TCRAP_Public/170705.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Wednesday, July 5, 2017, Vol. 20, No. 132

                            Headlines


A U S T R A L I A

CIVIL DRAINAGE: Second Creditors' Meeting Set for July 11
DANLEIGH TOOLING: First Creditors' Meeting Set for July 12
ION INFRASTRUCTURE: First Creditors' Meeting Set for July 13
LIGHTSTYLE PTY: First Creditors' Meeting Set for July 12
NEWSKILLS LIMITED: First Creditors' Meeting Set for July 12

OUTBACK TRAVEL: Goes Into Voluntary Administration
RAILWORKS RESOURCE: First Creditors' Meeting Set for July 13
V FACTOR: Second Creditors' Meeting Set for July 11
* Australian Auto ABS and RMBS Delinquencies Rise in April 2017


C H I N A

CHINA WATER: FY2017 Results in Line With Moody's Ba1 Ratings
EHI CAR: Fitch Affirms 'BB-' IDR & Revises Outlook to Negative
GUANGDONG INT'L: Land Assets Acquired by China Vanke for US$8BB
WUKONG BIKES: Bike-Sharing Company Files Bankruptcy
YANZHOU COAL: Unit's Revised Offer No Impact on Moody's B2 CFR


H O N G  K O N G

NOBLE GROUP: Sells Off Brazilian Electric Power Unit for US$3MM


I N D I A

APOLLO ENTERPRISES: CRISIL Reaffirms 'C' Rating on INR2.5MM Loan
ASHIRVAD FOOD: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
B.N. GLOBAL: CRISIL Lowers Rating on INR130MM Cash Loan to B
BIJJARAGI MOTORS: CRISIL Reaffirms B Rating on INR5MM Loan
BMW LOGISTICS: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable

BN PRECAST: CRISIL Reaffirms 'B' Rating on INR7.70MM LT Loan
CBS TECHNOLOGIES: CRISIL Reaffirms 'B+' Rating on INR3.25MM Loan
CHOUDHARY BUILDERS: Ind-Ra Assigns BB+ Issuer Rating
DURGASHAKTI FOODS: CRISIL Cuts Rating on INR10.51MM Loan to B
EPSON VITRIFIED: CRISIL Lowers Rating on INR7.5MM Loan to 'B'

FAIRDEAL OVERSEAS: Ind-Ra Gives BB- Issuer Rating, Outlook Stable
FLOOR GARDENS: CRISIL Reaffirms 'B' Rating on INR6MM Loan
GANGA FABRICS: CRISIL Lowers Rating on INR6MM Cash Loan to B
GOLCHHA ENTERPRISES: CRISIL Lowers Rating on INR2.5MM Loan to B
HARIT FABTEX: CRISIL Lowers Rating on INR16MM Term Loan to B

HARIWANSH PACKAGING: CRISIL Cuts Rating on INR7.25MM Loan to B
HOWRAH GASES: CRISIL Lowers Rating on INR12MM Cash Loan to BB
JAIPRAKASH ASSOCIATES: Lenders Approve Loan Recast Plan
JYOTI HOSPITAL: CRISIL Reaffirms B- Rating on INR9MM Term Loan
KANAN KNITWEAR: CRISIL Cuts Rating on INR10MM LT Loan to B

KOHINOOR CTNL: Edelweiss Seeks to Wind Up Property Developer
LIFE STYLE: CRISIL Lowers Rating on INR5MM Cash Loan to B
LOHR INDIA: CRISIL Reaffirms 'D' Rating on INR9.5MM cash Loan
MARUTI METAL: CRISIL Reaffirms 'D' Rating on INR13.05MM LT Loan
MILLIONAIRE DEVELOPERS: CRISIL Cuts Rating on INR5MM Loan to B

MOHAK WOOLLENS: CRISIL Reaffirms 'B' Rating on INR4.65MM Loan
ODYSSEY ADVANCED: Ind-Ra Rates BB- Issuer Rating, Outlook Stable
OM AGROENERGY: CRISIL Assigns 'B' Rating to INR7.85MM LT Loan
PAREKH PLASTICS: CRISIL Reaffirms B+ Rating on INR4MM Cash Loan
PRABIR FOODSTUFF: CRISIL Reaffirms 'D' Rating on INR15MM Loan

PRATHAMESH LAND: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
R S PAPER: CRISIL Reaffirms 'B' Rating on INR4.4MM Term Loan
RAAJMAHAL DEVELOPERS: CRISIL Cuts Rating on INR37MM Loan to B
RIM JHIM: CRISIL Reaffirms 'B' Rating on INR179.5MM Cash Loan
S.V. CHEM: CRISIL Assigns B+ Rating to INR3.0MM Cash Loan

SHREE RAJARAM: CRISIL Reaffirms 'B' Rating on INR10MM Cash Loan
SIR SHADI: CRISIL Raises Rating on INR71MM Cash Loan to 'B'
SPERRY INTERNATIONAL: CRISIL Assigns 'B' Rating to INR12MM Loan
SPERRY PLAST: CRISIL Assigns B Rating to INR100MM Term Loan
TAYO ROLLS: To Refer to NCLT for Insolvencey Resolution Process

VIRCHAND NARSI: CRISIL Lowers Rating on INR26.5MM Loan to B


J A P A N

TOSHIBA CORP: SK Hynix Demands Voting Rights in Chip Unit


N E W  Z E A L A N D

FP IGNITION 2017: Moody's Assigns B1(sf) Rating to Cl. F Notes


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CIVIL DRAINAGE: Second Creditors' Meeting Set for July 11
---------------------------------------------------------
A second meeting of creditors in the proceedings of Civil Drainage
Solutions Pty. Limited has been set for July 11, 2017, at 11:00
a.m., at the offices of AMB Insolvency, Level 1
6 Allison Street, in Bowen Hills, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 10, 2017, at 4:00 p.m.

Anne Marie Barley of AMB Insolvency was appointed as administrator
of Civil Drainage on July 3, 2017.


DANLEIGH TOOLING: First Creditors' Meeting Set for July 12
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Danleigh
Tooling and Engineering Pty. Ltd., trading as "Danleigh
Engineering" will be held at The Qantas Meeting Rooms, Qantas
domestic T1 Mezzanine Level (opposite Gate 1), Departure Dr,
Melbourne Airport, in Victoria, on July 12, 2017, at 11:00 a.m.

Gavin Moss and Trent McMillen of Chifley Advisory Pty Ltd were
appointed as administrators of Danleigh Tooling on June 30, 2017.


ION INFRASTRUCTURE: First Creditors' Meeting Set for July 13
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Ion
Infrastructure Services Pty Ltd will be held at the offices of
Mackay Goodwin, Suite 2, Level 8, 10 Bridge Street, in Sydney,
New South Wales, on July 13, 2017, at 3:00 p.m.

Domenic Calabretta and Grahame Ward of Mackay Goodwin were
appointed as administrators of Ion Infrastructure on July 3, 2017.


LIGHTSTYLE PTY: First Creditors' Meeting Set for July 12
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Lightstyle
Pty Ltd will be held at the offices of Cor Cordis Chartered
Accountants, 'One Wharf Lane', Level 20, 161 Sussex Street, in
Sydney, New South Wales, on July 12, 2017, at 10:30 a.m.

Jason Tang and Andre Lakomy of Cor Cordis Chartered Accountants
were appointed as administrators of Lightstyle Pty on June 30,
2017.


NEWSKILLS LIMITED: First Creditors' Meeting Set for July 12
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Newskills
Limited will be held at the offices of PPB Advisory, Level 21, 181
William Street, in Melbourne, Victoria, on July 12, 2017, at
2:00 p.m.

Craig Crosbie and Robert Ditrich of PPB Advisory were appointed as
administrators of Newskills Limited on June 30, 2017.


OUTBACK TRAVEL: Goes Into Voluntary Administration
----------------------------------------------------
Alicia Perera of The West Australian reports that North West
roadhouse operator Outback Travel Centres has gone into voluntary
administration this week after a steep drop in revenue combined
with rental agreements still set at mining boom levels took their
toll.

OTC has roadhouses in Karratha, Port Hedland, Newman and
Carnarvon.

The OTC management issued a statement, relating that they made the
decision after six months of repeated attempts to renegotiate
lease agreements over the sites proved unsuccessful, according to
The West Australian.

Nevertheless, the roadhouses will continue to operate as normal
for the foreseeable future, with all staff still in place and
services ongoing under the new administrators, the report relays.

OTC Director Craig Mitchell said a significant drop in revenue
since the end of the mining boom had made the rental agreements
entered into at that time untenable, the report notes.

"After taking a controlling stake in OTC in December 2016, the new
management team initiated a turnaround strategy which included
renegotiating OTC's rental agreements with the property trustee,
which were struck at the height of the mining construction boom,"
the report quoted Mr. Mitchell as saying.

"OTC has experienced up to two-thirds decline in revenues
resulting from a substantial reduction in road traffic."

"Ultimately the high rental costs and decline in revenue made the
company's financial position unsustainable leaving the directors
with no option but to place OTC into VA," Mr. Mitchell added.

Ferrier Hodgson has been appointed as administrators, The
Australian cites.

An OTC spokesman said they hoped the administrator could help
nurse the business back to health, including through a re-
negotiation of rents, the report relays.

The appointment of administrators will not impact OTC's holding
company, Outback Network Pty Ltd, or its property and
accommodation interests, the report adds.


RAILWORKS RESOURCE: First Creditors' Meeting Set for July 13
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Railworks
Resource Management Pty Ltd will be held at the offices of Mackay
Goodwin, Suite 2, Level 8, 10 Bridge Street, in Sydney, NSW, on
July 13, 2017, at 12:00 p.m.

Domenic Calabretta and Grahame Ward of Mackay Goodwin were
appointed as administrators of Railworks Resource on July 3, 2017.


V FACTOR: Second Creditors' Meeting Set for July 11
---------------------------------------------------
A second meeting of creditors in the proceedings of The V Factor
Australia Pty Ltd has been set for July 11, 2017, at 3:00 p.m., at
the offices of Mackay Goodwin, Suite 2, Level 8, 10 Bridge Street,
in Sydney, New South Wales.

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.

Domenic Calabretta and Grahame Ward of Mackay Goodwin were
appointed as administrators of V Factor on July 3, 2017.


* Australian Auto ABS and RMBS Delinquencies Rise in April 2017
---------------------------------------------------------------
Moody's Investors Service says that delinquencies for Australian
auto loan asset-backed securities (ABS) and prime residential
mortgage-backed securities (RMBS) increased in April 2017 from
March 2017.

Specifically, 30+ day delinquencies for Australian auto loan ABS
transactions rose to 1.66% in April 2017 from 1.53% in March 2017
and 1.60% in April 2016.

Delinquencies for prime RMBS transactions also rose, registering
1.71% in April 2017 from 1.63% in March 2017 and 1.52% in April
2016.

"Looking ahead, Moody's expects that delinquencies for Australian
auto loan ABS and prime RMBS will continue to rise in 2017," says
Alena Chen, a Moody's Vice-President and Senior Analyst.

"Weaker economic conditions in states reliant on the mining
industry, rising underemployment, weak wage growth and less
favorable housing market conditions will drive delinquencies
higher," adds Chen.

Chen was speaking on the release of the latest edition of Moody's
monthly Global Structured Finance Collateral Performance Review
report.

Additionally, Moody's says that rising household debt and growing
risks in the housing market are credit negative for structured
finance.

Rising household indebtedness and elevated risks in the housing
market increase the risks of a sharper than anticipated correction
in the Australian housing market, and rising delinquencies and
defaults in RMBS portfolios.

Risks in the Australian housing market have been rising in recent
years, because significant house price appreciation in the core
housing markets of Sydney and Melbourne has led to very high and
rising household indebtedness. The ratio of household debt to
disposable income in Australia was 188.7% at the end of 2016.

Nevertheless, losses in RMBS portfolios should remain low, because
house price appreciation has raised the amount of home equity
available to absorb losses if loans were to default. In fact,
rising house prices have added an average 14 percentage points of
equity to the mortgage loans in Moody's Australian RMBS portfolio.

