TCRAP_Public/170703.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, July 3, 2017, Vol. 20, No. 130

                            Headlines


A U S T R A L I A

DALY INTERNATIONAL: Second Creditors' Meeting Set for July 7
EXCLUSIVE CONSULTANCY: Second Creditors' Meeting Set for July 10
GAP LOGISTICS: First Creditors' Meeting Set for July 10
GUVERA AUSTRALIA: Liquidators Probe Music Streaming Firm
MESOBLAST LIMITED: Releases Rheumatoid Arthritis Trial Results

MT. VIEW PHARMACY: Second Creditors' Meeting Set for July 10
RIVERGREEN PTY: First Creditors' Meeting Set for July 10
SLEAT ROAD: First Creditors' Meeting Set for July 10


C H I N A

FANTASIA HOLDINGS: S&P Assigns 'B' Rating on Proposed US$ Notes
FUNG CHOI: Prepares to Delist From SGX
LEECO: Cash Problem "More Severe Than Expected," Founder Says


I N D I A

ABHISHEK SOLVENT: CRISIL Cuts Rating on INR8MM Cash Loan to B+
ANANDA SAW: CRISIL Reaffirms B- Rating on INR1.5MM Loan to B-
ARISTOCRAFT PAPERS: CRISIL Cuts Rating on INR3.5MM Loan to D
BAGOOSA FOOD: CRISIL Reaffirms B- Rating on INR11MM Term Loan
BANSIDHAR AGARWALLA: ICRA Reaffirms B- Rating on INR3.25cr Loan

BHAVYA CONSTRUCTIONS: CRISIL Cuts Rating on INR8MM Loan to 'B'
BLOOM DEKOR: ICRA Revises Rating on INR18cr Cash Loan to 'B'
BPL TECHNO: CRISIL Reaffirms B- Rating on INR5MM Cash Loan
CYBERCITY BUILDERS: CRISIL Cuts Rating on INR88.1MM LT Loan to B
DAEWON INDIA: CRISIL Reaffirms B+ Rating on INR15MM Demand Loan

ELECTROSTEEL STEELS: Lender Initiates Insolvency Process
ESSAR STEEL: Standard Chartered Files Insolvency Case vs Firm
FREEZE EXIM: CRISIL Raises Rating on INR2MM Loan to B+
GVS PROJECTS: ICRA Reaffirms B+ Rating on INR7.0cr Loan
HEENA ENTERPRISES: CRISIL Lowers Rating on INR12MM Loan to 'B'

INDIAN FOODTECH: CRISIL Reaffirms 'D' Rating on INR7.5MM Loan
JAI HIND: CRISIL Assigns 'B' Rating to INR7.05MM Term Loan
K.S. GRANITES: CRISIL Reaffirms 'D' Rating on INR20MM Cash Loan
KONNECTING INDIA: CRISIL Lowers Rating on INR12MM Loan to 'D'
MEHTA BROTHERS: ICRA Reaffirms B+ Rating on INR35cr Loan

MULTICOLOR STEELS: CRISIL Lowers Rating on INR25.5MM Loan to B+
N I ENGINEERING: CRISIL Assigns B+ Rating to INR5.5MM Cash Loan
NATRAJ MOTELS: CRISIL Assigns 'D' Rating to INR5MM Term Loan
PARAMASIVAM PALANISAMY: ICRA Lowers Rating on INR23.8cr Loan to D
PRANI AUTO: ICRA Lowers Rating on INR13cr Cash Loan to 'D'

PVM TECHNOLOGIES: CRISIL Assigns B+ Rating to INR4MM Cash Loan
SAWARIYA INTERNATIONAL: CRISIL Ups Rating on INR7MM Loan to B+
SECURE INDUSTRIES: ICRA Raises Rating on INR18cr LT Loan to B
SHIV JYOTI: CRISIL Lowers Rating on INR4.5MM Cash Loan to 'D'
SHREE NIWAS: CRISIL Assigns 'B' Rating to INR6.0MM LT Loan

SHREE RAM: CRISIL Assigns B- Rating to INR5.44MM Term Loan
SHREEHARI ASSOCIATES: CRISIL Reaffirms D Rating on INR25.95M Loan
SHUBH SANDESH: CRISIL Assigns B+ Rating to INR20MM Term Loan
SORT INDIA: ICRA Lowers Rating on INR8cr Loan to B+
SPARTAN ENGINEERING: ICRA Assigns B+ Rating to INR29.48cr Loan

SRI MAHARAJA: ICRA Lowers Rating on INR33.75cr Loan to D
SRI MAHARAJA OIL: ICRA Lowers Rating on INR55cr Loan to 'D'
SRI MAHARAJA REFINERIES: ICRA Cuts Rating on INR39.38cr Loan to D
SRV KNIT: CRISIL Reaffirms B+ Rating on INR7.5MM Cash Loan
SURYA INDUSTRIES: CRISIL Lowers Rating on INR14MM Loan to 'D'


J A P A N

TAKATA CORP: Skadden Advises Key Safety Systems in Asset Purchase
TOSHIBA CORP: Complaints Harmful, Western Digital Says


M A L A Y S I A

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


                            - - - - -


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


DALY INTERNATIONAL: Second Creditors' Meeting Set for July 7
------------------------------------------------------------
A second meeting of creditors in the proceedings of Daly
International Pty. Ltd has been set for July 7, 2017, at
11:30 a.m., at the Hilton Sydney, 488 George Street, in Sydney,
NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 6, 2017, at 4:00 p.m.

Peter Dinoris at Artemis Insolvency was appointed as administrator
of Daly International on April 13, 2017.


EXCLUSIVE CONSULTANCY: Second Creditors' Meeting Set for July 10
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Exclusive
Consultancy Group Pty Ltd has been set for July 10, 2017, at
11:00 a.m., at the offices of Mackay Goodwin, Suite 2, Level 8
10 Bridge Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 7, 2017, at 4:00 p.m.

Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of Exclusive Consultancy
on June 5, 2017.


GAP LOGISTICS: First Creditors' Meeting Set for July 10
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Gap
Logistics Pty Ltd will be held at the offices of Meertens
Chartered Accountants, Level 10, 68 Grenfell Street, in Adelaide,
in SA, on July 10, 2017, at 10:00 a.m.

Austin Taylor and Stuart Reid of Meertens were appointed as
administrators of Gap Logistics on June 28, 2017.


GUVERA AUSTRALIA: Liquidators Probe Music Streaming Firm
--------------------------------------------------------
The Australian reports that liquidators have joined the corporate
regulator in probing Guvera, which put two of its subsidiaries
into administration last year after failing in an audacious
billion-dollar bid to list on the Australian Securities Exchange.

A Deloitte spokesman told The Australian that liquidators Ezio
Senatore and Neil Cussen were investigating Guvera parent company
Guvera Limited, as well as the two subsidiaries, which they had
controlled since June last year.

"Senatore and Cussen have now commenced investigations into the
operations of Guvera Australia Pty Ltd and Guv Services Pty Ltd,
which will include Guvera Limited," the spokesman told The
Australian.

As The Australian reported on June 27, the Australian Securities &
Investments Commission is already "taking a close and active
interest in the fundraising activities of Guvera and associated
parties".

The Australian can also reveal that a company associated with a
former director of Guvera, Steven Porch, is in line to collect a
AUD6 million payment from the floundering firm.

The Australian reports that in other developments, a third Guvera
subsidiary, Guvera Employment, collapsed in April owing AUD1.2
million to the ATO and employees, including AUD193,000 in unpaid
super. It is now in the hands of liquidators Stephen Hundy and
Simon Cathro of Worrells.

The latest collapse adds to more than AUD1 million owed to
Facebook, AUD515,000 owed to Amazon Web Services and hundreds of
thousands of dollars due to Tennis Australia and Victoria Racing
for unpaid sponsorship fees, The Australian relates.

According to the report, Gold Coast-based Guvera also owes APRA
and AMCOS, the bodies representing bands and artists, almost
AUD1 million. In its prospectus Guvera had touted itself as being
an alternative to digital piracy, declaring it supported recording
artists.

Amid Guvera's woes last month, Coterie Nominees, a company
controlled by former Guvera director Steven Porch and his family,
appointed a receiver to protect its security over a claim for a
AUD6 million R&D tax credit Guvera has lodged with the ATO, The
Australian says.

                            About Guvera

Guvera offered online music and entertainment streaming service.
Deloitte Restructuring Services partners Neil Cussen and Enzio
Sentatore have been appointed as voluntary administrators of
Guvera Australia and Guv Services.

According to The Australian, the firm recently pulled out of the
Australian market after a failed attempt to list on the ASX, in a
float that would have valued the company at more than AUD1
billion.

The company -- which lost CEO Darren Herft to co-founder
Claes Loberg, who has taken the job on a temporary basis -- has
also recently pulled out of several other markets, including the
US and Russia, The Australian said.

A memo to investors said shutting the Australian market was
linked to changes in its product and a "strategic re-evaluation
of the business," The Australian added.


MESOBLAST LIMITED: Releases Rheumatoid Arthritis Trial Results
--------------------------------------------------------------
Mesoblast Limited announced that results from the randomized,
placebo-controlled 48-patient Phase 2 trial of its proprietary
allogeneic Mesenchymal Precursor Cells (MPCs) in patients with
biologic refractory rheumatoid arthritis (RA) were presented at
the European League Against Rheumatism (EULAR) Annual European
Congress of Rheumatology held in Madrid June 14-17.  The abstract
was selected by peer review and presented by the trial's
independent investigators.

The EULAR Congress is the key European platform for showcasing
innovation in rheumatology and highlighting the latest advances in
the field.  The 2017 Congress was attended by approximately 14,000
delegates from more than 120 countries.

Trial investigator, Dr Suzanne Kafaja, Assistant Clinical
Professor in the Division of Rheumatology, Department of Medicine,
at the University of California at Los Angeles (UCLA), presented
both safety and efficacy outcomes of the trial using pre-specified
analyses over the 12-week primary evaluation period, as well as
follow-up results over 39 weeks.

Dr Kafaja said the trial had met its primary endpoints and the
data indicated an early trend to improvements in patient-related
outcome measures.  "Taken together, these results show promise and
support further development of Mesoblast's mesenchymal precursor
cells for biologic-refractory rheumatoid arthritis patients, a
population with substantial remaining medical need," she said.

Major advances in the treatment of RA using biologic agents have
resulted in a $19 billion global market in 2016, the majority of
which is due to use of anti-TNF agents.  The RA population
resistant to anti-TNF agents, which constitutes about one-third of
patients treated with anti-TNF agents, is the fastest growing
branded market segment within the global RA biologics market, and
is set to grow further as multiple anti-TNF biosimilars become
available.  There are approximately 6 million prevalent cases in
the United States, Japan, and EU5, with 2.9 million in the United
States alone in 2016.

                      About Mesoblast Ltd.

Melbourne, Australia-based Mesoblast Limited (ASX:MSB;
Nasdaq:MESO) develops cell-based medicines.  The Company has
leveraged its proprietary technology platform, which is based on
specialized cells known as mesenchymal lineage adult stem cells,
to establish a broad portfolio of late-stage product candidates.
Mesoblast's allogeneic, 'off-the-shelf' cell product candidates
target advanced stages of diseases with high, unmet medical needs
including cardiovascular diseases, immune-mediated and
inflammatory disorders, orthopedic disorders, and
oncologic/hematologic conditions.

Mesoblast reported a loss before income tax of $90.82 million for
the year ended June 30, 2016, compared to a loss before income tax
of $96.24 million for the year ended June 30, 2015.

PricewaterhouseCoopers, in Melbourne, Australia, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2016, citing that the Company has
suffered recurring losses from operations that raise substantial
doubt about its ability to continue as a going concern.


MT. VIEW PHARMACY: Second Creditors' Meeting Set for July 10
------------------------------------------------------------
A second meeting of creditors in the proceedings of Mt. View
Pharmacy Pty Ltd has been set for July 10, 2017, at 11:30 a.m., at
Armidale Ex-Services Memorial Club, 137 Dumaresq St, in Armidale,
NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 7, 2017, at 4:00 p.m.

Duncan Clubb and Philip Campbell-Wilson of Ernst & Young were
appointed as administrators of Mt. View Pharmacy on March 21,
2017.


RIVERGREEN PTY: First Creditors' Meeting Set for July 10
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Rivergreen
Pty Ltd will be held at the offices of Business & Insolvency
Solutions, Level 1, 15 Adelaide St, in Fremantle, WA, on July 10,
2017, at 10:30 a.m.

David Raymond Spencer of Business & Insolvency Solutions was
appointed as administrator of Rivergreen Pty on June 28, 2017.


