terms.

Stable Profitability: Fitch expects HT Global's operating EBITDAR
margin to remain stable at around 17.5%-18.0% (2016: 17.9%), as
higher utilisation levels and cost savings will likely offset an
increase in staff costs. The employee utilisation rate has
improved to around 78%-79% during 1Q17 from 70% in 2015-1H16,
while the billing rate has been stable at around USD72-76 per
hour for onsite billing and USD23 per hour for offshore billing.
Fitch believes that a complete US H1B visa ban or major
restrictions on outsourcing from the US is unlikely. However,
stricter rules or delays in granting visas could increase labour
costs for onsite staff.

Management believes any adverse legislation will likely be
prospective and would only affect the company after 2018.
Hexaware intends to reduce its dependence on visas by hiring
locals and nearshoring.

FCF Usage to Drive Ratings: Use of Hexaware's FCF is a key
consideration driving HT Global's ratings. Fitch forecasts annual
FCF of around USD25 million - 30 million, as capex/revenue will
likely fall to about 2% (2016: 6%) as the expansion of facilities
in Pune and Chennai nears completion. Hexaware may use its FCF
for M&A and shareholder returns. During 1Q17, HT Global
distributed USD27 million in dividends to its parent, Baring Asia
Private Ltd, as Hexaware completed a USD20 million share buyback.
Fitch believes any M&A to acquire newer technologies or expertise
would likely be small.

Notes Rated Same as IDR: The senior notes are rated in line with
HT Global's Long-Term Foreign-Currency IDR, as they represent its
direct, unconditional, secured and unsubordinated obligations.
The notes are secured by Baring's 100% equity stake in HT Global.
The notes are subordinated to any potential debt at Hexaware or
other operating subsidiaries. Hexaware and other operating
subsidiaries do not currently have any debt and Fitch understand
management aims to keep the businesses debt-free. HT Global also
has limited capacity to take on additional debt, as there is an
incurrence covenant of debt/EBITDA of 3.75x (2016: 3.5x) in the
bond documents.

DERIVATION SUMMARY

HT Global's ratings are constrained by its smaller scale, mid-
tier position in the global IT services industry and modest cost
and technology advantage over its peers. Its leverage is also
higher than most IT peers. However, its ratings benefit from
long-established customer relationships, high revenue visibility
and no loss of any top-20 customers in the last 10 years. Its
ability to generate positive FCF and increase EBITDA will likely
improve its leverage. However, higher-than-expected shareholder
returns or M&A could negatively affect ratings.

KEY ASSUMPTIONS

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

-- Revenue to grow by 8%-10%.
-- Operating EBITDAR margin to remain stable around 17.5%-18.0%
    (2016: 17.9%) on an increase in onsite revenue delivery mix
    and stable utilisation rates.
-- Capex/revenue to remain low at around 2.0% during 2017-2018.
-- M&A and shareholder returns of about USD25 million each year
    starting 2018.
-- HT Global to maintain an interest coverage ratio of at least
    1.0x, excluding interest reserve accounts.

RATING SENSITIVITIES

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

-- An improvement in proportionally consolidated FFO-adjusted
    net leverage to below 2.5x.
-- An improvement in market position of Hexaware, demonstrated
    by higher operating EBITDAR margin.
-- Growth in Hexaware's FCF of over USD75 million (2017 Fitch-
    forecast: USD25 million-30 million).

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

-- Higher-than-expected shareholder returns, greater competition
    or loss of key customers leading to deterioration in
    proportionally consolidated FFO-adjusted net leverage to
    above 4.25x (2017 estimate: 4.0x-4.3x).
-- Operating EBITDAR margin declining to below 15% (2017
    estimate: 18%) due to lower employee utilisation rate or loss
    of key customers.

LIQUIDITY

Adequate Liquidity: At end-2016, HT Global's liquidity was
adequate, with a proportionately consolidated cash balance of
USD63 million with no short-term debt maturities. The group's
only debt is the 7% USD300 million senior secured notes due in
2021. It also had USD42 million in the interest reserve account,
which is classified as unrestricted cash to be used to pay for
two years of interest on the senior notes. Hexaware is debt-free.


ICOMM TELE: Lenders May Split two business lines
------------------------------------------------
LiveMint reports that the lenders to Icomm Tele Ltd, led by Axis
Bank Ltd, are considering splitting the Hyderabad-based
engineering company's two main business lines -- telecom towers
and defence equipment -- into separate companies, before selling
stakes in both, two people familiar with the matter said on
condition of anonymity.

The company had a debt of Rs1,702 crore on its books as of
January 2016, and is now controlled by its lenders, LiveMint
says.

"As a policy, we don't comment on client-specific transactions,"
a spokesperson for Axis Bank said in an email, LiveMint relays.

Established in 1989, Icomm Tele is an engineering, procurement
and construction (EPC) company that focuses on providing
infrastructure solutions, primarily in the telecom, power, and
the water and waste-water sectors.  Apart from its EPC business,
the company is also engaged in designing, developing,
manufacturing, installing and commissioning communications
equipment for telecom operators and for the defence sector.

Icomm Tele was a vendor to the Indian army's cruise missile
programme 'Brahmos'.

But it has run into rough times, largely on account of the
slowing of the infrastructure sector, according to one of the two
people cited by LiveMint.

LiveMint relates that the company's financial performance
deteriorated from 2010, when it was doing well enough to file
documents to sell shares. That public offering was subsequently
shelved.

From INR1,063 crore in financial year 2007-08, the company's
revenue dropped to INR440.9 crore in fiscal year 2014. The
company reported a loss of INR84.5 crore in FY 2014. Latest
revenue and profit/loss figures are unavailable, LiveMint
discloses.

"Lenders, who had initiated debt restructuring at the company
under the corporate debt restructuring (CDR) mechanism back in
2012, invoked strategic debt restructuring (SDR) at Icomm Tele
last year and they have converted part of their loans to a
majority stake in the company," said the first person, LiveMint
relays.

Under the latest debt resolution plan at Icomm Tele, bankers are
splitting the company into two. One of them will house the power
transmission and telecom tower EPC business, according to
LiveMint.

The other will have the defence business, said the second person,
adds LiveMint.


IRIS BUSINESS: Ind-Ra Lowers Long-Term Issuer Rating to 'BB-'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Iris Business
Services Limited's Long-Term Issuer Rating to 'IND BB-' from
'IND BBB-'.  The Outlook is Stable.  Instrument-wise rating
actions are:

  -- INR70 mil. (increased from INR50) Fund-based working capital
      facilities lowered to IND BB-/Stable/IND A4+;

  -- INR114.30 mil. Term loan lowered to 'IND BB-/Stable' rating;

  -- INR45 mil. Non-fund-based limits lowered to 'IND A4+'
     rating;  and

  -- INR20 mil. Forward contract limits lowered to 'IND A4+'
       rating

                              KEY RATING DRIVERS

The downgrade reflects a decline in Iris's credit profile.  As
per provisional financials for FY17, revenue declined to
INR270.39 million (FY16: INR321.04 million, FY15: INR541.77
million) due to the closure of the conversion business with one
of the financial printer - Merrill Communication LLC during FY15
(contributed about 44% to FY15 revenue).  However, Ind-Ra expects
the revenue to improve post FY18 owing to the launch of new
products and wide implementation of existing products.

The company incurred EBITDA losses of INR25.89 million and
INR15.49 million in FY16 and FY17P, respectively, reported
positive EBITDA of INR86.62 million in FY15.  This was mainly on
account of the above mentioned decline in sales coupled with a
sustained increase in software capitalization and on-site
marketing expenses, and vendor fees.  Further, Iris reported net
losses of INR57.47 million in FY16 and INR74.65 million in FY17P
on account of high interest expenses (7.7% of FY17P revenue).
However, the agency expects the company's overall financial
profile to improve in the medium term on account of lower capex,
improved cost structure and higher top line.

The ratings are also constrained by Iris's susceptibility to
currency fluctuation as it derives a majority (77% of FY17P total
revenue) of its revenue from foreign markets.  At present, the
company has unhedged foreign currency exposure; therefore, any
currency fluctuations will significantly impact the EBITDA
margins.

The ratings also factor in the company's moderate liquidity
position as reflected by 87% average maximum utilization of
working capital limits during the 12 months ended April 2017.

However, the ratings are supported by Iris's expertise of more
than 10 years in the eXtensible Business Reporting Language
(XBRL) space.  The company is among the early providers of full
professional XBRL products and solutions to organizations
globally.

                             RATING SENSITIVITIES

Positive: A positive rating action could result from a
significant improvement in the scale of operations and operating
margins, along with an improvement in the overall credit metrics
on a sustained basis.

Negative: A decline in the revenue along with continued operating
and net losses, leading to a further deterioration in the credit
metrics could result in a negative rating action.

COMPANY PROFILE

Iris, incorporated in 2000, has emerged as one of India's leading
XBRL company with a comprehensive suite of XBRL-related software
solutions and services.  It provides integrated chain of
activities starting from creation of documents in the XBRL
format, collection of XBRL data with the regulators and data
analysis.  Iris's product base include iDEAL, iFILE, CARBON, DCP,
FinX, which offers services in XBRL space such as creation and
conversion to XBRL documents by the corporates, collection of
these documents by the regulators and conversion to readable
formats as well as evaluation and analyses of the data collected
through these XBRL filings.


KALYANESWARI POLYFABS: CRISIL Reaffirms B Rating on INR6MM Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with
Kalyaneswari Polyfabs Private Limited (KPPL) for obtaining
information through letters and emails dated February 8, 2017,
and March 22, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          0.5       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit             6.0       CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan               6.0       CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Kalyaneswari Polyfabs 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 Kalyaneswari Polyfabs 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/CRISIL A4'.

KPPL, incorporated in 2011 and promoted by Kolkata-based Agarwal
family, manufactures polypropylene and high-density polyethylene
woven sacks; it has an installed capacity of 3300 tonnes per
annum. The company sells these sacks to companies in the cement
and agricultural commodities industries. Its operations are
managed by Mrs. Pooja Agarwal and Mrs. Anita Agarwal.


KRITIKA ENTERPRISES: CRISIL Reaffirms D Rating on INR8MM Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Kritika
Enterprises (KRE) for obtaining information through letters and
emails dated January 24, 2017, and February 14, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              8        CRISIL 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 Kritika Enterprises. 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 Kritika Enterprises 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'.

KRE, based in Jamshedpur (Jharkhand), trades in iron and steel
products such as iron rod ingots, pig iron, sponge iron, polled
iron, sulphur, hot-rolled coils, and cold-rolled coils. Mr.
Amarnath Singh, Mr. Uday Sankar Prasad, Mr. Suresh Kumar Sharma,
and Mrs. Rita Gupta are partners in the firm and manage its
operations.


MAHALAKSHMI SERVICE: CRISIL Assigns B+ Rating to INR5MM LT Loan
---------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of Mahalakshmi Service Apartments (MSA).

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

The rating reflects the firm's exposure to implementation,
funding, and demand risks associated with its proposed service
apartments, and to geographical concentration risk. These
weaknesses are partially offset by its promoter's extensive
experience in the hospitality segment.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to implementation, funding, and demand risks
associated with proposed service apartments: The firm plans to
operate residential apartments in Coimbatore, Tamil Nadu. The
timely funding tie-up and completion of project will remain key
sensitivity factors.

* Geographical concentration in revenue: As MSA will derive its
entire revenue from Coimbatore, any economic downturn in the
region will adversely affect its business risk profile.

Strength

* Promoter's extensive experience: The promoter's experience of
more than 8 years in the hotel management and hospitality
business should support the firm's business risk profile.