Moody's report titled "Bank downgrades have limited impact on
structured finance" can be access by subscribers through the link
provided at the end of this press release.

ABOUT MOODY'S GLOBAL STRUCTURED FINANCE COLLATERAL PERFORMANCE
REVIEW REPORT

Moody's Global Structured Finance Collateral Performance Review
Report is updated monthly and covers the collateral performance of
various structured finance sectors located globally.

The report features typical aggregate performance metrics, such as
delinquencies and losses, as well as sector-specific metrics that
include residential and commercial property prices, loans in
special servicing, refinancing profiles, average weighted-average
rating factor levels, senior over-collateralization levels,
payment rates, and excess spread. The underlying data is also
included. The metrics are accompanied by sector commentary and
outlooks, and projected losses by vintage where applicable.

The Australian data focus on Australian Auto ABS, Australian Prime
RMBS and Australian Home Prices.



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CHINA WATER: FY2017 Results in Line With Moody's Ba1 Ratings
------------------------------------------------------------
Moody's Investors Service says that China Water Affairs Group
Limited's (CWA) results for the fiscal year ended March 31, 2017
(FY2017) were broadly consistent with Moody's expectations, as
well as the company's Ba1 corporate family and senior unsecured
ratings.

The ratings outlook remains stable.

"CWA's improved operational performance in FY2017 reflects its
growing water supply operations," says Ivy Poon, a Moody's Vice
President and Senior Analyst.

"The moderation in the company's credit metrics is within Moody's
expectations; driven by the company's continued capital
expenditure," adds Poon.

Revenue for CWA's water supply operation rose 12.1% year-on-year,
supported by moderate growth in its total water supply capacity.

Its gross capacity - water supply and sewage water treatment -
rose to 6.67 million tonnes/day at end-March 2017 from 6.20
million tonnes/day at end-March 2016. The capacity growth was
mainly driven by the project additions in Guangdong and Jiangxi
provinces. Majority of the company's gross capacity came from
water supply operations.

The company also reported a 52.7% year-on-year increase to HKD2.3
billion in water supply construction services revenue, of which
80%-90% was contributed by CWA's construction subsidiary
responsible for the upgrade of its water supply infrastructure
under concession agreements, as intercompany transactions.

Accordingly, CWA's total revenue and adjusted EBITDA in FY2017
increased to HKD5.71 billion and HKD2.27 billion respectively,
representing a 20.4% and 11.0% year-on-year growth.

On the other hand, CWA's adjusted debt increased by HKD3.8 billion
to HKD11.8 billion at end-March 2017. As a result, CWA's adjusted
funds from operations (FFO)/net debt and FFO interest coverage
weakened to 18.4% and 4.1x respectively at end-March 2017 from
25.0% and 4.6x at end-March 2016. Moody's FFO calculation has
excluded the construction margin from CWA's intercompany projects,
due to elimination during the consoldiation process.

The expected moderation in the company's financial profile was
because of its large capital expenditure for (1) expansion and
upgrade of facilities for CWA's currently operating projects, and
(2) acquisition of new projects.

Moody's expects that CWA will maintain an annual growth of 8%-10%
in capacity expansion for water supplies and sewage treatment
operations during FY2018-19. This situation will translate into an
annual capital expenditure that is broadly similar to the level of
FY2017.

As such, Moody's estimates that the company's FFO/net debt and FFO
interest coverage will register 18%-22% and 3.5x-4.2x during
FY2018-19. The projected metrics will remain consistent with the
company's current ratings level.

Furthermore, CWA's Ba1 ratings will continue to benefit from its
stable water supply business, as highlighted by the segment's low
volume risk and the company's monopoly status in its servicing
regions.

The principal methodology used in these ratings was Regulated
Water Utilities published in December 2015.

China Water Affairs Group Limited is mainly engaged in the
provision of city water supply services in China. At end-March
2017, its gross capacity, including both water supply and sewage
water treatment, totaled 6.67 million tonnes/day, covering around
50 cities in China.

The company is listed on the Hong Kong Stock Exchange. At
January 2017, it was 26.7% owned by its chairman and founder, Mr.
Duan Chuan Liang, 19.5% by ORIX Corporation (Baa1 positive), 4.8%
by Norges Bank (unrated), 2.4% by International Finance
Corporation (Aaa stable) and 46.6% by members of the public.


EHI CAR: Fitch Affirms 'BB-' IDR & Revises Outlook to Negative
--------------------------------------------------------------
Fitch Ratings has affirmed China-based car rental and services
operator eHi Car Services Limited's Long-Term Issuer Default
Rating (IDR), senior unsecured rating and the rating of eHi's
outstanding USD200 million 7.5% senior notes due 2018 affirmed at
'BB-'. The Outlook is revised to Negative from Stable.

The Outlook revision reflects the company's higher leverage,
ongoing capex requirements and Fitch's expectation that
deleveraging is not probable in the next few years.

KEY RATING DRIVERS

Rising Leverage: Fitch expects eHi's FFO-adjusted net leverage to
remain above 3.0x over the next few years, even though the company
is starting to moderate its expansion and capex plans for 2017.
eHi's FFO-adjusted net leverage rose sharply to 3.4x in 2016, from
just 0.8x at end-2015, due to higher-than-Fitch-expected net
capital expenditure for vehicle fleet expansion, despite strong
growth in EBITDA and FFO.

Capex to Moderate: Fitch expects eHi to slow capital expenditure
in 2017, following capex of CNY3.7 billion in 2016. The company is
exploring financing options to lower its cash outlay on vehicle
purchases. eHi's capex is also constrained by covenants on its
syndicated loan, which require that total debt/EBITDA falls below
3.5x by end-2017.

National Expansion, Market Leader: eHi remains one of China's
leading car rental companies, with majority market share in
Shanghai and eastern China. Its total fleet size rose by 50% to
56,916 vehicles and total revenue increased by 45% to CNY2.1
billion in 2016. eHi also expanded its geographical footprint to
cover 216 cities. Fitch expects eHi to continue expanding and for
its fleet size to reach almost 67,000 vehicles by end-2017. The
company has also narrowed the gap between itself and the market
leader, CAR Inc. (BB/Negative), over the previous two years, with
faster revenue and fleet expansion.

Competitive Pressure, Regulatory Risk: China's car rental and
services market continues to change rapidly. eHi faces fierce
competition, particularly from CAR Inc., which cut its prices at
the beginning of 2017. This has not directly affected eHi's
margins so far, but may pressure its pricing and profitability if
it continues. China's regulatory framework is also evolving and
some changes may adversely affect eHi's operations.

DERIVATION SUMMARY

eHi has a smaller operating scale and weaker financial profile
than other Fitch-rated car rental operators, such as CAR Inc.,
China's largest car rental operator, and Localiza Rent a Car S.A.
(BB+/Negative), Brazil's leading rental car operator. However eHi
has lower concentration risk compared with CAR Inc., which is
exposed to one large customer. No Country Ceiling,
parent/subsidiary or operating environment aspects have an impact
on the rating.

KEY ASSUMPTIONS

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

- 20,000 vehicles added and 10,000 vehicles disposed in 2017

- 37% revenue growth in 2017, then 4%-12% in 2018-2020 (2016:
   45%)

- EBITDA margin of 45%-47% in 2017-2020 (2016: 44%)

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to the
Outlook being revised to Stable

- FFO-adjusted net leverage sustained below 3.0x (2016: 3.4x)
- EBITDA margin sustained above 50%

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

- FFO-adjusted net leverage above 3.0x for a sustained period
- FFO fixed-charge coverage below 3.0x for a sustained period
   (2016: 3.8x)
- EBITDA margin below 40% for a sustained period

LIQUIDITY

Satisfactory Liquidity: eHi has sufficient liquidity, with CNY787
million of cash and cash equivalents and CNY63 million in undrawn
loan facilities at end-2016. Fitch expects the company to
successfully roll over its domestic bank loans. However, eHi has
CNY2.3 billion in debt maturing in 2018, including the USD200
million bond and 60% of the USD150 million syndicated loan.
Liquidity risk will increase if the company fails to address its
refinancing needs by end-2017.

eHi signed a five-year framework agreement with China Development
Bank Corporation (A+/Stable) in 2015, which covers various
financing products for an aggregate amount CNY1.5 billion, of
which CNY218 million had been drawn at end-2016. Some of these
products are restricted for specific purposes, such as new vehicle
purchases, but may nonetheless provide an additional source of
liquidity.


GUANGDONG INT'L: Land Assets Acquired by China Vanke for US$8BB
---------------------------------------------------------------
Reuters' Clare Jim reports that China Vanke Co Ltd on June 30 said
it has won an auction to buy the land assets of Guangdong Trust
for CNY55.1 billion (US$8.13 billion).

The companies involved were subsidiaries of Guangdong
International Trust & Investment which in 1999 became China's
first non-bank financial institution to enter bankruptcy, Reuters
discloses.

The auction was the first to use an exchange platform to dispose
of property as part of a legal procedure, Xinhua news agency
reported, citing Guangdong Assets and Equity Exchange Group,
according to Reuters.

Reuters relates that Vanke said the principal assets involve 16
land parcels in prime districts of Guangzhou, a top-tier city in
southern China, with an expected total gross floor area of 2.1
million square metres.

The company said it plans to develop the land into residential
property, commercial property, hotels and offices, Reuters relays.

Vanke bid 23 percent over the assets' listed price, beating bids
from eight peers, Reuters reports, citing Xinhua.

Established in 1984, Vanke is a large residential real estate
developer in the People's Republic of China.


WUKONG BIKES: Bike-Sharing Company Files Bankruptcy
---------------------------------------------------
BBC News reports that Chongqing-based Wukong Bikes, a Chinese
bike-sharing company, has gone out of business after 90% of its
bikes went missing in the first five months.

Wukong Bikes said the bulk of its 1,200 two-wheelers were lost or
stolen, BBC News relates.

Unlike rivals, the firm did not put GPS systems on its bikes and
by the time it realised the technology was necessary, money had
run out, says BBC News.

It is believed to be the first bankruptcy of China's booming bike-
sharing industry, BBC News notes.

BBC News says billed as "Uber for bikes", China's tech giants have
been funding sophisticated bike hire businesses as a potential
solution to congested roads.

Tencent-backed Mobike and Ofo, supported by Alibaba and Xiaomi,
are dominating the market.  But Wukong was a much smaller player,
aimed mainly at students in the city.

According to BBC News, founder Lei Houyi told local media that as
well as the lack of GPS, his firm had struggled because its bikes
were of inferior quality to those used by its larger competitors
and were damaged too easily.

He added that while users were initially charged, Wukong resorted
to giving away bicycles rides for free to try and compete with
other players, the report relays.


YANZHOU COAL: Unit's Revised Offer No Impact on Moody's B2 CFR
--------------------------------------------------------------
Moody's Investors Service says that Yanzhou Coal Mining Company
Limited's B2 corporate family rating and the stable outlook on the
rating are unaffected by its subsidiary's - Yancoal Australia
Limited's (unrated) - revised offer for the acquisition of Coal &
Allied Industries Limited (unrated).

Moody's also says that the B2 backed senior unsecured rating on
the bonds issued by Yanzhou Coal's subsidiary, Yancoal
International Resources Development Co., Limited, and guaranteed
by Yanzhou Coal, is unaffected by the revised acquisition offer.

On June 29, 2017, Rio Tinto plc's (A3 stable) and Rio Tinto
Limited's (A3 stable) shareholders approved the revised offer from
Yancoal Australia - Yanzhou Coal's 78%-owned subsidiary - for the
acquisition of a 100% share in Coal & Allied Industries.

Under the proposal, the total consideration would register USD2.69
billion, comprising USD2.45 billion in cash payable in full on
completion, as well as USD240 million via unconditional guaranteed
royalty payments, of which, USD200 million will be paid before the
end of 2018.

And, Yancoal Australia's parent company, Yankuang Group Company
Limited (unrated), will provide financial assurance of up to
USD2.1 billion in support of the transaction.

Under the sale and purchase agreement, Yancoal Australia made a
tag-along offer to acquire Mitsubishi Development Pty. Ltd's
((P)A2 negative) 32.4% interest in the Hunter Valley Operations,
one of three coal mine operations owned by Coal & Allied
Industries, for USD710 million.