SLEAT ROAD: First Creditors' Meeting Set for July 10
----------------------------------------------------
A first meeting of the creditors in the proceedings of Sleat Road
Investments Pty Ltd will be held at the offices of DCS Advisory,
Level 1, 680 Murray Street, in West Perth, WA, on July 10, 2017,
at 11:00 a.m.

Shaun William Boyle of DCS Advisory was appointed as administrator
of Sleat Road on June 29, 2017.



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C H I N A
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FANTASIA HOLDINGS: S&P Assigns 'B' Rating on Proposed US$ Notes
---------------------------------------------------------------
S&P Global Rating assigned its 'B' long-term issue rating to a
proposed issuance of U.S. dollar-denominated senior unsecured
notes by Fantasia Holdings Group Co. Ltd. (B+/Stable/--; cnBB/--).
S&P also assigned its 'cnBB-' long-term Greater China regional
scale rating to the notes.  The issue rating is one notch lower
than the long-term corporate credit rating on Fantasia to reflect
the structural subordination risk.  The ratings are subject to
S&P's review of the final issuance documentation.

S&P expects Fantasia to use the proceeds primarily to refinance
existing debt, including, but not limited to, the US$250 million
13.75% senior notes due September 2017.  In January 2017, Fantasia
redeemed its 2019 senior notes for about US$310 million.  In S&P's
view, the refinancing could improve the company's funding costs
and extend its maturity profile.

Fantasia's ratio of debt to EBITDA weakened to 6.0x last year.
S&P forecasts Fantasia's leverage will stabilize at around the
same level this year.  This is supported by S&P's view that
Fantasia is using the majority of the new notes' proceeds to
refinance, and S&P also expects the developer will be disciplined
in expanding its land reserves.  S&P anticipates the company's
contracted sales will reach Chinese renminbi (RMB) 14 billion-
RMB15 billion in 2017.

The rating on Fantasia is constrained by the company's high
leverage.  Its operating scale in terms of property sales is also
smaller than peers' with the same rating.  However, Fantasia's
increasing recurring income from property management, stable
growth approach, and sizable land reserves temper these weaknesses
and support S&P's stable outlook on the company.


FUNG CHOI: Prepares to Delist From SGX
--------------------------------------
The Business Times reports that Fung Choi Media is preparing for
the delisting of its shares from the mainboard of the Singapore
Exchange.

In an SGX filing on June 28, the Bermuda-incorporated company said
that the reasons for its delisting include the lack of prospect
for any corporate rescue or restructuring or sale of the company's
business, and the company is hopelessly insolvent, The Business
Times relates.

According to the report, Fung Choi said that on June 21, the SGX
has advised that it has no objection to the application for
delisting, and an immediate announcement must be made of the
delisting application granted.

The liquidators are working with the SGX to confirm the delisting
date and other matters in relation to the company's delisting. A
further announcement will be made once the delisting date is
confirmed, The Business Times adds.

Headquartered in China, Fung Choi Media Group Limited (SGX:F11) is
engaged in display marketing and the magazine business. The
Company's principal activities include engaging in the periodical
magazine business, the Internet operation, the outdoor advertising
agency, the design and manufacture of display products, as well as
printing, packaging, books and periodicals publication, among
others. The Company is also engaged in the development of the
media industry. The Company's products include Media Publications,
Commercial Display and Commercial Printing. The Company provides
marketing channel and professional service in aspects of the
content, the advertising, the printing and the product display,
among others. The Company specializes in media conformity
platform, including producing centers and advertising agents, such
as fashionable life publications producing center, photo
publication producing center, entertainment or story or cartoon
books and periodicals producing center, among others.


LEECO: Cash Problem "More Severe Than Expected," Founder Says
-------------------------------------------------------------
South China Morning Post reports that the billionaire founder of
Chinese tech firm LeEco has admitted that the company's cash
problem is "more severe than expected", after a CNY16.8 billion
(US$2.47 billion) investment secured at the beginning of the year
failed to turn the business around.

"The cash problem of our unlisted businesses is far more severe
than we expected. The cash situation in the recent months is worse
than last year," the report quotes Jia Yueting, founder of the
Beijing-based LeEco, as saying on June 28.

"We thought that we could use nine billion yuan to solve all the
problems. But we made some mistakes and it turns out that it (the
money) is not enough," he said.

Jia's admission came at the annual shareholders meeting of the
company's Shenzhen-listed arm, LeShi Internet Information &
Technology Corp Beijing, SCMP says.

LeEco, with interests ranging from smartphones, televisions to
electric cars and entertainment, secured in January CNY16.8
billion of strategic investments - mostly from Chinese real estate
tycoon Sun Hongbin's Sunac China Holdings, according to SCMP.  The
funds came about two months after Jia admitted that the company
faced a cash crunch for "moving too quickly".

Despite the capital injection, Jia has been struggling to turn the
business around, the report says.

News reports of LeEco's Chinese suppliers suing the company for
unpaid bills have been non-stop in recent months.

SCMP relates that in the US where LeEco was eager to make a splash
for its further overseas expansion, the company has shed a large
number of local staffers. Its once high-profile proposal to buy
California-based television maker Vizio for US$2 billion, was also
called off in April due to "regulatory headwinds".

According to the report, Jia said LeEco has gone through a "second
cash crunch" since April after the management team mistakenly
spent CNY15 billion on paying debt to financial institutions.

"We should have used the money on the business," he said, adding
that the company will consolidate its unlisted businesses and even
sell some assets to finance its core business development because
financial institutions have been reluctant to provide further
loans.

On June 28, LeEco-backed cash-burning ride-hailing business Yidao
announced that LeEco was no longer its controlling shareholder,
SCMP reports. Yidao said a new controlling shareholder was in
place, without disclosing details.

Jia's acknowledgement of the management's misstep in the use of
funds underscored that he did not know the size of LeEco's debts,
said a senior technology analyst with a state-owned brokerage in
Shenzhen who declined to be named as his research portfolio does
not include the company, SCMP relays.

In addition, he said Jia was no longer in full control of the
company after the capital injection and management step-in by
Sunac and its chairman, Sun, according to SCMP.

Despite the cash crisis, Jia has not given up on his car
manufacturing ambition, a business where most of LeEco's money was
spent. Jia said the goal was to land a new round of funding and
start mass production as soon as possible, adds SCMP.

"Manufacturing cars requires a lot of investment," Kitty Fok,
managing director for research firm IDC China, adding that given
LeEco's situation, it was better for the company to team up with
car manufacturers on such an ambitious venture, the report relays.

China-based LeEco makes smartphones, entertainment platforms,
set-top boxes, and smart TVs.



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I N D I A
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ABHISHEK SOLVENT: CRISIL Cuts Rating on INR8MM Cash Loan to B+
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Abhishek
Solvent Extractions Private Limited (ASEPL) 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.

CRISIL gave this rating:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              8        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 Abhishek Solvent Extractions
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 Abhishek Solvent Extractions
Private Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL B
Rating category or Lower' Based on the last available information,
CRISIL has downgraded the rating to CRISIL B+/Stable.

ASEPL was set up in 1992 in Challakere (Karnataka) by Mr. R
Thippeswami, his son Mr. N T Prakash, and daugher-in-law Ms.
Nirmala Prakash. The company processes sunflower DOC and solvents.
Primary product DOC is used to produce animal and poultry feed,
while by-product sunflower solvent extract is used in the refining
industry to produce edible oil.


ANANDA SAW: CRISIL Reaffirms B- Rating on INR1.5MM Loan to B-
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Ananda Saw
Mills (ASM) for obtaining information through letters and emails
dated January 27, 2017 and March 06, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

CRISIL gave this rating:

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

   Foreign Letter of      10.0       CRISIL A4 (Issuer Not
   Credit                            Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      0.25      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 Ananda Saw Mills. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the information
available for Ananda Saw Mills 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.

Established as a partnership firm, ASM processes and trades in
timber. Mr. Alaga Raja and Ms. Padma are the partners. The firm is
based in Tamil Nadu with its processing facilities located at
Tenkasi (Tamil Nadu).


ARISTOCRAFT PAPERS: CRISIL Cuts Rating on INR3.5MM Loan to D
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Aristocraft
Papers Private Limited (APPL) for obtaining information through
letters and emails dated January 24, 2017 and February 13, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

CRISIL gave this rating:

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

   Proposed Long Term      0.5       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

   Term Loan               5.5       CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

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

Detailed Rationale

CRISIL has downgraded its rating on the long-term bank facilities
of APPL to 'CRISIL D (issuer not co-operating)' from 'CRISIL
B+/Stable.' The rating downgrade reflects delays by the company,
in servicing the debt obligation. CRISIL has held discussions with
the bankers, who have confirmed the ongoing delay.

APPL was incorporated in 2008, promoted by Mr. Sanjay Kumar Jain,
Mr. Praveen Kumar Jain, Mr. Praveen Kumar Singhal, and Mr. Naresh
Kumar Jain. The company manufactures kraft paper at its facility
in Muzzafarnagar (Uttar Pradesh).


BAGOOSA FOOD: CRISIL Reaffirms B- Rating on INR11MM Term Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed 'CRISIL B-/Stable/CRISIL A4' ratings
on the bank facilities of Bagoosa Food Products Private Limited
(BFPPL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         0.43      CRISIL A4 (Reaffirmed)

   Cash Credit            3.00      CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      .57      CRISIL B-/Stable (Reaffirmed)

   Term Loan              11        CRISIL B-/Stable (Reaffirmed)

The ratings continue to reflect BFPPL's weak financial risk
profile, large working capital requirement, and modest scale of
operations. These weaknesses are partially offset by the extensive
experience of the promoters in the ice-cream industry and their
funding support, the Janta Ice Cream group's brand presence.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial profile: Financial profile is weak due to modest
  networth base, high gearing and average debt protection
  measures.

* Large working capital requirement: Working capital requirement
  is driven by high inventory and debtors levels with estimated
  gross current asset days in excess of 150 as on March 31, 2017.

* Modest scale of operations: Despite healthy growth in fiscal
  2017, scale of operations remains modest as reflected in
  estimated sales of INR 18 crore.

Strength

* Extensive experience of the promoters in the ice-cream industry,
  their funding support and the Janta Ice Cream group's brand
  presence: BFPPL is part of the Shree Janta Ice-cream group, who
  have been in this business for over 50 years. Janta Ice-cream
  brand has established presence in the region. The promoters have
  also supported the company through need-based infusion of
  unsecured loans and equity.

Outlook: Stable

CRISIL believes BFPPL will continue to benefit from the extensive
experience of its promoters in the ice-cream industry and their
funding support. The outlook may be revised to 'Positive' if
increase in scale of operations and profitability improve cash
accrual and capital structure remains steady. The outlook may be
revised to 'Negative' if lower accrual or increase in working
capital requirement or large debt-funded capital expenditure
weakens liquidity.

BFPPL, incorporated in 2004, is part of the Janta Ice Cream group
of Ahmedabad (Gujarat), which is promoted by Mr. Ramesh Asawa and
family. The company commenced production at its facilities,
located at Ahmedabad, in June 2012.

BFPPL reported net loss of INR0.15 crore on sales of INR14.5 crore
for fiscal 2016 against INR1.8 crore and INR1.29 crore in fiscal
2015.


BANSIDHAR AGARWALLA: ICRA Reaffirms B- Rating on INR3.25cr Loan
---------------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]B-
assigned to the INR3.251 crore seasonal cash credit, INR1.50-crore
working capital term loan, INR0.86 crore working capital loan and
INR0.17 crore bank guarantee of Bansidhar Agarwalla & Company
Private Limited. unit: Chinsurah Cold Storage. The outlook on the
long term rating is Stable.

                      Amount
  Facilities        (INR crore)    Ratings
  ----------        -----------    -------
  Working Capital
  Term Loan              1.50      [ICRA]B-(Stable) Reaffirmed

  Seasonal Cash
  Credit Credit          3.25      [ICRA]B- (Stable) Reaffirmed

  Working Capital
  Loan                   0.86      [ICRA]B- (Stable) Reaffirmed

  Bank Guarantee         0.17      [ICRA]B- (Stable) Reaffirmed

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with CCS, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings and also
had sent repeated reminders to the company for payment of
surveillance fee that became overdue, but despite repeated
requests by ICRA, the entity's management has remained non-
cooperative. In the absence of requisite information, ICRA's
Rating Committee has taken a rating view based on best available
information. In line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the entity's
rating is now denoted as: "[ICRA]B- (Stable) ISSUER NOT
COOPERATING". The lenders, investors and other market participants
may exercise appropriate caution while using this rating, given
that it is based on limited or no updated information on the
entity's performance since the time it was last rated.

CCS, a cold storage unit of Bansidhar Agarwalla & Company Private
Limited was set up in 1963 in Chinsurah, in the Hooghly district
of West Bengal. CCS is primarily engaged in the business of
storage and preservation of potatoes and occasionally carries out
trading of potatoes as well. Currently, CCS has an annual storage
capacity of 20,000 tonne.


