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                      A S I A   P A C I F I C

            Friday, June 30, 2017, Vol. 20, No. 129

                            Headlines


A U S T R A L I A

BELLINGHAM SMASH: First Creditors' Meeting Set for July 6
BOX 'N' BURN: First Creditors' Meeting Set for July 7
CHRIS KAIN: First Creditors' Meeting Slated for July 11
MADISON AUSTRALIA: Second Creditors' Meeting Set for July 7
OMG RETAIL: Second Creditors' Meeting Set for July 6

RUFF ROCK: First Creditors' Meeting Set for July 7
SOUTHERN STARS: Beach Boys Concert Promoter Goes Into Liquidation
SS SECURITY: First Creditors' Meeting Slated for July 6
ST HILLIERS: Unit Owners Outraged as Builder Wins New Contract


C H I N A

CHINA EVERGRANDE: Fitch Assigns Final B- Rating to USD Notes
FANTASIA HOLDINGS: Moody's Rates Proposed Sr. Unsec. USD Notes B3


I N D I A

ADITI INDUSTRIES: CRISIL Lowers Rating on INR3.5MM Loan to 'B'
AIR INDIA: Cabinet Clears Carrier's Privatisation
AMKETTE ANALYTICS: CRISIL Reaffirms B Rating on INR7MM Loan
ANNAPURNA INDUSTRIES: CRISIL Reaffirms B+ Rating on INR7MM Loan
AUTO CZARS: CRISIL Reaffirms B- Rating on INR3.5MM Cash Loan

BHAVANI WOOD: CRISIL Assigns 'B' Rating to INR11MM Cash Loan
BISWAPITA COLD: CRISIL Reaffirms B Rating on INR6.31MM Loan
BTC INDUSTRIES: CRISIL Reaffirms B+ Rating on INR19MM LT Loan
ESSKAY MACHINERY: CRISIL Reaffirms B- Rating on INR7MM Loan
GNI INFRASTRUCTURE: CRISIL Reaffirms B+ Rating on INR17MM Loan

GOOD GREENS: CRISIL Reaffirms B+ Rating on INR2.5MM Loan
HARMONY SHUBHAM: CRISIL Lowers Rating on INR7.5MM Loan to 'B'
INDU MULTI-PACK: CRISIL Reaffirms B+ Rating on INR2.5MM Loan
JAGANNATH TEXTILE: CRISIL Reaffirms D Rating on INR117.34MM Loan
JAI JAGDAMBA: CRISIL Reaffirms B- Rating on INR12.5MM Cash Loan

JAWAHAR EDUCATION: CRISIL Reaffirms B Rating on INR31MM Loan
KELTECH INFRA: CRISIL Reaffirms D Rating on INR10MM Term Loan
MAGNAMIND VENTURES: CRISIL Reaffirms D Rating on INR6.7MM Loan
MD. QUIYAMUDDIN: CRISIL Reaffirms D Rating on INR8.40MM Loan
N. S. IMPEX: CRISIL Reaffirms B- Rating on INR7.5MM Term Loan

ORNET INTERMEDIATES: CRISIL Reaffirms B+ Rating on INR6MM Loan
P NARASIMHA: CRISIL Reaffirms D Rating on INR5.5MM Bank Loan
PODDAR MERCANTILE: CRISIL Reaffirms B- Rating on INR5.10MM Loan
RYTHU MITRA: CRISIL Reaffirms D Rating on INR10.25MM LT Loan
SAMRUDDHI REALTY: CRISIL Lowers Rating on INR75MM Loan to D

SANGAMESHWAR COFFEE: CRISIL Lowers Rating on INR7MM Loan to B+
SHARAD EXPORTS: CRISIL Reaffirms B Rating on INR2.0MM Loan
SHREE KUMARASAMY: CRISIL Reaffirms B+ Rating on INR2.4MM Loan
SONEX INDUSTRIES: CRISIL Lowers Rating on INR5.0MM Loan to 'B'
SUTAPA INTERNATIONAL: CRISIL Reaffirms B Rating on INR8MM Loan

VARDHMAN SPINNERS: CRISIL Reaffirms B Rating on INR6.5MM Loan
VINAYAK PIPES: CRISIL Ups Rating on INR10MM Cash Loan to B+
VSSN JAMBALADINNI: CRISIL Reaffirms B- Rating on INR21MM Loan
VSSN KALLUR: CRISIL Reaffirms B- Rating on INR11MM Cash Loan
VSSN RAJALABANDA: CRISIL Reaffirms B- Rating on INR6MM Loan


J A P A N

TAKATA CORP: Skadden Advises Key Safety Systems in Asset Purchase
TOSHIBA CORP: Delays Closing Deal on Sale of Chip Unit


M A L A Y S I A

PRIME GLOBAL: Incurs $285K Net Loss in Second Quarter


N E W  Z E A L A N D

PUMPKIN PATCH: Collapse Leaves ANZ NZ$32 Million Out of Pocket


                            - - - - -


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A U S T R A L I A
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BELLINGHAM SMASH: First Creditors' Meeting Set for July 6
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Bellingham
Smash Repairs Pty Ltd will be held at the Meeting Room of
Servcorp Sydney, Level 56, MLC Centre, 19-29 Martin Place, in
Sydney, NSW, on July 6, 2017, at 11:00 a.m.

Gavin Moss and Trent McMillen of Chifley Advisory Pty Ltd were
appointed as administrators of Bellingham Smash on June 26, 2017.


BOX 'N' BURN: First Creditors' Meeting Set for July 7
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Box 'N'
Burn Pty Ltd will be held at the Boardroom of Chifley Advisory
Suite 3.04, Level 3, 39 Martin Place, in Sydney, NSW, on July 7,
2017, at 3:00 p.m.

Gavin Moss and Henry Kwok of Chifley Advisory were appointed as
administrators of Box 'N' Burn on June 27, 2017.


CHRIS KAIN: First Creditors' Meeting Slated for July 11
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Chris Kain
Nominees Pty Ltd will be held at the offices of Worrells Solvency
& Forensic Accountants, Suite 1103, Level 11, 147 Pirie Street,
in Adelaide, SA, on July 11, 2017, at 10:00 a.m.

Nicholas David Cooper and Dominic Charles Cantone of Worrells
Solvency were appointed as administrators of Chris Kain on June
29, 2017.


MADISON AUSTRALIA: Second Creditors' Meeting Set for July 7
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Madison
Australia Pty Ltd has been set for July 7, 2017, at 10:30 a.m.,
at the offices of PKF Melbourne, Level 13, 440 Collins Street, in
Melbourne.

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 6, 2017, at 4:00 p.m.

Petr Vrsecky and Stirling L. Horne of PKF Melbourne were
appointed as administrators of Madison Australia on June 1, 2017.


OMG RETAIL: Second Creditors' Meeting Set for July 6
----------------------------------------------------
A second meeting of creditors in the proceedings of OMG Retail
Pty has been set for July 6, 2017, at 10:00 a.m., at the offices
of Meertens Chartered Accountants, Suite 4, Raffles Plaza, 1
Buffalo Court, in Darwin, NT.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 5, 2017, at 4:00 p.m.

Stuart G Reid and Austin R M Taylor of Meertens were appointed as
administrators of OMG Retail on May 31, 2017.


RUFF ROCK: First Creditors' Meeting Set for July 7
--------------------------------------------------
A first meeting of the creditors in the proceedings of Ruff Rock
Pty Ltd will be held at the offices of RSM Australia, Equinox
Building 4, Level 2, 70 Kent Street, in Deakin, ACT, on July 7,
2017, at 10:00 a.m.

Frank Lo Pilato & Jonathon Colbran of RSM Australia were
appointed as administrators of Ruff Rock on June 27, 2017.


SOUTHERN STARS: Beach Boys Concert Promoter Goes Into Liquidation
-----------------------------------------------------------------
Jody Lindbeck at The Daily Advertiser reports that Wagga
businesses are owed thousands of dollars after the company that
brought The Beach Boys to the city went into liquidation, with
AUD700,000 in debts.

According to The Daily Advertiser, lower-than-expected ticket
sales and the storm which forced The Beach Boys to postpone their
show at the Wagga Equex Centre are being blamed for the failure
of the tour to make money.

The report relates that the Beach Boys and The Temptations were
due to perform on the same night, but rain forced the Surfin' USA
singers to postpone their performance, which was held two nights
later.

An estimated 3,000 people were said to have attended the second
concert, 500 more than at the first show.

Citing documents filed with the Australian Securities and
Investment Commission, The Daily Advertiser says Southern Stars
Touring company had debts of AUD700,000 and assets of just
AUD14,000 when it was placed in liquidation in Queensland.

According to the report, documents showed Southern Stars Touring
owes Wagga Community Media, which operates radio station 2AAA, a
total of AUD5,772, while broadcasters Austereo are owned
AUD15,686.

The Wagga Mercure Hotel is owed AUD11,593.50, while The Houston
hotel is owed AUD360. Creditors elsewhere are owed amounts up to
AUD43,000.  Wayne Sims, who operates Riverina Audio and Light, is
still owed AUD1,375.

The Daily Advertiser relates that Mr. Sims said he had been in
touch with the event promoter and director of Southern Stars
Touring, Steve Scerri, about his accounts and had been able to
negotiate a part-payment, leaving AUD1,375 outstanding.

"They needed more ticket sales. They only did about six shows,"
the report quotes Mr. Scerri as saying. "It's a shame, but this
stuff happens. Touring is an expensive business."

Speaking just after the initial creditors meeting was held in
Brisbane on June 28, Mr. Scerri told The Daily Advertiser: "I
don't really have a comment."

A spokeswoman for liquidators David Clout & Associates said the
process could take six to 12 months, adds The Daily Advertiser.


SS SECURITY: First Creditors' Meeting Slated for July 6
-------------------------------------------------------
A first meeting of the creditors in the proceedings of SS
Security (NSW) Pty Ltd will be held at Suite 601B, Level 6, 91
Phillip Street, in Parramatta, NSW, on July 6, 2017, at 3:00 p.m.

Graeme Beattie & Aaron Lucan of Worrells Solvency were appointed
as administrators of SS Security on June 26, 2017.


ST HILLIERS: Unit Owners Outraged as Builder Wins New Contract
--------------------------------------------------------------
9news.com.au reports that mum-and-dad investors are outraged
after collapsed developer St. Hilliers Construction Pty Ltd.,
which left them saddled with "nightmare units from hell", bounced
back to win a government tender.