"Moody's expects that if the acquisition goes ahead, Yanzhou
Coal's credit metrics will remain in line with its current
standalone credit profile, in view of the revised consideration
amount and payment schedule," says Gerwin Ho, a Moody's Vice
President and Senior Analyst, and also the International Lead
Analyst for Yanzhou Coal.

Moody's assumes that the consideration payable will be funded by a
combination of equity, debt and internal cash.

Yancoal Australia intends to finance the transaction through a
capital raising, and Yanzhou Coal has announced that it would
subscribe to around USD1 billion of Yancoal Australia's pro-rata
entitlement offer via a private placement of its A-shares listed
on the Shanghai Stock Exchange. The private placement is subject
to regulatory approval.

Moody's expects that Yanzhou Coal's debt/EBITDA will likely stay
at around 8.0x-8.5x and 7.0x-7.5x in 2017 and 2018, respectively,
after taking into consideration an increase in debt to partly fund
the transaction, as well as improvements in the company's EBITDA
due to contributions from Coal & Allied Industries, reduced losses
at Yancoal Australia, and the modest recovery of coal prices.

"Yanzhou Coal's standalone credit profile also reflects its weak
liquidity position and aggressive acquisitive appetite," says
Cindy Yang, a Moody's Assistant Vice President and Analyst, and
also the Local Market Analyst for Yanzhou Coal.

Yanzhou Coal's cash and deposit balances of RMB20 billion at end-
2016 were insufficient to cover its short-term debt of RMB31
billion and capex requirement.

The company's overseas investments also require offshore funding.
It issued USD500 million of senior perpetual capital securities in
April 2017. The issuance will cover the USD357 million of senior
unsecured offshore bonds due in May 2017.

Moody's believes the company's refinancing risk will be mitigated
by its good access to bank financing and to the onshore bond and
capital markets, by virtue of its status as a state-owned
enterprise and significant scale.

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.

Yanzhou Coal Mining Company Limited listed on the Shanghai, Hong
Kong and New York stock exchanges in 1998. It was 56.6%-owned by
Yankuang Group Corporation Limited at end-2016, a state-owned
enterprise that is in turn wholly owned by the Shandong Provincial
Government.

At December 31, 2016, Yanzhou Coal owned and operated 18 coal
mines across China and Australia, including in Shandong and Shanxi
provinces and the Inner Mongolia Autonomous Region, as well as the
Australian states of Queensland, New South Wales and Western
Australia.

Coal & Allied Industries Limited is a coal producer that owns
interests in three coal mine operations in Australia, namely 67.6%
of the Hunter Valley Operations, 80% of Mount Thorley and 55.6% of
Warkworth. The three mines produce thermal coal and semi-soft
coking coal.


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NOBLE GROUP: Sells Off Brazilian Electric Power Unit for US$3MM
---------------------------------------------------------------
The Business Times reports that Noble Group has sold off a
Brazilian subsidiary Noble Comercializadora de Energia Ltda (NCEL)
for about US$3 million.

According to the report, the commodities trader said in an
exchange filing on June 29 that the consideration was satisfied in
cash and arrived on a willing-buyer, willing-seller basis taking
into account the relevant market and commercial considerations.

Noble owned 100 per cent of the company, which is primarily
engaged in the sale of electric power, the report notes.

NCEL had a book value and net tangible asset value of about
US$4.09 million as at May 31, said Noble, The Business Times adds.

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

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

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

The TCR-AP reported on June 27, 2017, that Fitch Ratings has
downgraded Noble Group Limited's Long-Term Foreign-Currency Issuer
Default Rating (IDR) to 'CCC' from 'B-'. At the same time, the
agency has downgraded Noble's senior unsecured rating and the
ratings on all its outstanding senior unsecured notes to 'CCC'
from 'B-'. The Recovery Rating is 'RR4'. Fitch has removed these
ratings from Rating Watch Negative.



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


APOLLO ENTERPRISES: CRISIL Reaffirms 'C' Rating on INR2.5MM Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Apollo
Enterprises (AE) for obtaining information through letters and
emails dated January 19, 2017, and February 9, 2017, among others,
apart from telephonic communication. However, the issuer has
remained non-cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             2.5       CRISIL C (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit/            1.0       CRISIL C (Issuer Not
   Overdraft facility                Cooperating; Rating
                                     Reaffirmed)

   Rupee Term Loan         6.5       CRISIL C (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 Apollo 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 Apollo Enterprises is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL B' category or lower. Based on the last
available information, CRISIL has reaffirmed the rating at 'CRISIL
C'.

AE was incorporated in 2005 as a partnership firm by Mr. Avinash
Virkar, Mr. Ankur Agarwal and Mr. Pawan Agarwal. The firm is in
the business of providing crane rental services.


ASHIRVAD FOOD: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Ashirvad Food
Products Private Limited's (AFPPL) Long-Term Issuer Rating at 'IND
BB-'. The Outlook is Stable. The instrument-wise rating actions
are:

-- INR206.4 mil. Fund-based limits affirmed with IND BB-/Stable
    rating;
-- INR0.6 mil. Term loan due on December 2017 affirmed with IND
    BB-/Stable rating;
-- INR58.8 mil. Non-fund-based limits affirmed with IND A4+
    rating

KEY RATING DRIVERS

The affirmation reflects AFPPL's continued moderate scale of
operations and credit metrics. According to the provisional
financials of FY17, revenue declined to INR823million (FY16:
INR840million) on account a decline in sales volume. However, the
interest coverage and net leverage improved marginally to 1.4x in
FY17P (FY16: 1.3x) and 8.5x (10.2x), respectively on account of an
improvement in the operating EBITDA margins to 3.7% (3.2%)
resulting from a decline in the raw material expenses.

The liquidity position of the company has been stressed as
reflected in the average peak utilisation of around 99% during 12
months ended May 2017, with instances of overutilisation which
were regularised in two to nine days.

The ratings, however, continue to derive strength from one of its
promoter's track record of over two decades in the flour
manufacturing business.

RATING SENSITIVITIES

Positive: Substantial improvement in its scale of operations and
credit metrics will be positive for the ratings.

Negative: Deterioration in its credit profile will be negative for
the ratings

COMPANY PROFILE

AFFPL was incorporated in 2003, and manufactures wheat-based
products such as wheat flour, white flour and semolina at its
manufacturing facility in Purulia, West Bengal. It has an annual
installed capacity of 1,00,800 tonnes. The company is managed by
Lalit Kumar Poddar and Sarvesh Poddar.


B.N. GLOBAL: CRISIL Lowers Rating on INR130MM Cash Loan to B
------------------------------------------------------------
CRISIL Ratings has been consistently following up with B. N.
Global Private Limited (BNG) for obtaining information through
letters and emails dated October 18, 2016, and November 21, 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             130       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BB-/Stable')

   Long Term Loan            3.75    CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BB-/Stable')

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

BNG and SBN are promoted by Mr. Varun Chadha, Mr. Ankush Chadha,
and Mr. Deepak Chadha. The companies, mill and process basmati
rice, and sell it in the export and domestic markets.

SBN was incorporated in 2007, while BNG was incorporated in 2014
to take over the assets and liabilities of partnership firm BN
Exports.


BIJJARAGI MOTORS: CRISIL Reaffirms B Rating on INR5MM Loan
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Bijjaragi
Motors (BM) for obtaining information through letters and emails
dated January 23, 2017 and February 13, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non-cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              4        CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Inventory Funding        5        CRISIL B/Stable (Issuer Not
   Facility                          Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

Set up in 2008, BM is an authorised dealer of passenger vehicles
and spare parts of TML for Bijapur and Bagalkot. The firm is
promoted by Mr. Raju Bijjargi and his family.


BMW LOGISTICS: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed BMW Logistics
Private Limited's (BMWLPL) Long-Term Issuer Rating at 'IND BB+'.
The Outlook is Stable. The instrument-wise rating action is:

-- INR110 mil. Fund-based working capital limits affirmed with
    IND BB+/Stable

KEY RATING DRIVERS

The affirmation reflects BMWLPL's continued moderate credit
profile with EBITDA interest coverage of 2.8x in FY17
(Provisional) (FY16: 2x) and net leverage of 3.7x (4.0x). The
ratings reflect BMWLPL's volatility in revenue during FY15-FY17.
During FY15, revenue was INR1,308 million which deteriorated to
INR1,099 million during FY16. In FY17P, revenue improved to
INR1,270 million.  Increase in revenue during FY17P was due to an
increase in sale of tractors which are majorly used for
agriculture. The ratings also reflect in BMWLPL's tight liquidity
situation as reflected in its fund-based utilisation of 97% for
the 12 months ended April 2017.

The ratings remain constrained by BMWL's trading nature of
business resulting in low EBITDA margins of 2.6% during FY17P
(FY16: 2.6%).

The ratings, however, continue to benefit from BMWL's position as
the sole dealer of International Tractors Limited's Sonalika
tractors in its designated districts in central and eastern Uttar
Pradesh and the support extended by the BMW group in the form of
corporate guarantees and unsecured loans through the flagship
entity BMW Ventures Ltd.

RATING SENSITIVITIES

Negative: Sustained deterioration in EBITDA interest coverage
would lead to a negative rating action.

Positive: Sustained improvement in EBITDA interest coverage would
lead to a positive rating action.

COMPANY PROFILE

Incorporated in 2005, BMWLPL is an authorised distributor of
International Tractor's Sonalika tractors in parts of central and
eastern Uttar Pradesh. Its registered and corporate offices are
located in Kolkata and branch office is located in Lucknow. The
company was earlier engaged in the trading of gems and jewellery
under the name of BMW Gems & Jewels Pvt Ltd, but changed its
business to the current profile in 2012. The company also provides
transportation services to its group companies in Bihar through
its own fleet of trucks.


BN PRECAST: CRISIL Reaffirms 'B' Rating on INR7.70MM LT Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with BN Precast
Private Limited (BPPL) for obtaining information through letters
and emails dated November 21, 2016, and December 22, 2016, among
others, apart from telephonic communication. However, the issuer
has remained non-cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             1.26      CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      7.70      CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan               4.04      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 BN Precast 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 BN Precast Private Limited is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL B' category or lower. Based
on the last available information, CRISIL has reaffirmed the
rating at 'CRISIL B/Stable'.

Incorporated in January 2013, BPPL manufactures pre-cast concrete
walls. The company is promoted by Mr. Nishant Patel and the
manufacturing unit is located in Ahmedabad.


CBS TECHNOLOGIES: CRISIL Reaffirms 'B+' Rating on INR3.25MM Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of CBS Technologies Private Limited (CBSTPL) at 'CRISIL
B+/Stable/CRISIL A4'.
                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          2        CRISIL A4 (Reaffirmed)

   Cash Credit             3.25     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      0.15     CRISIL B+/Stable (Reaffirmed)

   Term Loan               0.60     CRISIL B+/Stable (Reaffirmed)

Net sales declined by 4% in fiscal 2017, due to discontinuation of
manufacturing of enamelled wires. However, CRISIL expects
significant revenue growth of around 40%, albeit on a modest
scale, in fiscal 2018, primarily driven by a likely increase in
sale of bio-toilets, backed by the prime minister's Swatch Bharat
Abhiyan. Revenue visibility is also supported by outstanding order
book of INR7.5 crore as on May 31, 2017. Operating profitability
increased to 10.70% in fiscal 2017 from 9.08% in fiscal 2016, on
account of more orders executed in the bio-toilets division, which
fetches higher margins. Margins are likely to remain at 9.5-10.0%
over the medium term.

Liquidity is adequate, with sufficient cushion between net cash
accrual against debt obligations, and funding support from
promoters in the form of unsecured loans (estimated at INR0.52
crore as on March 31, 2017). However, bank limit remained highly
utilised, averaging 94% over the 12 months through March 2017,
owing to working capital-intensive operations.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations amid intense competition: Scale
remains small with estimated net sales at INR12.88 crore for
fiscal 2017. Despite significant increase expected over the medium
term, scale will likely remain small amid intense competition.