BHAVYA CONSTRUCTIONS: CRISIL Cuts Rating on INR8MM Loan to 'B'
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Bhavya
Constructions Private Limited (BCPL) for obtaining information
through letters and emails dated January 25, 2017 and February 15,
2017 among others, apart from telephonic communication. However,
the issuer has remained non-cooperative.

CRISIL gave these ratings:

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

   Cash Credit              8        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BB-/Stable')

   Letter of Credit         2        CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4+')

   Overdraft                1.5      CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4+')

   Term Loan                1.5      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 Bhavya Constructions 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 Bhavya Constructions 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 downgraded the rating to 'CRISIL B/Stable/CRISIL A4'.

BCPL, incorporated in 1991, develops real estate in Telangana. It
is developing two residential properties in Hyderabad.


BLOOM DEKOR: ICRA Revises Rating on INR18cr Cash Loan to 'B'
-----------------------------------------------------------
ICRA Ratings has revised the long-term rating to [ICRA]B from
[ICRA]B+ on the INR18.00 crore cash credit facility of Bloom Dekor
Limited. The outlook assigned on the long-term rating is 'Stable'.
ICRA has reaffirmed the short-term rating of [ICRA]A4 on the
INR14.50 crore non-fund based limits of BDL.
                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Fund-based-Cash        18.00        [ICRA]B(Stable); Revised
  Credit                              from [ICRA]B+

  Non Fund-based-
  LC/BG                  14.50        [ICRA]A4; Re-affirmed

Rationale

The rating revision takes into account the deterioration in the
financial profile of the company as reflected by subdued operating
margins along with losses at net level on account of high interest
and financial charges leading to weak cash accruals during FY2017.
The rating also factors in the limited financial flexibility of
the company, as reflected in adverse capital structure (gearing of
2.75 times as on March 31, 2017) and weak interest coverage (0.87
time as on March 31, 2017), along with high competitive intensity
in the laminate business, which limits pricing flexibility. The
rating also factors in the vulnerability of profitability to
adverse fluctuations in forex and as well as prices of key raw
material.

The ratings, however, continue to favorably factor in the
established track record of the promoters in the lamination
business.

Going forward, the ability of the company to scale up in a
profitable manner amid intense competition and to generate
sufficient accruals to support debt repayments will remain key
rating sensitivity. Timely infusion of funds either through equity
or unsecured loans to support debt repayments, in case of any
shortfall from operational cash flow in the short to medium term,
will also be a key rating monitorable.

Key Rating Drivers

Credit strengths

  * Experienced promoters with established track record of
    operations in the lamination industry

Credit weaknesses

  * Weak financial profile characterised by subdued operating
    margins and net loss coupled with weak coverage indicators

  * Adverse capital structure and high reliance on external
    borrowing to support impending debt obligations

  * Vulnerability to currency fluctuations primarily due to
    import oriented nature of operations; absence of formal
    hedging policy

  * Vulnerability of profitability to the cyclicality inherent
    in the real estate industry and the fluctuation in raw
    material prices, especially imported design paper and
    chemicals

  * Exposed to intense competition due to presence of large
    organised as well as unorganised sector

Description of Key Rating Drivers:

Incorporated in 1994, the Ahmedabad-based BDL is a Public Limited
Company that is involved in manufacturing high pressure decorative
laminates. The promoters have a long track record of operations in
the laminate business. BDL reported 11% growth in operating
income, i.e., from INR61.94 crore in FY2016 to INR68.70 crore in
FY2017. However, the company reported lower operating margins
resulting in losses at net level. Consequently, the cash accruals
remain weak, and may require external support for repaying debt
obligations in the medium term. The coverage indicators also
remain highly stretched.

The company remains exposed to intense competition due to a large
number of organised as well as unorganised players. The
profitability continues to remain vulnerable to cyclicality
inherent in the real estate industry and fluctuations in raw
material prices, especially chemicals and kraft paper.

Incorporated in 1994, Bloom Dekor Limited (BDL) is an ISO 9001-
2000 certified company, which is involved in manufacturing and
selling high pressure decorative laminates. The company's
manufacturing facility is located in Prantij (61 km from
Ahmedabad), with a production capacity of 21.9 lakh sheets per
annum of laminates.


BPL TECHNO: CRISIL Reaffirms B- Rating on INR5MM Cash Loan
----------------------------------------------------------
CRISIL Ratings has been consistently following up with BPL Techno
Vision Private Limited (BTVPL) for obtaining information through
letters and emails dated February 07, 2017 and March 22, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              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 BPL Techno Vision 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 BPL Techno Vision Private Limitedis
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.

BTVPL, established in 1983 in Bengaluru (Karnataka), manufactures
lanterns and home automation equipment.


CYBERCITY BUILDERS: CRISIL Cuts Rating on INR88.1MM LT Loan to B
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Cybercity
Builders and Developers Private Limited for obtaining information
through letters and emails dated February 07, 2017 and March 22,
2017 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          1.8       CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4+')

   Long Term Loan         88.1       CRISIL B (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 Cybercity Builders and
Developers Private Limited. This restricts CRISIL's ability to
take a forward looking view on the credit quality of the entity.
CRISIL believes that the information available for Cybercity
Builders and Developers 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 downgraded the rating
to 'CRISIL B/Stable/CRISIL A4'

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Cybercity and Cyber Homes. This is
because these entities, together referred to as the Cybercity
group, have common promoters, are in similar lines of business,and
have significant operational and financial linkages.

Cybercity, set up in 2005, is a Hyderabad-based real estate
developer. The operations of the company are managed by its
managing director - Mr. Venu Vinod.


DAEWON INDIA: CRISIL Reaffirms B+ Rating on INR15MM Demand Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of Daewon India Auto Parts Private Limited (DIAPL) at
'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Foreign Currency
   Demand Loan               5       CRISIL B+/Stable (Reaffirmed)

   Working Capital
   Demand Loan              15       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect a below-average financial risk
profile because of a leveraged capital structure, and customer
concentration in revenue. These weaknesses are partially offset by
an established market position in the coil springs and stabiliser
bars industry, and technological support from the parent, Daewon
Kang Up Co Ltd (DKUCL), South Korea.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile: The networth is modest on
  account of losses over the four fiscals through 2017, and is
  estimated at around INR12.7 crore, on a capital base of around
  INR68.3 crore, as on March 31, 2017. Substantial working capital
  requirement has resulted in high dependence on short-term
  borrowing. The gearing is estimated at 8 times as on March 31,
  2017.

* Customer concentration in revenue: The major customer is Hyundai
  Motor India Limited (HMIL; rated CRISIL A1+) from which the
  company derives around 95% of its revenue. Moreover, the
  automotive component industry is highly fragmented and price
  competitive because of the presence of various small to medium
  scale and unorganised players.

Strengths

* Established market position in the coil springs and stabiliser
  bars industry: DIAPL is a wholly-owned subsidiary of DKUCL,
  which has been in the automotive component industry since 1946.
  DKUCL manufactures automotive seat, engine, and transmission
  parts such as engine valve springs and precision springs, and
  suspension parts such as coil springs, leaf springs, stabiliser
  bars, and torsion bars. DKUCL provides the technological support
  for the manufacture of coil springs and stabiliser bars to the
  Indian subsidiary.

Outlook: Stable

CRISIL believes DIAPL will continue to benefit over the medium
term from its established market position. The outlook may be
revised to 'Positive' in case of a significant increase in the
scale of operations and operating profitability, or substantial
equity infusion, leading to a better capital structure. The
outlook may be revised to 'Negative' in case of large, debt-funded
capital expenditure, an increase in working capital requirement,
or a decline in profitability.

Incorporated in 2007 and based in Chennai, DIAPL is a 100%
subsidiary of DKUCL. The company manufactures coil springs and
stabiliser bars used in the automotive industry.

Profit after tax (PAT) was INR0.63 crore on operating income of
INR149.7 crore in fiscal 2016, against a net loss of INR1.78 crore
on operating income INR143.05 crore in fiscal 2015.


ELECTROSTEEL STEELS: Lender Initiates Insolvency Process
--------------------------------------------------------
The Hindu Business Line reports that consortium leader SBI has
initiated insolvency proceedings before NCLT against Electrosteel
Steels to recover INR 10,000 crore in loans as bankers tighten
screws on big corporate defaulters.

According to the report, the company said in a regulatory filing
that State Bank of India has initiated the corporate insolvency
resolution process and filed the documents with NCLT, Kolkata,
against it under the Insolvency and Bankruptcy Code (IBC), 2016.

The Hindu Business Line relates that the action followed the
meeting of lenders to the company on June 22 to work out
resolution mechanism, it said.

For the fourth quarter ended March 31, 2017, Electrosteel Steels
had reported a net loss of INR293.33 crore as against net profit
INR265.14 crore in the year ago quarter, the report discloses.

The Hindu Business Line says the lead banker to defaulters like
Bhushan Steel and Essar Steel, SBI had said last week that the
default cases would be referred to the NCLT for recovery under the
IBC.

While Bhushan Steel is in default of INR44,478 crore to banks,
Essar Steel owes INR37,284 crore. Electrosteel Steels owes
INR10,273.6 crore, the report says.

These three borrowers are among the 12 accounts identified by the
Reserve Bank for immediate reference to National Company Law
Tribunal (NCLT), the report notes.

Electrosteel Steels Limited is an India-based company, which is
engaged in basic iron and steel business. The Company is engaged
in selling thermo mechanically treated (TMT) bars, billets,
ductile iron (DI) pipes, pig iron and wire rod. The Company is
engaged in setting up a 2.51 million ton per annum (MTPA)
capacity Greenfield Integrated Steel and DI Pipes Plant in the
district of Bokaro, Jharkhand. It produces TMT bars in Fe500,
Fe500D and Fe500D corrosion resistance steel (CRS) variants. It
manufactures DI pipes in sizes ranging from 100 millimeters (mm)
to 1,200 mm. Its billets offer applications, such as general
engineering, structural, rerolling and high tensile applications.
Its wire rods have applications in engineering, construction,
power and automobile sectors. It consists of a sinter plant,
pellet plant, coke oven, blast furnace, basic oxygen furnace,
billet caster, wire rod mill, bar mill and power plant.


ESSAR STEEL: Standard Chartered Files Insolvency Case vs Firm
-------------------------------------------------------------
Vishwanath Nair at BloombergQuint reports that International
lender Standard Chartered Bank filed insolvency proceedings
against Essar Steel Ltd. at the National Company Law Tribunal
(NCLT) in Ahmedabad, three people familiar with the matter said.

According to BloombergQuint, the case was filed after the joint
lenders' forum decided to let State Bank of India (SBI) initiate
proceedings under the Insolvency and Bankruptcy Code, all three
said on the condition of anonymity.

By filing an insolvency case ahead of SBI, the international bank
has fast tracked the process, which will force all lenders
involved to enter discussions ahead of the decided timeline, the
report states. The lending consortium, in its last meeting, had
also agreed to appoint Alvarez & Marsal (India) Ltd as the
insolvency professional in the Essar Steel matter which will
replace the board till the resolution process is complete,
BloombergQuint dosc;pses.

SBI and Essar Steel did not immediately respond to separate email
queries sent by BloombergQuint, while a Standard Chartered Bank
spokesperson declined to comment.

SBI has filed insolvency cases against Monnet Ispat & Energy Ltd.,
Electrosteel Steels Ltd. and Jyoti Structures Ltd., BloombergQuint
had reported on June 27.

Incorporated in 1976, Essar Steel India Ltd. is a part of the
Essar Group and is having 10 MTPA integrated steel manufacturing
facilities at Hazira, Gujarat and iron ore beneficiation and
pelletisation facilities in Paradeep, Odisha (12 mtpa) and Vizag,
Andhra Pradesh (8 mtpa). The company also owns and operates two
iron ore slurry pipelines -- one each in Odisha (Dabuna to
Paradip) and Andhra Pradesh (Kirandul-Vizag), which transport the
iron ore slurry from the beneficiation plant (located near the
iron ore mines in Dabuna and Kirandul) to the pellet plant
(located near the Paradip and Vizag ports). A large portion of the
iron ore pellets produced are intended for captive consumption by
ESIL's steel plant at Hazira for cost optimization.


FREEZE EXIM: CRISIL Raises Rating on INR2MM Loan to B+
------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long term bank
facility of Freeze Exim (FE) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable,' and reaffirmed its 'CRISIL A4' rating on the short-term
facility.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting         2        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Packing Credit           6        CRISIL A4 (Reaffirmed)

The upgrade reflects CRISIL's expectation of sustained improvement
in the business risk profile, driven by growth in revenue,
operating margin, and cash accrual over the medium term. Revenue
has grown to INR39.3 crore in fiscal 2017, from INR36.77 crore in
fiscal 2016, while the operating margin has improved to around
2.74% from 1.92%, during the same period driven by improvement in
realisations. Financial risk profile has improved, aided by an
improvement in debt protection metrics. Better cash accrual, and
absence of debt or any major debt-funded capital expenditure
(capex) plans, will continue to support liquidity.