The investors are owners of units of a block development by St.
Hilliers located at The Entrance, on the NSW Central Coast. They
bought into the development 15 years ago, but now have units that
could not be rented, let alone sold, 9news relays.

According to 9news, the investors brought a AUD15 million claim
against St Hilliers to fix defective work -- claimed to include
leaking pipes and replaced carpets -- but the builder went into
voluntary administration in 2012, leaving owners to share a
creditor's cheque for just AUD15,000.

Owner woes were compounded when they launched legal action
against developer Austcorp for not following through on its
promise of rental returns of seven per cent a year for ten years,
only to see that company also collapsed, after a Federal Court
judge ruled Austcorp had misled investors, the report says.

St Hilliers sole director Tim Casey provided 9news with a
statement saying St Hilliers complied with its contractual
obligations and fixed all the issues brought up within a 12-month
defect liability period. However, unit owners said it took them
18 months to realise there were major issues with the building.

Meanwhile, creditors allowed St Hilliers to enter into a deed of
company arrangement, meaning creditors were paid a percentage of
what they were owed and Mr. Casey regained control of the
company, 9news relays.

9news cites that St Hilliers has now won a tender to build a NSW
government office block.

                      About St. Hilliers

St Hilliers Group is an Australian property group providing
services in property development, contracting and funds
management.  St Hilliers Construction Pty Ltd is the construction
arm of the St Hilliers Group.

St. Hilliers Construction was placed in voluntary administration
in May 2012. Trent Hancock and Michael Hird of Moore Stephens
Sydney Corporate Recovery Group were appointed as voluntary
administrators.  An associated company, St Hilliers Ararat Pty
Ltd, was also placed in liquidation after it failed to obtain an
extra $150 million in funding for the $350 million Ararat prison
project it was undertaking.

The administration does not involve St. Hilliers Property, the
entity responsible for the group activities in funds management,
property development and asset management.

St. Hilliers Construction exited voluntary administration in
November 2012 and control has been restored to founder Tim Casey
after creditors voted to approve a deed of arrangement (DOCA).

Under the DOCA, a $8.1 million fund will be created and used to
pay for former employees their salary.  Remaining funds will be
used to pay all former employees of their salaries and
entitlements.



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CHINA EVERGRANDE: Fitch Assigns Final B- Rating to USD Notes
------------------------------------------------------------
Fitch Ratings has assigned China Evergrande Group's (B+/Stable)
USD598 million 6.25% senior notes due 2021, USD1.3 billion 7.5%
senior notes due 2023 and USD4.7 billion 8.75% senior notes due
2025 a final 'B-' rating, with a Recovery Rating of 'RR6'.

The proposed notes are rated at the same level as Evergrande's
senior unsecured rating as they constitute direct and senior
unsecured obligations. The proceeds will be used to refinance
debt and general corporate purposes. The final rating is in line
with the expected rating assigned on June 21, 2017.

KEY RATING DRIVERS

Improved Debt Structure: Evergrande's leverage and payables-to-
gross inventory ratio has been improving further in 2017. This
had been on an upward trend since 2010, but stabilised in 2016.
The improvements came in as a result of its strong contracted
sales growth, redemption of most perpetual debt in 1H17, and also
receiving the full proceeds from its CNY70 billion equity-raising
for its onshore subsidiary from new investors. Fitch will review
its 1H17 result to assess the impact of the improvement.

Stronger Land Bank Profile: Evergrande has shifted its sales away
from lower-tier cities, reducing risks to sales and
profitability. The company's land bank has swung sharply to Tier
1 and 2 cities, with these two categories making up 74.7% of its
land bank by value and 57.9% by gross floor area at end-2016.
Contracted sales from Tier 1 and 2 cities accounted for 67.4% of
total sales in 2016, compared with 59% in 2015. Evergrande's
average selling price (ASP) is still rising, and reached
CNY10,269 per square metre (sq m) in May 2017 and CNY9,786 per sq
m in the first five months in 2017 from CNY8,355 in 2016.

Large Interest Burden: Evergrande's gross interest expense and
distributions to holders of perpetual capital instruments in 2016
totalled CNY42.3 billion, a jump from CNY25.4 billion in 2015.
Evergrande's gross interest expense exceeded capitalised interest
for the first time. Interest expenses as a proportion of
contracted sales improved to 11.3% from 12.5% in 2015, although
the improvement is much smaller if an adjustment for Evergrande's
cheaper funding cost in 2016 is included. Fitch believe that
Evergrande's high expenditure will continue to limit its
operating cash flow generation and limit its ability to
deleverage meaningfully.

Shareholder-Friendly Moves Pressure Credit: Evergrande has bought
back shares totalling HKD6.3 billion (CNY5.6 billion) since 29
March 2017, after its 2016 results announcement. Evergrande also
plans to make a dividend payment of 50% of profit of 2016 and
1H17, only after it successfully lists its onshore property
operation in China's A-share market, despite sustaining high
negative FCF before dividend. This puts creditors at a
disadvantage as the company is not building up a healthy buffer
to improve its financial flexibility.

DERIVATION SUMMARY

Evergrande's business profile is more reflective of that of 'BB'
category peers as Evergrande has a diversified geographical and
product profile. This offsets its very aggressive financial
profile, which is comparable with that of companies in the weak
'B' category.

Its peers, like Country Garden Holdings Co. Ltd. (BB+/Stable),
Greenland Holding Group Company Limited (BB+/Negative) and Sunac
China Holdings Limited (BB/Negative), are similarly aggressive in
expanding their scale and are among the 10 largest Chinese
homebuilders.

Country Garden's leverage of around 30% and churn rate of over
1.5x, is commensurate with a high 'BB' category profile and
explains the multiple notch rating gap between it and Evergrande.
Greenland's leverage is as high as that of Evergrande but
Greenland has a large level of uncollected sales to mitigate its
high leverage. Greenland, as a state-owned enterprise, has a
stronger position in acquiring land at low costs, especially for
new city districts that local governments are keen to develop.
This enhances Greenland's business profile over that of
Evergrande. Sunac's leverage is low at between 40%-50% and it
does not have high payables risks, unlike Evergrande. Sunac's
sales are also mostly in major cities and is reflected by its
higher ASP of CNY20,480 per sq m, more than double that of
Evergrande.

KEY ASSUMPTIONS

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

-- large homebuilders continue to win market share, which
    supports Evergrande's aim to increase sales by 15% to 25%
    between 2017 and 2019

-- ASP in 2017 to match 1Q17 level and continue to climb at
    around 3%-5% thereafter, with higher-tier cities making up a
    larger share of sales

-- land acquisition volume to stay at 120% of the gross floor
    area sold in the same year

-- trade payables and receivables to grow in line with
    contracted sales growth

RATING SENSITIVITIES

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

-- Net debt/adjusted inventory sustained below 50% (59% in 2016)
-- Contracted sales/gross debt sustained above 0.8x (0.57x in
    2016)
-- EBITDA margin sustained above 18% (16.5% in 2016)

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

-- Net debt/adjusted inventory sustained above 60%
-- Total payables/gross inventory sustained above 0.45x (0.42x
    in 2016)
-- Tighter liquidity position due to weaker access to financing
    channels

LIQUIDITY

Large Liquidity Gives Flexibility: Evergrande has continued to
maintain a large cash balance totalling CNY304 billion, including
CNY106 billion of restricted cash, and CNY138 billion of
available undrawn but uncommitted facilities to meet its debt
servicing and operation needs. This was higher than CNY164
billion in total cash (CNY61 billion restricted) and CNY155
billion in facilities in 2015. The company also issued USD2.5
billion of senior notes in 1Q17 to refinance its existing debt.


FANTASIA HOLDINGS: Moody's Rates Proposed Sr. Unsec. USD Notes B3
-----------------------------------------------------------------
Moody's Investors Service has assigned a B3 rating to Fantasia
Holdings Group Co., Limited's proposed senior unsecured USD
notes. The ratings outlook is stable.

Fantasia plans to use the proceeds from the proposed notes mainly
to refinance existing debt.

RATINGS RATIONALE

"Moody's expects the proposed notes will lengthen Fantasia's debt
maturity profile," says Stephanie Lau, a Moody's Vice President
and Senior Analyst.

Moody's expects that the proceeds will address the repayment of
the existing outstanding USD notes due September 2017. The
company has sizeable near-term maturities, mainly offshore bonds
of USD250 million due in September 2017 and USD550 million due in
2Q 2018.

"The proposed bond issuance will have a limited impact on the
company's credit metrics, as the majority of the proceeds will be
used to refinance its existing debt," says Lau, who is also the
Lead Analyst for Fantasia.

Moody's expects the company's liquidity position will remain
adequate in the next 12 months. It issued USD350 million 364-day
short-term USD notes in June 2017. In addition, it has cash-on-
hand, including restricted cash of RMB9.9 billion at end-2016.

Its cash-on-hand excludes the cash-on-hand at its listed
subsidiary Colour Life Services Group, Co. Ltd. (unrated).

Fantasia's contracted sales of RMB4.3 billion for the first five
months of 2017 were within Moody's expectation. Moody's estimates
that with the stronger pipeline concentrated in the second half
of 2017, including saleable resources in Shenzhen, the company
will achieve its full-year sales target of around RMB14-15
billion.

If the notes are issued, Moody's expects that Fantasia's adjusted
EBIT/interest will register around 1.6x-1.8x over the next 12-18
months, and revenue/debt will stay around 50%-52%. Such levels
remain appropriate for the company's ratings.

Fantasia's B2 corporate family rating reflects its long track
record in Chengdu and Shenzhen, its diversified development
product line in commercial complexes and high-end residential
properties, and adequate liquidity.

But the rating is constrained by the company's small operating
scale and geographic concentration, the unproven track record of
its asset-light model, and its relatively weak credit metrics.

The B3 senior unsecured rating of the proposed notes is one notch
below Fantasia's B2 corporate family rating, reflecting
structural and legal subordination.

The company reported secured and subsidiary debt/total assets of
around 19% at end-2016. Moody's expects the ratio to stay in
excess of 15% in the coming 12-18 months, because the company
will continue to draw on onshore and/or secured bank loans to
fund its construction and expansion.

Upward pressure on Fantasia's rating could emerge if (1) the
company's EBIT/interest coverage improves to 2.5x-3.0x on a
sustainable basis; (2) its revenue-to-adjusted debt ratio remains
above 75%-80%; and (3) it records contracted sales and revenue
above RMB10 billion.