* Working capital-intensive operations: Gross current assets were
sizeable, estimated at 231 days as on March 31, 2017, with
inventory and receivables of 62 and 169 days, respectively.
Payables of 140 days partly support working capital requirement.
Operations are likely to remain working capital intensive over the
medium term as well.

Strengths

* Promoter's extensive experience along with diversified product
profile: The key promoter's (Mr Sanjay Kumar Agarwal's) experience
of over two decades has helped establish strong relationships with
suppliers, and distributors and traders. The company manufactures
centrifuge cleansing machines, bio toilets, and biomass reactors
for both government entities (NTPC Ltd, Oil and Natural Gas
Corporation Ltd, Indian Railways, and Ordnance Factory) and
private players such as Reliance Industries Ltd. A diverse product
portfolio limits risk of fall in demand for any one item.

* Average financial risk profile: Financial risk profile is
constrained by moderate total outside liabilities to tangible
networth ratio estimated at 2.62 times on March 31, 2017. The
ratio is likely to improve gradually over the medium term, with
expected accretion to reserves, and no major debt-funded capital
expenditure over the medium term. Debt protection metrics remain
average, with estimated interest coverage and net cash accrual to
total debt ratios at 2.37 times and 0.15 time, respectively, for
fiscal 2017.

Outlook: Stable

CRISIL believes CBSTPL will continue to benefit over the medium
term from its promoter's extensive experience and a diversified
product profile. The outlook may be revised to 'Positive' if
significant scaling up of operations leads to higher-than-expected
cash accrual and improved working capital management. Conversely,
the outlook may be revised to 'Negative' in case of more-than-
expected, debt-funded capital expenditure, a decline in scale, or
an increase in working capital requirement, leading to stretched
liquidity.

Set up in 1989 by Mr. Sanjay Kumar Agarwal as a proprietorship
concern (Comprehensive Business Solutions) and reconstituted as a
private limited company in 2003 (when Ms. Seema Agarwal, wife of
Mr. Sanjay Agarwal, joined the company), CBSTPL manufactures
centrifuge cleansing machines, bio toilets, and biomass reactors
at its manufacturing unit in Greater Noida (Uttar Pradesh), and
Kashipur (Uttaranchal).

Profit after tax was INR0.26 crore on net sales of INR12.91 crore
in fiscal 2016, against INR0.12 crore and INR12.48 crore,
respectively, in fiscal 2015.


CHOUDHARY BUILDERS: Ind-Ra Assigns BB+ Issuer Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Choudhary
Builders Pvt. Ltd. (CBPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable. The instrument-wise rating action is:

-- INR175 mil. Fund-based working capital limit assigned
    with IND BB+/Stable rating

KEY RATING DRIVERS

The ratings reflect CBPL's small scale of operations. According to
provisional financials for FY17, revenue was INR22 million (FY16:
INR22 million).

The ratings also reflect CBPL's single property rental-based
revenue source so discontinuation of the present lease agreement
may lead to liquidity stress.

The ratings, however, are supported by the fact that the whole
leasable area has been leased to Madhya Pradesh Commercial Tax
Department; the entire rent collected is deposited in an escrow
account and the residual cash is available to the company after
debt service obligations have been met. Moreover, its promoters
have over three decades of operating experience in real estate and
development.

RATING SENSITIVITIES

Negative: Cancellation of lease agreement with its customer
leading to a substantial decline in the scale of operations which
will impact the liquidity position of the business will lead to a
negative rating action.

Positive: An increase in the scale of operations will lead to a
positive rating action.

COMPANY PROFILE

Incorporated in February 1985 in Indore, CBPL constructed 0.17
million square feet Chetak Chambers at RNT Marg, Indore, in 1991.
The company has sold an area of 67,000 square feet. The remaining
area is owned by the company and has been fully leased out.


DURGASHAKTI FOODS: CRISIL Cuts Rating on INR10.51MM Loan to B
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Durgashakti
Foods Private Limited (DFPL) for obtaining information through
letters and emails dated January 23, 2017 and February 13, 2017
among others, apart from telephonic communication. However, the
issuer has remained non-cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            10.51      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Term Loan               4.49      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 Durgashakti Foods 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 Durgashakti Foods Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B' category or
lower. Based on the last available information, CRISIL has
downgraded the rating at 'CRISIL B/Stable'.

DFPL was set up in 2008 by Mr. Shashikant Sureka and his two
brothers to expand their family-run edible oil business. The
Sureka family has been manufacturing crude edible oil (soya and
sunflower) and de-oiled cakes for more than two decades. The
company's production facility is in Khamgaon (Maharashtra).


EPSON VITRIFIED: CRISIL Lowers Rating on INR7.5MM Loan to 'B'
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Epson
Vitrified Private Limited (EVPL) 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
   ----------          ---------     -------
   Bank Guarantee          2.25      CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit             7.50      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

   Rupee Term Loan         8.35      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 Epson Vitrified 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 Epson Vitrified Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B' category or
lower. Based on the last available information, CRISIL has
downgraded the long term rating at 'CRISIL B/Stable and reaffirmed
the short term rating at 'CRISIL A4'.

Incorporated in August 2010, EVPL manufactures vitrified ceramic
tiles. Its manufacturing unit is in Morbi (Gujarat). The company
is promoted by Mr. Haresh Patel and Mr. Ramniklal Patel.


FAIRDEAL OVERSEAS: Ind-Ra Gives BB- Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Fairdeal Overseas
(FO) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is
Stable. The instrument-wise rating actions are:

-- INR150 mil. Fund-based working capital limit assigned IND BB-
    /Stable rating; and
-- INR5 mil. Non-fund-based working capital limit assigned with
    IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect FO's moderate scale of operation and credit
metrics. According to provisional financials for FY17, revenue was
INR723 million (FY16: INR550 million), net leverage (adjusted debt
net of cash/EBITDA) was 8.2x (5.9x), EBITDA interest coverage
(operating EBITDA/gross interest expense) was 2.0x (1.5x) and
EBITDA margin was 2.5% (2.3%). The deterioration in net leverage
was due to an increase in total debt to INR165 million in FY17
(FY16: INR77 million).

The company's liquidity position was moderate as indicated by
71.95% average utilisation of fund-based limits during the 12
months ended May 2017.

The ratings, however, are supported by the decade-long experience
of FO promoters in the distributorship business.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations and overall
credit metrics will be positive for the ratings.

Negative: A decline in the profitability leading to deterioration
in the overall credit metrics would be negative for the ratings.

COMPANY PROFILE

Incorporated in 1997, FO is a partnership firm engaged in the
wholesale distribution of lead acid batteries, lubricants, tyre
tube flap, computer, laptops, mobile, and inverters in Guwahati.
It is an authorised dealer of Castrol India Ltd, Amaraja Batteries
ltd, Ceat ltd (IND AA/ Stable) and Samsung India Electronics Pvt
ltd.

FO is managed by two of its partners Mr. Pawan Sethia and Mr.
Paras Sethia with profit sharing ratio of 50% each.


FLOOR GARDENS: CRISIL Reaffirms 'B' Rating on INR6MM Loan
---------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable/CRISIL A4'
ratings on the bank facilities of Floor Gardens (FG).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Export Packing Credit      6      CRISIL B/Stable (Reaffirmed)
   Letter of Credit           3      CRISIL A4 (Reaffirmed)

The ratings continue to reflect the firm's small scale of
operations in the competitive and fragmented mattress industry,
and its weak financial risk profile because of modest networth and
weak gearing. These weaknesses are partially offset by the
promoter's extensive experience in the home furnishings segment
and the firm's established customer base.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations in the competitive and fragmented
mattress industry
FG's small scale is indicated by estimated revenue of INR15.9
crore in fiscal 2017. The home furnishings industry is fragmented,
and has a large number of small unorganised players and a few
large organised players such as Sheela Foam Pvt Ltd ('CRISIL
A+/Stable/CRISIL A1'; maker of the leading brand Sleepwell).
CRISIL expects FG's scale of operations to increase over the
medium term with expansion of its marketing network and clientele,
but will continue to constrain the business risk profile.

* Weak financial risk profile
The financial risk profile is constrained by estimated small
networth of INR1.92 crore and weak gearing of 3.3 times as on
March 31, 2017. Debt protection metrics for fiscal 2017 were
subdued, with interest coverage ratio at 1.61 time and net cash
accrual to total debt at 4% for fiscal 2017. The financial risk
profile will remain weak over the medium term due to modest
accretion.

Strengths

* Promoter's extensive industry experience and established
customer base
FG is promoted by Mr K A Sugathan, who has been associated with
the home furnishings industry for over 40 years. Over the years,
he has developed healthy relationships with customers in various
countries such as Russia, the US, France, Belgium, and the Middle
East, and has established a wide network of suppliers/dealers for
rubber and coir-based home furnishings in these markets. The
promoter's extensive experience and healthy customer relationships
have helped the firm sustain revenue growth and profitability even
during a difficult economic environment.

Outlook: Stable

CRISIL believes FG will continue to benefit from its promoter's
extensive industry experience. The outlook may be revised to
'Positive' if a significant increase in net cash accrual, through
revenue growth and better profitability strengthens, the financial
risk profile. The outlook may be revised to 'Negative' if the
financial risk profile is constrained on account of considerable
decline in cash accrual, or if working capital management weakens.

Set up in 2007, FG manufactures coir-based home furnishings. The
firm is based in Allepey, Kerala. Daily operations are managed by
Mr K A Sugathan.

The firm reported net profit of INR0.18 crores on sales of
INR15.07 crores in fiscal 2016, vis-a-vis net profit of INR0.23
crores on net sales of INR15.18 crores in fiscal 2015.


GANGA FABRICS: CRISIL Lowers Rating on INR6MM Cash Loan to B
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Ganga
Fabrics (GF) 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              6        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 Ganga Fabrics. 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 Ganga Fabrics is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL B' category or lower. Based on the last
available information, CRISIL has downgraded the rating at 'CRISIL
B/Stable'.

GF is a partnership firm that knits and processes yarn into
fabric. The firm was previously managed as a proprietorship
concern and got registered as a partnership firm in December 2011.
The firm is managed by its partners Mr. Ashok Kumar Ahuja and Mr.
Abhay Kumar Ahuja.


GOLCHHA ENTERPRISES: CRISIL Lowers Rating on INR2.5MM Loan to B
---------------------------------------------------------------
CRISIL has been consistently following up with Golchha Enterprises
Private Limited (GEPL) for obtaining information through letters
and emails dated January 23, 2017 and February 13, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non-cooperative.

CRISIL gave this rating:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           2.5      CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit              2.5      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

   Foreign Letter of        9.0      CRISIL A4 (Issuer Not
   Credit                            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 Golchha Enterprises Private
Limited. This restricts CRISIL's ability to take a forward looking
view on the credit quality of the entity. CRISIL believes that the
information available for Golchha Enterprises Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B' category or
lower. Based on the last available information, CRISIL has
downgraded the long term rating at 'CRISIL B/Stable' and
reaffirmed the short term rating at 'CRISIL A4'.

GEPL was incorporated in 2007, promoted by the Golchha family. The
Jamshedpur (Jharkhand)-based company trades in various chemicals,
minerals, ferroalloys, and metals in the domestic market.


HARIT FABTEX: CRISIL Lowers Rating on INR16MM Term Loan to B
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Harit
Fabtex India Private Limited (HFPL) for obtaining information
through letters and emails dated January 31, 2017 and February 24,
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              7        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BB/Stable')

   Standby Line of Credit   1        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BB/Stable')

   Term Loan               16        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 Harit Fabtex 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 Harit Fabtex India Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with Crisil B Rating category
or lower.' Therefore, on account of inadequate information and
lack of management co-operation, CRISIL is downgraded the rating
at 'CRISIL B/Stable'.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of HFPL, Harit Textile (HT), Jai Bhawani
Furnishing Pvt Ltd (JBFPL), and JB Decor (JBD). This is because
all the entities, collectively referred to as the Harit group, are
engaged in a common business, and have common promoters and
clientele, and operational linkages. For the previous rating
exercise, CRISIL had initially combined the business and financial
risk profiles of only HFPL, JBFPL and HT. CRISIL has changed the
analytical approach following the group management's strong
articulation of common management and operational linkages among
the four entities.