The ratings reflects the firm's modest scale of operations amidst
intense competition and exposure to risks inherent in the sea food
industry. These weaknesses are partially offset by the extensive
experience of the partners in the marine seafood industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations amidst intense competition:
Intense competition in the seafood export industry, from several
small players in coastal parts of India, and from neighbouring
countries such as Thailand, Malaysia, and Indonesia, and the
Middle East, has kept the scale of operations modest, as reflected
in operating income of around INR39.86 crore estimated in fiscal
2017, and limits the bargaining power with customers.

* Exposure to risks inherent in the seafood industry
The seafood export segment is marked by stringent regulations and
quality requirements. Several export destinations implement
regulations related to food safety and quality, from time to time.
Further, the demand scenario in these countries remains
susceptible to economic cycles.

Strengths

* Extensive experience of the partners in the marine seafood
industry
The two decade-long experience of the partners in the seafood
industry, team of management professionals, and established
relationships with clients and suppliers, leading to a steady flow
of orders and raw material, will continue to support the business
risk profile. The firm exports seafood, comprising squids, tuna,
cuttlefish, and other local deep sea varieties of fish, primarily
to the South-East Asian markets and China. Raw material sourced
from local suppliers is processed, frozen and packed, and
subsequently exported. The firm has a production capacity of
around 50 tonnes per day.

Outlook: Stable

CRISIL believes FE will continue to benefit from the extensive
experience of the partners. The outlook may be revised to
'Positive' if a significant increase in revenue and profitability,
strengthens the financial risk profile. The outlook may be revised
to 'Negative' if a decline in cash accrual, large, debt-funded
capex, or sizeable withdrawal by the partners, weakens the
financial risk profile.

FE, which was set up in 2000, processes and exports seafood such
as squid, tuna, and cuttlefish. Operations are managed by four
partners, Mr. K Aboobacker, Mr. Usman Koya, Mr. Abdul Kader, and
Mr. Faisal Sulaiman.

Net profit of INR0.37 crore was reported on revenue of INR39.86
crore in fiscal 2017, vis-a-vis INR0.35 crore and INR36.89 crore,
respectively, in fiscal 2016.


GVS PROJECTS: ICRA Reaffirms B+ Rating on INR7.0cr Loan
-------------------------------------------------------
ICRA Ratings has reaffirmed the long term rating of [ICRA]B+
assigned to the INR4.50 crore fund based facilities, INR7.00 crore
non fund based facilities and INR3.50 crore unallocated limits of
GVS Projects Private Limited. The outlook on rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based limits       4.50      [ICRA]B+(Stable); Reaffirmed
  Non fund based limits   7.00      [ICRA]B+(Stable); Reaffirmed
  Unallocated limits      3.50      [ICRA]B+(Stable); Reaffirmed

Rationale

As part of its process and in accordance with its rating agreement
with GVSPPL, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings, but
despite repeated requests by ICRA, the company's management has
remained non-cooperative. In the absence of requisite information,
ICRA's Rating Committee has taken a rating view based on best
available information. In line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the company's
rating is now denoted as: "[ICRA] B+(Stable) ISSUER NOT
COOPERATING". The lenders, investors and other market participants
may exercise appropriate caution while using this rating, given
that it is based on limited or no updated information on the
company's performance since the time it was last rated.

Key rating drivers

Credit strengths

  * Decade long experience of the promoters in the electrical
    Contracts

  * Established relationship with clients & timely execution
    of projects resulting in repeat orders

Credit weaknesses

  * Small scale of operations in the electrical and civil
    construction segment and relatively low complexity of
    contracts undertaken coupled with significant competitive
    pressures resulting in thin profitability indicators
  * Vulnerability of profitability to volatility in raw material
    prices mainly steel and copper as the contracts are mainly
    fixed priced in nature

  * High sectoral and geographic concentration risks with
    operations largely focused on electrical contracts for
    Eastern Power Distribution Company of Andhra Pradesh Limited,
    which resulted in revenue volatility in the past.

Description of key rating drivers:

The rating is constrained by GVS's small scale of operations in
the electrical and civil construction segment and the relatively
low complexity of contracts undertaken coupled with significant
competitive pressures resulting in thin profitability indicators.
The rating is further constrained by vulnerability of
profitability to volatility in raw material prices mainly steel
and copper as the contracts are mainly fixed priced in nature. The
rating also considers high sectoral and geographic concentration
risks with operations largely focused on electrical contracts for
'Eastern Power Distribution Company of Andhra Pradesh Limited',
which resulted in revenue volatility in the past. The rating is
however supported by decade long experience of the promoters in
the electrical contracts and the established relationship with
clients & timely execution of projects resulting in repeat orders.

Incorporated in 2003 by Mr. G. Balaji, Mrs. G. Sai Rathnam and Mr.
R. Sumanth, GVS Projects Private Limited (GVS) is a class-I
electrical and civil contractor in Andhra Pradesh executing
projects involving HT & LT substations, transmission lines,
external & internal electrification and underground cabling works
for government and private clients. The company also undertakes
civil construction works for substations, electrical control
buildings and other minor civil construction projects. The company
had an order book of INR69.73 crore as on October 31, 2015.


HEENA ENTERPRISES: CRISIL Lowers Rating on INR12MM Loan to 'B'
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Heena
Enterprises (HE) for obtaining information through letters and
emails dated January 24, 2017 and February 13, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              12       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Channel Financing         7       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

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

Detailed Rationale

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

HE was set up as a proprietorship concern in 1978 in Mumbai by Mr.
Bharat Kumar Bhuta. The firm trades in long steel product such as
thermo-mechanically treated bars. Its day-to-day operations are
managed by Mr. Bharat kumar Bhuta and his son, Mr. Bhavin Bhuta.


INDIAN FOODTECH: CRISIL Reaffirms 'D' Rating on INR7.5MM Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Indian
Foodtech Limited (IFL) for obtaining information through letters
and emails dated April 11, 2016 and December 23, 2016 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             7.5       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan               2.5       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

CRISIL has reaffirmed its rating on the long-term bank facilities
of IFL at 'CRISIL D (issuer not co-operating)'.The rating
continues to reflect delays by the company, in servicing the debt
obligation. CRISIL has held discussions with the bankers, who have
confirmed the ongoing delay.

IFL is a closely held public-limited company incorporated in 2010.
It processes and packages ready-to-eat, ready-to-cook, ready-to-
serve food and frozen peas under its own brand, Ruhils, and for
other brands also. The company is managed by Mr. Ashok Ruhil. It
has its processing plant in Bajpur (Uttarakhand) and started full
scale of operations in 2012-13 (refers to financial year, April 1
to March 31).


JAI HIND: CRISIL Assigns 'B' Rating to INR7.05MM Term Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable/CRISIL A4'
ratings to the bank facilities of Jai Hind Auto Tech Industries.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan             7.05        CRISIL B/Stable
   Bank Guarantee        1           CRISIL A4
   Cash Credit           1.75        CRISIL B/Stable

The ratings reflect a modest scale, due to the start-up nature, of
operations, large working capital requirement, and an average
financial risk profile. These weaknesses are partially offset by
the extensive experience of the partners in the plastics industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale, due to the start-up nature, of operations:
Commercial production started in October 2016. Hence revenue was
modest at around INR8.23 crore in fiscal 2017. Due to the start-up
nature of operations and intense competition, the scale of
operations is likely to remain modest over the medium term.

* Working capital-intensive operations: Gross current assets were
around 119 days, with debtors at 60 days and inventory at 25 days,
as on March 31, 2017. Credit of 60 days is offered to customers
but the receivables are often stretched on account of limited
bargaining power. Inventory of about one month is maintained
because sales are order backed.

* Moderate financial risk profile: Financial risk profile is
moderate, with high gearing of 2.64 times as on March 31, 2017,
and moderate debt protection metrics, with interest coverage ratio
at 2.71 times and net cash accrual to total debt ratio at 0.25
times for fiscal 2017.

Strengths

* Extensive experience of the promoters in the plastic industry:
JHAI is promoted by Mr. Puran Singh and his brother, Mr. Prittam
Singh. The partners have been in the plastic manufacturing
industry since more than two decades through other proprietorship
firms. The family's extensive experience has enabled the firm to
add a large customer like Tata Motors Ltd (rated 'CRISIL
AA/Positive/CRISIL A1+') to its client base.

Outlook: Stable

CRISIL believes JHAI will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised to
'Positive' in case of substantial growth in revenue and
profitability. The outlook may be revised to 'Negative' in case of
a considerable decline in revenue or profitability or significant
debt-funded capital expenditure, leading to deterioration in the
financial risk profile.

JHAI was established in 2016 as a partnership firm by Mr. Puran
Singh and his brother, Mr. Chetan Baghel. The firm manufactures
injection-moulded plastic components primarily for the automobile
industry at its unit in Udhamsingh Nagar, Uttarakhand.

JHAI reported a profit after tax of INR0.38 crore on net sales of
INR8.23 crore for fiscal 2017.


K.S. GRANITES: CRISIL Reaffirms 'D' Rating on INR20MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with K.S.
Granites (KS) for obtaining information through letters and emails
dated January 25, 2017 and February 14, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

CRISIL gave this rating:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              20       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 K.S. Granites. This restricts
CRISIL's ability to take a forward looking view on the credit
quality of the entity. CRISIL believes that the information
available for K.S. Granites 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 D'.

KS was set up as a partnership firm in 2009 by Mr. Mohammed Ali
and Mr. Mohammed Ismail. The firm undertakes quarrying and sale of
rough granite. It commenced commercial operations in December
2013.


KONNECTING INDIA: CRISIL Lowers Rating on INR12MM Loan to 'D'
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Konnecting
India (KI) for obtaining information through letters and emails
dated January 20, 2017 and February 10, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

CRISIL gave this rating:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              12       CRISIL D (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 Konnecting India. 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 Konnecting India 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 D' on account of delays in servicing interest and
obligations towards cash credit account.

KI, based in Mumbai and established in 2008 by Mr. Anmol Samat and
his mother Ms. Sapna Samat, trades in technical textile fabrics.


MEHTA BROTHERS: ICRA Reaffirms B+ Rating on INR35cr Loan
--------------------------------------------------------
ICRA Ratings has re-affirmed the long-term rating of [ICRA]B+
assigned to the INR35.00 crore bank facilities of Mehta Brothers
Gems Private Limited. The outlook assigned on the long-term rating
is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based Limits      35.00      [ICRA]B+(Stable); Re-affirmed

Rationale

The rating action is based on best available information. As part
of its process and in accordance with its rating agreement with
Mehta Brothers Gems Private Limited, ICRA has been trying to seek
information from the company to undertake a surveillance of
ratings; but despite multiple requests, the company's management
has remained non-cooperative. In the absence of the requisite
information, ICRA's Rating Committee has taken a rating view based
on the best available information. In line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the
company's rating is now denoted as: "[ICRA]B+(Stable) ISSUER NOT
COOPERATING". The lenders, investors and other market participants
may exercise appropriate caution while using this rating, given
that it is based on limited or no updated information on the
company's performance since the time it was last rated.

Key rating drivers

Credit strengths

  * Experience of promoters and directors spanning over four
    decades in the diamond industry

  * Sourcing of rough diamonds from the overseas associates
    provides efficiency in procurement

Credit weaknesses

  * Revenues remain susceptible to movements in foreign currency
    exchange rates in the absence of firm hedging mechanism;
    although risks partially offset by way of natural hedge

  * Susceptibility of margins to fluctuations in rough diamond
    Prices

  * High competition from both organized and unorganized players
    as inherent in the cut and polished diamond (CPD) industry

Description of key rating drivers:

MBGPL's product range comprises polished diamonds of size ranging
from 0.5 carats to 5 carats in various cuts and colours typically
certified from GIA, IGI and HRD. For sourcing of rough diamonds,
the company has established arrangements with its overseas
associates in Europe and Middle East which provides the company
with a wide variety as well as a stable supply of rough diamonds.

The company caters to the export as well as domestic markets with
exports accounting for the bulk of its revenues. The export driven
revenue profile highly exposes the company's operations to forex
fluctuation risks. The risk is accentuated in the absence of firm
hedging mechanism in place. However, the corresponding purchases
and sales in foreign currency act as a natural hedge to some
extent.

The diamond industry is very fragmented and is characterised by
severe competition. MBGPL not only faces stiff competition from
the dominant unorganised players but also from a few well
established organised players. However, MBGPL by virtue of its
presence in the diamond industry for over four decades has
developed good business relationships both on the customer as well
as the supplier front.