The rating could be downgraded if (1) the company's sales fall
short of Moody's expectations; (2) its liquidity position
deteriorates due to aggressive land acquisitions, weak sales, or
large debt maturities occur without committed refinancing
arrangements; or (3) its ratio of cash to short-term debt falls
below 1.0x.

An EBIT/interest coverage of less than 1.5x on a sustainable
basis would also indicate a potential downgrade of the company's
rating.

The principal methodology used in this rating was Homebuilding
And Property Development Industry published in April 2015.

Fantasia Holdings Group Co., Limited is a property developer
established in 1996. It listed on the Hong Kong Stock Exchange in
November 2009.

At end-2016, its land bank totaled 14.98 million square meters of
planned gross floor area (GFA), mainly in the Chengdu-Chongqing
Economic Zone and Pearl River Delta, and the planned GFA of
properties with framework agreements signed amounted to 9.95
million square meters.



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ADITI INDUSTRIES: CRISIL Lowers Rating on INR3.5MM Loan to 'B'
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Aditi
Industries (AI) 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.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             3.5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BB-/Stable')

   Proposed Long Term      3.5       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded
                                     from 'CRISIL BB-/Stable')

   Term Loan               2.5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BB-/Stable')

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

Detailed Rationale

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

AI is a partnership concern and was formed in 2009. The day-to-
day operations of the firm are managed by Mr. Pawan Agarwal, who
is one of the partners of the firm. The firm has set up Portland
pozzolona cement (PPC) grinding unit near Naigaon (Assam). The
unit started operations in April 2012.


AIR INDIA: Cabinet Clears Carrier's Privatisation
-------------------------------------------------
The Times of India reports that the Indian government on June 28
approved the privatisation of debt-ridden Air India and its five
subsidiaries.

After a Cabinet meeting, finance minister Arun Jaitley said "in-
principle approval" for AI's divestment had been secured and now
a panel headed by him would decide modalities of the sale,
according to TOI.

TOI relates that Mr. Jaitley told the media that Cabinet approval
for disinvestment was accorded on the basis of a proposal
presented by the civil aviation ministry.  According to the
report, the decision comes after the government came around to
the view that the financially bleeding airline could serve
connectivity goals in private hands.

The airline has a debt of more than INR52,000 crore and is
surviving on a INR30,000-crore bailout package by the UPA
government in 2012, TOI notes. "How much will be disinvested, by
which process, its assets and debt, as also its hotel companies,
will be deliberated," the report quotes Mr. Jaitley as saying. A
panel will decide whether to go for 100% stake sale in one go or
divest gradually, the report states.

The report says the department of investment and public asset
management has given options of 100%, 74% and 51% stake sale in
AI. The FM-headed "AI-specific alternative mechanism" will decide
who can bid for the airline - whether foreign airlines in JV with
Indian or foreign partners should be allowed to buy the Maharaja.

Current Indian rules allow Indian airlines to be owned fully by
foreign entities but puts a cap of 49% on ownership by foreign
carriers, TOI notes. The Tata Group - founder of AI - is seen as
a potential bidder for AI but it had, during the Vajpayee
government, unsuccessfully bid along with Singapore Airlines.

TOI says the current BJP administration will now examine if such
a model can be allowed for AI. The panel will also decide on the
treatment of AI's unsustainable debt, hiving off certain assets
to another company, demerger and strategic disinvestment of three
profit-making subsidiaries, said sources.

The subsidiaries whose stake sale will be considered include four
wholly-owned ones - AI Engineering Services Ltd, ground handling
arm AI Transport Services Ltd, Alliance Air and the lowcost AI
Express, TOI discloses. The fifth subsidiary, Hotel Corporation
of India, runs Centaur Hotels and is AI's 50:50 JV with SATS Ltd
of Singapore.

                         About Air India

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

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

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


AMKETTE ANALYTICS: CRISIL Reaffirms B Rating on INR7MM Loan
-----------------------------------------------------------
CRISIL ratings has been consistently following up with Amkette
Analytics Limited (AAL) for obtaining information through letters
and emails dated November 9, 2016, and December 14, 2016, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           1        CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit              7        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Letter of Credit         5        CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

AAL was established as a private limited entity in October 2000
in Mumbai by Mr. Manish Mehta and his brother Mr. Sanjay Mehta.
It was reconstituted as a limited company in 2003. AAL trades in
scientific instruments and balances like viscometers and color-
matching instruments.


ANNAPURNA INDUSTRIES: CRISIL Reaffirms B+ Rating on INR7MM Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Annapurna Industries - Kanpur (AIK).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              5.0     CRISIL B+/Stable (Reaffirmed)

   Proposed Fund-Based
   Bank Limits              0.5     CRISIL B+/Stable (Reaffirmed)

   Warehouse Financing      7.0     CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the firm's modest scale of
operations and exposure to intense competition. Revenue,
estimated at INR30.22 crore in fiscal 2017, is expected to grow
moderately at 5-10% annually over the medium term, backed by the
extensive experience of its promoters and established
relationship with customers.

Liquidity is supported by nil debt-funded capital expenditure
(capex) for the medium term and absence of any term debt
obligation. However, working capital requirement is large.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations:
The modest scale of operations is reflected in sales of INR30.22
cr in fiscal 2017, lower than INR35 cr in fiscal 2016. The pulse
trading industry has both, large players with strong brands and
small unorganised players, catering to local demand. This
restricts opportunities for players to diversify geographically
and expand scale. Thus, fragmentation in the industry and the
firm's moderate scale of operations lead to limited bargaining
power with suppliers and customers and strain the operating
margin.

* Working capital-intensive operations:
Gross current assets were 115 days as on March 31, 2017, due to
receivables and inventory of 47 days and 51 days, respectively.
Working capital requirement will remain large over the medium
term.

Strengths

* Extensive experience of promoters:
The partners have been involved in this industry for more than
three decades. They have successfully established a procurement
network that meets the firm's growing needs. On the marketing
front, the firm has developed healthy relationships with
customers, catering to the domestic market. CRISIL believes that
operations will continue to benefit over the medium term from the
partners' significant industry experience.

* Moderate financial risk profile:
The total outside liabilities to tangible networth ratio was low,
estimated at 1.15 times as on March 31, 2017, and is expected to
be around 1 time over the medium term, in the absence of any
debt-funded capex plan. The interest coverage ratio was
estimated, at around2.09 times in fiscal 2017, and is expected to
be in the range of 2-2.15 times. The financial risk profile
should remain moderate over the medium term due to limited debt
and low incremental working capital requirement.

Outlook: Stable

CRISIL believes AIK will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may
be revised to 'Positive' if more-than-expected accrual because of
increasing revenue and operating profitability improves financial
risk profile. The outlook may be revised to 'Negative' if lower-
than-expected revenue or operating profitability, stretch in
working capital cycle, or debt-funded capex weakens financial
risk profile.

Set up as a partnership firm by Ms. Meena Gupta, Ms. Mamta Gupta,
Ms. Sangeeta Gupta, Mr. Sushil Kumar Gupta, and Ms. Amboj Gupta,
AIK processes pulses such as masoor, matar, and channa dal at its
milling and grading facility in Kanpur.

Net profit was INR0.45 crore on net sales of INR30.22 crore in
fiscal 2017, against net profit of INR0.38 crore on net sales of
INR35.82 crore in fiscal 2016.


AUTO CZARS: CRISIL Reaffirms B- Rating on INR3.5MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Auto Czars
for obtaining information through letters and emails dated
January 25, 2017 and February 14, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

   Cash Credit             3.5       CRISIL B-/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      0.5       CRISIL B-/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

Delhi-based Auto is a partnership firm set up in 2008 by Mr. Amit
Jain and Mr. Vishnu Bhargava. The firm is an approved stockist of
MSIL's spare parts. The firm caters to the demands of various
Maruti-authorised service centres in West Delhi, retailers, and
local workshops. Auto also operates nine retail outlets in and
around West Delhi to cater to the demands of walkin customers.


BHAVANI WOOD: CRISIL Assigns 'B' Rating to INR11MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has assigned 'CRISIL B/Stable/CRISIL A4' ratings
to the bank loan facilities of Bhavani Wood Works (BWW). The
rating reflects modest scale of and working capital intensive
operations in a fragmented timber industry. However, the rating
draws strength from the extensive experience of its partners and
established network of customers. Further, financial risk profile
is below-average marked by high total outside liabilities to
tangible networth (TOL/TNW) and weak debt protection metrics.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              11       CRISIL B/Stable (Assigned)

   Inland/Import
   Letter of Credit          7       CRISIL A4 (Assigned)


Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Scale of operations remains modest
as reflected in revenue of INR60 crore for fiscal 2017.
Furthermore, it has low bargaining power with customers on
account of high fragmentation.

* Working capital intensive operations: Operations are working
capital intensive as indicated by high estimated gross current
assets (GCA) of 167 days as on March 31, 2017, driven by large
inventory holding requirement and high credit offered to
customers.

Strengths

* Extensive experience of partners: The three-decade long
experience of the partners has helped the firm establish healthy
relationship with key suppliers in Africa, Myanmar and other
countries of South-east Asia.

Outlook: Stable

CRISIL believes BWW will benefit from the extensive experience of
its partners in the timber trading industry. The outlook may be
revised to 'Positive' if operations scale-up and profitability is
stable, or efficient working capital management strengthens
financial risk profile. The outlook may be revised to 'Negative'
if decline in profitability or increase in working capital
requirement strengthens financial risk profile.

BWW processes (cutting and sawing) and trades timber such as
teak, hard and fine woods. The day to day operations are managed
by Mr. Kalpesh Patel.

BWW booked Net Profit of INR4.5 lakhs on revenues of INR56 crores
in fiscal 2016 against INR3.69 lakhs on revenues of INR44.12
crores in fiscal 2015.


BISWAPITA COLD: CRISIL Reaffirms B Rating on INR6.31MM Loan
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Biswapita Cold Storage Private Limited (BCSPL) at 'CRISIL
B/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         0.14       CRISIL A4 (Reaffirmed)
   Cash Credit            6.31       CRISIL B/Stable (Reaffirmed)
   Term Loan              1.05       CRISIL B/Stable (Reaffirmed)

The ratings reflect a weak financial risk profile because of a
small net worth and high gearing. The ratings also factor in
susceptibility to regulatory changes and vulnerability to delay
in payments by farmers because of adverse market conditions and
intense competition in the cold storage industry of West Bengal.
These weaknesses are mitigated by the extensive industry
experience of the promoter.