Outlook: Stable

CRISIL believes MSA will benefit from the extensive industry
experience of its promoter. The outlook may be revised to
'Positive' if timely completion of project and larger-than-
expected cash accrual leads to better liquidity. The outlook may
be revised to 'Negative' if substantially low occupancy or time
and cost overrun in the on-going project leads to weak liquidity.

Set up in 2017, MSA plans to operate 40 service apartments in
Coimbatore. Its operations are managed by Mr Ramesh Raju.


ORBIT TECHNOLOGIES: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Orbit
Technologies Pvt Ltd's (OTPL) Long-Term Issuer Rating at
'IND BB-'.  The Outlook is Stable.  The instrument-wise rating
actions are:

  -- INR27.50 mil. Fund-based working capital limits affirmed
     with 'IND BB-/Stable' rating;

  -- INR2.50 mil. (reduced from INR5.69) Term loans affirmed with
     'IND BB-/Stable' rating; and

  -- INR35 mil. (increased from INR27.5) Non-fund-based working
     capital limits affirmed with 'IND A4+' rating

                             KEY RATING DRIVERS

The affirmation reflects OTPL's continued small scale of
operations and moderate credit metrics.  As per provisional
financials for FY17, revenue declined to INR163 million (FY16:
INR205 million) on account of low work orders.  Gross interest
coverage (operating EBITDA/gross interest expense) was 1.6x in
FY17P (FY16: 1.9x) and EBITDA margin was 7.7% (7.8%).  The
company was net debt negative in FY17 (FY16 net leverage (total
adjusted net debt/operating EBITDAR) was 2.6x).

The ratings also remain constrained by the company's tight
liquidity position as reflected by 95% of average utilization of
fund-based limits during the 12 months ended April 2017.

The ratings, however, continue to be supported by OTPL's
promoters' experience of over two decades in the lab instruments
trading business, along with the company's strong customer and
supplier base.

                            RATING SENSITIVITIES

Positive: A positive rating action may result from a substantial
increase in the scale of operations along with an improvement of
the credit metrics.

Negative: A negative rating action may result from a further
deterioration in the credit profile.

COMPANY PROFILE

OTPL was established in 1988 by Venkat Prasad.  The company
supplies, installs, commissions and services chemical lab
analysis and monitoring instruments sourced from its overseas
business associates.  It also undertakes supply and commissioning
of chemical lab instruments used for water, soil coal and oil
analyses, along with other chemicals and glassware.


PATNAIK STEELS: CRISIL Ups Rating on INR63.38MM Term Loan to B+
---------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Patnaik Steels and Alloys Ltd (PSAL) to 'CRISIL
B+/Stable' from 'CRISIL C', and has reaffirmed its 'CRISIL A4'
rating on the company's short-term facility.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         2.75       CRISIL A4 (Reaffirmed)

   Cash Credit           30.00       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL C')

   Proposed Fund-        42.62       CRISIL B+/Stable (Upgraded
   Based Bank Limits                 from 'CRISIL C')

   Term Loan             63.38       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL C')

The upgrade factors in the improvement in the company's business
risk profile, backed by increase in net sales to INR189.25 crore
in fiscal 2017 from INR161.73 crore in the previous fiscal on
account of improved demand and capacity utilisation. Operating
margin is estimated at 13.3% in fiscal 2017, better than CRISIL's
expectation driven by improved capacity utilisation and sales
volume. The business risk profile is likely to improve over the
medium term, with increase in revenue and prices of the company's
products.

The upgrade also factors in improved liquidity, with sufficient
cash accrual to meet term debt obligation, better cash generating
ability, and moderation in bank limit utilisation because of
improved working capital cycle.

The ratings reflect the company's susceptibility to cyclicality
in the steel industry, and its weak financial risk profile
because of high gearing and below-average debt protection
metrics. These weaknesses are partially offset by moderately
integrated operations and extensive experience of the promoters
in the steel industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest financial risk profile: The financial risk profile is
constrained by high gearing, modest debt protection metrics, and
moderate networth of INR30.02 crs as on March 31, 2017. The
gearing, estimated at 3 times as on March 31, 2017, is expected
to improve gradually over the medium term. Interest coverage
ratio was 2.5 times and net cash accrual to total debt ratio was
0.17 time in fiscal 2017.

* Susceptibility to cyclicality in the steel industry: PSAL is a
small player in the domestic secondary steel industry. The
company faces intense competition in the billet segment, and has
limited pricing power, given the commoditised nature of the
product. Profitability is linked to the performance of the steel
industry. The sector witnessed a slowdown recently, with
significant drop in prices of intermediary steel products
accentuating the inherent cyclicality.

Strengths

* Extensive experience of the promoters in the steel industry:
The company will continue to benefit from the extensive industry
experience of its promoters, the Odisha-based Patnaik family.

* Moderately integrated operations: PSAL has capacity to produce
110,000 tonne per annum (tpa) of sponge iron and 100,000 tpa of
billets. It uses 6070% of its sponge iron output to produce
billets, and has a captive power plant, which utilises the waste
gas of the sponge iron plants and meets the company's entire
power requirement.

Outlook: Stable

CRISIL believes PSAL will continue to benefit from its promoters'
extensive industry experience and established customer
relationships. The outlook may be revised to 'Positive' if more-
than-expected increase in revenue, and stable profitability and
working capital cycle, lead to higher cash accrual, and hence, to
a better financial risk profile. The outlook may be revised to
'Negative' if revenue or profitability declines, leading to
lower-thanexpected cash accrual, or if the company undertakes
significant, debt-funded capital expenditure, weakening the
financial risk profile, particularly liquidity.

PSAL was set up in 2003 by Mr Tara Ranjan Patnaik, Mr Jitendra
Nath Patnaik, and Mr Prasanta Kumar Mohanty. It manufactures
sponge iron and billets, and generates power, at its facility in
Keonjhar, Odisha.

On a provisional basis, net profit was INR9.52 crore on net
income of INR189.25 crore in fiscal 2017, against INR1.60 crore
and INR161.73 crore, respectively, in fiscal 2016.


PRISTINE MEDICAL: CRISIL Assigns B- Rating to INR3.05MM Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable/CRISIL A4'
ratings to the bank facilities of Pristine Medical Equipments
Private Limited (PMEPL). The ratings reflect modest scale of
operations and below-average financial risk profile, constrained
by small networth and tightly matched accruals against debt
obligation. These weaknesses are, however, partially offset by
promoters' extensive experience.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility       2        CRISIL B-/Stable (Assigned)

   Long Term Loan           2.7      CRISIL B-/Stable (Assigned)

   Cash Credit              3.05     CRISIL B-/Stable (Assigned)

   Inland/Import Letter
   of Credit                 .25     CRISIL A4 (Assigned)

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in the highly fragmented medical
equipment distribution industry: PMEPL is a modest player in the
highly fragmented medical equipment trading and distribution
industry as reflected in revenue of INR7.5 crores in fiscal 2017.
The medical equipment trading industry in India is fragmented,
with numerous small and midsize players. Furthermore, established
Indian players such as Hindustan Syringes & Medical Devices Ltd
and Poly Medicure Ltd, small Indian companies, and low-cost
producers from China intensify competition. Fragmentation and
modest scale will likely continue to limit bargaining power with
suppliers and customers over the medium term.

* Below-average financial risk profile: Networth was modest at
INR1.5 crore as on March 31, 2017. Gearing was at 3.28 times as
on March 31, 2017, on account of small networth. Debt protection
metrics are weak as indicated by interest coverage ratio of 1.7
times and net cash accrual to total debt ratio of 0.1 time in
fiscal 2017. Cash accrual is expected to be at INR0.7-0.8 crore
annually for fiscals 2018 and 2019 against debt obligations of
INR0.7 crore for the corresponding period.

Strengths

* Promoters' extensive experience in the medical equipment
manufacturing and distribution segment: Benefits from the
promoters' extensive experience such as strong business
relationships with customers, comprising hospitals and doctors
across India, are expected to continue to support the business
risk profile over the medium term.
Outlook: Stable

CRISIL believes PMEPL will continue to benefit over the medium
term from its promoters' extensive experience. The outlook may be
revised to 'Positive' in case of significant improvement in the
financial risk profile, driven by better-than-expected cash
accrual, along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile deteriorates on account of lower-than-expected cash
accrual or larger-than-expected working capital requirement.

Established in 2006 as a private limited company, PMEPL, promoted
by Dr KK Dhakshinamoorthi and his son, Dr D Balamurugan,
manufactures disposable syringes and IV Cannula at its
manufacturing unit in Gobichettipalayam, Tamil Nadu, with a
current capacity of 2.5 lakh syringe per day.

Profit after tax (PAT) stood at INR2.99 lakh on revenues of
INR7.4 crore in fiscal 2016 against a PAT of INR5.8 lakh on
revenue of INR9.34 crore in fiscal 2015.


PUNJAB NATIONAL: Fitch Affirms 'bb' Viability Rating
----------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of eight Indian banks:

-- State Bank of India (SBI), Bank of Baroda (BoB), Bank of
    Baroda (New Zealand) Limited (BoB NZ), Punjab National Bank
    (PNB), Canara Bank (Canara), Bank of India (BoI), ICICI Bank
    Ltd. (ICICI) and Axis Bank Ltd. (Axis) have been affirmed at
    'BBB-'.

The Outlook on the IDRs is Stable.

While BoI's IDR was affirmed, its Viability Rating (VR) has been
downgraded to 'b+' from 'bb-', to reflect its weaker intrinsic
risk profile compared with higher-rated peers. The bank's core
capital buffer has dropped significantly due to persistent losses
and it appears vulnerable to moderate shocks.

Fitch is maintaining the negative sector outlook on Indian banks.
This is based on Fitch assessments that the sector's core
capitalisation, which has been eroded in the last few years, will
remain challenged unless it is boosted by adequate capital
support from the authorities or equity raising from capital
markets. In addition, Basel III capital migration is entering its
final phase with capital requirements at their most onerous.
Internal capital generation is expected to remain weak due to the
banks' subdued growth outlook while there could be significant
pressure stemming from continued provisioning due to ageing of
outstanding non-performing loans (NPLs) and the potential
resolution of some large NPLs.

Loan growth at around 5% in the financial year ended March 2017
(FY17) was the lowest in many decades. While the banking sector's
stressed-assets ratio rose as expected (FY17: 12.3%; FY16:
11.5%), new NPL additions moderated compared with FY16, a trend
which was observed across most public-sector banks. Asset quality
at large private banks also deteriorated, albeit from a
relatively lower base. Fitch believes that asset quality could
witness some further downside risks due to emerging concerns in
the power and farm sectors although slippages are not likely to
be as large as in previous years.

Nonetheless, high credit costs will remain a challenge for the
sector's earnings although some banks, private or public, may
witness gradual improvement in return on assets (ROA) going
forward. Banks with higher provision cover and relatively better
capitalisation will be in a position to resume growth faster than
banks which are constrained due to either weak fundamentals or
regulatory restrictions such as prompt corrective action.

Resolving both the asset quality and capital questions are
important conditions for reviving the financial health of the
sector. Recent capital raising activity by a few large public-
sector banks is a positive, but for most of these banks' capital
buffers have already been impacted due to losses and weak
internal capital generation.

Fitch expects the estimated capital requirement for the sector to
drop from Fitch previous forecast of USD90 billion primarily due
to lower expectations on loan growth. However, the government has
only committed to inject USD3 billion of capital in public-sector
banks by FY19, which appears insufficient to materially improve
buffers against the risk of further potential losses from
existing and new NPLs. The recent talks on consolidating public-
sector banks may further threaten capital levels if a merger is
not accompanied by adequate capital support from the authorities.
Their VRs are vulnerable and there is a high risk that mergers
could leave the resulting entity in a much weaker position.