Mehta Brothers Gems Private Limited (MBGPL) was established in
1966 as a partnership firm by Mr. Dinesh Mehta & Mr. Jagdish
Mehta. In 2005, the entity's legal status was converted into a
private limited company. The company is engaged in the business of
manufacturing cut and polished diamond of size ranging medium to
high carat in different shapes and colour. The company has its
registered office at Mumbai and dedicated processing facilities at
Borivali and Goregaon in Mumbai.


MULTICOLOR STEELS: CRISIL Lowers Rating on INR25.5MM Loan to B+
---------------------------------------------------------------
CRISIL has been consistently following up with Multicolor Steels
India Private Limited for obtaining information through letters
and emails dated January 20, 2017 and February 10, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             10.5      CRISIL B+/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

   Letter of Credit        25.0      CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL A4+')

   Term Loan               25.5      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 Multicolor Steels 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 Multicolor Steels 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 downgraded the rating to 'CRISIL B+/Stable/CRISIL A4'.

Multicolor was set up in 2002 by Mr. Rajesh Gupta, Mr. Ashish
Gupta, and Mr. Deep Gupta. It provides construction solutions that
include metal roofing and cladding systems, wall cladding,
structural steel decks, fabricated steel structures, metal
ceilings, window coverings, and PEB structures. It has two
manufacturing facilities in Manesar (Haryana) and has recently set
up a unit in Bawal (Haryana). Roofing solutions are sold under the
Multi-Seam, Multi-Lock, Multi-Rib, Multi-Clad, and Multi-Vent
brands. PEB structures are sold under the Multi-Star PEB brand.


N I ENGINEERING: CRISIL Assigns B+ Rating to INR5.5MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of N I Engineering Technologies
Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      0.5       CRISIL B+/Stable
   Bank Guarantee          4.0       CRISIL A4
   Open Cash Credit        5.5       CRISIL B+/Stable

The rating reflects NIETPL's weak financial risk profile marked by
high gearing and weak debt protection metrics, and its working
capital intensive operations. These rating weaknesses are
partially offset by the extensive industry experience of NIETPL's
promoters.

Analytical Approach

Unsecured loans from promoters are treated as neither debt nor
equity as they are non-interest bearing and would remain in
business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile
The gearing is estimated at 2.77 times as on March 31, 2017. The
debt protection metrics are weak with cash accruals to total debt
ratio and interest coverage ratio are estimated at 0.07 times and
1.48 times for 2016-17.

* Working capital intensive operations
NIETPL's working-capital-intensive operations are reflected in its
estimated large gross current assets of about 357 days estimated
as on March 31, 2017. The working capital intensity is driven by
large inventory and moderate debtors.

Strengths

* Promoters' extensive experience
NETPL's promoters have extensive industry experience. Over the
years, the promoters' experience has enabled the company in
securing new orders and their successful execution.

Outlook: Stable

CRISIL believes that NIETPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
their funding support. The outlook may be revised to 'Positive' in
case of significant improvement in the company's scale of
operations and profitability, along with efficient working capital
management. Conversely, the outlook may be revised to Negative' if
NIETPL's financial risk profile weakens, most likely because of
lower-than-expected cash accruals, larger-than-expected working
capital requirements, or any unanticipated debt-funded capital
expenditure.

Incorporated in 2007, NIETPL manufactures fabricated items
primarily finding application in the mining, steel, cement and
power industries and in bulk material handling equipment.
Headquartered in Medak (Andhra Pradesh), NIETPL is promoted by Mr.
Mohammed Ayyub and Mr. Abdul Rashid Gaffer.

Provisional profit after tax (PAT) was INR15 lakh on revenue of
INR16 crore for fiscal 2017 against PAT of INR 13 lakh on revenue
of INR14.7 crore for fiscal 2016.


NATRAJ MOTELS: CRISIL Assigns 'D' Rating to INR5MM Term Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL D' rating to the long-term
bank facilities of Natraj Motels Private Limited (NMPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               5         CRISIL D
   Cash Credit             0.5       CRISIL D
   Proposed Long Term
   Bank Loan Facility      0.5       CRISIL D

The rating reflects instances of delay by the company in meeting
its term loan obligation on account of weak liquidity. Its cash
accrual has been insufficient to meet debt obligation because of
low revenue due to initial stage of operations and moderate
occupancy.

NMPL has high geographical concentration in revenue, and is
susceptible to cyclicality in the hospitality industry. However,
it benefits from its promoters' extensive industry experience.

Key Rating Drivers & Detailed Description

* Delay in meeting debt obligation
NMPL's cash accrual is insufficient to meet term debt obligation,
which is being met through unsecured loans from promoters. The
unsecured loan is estimated at INR5 crore as on March 31, 2017, in
line with the previous year. However, the support has not been
timely, resulting in delay in debt servicing.

Weakness

* Geographical concentration in revenue: NMPL operates only one
hotel in Aurangabad, Maharashtra, which limits growth in the
image-sensitive hospitality industry.

* Susceptibility to cyclicality in the hospitality industry: The
hotel industry is vulnerable to changes in domestic and global
economies.

Strengths

* Promoters' extensive industry experience: Mr. Kotgire, one of
the promoters of NMPL, has experience of over 2 decades through
real estate (commercial and residential) projects in Aurangabad
and is a part of the Disha group.

NMPL was established in 2007 by Aurangabad-based Mr. Kotgire and
his friends to set up a hotel in Aurangabad.

The company had a net loss of INR0.35 crore and operating income
of INR1.72 crore in fiscal 2016, against a net loss of INR0.42
crore and operating income of INR0.65 crore in fiscal 2015.


PARAMASIVAM PALANISAMY: ICRA Lowers Rating on INR23.8cr Loan to D
-----------------------------------------------------------------
ICRA Ratings has downgraded the long term rating assigned to the
INR23.80 crore fund-based facilities from [ICRA]B+ to [ICRA]D of
Paramasivam Palanisamy Charitable Trust.

                          Amount
  Facilities           (INR crore)     Ratings
  ----------           -----------     -------
  Fund-based facilities    23.80       [ICRA]D; Downgraded
                                       from [ICRA]B+

Rationale

The rating action is based on the continued delays in the Trust's
debt servicing. As part of its process and in accordance with its
rating agreement with PPCT, ICRA has been trying to seek
information from the company so as to undertake a surveillance of
the ratings, but despite repeated requests by ICRA, the company's
management has remained non-cooperative. In the absence of
requisite information, ICRA's Rating Committee has taken a rating
view based on best available information. In line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016,
the company's rating is now denoted as: "[ICRA]D ISSUER NOT
COOPERATING". The lenders, investors and other market participants
may exercise appropriate caution while using this rating, given
that it is based on limited or no updated information on the
company's performance since the time it was last rated.

Key rating drivers

Credit strengths

  * Promoters experience in the field of education

Credit weaknesses

  * Delays in repayment of debt obligations to the respective
    Banker

  * Intense competition in the region from established and
    upcoming players, puts pressure on the trust's ability to
    attract and retain students and qualified faculty

Description of key rating drivers:

PPCT runs four engineering colleges, three arts and science
colleges and a teachers training institute and promoters are well
experienced in the education industry. The trust had not serviced
repayment of term loans in the last six months on account of lack
of funds. The engineering colleges have operated with low
occupancies since FY15 on account of low demand for engineering
education across Tamil Nadu with low placement record and career
opportunities. Also, heavy competition from other colleges in the
region has impacted the top line. With higher supply than demand,
the top line is expected to remain low in the near to medium term.

Paramasivam Palanisamy Charitable Trust (PPCT / the trust) is a
registered trust, established on April 23, 1990. The trust, which
initially commenced operations with Maharaja Arts and Science
College, diversified into engineering sector and currently
operates four engineering institutions, two arts and science
college, a teacher training institute and bachelor of education
under it. The Colleges are located in two campuses - one near
Perundurai and in Avinashi.


PRANI AUTO: ICRA Lowers Rating on INR13cr Cash Loan to 'D'
----------------------------------------------------------
ICRA Ratings has revised the long term rating to [ICRA]D from
[ICRA]B+ assigned to INR13.00 crore cash credit facility, Rs.4.40
crore term loan and Rs.0.35 crore unallocated facilities of Prani
Auto Plaza Private Limited.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Fund-based-Cash        13.00        Revised to [ICRA]D from
  Credit                              [ICRA]B+

  Fund-based-Term         4.40        Revised to [ICRA]D from
  Loan                                [ICRA]B+

  Unallocated             0.35        Revised to [ICRA]D from
                                      [ICRA]B+

Rationale

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with Andhra Sinter Limited, ICRA has been trying to seek
information from the company so as to undertake a surveillance of
the ratings, but despite repeated requests by ICRA, the company's
management has remained non-cooperative. In the absence of
requisite information, ICRA's Rating Committee has taken a rating
view based on best available information. In line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016,
the company's rating is now denoted as: "[ICRA]D ISSUER NOT
COOPERATING". The lenders, investors and other market participants
may exercise appropriate caution while using this rating, given
that it is based on limited or no updated information on the
company's performance since the time it was last rated.

Prani Auto Plaza Private Limited was started as a partnership firm
in 2003 and was subsequently converted to a private limited
company in 2009. The company is the authorized dealer of passenger
vehicles of Tata motors limited (TML) in Anantapur and Kurnool
districts in Andhra Pradesh. The company opened its first showroom
in Ananthapur in 2003, followed by showrooms in Kurnool in 2007
and Nandyal in 2009. These three showrooms are located in the
company's own buildings. Additionally, the company opened
showrooms in Hindupur (2011) and Tadipatri (2012) on a lease
basis. In January 2013, it opened one more showroom in Tirupati as
the existing dealer in the district withdrew from the dealership.


PVM TECHNOLOGIES: CRISIL Assigns B+ Rating to INR4MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of PVM Technologies Private Limited
(PVM).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          4         CRISIL A4
   Cash Credit             4         CRISIL B+/Stable

The ratings reflect the company's modest scale of operations in a
competitive segment, geographical concentration in revenue, and
exposure to risk related to tender-based business. These
weaknesses are partially offset by the extensive experience of its
promoters in the civil construction industry and comfortable
financial risk profile.

Analytical Approach

For arriving at the ratings, unsecured loans from promoters have
been treated as neither debt nor equity as these loans are at a
lower than market interest rate and will remain in business.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations
With revenue of Rs10.2 crore in fiscal 2017 (up 16% year-on-year),
scale remains modest in the competitive civil construction
segment. Turnover is expected to grow at a moderate pace over the
medium term. Order book of Rs14.5 crore, to be executed in the
next 12-15 months, provides revenue visibility.

* Tender-based business
Since income depends on ability to bid successfully for tenders,
operating margin remains exposed to competitive pressure.
Profitability in each project is also subject to pricing,
availability of labour, machinery mobilisation, and adverse
weather and geological conditions.

Strengths

* Extensive experience of promoters
Presence of around two decades in the civil construction business
in Jodhpur has enabled the promoters to develop healthy
relationship with government departments and raw material
suppliers.

* Comfortable financial risk profile
Gearing was moderate at 1.47 times as on March 31, 2017, while
interest coverage ratio was comfortable at 1.7 times for fiscal
2017. Financial risk profile is expected to improve further over
the medium term with incremental accrual strengthening networth.

Outlook: Stable

CRISIL believes PVM will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may be
revised to 'Positive' in case of substantial growth in scale of
operations and cash accrual, while maintaining profitability and
working capital cycle. The outlook may be revised to 'Negative' in
case of weaker-than-expected working capital management, decline
in cash accrual due to fall in revenue, or significant
deterioration in profitability.

Established in 1998 by Mr. Bhagwat Singh Lodha, Mr. JS Lodha, Ms.
Vimla Lodha, and Ms. Parmila Lodha, PVM is a Class AA government-
approved contractor that undertakes public water supply and
irrigation projects for Public Health Engineering Department.

In fiscal 2017, net profit was INR0.13 crore on an operating
income of INR10.2 crore, against a net profit of INR0.15 crore on
an operating income of INR8.75 crore in fiscal 2016.


SAWARIYA INTERNATIONAL: CRISIL Ups Rating on INR7MM Loan to B+
--------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facility of Sawariya International Pvt Ltd (SIPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

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

The upgrade reflects improved business performance marked by
improvement in working capital cycle leading to a better capital
structure. Gross current asset days fell to 148 days as on
March 31, 2017, from 327 days as on March 31, 2015, resulting in
lower total outside liabilities to adjusted networth ratio. The
financial risk profile is expected to further improve with
expected equity infusion of INR3.7crore in fiscal 2018.

The rating continues to reflect a modest scale and low operating
profitability in the intensely competitive and fragmented textile
industry. These weaknesses are partially offset by its promoters'
extensive experience in the wholesale sari segment.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale in the highly fragmented industry
SIPL has remained a medium-sized player, as seen in revenue of
INR51.3 crore for fiscal 2017. Modest scale limits bargaining
power in the highly fragmented industry.