HFPL incorporated in 2005 is promoted by Mr. CK Mishra and his
sons Mr. Krishnagopal Mishra and Mr. Pankaj Mishra. HT was set up
in 2003 as a proprietorship concern of Mr. Krishnagopal Mishra.
Both these entities manufacture grey fabric for furnishing
purposes.

JBFPL, incorporated in September 2011, is engaged in conversion of
grey fabric into curtains and other furnishing products such as
bed sheets and pillow covers.

JBD was incorporated as a proprietorship in 2012 by Ms. Devyani
Mishra. JBD retails home furnishing items.


HARIWANSH PACKAGING: CRISIL Cuts Rating on INR7.25MM Loan to B
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Hariwansh
Packaging Private Limited (HPPL) for obtaining information through
letters and emails dated January 23, 2017 and February 13, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             5.25      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Term Loan               7.25      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 Hariwansh Packaging 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 Hariwansh Packaging Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B' category or
lower. Based on the last available information, CRISIL has
downgraded the rating at 'CRISIL B/Stable'.

HPPL manufactures corrugated boxes used in industries such as
fast-moving consumer goods, explosives, and textiles. It is
promoted by Mr. Vijay Murarka, who has experience of about 30
years in the business. The company's facilities are in Nagpur
(Maharashtra).


HOWRAH GASES: CRISIL Lowers Rating on INR12MM Cash Loan to BB
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Howrah
Gases Limited (HGL) for obtaining information through letters and
emails dated January 27, 2017 and February 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            2       CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4+')

   Cash Credit              12       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB/Negative')

   Corporate Loan            2.85    CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB/Negative')

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 Howrah Gases 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 Howrah Gases 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
CRISL B/Stable/CRISL A4

Incorporated in 1985, HGL is promoted by the Kolkata-based Agrawal
family. The company initially manufactured only industrial and
medical oxygen but subsequently started producing sponge iron and
ingots. Currently, it manufactures mild steel sponge iron.


JAIPRAKASH ASSOCIATES: Lenders Approve Loan Recast Plan
-------------------------------------------------------
Business Standard reports that lenders have spared Jaiprakash
Associates from insolvency proceedings after clearings its loan
recast package. However, group company Jaypee Infratech is set to
be referred to the National Corporate Law Tribunal (NCLT) under
the Insolvency and Bankruptcy Code (IBC).

Lenders have approved in principle the debt recast for Jaypee
group flagship Jaiprakash Associates and issued a formal clearance
on June 22, the report says. The draft recast plan had been
circulated among the lending banks, bankers said, Business
Standard relates.

Jaiprakash Associates Limited is a diversified infrastructure
company. The Company's principal business activities include
engineering, construction and real estate development, and
manufacture of cement. Its segments include Construction, which
includes civil engineering construction/engineering, procurement
and construction (EPC) contracts/expressway; Cement, which
includes manufacture and sale of cement and clinker;
Hotel/Hospitality, which includes hotels, golf course, resorts and
spa; Sports Events, which includes sports-related events; Real
Estate, which includes real estate development; Power, which
includes generation and sale of energy; Investments, which
includes investments in subsidiaries and joint ventures for
cement, power, expressway and sports, among others, and Others,
which includes coal, waste treatment plant, heavy engineering
works, hitech castings and man power supply, among others. It has
operations in Haryana, Madhya Pradesh, Gujarat and Jharkhand,
among others.


JYOTI HOSPITAL: CRISIL Reaffirms B- Rating on INR9MM Term Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Jyoti
Hospital Private Limited (JHPL) for obtaining information through
letters and emails dated January 27, 2017 and February 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              2       CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Overdraft                3       CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Term Loan                9       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 Jyoti Hospital 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 Jyoti Hospital Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B' category or
lower. Based on the last available information, CRISIL has
reaffirmed the rating at CRISIL B-/Stable.

JHPL, incorporated in 1994, is promoted by Dr. A K Bansal, his
wife Dr. Vandana Bansal, and Dr. Arpit Bansal. It manages the
multi-speciality, 500-bed Jeevan Jyoti Hospital in Allahabad
(Uttar Pradesh), which has departments for orthopaedics,
gynaecology, neurology, dental, paediatrics, plastic surgery,
minimally invasive surgeries, and laparoscopic surgeries.


KANAN KNITWEAR: CRISIL Cuts Rating on INR10MM LT Loan to B
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Kanan
Knitwear (KKW) for obtaining information through letters and
emails dated January 23, 2017 and February 13, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

CRISIL gave these ratings:

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

   Foreign Bill Purchase   2.0       CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4+')

   Packing Credit          9.5       CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4+')

   Proposed Long Term
   Bank Loan Facility     10.0       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 Kanan Knitwear. 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 Kanan Knitwear is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL B' category or lower. Based on the last
available information, CRISIL has downgraded the rating at 'CRISIL
B/Stable/CRISIL A4'.

KKW was established in 1974 by Mr. Pradeep Mehta. The firm, based
in Mumbai, trades in fabric, which contributes 75 per cent to its
revenue. KKW also manufactures and exports ready-made garments to
France and the United Arab Emirates, which constitute 25 per cent
of its revenue. KKW also operates a windmill of 0.625 megawatt in
Jaisalmer (Rajasthan).


KOHINOOR CTNL: Edelweiss Seeks to Wind Up Property Developer
------------------------------------------------------------
Economic Times reports that Edelweiss Asset Reconstruction Company
has dragged Kohinoor CTNL Infrastructure, a Mumbai-based property
developer, to the court proposing to wind up the defaulting
borrower.

According to the report, the National Company Law Tribunal (Mumbai
Bench) has admitted a case for bankruptcy as the property
developer has defaulted on a INR50.97-crore outstanding loan,
originally lent by Andhra Bank, which later sold off the loan to
Edelweiss ARC.

Insolvency cases, now billed as a panacea for banks saddled with
bad loans, got a boost after the Reserve Bank of India had last
month identified a dozen of defaulting accounts for bankruptcy
proceedings, ET states.

ET says Kohinoor CTNL Infrastructure has defaulted in repaying the
principal and interest on term loans since March, 2015.

"It is evident that the corporate debtor defaulted in making
payments and also placed the name of the insolvency resolution
professional to act as interim resolution professional, having
this bench noticed that default has occurred," the report quotes
tribunal bench as saying while admitting Edelweiss ERC's petition.

The bench, comprising V Nallasenapathy, member - technical, and B
S V Prakashkumar, member - judicial, has appointed Sripatham V
Ramkumar from Hyderabad as an interim insolvency resolution
professional to take up matters relating to insolvency processes,
the report discloses.

ET says Kohinoor CTNL Infrastructure has admitted the
non-repayment of loan and cited delay in project completion -
which led to increase in interest cost during construction period
and escalation in construction cost substantially - as reason
behind the default.

In 2010, lenders including Andhra Bank entered into a common loan
agreement with the company, sanctioning much larger sum than the
default amount. Andhra Bank alone granted a term loan of INR93.75
crore, adds ET.

Based in Mumbai, India, Kohinoor CTNL Infrastructure Company
Private Limited develops real estate properties. Kohinoor CTNL
operates as a subsidiary of Kohinoor Group.


LIFE STYLE: CRISIL Lowers Rating on INR5MM Cash Loan to B
---------------------------------------------------------
CRISIL Ratings has been consistently following up with Life Style
Properties Private Limited (LSP) 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               5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BB-/Stable')

   Proposed Long Term        5       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

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

Detailed Rationale

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

LSP is promoted by Mr. Partho Biswal and Mr. Asthika Biswal and
was set up in 2009 in Bhubaneswar. The company is a real estate
developer, executing construction of residential buildings in
Odisha.


LOHR INDIA: CRISIL Reaffirms 'D' Rating on INR9.5MM cash Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Lohr India
Automotive Private Limited (LIAPL) for obtaining information
through letters and emails dated January 19, 2017, and
February 9, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              9.5      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term       3.5      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

The TSI group was established in 2006 and manufactures carriers
used in logistic services. It manufactures tippers and trailers
under TSIPL, car and truck carriers under LIAPL, and refrigerated
carriers under HIPL. Its promoters have industry experience of
over four decades.


MARUTI METAL: CRISIL Reaffirms 'D' Rating on INR13.05MM LT Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Maruti
Metal Industries (MMI) for obtaining information through letters
and emails dated January 23, 2017, and February 13, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              4        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit         9.5      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      13.05     CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Standby Line of Credit    .45     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 Maruti Metal Industries. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the information
available for Maruti Metal Industries is consistent with 'Scenario
1' outlined in the 'Framework for Assessing Consistency of
Information with CRISIL B' category or lower. Based on the last
available information, CRISIL has reaffirmed the rating at 'CRISIL
D/CRISIL D'.

MMI, based in Bhavnagar (Gujarat), is a partnership firm set up in
2003. Managed by Mr. Mahendrakumar Rana, the firm trades in non-
ferrous metals such as bronze, copper, nickel, zinc, and lead.


MILLIONAIRE DEVELOPERS: CRISIL Cuts Rating on INR5MM Loan to B
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Millionaire
Developers (MD) 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
   ----------          ---------     -------
   Proposed Long Term       5        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded
                                     from 'CRISIL BB/Stable')

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

Detailed Rationale

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

MD belongs to the Galaxy Group established in 1989 by the Patel
family based in Surat. The company is currently developing a
residential and commercial real estate project, Galaxy Enclave, at
Pal (Surat).


MOHAK WOOLLENS: CRISIL Reaffirms 'B' Rating on INR4.65MM Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable/CRISIL A4'
ratings on the bank facilities of Mohak Woollens Private Limited
(MWPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          .67       CRISIL A4 (Reaffirmed)

   Cash Credit            4.65       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     3.37       CRISIL B/Stable (Reaffirmed)

   Proposed Term Loan     1.12       CRISIL B/Stable (Reaffirmed)

   Term Loan              2.69       CRISIL B/Stable (Reaffirmed)

The ratings reflect modest scale of operations in the highly
fragmented polar blankets manufacturing industry and weak
financial risk profile due to high gearing and muted debt
protection metrics. These weaknesses are partially offset by
promoters' extensive experience and funding support.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in the intensely competitive polar
blankets industry: Intense competition in the blanket
manufacturing industry restricts scale and profitability (revenue
and operating margin were at INR28.1 crore and 6.2%, respectively,
in fiscal 2016). The scale is estimated at INR21.5 crore for
fiscal 2017.

* Weak financial risk profile: The financial risk profile has
remained weak as reflected in gearing of 2.3 times as on March 31,
2016, interest coverage of 1.6 times and net cash accrual to total
debt ratio of 0.09 time during fiscal 2016, due to high dependence
on bank lines to meet working capital requirement and term loan
availed towards setting up of its plant.

Strengths

* Promoters' extensive experience and funding support: Benefits
from the promoters' experience of over three decades, and their
established relationships with customers and local suppliers, and
keen grasp of market dynamics should continue to support the
business risk profile. Furthermore, promoters have extended need-
based funding support as reflected in unsecured loans of INR3.7
crore as on March 31, 2016, which is estimated to have increased
to INR4.4 crore as on March 31, 2017.
Outlook: Stable

CRISIL believes MWPL will continue to benefit from the promoters'
extensive experience and funding support. The outlook may be
revised to 'Positive' in case of significant improvement in
operating profitability or working capital management,
strengthening the financial risk profile. Conversely, the outlook
may be revised to 'Negative' if decline in profitability level or
more-than-expected reliance on debt for working capital
requirement leads to deterioration in the financial risk profile.

Established in 2014, MWPL, set up by Mr. Padam Jain and his
family, manufactures polar fleece fabric for polar blankets and
other materials, with an existing installed capacity of 8 tonne
per day at Panipat (Haryana).

MWPL reported a net profit of INR0.11 crore on sales of INR28.1
crore for fiscal 2016, against INR0.10 crore and INR27.0 crore,
respectively, for fiscal 2015. Sales are estimated at INR21.5
crore for fiscal 2017.