Stable liquidity is a strength for Indian banks, which has held
up well despite the deterioration in their intrinsic credit
profile. The surge in low-cost deposits for public-sector banks
post demonetisation reflects the high depositor confidence that
they enjoy due to government ownership.

KEY RATING DRIVERS

IDRS, SUPPORT RATINGS (SRs) AND SUPPORT RATING FLOORS (SRFs)

The Long-Term IDRs of SBI, BoB, PNB, Canara, BoI and ICICI are
driven by their SRs of '2' and SRFs of 'BBB-'. The SRs and SRFs
reflect Fitch's expectation that they are highly likely to
receive extraordinary support from the Indian government due to
their high systemic importance and the government's majority
ownership in all except ICICI Bank. The VRs of SBI and ICICI are
at the same level as their IDRs and therefore, also act as
drivers for their long-term ratings.

Axis's IDR is driven by its VR of 'bbb-'. Its SRF and SR are
lower at 'BB+' and '3', respectively, mainly due to its moderate
systemic importance and private ownership.

BoB NZ is a fully owned subsidiary of BoB and its IDR is driven
by a high probability of support from its parent due to the
strong integration between the two entities and BoB NZ's small
size relative to the parent, which makes any potential support
required manageable for the parent.

The Stable Outlook on the IDRs of SBI, BoB, PNB, Canara, BoI and
ICICI mirrors the Outlook on India's rating (BBB-/Stable). For
SBI, ICICI and Axis, it also reflects a degree of stability in
their standalone credit profiles, which are also drivers for
their IDRs.

VIABILITY RATING

State Bank of India (SBI)
SBI's VR of 'bbb-' is the highest among public-sector banks. It
reflects the bank's superior asset and deposit franchise as
India's largest bank and its diversified business and earnings,
which were further bolstered with SBI's recent merger with its
five associate banks in April 2017. SBI's reputation as a flight-
to-safety bank underpins its robust deposit franchise, which is
due to its very strong government links. This translates into
both high depositor confidence and a consistently large share of
government business.

The rating also reflects the bank's superior capital flexibility
in addition to capital support, which has been periodically
forthcoming from the authorities. The bank's recent equity
issuance of around USD2.3 billion in June 2017 (6.7% of FY17
consolidated equity) was the largest done by a bank in India.
SBI's core capitalisation at FYE17 (CET1 ratio: 9.8% standalone;
9.9% consolidated) is higher than that of other state-owned banks
despite the bank posting a small loss at the consolidated level
in FY17. Fitch estimates that the consolidated bank's Fitch core
capital ratio would be higher by around 80bp if the additional
capital is factored in.

NPL ratio at the standalone entity was relatively stable (FY17:
6.9%) but the sharp jump at the consolidated level (FY17: 9%;
FY16: 6.4%) was mainly due to the aggressive clean-up at the
associate banks prior to the merger. As a result, while the
standalone SBI reported an ROA of around 0.4% in FY17, at the
consolidated level, it was a negative 0.01%. This was, however,
accompanied by an improvement in specific loan loss cover at both
levels.

Bank of Baroda
BoB's VR of 'bb+' reflects its better intrinsic financial profile
than most of the other state banks due to its lower share of
vulnerable loans and significantly better provision cover than
its peers. This makes the bank's core capitalisation less
vulnerable to new loan losses. The VR also factors in the bank's
strong funding franchise and its pan-India reach as India's
second-largest public-sector bank.

The bank's core capitalisation is better than most public-sector
banks despite a 130bp drop in CET1 ratio to around 9%, mainly due
to a technical de-recognition of certain deferred tax assets,
which offset the impact of both positive earnings and improving
risk density. The bank also has better capital flexibility, given
its higher equity valuation, and there is a possibility that
fresh capital may be raised in the near term.

Punjab National Bank (PNB)
PNB's VR of 'bb' captures its relatively stable asset quality in
FY17 coupled with a steady but improving specific provision cover
ratio of around 41%. The bank's core capital ratios appear weak
(CET1: 7.9% at FY17), which means that a fresh capital injection
will be required to meaningfully improve buffers. Periodic
capital support from the authorities has been inadequate to
maintain these buffers, although a declining risk density has
helped ratios.

Absolute NPLs declined on the back of improved recoveries and
higher write-offs, which more than offset incremental slippages.
The gross NPL ratio fell marginally to 12.5% in FY17 as a result.
Efforts to reposition the loan book and a continued strong focus
on bad loan recovery should limit the potential of a further
marked deterioration in its asset quality.

The rating also captures PNB's stable funding profile, which is
backed by a relatively robust customer-deposit franchise given
its presence in the deposit-rich parts of the country. PNB is
among the top three public-sector banks and enjoys a pan-India
reach.

Canara Bank (Canara)
Canara's VR of 'bb' reflects its gradually stabilising asset
quality that is partly offset by capital ratios which - though
improved - are vulnerable to further stress. Canara raised fresh
equity of around INR11 billion (3.3% of FY16 equity) in March
2017 via a rights issuance. This moderately enhanced capital
buffers against the backdrop of weak internal capital generation.

Canara's asset quality remains under pressure although the pace
of deterioration has eased. Specific provision cover is low but
it has witnessed a gradual improvement in recent years. The bank
posted positive ROA in FY17 but profitability remains under
pressure given the potential for more slippages and elevated
credit costs.

Fitch expects internal capital generation to gradually improve
but Canara will have to raise further capital if it plans to
pursue meaningful growth. It may have to do so from the capital
markets since ordinary capital support from the authorities will
likely be lower for FY18 and FY19.

Canara's VR also reflects its position and franchise as the
fifth-largest Indian bank with a particularly strong presence in
the south.

Bank of India (BOI)
BOI is a large public-sector bank that ranks sixth in India in
terms of assets. The downgrade of BOI's VR to 'b+' reflects the
bank's weak core capitalisation after a significant drop (FY17
CET1 ratio: 7.2%; FY16: 8%). Pre-emptive capital support from the
authorities has not been adequate to support its ratios and its
capitalisation remains susceptible to further loan losses due to
a larger portfolio of vulnerable loans compared with its peers.

The improvement in specific provision cover (FY17: 51%; FY16:
44%) is positive but does not preclude the need for a substantial
capital injection. The rating also reflects the bank's somewhat
weaker capital flexibility than its peers due to its lower equity
valuation and smaller free float.

ICICI Bank

ICICI's VR of 'bbb-' primarily reflects its solid core capital
ratio, which provides the bank with good buffers to absorb
pressures from current and potential asset quality stress.
ICICI's NPL ratio deteriorated to 7.9% in FY17 and was
accompanied by a sharp drop in its specific provision cover (40%
FY17; 51% FY16), resulting in a further decline in earnings.
However, the bank's structural drivers of income remain strong
and continue to provide it with a solid cushion to absorb more
credit costs, if required.

ICICI enjoys good access to equity capital markets. It sold a
stake in its life insurance subsidiary in FY17, which supported
the banks' equity position and a future sale of another stake in
the business could be used to further support capital. The rating
also reflects the bank's strong funding profile, which is
underpinned by a large share of retail term and low-cost
deposits. ICICI is the third-largest bank by assets and is one of
only two banks designated as a domestic systemically important
bank in India.

Axis Bank
Axis Bank's VR of 'bbb-' reflects its above-average
capitalisation, which provides the bank an adequate cushion
against moderate shocks. The bank's asset quality markedly
deteriorated during FY17 to 5.2% from 1.7% in FY16, leading to a
sharp decline in profitability (FY17 ROA: 0.66%; FY16: 1.78%).
However, its gradually improving specific provision cover (56%)
and the likelihood of stabilising asset quality should limit any
material drop in profitability going forward.

The bank may raise fresh equity in the near term, which would
bolster capital buffers. Fitch expects improving funding costs to
support profitability but credit costs are likely to remain
elevated in FY18. Axis Bank's low-cost deposit ratio of 51% is
among the highest in the industry.

SENIOR DEBT

The senior debt ratings of SBI, Bank of Baroda, Bank of India,
ICICI Bank, Axis Bank and Canara Bank are at the same level as
their IDRs as the debts represent unsecured and unsubordinated
obligations of the banks.

RATING SENSITIVITIES
IDRS AND SENIOR DEBT

The VRs of Bank of Baroda, PNB, Canara Bank and Bank of India are
lower than their SRFs and their IDRs may be downgraded if factors
underpinning the SRFs weaken. For SBI and ICICI Bank, where the
VRs and SRFs are at the same level, their IDRs would only be
downgraded if both the SRFs and the VRs were to be downgraded. A
downgrade of India's sovereign rating will trigger a downgrade of
the banks' IDRs that are at the same level as the sovereign.
Likewise, a change in the sovereign's Outlook will also lead to a
revision of the Outlooks on the banks' IDRs. However, a sovereign
upgrade may not necessarily lead to an equivalent change in the
IDRs of banks. Axis Bank's IDR is solely driven by its VR and a
downgrade to its VR will lead to a downgrade in its IDR.

Any changes in the banks' IDRs would result in equivalent changes
in their senior debt ratings.

VIABILITY RATING

The 'bbb-' VRs of the private banks, ICICI Bank and Axis Bank,
remain sensitive to any unexpected and/or significant asset
quality deterioration, particularly if that is accompanied by a
reduction in capital buffers, which currently support their
ratings. The VRs of ICICI Bank and Axis Bank may also move down
if the sovereign is downgraded as it is not common to have bank
VRs above the sovereign rating due to operating environment-
related risks.

There is a negative bias on the VRs of SBI, Bank of Baroda,
Canara Bank and PNB, which are sensitive to rising pressures on
asset quality and capitalisation. These VRs factor in Fitch's
expectation of fresh capital injections, the absence of which may
weaken the banks' capital positions if asset quality continues to
deteriorate. The VR of SBI is also sensitive to downward movement
in the sovereign rating or Outlook. Bank of India's capital
buffers are the lowest among its peers and an inability to
materially improve capital buffers through fresh capital
injections could lead to further rating action on the bank's VR.

The theme of consolidation among public-sector banks has gained
momentum in recent months. The authorities appear keen to reduce
the number of government-owned banks and it is likely that the
larger public-sector banks may be asked to play an active role to
that effect. The intrinsic financial position of many public-
sector banks is relatively weak and any proposed merger could put
further pressure on their VRs if the additional risk is not
mitigated through adequate capital injections.

SUPPORT RATINGS (SRs) AND SUPPORT RATING FLOORs (SRFs)

The SRs and SRFs are determined by the agency's assessment of the
government's propensity and ability to support a bank, based on
the bank's relative size and systemic importance. A change in the
government's ability to provide extraordinary support due to a
change in the sovereign ratings would affect the SRs and SRFs.
The SRs and SRFs will also be impacted by any change in the
government's propensity to extend timely support.