* Low operating profitability
SIPL trades in sarees and dress materials, and has low value
addition, resulting in modest operating margin at 1.7% for fiscal
2017.

Strength

* Promoters' experience, and extensive relationships with
suppliers and customers
The promoters, Mr. Mukund Kundra and Mr. Sumit Bodra, have over
eight years of experience in the wholesale sarees business. Their
strong relationships with suppliers and customers should continue
to support the business risk profile.

Outlook: Stable

CRISIL believes SIPL will continue to benefit over the medium term
from the promoters' extensive experience. The outlook may be
revised to 'Positive' if large cash accrual on account of scaling
up of operations or improved profitability or large capital
infusion strengthens the capital structure. Conversely, the
outlook may be revised to 'Negative' if stretch in the working
capital cycle leads to deterioration in the financial risk profile
or if scale of operations or profitability declines.

Incorporated in 2012, SIPL, promoted by Mr. Sumit Bodra and Mr.
Mukund Kurne, trades in saris and dress materials, and carries out
its operations in Surat (Gujarat).

Provisionally, profit after tax was INR0.31 crore on net sales of
INR51.3 crore in fiscal 2017, against INR0.15 crore and INR46.88
crore, respectively, in fiscal 2016.


SECURE INDUSTRIES: ICRA Raises Rating on INR18cr LT Loan to B
-------------------------------------------------------------
ICRA Ratings has upgraded the long-term rating from [ICRA]D to
[ICRA]B for the INR12.95-crore (enhanced from INR10.20 crore)
long-term loans and INR18.00-crore (enhanced from 4.00 crore)
long-term fund-based facilities of Secure Industries Private
Limited. ICRA has also upgraded the short-term rating from [ICRA]D
to [ICRA]A4 for the INR3.00-crore short-term interchangeable non-
fund based facilities of SIPL. The unallocated limit of INR1.05
crore has been rated on the long-term scale at [ICRA]B. The
outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Long-term Fund-        18.00        [ICRA]B(Stable); upgraded
  based Limit                         from [ICRA]D

  Long-term Loans        12.95        [ICRA]B(Stable); upgraded
                                      from [ICRA]D

  Long-term Inter-       (4.00)       [ICRA]B(Stable); upgraded
  changeable Limits                   from [ICRA]D

  Unallocated Limits      1.05        [ICRA]B(Stable); Upgraded
                                      [ICRA]D

  Short-term Inter-      (3.00)       [ICRA]A4; upgraded from
  changeable Limits                   [ICRA]D

Rationale

The ratings upgrade takes into account the regularisation of debt
servicing obligations by SIPL for the past six months. The ratings
also factor in the vast experience of the promoters with relevant
technical and marketing expertise in the caps and closure business
and engineering division, strong growth in revenues in the last
five years and favorable prospects for the beverages industry,
which is expected to aid growth for SIPL's caps and closures
business. The company also benefits from its location in southern
India, entailing lower freight costs because of proximity of the
manufacturing unit to some of the key customers in the beverages
industry. Additionally, its presence in South India is
advantageous since demand is less seasonal for beverages as
compared to North India. ICRA also takes note of the established
and reputed customer base of the company.

The ratings are, however, constrained by SIPL's leveraged capital
structure with a gearing of 2.24 times as on March 31, 2017, given
the debt-funded capex and enhancement in working capital
borrowings to fund the growth in business. The company's chief raw
material, polypropylene, being a crude oil derivative, is exposed
to volatility in prices of the same, nevertheless, with the
quarterly or monthly price revision clause in place with its
customers, the company is protected to a considerable extent. ICRA
also notes the highly fragmented nature of the plastic caps and
closure industry, which restricts the pricing flexibility to an
extent.

Going forward, the growth in SIPL's revenues will be driven by the
demand for the closures manufactured. The company's operating
profits would remain vulnerable to the intensely competitive
pressure prevailing in the industry as well as to the adverse
movements in prices of raw materials to an extent.

The company's ability to scale up its operations and attain
optimum capacity utilisation, maintain stable profit margins and
infusion of funds to support the capital structure, would remain
critical from a credit rating perspective. ICRA also notes the
susceptibility of the company's profitability to the fluctuations
in foreign exchange rates as most of the procurement is import-
dominated.

Key rating drivers

Credit strengths

  * Extensive experience of the promoters for more than two
    decades in the packaging industry; promoters were earlier
    associated with Hitesh Plastics Private Ltd (rated
    [ICRA]BBB+/stable/A2+)

  * Lower freight costs because of proximity of the factory to
    key customers; presence in South India where demand is less
    seasonal for beverages as compared to North India

  * Consistent increase in revenues in the past five years
    supported by healthy demand for the products; bright
    prospects for the beverages industry to aid growth for
    the caps and closures business going ahead

  * Established association with some of the well reputed players
    in the beverage industry leads to repeat business

Credit weaknesses

  * Delays in debt servicing track record, despite the account
    having been regular in the recent past

  * Decline in profit levels, leveraged capital structure given
    the ongoing debt-funded expansion and increase in working
    capital requirements to attain higher growth

  * Ability to manage volatility in raw material prices is
    critical, since the extent of value addition involved in
    the manufacturing process is limited, partly offset by
    quarterly or monthly price revision clauses

  * Highly fragmented industry with low entry barriers

Description of Key Rating Drivers:

SIPL ventured into manufacturing of caps/closures in FY2013. The
company caters to the beverages industry (comprising bottled
water, carbonated soft drink and fruit juices), which forms a
major chunk of the plastic caps and closures market. Since FY2013,
the company reported a consistent increase in the topline
supported by the healthy demand for the closures manufactured.
SIPL reported healthy operating profit margins (OPM) until FY2016,
however, in FY2017 the OPM declined to 14.96% from 23.46% in
FY2016 because of the increase in raw material consumption costs
vis-a-vis a decline in average sales realisations in FY2017 on
account of the product diversification.

Further, bad debts of INR1.27 crore were written off in FY2017,
which has put pressure on the operating profit levels. Despite
good growth, the plastic caps and closures market is highly
competitive due to the fragmented nature of the market since
barriers to entry are low. Increase in absolute debt levels on the
back of debt-funded capital expansion from FY2013 onwards and the
company's increasing working capital requirements vis-a-vis the
increase in turnover, funded by borrowings also contributed to the
increased debt levels. The capital structure stood leveraged at
2.24 times as on March 31, 2017. Furthermore, the primary raw
material, polypropylene, being a crude oil derivative, exposes
SIPL to the risk of volatility in prices of the same, however,
with the quarterly price revision clause in place with its
customers, the company is protected to a considerable extent.

Nonetheless, the management's vast experience of more than two
decades in the industry has enabled the company to leverage its
established relationships with suppliers as well as customers.
Long term association with some of the leading players in the
beverages industry such as, Hindustan Coca Cola Beverages Pvt.
Ltd., Bisleri International Pvt. Ltd., Kandhari Beverages Pvt.
Ltd. and others have resulted in repeat business. Further, the
favourable location of the manufacturing unit with proximity to
various major bottling plants has led to lower transportation
costs for the company.

Secure Industries Private Limited (SIPL) was originally
established as Plenco Polymers Private Limited on November 16,
1999, and remained dormant for a decade and started operations
during FY2009. The company's name was changed to Secure Industries
Private Limited on October 15, 2011. Until FY2013, SIPL was
primarily involved in providing technical service to bottling and
capping lines and supplying consumable parts to bottling lines,
which are designed and developed by SIPL. During FY2013, SIPL
ventured into manufacturing of caps/closures. End use of closures
is for PET bottles used in carbonated soft drinks (CSD), fruit
juices and bottled water. The company's factory is located at
Hyderabad, Telengana thus providing access to the vast south
Indian market and also large parts of western and northern market.
The unit has a capacity to manufacture 238.40 crore units per
annum and it is operating at ~80% utilisation level at present.
SIPL's group concern, Marke Precitech Private Limited, designs and
manufactures the moulds used by SIPL for manufacturing of
closures.

In FY2016, SIPL reported a net profit of INR5.11 crore on an
operating income of INR60.37 crore, as compared to a net profit of
INR3.39 crore on an operating income of INR44.27 crore during the
previous year. On a provisional basis, the company reported a net
profit of INR2.15 crore on an operating income of INR84.48 crore
during FY2017.


SHIV JYOTI: CRISIL Lowers Rating on INR4.5MM Cash Loan to 'D'
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shiv Jyoti
Furnace Private Limited (SJFPL) for obtaining information through
letters and emails dated January 20, 2017 and February 10, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

CRISIL gave these ratings:

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

   Long Term Loan          1.75      CRISIL D (Issuer Not


   Proposed Long Term      3.75      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded
                                     from 'CRISIL B/Stable')

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

Detailed Rationale

CRISIL has downgraded the rating to 'CRISIL D/Issuer Not
Cooperating' from 'CRISIL B/Stable' as the banker has confirmed
that there are current delays in debt repayment obligations.

Incorporated in 2010 by Mr. Harikishan Goel and Mr. Gurvinder
Garg, SJFPL manufactures mild steel ingots. Its manufacturing
facility is in Abu Road (Rajasthan).


SHREE NIWAS: CRISIL Assigns 'B' Rating to INR6.0MM LT Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facilities of Shree Niwas Cold Storage - Hojai
(SNCS).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      .75       CRISIL B/Stable

   Cash Credit            3.15       CRISIL B/Stable

   Long Term Loan         6.00       CRISIL B/Stable

The rating reflects SNCS's small scale of operations in a highly
fragmented industry.  This weakness is partially offset by the
benefits that SNCS derives from the extensive experience of its
promoters in the trading of fruits and vegetables.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations in a highly fragmented industry: The
company started its operations in April 2017, for cold storage of
fruits and vegetables and is expected to have small scale of
operations. The cold chain industry in India is highly fragmented
with the unorganized segment having an estimated share of around
80-85 per cent of the total cold storage capacity.

Strengths

* Extensive experience of promoters in the trading industry:
The business risk profile is strengthened by the promoters'
extensive experience. They have a track record of almost two
decades which will help forge established relations with suppliers
and customers.

Outlook: Stable

CRISIL believes the company will continue to benefit from its
extensive experience of promoters in agro trading business. The
outlook may be revised to 'Positive' if the company reports
substantial growth in revenue, and stable profitability and
financial risk profile. The outlook may be revised to 'Negative'
if lower-than-expected growth in revenue and accrual, or any
major, debt-funded capital expenditure, weakens the financial risk
profile.

SNCS was incorporated in 2014 and started its operation from April
2017, promoted by Mr. Shyam Kumar Shah, Mr. Niranjan Kumar Shah
and Mr. Srikanth. It is engaged in cold storage business and
trading of Agro commodity such as Potato, carrot, Chana, Jaggery
etc.


SHREE RAM: CRISIL Assigns B- Rating to INR5.44MM Term Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable' rating to the
long-term bank facilities of Shree Ram Rayon (SRR).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              5.44       CRISIL B-/Stable
   Cash Credit            4.25       CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility      .21       CRISIL B-/Stable

The rating reflects the firm's weak financial risk profile because
of small networth that has eroded because of losses, leveraged
capital structure, weak debt protection metrics, and stretched
liquidity. The rating also factors modest revenue, improving, yet
modest operating margins and large working capital requirement.
These weaknesses are partially offset by its partner's experience
in the textile and chemical industries.

Analytical Approach

For arriving at the rating, CRISIL has treated SRR's unsecured
loan of INR0.22 crore as on March 31, 2016, received from its
directors, shareholders, and relatives as neither debt nor equity,
as the loans are likely to remain in the business over the medium
term.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile and low cash accrual vis-a-vis term
debt obligation:  The networth is estimated at about INR1 crore as
on March 31, 2017, and fell from INR3.3 crore as on March 31,
2015, because of losses in fiscals 2016 and 2017. Resultantly,
leverage has been aggressive, with gearing estimated at over 8
times as on March 31, 2017. Debt protection metrics are also weak
because of losses.

Cash accrual has been inadequate to meet debt obligation and the
firm has relied on promoters' support to meet its fund
requirements. Increase in revenue and profitability, and
generation of adequate cash accrual, remain critical factors.

* Modest scale of operations and profitability:  Scale of
operations remained modest. Revenue declined to INR19.60 crore in
fiscal 2017 from INR23.74 crore in fiscal 2016, primarily due to
competition and impact of demonetisation. Although, operating
profitability is improving since last 2 fiscals through 2017, it
remained modest and is expected at 5-7% over the medium term.

* Working capital-intensive operations:  Gross current assets are
estimated at 151 days as on March 31, 2017, driven by receivables
and inventory of 115 days and 27 days, respectively.