Key Rating Drivers & Detailed Description

Weakness

* Vulnerability to delay in payments by farmers because of
adverse market conditions: As part of Government of West Bengal's
initiative to support agriculture, banks extend financial
assistance to farmers for storing produce in private cold
storages, against pledge of cold-storage receipts. Cold storages
obtain loans from banks on behalf of farmers and traders.
However, primary responsibility to repay bank loan lies with cold
storages. In case of adverse market trends and a decline in
potato prices, farmers do not find it profitable to pay rental
and interest charges along with loan repayment and hence do not
retrieve potatoes from cold storages. Hence, the operating margin
is impacted by defaults by farmers.

* Susceptibility to regulatory changes and intense competition:
The potato cold storage industry in West Bengal is regulated by
the West Bengal Cold Storage Association. Furthermore, the
segment is competitive with 400 cold storages in the state, which
constrain the bargaining power of players, who also have to offer
discounts to ensure healthy utilisation of storage capacities.

* Weak financial risk profile
A modest scale of operations and hence low profitability
constrains the networth, which remained small at INR1.8 crore as
on March 31, 2016. The gearing was high at 3.51 times as on this
date and remained high 3.5-4.0 times in earlier three fiscals.
This was on account of the inherent nature of the industry in
which cash credit is availed with the advent of the potato
season. Debt protection metrics were also low: interest coverage
and net cash accrual to total debt ratios were 1.6 times and 0.05
time, respectively, in fiscal 2016. The metrics are expected to
remain at similar levels over the medium term due to low
accretion to reserves.

Strengths

* Extensive industry experience of the promoter: The promoter,
Mr. Rahman, has around two decades of experience in the cold
storage industry, resulting in an established relationship with
farmers and traders and healthy utilisation of storage capacity.

Outlook: Stable

CRISIL believes BCSPL will continue to benefit from the extensive
industry experience of its promoter. The outlook may be revised
to 'Positive' if increase in net cash accrual or scale of
operations improves the financial risk profile, particularly
liquidity. The outlook may be revised to 'Negative' if delay in
debt repayment by farmers, considerably low cash accrual, or
significant debt-funded capital expenditure constrains liquidity.

BCSPL was set up in 2008 to provide cold storage facility to
potato farmers and traders. It has a facility in Paschim
Medinipur, West Bengal. Operations are managed by the Rahman
family.

Profit after tax was INR0.04 crore on net sales of INR1.86 crore
in fiscal 2016, against PAT of INR0.03 crore on net sales of
INR1.76 crore in fiscal 2015


BTC INDUSTRIES: CRISIL Reaffirms B+ Rating on INR19MM LT Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with BTC
Industries Limited (BIL) for obtaining information through
letters and emails dated November 9, 2016 and December 14, 2016
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

   Cash Credit             18.5     CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

   Term Loan               19       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 BTC Industries 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 BTC Industries Limited is consistent
with 'Scenario 3' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BBB Rating category or
Lower.' Based on the last available information, CRISIL has
reaffirmed the rating at 'CRISIL B+/Stable/ CRISIL A4'.

BIL was incorporated in October 2003 by the Late Mr. Yashoda
Nandan Agarwal and his sons Mr. Navneet Agarwal and Mr.Tushar
Agrawal. The company started production of Thermo Mechanically
Treated bars in 2006 at its plant in Khasra (Uttarakhand). The
company also backward integrated its operations and started
manufacturing ingots in-house from the same premises.


ESSKAY MACHINERY: CRISIL Reaffirms B- Rating on INR7MM Loan
-----------------------------------------------------------
CRISIL has been consistently following up with Esskay Machinery
Private Limited (Esskay) 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.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          4.8       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit             7.0       CRISIL B-/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

   Working Capital         0.7       CRISIL B-/Stable (Issuer Not
   Demand Loan                       Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

Esskay, based in Bhubaneswar, manufactures customised machinery,
including heat exchangers, liquefied petroleum bullet tanks,
waste heat recovery boilers, and fabricated heavy steel
structures. Manishri Refractories & Ceramics Pvt Ltd took over
Esskay in 2006, and holds 80 percent stake.


GNI INFRASTRUCTURE: CRISIL Reaffirms B+ Rating on INR17MM Loan
--------------------------------------------------------------
CRISIL has been consistently following up with GNI Infrastructure
Private Limited (GIPL) for obtaining information through letters
and emails dated November 28, 2016 and January 17, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Drop Line Overdraft      17       CRISIL B+/Stable (Issuer Not
   Facility                          Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GNI Infrastructure 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 GNI Infrastructure Private
Limited  is consistent with 'Scenario 3' outlined in the
'Framework for Assessing Consistency of Information with Crisil
BBB' Rating category.or Lower' Based on the last available
information, CRISIL has reaffirmed the rating at 'CRISIL
B+/Stable'

Incorporated in 1985, GIPL undertakes contracts in building
roads, dams, canals and buildings for various government
departments in Maharashtra. GIPL also trades in bitumen and
operates a fuel station. The company, promoted by Bindra family
of Aurangabad has its registered office in Aurangabad
Maharashtra).


GOOD GREENS: CRISIL Reaffirms B+ Rating on INR2.5MM Loan
--------------------------------------------------------
CRISIL has been consistently following up with Good Greens India
Private Limited (GGIPL) for obtaining information through letters
and emails dated November 9, 2016 and December 14, 2016 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

   Letter of Credit         0.5      CRISIL A4 (Issuer Not

   Long Term Loan           1.0      CRISIL B+/Stable (Issuer Not

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

   Proposed Working         2.5      CRISIL B+/Stable (Issuer Not
   Capital Facility                  Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Good Greens 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 Good Greens India Private
Limited is consistent with 'Scenario 3' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BBB Rating category.or Lower'. Based on the last available
information, CRISIL has reaffirmed the rating at 'CRISIL
B+/Stable/ CRISIL A4'.

Set up in 2009, GGIPL processes and exports gherkins. The company
is based in Chennai and is promoted by Ms. Kavitha Parthibhan,
Mr. Divya Prakash, and Mr. A. Balamurugan


HARMONY SHUBHAM: CRISIL Lowers Rating on INR7.5MM Loan to 'B'
-------------------------------------------------------------
CRISIL has been consistently following up with Harmony Shubham
Associates (HSA) for obtaining information through letters and
emails dated November 24, 2016 and January 17, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               7.5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Harmony Shubham Associates.
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 Harmony Shubham Associates is
consistent with 'Scenario 3' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB Rating
category. Or Lower' Based on the last available information,
CRISIL has downgraded the rating to 'CRISIL B/Stable'

Established in 2014, HSA is a special purpose vehicle (SPV)
formed by the Harmony group and the Shubham group of Pune. HSA is
currently executing a commercial real estate project named
'Vantagio' at Wakad, Pune.


INDU MULTI-PACK: CRISIL Reaffirms B+ Rating on INR2.5MM Loan
------------------------------------------------------------
CRISIL has been consistently following up with Indu Multi-Pack
Industries (IMPI) for obtaining information through letters and
emails dated January 20, 2017 and February 10, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          1.5       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit             2.5       CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Foreign Letter of       1.0       CRISIL B+/Stable (Issuer Not
   Credit                            Cooperating; Rating
                                     Reaffirmed)

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

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

Detailed Rationale

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

IMPI, incorporated in March 2014, manufactures synthetic
multilayer plastic films that are used for various industrial and
food packaging purposes. The manufacturing facility is located in
Daman, with installed capacity of 4,200 metric tonnes per annum.
Its operations are managed by Mr. Mukesh Sheth and Mr. Ronak
Sheth.


JAGANNATH TEXTILE: CRISIL Reaffirms D Rating on INR117.34MM Loan
----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL D/CRISIL D' ratings on the bank
facilities of Jagannath Textile Company Limited (JTCL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          9.75      CRISIL D (Reaffirmed)

   Cash Credit            55.00      CRISIL D (Reaffirmed)

   Corporate Loan         24.00      CRISIL D (Reaffirmed)

   Letter of Credit        7.85      CRISIL D (Reaffirmed)

   Long Term Loan        117.34      CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      4.30      CRISIL D (Reaffirmed)

   Working Capital
   Term Loan               2.77      CRISIL D (Reaffirmed)

The ratings continue to reflect the company's delays in meeting
its term loan obligation on account of weak liquidity due to
insufficient cash accrual. The company has a weak financial risk
profile because of high gearing and subdued debt protection
metrics, and is susceptible to volatility in raw material prices
and to power shortage. However, it benefits from its healthy
market position in the open-end yarn segment.

Key Rating Drivers & Detailed Description

* Delay in servicing debt because of weak liquidity
The company has been delaying the principle obligation on its
term debt by up to 30 days due to weak liquidity.

Weakness

* Weak financial risk profile
The financial risk profile is constrained by modest networth,
high gearing, and weak debt protection metrics. Networth was
INR20.26 crore and gearing 8.2 times as on March 31, 2016. Debt
protection metrics remained weak in fiscal 2016, with interest
coverage and net cash accrual to total debt ratios at 0.89 and
0.01 time, respectively, and are expected to remain weak over the
medium term because of large debt.

* Susceptibility to volatility in cotton prices, intense
competition, and power shortage
Volatility in cotton prices, and inability to pass on any sharp
increase in the raw material price entirely to customers because
of the excess capacity in the industry, expose JTCL to price
risk. Cotton prices are also affected by international demand.
Also, yarn prices do not often move in tandem with cotton prices,
leading to volatility in the profitability of spinners.

Strengths

* Healthy market position in the open-end yarn segment
JTCL is among the large, dedicated, open-end cotton yarn
manufacturers in India, with a product count range of 6-30s and
capacity of 13,260 rotors. It employs a unique, open-end spinning
technology with most of the cotton requirement being met by high-
quality cotton waste generated from combing operations. JTCL has
also installed ring-spinning capacity of 15,840 spindles to
produce finer yarn in counts of 30-60s, which will result in
diversification over the medium term.

JTCL, set up by Mr. R K Tibrewal in 1987 at Karumathampatti near
Coimbatore, Tamil Nadu, manufactures cotton yarn. The company
also has its own knitted inner garment brand, Crusoe. It
outsources manufacturing and processing of garments.