The rating actions are:

SBI:
-- Long-Term IDR affirmed at 'BBB-'; Outlook Stable
-- Short-Term IDR affirmed at F3'
-- Viability Rating affirmed at 'bbb-'
-- Support Rating affirmed at '2'
-- Support Rating Floor affirmed at 'BBB-'
-- USD10bn MTN programme affirmed at 'BBB-'
-- USD4.65bn senior unsecured notes affirmed at 'BBB-'

PNB:
-- Long-Term IDR affirmed at 'BBB-'; Outlook Stable
-- Short-Term IDR affirmed at 'F3'
-- Viability Rating affirmed at 'bb'
-- Support Rating affirmed at '2'
-- Support Rating Floor affirmed at 'BBB-'

Bank of Baroda:
-- Long-Term IDR affirmed at 'BBB-'; Outlook Stable
-- Short-Term IDR affirmed at 'F3'
-- Viability Rating affirmed at 'bb+'
-- Support Rating affirmed at '2'
-- Support Rating Floor affirmed at 'BBB-'
-- USD3bn MTN Programme affirmed at 'BBB-'
-- USD1bn senior unsecured notes affirmed at 'BBB-'

BOBNZ:
-- Long-Term IDR affirmed at 'BBB-'; Outlook Stable
-- Support Rating affirmed at '2'

Canara Bank:
-- Long-Term IDR affirmed at 'BBB-'; Outlook Stable
-- Short-Term IDR affirmed at 'F3'
-- Viability Rating affirmed at 'bb'
-- Support Rating affirmed at '2'
-- Support Rating Floor affirmed at 'BBB-'
-- USD2bn MTN programme affirmed at 'BBB-'
-- USD500m senior unsecured notes affirmed at 'BBB-'

Bank of India:
-- Long-Term IDR affirmed at 'BBB-'; Outlook Stable
-- Short-Term IDR affirmed at 'F3'
-- Viability Rating downgraded to 'b+', from 'bb-'
-- Support Rating affirmed at '2'
-- Support Rating Floor affirmed at 'BBB-'
-- USD5bn medium-term note programme affirmed at 'BBB-'
-- USD1.75bn senior unsecured notes affirmed at 'BBB-'

ICICI Bank:
-- Long-Term IDR affirmed at 'BBB-'; Outlook Stable
-- Short-Term IDR affirmed at 'F3'
-- Viability Rating affirmed at 'bbb-'
-- Support Rating affirmed at '2'
-- Support Rating Floor affirmed at 'BBB-'
-- USD3.2bn senior unsecured notes affirmed at 'BBB-'

Axis Bank:
-- Long-Term IDR affirmed at 'BBB-'; Outlook Stable
-- Short-Term IDR affirmed at 'F3'
-- Viability Rating affirmed at 'bbb-'
-- Support Rating affirmed at '3'
-- Support Rating Floor affirmed at 'BB+'
-- USD5bn MTN programme affirmed at 'BBB-'
-- USD2bn senior unsecured notes affirmed at 'BBB-'


RADIANT TEXTILES: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Radiant
Textiles Limited (RTL) for obtaining information through letters
and emails dated October 24, 2016, and November 23, 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              50       CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Corporate Loan            6       CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term       20.26    CRISIL B+/Stable (Issuer
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Term Loan                24.74    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 Radiant Textiles Limited. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Radiant Textiles Limited is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL B' category or lower.
Based on the last available information, CRISIL has Reaffirmed
the rating at 'CRISIL B+/Stable'.

RTL was set up in October 2005 by Mr. Ramesh Kumar, Mr. Mohan
Lal, Mr. Gian Chand, Mr. Rajesh Goyal, and Mr. Varun Kumar. It
commenced commercial production in January 2008. The company
manufactures cotton yarn at its plant in Samana (Punjab).


REDHU HATCHERIES: CRISIL Reaffirms D Rating on INR24.8MM Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Redhu Hatcheries
Private Limited (RHPL) for obtaining information through letters
and emails dated January 20, 2017 and February 10, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

CRISIL thus gave these ratings:


                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            24.8       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan             10.76       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 Redhu Hatcheries Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Redhu Hatcheries Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
B' category or lower. Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL D'.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of RHPL and Redhu Farms Pvt Ltd (RFPL).
This is because the two companies, together known as the Redhu
group, operate in the same line of business, and have a common
management team, along with financial and business linkages, and
intra-group transactions. Moreover, RHPL and RFPL have extended
corporate guarantees to each other's bank facilities.

RHPL (incorporated in 1992) and RFPL (1997) are engaged in
poultry farming. The Redhu group sells day-old chicks, eggs, and
culls, and trades in poultry feed. The group entered the broiler
business in 2008-09. The hatchery units and broiler farms are at
Jind (Haryana) and near Pilani (Rajasthan).


RUBY BUS: CRISIL Assigns B- Rating to INR27MM Cash Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the term bank facilities of Ruby Bus Private Limited (RBPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Working Capital
   Term Loan               .95       CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility      .05       CRISIL B-/Stable

   Overdraft              5.00       CRISIL A4

   Cash Credit           27.00       CRISIL B-/Stable

   Letter of Credit       7.00       CRISIL A4

The ratings reflect RBPL's weak financial risk profile marked by
small net worth and high gearing ratio and its working capital
intensive nature of operations. These rating weaknesses are
partially offset by the extensive experience of promoters in the
auto ancillary industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile marked by small net worth and high
gearing ratio:
The company has a weak financial risk profile marked by small
networth at INR9.89 crores as on March 31st, 2016 and high
gearing at 4.3 times for March 2016.

* Working capital intensive nature of operations:
The company has working capital intensive nature of operations
reflected in its high Gross Current Asset days at 234 days as on
March 31st, 2016.

Strengths

* Extensive experience of Promoters:
The promoters of RBPL have a track record of around four to five
decades. The promoter's lineage has an established customer
relation through the company which will help RBPL to scale up its
operations.

Outlook: Stable

CRISIL believes that RBPL will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the there is substantial improvement in
scale of operations while maintain its profitability leading to
higher than expected cash accruals. Conversely, the outlook may
be revised to 'Negative' if revenue or profitability declines, or
working capital cycle is stretched or company undertakes large
debt-funded capex programme.

RBPL was incorporated in 1947 by late Mr. Shantilal Kapashi.
Currently the company is being managed by Mr. Pankaj Kapashi. The
company is engaged in manufacturing bus body for Staff Buses,
School Buses, Executive Buses, Luxury Buses, and special Purpose
Applications like Ambulances, Delivery Vans, Defence/Army
Vehicles and other Custom Designed Vehicles. The company has
manufacturing unit in Ahmedabad.

Net profit was INR29 lacs on net sales of INR84 crores for fiscal
2016, vis-a-vis INR3 lacs and INR114 crores, respectively, in
fiscal 2015.


S.E. ENTERPRISES: CRISIL Reaffirms B Rating on INR5MM Cash Loan
---------------------------------------------------------------
CRISIL has been consistently following up with S. E. Enterprises
Private Limited (SEPL) for obtaining information through letters
and emails dated March 6, 2017, and March 22, 2017, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

CRISIL thus gave these ratings:

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

   Proposed Long Term       1       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 S. E. Enterprises Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for S. E. Enterprises 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'.

SEPL was established in 1992 by the Kapoor family. The company is
into the trading and wholesaling of Raymond Suitings through its
showroom in Bareilly (Uttar Pradesh). The company is managed by
Mr. Suresh Kapoor and his family.


SAGAR MOTORS: CRISIL Raises Rating on INR7.5MM Loan to BB-
----------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Sagar Motors - Noida (SM-N) at 'CRISIL BB-/Stable'
from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Electronic Dealer
   Financing Scheme
   (e-DFS)                  7.5      CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term
   Bank Loan Facility       2.5      CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects the successful stabilisation of operations
in fiscal 2017, SM-N's first full year of operation, reflected in
estimated operating income of INR44 crore. The revenue is further
expected to increase to over INR50 crore in fiscal 2018 backed
primarily by robust demand for the passenger vehicles of its
principal, Tata Motors Ltd (TML; rated 'CRISIL AA/Positive/CRISIL
A1+') in India.

The financial risk profile is also expected to improve, with
total outside liabilities to adjusted networth (TOLANW) ratio
expected to improve from above 4 times estimated as on March 31,
2017, to below 3 times over the medium term due to moderate
accretion to reserve. Debt protection metrics were comfortable,
supported by estimated interest coverage ratio of over 3 times in
fiscal 2017. The debt protection metrics are expected to remain
comfortable, with efficient working capital management and
moderate reliance on bank borrowings over the medium term.

The rating reflects the extensive experience of promoters and
comfortable debt protection metrics. These strengths are
partially offset by high leverage and exposure to intense
competition in the automobile dealership industry.

Key Rating Drivers & Detailed Description

Strengths

* Promoters' extensive experience:  Mr Varun Sagar has over a
decade of experience across various industries. Currently, Mr
Varun Sagar also operates travel agency, Sagar Holidays, and
resort, Hotel Sagar Palace, both in New Delhi. He looks after the
daily operations of SM-N.

* Comfortable debt protection metrics:  The debt protection
metrics of SM-N were comfortable, with estimated interest
coverage of over 3 times in fiscal 2017.

Weaknesses

* Exposure to intense competition in the automobile dealership
industry:  SM-N faces competition from dealers of other
automobile manufacturers such as Maruti Suzuki India Ltd,
Mahindra and Mahindra Ltd, and Hyundai Motors Pvt Ltd. The need
for differentiation results in auto dealers refurbishing
dealership outfits and service centres regularly.

* High leverage:  Estimated TOLANW ratio of over 4 times in
fiscal 2017 constrained the financial risk profile. The networth
was modest, estimated at around INR1.5 crore in fiscal 2017.

Outlook: Stable

CRISIL believes SM-N will benefit over the medium term from the
promoters' extensive experience in various industries. The
outlook may be revised to 'Positive' in case of higher-than-
expected revenue and profitability, leading to higher cash
accrual while improving its leverage. Conversely, the outlook may
be revised to 'Negative' in case of lower-than-expected cash
accrual, resulting in pressure on liquidity, or deterioration in
working capital cycle because of increased reliance on bank
borrowings, or large, debt funded capital expenditure, adversely
impacting the financial risk profile.

Established in 2014, SM-N has set up an auto-dealership business
for passenger vehicles of TML at Sector 5, Noida. The partnership
firm is promoted by Mr Varun Sagar and Mr Rajesh Sagar. The firm
has commenced operations from March 2016.

Profit after tax was negative INR0.28 crore on operating income
of INR0.40 crore for fiscal 2016. Operating income is expected at
INR44 crore in fiscal 2017.


SAI SWADHIN: CRISIL Reaffirms 'B' Rating on INR5MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sai
Swadhin Commercials Private Limited (SSCPL) for obtaining
information through letters and emails dated March 6, 2017, and
March 22, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

CRISIL thus gave these ratings:

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

   Term Loan              3.75       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 Sai Swadhin Commercials
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 Sai Swadhin
Commercials Private Limited is consistent with 'Scenario 3'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BBB' category or lower. Based on the last
available information, CRISIL has reaffirmed the rating at
'CRISIL B/Stable'.

Incorporated in 2008, SSCPL is engaged in extraction of rice bran
oil. The company has its processing unit located at Berhampur
(Odisha) and has total extraction capacity of 180 tonnes per day.
SSCPL is promoted by Mrs. Jami Nirmala, Mr. Jami Siva Sai, Mr.
Jami Ramesh and Mrs. Jami Kavita who also looks after the
operations.


SARASWATI TRADING: CRISIL Assigns B+ Rating to INR7.0MM Cash Loan
-----------------------------------------------------------------
CRISIL Ratings has assigned the 'CRISIL B+/Stable' rating to bank
facilities of Saraswati Trading Co - Karnal (STC).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               0.4       CRISIL B+/Stable
   Cash Credit             7.0       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      4.6       CRISIL B+/Stable

The ratings reflect modest scale of operations, amidst intense
competition, vulnerability to volatile raw material prices and
constrained financial risk profile because of average capital
structure. These rating weakness are partially offset by
extensive experience of partners in the rice milling business and
the established customer and supplier relationship.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations amidst intense competition:  STC has
modest scale of operations with operating income of around
INR22.4 cr in fiscal 2017 as against INR19.34 crores in 2015-16.
The modest scale of operation amid the intense competition and
limited capacities, will continue to constrain the business risk
profile.