Strengths

* Extensive industry experience of the partners:  The partners
experience of over a decade in the textile and chemical industries
through other firms will continue to support SSR's business risk
profile. Continued fund support from the partners remains critical
over the medium term.

Outlook: Stable

CRISIL believes SRR will benefit from its partners extensive
industry experience. The outlook may be revised to 'Positive' if
there is a significant increase in revenue and profitability,
leading to higher-than-expected cash accrual. The outlook may be
revised to 'Negative' if lower-than-expected accrual or stretch in
working capital cycle weakens the financial risk profile,
especially liquidity.

Established in July 2014, SRR is a partnership firm promoted by
Surat, Gujarat-based Patodia family. It is engaged in sizing and
warping of filament yarn. Its processing facility at Surat has
installed capacity of 500 tonne per month.

Revenue was INR23.74 crore and net loss was INR0.72 crore in
fiscal 2016, against revenue of INR16.78 crore and net profit of
INR0.16 crore in fiscal 2015.


SHREEHARI ASSOCIATES: CRISIL Reaffirms D Rating on INR25.95M Loan
-----------------------------------------------------------------
CRISIL ratings on the bank facilities of Shreehari Associates
Private Limited (SAPL) continues to reflect delays in servicing
interest obligation on term loan on account of weak liquidity and
working capital intensive operations. These weaknesses are
partially offset by SAPL established market position in the civil
construction industry and healthy outstanding orders leading to
high revenue visibility for the medium term.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              28       CRISIL D (Reaffirmed)
   Letter Of Guarantee      20       CRISIL D (Reaffirmed)
   Letter of Credit          5       CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       25.05    CRISIL D (Reaffirmed)
   Term Loan                25.95    CRISIL D (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Irregularities in servicing interest and principal payments of
term loan: Stretched liquidity because of delayed receivables led
to irregularities in servicing interest and principal on term loan
availed, and overutilisation of cash credit limit due to
devolvement of letter of credit.

Strength

* Extensive experience of promoters and their funding support:
Nearly 2 decades of presence in the industry has enabled the
promoters to successfully execute projects. Orders worth INR250
crore are to be executed over the next 2 years.

SAPL, incorporated in 2000, is promoted by Mr. Sacheen Madhukar
Mulay and Mr. Madhukar Haribhau Mulay. The company was formed to
take over the business of a partnership firm, Shreehari
Associates, which was set up in 1997.

SAPL undertakes civil construction activities in the irrigation
segment and construction of commercial and industrial buildings
for both government departments and private sector companies. Its
registered office is in Aurangabad (Maharashtra). SAPL is
constructing three hydropower generation projects for the
Government of Maharashtra, and two sports complexes for Aurangabad
Municipal Corporation on build-operate-transfer basis.

Profit after tax was INR1.02 crore on net sales of INR63.7 crore
in fiscal 2016 as against INR7.04 crore and INR81.7 crore in
fiscal 2015.


SHUBH SANDESH: CRISIL Assigns B+ Rating to INR20MM Term Loan
------------------------------------------------------------
CRISIL Ratings has assigned 'CRISIL B+/Stable' rating to the long-
term bank facility of Shubh Sandesh Health Care LLP (SSHC).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                20       CRISIL B+/Stable

The rating reflects SSHC's exposure to risks related to timely
completion of and ramp-up from its ongoing hospital project. The
rating also factors in SSHC's expected below-average financial
risk profile due to the large debt-funded capital expenditure
(capex). These weaknesses are partially offset by the partners'
extensive experience in healthcare industry in Amravati
(Maharashtra).

Key Rating Drivers & Detailed Description

Weakness

* Extensive experience of partners: Benefits from the partners' 25
years of experience as medical practitioners and running a small
hospital in Amravati, should support business risk profile over
the medium term.

Strengths

* Exposure to risks related to timely completion of, and ramp-up
from ongoing hospital project: The hospital is in the initial
stages of construction and its completion as per schedule would
depend on the timely infusion of funds by the partners and
disbursal of bank loans. Furthermore, the ramp-up in operations
post commencement will also remain a key sensitivity factor.

* Expected below-average financial risk profile: Financial risk
profile is expected to be below average due to expected modest
networth of INR6 crore and high gearing of over 4 times for fiscal
2018 owing to the large ongoing debt-funded capex for setting up
the hospital.

Outlook: Stable

CRISIL expects SSHC to benefit from the partners' extensive
industry experience. The outlook may be revised to 'Positive' if
the firm generates sizeable cash accruals on the back of timely
completion ongoing project within budgeted cost. The outlook may
be revised to 'Negative' if time or cost overruns on the project
or delay in ramp-up of operations weakens financial risk profile,
especially liquidity.

Incorporated in November 2014, SSHC is setting up a 125-bed multi-
specialty hospitalat Amravati, which is expected to commence
operations from April 2018.


SORT INDIA: ICRA Lowers Rating on INR8cr Loan to B+
---------------------------------------------------
ICRA Ratings has downgraded the long-term rating assigned to the
INR8.00-crore Non-convertible Debentures (NCD) of Sort India
Enviro Solutions Ltd. to [ICRA]B+ from [ICRA]BB-. The outlook on
the long-term rating has been revised from Stable to Negative.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Non-convertible         8.00       Downgraded to [ICRA]B+
  Debentures                         (Negative) from [ICRA]BB-
                                     (Stable)

Rationale

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with SIESL, ICRA has been seeking information from the company so
as to undertake a ratings surveillance and has also sent repeated
reminders to the company for the payment of surveillance fee that
became overdue. However, the company's management has remained non
cooperative despite repeated requests by ICRA. In the absence of
the requisite information, ICRA's Rating Committee has taken a
rating view based on the best available information. In line with
SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, the company's rating is now denoted as:
"[ICRA]B+ (Negative) ISSUER NOT COOPERATING". The lenders,
investors and other market participants may exercise appropriate
caution while using this rating, given that it is based on limited
or no updated information on the company's performance since the
time it was last rated.

Key rating drivers

Credit strengths

  * Extensive experience of the promoters in the recycling
    Industry

Credit weaknesses

  * Competitive pressures from various unorganised players in
    the industry

  * High debt funding and the corresponding repayments on NCDs
    weaken debt and interest coverage metrics

  * Financial risk profile characterised by moderate scale of
    operations, profitability and coverage indicators

  * Working-capital intensive nature of operations

Description of key rating drivers

The company collects recyclables from various sources, such as
households, companies, banks, retailers, and local waste pickers.
The recyclables are then manually sorted into different categories
and sold to various recycling units. The company's warehouse is at
Vadodara. The promoters have extensive experience in the recycling
industry. The prospects of the Indian waste-recycling industry are
favourable owing to change in lifestyles, consumption habits and
rising urbanisation.

The rating, however, is constrained by strong competition from
unorganised players in the industry and threat of new entrants on
account of the low value-additive nature of SIESL's operations.
ICRA notes that SIESL's debt-servicing indicators are expected to
remain stretched as it has issued NCDs at a high coupon rate. The
company's financial risk profile is characterised by a moderate
scale of operations and profitability, working capital intensity
and modest coverage indicators.

Incorporated in January 2010, SIESL is engaged in collecting and
sorting of paper recyclables in the major cities of Gujarat,
namely Vadodara, Ahmedabad, Surat, Mehsana, Rajkot, Anand and
Nadiad. The company is promoted by Mr. Paresh Parekh and other
relatives. It has a wholly-owned subsidiary, Surat Recycling India
Limited (SRIL), which is in the same line of business and caters
to the region of Surat.


SPARTAN ENGINEERING: ICRA Assigns B+ Rating to INR29.48cr Loan
--------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the
INR29.48-crore fund-based facilities and the short-term rating of
[ICRA]A4 assigned to the INR14.00-crore non-fund based facilities
and INR0.02-crore unallocated limits of Spartan Engineering
Industries Private Limited. The outlook on the long-term rating is
Stable.

                         Amount
  Facilities           (INR crore)     Ratings
  ----------           -----------     -------
  Fund Based Limits        29.48       [ICRA]B+(Stable); Assigned
  Non-Fund Based Limits    14.00       [ICRA]A4; Assigned
  Unallocated Limits        0.02       [ICRA]A4; Assigned

Rationale

The assigned ratings take into account the experience of the
promoter/director of Spartan in the construction-equipment
business, the reputed customer base in the real estate and
construction industries and its wide geographical presence in
India.

The ratings, however, are constrained by the company's stressed
financial profile, which is characterised by declining revenues,
inadequate coverage metrics and an adverse capital structure.
While continued net losses from FY2014 to FY2016 led to a sharp
decline in the net worth base, the company's liquidity position is
strained owing to significantly overdue receivables and inventory
holding, leading to high reliance on external working capital
borrowings. The ratings also take into account the company's
exposure to the cyclicality associated with the real estate and
infrastructure sectors, which are the main consuming sectors of
the company's products and the competition from the organised and
unorganised players in the industry.

In the light of revenue growth and profitability recorded in
FY2017, the company's ability to sustain profitability and scale
up operations along with prudent working capital management,
primarily debtors collection, would remain critical from the
credit perspective. The company's ability to limit external
funding to meet cash-flow mismatches, improve capital structure
and debt metrics remain important from the credit-profile
perspective. Its ability to raise funds for business requirements
through sale of defunct manufacturing units will be closely
monitored.

Key rating drivers

Credit strengths

  * Experienced promoter/directors in the construction equipment
    Business

  * Reputed customer base in the real estate and construction
    industry, wide geographical presence

Credit weaknesses

  * Weak financial profile characterised by declining revenues,
    net losses and inadequate coverage metrics; nevertheless,
    recovery in revenue growth and profitability seen in FY2017

  * Low net-worth base on account of losses incurred during
    FY2014-FY2016, leading to an adverse capital structure

  * Strained liquidity position due to significantly overdue
    receivables and inventory holding, leading to high reliance
    on external working capital borrowings

  * Exposure to the cyclicality associated with the real estate
    and infrastructure sectors, which are the main consuming
    sectors of the company's products

  * Intense competition from organised as well as unorganised
    players

Description of key rating drivers

Incorporated in 1998 and promoted by Mr. Mahendra Mehta, Spartan
started operations in 2006. Mr. Mahendra Mehta, a mechanical
engineer by profession, is the founder and chairman of the
company. His son, Mr. Vikram Mehta, currently handles the overall
business operations. Spartan's domestic customer profile includes
some large players from the real estate and construction
industries. The company markets its construction equipment under
the brand names 'Gladiator', 'Sky Climber', 'Aviator' and
'Hercules', which enjoy moderate market recognition. Its
established relationships with many of its suppliers facilitate
favourable pricing terms as well as timely delivery. However, the
company's ability to procure raw materials at competitive prices
and to pass on any adverse fluctuations in the same to customers
continues to be a key determinant of profitability.

The construction equipment industry, wherein Spartan operates, is
characterised by intense competition both from unorganised players
as well as organised and multinational manufacturers. ICRA also
notes that the company's operating scale remains range bound
despite it having been operational for over a decade. Its
operating scale has also declined over the last few years owing to
various factors, including stiff competition that has heightened
its vulnerability to adverse economic and demand conditions and
cyclicality.

During the period under study, the company's operating income has
remained volatile. A growth impediment was the shutdown of Atgaon
unit, which closed operations in 2013 due to labour issues.
Subsequently, the company rented out a facility in Ambernath,
wherein it carries out its manufacturing operations at present.
The company's defunct factories in Kalwa and Atgaon have been put
up for sale, which is expected to benefit it in terms of reduced
interest payouts on lower levels of working capital borrowings and
term funding. It will also eliminate the fixed-factory overheads
that Spartan was incurring on the two factory units. However, its
ability to fetch the anticipated sales proceeds and infuse
unsecured loans remains to be seen.

Spartan manufactures passenger and material hoists, bar-cutting
and bar-bending machines used in construction activities. It also
trades in imported construction equipment, such as rope suspended
platforms, rack and pinion hoists, tower cranes, wire hoists and
spares. The company has branch offices in Ahmedabad, Bangalore,
Chennai, Hyderabad, Kolkata, New Delhi, Noida and Pune. Based at
Andheri, Mumbai, the company's manufacturing activities are
carried out from two rented manufacturing facilities at Ambernath
in the outskirts of Mumbai.


SRI MAHARAJA: ICRA Lowers Rating on INR33.75cr Loan to D
--------------------------------------------------------
ICRA has downgraded the long term rating assigned to the INR5.00
crore1 fund-based facilities from [ICRA]B+ to [ICRA]D of Sri
Maharaja Industries. ICRA has also downgraded the short term
rating assigned to the INR33.75 crore non fund-based facilities of
the firm from [ICRA]A4 to [ICRA]D.