ODYSSEY ADVANCED: Ind-Ra Rates BB- Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Odyssey Advanced
Telematics Systems (OATS) Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable. The instrument-wise rating actions are:

-- INR80 mil. Fund-based limit assigned with IND BB-/Stable
    rating; and
-- INR19 mil. Non-fund-based limit assigned with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect OATS' moderate scale of operations and credit
metrics. Revenue of the firm was INR323million in FY17 (FY16:
INR248 million), gross interest coverage (operating EBITDAR/gross
interest expense) was 2.4x (2.4x), and net financial leverage
(total adjusted net debt/operating EBITDAR) was 2.4x (3.3x).
EBITDA margin stood at 9.7% during FY17 (FY16:11.9%).  FY17
financials are provisional.

The ratings are constrained by OATS' tight liquidity position as
reflected in 98% utilisation of the fund-based limit during the 12
months ended May 2017. The ratings are further constrained by
proprietorship nature of business.
The ratings, however, are benefited from the firm's decade-long
association with large telecom companies such Vodafone Mobile
Services Limited (IND AAA/RWE) and Bharat Sanchar Nigam Ltd among
others.

RATING SENSITIVITIES

Positive: Improvement in scale of operations along with
improvement in credit metrics will be positive ratings.

Negative:  Any deterioration in liquidity profile will be negative
for the ratings

COMPANY PROFILE

OATS was set up in 1993 as a proprietorship concern. The firm
provides operations and maintenance services for the
telecommunications sector. OATS is also engaged in civil
construction, and executes orders issued by different entities
such as Odisha Power Transmission Corporation limited.


OM AGROENERGY: CRISIL Assigns 'B' Rating to INR7.85MM LT Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facility of Om Agroenergy Private Limited (OAE).
The rating reflects the company's modest scale of operations in
the highly fragmented edible oil industry, and its weak financial
risk profile. These weaknesses are partially offset by the
extensive industry experience of its promoters.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          7.85      CRISIL B/Stable

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations: As the company started commercial
production only in October 2016, its scale of operations is small,
indicated by estimated revenue of INR28 crore in fiscal 2017, in
comparison to the industry.

* Weak financial risk profile: The capital structure is likely to
remain subdued during the initial years, until operations
stabilise. The gearing is expected above 3 times over the medium
term.

Strength

* Extensive experience of the promoters in the agricultural
industry: The promoter family has been in the agricultural
business for more than 50 years through group companies

Outlook: Stable

CRISIL believes OAE will continue to benefit from its promoters'
extensive experience in the edible oil industry. The outlook may
be revised to 'Positive' if there is a significant increase in
revenue and profitability, leading to higher net cash accrual. The
outlook may be revised to 'Negative' if the financial risk profile
weakens because of a sharp decline in revenue and profitability,
or large, debt-funded capital expenditure, or diversification into
unrelated businesses.

OAE manufactures rice bran oil and mustard oil in Maharajganj,
Uttar Pradesh. OAE was set up in 2013 but started operations in
October 2016. The company is promoted by Mr. Murli Manohar
Jaiswal, Mr. Sudhakar Jaiswal, Mr. Devendra Kumar Jaiswal, and Mr.
Vipin Kumar Jaiswal.


PAREKH PLASTICS: CRISIL Reaffirms B+ Rating on INR4MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Parekh
Plastics (PP) 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 these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              4        CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Foreign Exchange         .25      CRISIL A4 (Issuer Not
   Forward                           Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan           .31      CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term       .34      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 Parekh Plastics. 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 Parekh Plastics is consistent with 'Scenario 3'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BBB' category or lower. Based on the last
available information, CRISIL has reaffirmed the rating at 'CRISIL
B+/Stable/CRISIL A4'.

PP was incorporated in 1985 by Mr. Ankur Parekh, Mrs. Jyothi
Parekh, Mr. Ajay Parekh and Mr. Rajesh Parekh as a partnership
firm. The firm manufactures plastic buckets for use in industries
such as paints & emulsions, pharmaceuticals, inks, adhesives and
agro chemicals.


PRABIR FOODSTUFF: CRISIL Reaffirms 'D' Rating on INR15MM Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Prabir
Foodstuff Factory (PFF) 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              13       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Warehouse Financing      15       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

PFF, set up in 2005 by Mr. Kuljit Singh, mills and sorts basmati
and non-basmati rice. It sells its rice under the brands Victoria,
777, KR, and Flying Horse. The firm has a rice milling and sorting
facility in Amritsar (Punjab), with a capacity of 12 tonnes per
hour.


PRATHAMESH LAND: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Prathamesh Land
Developers' (PLD) Long-Term Issuer Rating at 'IND BB+'. The
Outlook is Stable. The instrument-wise rating action is:

-- INR349.9 mil. (reduced from INR512.6 mil.) Long-term loan due
    on September 2019 affirmed with IND BB+/Stable rating.


KEY RATING DRIVERS

The affirmation reflects the reduced risk of time and cost overrun
in PLD's three ongoing residential projects, Sethia Sea View,
Sethia Green View and Sethia Link View, as 98.26% of the total
construction of all the three projects is completed. Sethia Sea
View is likely to be completed by December 2017 and for the rest
two projects the construction work has been completed. The ratings
continue to be constrained by the partnership structure of the
firm.

The ratings however continue to be supported by the over 10 years
of experience of PLD's promoter in the real estate sector and the
projects strategic location in Goregaon, West, a suburb in Mumbai,
close to schools, colleges, markets etc. The ratings are also
supported by 87.33% (400 flats) of the three projects having
already been sold out.

RATING SENSITIVITIES

Positive: Timely completion of the projects within the projected
cost outlay will be positive for the ratings.

Negative: Any slowing down in bookings leading to a cash flow
shortfall will be negative for the ratings.

COMPANY PROFILE

PLD is a registered partnership firm, founded in 2004. The firm is
promoted by Basantraj Meghraj Sethia. Sethia has completed several
residential and commercial projects in the past under the Sethia
Group.

The construction of the firm's residential projects started in
2014. The total area of the projects is 362,305 sf.  The project
land belongs to Adivasi Sahakari Ghar Bandhakam Sanstha Maryadit.


R S PAPER: CRISIL Reaffirms 'B' Rating on INR4.4MM Term Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with R S Paper
(RSP) 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             1.6       CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Packing Credit in       3.0       CRISIL A4 (Issuer Not
   Foreign Currency                  Cooperating; Rating
                                     Reaffirmed)

   Term Loan               4.4       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 R S Paper. This restricts
CRISIL's ability to take a forward looking view on the credit
quality of the entity. CRISIL believes that the information
available for R S Paper is consistent with 'Scenario 1' outlined
in the 'Framework for Assessing Consistency of Information with
CRISIL B' category or lower. Based on the last available
information, CRISIL has reaffirmed the rating at 'CRISIL
B/Stable/CRISIL A4'.

RSP, established in 2009 as a partnership firm, is based in
Greater Noida (Uttar Pradesh). The firm manufactures textbooks,
diaries, notebooks, envelopes, calendars, and other stationery
items, which it sells in both domestic and global markets. Mr.
Rishi Chawla and his mother Mrs. Sharda Chawla are the partners of
the firm.


RAAJMAHAL DEVELOPERS: CRISIL Cuts Rating on INR37MM Loan to B
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Raajmahal
Developers (RMD) 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
   ----------          ---------     -------
   Term Loan                37       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 Raajmahal Developers. 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 Raajmahal Developers is consistent with 'Scenario 3'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BBB' category or lower. Based on the last
available information, CRISIL has downgraded the rating at 'CRISIL
B/Stable'.

Established in 2013, RMD is engaged in the construction of real
estate projects both residential and commercial. The firm is based
out of Surat and managed by Mr. Ramesh Gupta, Mr. Ramanuj Bhattar
and Mr. Akhil Bhattar.


RIM JHIM: CRISIL Reaffirms 'B' Rating on INR179.5MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has been following up with Rim Jhim Ispat Limited
(Rim Jhim) for getting information through letters and emails,
dated April 28, 2017 and May 15, 2017 apart from various
telephonic communication. However, the issuer has continued to be
non-cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            179.5      CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit       121.75     CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      11.47     CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Term Loan               37.28     CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or the strategic intent of (Rim Jhim). 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 Rim Jhim is consistent with 'Scenario 1' outlined in
the 'Framework for Assessing Consistency of Information with
'CRISIL B Rating category or lower.' Therefore, on account of
inadequate information and lack of management co-operation, CRISIL
is reaffirming the rating at 'CRISIL B/Stable/CRISIL A4'

Rim Jhim, a closely held company, was incorporated in 1994 and
commenced commercial operations in 1996. It manufactures SS
products such as billets, flats, rounds, and bright bars. Its
manufacturing facility in Hamirpur, Uttar Pradesh, has capacity of
250,000 tonne per annum. Mr. Yogesh Kumar Agarwal, Mr. Rajeev
Kumar Goel, and Mr. Chetan Prakash Agarwal manage operations.


S.V. CHEM: CRISIL Assigns B+ Rating to INR3.0MM Cash Loan
---------------------------------------------------------
CRISIL Ratings has assigned 'CRISIL B+/Stable/CRISIL A4' ratings
to the long-term bank facilities of S.V. Chem Intermediates
Private Limited (SVC).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Working Capital
   Facility                1.39      CRISIL B+/Stable

   Term Loan               0.70      CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      1.33      CRISIL B+/Stable

   Letter of Credit        1.00      CRISIL A4

   Bank Guarantee           .08      CRISIL A4

   Cash Credit             3.00      CRISIL B+/Stable

The ratings reflect the susceptibility of operating margin to
risks related to volatility in raw material prices and intense
competition in intermediate chemicals segment, working capital
intensive operations and the below-average financial risk profile
marked by small networth and high gearing. These weaknesses are
partially offset by its established regional presence in
intermediate chemicals segment, supported by extensive experience
of promoters and long-standing relationships with key customers.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to volatility in raw material prices and intense
competition:
Operating margin is highly susceptible to volatility in the prices
of raw material, which include various chemicals such as amino
acid. Profitability stood at 9.8-16.8% over the five years ended
March 31, 2017. Furthermore, the intermediate chemical segment is
intensely competitive with the presence of numerous small and mid-
size, and a few large players, thereby constraining the company's
pricing ability.

* Working capital intensive operations:
Operations are working capital intensive as reflected in gross
current assets (GCAs) estimated at 184 days of sales as on
March 31, 2017, driven by debtors and inventory days of 90 and 90-
120, respectively. However, working capital cycle is supported by
the 90 days of credit received from suppliers.

* Below-average financial risk profile:
Networth is estimated at INR3.1 crore as on March 31, 2017, due to
modest scale of operations and operating profitability. Gearing is
high estimated at 2.35 times.

Debt protection metrics are marked by interest coverage and net
cash accrual to total debt (NCATD) ratios of 2.21 times and 0.11
time, respectively, during fiscal 2017.

Strength

* Established regional presence in intermediate chemicals segment:
The promoters ' two-decade long experience in manufacturing bulk
drug intermediaries and healthy relationships with key customers
has enhanced SVC's scale of operations, as indicated by a healthy
compound annual growth rate of 21% in turnover over the four years
ended March 31, 2017; on the back of repeat orders from existing
customers and addition of new clients.

Outlook: Stable

CRISIL believes SVC will benefit from the extensive industry
experience of its promoters. The outlook may be revised to
'Positive' if revenue and profitability increase and financial
risk profile improves. The outlook may be revised to 'Negative' if
decline in revenue and operating margin, or stretch in working
capital cycle or sizeable debt-funded capital expenditure weakens
financial risk profile.

Established in 2005 and based in Tamil Nadu, SVC manufactures
intermediate chemicals for application in manufacture of active
pharma ingredients. The promoters, Mr Radhakrishnan and his wife
Mrs Lakshmi Radhakrishnan, have over two decades of industry
experience and manage operations of the company.

The company had a profit after tax of INR 16.86 lakh and operating
income of INR15.98 crore for fiscal 2016 against INR71.72 lakh and
INR12.43 crore the previous fiscal.