* Vulnerability to volatile raw material prices and its
availability:  Paddy being an agricultural product, its
availability is seasonal and is to a great extent dependent on
monsoons. This exposes the firm to risk of limited availability
and volatility in prices of raw material in case of unfavorable
climatic conditions.

* Average financial risk profile:  The networth is low, the
gearing moderate, and debt protection metrics average.

Strengths

* Extensive industry experience of the partners and established
customer and supplier relationship:  Rice milling is a
traditional business for the Karnal, Haryana-based Khanna family.
The main partner, Mr Rakesh Khanna, has been in this line of
business for more than three decades and has developed a good
insight in the industry and developed a sound relationship with
customers and suppliers. This has also helped diversify the
business across Bihar, Odisha, and western Haryana in the
domestic market.

Outlook: Stable

CRISIL believes STC will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' if revenue and profitability improve, leading to
higher-than-expected cash accrual. The outlook may be revised to
'Negative' in case of lower-than-expected cash accrual, or
deterioration in working capital management, weakening the
financial risk profile, particularly liquidity.

key partners are Mr Rakesh Khanna, Mr Vishal Khanna, and Mr
Dinesh Khanna. The firm mills and exports both basmati and non-
basmati varieties of rice. It has a modern rice milling plant at
Shahpur, Karnal.

In fiscal 2016, profit after tax (PAT) was INR11 lakh on total
sales of INR19.35 crore as against PAT of INR10 lakh on total
sales of INR13.62 crore in fiscal 2015.

Status of non-cooperation with previous CRA
STC has not cooperated with Credit Analysis & Research Ltd.,
which has marked it non cooperating in its rating vide release
dated Mar 16, 2017. The reason provided by Credit Analysis &
Research Ltd is absence of the requisite information from the
company.


SEW KRISHNAGAR: CRISIL Reaffirms D Rating on INR600.32MM Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facility of Sew Krishnagar Baharampore Highways Limited at
'CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan             600.32      CRISIL D (Reaffirmed)

The rating continues to reflect instances of delay in meeting
debt obligations, mainly due to weak liquidity. Delays in project
implementation and subsequent holdup in disbursement of term loan
due to lag in equity infusion by the sponsor (SEW Infrastructure
Ltd [SIL]) resulted in delays in interest payment. However, a
recent one-time fund infusion (OTFI) by National Highways
Authority of India (NHAI) is expected to revive the project, with
the revised provisional commercial operating date (PCOD) being in
December 2017.

Analytical Approach

CRISIL has taken a standalone view on SKBHL, since this is the
only project in the special purpose vehicle (SPV) and there are
no fungible cash flows with other projects in the group.

Key Rating Drivers & Detailed Description

Weakness

* Delays in debt servicing
The company has been delaying its monthly interest payment to the
lenders since November 2014. Delay in equity infusion by the
sponsors had resulted in only partial disbursement of the term
loan, thereby putting pressure on cash flow.

* Susceptibility to project implementation risk
The project has been delayed by more than three years due to
issues related to land acquisition. After signing of the
tripartite agreement between NHAI, lenders, and SKBHL in October
2016 for the OTFI scheme of NHAI, the project construction work
has restarted and physical progress is about 50% as of March
2017. Timely project execution will remain a key monitorable.

Strength

* Fund infusion by NHAI to revive the project
NHAI has agreed to infuse INR404 crore to revive the project. As
of June 2017, out of the total amount of INR404 crore, NHAI has
already infused INR50 crore. On receipt of funds from NHAI,
construction work has restarted and the expected PCOD is now
December 2017.

SKBHL is a wholly owned SPV of SEW Transportation Networks Ltd
(STNL), which is a 100% subsidiary of SIL. SKBHL was awarded a
build-operate-transfer contract by NHAI for converting to four
lanes from two lanes the 78-kilometre (km) stretch between
Krishnagar and Baharampore in West Bengal (from 115 km to 193 km
on National Highway-34, which connects Kolkata to Dalkhola in
northern West Bengal). The total project cost is INR1150 crore.

The scheduled COD for the project was July 2014. However, owing
to delays in project implementation, land acquisition, lag in
equity infusion by the promoters, and hence delay in disbursement
of the term loan, the project has been delayed by almost three
years. The company expects to receive the PCOD and commence
commercial operations by December 2017.


SEW LSY: CRISIL Reaffirms 'D' Rating on INR1.7BB Term Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facility of SEW LSY
Highways Limited (SLHL) continues to reflect instances of delay
by the company in meeting its debt obligations.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               1700      CRISIL D (Reaffirmed)

The delay in disbursement of a term loan because of a delay in
equity infusion by the sponsors (SEW Infrastructure Ltd [SIL] and
Prasad and Company (Project Works) Limited [PCL; rated 'CRISIL
BB+/Negative/CRISIL A4+']) has resulted in the delay by SLHL in
making its interest payment. Given the continued delays in
project implementation, Uttar Pradesh State Highways Authority
(UPSHA) has terminated the project and termination payment is
under arbitration.

Analytical Approach

CRISIL has taken a standalone view on SLHL, since this is the
only project in the special purpose vehicle and there is no
fungibility of cash flows with other projects in the group.

Key Rating Drivers & Detailed Description

Weakness

* Delays in debt servicing:  The company has been delaying its
monthly interest payment to the lenders since November 2014.
Delay in equity infusion by sponsors had resulted in partial
disbursement of term loan, thereby putting pressure on cash flow
and hence delays in meeting interest payments.

* Termination of the project:  Given the continued delays in
project implementation, UPSHA has terminated the project and
termination payment is under arbitration.

The timelines for settlement of arbitration claims will be a key
credit monitorable.

Strength

* Low technical complexity of the road stretch:  The project had
low technical complexity, with relatively flat terrain and
negligible forest area. However, continued delays in project
implementation has led to termination of the project.

Incorporated in July 2011, SLHL is a special-purpose vehicle
(SPV) promoted by SIL and PCL, which own 70 and 30% stakes,
respectively, in the SPV. SLHL had been awarded a contract by
UPSHA for converting to four lanes the existing two lanes of the
206-kilometre (km) stretch from 10.91 km to 217.00 km on the
Delhi-Saharanpur-Yamunotri section of State Highway 57 in Uttar
Pradesh, up to the Uttarakhand border. The contract was on a
design, build, finance, operate, and transfer toll basis.

Given continued delays in implementation, the project is
terminated.


SHREE DURGA: CRISIL Reaffirms 'B' Rating on INR4.5MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shree
Durga Iron and Steel Co. Limited (SDISL) for obtaining
information through letters and emails dated February 21, 2017,
and March 7, 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             4.5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit       28.5       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Shree Durga Iron and Steel Co.
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for  Shree Durga Iron and Steel
Co. 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/CRISIL A4'.

SDISL is promoted by Mr. Pawankumar Agarwal, SDISL is a closely
held public limited company engaged in trading activities of
coal, limestone and scrap steel. The company is based in Mumbai.


SHRI GANESHA: CRISIL Reaffirms B+ Rating on INR8.47MM LT Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Shri Ganesha Global Gulal
Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         1.25      CRISIL A4 (Reaffirmed)

   Cash Credit            3.75      CRISIL B+/Stable (Reaffirmed)

   Foreign Exchange
   Forward                 .06      CRISIL A4 (Reaffirmed)

   Long Term Loan         8.47      CRISIL B+/Stable (Reaffirmed)

CRISIL had earlier assigned rating on the bank facility of SGGGPL
to 'CRISIL B+/Stable/CRISIL A4' dated 31st January 2017.

The ratings reflect the extensive experience of the promoters in
the gulal manufacturing business, an established dealer network,
and strong relationship with suppliers. Emphasis on product
quality has kept the operating margin healthy. These strengths
are partially offset by a modest scale of operations, moderate
working capital requirement, and a below-average financial risk
profile, constrained by a small networth and ongoing capital
expenditure (capex).

Key Rating Drivers & Detailed Description

Strengths

* Extensive industry experience of the promoters and an
established dealership network:  An experience of more than four
decades in the gulal manufacturing business has helped the
promoters establish a successful track record, with a strong
presence in the organised segment, and build a sound relationship
with various raw material suppliers.

* Healthy operating margin:  Emphasis on quality and
certification of products offer an edge over several unorganised
players in the gulal market, and thus, keeps the operating margin
healthy (20% for fiscal 2017).

Weakness

* Modest scale of operations:  Revenue was modest, at INR15.34
crore in fiscal 2017 (Rs 12.1 crore in the previous fiscal).

* Working capital-intensive operations:  Large inventory of over
70 days led to gross current assets of over 179 days as on March
31, 2017.

* Below-average financial risk profile:  The networth was small
at INR4.23 crore and the gearing high at 2.5 times, as on March
31, 2017.

Outlook: Stable

CRISIL believes SGGGPL will continue to benefit from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' if significant growth in revenue leads
to substantial cash accrual. The outlook may be revised to
'Negative' if reduced order flow or muted profitability results
in low cash accrual, or a considerable stretch in the working
capital cycle or debt-funded capex, weakens the financial risk
profile.

SGGGPL was incorporated in 2015, promoted by Mr Umang Goyal and
his family members. The company, which was formed after the
merger of three other companies, manufactures gulal and herbal
gulal.

Profit after tax (PAT) was INR0.52 crore on operating income of
INR71.5 crore in fiscal 2017, against PAT of INR0.73 crore on
operating income of INR35.6 crore in the previous fiscal.


SHRI JAGADGURU: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shri Jagadguru
Co-operative Hospital Society Ltd's (SJCHSL) bank loan ratings to
the non-cooperating category.  The issuer did not participate in
the rating exercise, despite continuous requests and follow-up by
the agency.  Therefore, investors and other users are advised to
take appropriate caution while using these ratings.  The ratings
will now appear as 'IND BB(ISSUER NOT COOPERATING)' on the agency
website.  Instrument-wise rating action is:

   -- INR65 mil. Term loan migrated to Non-Cooperating Category;

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
June 29, 2016.  Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

SJCHSL was formed in 1951.  This limited liability co-operative
society is registered with the Bombay Co-operative Societies Act,
1925.  The 11-member management board is chaired by Mr. B. R.
Patil.

The society runs a 150-bed allopathy hospital and a 220-bed
ayurvedic hospital.  It set up its ayurvedic medical college in
FY97 and currently offers undergraduate and postgraduate ayurveda
courses.  The society also manages a nursing school, which offers
a diploma course in General Nursing and Midwifery and a nursing
college that offers undergraduate and postgraduate courses in
nursing.  It also runs a naturopathy centre.  The hospitals and
colleges are spread across an area of 68 acres at Ghataprabha
town in Belgavi district, Karnataka.


SILPA PROJECTS: CRISIL Reaffirms B+ Rating on INR33MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Silpa Projects and Infrastructure India Private Limited
(SPIPL) at 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          36       CRISIL A4 (Reaffirmed)

   Cash Credit             33       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       4.3     CRISIL B+/Stable (Reaffirmed)

   Term Loan                1.0     CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect SPIPL's working capital-intensive
operations and geographical concentration in revenue. These
weaknesses are partially offset by established regional presence
in the civil construction segment aided by promoters' extensive
experience and established customer relationships.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital-intensive operations: SPIPL has significant
working capital requirements driven by high debtor days, earnest
money deposits and retention money retained by the client. Thus,
SPIPL's gross current assets are high, estimated at 358 days as
on March 31, 2017, primarily because of high debtor days of 313
days.