                          Amount
  Facilities           (INR crore)     Ratings
  ----------           -----------     -------
  Fund-based facilities     5.00       [ICRA]D; Downgraded from
                                       [ICRA]B+

  Non fund-based           33.75       [ICRA]D; Downgraded from
  Facilities                           [ICRA]A4

Rationale

The rating action is based on the continued delays in the firm's
debt servicing. As part of its process and in accordance with its
rating agreement with SMI, ICRA has been trying to seek
information from the company so as to undertake a surveillance of
the ratings, but despite repeated requests by ICRA, the company's
management has remained non-cooperative. In the absence of
requisite information, ICRA's Rating Committee has taken a rating
view based on best available information. In line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016,
the company's rating is now denoted as: "[ICRA] D ISSUER NOT
COOPERATING". The lenders, investors and other market participants
may exercise appropriate caution while using this rating, given
that it is based on limited or no updated information on the
company's performance since the time it was last rated.

Key rating drivers

Credit strengths

  * Experienced promoters with established track record of
    operations in the industry for over five decades

Credit weaknesses

  * Delays in repayment of debt obligations to the respective
    Banker

  * Change in regulatory policies like change in duty structure
    of edible oils and palm oil derivatives affect the revenue
    growth and accruals

Description of key rating drivers:

The firm is engaged in trading of edible oils and the promoters
have over five decades of experience in the industry. The firm has
discontinued its operations in September 2016 on account of
industry pressure resulting in constrained liquidity and delays in
debt servicing. The firm, in the period during last six months,
had devolved letter of credit for more than 90 days.

Established in 1996 by Mr.K.Paramasivam, SMI is engaged in trading
of refined, bleached and deodorized (RBD) Palm oil. Based out of
Erode (Tamil Nadu), the entity sells refined palm oil to
wholesalers across Southern states such as Tamil Nadu, Andhra
Pradesh and Kerala. Besides this, the entity also operates a
theatre and theme park (facilities leased from Maharaja Theme
Parks Private Limited, associate entity) in Erode. The entity has
discontinues its business operation since September 2016.


SRI MAHARAJA OIL: ICRA Lowers Rating on INR55cr Loan to 'D'
-----------------------------------------------------------
ICRA has downgraded the long term rating assigned to the INR14.00
crore fund-based facilities from [ICRA]BB- with a stable outlook
to [ICRA]D of Sri Maharaja Oil Imports and Exports Private
Limited. ICRA has also downgraded the short term rating assigned
to the INR55.00 crore non fund-based of the firm from [ICRA]A4 to
[ICRA]D. ICRA has also downgraded the rating assigned to the
INR1.00 crore unallocated limits from [ICRA]BB-(Stable)/[ICRA]A4
to [ICRA]D.

                          Amount
  Facilities           (INR crore)     Ratings
  ----------           -----------     -------
  Fund-based facilities     14.00      [ICRA]D; Downgraded from
                                       [ICRA]BB- (Stable)

  Non fund-based            55.00      [ICRA]D; Downgraded from
  facilities                           [ICRA]A4

  Unallocated                1.00      [ICRA]D; Downgraded from
                                       [ICRA]BB-(Stable/[ICRA]A4

Rationale

The rating action is based on the continued delays in the firm's
debt servicing. As part of its process and in accordance with its
rating agreement with SMOIEPL, ICRA has been trying to seek
information from the company so as to undertake a surveillance of
the ratings, but despite repeated requests by ICRA, the company's
management has remained non-cooperative. In the absence of
requisite information, ICRA's Rating Committee has taken a rating
view based on best available information. In line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016,
the company's rating is now denoted as: "[ICRA] D ISSUER NOT
COOPERATING". The lenders, investors and other market participants
may exercise appropriate caution while using this rating, given
that it is based on limited or no updated information on the
company's performance since the time it was last rated.

Key rating drivers

Credit strengths

  * Promoters extensive experience in edible oils refining
    business spanning over five decades

Credit weaknesses

  * Delays in repayment of debt obligations to the respective
    Banker

  * Change in regulatory policies like change in duty structure
    of edible oils and pa oil derivatives affect the revenue
    growth and accruals

Description of key rating drivers:

The firm is engaged in trading of edible oils and the promoters
have over five decades of experience in the industry. The firm has
discontinued its operations in September 2016 on account of
industry pressure resulting in constrained liquidity and delays in
debt servicing. The firm, in the period during last six months,
had devolved letter of credit for more than 90 days.

SMOIEPL is engaged in trading of RBD palm olein and caters
predominantly to the South Indian market. SMOIEPL incorporated in
1991 as 'Sri Maharaja Dyeing and Processing Private Limited', (a
dyeing company) was changed to 'Sri Maharaja Oil Imports and
Exports India Private Limited' in 2011-12, in-line with change in
business activity (trading). Based out of Erode (Tamil Nadu), the
company is managed by Mr. K. Paramasivam and his son Mr. P.
Sathyamoorthy. SMOIEPL is a part of the Maharaja group, a
diversified business group based in Erode (Tamil Nadu) with
presence in sectors including edible oil trading / refining,
textiles, educational institutions, hospitality and entertainment.
The entity has discontinues its business operation since September
2016.


SRI MAHARAJA REFINERIES: ICRA Cuts Rating on INR39.38cr Loan to D
-----------------------------------------------------------------
ICRA has downgraded the long term rating assigned to the INR10.00
crore fund-based facilities from [ICRA]B+ to [ICRA]D of Sri
Maharaja Refineries. ICRA has also downgraded the short term
rating assigned to the INR39.38 crore non fund-based facilities of
the firm from [ICRA]A4 to [ICRA]D.

                          Amount
  Facilities           (INR crore)      Ratings
  ----------           -----------      -------
  Fund-based facilities     10.00       [ICRA]D; Downgraded from
                                        [ICRA]B+

  Non fund-based            39.38       [ICRA]D; Downgraded from
  Facilities                            [ICRA]A4

Rationale

The rating action is based on the continued delays in the firm's
debt servicing. As part of its process and in accordance with its
rating agreement with SMR, ICRA has been trying to seek
information from the company so as to undertake a surveillance of
the ratings, but despite repeated requests by ICRA, the company's
management has remained non-cooperative. In the absence of
requisite information, ICRA's Rating Committee has taken a rating
view based on best available information. In line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016,
the company's rating is now denoted as: "[ICRA] D ISSUER NOT
COOPERATING". The lenders, investors and other market participants
may exercise appropriate caution while using this rating, given
that it is based on limited or no updated information on the
company's performance since the time it was last rated.

Key rating drivers

Credit strengths

  * Experienced promoters with established track record of
    operations in the industry for over five decades

Credit weaknesses

  * Delays in repayment of debt obligations to the respective
    Banker

  * Change in regulatory policies like change in duty structure
    of edible oils and pa oil derivatives affect the revenue
    growth and accruals

Description of key rating drivers:

The firm is engaged in trading of edible oils and the promoters
have over five decades of experience in the industry. The firm has
discontinued its operations in September 2016 on account of
industry pressure resulting in constrained liquidity and delays in
debt servicing. The firm, in the period during last six months,
had devolved letter of credit for more than 90 days.

Established in 1996 by Mr.K.Paramasivam, SMI is engaged in trading
of refined, bleached and deodorized (RBD) Palm oil. Based out of
Erode (Tamil Nadu), the entity sells refined palm oil to
wholesalers across Southern states such as Tamil Nadu, Andhra
Pradesh and Kerala. Besides this, the entity also operates a
theatre and theme park (facilities leased from Maharaja Theme
Parks Private Limited, associate entity) in Erode. The entity has
discontinues its business operation since September 2016.


SRV KNIT: CRISIL Reaffirms B+ Rating on INR7.5MM Cash Loan
----------------------------------------------------------
CRISIL's rating on the bank facilities of SRV Knit Tech Private
Limited (SRV) continue to reflect the modest scale of and working
capital-intensive operations. The rating weaknesses are partially
offset by the promoter's extensive experience in the ready-made
garments industry, and its established relationships with
customers.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            7.5       CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations
The modest scale of operations is reflected in the operating
income of INR19.05 crores as on March 31, 2016. The readymade
garment industry is highly fragmented, across few organised
players and several unorganised players. Despite having a diverse
product portfolio including cotton garments, a significant portion
of revenue comes from woollen clothing, leading to seasonality in
the revenue profile.

* Working-capital-intensive operations
The highly working capital-intensive operations are driven by the
large inventory holding period. The company had large GCAs of 220
days as on March 31, 2015. Customers are offered a credit period
of about two months, while inventory is maintained for about four
months. The large working capital requirement is primarily funded
by the bank limit.

Strengths

* Improved financial risk profile
Moderate cash accrual helped net worth improve to INR3.95 crores
as on March 31, 2016, and strengthened the financial risk profile.
The gearing stood at 2.4 times as on March 31, 2016, due to
moderate increase in net worth and lower utilisation of the
working capital facility. Average profitability and healthy debt
protection metrics further support the financial risk profile. The
interest coverage and net cash accruals to total debt ratios stood
at 2.07 times and 0.15 time, respectively, as on March 31, 2016.
Stable accretion to reserve should help the financial risk profile
improve over the medium term.

* Extensive experience of promoter in readymade garments industry
The Khanna family has extensive experience of over a decade in the
garment manufacturing business. The family also manages other
entities such as Suresh Woollen Mills and Khanna Spinning Mills.
It caters to leading companies such as Aditya Birla Nuvo Ltd,
Arvind Lifestyle Brands Ltd, Benetton India Pvt Ltd, Color Plus
Fashion Ltd, among others. CRISIL expects moderate growth in scale
of operations, supported by the company's established market
position.

Outlook: Stable

CRISIL believes SRV will continue to benefit over the medium term
from its established market position, and its promoter's extensive
industry experience. The outlook may be revised to 'Positive' in
case of a significant increase in revenue, along with sustained
improvement in profitability margin and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in operating margin or debt protection metrics, or a
significant stretch in working capital cycle.

Incorporated in 2000, SRV manufactures ready-made cotton and
woollen garments for several leading brands. The company is
promoted by Mr. Akhil Khanna, a Delhi-based entrepreneur. It has
its manufacturing facility in Bengaluru.

SRV generated net sales of INR18.67 crores in 2015-16 (Refers to
financial year from 1st April 2015 to 31st March 2016) with Profit
after Tax of INR0.76 crores during the same period as compared to
INR15.80 crores in 2014-15 with profit after tax of INR0.56 crores
during the same period.


SURYA INDUSTRIES: CRISIL Lowers Rating on INR14MM Loan to 'D'
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Surya
Industries (SI) for obtaining information through letters and
emails dated November 16, 2016, December 22, 2016 January 20, 2017
and February 10, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          .02       CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4')

   Cash Credit           14.00       CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term     6.58       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded
                                     from 'CRISIL B/Stable')

   Term Loan              0.40       CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B/Stable')

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

Detailed Rationale

CRISIL has downgraded its rating on the long-term bank facilities
of SI to 'CRISIL D (issuer not co-operating)' from 'CRISIL
B/Stable.' The rating downgrade reflects delays by the firm, in
servicing the debt obligation. CRISIL has held discussions with
the bankers, who have confirmed the ongoing delay.

SI hulls and mills paddy and processes basmati rice. It was
founded by a group of locals in Ghubaya village in Jalalabad
(Punjab) in 2000. In 2009, it was taken over by Mr. Subhash
Chander and his family members. Currently, it is being managed by
Mr. Anil Josan and Mr. Raman Josan.



=========
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: Complaints Harmful, Western Digital Says
------------------------------------------------------
The Associated Press reports that Western Digital Corp lashed back
against its joint venture partner Toshiba Corp. on June 29 in a
deepening feud over the Japanese company's plan to sell its
computer memory business.

The AP relates that in response to Toshiba's announcement a day
earlier that it was suing Western Digital, seeking JPY120 billion
($1.1 billion) in damages, Western Digital said Toshiba's
complaints over its objections to the sale of the memory unit and
accusations of misuse of trade secrets were "frivolous and without
merit" and would hurt customers and stakeholders.

"We remain committed to upholding all of our commitments and
obligations as a partner in the JVs, including the vigorous
protection of trade secrets," the report quotes Western Digital as
saying. Any claims by Toshiba to the contrary are frivolous and
without merit.

According to the report, Western Digital said Toshiba was blocking
access by some workers to shared databases and their Japanese
joint venture's facilities.

"This action will have the consequence of harming not only
Toshiba's stakeholders, but also our respective customers," it
said.

Financially strapped Toshiba needs to sell the flash memory unit
to survive, the report says. Western Digital says it has no right
to sell it without its consent.

Western Digital owns some SanDisk chip operations including the
joint venture in Japan with Toshiba. It submitted a bid for the
memory chip business but Toshiba is negotiating on a deal with a
consortium led by a Japanese government-backed fund, adds the AP.

                          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.


                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***