The company had a net loss of INR7.82 crore and operating income
of INR236.03 crore in fiscal 2016, against INR6.09 crore and
INR282.17 crore, respectively, in fiscal 2015.


JAI JAGDAMBA: CRISIL Reaffirms B- Rating on INR12.5MM Cash Loan
---------------------------------------------------------------
CRISIL has been consistently following up with Jai Jagdamba
Metalloys Limited (JJML) for obtaining information through
letters and emails dated November 21, 2016 and December 22, 2016
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             12.5      CRISIL B-/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Jai Jagdamba Metalloys
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 Jai Jagdamba Metalloys Limited
is consistent with 'Scenario 3' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB Rating
category or Lower.' Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL B-/Stable'

JJML was incorporated by Mr. Om Prakash Mehdiratta in 2002 and
has a mild steel ingot manufacturing facility in Unnao (Uttar
Pradesh) with an installed capacity of around 40000 MT per annum.


JAWAHAR EDUCATION: CRISIL Reaffirms B Rating on INR31MM Loan
------------------------------------------------------------
CRISIL has been consistently following up with Jawahar Education
Society (JES) for obtaining information through letters and
emails dated January 25, 2017 and February 14, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Rupee Term Loan          31       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 Jawahar Education Society.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for Jawahar Education Society is consistent
with 'Scenario 3' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BBB' Rating category or
lower.' Based on the last available information, CRISIL has
reaffirmed the rating at 'CRISIL B/Stable'.

JES was founded in 1991 by Mr. Annasaheb Patil. It runs two
colleges and one school in Maharashtra, which are A C Patil
College of Engineering and Technology, Jawahar Institute of
Technology, Management and Research and North Point School. The
trust is managed by Mr. Vinay Patil and Mr. Kamal Patil.


KELTECH INFRA: CRISIL Reaffirms D Rating on INR10MM Term Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Keltech
Infrastructure Limited (KIL) for obtaining information through
letters and emails dated February 15, 2017, and March 27, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                10       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 Keltech Infrastructure
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 Keltech Infrastructure Limited
is consistent with 'Scenario 3' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' rating
category or lower. Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL D'.

Set up by Mr. Narendra Kumar in 2010, KIL is part of the Kumar
group. The company undertakes real estate construction and
development, mainly in and around Ghaziabad (Uttar Pradesh). It
has two on-going projects in Ghaziabad: Golf Vista in Crossing
Republic Township on National Highway 24, and Kumar Imperial
Greens in Greater Noida West Township. A third project, Keltech
Rize, is also on the drawing board.


MAGNAMIND VENTURES: CRISIL Reaffirms D Rating on INR6.7MM Loan
--------------------------------------------------------------
CRISIL has been consistently following up with Magnamind Ventures
Private Limited (MVPL) for obtaining information through letters
and emails dated February 7, 2017, and March 6, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             0.5       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      0.8       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Term Loan               6.7       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 Magnamind Ventures 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 Magnamind Ventures 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 D'.

MVPL, established in 2013, has set up an industrial laundry
facility in Kochi (Kerala). It commenced operations in July 2014.
The company's daily operations are managed by Mr. Sreejith
Narendran.


MD. QUIYAMUDDIN: CRISIL Reaffirms D Rating on INR8.40MM Loan
------------------------------------------------------------
CRISIL has been consistently following up with Md. Quiyamuddin
Khan Engineers Private Limited (QKEPL) for obtaining information
through letters and emails dated March 6, 2017, and March 22,
2017, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          6.53      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit             8.40      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Fund-          1.57      CRISIL D (Issuer Not
   Based Bank Limits                 Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Md. Quiyamuddin Khan Engineers
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 Md. Quiyamuddin Khan
Engineers Private Limited  is consistent with 'Scenario 3'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BBB' rating category or lower. Based on
the last available information, CRISIL has reaffirmed the rating
at CRISIL D/ CRISIL D.

QKEPL, promoted in August 2010 by Ranchi-based Mr. Manzar Imam
Khan and his family members, undertakes civil construction,
primarily construction of roads, in Jharkhand and Bihar.


N. S. IMPEX: CRISIL Reaffirms B- Rating on INR7.5MM Term Loan
-------------------------------------------------------------
CRISIL has been consistently following up with N. S. Impex India
Private Limited (NSIIPL) for obtaining information through
letters and emails dated January 20, 2017 and February 10, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               7.5       CRISIL B-/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

NSIIPL, incorporated in 2009, is promoted by Mr. Mohammad
Jahangir. He and his wife, Mrs. Sultana Begum are the company's
directors, though operations are primarily managed by Mr.
Jahangir. The company earlier traded in leather goods. However,
from 2012-13 (refers to financial year, April 1 to March 31) this
business was discontinued and it started developing some of its
land bank.


ORNET INTERMEDIATES: CRISIL Reaffirms B+ Rating on INR6MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Ornet Intermediates Ltd (Ornet) at 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Purchase-
   Discounting Facility     10       CRISIL A4 (Reaffirmed)

   Term Loan                 6       CRISIL B+/Stable
                                     (Reaffirmed)

The ratings continue to reflect a modest scale of operations,
large working capital requirement, and an average financial risk
profile. These rating weaknesses are partially offset by the
extensive experience of the promoter in the chemicals industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Revenue was modest at INR54.90
crore in fiscal 2016, and is estimated at around INR59.0 crore
for fiscal 2017. The operating margin was 4.1%, in fiscal 2016
and is estimated at 4.2% for fiscal 2017. The modest scale of
operations limits bargaining power with suppliers and customers.

* Working capital-intensive operations: Gross current assets were
high at around 553 days as on March 31, 2017, mainly due to large
debtors (around 115 days) and other current assets. The company
has made total investment of INR20.22 crore; investment in equity
of INR7.8 crore, investment in mutual funds of INR0.2 crore and
unlisted companies investment of INR12.22 crore. Loans and
advances to related parties were INR3.59 crore and other loans
and advances stood at 63.17 crore as on March 31, 2016.These were
equivalent to 99.2 % of the total net worth of the company as on
March 31, 2016.

* Moderate financial risk profile: Financial risk profile is
expected to remain moderate marked by high gearing of 3.77 times
as on March 31, 2017.  Debt protection metrics are likely to be
comfortable, with interest coverage and net cash accrual to total
debt ratios of 2.45 times and 0.22 times, respectively, for
fiscal 2017.

Strength

* Extensive experience of promoters: Ornet's promoter has been in
the dye manufacturing business since the last three decades and
is well aware of the dynamics of this business. The company is a
regular supplier of dyes and intermediates to large companies and
has established relationships with them for over a decade. Over
the years, the company has acquired various customers across
countries in Europe and Latin America.

Outlook: Stable

CRISIL believes Ornet will continue to benefit over the medium
term from the extensive industry experience of its promoters and
their healthy customer relationships. The outlook may be revised
to 'Positive' if the company reports sizeable revenue and
maintains its profitability leading to substantial cash accrual,
or it releases funds from non-core activities, thus improving the
liquidity. Conversely, the outlook may be revised to 'Negative'
if OI's profitability or capital structure declines, or the
company significantly invests in non-core businesses,
constraining liquidity.

Established in 1992 by Mr. Dinesh Jain, OI manufactures dyes,
pigments, and intermediates that are used mainly by the textile
and leather industries. The company has a facility near Ahmedabad
(Gujarat).

Ornet had profit after tax of INR4.05 crores on net sales of
INR54.90 crores for 2015-16 as against profit after tax of
INR10.16 crores on net sales of INR66.26 crores for 2014-15.

Any other information: Revenue and operating margin were at
INR54.90 crore and 4.1%, respectively, in fiscal 2016 and are
estimated at INR 58.86 crore and 4.2% in fiscal 2017.

Operations are expected to remain highly working capital-
intensive, with gross current assets of 553 days as on March 31,
2017.

Financial risk profile is likely to be moderate, with high
gearing and comfortable debt protection metrics. Accrual is
expeted to be around INR4.88 crore against nil debt repayment in
fiscals 2017. Net cash accrual of INR5.00 crore is estimated to
have been sufficient to meet debt obligation of INR0.93 crore in
fiscal 2018.


P NARASIMHA: CRISIL Reaffirms D Rating on INR5.5MM Bank Loan
------------------------------------------------------------
CRISIL has been consistently following up with P Narasimha Rao
and Company (PNRC) 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.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           5.5      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit              2.5      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan           1.33     CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term       3.67     CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of P Narasimha Rao and Company.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for P Narasimha Rao and Company  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 D/ CRISIL D'.

PNRC was set up in 2004 by Mr. P Narasimha Rao and his family
members. The firm constructs roads and bridges in Andhra Pradesh
and Telangana, and undertakes contract work for the Railways,
such as laying and maintenance of railway tracks. It is based in
Hyderabad.


PODDAR MERCANTILE: CRISIL Reaffirms B- Rating on INR5.10MM Loan
---------------------------------------------------------------
CRISIL has been consistently following up with Poddar Mercantile
Private Limited (PMPL) 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.
                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Inland/Import           5.42      CRISIL A4 (Issuer Not
   Letter of Credit                  Cooperating; Rating
                                     Reaffirmed)

   Packing Credit          5.10      CRISIL B-/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      1.67      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 Poddar Mercantile 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 Poddar Mercantile 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'.

Incorporated in 1998, PMPL exports bags made of polypropylene,
and low- and high-density polyethylene, to customers largely in
Germany, the US, West Indies and Italy. The operations are
managed by promoter-director, Mr. Ashok Kumar Poddar.


RYTHU MITRA: CRISIL Reaffirms D Rating on INR10.25MM LT Loan
------------------------------------------------------------
CRISIL has been consistently following up with Rythu Mitra
Fertilizers Private Limited (RMF) 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.


                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             4.75      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan         10.25      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 Rythu Mitra Fertilizers
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 Rythu Mitra
Fertilizers Private Limited is consistent with 'Scenario 3'
outlined in the 'Framework for Assessing Consistency of
Information with Crisil BBB Rating category or Lower'.' Based on
the last available information, CRISIL has reaffirmed the rating
at CRISIL D.

RMF, based in Andhra Pradesh, is engaged in manufacturing of
nitrogen, phosphorus and potassium (NPK) fertilizer. RMF is
promoted by Mr. M Sambasiva Rao and Mr. G Gopichand.