* Geographical concentration in revenue: Limiting of operations
to Kerala results in geographical concentration in revenue
profile. Moreover, there are currently no plans of
diversification.

Strengths

* Extensive experience of promoters in the civil construction
segment: SPIPL benefits from its established presence in the
Kerala civil construction segment, aided by the promoter's, Mr TS
Sanil's, experience of nearly three decades and his established
customer relationships, especially with state government
departments in Kerala.

Outlook: Stable

CRISIL believes SPIPL will continue to benefit over the medium
term from its promoters' extensive experience. The outlook may be
revised to 'Positive' in the event of the company reporting
improvement in its liquidity position resulting from reduction in
working capital requirement along with improvement in its cash
accruals. Conversely, the outlook may be revised to 'Negative' in
case of further deterioration in liquidity profile resulting from
lower than expected cash accruals or larger than expected working
capital requirement or debt funded capex.

Established in 1987 as a proprietorship entity, Silpa Projects,
the firm was subsequently reconstituted as a private limited
company and renamed SPIPL in 2007. Promoted by Mr TS Sanil, SPIPL
undertakes civil construction works in Kerala.

Profit after tax (PAT) was INR4.42 crore on an operating income
of INR85.16 crore in fiscal 2017, against INR3.52 crore and
INR119.52 crore, respectively, in fiscal 2016.


SOUBHAGYA PROCESSOR: CRISIL Reaffirms Rating on INR4.87MM Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Soubhagya
Processor Private Limited (SPPL) for obtaining information
through letters and emails dated February 6, 2017, and March 22,
2017, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

CRISIL thus gave these ratings:

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

   Proposed Long Term      1.63      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Term Loan               4.87      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 Soubhagya Processor 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 Soubhagya Processor 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'.

SPPL was incorporated as a private limited company in 2010. The
company has set up a unit for dyeing and printing of textiles in
Sikandrabad (Uttar Pradesh). The company is promoted by Mr. Vipin
Jain, who has over two decades of experience in the textile
industry through group company, JVS Fab Pvt Ltd.


STAR AGRO: CRISIL Lowers Rating on INR17.45MM LT Loan to 'B'
------------------------------------------------------------
CRISIL has been consistently following up with Star Agro Marine
Exports Private Limited (SAME) 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
   ----------          ---------     -------
   Foreign Bill            91        CRISIL A4 (Issuer Not
   Discounting                       Co-operating; Downgraded
                                     from 'CRISIL A4+')

   Foreign Letter          14        CRISIL A4 (Issuer Not
   of Credit                         Co-operating; Downgraded
                                     from 'CRISIL A4+')

   Long Term Loan         17.45      CRISIL B/Stable (Issuer Not
                                     Co-operating; Downgraded
                                     from 'CRISIL BB-/Stable')

   Packing Credit         50         CRISIL A4 (Issuer Not
                                     Co-operating; Downgraded
                                     from 'CRISIL A4+')

   Standby Letter         96         CRISIL A4 (Issuer Not
   of Credit                         Co-operating; Downgraded
                                     from 'CRISIL A4+')

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

Detailed Rationale

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SAME, Star Organic Foods Inc, Star
Aqua International Pvt Ltd, Star Agro Marine Inc, and Star Agro
Marine Foods Ltd. This is because all the five entities,
collectively referred to as the Star group, have business
synergies and significant operational and financial linkages with
each other.

Established in 1998 by Mr. Shaik Abdul Aziz, the Star group
undertakes cultivation, processing, and export of shrimp. The
group is based in Nellore (Andhra Pradesh) with its subsidiaries
in United States of America and United Kingdom.


STAR AQUA: CRISIL Lowers Rating on INR10MM Cash Loan to 'B'
-----------------------------------------------------------
CRISIL has been consistently following up with Star Aqua
International Private Limited (SAIPL) for obtaining information
through letters and emails dated February 8, 2017, and March 22,
2017, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

CRISIL thus gave these ratings:

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

   Long Term Loan           8.27     CRISIL B/Stable (Issuer Not
                                     Co-operating; Downgraded
                                     from 'CRISIL BB-/Stable')

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

Detailed Rationale

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SAIPL, Star Agro Marine Exports
Private Limited, Star Organic Foods Inc, Star Agro Marine Inc,
and Star Agro Marine Foods Ltd. This is because all the five
entities, collectively referred to as the Star group, have
business synergies and significant operational and financial
linkages with each other.

Established in 1998 by Mr. Shaik Abdul Aziz, the Star group
undertakes cultivation, processing, and export of shrimp. The
group is based in Nellore (Andhra Pradesh) with its subsidiaries
in the United States of America and United Kingdom.


STAR ORGANIC: CRISIL Lowers Rating on INR1.85MM LT Loan to 'B'
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Star
Organic Foods Inc. (SOFI) 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
   ----------          ---------     -------
   Foreign Bill            3         CRISIL A4 (Issuer Not
   Discounting                       Cooperating; Downgraded
                                     from 'CRISIL A4+')

   Foreign Letter          1         CRISIL A4 (Issuer Not
   of Credit                         Cooperating; Downgraded
                                     from 'CRISIL A4+')

   Letter of Credit        0.15      CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4+')

   Long Term Loan          1.85      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

   Packing Credit          5.00      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

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

Detailed Rationale

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SOFI, Star Agro Marine Exports Private
Limited, Star Aqua International Private Limited, Star Agro
Marine Inc, and Star Agro Marine Foods Ltd. This is because all
the five entities, collectively referred to as the Star group,
have business synergies and significant operational and financial
linkages with each other.

Established in 1998 by Mr. Shaik Abdul Aziz, the Star group
undertakes cultivation, processing, and export of shrimp. The
group is based in Nellore (Andhra Pradesh) with its subsidiaries
in United States of America and United Kingdom.


STARCARE HOSPITAL: CRISIL Reaffirms B+ Rating on INR22MM Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Starcare Hospital Kozhikode Private Limited (SHKPL) at 'CRISIL
B+/Stable/CRISIL A4.'

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           1       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      10.7     CRISIL B+/Stable (Reaffirmed)

   Short Term Loan          0.8     CRISIL A4 (Reaffirmed)

   Term Loan               22.0     CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect modest scale and nascent stage of
operations. The ratings also reflect below-average financial risk
profile marked by weak debt protection metrics. These rating
weaknesses are partially offset by extensive experience of
promoters in healthcare industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale and nascent stage of operations: Scale of
operations remains small with estimated revenue of Rs.15 crore in
fiscal 2017, the first full year of operations. The revenue is
expected to improve over the medium term. The timely ramp up of
scale of operations will remain key rating sensitivity factor
over the medium term.

* Below-average financial risk profile: The below-average
financial risk profile is marked by weak debt protection metrics
as indicated by negative interest coverage in fiscal 2017.

Strengths

* Extensive experience of promoters in healthcare industry: SHKPL
is promoted by Dr. Sadik Kodakat who belongs to Starcare Group,
which is a well-known healthcare group in Oman. The company
benefits from the extensive experience of promoters and their
technical expertise in healthcare industry.

Outlook: Stable

CRISIL believes SHKPL will continue to benefit over the medium
term from the considerable experience of its promoters in the
healthcare industry. The outlook may be revised to 'Positive' if
the company's scale of operations and profitability improves
thereby improving its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if delays in ramp up in
scale of operations resulting in lower than expected cash
accruals or higher-than-expected debt-funded capex, weakens the
financial risk profile.

Incorporated in January 2015, SHKPL is the first hospital in
southern India of the Starcare UK group. It runs a 272 bedded
multispecialty hospital in Kozhikode, Kerala. The hospital
started its full-fledged operations in November, 2016.  The group
is chaired by Dr. Sadik Kodakat.


SUPREME FILAMENTS: CRISIL Assigns B+ Rating to INR3.43MM Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Supreme Filaments Limited
(SFL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              3.43       CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      .04       CRISIL B+/Stable

   Bank Guarantee          .03       CRISIL A4

   Cash Credit            4.00       CRISIL B+/Stable

The ratings reflect a modest scale of operations and volatile
operating profitability, which is susceptible to fluctuations in
prices of raw material. The ratings also factor in working
capital-intensive operations and a below-average financial risk
profile because of a small networth and debt funded capital
expenditure (capex) plan. These rating weaknesses are partially
offset by the extensive experience of the promoters in the
textile industry, their funding support, and their established
relationship with customers and suppliers.

Analytical Approach

For arriving at the rating, CRISIL has treated unsecured loans of
INR2 crore as on March 31, 2017, received from the directors,
shareholders and relatives, as neither debt nor equity. That's
because the loans bear a nominal interest rate and are expected
to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations and low profitability;
susceptibility to volatility in raw material prices
Revenue was modest and subdued at INR10.47 crore in fiscal 2017
as compared with Rs.15.64 crore in fiscal 2014. The operating
profitability remained volatile at 5.3-6.8% in the four fiscals
through 2017. That's due to volatility in prices of synthetic
yarn, which is a crude oil derivative, and its presence in the
fragmented and competitive yarn manufacturing industry. The
company is in the process of forward integration by installing a
weaving facility through captive consumption of yarn. This should
improve revenue, which is expected to remain at INR15-18 crore
per fiscal over the medium term.

* Working capital-intensive operations
Gross current assets (GCAs) are estimated to have been high at
290 days as on March 31, 2017, driven by receivables and
inventory of 269 days and 11 days, respectively. The large
receivables and GCAs as on March 31, 2017 were primarily due to
demonetisation. The GCAs are expected to remain in the range of
190-220 days over the medium term.

* Below-average financial risk profile
The networth was modest, estimated at INR1.90 crore and gearing
moderately high at 1.48 times, as on March 31, 2017. The gearing
is expected to weaken and remain high at 2.7-3.0 times over the
medium term due to debt-funded capex for installing a weaving
facility. Debt protection metrics have also remained below-
average: the interest coverage ratio is estimated at 1.32 times
and the net cash accrual to total debt ratio at about 0.05 time
for fiscal 2017.

Strengths

* Extensive industry experience of the promoters and their
established relationship with suppliers and customers
Benefits of over 15-years long experience of the promoters in the
textile industry should continue to support the business risk
profile. They have established a strong relationship with
customers and suppliers, resulting in regular flow of orders and
availability of raw material.

* Funding support from the promoters
The promoters have infused equity capital of INR0.25 crore in
fiscal 2018 towards capex for installing the weaving facility. In
fiscal 2018, they have also extended an unsecured loan of INR0.61
crore.

Outlook: Stable

CRISIL believes SFL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if implementation and stabilisation of the weaving
facility leads to significant improvement in revenue and
profitability and hence to higher-than-expected cash accrual
along with efficient working capital management. The outlook may
be revised to 'Negative' in case of lower-than-expected revenue
and / or cash accrual, sizable working capital requirements,
weakening the financial risk profile, particularly liquidity.

Incorporated in May 2002, SFL is a closely held company promoted
by Mr Ajay Gupta and his family members. The company manufactures
twisted yarn from partially oriented yarn and is in the process
of forward integration for manufacturing grey cloth. It has an
installed capacity of 60 tonne per month for yarn manufacturing
at its unit in Surat, Gujarat.

Profit after tax is INR0.03 crore on net sales of INR10.47 crore
for fiscal 2017 (provisional), against INR0.05 crore and INR10.09
crore, respectively, for fiscal 2016.