SHREE RAJARAM: CRISIL Reaffirms 'B' Rating on INR10MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed 'CRISIL B/Stable' rating on the
long-term bank facility of Shree Rajaram Mills (SRM)

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              10       CRISIL B/Stable (Reaffirmed)

The rating continues to reflect SRM's average financial risk
profile because of a small networth and subdued debt protection
metrics, modest scale and working capital-intensive operations in
the highly fragmented and competitive textile processing industry.
These weaknesses are partially offset by the extensive industry
experience of promoters and their established relations with
customers.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in the competitive textile processing
industry
Revenue declined in fiscal 2017 vis-a-vis fiscal 2016 owing to
closure order given for processing units by National Green
Tribunal driven by the complaint from farmers regarding water
pollution. This led to getting processing done through job workers
while finishing and packaging work were done in house. Further,
over the five years through fiscal 2017, scale remained modest at
INR30-53 crore because the textile processing industry is
intensely competitive. Revival in scale of operation and
profitability remains a critical factor.

* Working capital-intensive operations
Gross current assets are estimated at 201 days as on March 31,
2017, because of large receivables and inventory. Working capital
is partly supported by credit from suppliers. Operations are
expected to remain working capital intensive over the medium term.

* Average financial risk profile
Financial risk profile has remained average because of modest
networth estimated at INR5.97 crore and average gearing of 1.63
times as on March 31, 2017. Interest coverage remained subdued at
about 1.3 times in fiscal 2017, in line with historical trend.

Strengths

* Proprietor's experience and established relationship with
customers
The proprietor, Mr. Suresh Chand Gupta, and his family have been
in the textile industry for over three decades. Their experience
and understanding of market opportunities and dynamics helped
establish healthy relationship with customers resulting in
consistent demand for products.

Outlook: Stable

CRISIL believes SRM will continue to benefit from the proprietor's
experience and established relation with customers. The outlook
may be revised to 'Positive' if revenue and profitability improve,
leading to higher-than-expected cash accrual, and improved debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if lower-than-expected cash accrual, stretched working
capital cycle, or large debt-funded capital expenditure weakens
financial risk profile and liquidity.

Established in 2007, SRM is a proprietorship firm of Mr. Suresh
Chand Gupta. The firm bleaches, dyes and prints narrow-width
fabric. Its processing facility is in Pali, Rajasthan with
installed capacity of 70,000 metre per day.

Profit after tax is INR0.18 crore on operating income of INR51.95
crore for fiscal 2016, against INR0.24 crore and INR43.20 crore,
respectively, for fiscal 2015.


SIR SHADI: CRISIL Raises Rating on INR71MM Cash Loan to 'B'
-----------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities Sir Shadi Lal Enterprises Limited (SSLEL) to 'CRISIL
B/Stable' from 'CRISIL C'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             71        CRISIL B/Stable (Upgraded
                                     from 'CRISIL C')

   Proposed Long Term
   Bank Loan Facility      40.45     CRISIL B/Stable (Upgraded
                                     from 'CRISIL C')

   SEFASU Loan             18.55     CRISIL B/Stable (Upgraded
                                     from 'CRISIL C')

   Working Capital         70.00     CRISIL B/Stable (Upgraded
   Term Loan                         from 'CRISIL C')

The upgrade reflects improvement in the business risk profile with
healthy revenue growth of 43% in fiscal 2017 supported by
increased sugar prices. Improved realisations, along with better
recovery rate, resulted in improved operating margin in fiscal
2017. The business risk profile is expected to remain steady with
moderate revenue growth expected over the medium term with
operating margin likely to be sustained. On account of improving
profitability, debt protection metrics have improved, with
interest coverage and net cash accrual to total debt ratios of 2.1
times and 0.11 time, respectively, in fiscal 2017, against 1.1
times and 0.03 time, respectively, in fiscal 2016. Improving
accrual is further expected to support debt coverage indicators
over the medium term. Working capital intensity also improved with
reduction in gross current assets to 158 days as of March 2017,
from 298 days as of March 2016, supported by better inventory
management. Given nil major capex plans for the medium term, no
large debt obligation is expected for the period. Liquidity is
supported by sufficient cushion between accrual and repayment,
moderate bank limit utilisation and need-based funding support
from promoters.

The rating remains constrained by working capital-intensive
operations, stretched capital structure with significant
accumulated losses and exposure to regulatory risk in the sugar
industry. These weaknesses are partially offset by promoters'
extensive experience in the sugar industry and funding support.

Key Rating Drivers & Detailed Description

Weakness

* Adverse networth with significant accumulated losses: The
capital structure remains stretched, with negative networth of
INR33.02 crore as on March 31, 2017, owing to high losses incurred
in the past.

* High degree of regulatory risk in the sugar industry: The sugar
industry is highly regulated with controls on both pricing/supply
of sugarcane, and sale of sugar. Consequently, the credit quality
of domestic players continues to hinge on sugarcane price
regulations, the export-import policy, and Government of India's
(GoI's) sugar release mechanism.

* Working capital-intensive operations: Working capital
requirement is large, with gross current assets of 158 days as on
March 31, 2017, with inventory of 159 days.

Strengths

* Promoters' extensive experience: The promoters have gained
significant experience in the sugar industry through their
association with this company, and have developed good relations
with customers and suppliers.

* Need-based funding support from promoters: The promoters have
supported the company in the form of unsecured loans which stood
at INR13.55 crore as on March 31, 2017. In fiscal 2017, the
promoters infused additional unsecured loans of up to INR3.0 crore
and their support is expected to continue in case of exigencies.

Outlook: Stable

CRISIL believes SSLEL will continue to benefit over the medium
term from its promoters' extensive experience and funding support.
The outlook may be revised to 'Positive' if substantial cash
accrual and efficient working capital management strengthen the
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of a significant decline in operating
profitability or deterioration in working capital management,
leading to pressure on liquidity and capital structure.

SSLEL was established in 1933 by Sir Shadi Lal. The company
manufactures sugar and alcohol at its facilities in Shamli, Uttar
Pradesh. The company is listed on the Bombay Stock Exchange.

SSLEL had a net profit of INR17.95 crore on net sales of INR394.89
crore in fiscal 2017, against INR2.01 crore and INR250.25 crore,
respectively, in fiscal 2016.


SPERRY INTERNATIONAL: CRISIL Assigns 'B' Rating to INR12MM Loan
---------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long term bank facility of Sperry International Private Limited
(SIPL; part of the Sperry group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Letter of Comfort        12       CRISIL B/Stable

The ratings reflect the group's weak financial risk profile,
constrained by eroded networth on the back of continued losses and
leveraged capital structure. Liquidity remains stretched due to
low cash accrual and almost fully utilised bank lines. The ratings
also factor in the group's subdued revenue growth and volatile
margins. These weaknesses are partially offset by promoters'
extensive industry experience and their committed support to meet
the funding requirements of the group in case of exigencies.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SIPL and Sperry Plast Ltd (SPL;
together referred to as the Sperry group) as SIPL is a subsidiary
of SPL and both companies are in a similar business, and have
financial linkages and a common management.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile
The networth, estimated at INR25 lakh as on March 31, 2017, has
been eroded due to continuous losses incurred till fiscal 2016.
Consequently, the leverage has been aggressive. Furthermore, the
debt protection metrics were weak due to losses incurred.

Liquidity is also stretched as reflected in fully utilised bank
lines and expectation of barely sufficient cash accrual to meet
debt obligation.

* Subdued revenue growth and volatile margin
Operating income declined to INR164.39 crore in fiscal 2016 from
INR226.60 crore in the previous fiscal due to raw material price
fluctuation and intense competition. Although it displayed
marginal growth in fiscal 2017, at an estimated INR174.59 crore,
the sustenance of growth remains to be seen. The operating margin
has also been volatile. Sustained revenue growth and better
operating margin are essential for turning around of operations.

* Working capital-intensive operations
Gross current assets are estimated at 185 days as on March 31,
2017, due to large receivables and inventory of 72 days and 91
days, respectively. The gross current assets are likely to remain
at 170-190 days over the medium term. The bank limits remain near
to full utilised to fund working capital requirement.

Strengths

* Promoters extensive experience and funding support
Benefits from the promoters' extensive experience of around three
decades in manufacturing of thermoplastic rubber compound, plastic
moulded components, and expanded polystyrene (EPS) foam will
continue to support the business risk profile. Furthermore, they
have continued their funding support by infusing equity, extending
unsecured loans, and reducing overall debt burden by selling out
additional personal properties as well as idle group assets.
Promoters' committed stance to infuse fresh funds to meet urgent
business requirement of the group partly cushions liquidity.

* Improved operating profitability
Operating profitability is estimated to have improved to 12.1% in
fiscal 2017 from 11.1% in fiscal 2015 and 4.2% in fiscal 2015 on
the back of discontinuation of low-margin CPVC pipes business and
efficient management of overhead expenses, and the margin is
expected to improve over the medium term.

Outlook: Stable

CRISIL believes the Sperry group's financial risk profile will
remain constrained by low cash accrual and a leveraged capital
structure. Nonetheless it will benefit from the promoters'
extensive experience and funding support. The outlook may be
revised to 'Positive' if revenue and profitability improve
significantly, leading to sizable improvement in cash accrual. The
outlook may be revised to 'Negative' in case of further
deterioration in revenue and/or lower-than-expected margin,
considerable working capital requirement, further weakening the
financial risk profile and liquidity.

SIPL Incorporated in December 2004, SIPL is a subsidiary of SPL
(holding 80.03% stake) which has invested in Sperry Wictor SRL,
Italy (100% subsidiary of SIPL - which is into manufacturing of
adhesives). SIPL is promoted by Mr Vikram Jain.

SPL Incorporated in April 1992, SPL is a closely held company
promoted by Mr Vikram Jain and his family. It manufactures
thermoplastic rubber compound, plastic moulded components, and
expanded polystyrene (EPS) foam. It has its four manufacturing
facilities in Greater Noida (2 units), Chennai and Jammu.

Revenue of the Sperry group is estimated at INR174.59 crore and
net profit at INR0.09 crore for fiscal 2017, against operating
income of INR164.39 crore and net loss of INR15.83 crore for
fiscal 2015.


SPERRY PLAST: CRISIL Assigns B Rating to INR100MM Term Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable/CRISIL A4'
ratings to the bank facilities of Sperry Plast Limited (SPL; part
of the Sperry group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               100       CRISIL B/Stable
   Cash Credit              50       CRISIL B/Stable
   Letter of Credit         25       CRISIL A4

The ratings reflect the group's weak financial risk profile,
constrained by eroded networth on the back of continued losses and
leveraged capital structure. Liquidity remains stretched due to
low cash accrual and almost fully utilised bank lines. The ratings
also factor in the group's subdued revenue growth and volatile
margins. These weaknesses are partially offset by promoters'
extensive industry experience and their committed support to meet
the funding requirements of the group in case of exigencies.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SPL and Sperry International Pvt Ltd
(SIPL; together referred to as the Sperry group) as SIPL is a
subsidiary of SPL and both companies are in a similar business,
and have financial linkages and a common management.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile
The networth, estimated at INR25 lakh as on March 31, 2017, has
been eroded due to continuous losses incurred till fiscal 2016.
Consequently, the leverage has been aggressive. Furthermore, the
debt protection metrics were weak due to losses incurred.

Liquidity is also stretched as reflected in fully utilised bank
lines and expectation of barely sufficient cash accrual to meet
debt obligation.

* Subdued revenue growth and volatile margin
Operating income declined to INR164.39 crore in fiscal 2016 from
INR226.60 crore in the previous fiscal due to raw material price
fluctuation and intense competition. Although it displayed
marginal growth in fiscal 2017, at an estimated INR174.59 crore,
the sustenance of growth remains to be seen. The operating margin
has also been volatile. Sustained revenue growth and better
operating margin are essential for turning around of operations.

* Working capital-intensive operations:
Gross current assets are estimated at 185 days as on March 31,
2017, due to large receivables and inventory of 72 days and 91
days, respectively. The gross current assets are likely to remain
at 170-190 days over the medium term. The bank limits remain near
to full utilised to fund working capital requirement.

Strengths

* Promoters extensive experience and funding support
Benefits from the promoters' extensive experience of around three
decades in manufacturing of thermoplastic rubber compound, plastic
moulded components, and expanded polystyrene (EPS) foam will
continue to support the business risk profile. Furthermore, they
have continued their funding support by infusing equity, extending
unsecured loans, and reducing overall debt burden by selling out
additional personal properties as well as idle group assets.
Promoters' committed stance to infuse fresh funds to meet urgent
business requirement of the group partly cushions liquidity.