SAMRUDDHI REALTY: CRISIL Lowers Rating on INR75MM Loan to D
-----------------------------------------------------------
CRISIL has downgraded its rating on the INR75 crore non-
convertible debentures (NCDs) of Samruddhi Realty Limited (SRL)
to 'CRISIL D' from 'CRISIL B-/Stable', and reaffirmed its rating
on the INR60 crore NCDs at 'CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Non Convertible          75       CRISIL D (Downgraded from
   Debentures                   CRISIL B-/Stable)

   Non Convertible
   Debentures           60      CRISIL D (Reaffirmed)

The downgrade reflects delays in interest payment on NCDs due to
weak liquidity. Additionally, the company remains exposed to
cyclicality inherent in the real estate sector and to project
implementation risks. However, SRL benefits from the moderate
industry experience of its promoters.

Key Rating Drivers & Detailed Description

Weakness

* Delays in debt servicing
SRL has delayed paying interest on the INR75 crore NCDs due to
weak liquidity. This is primarily because of slowdown in sales
and customer advances. Sales are expected to remain subdued in
near term due to continued decline in overall demand scenario.
With significant dependence on customer advances in current and
future projects, liquidity is expected to remain under pressure
in the near term.

* 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. On the other hand,
cash outflows relating to project costs and debt repayment are
relatively fixed and can lead to substantial cash flow mismatch.
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.

* Project implementation risks
Although ongoing projects are in advanced stages of development,
SRL remains exposed to implementation risk due to sizeable
project pipeline over the medium term. Hence, any time or cost
overrun will adversely affect repayment ability given high
dependence on customer advances to fund project and repay debt.

Strength

* Moderate industry experience of the group's promoters.
Presence of around 20 years in the real estate industry has
enabled the promoters to establish contacts with land owners and
build a healthy portfolio of ongoing and planned projects of
around 4.0 million square feet (sq ft).

Set up in 2003 by Mr. V R Manjunath, Mr. Hemang Rawal, and Mr.
Ravindra Madhudi, SRL develops real estate in Bengaluru and is
currently undertaking only residential projects. The company has
around 1.7 million sq. ft. of ongoing and 2.3 million sq. ft. of
planned projects. SRL is listed on the Bombay Stock Exchange in
the SME segment.

SRL's net profit was INR1.8 crore on operating income of INR47.6
crore in fiscal 2016, against a net profit of INR2 crore on
operating income of INR49.8 crore in fiscal 2015.


SANGAMESHWAR COFFEE: CRISIL Lowers Rating on INR7MM Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Sangameshwar Coffee Estates Limited to 'CRISIL B+/Stable' from
'CRISIL BB/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              7        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

The downgrade reflects deterioration in the business risk profile
as reflected in sluggish revenue and continued losses in the
past. The sluggishness was due to volatility in coffee prices and
crop damage arising from uneven monsoon or pest attacks in the
region of operations. While revenue is expected to pick up in
fiscal 2018, a low operating margin of around 6% and increasing
interest cost will continue to restrict cash accrual. Liquidity
will remain stretched due to continued low cash generation and
working capital-intensive operations.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations and susceptibility to volatility in
coffee prices and to crop damage due to erratic climate or pest
attacks
Revenue was modest, estimated at INR12 crore for fiscal 2017, and
is expected to grow at a moderate rate. The small scale of
operations restricts any benefits from economies of scale. While
large players have better efficiencies and pricing power because
of their scale of operations, small players are exposed to
intense competition. The business risk profile will remain
constrained by the small scale of operations in the intensely
competitive coffee industry and vulnerability to crop damage,
over the medium term.

* Below-average financial risk profile
The networth is low and debt protection metrics subdued. With
high interest cost and low margins, the financial risk profile is
likely to remain below average over the medium term.

Strength

* Extensive experience of the promoters in the coffee industry
The promoters have been in the coffee plantation business for
over five decades, and derive around 95% of revenue from coffee.
They own around 1900 acre of coffee estates in Chikmangalur and
Mysuru, both in Karnataka. This has led to an established
clientele and healthy operating profitability.
Outlook: Stable

CRISIL believes SCEL will continue to benefit over the medium
term from its healthy operating efficiency and extensive
experience of its promoters. The outlook may be revised to
'Positive' if the scale of operations and profitability improve
substantially and sustainably. The outlook may be revised to
'Negative' if a sharp drop in revenue or profitability, unrelated
diversification, or fresh investment in group companies weakens
key credit metrics.

SCEL was established in 1957 by Mr. K S Vaidyanathan; it is
currently managed by his grandson, Mr. Appadurai.  The company
has coffee, pepper, areca nut, cardamom, and orange plantations.
Around 95% of revenue comes from coffee.

Profit after tax and net sales are estimated at INR0.35 crore of
INR12 crore, respectively, for fiscal 2017. Net loss was INR1.29
crore on net sales of INR11.58 crore in fiscal 2016.


SHARAD EXPORTS: CRISIL Reaffirms B Rating on INR2.0MM Loan
----------------------------------------------------------
CRISIL has been consistently following up with Sharad Exports
(SE) for obtaining information through letters and emails dated
January 25, 2017, and February 14, 2017, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Foreign Bill Purchase     1.5      CRISIL B/Stable (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

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

   Term Loan                 2.0      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 Sharad Exports. This restricts
CRISIL's ability to take a forward looking view on the credit
quality of the entity. CRISIL believes that the information
available for Sharad Exports 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'.

Established as a partnership firm in 1999, SE manufactures and
exports home furnishing products such as carpets, cushions,
towels, and curtains. Its manufacturing facility is in Panipat
(Haryana). It is promoted by Mr. Ajay Kumar Aneja and Mr. Vijay
Kumar Aneja.


SHREE KUMARASAMY: CRISIL Reaffirms B+ Rating on INR2.4MM Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Shree Kumarasamy
Poly Chem (SKPM) for obtaining information through letters and
emails dated January 25, 2017, and February 14, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             2.4       CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

   Packing Credit          1.60      CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Term Loan      2.28      CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Shree Kumarasamy Poly Chem.
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 Kumarasamy Poly Chem is
consistent with 'Scenario 3' outlined in the 'Framework for
Assessing Consistency of Information with Crisil BBB Rating
category or lower.' Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL B+/Stable/CRISIL A4'.

Set up in 1995 as a proprietary concern and reconstituted as a
partnership firm in 2011, Cuddalore (Tamil Nadu)-based SKPM
manufactures cashew nut extracts, such as cashew nut shell
liquid, cardanol, and cashew friction dust. The firm is promoted
by Mr. TKA Karthik and his family members.


SONEX INDUSTRIES: CRISIL Lowers Rating on INR5.0MM Loan to 'B'
--------------------------------------------------------------
CRISIL has been consistently following up with Sonex Industries
(SI) for obtaining information through letters and emails dated
January 20, 2017 and February 10, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          2.1       CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4+')

   Cash Credit             5.0       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BB-/Stable')

   Foreign Exchange         .25      CRISIL A4 (Issuer Not
   Forward                           Cooperating; Downgraded
                                     from 'CRISIL A4+')

   Long Term Loan          3.77      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BB-/Stable')


   Proposed Long Term      1.38      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 Sonex Industries. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Sonex Industries is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL B Rating category or lower.' Based on
the last available information, CRISIL has downgraded the rating
to CRISIL 'B/Stable/CRISIL A4'.

SI was set up in 2002 as a partnership firm by the Morbi
(Gujarat)-based Mr. Nimesh Patel, Mr. Mahadevbhai Patel, and Mr.
Bhudarbhai Jetapriya. The firm manufactures digital wall tiles at
its facilities in Morbi.


SUTAPA INTERNATIONAL: CRISIL Reaffirms B Rating on INR8MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of Sutapa International Exports Private Limited (SIEPL) at
'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Gold Loan                8        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect a modest scale of operations and
customer concentration in revenue. The rating also factors in a
small networth, constraining the financial risk profile. These
weaknesses are partially offset by the extensive experience of
the promoter in the jewellery business and low exposure to
fluctuation in gold prices due to prudent inventory management.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Revenue is estimated at a modest
INR48.0 crore for fiscal 2017. This restricts any benefits from
economies of scale, lowers resilience to external shocks, such as
slowdown in business, and brings down bargaining power with
suppliers and customers, leading to pressure on the operating
margin. Furthermore, there is intense competition from both
branded, as well as small unorganised, players.

* High customer concentration in revenue: Almost all revenue is
derived from exports to only 4-5 counterparties in the UAE and
the UK. However, this is mitigated by the long established
relationship with these customers.

* Small networth: The small networth, estimated at INR1.1 crore
as on March 31, 2017, makes the company highly susceptible to
external business shocks. The networth is expected to remain
small on account of low accretion to reserves. However, interest-
free unsecured loans of INR4.8 crore, extended by the promoters,
provides some risk absorption capacity.

Strengths

* Extensive industry experience of the promoter: The main
promoter, Mr. Jagdish Das, has been in the jewellery
manufacturing business for over two decades through another
proprietorship concern. The industry insight gained over the
years has helped in understanding demand-supply patterns and in
developing contemporary designs. The promoter has also developed
a cordial relationship with suppliers, ensuring timely
availability of raw material, and also established a loyal
clientele base in the global market.

* Low exposure to fluctuation in gold prices and foreign exchange
(forex) rates: Without a hedging policy, exports of gold
jewellery entail exposure to forex rate fluctuation risk.
However, the company has recently been sanctioned with a bullion
loan by Union Bank of India, through which gold can be purchased
in USD terms, thus providing a natural hedge. Furthermore, the
entire purchase is backed by confirmed orders, wherein gold
prices are agreed upon. Therefore, inventory is maintained only
for such orders, thus providing protection against gold price
fluctuations.

Outlook: Stable

CRISIL believes SIEPL will continue to benefit from the extensive
industry experience of its promoter. The outlook may be revised
to 'Positive' if substantial capital infusion, higher-than-
expected cash accrual, or better working capital management leads
to improvement in the financial risk profile. The outlook may be
revised to 'Negative' if lower-than-expected cash accrual, a
stretched working capital cycle, or any large, debt-funded
capital expenditure leads to deterioration in liquidity.

Incorporated in May 2013, SIEPL is promoted by Kolkata-based Mr.
Jagdish Das and Ms Sutapa Das; Mr. Das manages operations. The
company manufactures and exports gold jewellery studded with
precious and semi-precious stones to the UK and the UAE.

For fiscal 2016, profit after tax (PAT) was INR19 lakh on
operating income of INR34.6 crore against PAT of INR13 lakh on
operating income of INR13.7 crore in fiscal 2015. For fiscal
2017, operating income is estimated at INR48 crore.