SURESH TECHNO: CRISIL Reaffirms B+ Rating on INR1.5MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Suresh
Techno Electro (India) LLP (STE) 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
   ----------          ---------     -------
   Bank Guarantee           6        CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit              1.5      CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan                0.25     CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Suresh Techno Electro (India)
LLP. This restricts CRISIL's ability to take a forward looking
view on the credit quality of the entity. CRISIL believes that
the information available for Suresh Techno Electro (India) LLP
is consistent with 'Scenario 3' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' category or
lower. Based on the last available information, CRISIL has
reaffirmed the rating at 'CRISIL B+/Stable/CRISIL A4'.

STE, a partnership firm established in 2004, is involved in
erection, procurement and construction works related to setting
up of transmission lines and towers. The firm is promoted by
Jabalpur-based Sharda family, with Mr. Suresh Sharda, Mr. Shiven
Sharda and Ms. Sunita Sharda as partners.


TOSHNIWAL INDUSTRIES: CRISIL Ups Rating on INR8MM Loan to BB-
-------------------------------------------------------------
CRISIL Ratings has upgraded its ratings on bank facilities of
Toshniwal Industries Private Limited (TIPL) to 'CRISIL BB-
/Stable/CRISIL A4+' from 'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           5        CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Cash Credit              8        CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term       0.77     CRISIL BB-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan                0.73     CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects sustained improvement in the company's
business risk profile. Operating income increased by 44% to
INR34.2 crore in fiscal 2017 and is expected to continue to grow
supported by healthy order book.  Improvement in cash accruals
has resulted in improvement in financial risk profile. Total
outside liabilities to adjusted networth (TOLANW) ratio continues
to remain below 2 times

The ratings reflects extensive experience of the company's
promoters in the electronic equipment and instruments industry
along with moderate financial risk profile as reflected in its
low TOLTNW and modest net worth. The ratings are partially offset
by modest scale of operation and TIPL's large working capital
requirement.

Analytical Approach

CRISIL has treated unsecured loans of INR4.66 crore as neither
debt nor equity since the same is from promoters and has interest
rate lower than marker rate and is expected to remain in the
business.

Key Rating Drivers & Detailed Description

Strengths

* Extensive experience of the company's promoters: The promoters
of the company have been in the manufacturing of Industrial
Process Measurement & Control Instruments (temperature sensors
and Security Closed Circuit Television cameras) since 1959.  Over
the years the company has develop a strong customer base.

* Moderate financial risk profile: The company has moderate
financial risk profile as reflected in its modest net worth and
low TOLANW ratio of Rs.9.8 crore and 1.5 times respectively as on
March 31, 2017.

Weakness

* Modest scale of operation: YIPL scale of operations is modest
as seen by revenues of INR34 crores in fiscal 2017. Modest scale
limits the company's bargaining power.

* Large working capital requirement: TIPL's business is highly
working capital intensive, as reflected in gross current asset
(GCA) days of 270 days as on March 31, 2017. The high GCA days
emanates from the company's inventory levels of around 89 days
and receivables cycle of 121 days.

Outlook: Stable

CRISIL believes that TIPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company registers
a substantial and sustained increase in its profitability
margins, or if there is a sustained improvement in its working
capital cycle. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in the company's
profitability margins, or significant deterioration in its
capital structure caused most likely by a large debt-funded
capital expenditure or a stretch in its working capital cycle.
TIPL was incorporated in 1959 at Mumbai, promoted by the late Dr.
G R Toshniwal and his family members. Currently, the company is
being managed by Mr. Rajeev Toshniwal, Mr. Abhinav Toshniwal,
Mrs. Manju Toshniwal, and Mrs. Priti Toshniwal.

Profit after tax (PAT) was INR0.53 crore on net sales of INR34.2
crore in fiscal 2017, against Net loss of INR0.21 crore on net
sales of INR23.8 crore in fiscal 2016.


TRACK INDIA: CRISIL Lowers Rating on INR9MM Cash Loan to 'B'
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Track
India Private Limited (TIPL) 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           35       CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4+')

   Cash Credit               9       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BB/Stable')

   Proposed Long Term        6       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded
                                     from 'CRISIL BB/Stable')

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

Detailed Rationale

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of TIPL and its wholly owned subsidiary -
Track Holiday Pvt Ltd (THPL). This is because the two companies,
together referred to as the Track group, are engaged in same line
of business and have the same owners and management.

Incorporated in 1998, Track India Private Limited (TIPL) is the
general Service administration (GSA) for Air Arabia and Air Asia
in India for passengers. The company has spun off its Air Asia
business in another entity Track Holiday Pvt Ltd (THPL) in Jan-
2014 which is a 100% subsidiary.

The group has 25 offices across India with its registered office
in Delhi. The group is owned by Mr. Deepak Talwar.


UNISHIRE URBANSCAPE: CRISIL Lowers Rating on INR126MM Loan to D
---------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the INR126 crore
non-convertible debentures (NCDs) of Unishire Urbanscape Private
Limited (UUPL; part of the Unishire Urbanscape group) to 'CRISIL
D' from 'CRISIL B+(SO)/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Non Convertible         126       CRISIL D (Downgraded from
   Debentures                        'CRISIL B+(SO)/Stable')

The rating downgrade reflects delays in principal repayment of
the NCDs, mainly due to weak liquidity. Further, the company
remains exposed to cyclicality inherent in the Indian real estate
sector. The rating continues to reflect moderate industry
experience of the group's promoters.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of UUPL, Unishire Skyscapes LLP, Unishire
Properties LLP, Unishire Homes LLP, Unishire Regency Park LLP,
and Unishire Developers Pvt Ltd. This is because these entities,
together referred to as the Unishire Urbanscape group, are co-
obligors to the NCDs; their projects and cash flows are security
against these instruments by way of exclusive first charge.
CRISIL has not combined other companies of the promoters in the
absence of any fungible cash flows following the tight escrow
mechanism of the rated NCDs.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in debt servicing
UUPL has delayed the principal repayment of the NCDs, mainly due
to weak liquidity. Business risk profile has weakened
significantly following slow sales and hence customer advances,
further accentuated by demonetisation. Sales are expected to
remain subdued due to the group being a relatively new brand in
Bengaluru, and offerings being made in the premium and luxury
segment, which is facing significant demand pressure.

* Susceptibility of cash flow to cyclicality inherent in the real
estate sector
The real estate sector in India is cyclical and volatile,
resulting in fluctuations in cash inflows, on account of
volatility in realisations, and saleability; cash outflows,
relating to project costs and debt repayment, on the other hand,
are relatively fixed, and can lead to substantial mismatches. The
residential real estate sector has remained under pressure due to
weak demand and bearish consumer sentiment over the past few
years, resulting in refinancing needs.

Strengths

* Moderate industry experience of promoters.
The promoters have 25 years of experience in the real estate
industry, which has helped them establish contacts with land
owners and build a large portfolio of projects. The promoters are
executing 11 residential projects with developable area of 3.1
million square feet (sq ft).

Incorporated in February 2011, UUPL is into real estate
development in Bengaluru. It is part of the Unishire group, which
has a limited track record having developed only 1 million sq ft
in the city till date.


VIDYASAGAR HIMGHAR: CRISIL Hikes Rating on INR13.43MM Loan to B+
----------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Vidyasagar Himghar Private Limited (VHPL) to
'CRISIL B+/Stable' from 'CRISIL B/Stable', and assigned its
'CRISIL A4' rating to the company's short-term facility.

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

   Cash Credit           13.43       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Term Loan              3.17       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Working Capital        2.00       CRISIL B+/Stable (Upgraded
   Facility                          from 'CRISIL B/Stable')

The upgrade reflects the sustained improvement in the company's
business risk profile driven by increase in operating revenue due
to initiation of trading activities in fiscal 2016. Operating
revenue increased from INR6.19 crore during fiscal 2015 to
INR11.58 crore during fiscal 2016, and is expected at a similar
level over the medium term. Any upward revision in rental for
cold storage space will support revenue and profitability.
Liquidity should remain adequate with sufficient cushion between
cash accrual and debt obligation, and absence of any major debt-
funded capital expenditure over the medium term.

The ratings reflect VHPL's exposure to inherent risks in the
highly regulated and intensely competitive cold storage industry
in West Bengal (WB), its small networth, and high gearing. These
weaknesses are partially offset by its promoters' extensive
industry experience.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: The small networth and high
gearing of INR4.87 crore and 3.75 times, respectively, as on
March 31, 2016, constrain the company's financial risk profile.
Muted accretion to reserves will keep the networth small, though
gearing may improve with gradual repayment of term debt.

* Highly regulated and competitive nature of the cold storage
industry in WB: The potato cold storage industry in WB is
regulated by the West Bengal Cold Storage Association. Rental
rates are fixed by the state's department of agricultural
marketing. The fixed rental limits players' ability to earn
profit based on their strengths and geographical advantages.
Furthermore, the industry is highly fragmented, with the largest
player having a market share of less than 0.5%. This further
limits bargaining power, and forces players to offer discounts to
ensure healthy utilisation of capacity.

Strengths

* Extensive industry experience of the promoters: The promoters,
members of the Ghosh family, have experience of over 2 decades in
the cold storage industry, which has helped them develop healthy
relationships with potato farmers and traders, and will continue
to support the company's business risk profile.

Outlook: Stable

CRISIL believes VHPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if a sustained and substantial increase in cash
accrual, or equity infusion, along with better working capital
management, improves the financial risk profile. The outlook may
be revised to 'Negative' if there is pressure on liquidity due to
delays in repayment of loans by farmers, considerably low cash
accrual, or significant capital expenditure.

Incorporated in 1997, VHPL provides cold storage facilities to
potato farmers and traders. The company is owned by the WB-based
Ghosh family. It has two cold storages, one each in Paschim
Medinipur and Hooghly.

Profit after tax was INR0.21 crore on operating income of
INR11.58 crore in fiscal 2016 against INR0.29 crore and INR6.19
crore, respectively, in the previous fiscal.


VENKRAFT PAPER: CRISIL Cuts Rating on INR39MM Cash Loan to 'B'
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Venkraft
Paper Mills Private Limited (VPMPL) for obtaining information
through letters and emails dated January 19, 2017, and February
9, 2017, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

CRISIL thus gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             39        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB+/Stable')

   Letter of Credit         0.75     CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL A4+')

   Long Term Loan          13.70     CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB+/Stable')

   Proposed Long Term      13.54     CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL BB+/Stable')

   Term Loan                2.84     CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB+/Stable')

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

Detailed Rationale

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

VPMPL, set up in 2004, manufactures kraft paper. Mr. R Subash
Chandru manages operations.


VGN HOMES: CRISIL Reaffirms B+ Rating on INR146MM LT Loan
---------------------------------------------------------
CRISIL Ratings has been consistently following up with VGN Homes
Private Limited (VHPL) for obtaining information through letters
and emails dated October 22, 2016, and November 30, 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 Purchase            1        CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan         146        CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Overdraft               14        CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      14        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 VGN Homes Private Limited.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for VGN Homes Private Limited is consistent
with 'Scenario 3' outlined in the 'Framework for Assessing
Consistency of Information with Crisil BBB Rating category or
Lower. Therefore, on account of inadequate information and lack
of management co-operation, CRISIL is reaffirming the rating at
'CRISIL B+/Stable/ CRISIL A4'.

VHPL, incorporated in 2004, develops residential apartments and
houses in Chennai and its suburbs. The company is part of the VGN
group set up by Mr. V Guruswamy Naidu in 1942. VHPL is currently
managed by Mr. Devadoss, grandson of Mr. V Guruswamy Naidu.



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


TAKATA CORP: Offers Condolences to Victims of Faulty Air Bags
-------------------------------------------------------------
Reuters reports that Takata Corp expressed condolences on June 27
to victims of its faulty air bags linked to at least 16 deaths
and 180 injuries around the world, but stopped short of offering
a full apology.