* Improved operating profitability
Operating profitability is estimated to have improved to 12.1% in
fiscal 2017 from 11.1% in fiscal 2015 and 4.2% in fiscal 2015 on
the back of discontinuation of low-margin CPVC pipes business and
efficient management of overhead expenses, and the margin is
expected to improve over the medium term.

Outlook: Stable

CRISIL believes the Sperry group's financial risk profile will
remain constrained by low cash accrual and a leveraged capital
structure. Nonetheless it will benefit from the promoters'
extensive experience and funding support. The outlook may be
revised to 'Positive' if revenue and profitability improve
significantly, leading to sizable improvement in cash accrual. The
outlook may be revised to 'Negative' in case of further
deterioration in revenue and/or lower-than-expected margin,
considerable working capital requirement, further weakening the
financial risk profile and liquidity.

SPL Incorporated in April 1992, SPL is a closely held company
promoted by Mr. Vikram Jain and his family. It manufactures
thermoplastic rubber compound, plastic moulded components, and
expanded polystyrene (EPS) foam. It has its four manufacturing
facilities in Greater Noida (2 units), Chennai and Jammu.

SIPL Incorporated in December 2004, SIPL is a subsidiary of SPL
(holding 80.03% stake) which has invested in Sperry Wictor SRL,
Italy (100% subsidiary of SIPL - which is into manufacturing of
adhesives). SIPL is promoted by Mr. Vikram Jain.

Revenue of the Sperry group is estimated at INR174.59 crore and
net profit at INR0.09 crore for fiscal 2017, against operating
income of INR164.39 crore and net loss of INR15.83 crore for
fiscal 2015.


TAYO ROLLS: To Refer to NCLT for Insolvencey Resolution Process
---------------------------------------------------------------
Equity Bulls reports that the board of directors of Tayo Rolls Ltd
at their meeting held on July 3 has decided to refer the Company
to the National Company Law Tribunal under Section 10 of the
Insolvency and Bankruptcy Code, 2016 for Corporate Insolvency
Resolution Process.

Shares of Tayo Rolls Ltd. was last trading in BSE at Rs.60 as
compared to the previous close of INR55.2, Equity Bulls discloses.
The total number of shares traded during the day was 27,758 in
over 174 trades, the report says.

India-based Tayo Rolls Limited is a metal fabrication and
processing company. Tayo Rolls is a subsidiary of Tata Steel.


VIRCHAND NARSI: CRISIL Lowers Rating on INR26.5MM Loan to B
-----------------------------------------------------------
CRISIL Ratings downgraded its rating on the long-term bank
facility of Virchand Narsi Cotton Private Limited (VNCPL) to
'CRISIL B/Stable' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             26.5      CRISIL B/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The downgrade reflects deterioration of operating performance
marked by decline in scale of operations and stretch in working
capital cycle. The decline in operating performance has also
resulted in weakening of financial risk profile particularly the
gearing which has deteriorated to more than 4 times over the last
2 years ended March 31, 2017.

The ratings continue to reflect below average financial risk
profile and working capital intensive operations. These rating
weaknesses are partially offset by extensive industry experience
of promoters.

Key Rating Drivers & Detailed Description

Weakness

* Below average financial risk profile: Company has below average
financial risk profile marked by modest networth and high gearing
(Rs 7.95 crore and 4.31 times as on March 31, 2016). Debt
protection metrics are subdued marked by interest coverage ratio
of 1.1 times for fiscal 2016.

* Working capital intensive operations: Company has working
capital intensive operations marked by gross current assets of
around 174 days as on March 31, 2017. GCA is high primarily on
account of elongated debtor cycle (133 days as on March 31, 2017).

Strengths

* Extensive industry experience of promoters: The Dand family is
engaged in cotton ginning and pressing, cotton trading and cotton
seed oil extraction business for more than 4 decades through
different entities. VNCPL thus benefits from the promoters'
extensive industry experience and their understanding of the
dynamics of the local market, and established relationship with
suppliers, farmers, and customers.

Outlook: Stable

CRISIL believes VNCPL will continue to benefit over the medium
term from the extensive experience of its promoter. The outlook
may be revised to 'Positive' in case of significant increase in
scale of operations and profitability, leading to improved cash
accruals or in case of substantial equity infusion resulting in an
improved capital structure. The outlook may be revised to
'Negative' if cash accruals decline, or in case of a further
stretch in working capital resulting in deterioration of financial
risk profile.

Incorporated in 2002, VNCPL is engaged in ginning and pressing of
raw cotton and crushing of cotton seeds. Company is promoted by
Mr. Kumarpal Dand and his family.

The company had a net loss of INR1.76 crore on net sales of INR172
crore in fiscal 2016, against a profit after tax of INR0.76 crore
on net sales of INR222.1 crore in fiscal 2015.



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


TOSHIBA CORP: SK Hynix Demands Voting Rights in Chip Unit
---------------------------------------------------------
Kyodo News reports that SK Hynix Inc. is asking for up to 33.4% of
voting rights in Toshiba Corp.'s semiconductor unit as they
continue talks on the sale of the business, according to sources.

SK Hynix has joined a consortium chosen by Toshiba as a preferred
bidder for Toshiba Memory Corp. SK Hynix would provide loans to a
U.S. fund participating in the joint bid, as Toshiba is concerned
it may take longer to clear antitrust reviews if a chipmaker takes
a stake in the unit, Kyodo says.

Western Digital Corp., Toshiba's joint chip production partner, is
opposed to any sale to a third party without its consent, Kyodo
notes.

According to the report, cash-strapped Toshiba is rushing to raise
funds by selling the chip unit so it can eliminate negative net
worth by next March to avoid being delisted by the Tokyo Stock
Exchange.

Under the most recent plan, a Japanese government-backed fund --
the Innovation Network Corp. of Japan -- and the government-owned
Development Bank of Japan aimed to take a combined 66.6 percent
stake in Toshiba Memory with the rest to be owned by U.S. fund
Bain Capital, the report says.

Kyodo says the Japan-U.S.-South Korean consortium was organized by
the Japanese government, as it is concerned about Toshiba's key
technology getting into the hands of a foreign company.

According to Kyodo, Toshiba President Satoshi Tsunakawa said at a
news conference last month that the South Korean company will
"have no voting rights and therefore technology drain will be
prevented."

But SK Hynix has demanded the right to acquire a portion or even
the entire stake to be held by Bain Capital in the future,
according to the sources.

Toshiyuki Shiga, chairman of Innovation Network Corp. of Japan,
told reporters on June 30 that no problems have stalled
negotiations but he could not say when the deal could be sealed,
the report says.

Western Digital, which has jointly invested in Toshiba's Yokkaichi
flash memory plant in Mie Prefecture, has asked a U.S. court to
block the deal, according to the report. The U.S. company is also
seeking arbitration with an international court, claiming the sale
of the chip unit without its consent breaches their contract.

Kyodo notes that ahead of a U.S. court hearing scheduled for July
14, Toshiba said on July 3 it has submitted a counterargument
against the U.S. partner's claims to the U.S. court.

Toshiba also said it will bring Swiss-based Landis+Gyr AG smart
meter subsidiary public to sell its holding shares in the
subsidiary as part of efforts to bolster its financial conditions,
the report relates.

Kyodo adds that the Japanese conglomerate said Landis+Gyr is
aiming to list on the SIX Swiss Exchange by the end of September.
But Toshiba said it is also considering selling Landis+Gyr and
could scrap the plan to list the subsidiary if it finds a buyer.

                           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.



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


FP IGNITION 2017: Moody's Assigns B1(sf) Rating to Cl. F Notes
---------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to notes
to be issued by NZGT (FP) Trustee Limited in its capacity as
trustee of the FP Ignition 2017 Warehouse Trust.

Issuer: FP Ignition 2017 Warehouse Trust

NZD275.3 million Class A Notes, Assigned Aaa (sf);

NZD29.4 million Class B Notes, Assigned Aa2 (sf);

NZD31.2 million Class C Notes, Assigned A2 (sf);

NZD15.6 million Class D Notes, Assigned Baa2 (sf);

NZD27.5 million Class E Notes, Assigned Ba1 (sf);

NZD28.9 million Class F Notes, Assigned B1 (sf);

The NZD28.0 million Class G Notes and NZD22.9 million Class OA2
Notes are not rated by Moody's.

The transaction is a New Zealand prime asset-backed
securitisation. It is a cash securitisation of operating and
finance leases extended to New Zealand corporates and small and
medium-sized businesses. The leases are secured by passenger cars
and commercial vehicles. The collateral pool composition is
revolving with substitution of receivables taking place until the
scheduled amortisation date in October 2017.

The securitised portfolio comprises lease installment cash flows
and residual value cash flows. The present value of the
outstanding lease receivables balance is approximately NZD 424.4
million and the nominal value of estimated residual value cash
flows amounts to around NZD 274.6 million. Due to the right of the
lessees to return the vehicle at contract maturity to cover the
final lease balance outstanding under an operating lease, the
notes are exposed to both default and market or residual value
risk of the related vehicles.

RATINGS RATIONALE

The definitive ratings take into account, amongst other factors,
(1) an evaluation of the underlying portfolio of receivables and
their expected performance (2) an evaluation of the underlying RV
exposure; (3) back-up maintenance and servicer solutions; (4) the
credit enhancement provided by subordination; (5) the liquidity
support available in the transaction by way of principal to pay
interest and the liquidity reserve fund.

The transaction benefits from credit strengths such as experience
of the originator, diversification of vehicle manufacturer and
lease term dates and strong historical performance of the lease
portfolio. However, Moody's notes that the transaction features
some credit weaknesses such as high lessee concentration and RV
risk.

The structure will rely on monthly compliance events to ensure
portfolio quality. Origination of new receivables and the
continuation of the revolving period will be subject to certain
parameters, including a days sales outstanding metric in respect
of trust receivables which does not exceed 30 days, obligor
concentration limits (with certain exceptions), a minimum gross
margin, a single vehicle make concentration limit of 27.5% and the
aggregate of the final expected asset values at the contract
expiry date in respect of all lease receivables should not exceed
66% of the portfolio balance.

The transaction is a sequential pay securitisation of auto lease
contracts.

MODELLING APPROACH

Moody's applies a two-stage approach to modelling transactions
with RV risk. In the first step, Moody's models the expected loss
on the notes due to defaults. In the second step, additional
losses resulting from RV risk are modelled based on the RV
haircuts applied at contract maturity.

For the assessment of lessee default risk Moody's has determined
the lessee default distribution of the portfolio using CDOROM,
which simulates lessee defaults based on asset correlations and
default probabilities assumptions. Moody's assumed a mean lessee
default rate of 4.46%. For cash flow modeling Moody's assumed a
recovery rate following lessee default of 45% . To account for RV
risk in the portfolio Moody's assumes a Aaa haircut of 45.0%; Aa2
haircut of 35.5%; A2 haircut of 30.5%; Baa2 haircut of 25.5%; Ba1
haircut of 20.0% and a B1 haircut of 12.0% on RV cash flows.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Auto Loan- and Lease-Backed ABS"
published in October 2016.

Factors That Would Lead to an Upgrade or Downgrade of the Ratings:

Factors that could lead to an upgrade or downgrade of the note
ratings include (1) an improvement or deterioration in the credit
quality and performance of the collateral pool, and (2) higher or
lower than expected recoveries on defaulted loans. The New Zealand
economy and the market for used vehicles are primary drivers of
performance.

Other reasons for worse performance than Moody's expects include
poor servicing, error on the part of transaction parties, a
deterioration in credit quality of transaction counterparties,
lack of transactional governance and fraud.

Moody's Parameter Sensitivities:

If the default rate rises to 5.35% (from Moody's assumption of
4.46%) then the model-indicated rating for the Notes are:

Class A -- Aa1

Class B -- Aa3

Class C -- A3

Class D -- Baa3

Class E -- Ba2

Class F -- B2



                             *********

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 ***