VARDHMAN SPINNERS: CRISIL Reaffirms B Rating on INR6.5MM Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Vardhman Spinners
(Vs) for obtaining information through letters and emails dated
November 21, 2016 and December 22, 2016 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             0.7       CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Cash           5.3       CRISIL B/Stable (Issuer Not
   Credit Limit

   Proposed Term Loan      6.5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Vardhman Spinners. 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 Vardhman Spinnersis consistent with
'Scenario 3' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BBB Rating category or Lower. Based on
the last available information, CRISIL has reaffirmed the rating
at 'CRISIL B/Stable'

VS, promoted as a partnership firm in 2008, has recently set up a
facility for manufacturing blankets. The firm is promoted and
managed by its partners Mr. Ajay Kumar Jain, Mr. Hemant Jain, Ms.
Dipti Jain, and Ms. Shashi Jain.


VINAYAK PIPES: CRISIL Ups Rating on INR10MM Cash Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on long-term bank facility of
Vinayak Pipes and Tubes Private Limited (VPPL; part of the
Vinayak group) to 'CRISIL B+/Stable' from 'CRISIL B/Stable',
while reaffirming the short-term facility at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              10       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Letter of Credit
   Bill Discounting          4       CRISIL A4 (Reaffirmed)

The upgrade reflects improvement in the financial risk profile,
particularly liquidity, because of unsecured loans extended by
the promoters (INR14.2 crore as on March 31, 2017) to support
operations. This has led to a better total outside liabilities to
tangible networth (TOLTNW) ratio, estimated at 1.39 times as on
March 31, 2017, against 1.63 times a year earlier. Liquidity will
remain supported by need-based funding support from the
promoters, controlled working capital requirement, and absence of
any debt repayment obligation over the medium term.

The ratings reflect the group's modest scale of operations in the
intensively competitive steel pipe trading industry, large
working capital requirement, and below-average debt protection
metrics. These weaknesses are partially offset by the extensive
industry experience of the promoters, their funding support, and
a moderate TOLTNW ratio.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of VPPL and Vinayak Tubes (VT). That's
because these entities, together referred to as the Vinayak
group, are in the same line of business and under a common
management.

CRISIL has treated unsecured loans of INR14.2 crore as on
March 31, 2017, extended by the promoters as neither debt nor
equity, as these will be maintained in the business over the
medium term.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in an intensively competitive
industry: Revenue is estimated at a modest INR89 crore for fiscal
2017. That's due to geographical concentration and intense
industry competition. Also, the group is not an exclusive dealer
for the products manufactured by its principals, which also
supply directly to end customers, resulting in intense
competition.

* Working capital-intensive operations: Gross current assets were
high at around 150 days as on March 31, 2017, due to large
debtors and moderate inventory requirement.

* Below-average debt protection metrics: The interest coverage
ratio is estimated at around 1.18 times for fiscal 2017 due to
modest profitability and interest paid on unsecured loans.

Strengths

* Extensive industry experience of the promoters and their
funding support: The promoters have been in the steel pipes
trading business for over 15 years; this has helped the group to
develop an established relationship with customers and suppliers.
They have also supported operations through unsecured loans.

* Moderate TOLTNW ratio: The ratio is estimated at around 1.39
times as on March 31, 2017, supported by unsecured loans from
promoters and controlled working capital requirement.

Outlook: Stable

CRISIL believes the Vinayak group will continue to benefit from
the extensive industry experience of its promoters and their
funding support. The outlook may be revised to 'Positive' if
significant improvement in scale of operations leads to better
debt protection metrics while working capital requirement is
managed efficiently. The outlook may be revised to 'Negative' if
the financial risk profile, particularly liquidity, weakens, on
account of low net cash accrual, capital withdrawal, or a
stretched working capital cycle.

VT was established in 1995 in Pune, Maharashtra, as a
proprietorship firm by Ms Vandana Sarawagi. The firm trades in
seamless and ERW (electric resistance welded) pipes and fittings.

VPPL, incorporated on February 14, 2013, is an authorised dealer
of seamless and ERW pipes for Jindal Pipes Ltd, Maharashtra
Seamless Limited, Mahalaxmi Seamless Limited, and JCO Gas Pipe
Ltd.

Operations are managed by Mrs Vandana Sarawagi and her husband
Mr. Arun Sarawagi.

Profit after tax (PAT) was INR0.29 crore on sales of INR87.89
crore for fiscal 2016, against a PAT of INR0.03 crore on sales of
INR87.96 crore for fiscal 2015.


VSSN JAMBALADINNI: CRISIL Reaffirms B- Rating on INR21MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of VSSN Jambaladinni (Jambaladinni Society) at 'CRISIL B-
/Stable'. The rating continues to reflect the society's weak
asset quality, and small scale and geographical concentration in
operations. These weaknesses are partially offset by support
received from the sponsor, State Bank of India (earlier State
Bank of Hyderabad), on debt funding.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            21       CRISIL B-/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weaknesses

* Weak asset quality
Asset quality of the society is weak as loan overdue have
remained consistently on high. Borrowers' credit profile is weak
as the society caters to the farming community and timely
collection is dependent on good harvest season.

* Small scale of operations with geographic concentration
The society has been in operations for over three decades,
however its loan portfolio size remains small at INR27 crore as
on December 31, 2016. The society lends only to farmers. In
addition, the society's operations are restricted to only six
villages in Raichur, Karnataka, and its business growth is
dependent on the number of farmers in these villages.

* Weak capitalisation with high gearing
On account of its inherent limitations, the society's
capitalisation remains weak, with low networth at INR3 crore as
on March 31, 2016, and a high gearing at 7.8 times.

Strengths

* Borrowing support from State Bank of India
The society has been associated with State Bank of India
(earlier, State Bank of Hyderabad) since inception. It has
received constant funding support for its lending requirement.
The bank, through Jambaladinni society, extends financial support
for the economic uplift of poor farmers by lending at a very low
rate of interest of 5.5%.

Outlook: Stable

CRISIL believes State Bank of India will continue to support
Jambaladinni Society over the medium term.  The outlook may be
revised to 'Positive' in case of significant improvement in
delinquency levels, capitalisation, and scale of operations. The
outlook may be revised to 'Negative' if asset quality
deteriorates significantly, further weakening earnings and
capitalisation.

Jambaladinni Society is a primary agriculture society
incorporated in 1976, sponsored by the State Bank of India
(earlier, State Bank of Hyderabad) since its inception.
Jambaladinni Society is registered with the Registrar of
Cooperative Societies, Karnataka. It operates in six villages in
Raichur. The society extends crop loans to its members. As on
December 31, 2016, it had loan portfolio of INR28 crore.

For fiscal 2016, Jambaladinni Society earned a net surplus of
INR4 lakh against INR25 lakh in the previous fiscal.


VSSN KALLUR: CRISIL Reaffirms B- Rating on INR11MM Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of VSSN Kallur (Kallur Society) at 'CRISIL B-/Stable'. The rating
continues to reflect the society's weak asset quality, and small
scale and geographical concentration in operations. These
weaknesses are partially offset by support received from the
sponsor, State Bank of India (earlier State Bank of Hyderabad),
on debt funding.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            11        CRISIL B-/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weaknesses

* Weak asset quality
Asset quality of the society is weak as loan overdue have
remained consistently on high. Borrowers' credit profile is weak
as the society caters to the farming community and timely
collection is dependent on good harvest season.

* Small scale of operations with geographic concentration
The society has been in operations for over three decades, but
its loan portfolio was small at INR18 crore as on December 31,
2016. It lends only to farmers. In addition, operations are
restricted to only six villages in the Raichur district of
Karnataka, and business growth is dependent on the number of
farmers in these villages.

* Weak capitalisation
On account of inherent limitations, capitalisation remains weak
with a low networth INR2.17 crore a high gearing of 7.4 times, as
on March 31, 2016.

Strengths

* Borrowing support from State Bank of India
The society has been associated with State Bank of India
(earlier, State Bank of Hyderabad) since inception. It has
received constant funding support from the bank for its lending
requirement. The bank, through the society, extends financial
support for the economic betterment of poor farmers by lending at
a very low rate of interest of 5.5%.

Outlook: Stable

CRISIL believes State Bank of India will continue to support
Kallur Society over the medium term.  The outlook may be revised
to 'Positive' in case of significant improvement in delinquency
levels, capitalisation, and scale of operations. The outlook may
be revised to 'Negative' if asset quality deteriorates
significantly, further weakening earnings and capitalisation.

Kallur Society is a primary agricultural society established in
1976, sponsored by State Bank of India (earlier, State Bank of
Hyderabad) since its inception. The society is registered with
the Registrar of Cooperative Societies, Karnataka. It operates in
five villages in the Raichur district. The society extends crop
loans to its members. As on December 31, 2016, it had a loan
portfolio of INR18 crore.

For fiscal 2016, Kallur society earned a net surplus was INR21
lakh against INR1.7 lakh in the previous fiscal.


VSSN RAJALABANDA: CRISIL Reaffirms B- Rating on INR6MM Loan
-----------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of VSSN Rajalabanda (Rajalabanda Society) 'CRISIL B-/Stable'. The
rating continues to reflect weak asset quality, and a small scale
of operations with geographical concentration in revenue. These
rating weaknesses are partially offset by support from the
sponsor, State Bank of India (earlier, State Bank of Hyderabad)
for debt funding.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              6       CRISIL B-/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weaknesses

* Weak asset quality
Asset quality of the society is weak as loan overdue have
remained consistently on high. Borrowers' credit profile is weak
as the society caters to the farming community, and timely
collection is dependent on a good harvest.

* Small scale of operations with geographic concentration
The society has been in operations for over three decades, but
its loan portfolio was small at INR7.5 crore as on December 31,
2016. It lends only to farmers. In addition, operations are
restricted to only six villages in the Raichur district of
Karnataka, and business growth is dependent on the number of
farmers in these villages.

* Weak capitalisation
On account of inherent limitations, capitalisation remains weak
with a low networth INR0.84 crore and a high gearing at 7.1
times, as on March 31, 2016.

Strengths

* Borrowing support from State Bank of India
The society has been associated with State Bank of India
(earlier, State Bank of Hyderabad) since inception. It has
received constant funding support from the bank for its lending
requirement. The bank, through the society, extends financial
support for the economic betterment of poor farmers by lending at
a very low rate of interest of 5.5%.