"We offer our condolences to those who lost their lives and to
those who suffered injuries," Reuters quotes Shigehisa Takada,
chairman and CEO of Takata, as saying at the company's last
annual shareholder meeting as a listed company.

Reuters relates that the meeting came a day after Takata, facing
tens of billions of dollars in costs and liabilities following
almost a decade of recalls and lawsuits, said it had filed for
bankruptcy protection in Japan and the United States.

As part of the arrangements, it will be largely acquired for
$1.6 billion by the Chinese-owned U.S.-based Key Safety Systems.

The grandson of the company's founder, Takada was criticized in
the Japanese media for failing to address victims at a press
conference announcing the bankruptcy on June 26, Reuters says. It
was his first media appearance in more than a year and a half.

At the meeting, he joined other executives in making a deep bow
of contrition for the lives lost and shattered by the company's
defective air-bag inflators. Most victims were in the United
States.

"I was told that I shouldn't cause any bias and that I should
leave it to others," Mr. Takada said, responding to the
criticism, Reuters relays. "I too felt shame about this."

Reuters relates that Mr. Takada "was full of excuses," said one
female investor in her 40s from Tokyo.

"Constantly blaming the media and those around him, it's not
surprising things ended up like this," she said.

Reuters says the ammonium nitrate compound used in the air bags
was found to become volatile with age and prolonged exposure to
heat, causing the devices to explode with too much force and
spray shrapnel into vehicle compartments.

Takata shares were untraded with a glut of sell orders on
June 27. The company is due to be delisted from the Tokyo Stock
Exchange on July 27, Reuters adds.

                        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/


TOSHIBA CORP: Sues Western Digital for JPY120 Billion in Damages
----------------------------------------------------------------
Pavel Alpeyev at Bloomberg News reports that Toshiba Corp. sued
Western Digital Corp. in a Japanese court, asking for
JPY120 billion ($1.1 billion) in damages and seeking to stop the
U.S. company from interfering in the sale of its chip unit,
escalating a legal tussle between the companies.

Bloomberg relates that the litigation, filed on June 28 in Tokyo
District Court, seeks to stop Western Digital from making
ownership claims over the enterprise that Toshiba is trying to
sell. The Japanese company said in a statement that Western
Digital's employees improperly obtained proprietary information.

The relationship between Toshiba and Western Digital has gotten
more acrimonious, as Toshiba moves toward a sale of the flash-
memory division, Bloomberg says. Last month, Western Digital
invoked an arbitration clause in their business agreement,
seeking to block Toshiba's transfer of ownership of the unit to a
separate legal entity in preparation for a sale, Bloomberg
recalls. Toshiba, which has since reversed that transfer, then
had its lawyers send a letter demanding that the U.S. company
stop its "harassment" as Toshiba tries to sell the business.

"Toshiba has made very clear that they want to move the process
along without Western Digital's obstruction, which, frankly,
hasn't been particularly constructive," Bloomberg quotes
Damian Thong, an analyst at Macquarie Group Ltd, as saying. "This
clearly highlights the deterioration of the relationship between
the two partners."

Bloomberg says the escalating standoff between the companies over
the chip sale could disrupt Toshiba's plans to use cash from the
divestment to plug a hole in its balance sheet from a massive
loss in its nuclear power business.

Last week, Toshiba said a group led by the Innovation Network
Corp. of Japan, Bain Capital and other investors were the
preferred bidders for the semiconductor business, and that it's
aiming to reach final agreement and close the deal by March 2018.
The consortium is offering JPY2.1 trillion ($19 billion) for the
unit, people with knowledge of the matter have said.

According to Bloomberg, Toshiba has argued that Western Digital
failed to formalize their relationship after the San Jose,
California-based company became Toshiba's manufacturing partner
in the flash-memory business when it acquired SanDisk Corp. for
$15.8 billion last year.

Bloomberg adds that Toshiba also said that it will, as of June
28, start blocking Western Digital's access to information in the
joint venture, in order to protect its trade secrets. Toshiba's
claims for damages include the loss of information, as well as
for interfering in the sales process.

"Western Digital's claims are false, designed only to interfere
with the sale process, and have damaged Toshiba and TMC," Toshiba
said in the statement, referring to the chip unit, Toshiba Memory
Corporation, Bloomberg relays.

                          About Toshiba

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

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

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


TOSHIBA: Western Digital Resubmits Bid with KKR for Chip Unit
-------------------------------------------------------------
The Japan Times reports that Western Digital Corp. has said it
resubmitted a bid with U.S. investment fund Kohlberg Kravis
Roberts for Toshiba Corp.'s chip unit in a last-minute effort as
the electronics giant moves closer to clinching a deal with a
Japanese government-led consortium.

"Western Digital resubmitted a bid with KKR where Western Digital
will provide debt financing to facilitate a sale by Toshiba
Corporation of its interests in the NAND Flash Memory joint
venture," U.S.-based Western Digital said in a statement on
June 26, The Japan Times relays.  "Western Digital continues to
believe it is the best partner to advance Toshiba's legacy of
technology innovation in Japan."

The U.S. firm is a chip production partner of Toshiba, jointly
operating a flash memory plant in Mie Prefecture, the report
says.

The report relates that the U.S. partner has strongly opposed
Toshiba's plan to sell its chip unit, Toshiba Memory Corp.,
saying that any sale without its consent breaches a joint-venture
contract.

The latest move comes after Toshiba last week picked a rival bid
by a government-led Japan-U.S.-South Korean consortium as the
preferred choice for Toshiba Memory, The Japan Times notes.

According to the report, sources close to the matter said Western
Digital's offer price is equivalent to the JPY2 trillion ($17.8
billion) offered by the consortium, which includes state-backed
fund Innovation Network Corp. of Japan, the state-owned
Development Bank of Japan, U.S. fund Bain Capital and SK Hynix
Inc. of South Korea.

KKR was previously part of the consortium and Western Digital had
at one point sought to join the group to make concessions to
Toshiba but failed to reach a solution, the report notes.

The Japan Times adds that the U.S. company sought arbitration
with an international court in May and asked a U.S. court to
block the sale this month.

                          About Toshiba

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

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

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



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


PTTEP TREASURY: S&P Assigns 'BB+' Rating on 2 Proposed Securities
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term issue rating to
two proposed subordinated perpetual capital securities to be
issued by PTTEP Treasury Center Co. Ltd.  PTTEPTC is a financing
subsidiary set up by PTT Exploration and Production Public Co.
Ltd. (PTTEP: BBB+/Stable/--; axA+/--).

PTTEPTC is offering two hybrid securities in conjunction with a
tender offer for the outstanding US$1 billion hybrids PTTEP
issued in 2014.  Participating holders will have an option to
receive either of two proposed hybrids: (1) hybrids with the same
terms and substance as the outstanding 2014 hybrids but with
PTTEPTC as the issuer instead of PTTEP, and offered in a like-
kind exchange exercise ("like-kind hybrids"); or (2) new hybrids
with a first call date in 2022 ("new hybrid securities").

The terms and conditions on subordination, optional deferral of
distributions, capital replacement of the proposed hybrid
securities, and management's intent to keep hybrid capital as a
permanent element of the capital structure are similar to those
of the outstanding US$1 billion hybrids PTTEP issued in 2014.  In
addition, the partial hybrid buy-back and replacement is being
done in response to an external event, namely the enactment of a
new withholding tax regulation.  As a result, S&P considers the
proposed hybrid securities to have intermediate equity content.
S&P will therefore classify 50% of the principal as debt and 50%
of the distributions as interest expenses in our calculation of
financial ratios.  S&P understands PTTEP will treat the
securities as equity in its financial statements.  S&P's
assessments of the equity content and issue rating are subject to
its review of the final issuance documentation.

The issuance of the proposed instruments does not affect S&P's
view that management intends to maintain hybrid capital as a
permanent feature of PTTEP's capital structure.  That is because
the company is undertaking this transaction as the result of a
one-off change in withholding taxation rules in Thailand, rather
than as an opportunistic move to refinance at a cheaper cost.
The PTTEP management's intent as regards to the permanence of
hybrid instruments in the capital structure is an important
consideration for S&P's analysis.

The issuance of the proposed instruments does not affect the
corporate credit rating on PTTEP either.  The company will use
the proceeds for general corporate purposes, including, but not
limited to, on-lending to entities within the PTTEP corporate
group.  In any case, PTTEP will maintain at least US$1 billion in
perpetual securities after this transaction.

S&P arrived at its 'BB+' issue rating on the securities by
notching down from our 'bbb' stand-alone credit profile (SACP) on
PTTEP.  The rating on the proposed perpetual securities is two
notches below PTTEP's SACP.  S&P uses the SACP as a reference
point for notching the perpetual securities because the Thai
government does not have a track record of support to equity-like
instruments issued by state-owned companies or subsidiaries of
state-owned companies in Thailand.  The two-notch differential
between the issue rating and the SACP reflects S&P's notching
methodology, which calls for:

   -- A one-notch deduction for subordination to all current and
      future senior debt obligations of the company; and

   -- An additional one-notch deduction for deferral of interest
      perpetually at the company's option.

The terms and conditions of the "like-kind hybrids" are similar
to the outstanding hybrids, including distribution rates, first
call date (2019), and capital replacement clause.

The new hybrid securities will pay a fixed distribution until
2022. From 2022 to 2027, the securities will pay a distribution
based on the equivalent five-year U.S. Treasury rate plus an
initial credit spread.  In 2027, the credit spread above the
Treasury rate will step up by 25 basis points and by an
additional 75 basis points in 2042.  The securities are callable
in 2022, 2027, and every distribution payment date thereafter.
They also have a limited number of additional issuer call rights
linked to the occurrence of certain prescribed external events,
such as a change in taxation and accounting, change in rating
agency equity credit assessment, and a change of control.

PTTEP's management is maintaining the perpetual securities as a
permanent component of its capital structure, in S&P's view, even
though the company is undertaking this transaction before the end
of the five-year non-call period indicated in the terms and
conditions of the outstanding perpetual securities.  The main
objective of the transaction is to benefit from recent changes
under the Thai Revenue Code -- not from the lower interest rate
environment.  The revenue code now provides withholding tax
exemptions for interest and distribution payments from a
qualified entity.  PTTEP also views this partial refinancing as a
one-off event, which it does not intend to repeat within the next
five years even if the interest rate environment becomes more
favorable.

PTTEP has exhibited prudent financial management over the past
five years, including during the oil price slump.  In S&P's view,
maintaining the perpetual securities as part of the company's
capital structure provides additional headroom under its leverage
tolerance.  PTTEP also intends to replace the proposed perpetual
securities with an instrument that has equal or greater equity
content (except in limited circumstances) if the securities are
called before 2039 (for the like-kind hybrids) and 2042 (for the
new hybrid securities).

S&P could lower its assessment of the equity content on the
proposed subordinated perpetual capital securities as well as
PTTEP's existing subordinated perpetual capital securities to
minimal, from intermediate, if the company indicates any
deviation from its intention to maintain hybrid securities as a
permanent part of the capital structure.  A minimal equity
content means S&P would treat the full principal of the
securities as debt and all the distributions as interest
expenses.

According to S&P's criteria, the proposed securities will fall to
minimal equity content in no more than two years (for the like-
kind hybrids) and no more than five years (for the new hybrid
securities).  This is because the remaining time to expected
maturity from those dates will be shorter than the minimum of 20
years required to maintain an intermediate equity content.  S&P
defines the expected maturity as the date when there is a
material step-up in the coupon rate for the instrument, 100 basis
points from the initial spread in the case of these securities.



                             *********

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.


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

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

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

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

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



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