Outlook: Stable

CRISIL believes State Bank of India will continue to support
Rajalabanda Society over the medium term.  The outlook may be
revised to 'Positive' in case of significant improvement in
delinquency levels, capitalisation, and scale of operations. The
outlook may be revised to 'Negative' if asset quality
deteriorates significantly, further weakening earnings and
capitalisation.

Rajalabanda Society is a primary agricultural society established
on October 27, 1976, sponsored by State Bank of Hyderabad since
its inception. It is registered with the Registrar of Cooperative
Societies, Karnataka. The society operates in five villages in
the Raichur district. It extends crop loans to its members. As on
December 31, 2016, it had a loan portfolio of INR7.5 crore.

For fiscal 2016, net surplus was INR1.5 lakh against a net
deficit of INR10 lakh in the previous fiscal.



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


TAKATA CORP: Skadden Advises Key Safety Systems in Asset Purchase
-----------------------------------------------------------------
Skadden is advising Key Safety Systems ("KSS"), which announced
on June 25, 2017, with Takata Corporation ("Takata"), that they
have reached an agreement in principle to sponsor a restructuring
plan for the purchase of substantially all of Takata's global
assets and operations by KSS for an aggregate purchase price of
$1.588 billion (approximately JPY175 billion), subject to certain
adjustments at closing.

The Skadden team was led by Corporate Restructuring partner Ron
Meisler (Chicago) and M&A partner Steven Daniels (Wilmington).
The team also included M&A partner Matthias Horbach (Frankfurt),
Corporate Restructuring partner Felicia Gerber Perlman (Chicago),
Banking partners Seth Jacobson (Chicago) and Clive Wells
(London), Tax partner Stuart Finkelstein (New York), Litigation
partners Albert Hogan III (Chicago) and Amy Van Gelder (Chicago),
and Antitrust and Competition partners John Lyons (Washington,
D.C.) and Ingrid Vandenborre (Brussels).

                         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: Delays Closing Deal on Sale of Chip Unit
------------------------------------------------------
Japan Today reports Toshiba Corp. announced on June 28 a delay in
closing a deal with a Japan-U.S.-South Korean consortium on the
sale of its chip unit, saying it needs more time to reach an
agreement.

In an annual shareholders meeting held in Chiba, east of Tokyo,
the Japanese conglomerate faced severe criticism from individual
investors over its worst-ever financial crisis and the upcoming
demotion of its shares to the Second Section on the Tokyo Stock
Exchange in August, according to Japan Today.

According to the report, Toshiba was hoping to conclude a deal by
the time of the shareholders meeting but President Satoshi
Tsunakawa said that final details still need to be settled with
the entities in the consortium before any closure.

"We are aiming to seal the deal as soon as possible . . . and
hope to close it within fiscal 2017," the report quotes
Mr. Tsunakwa, who along with other executives underwent a
grilling from shareholders, as saying.

He also apologized about the company's delayed earnings reports
as well as the demotion of its shares on the TSE as of Aug. 1,
the report relays. "I apologize for repeatedly causing so much
inconvenience and worry."

On June 23, regulators gave approval to the Japanese electronics
maker to extend a deadline for submitting its annual financial
statement to Aug. 10, as it has yet to gain auditor approval, the
report recalls. The TSE on the same day announced Toshiba's
demotion as it became certain the Japanese conglomerate's
liabilities had exceeded its assets in the year ended in March,
Japan Today relates.

Toshiba, in this situation due to the fallout from the bankruptcy
of its former U.S. subsidiary, hopes to sell Toshiba Memory Corp.
for JPY2 trillion ($17.8 billion), enough to eliminate its
negative net worth and allow it to avoid being delisted from the
Tokyo bourse.

According to the report, Toshiba has chosen as its preferred
bidder a consortium consisting of the state-backed Innovation
Network Corp. of Japan, the state-owned Development Bank of
Japan, U.S. investment fund Bain Capital, and chipmaker SK Hynix
Inc. of South Korea.  But the planned sale faces strong
opposition from U.S. chipmaker Western Digital Corp., Toshiba's
joint venture partner, which hopes to keep the chip unit from
falling into competitors' hands.

Western Digital has asked a U.S. court to block the deal and is
also seeking arbitration with an international court on the
grounds that the sale of the chip unit without its consent would
breach their joint venture contract, the report notes.

                          About Toshiba

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

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

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



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


PRIME GLOBAL: Incurs $285K Net Loss in Second Quarter
-----------------------------------------------------
Prime Global Capital Group Incorporated filed with the Securities
and Exchange Commission its quarterly report on Form 10-Q
reporting a net loss of US$285,226 on US$299,196 of net total
revenues for the three months ended April 30, 2017, compared to a
net loss of US$116,779 on US$435,439 of net total revenues for
the three months ended April 30, 2016.

For the six months ended April 30, 2017, the Company reported a
net loss of US$455,748 on US$625,772 of net total revenues
compared to a net loss of US$265,425 on US$848,188 of total net
revenues for the six months ended April 30, 2016.

As of April 30, 2017, Prime Global had US$43.62 million in total
assets, US$16.54 million in total liabilities and US$27.08
million in total equity.

As of April 30, 2017, the Company had cash and cash equivalents
of $294,667, as compared to $679,913 as of the same period last
year. Its cash and cash equivalents decreased as a result of cash
used in operation.

The Company expects to incur significantly greater expenses in
the near future, including the contractual obligations that it
has assumed, to begin development activities. The Company also
expects its general and administrative expenses to increase as it
expands its finance and administrative staff, add infrastructure,
and incur additional costs related to being a large accelerated
filer, including directors' and officers' insurance and increased
professional fees.

The Company has never paid dividends on its Common Stock. Its
present policy is to apply cash to investments in product
development, acquisitions or expansion; consequently, it does not
expect to pay dividends on Common Stock in the foreseeable
future.

"Our continuation as a going concern is dependent upon improving
our profitability and the continuing financial support from our
stockholders. Our sources of capital in the past have included
the sale of equity securities, which include common stock sold in
private transactions and public offerings, capital leases and
short-term and long-term debts. While we believe that we will
obtain external financing and the existing shareholders will
continue to provide the additional cash to meet our obligations
as they become due, there can be no assurance that we will be
able to raise such additional capital resources on satisfactory
terms. We believe that our current cash and other sources of
liquidity ... are adequate to support operations for at least the
next 12 months."

A full-text copy of the Form 10-Q is available for free at:

                       https://is.gd/KBjiV2

                        About Prime Global

Kuala Lumpur, Malaysia-based Prime Global Capital Group Inc
(OTCBB:PGCG), through its subsidiaries, is engaged in the
operation of a durian plantation, leasing and development of the
operation of an oil palm plantation, commercial and residential
real estate properties in Malaysia.

Prime Global reported a net loss of US$911,522 for the year ended
Oct. 31, 2016, compared to a net loss of US$1.59 million for the
year ended Oct. 31, 2015.

Centurion ZD CPA Limited, in Hong Kong, China, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Oct. 31, 2016, citing 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 Oct. 31, 2016. All these factors
raise substantial doubt about its ability to continue as a going
concern.



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


PUMPKIN PATCH: Collapse Leaves ANZ NZ$32 Million Out of Pocket
--------------------------------------------------------------
Rachel Clayton at Stuff.co.nz reports that ANZ New Zealand has
weathered a NZ$32 million loss from the collapse of childrenswear
retailer Pumpkin Patch.

Stuff relates that receivers Brendon Gibson and Neale Jackson of
KordaMentha said in their second report that ANZ New Zealand has
been repaid NZ$22 million from Pumpkin Patch Originals Limited.
But NZ$31.8 million was still owed to the bank.

According to Stuff, the receivers sold the Pumpkin Patch brand
and intellectual property assets to Catch Group, after the
children's clothing company went into liquidation on March 7. It
was placed in voluntary administration in October.

"Almost all of the group's assets have been realised. Based on
those asset realisations, there will be a net shortfall to the
bank," the report, as cited by Stuff, said.

Just over 150 Pumpkin Patch staff received holiday and redundancy
pay in May, up to the statutory cap of NZ$22,160 per person.

Stuff says Pumpkin Patch's demise was mainly due to failing
overseas stores, global competition, and poor online strategy.

The receivers said in December that the group owed almost NZ$60m,
chiefly to ANZ, Stuff relates.

At its peak, Pumpkin Patch had 250 stores across New Zealand,
Australia, Ireland, the United Kingdom and the United States.
But expansion into the US and UK, which cost about NZ$98m funded
by debt, failed and the stores were closed in 2011.

The Australian entity of Pumpkin Patch was under a separate
receivership by Kordamentha Australia, Stuff adds.

                         About Pumpkin Patch

Based in New Zealand, Pumpkin Patch Limited (NZE:PPL) --
http://www.pumpkinpatch.biz/-- was a designer, marketer,
retailer and wholesaler of children's clothing.  The Company's
product range encompasses all stages of a child's growth, from
baby to toddler, primary school kid to pre and early teen,
including clothing, nightwear, accessories, rainwear, footwear
and teddy collection.  Pumpkin Patch also catered for mums-to-be
with a maternity collection.  The Company also has a fashion
mini-brand for discerning pre and early-teen girls, Urban Angel
Girls.  The Company's collections are available in numerous
countries and regions, including New Zealand, Australia, the
United Kingdom, the United States, South Africa and the Middle
East.  Pumpkin Patch predominantly sold through its own store
network in New Zealand, Australia, the United Kingdom and the
United States. The Company's subsidiaries include Torquay
Enterprises Limited, Pumpkin Patch Originals Limited, Pumpkin
Patch LLC, Pumpkin Patch Direct Limited, Patch Kids Limited and
Urban Angel Girls Limited.

Pumpkin Patch employed almost 600 people in New Zealand and
1,000 in Australia, according to Stuff.co.nz.

On Oct. 26, 2016, the Board of Pumpkin Patch has placed the
company into Voluntary Administration under Part 15A of the
Companies Act 1993.

The board has therefore appointed Andrew Grenfell and Conor
McElhinney of McGrathNicol as administrators for Pumpkin Patch
and a number of its subsidiaries. Pumpkin Patch's bank has
appointed Neale Jackson and Brendon Gibson of KordaMentha as
receivers.

McGrathNicol were appointed liquidator for Pumpkin Patch
Originals and Pumpkin Patch Direct in February 2017.



                             *********

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

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

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


                            *********


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

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

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

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

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



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