TCRAP_Public/170706.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, July 6, 2017, Vol. 20, No. 133

                            Headlines


A U S T R A L I A

AUSTRALIAN GLASS: First Creditors' Meeting Set for July 13
ARRIUM LIMITED: British Consortium Wins Auction for Steelmaker
JDP FORMWORK: First Creditors' Meeting Set for July 13
MM GOLD: Second Creditors' Meeting Slated for July 11
PALADIN ENERGY: First Creditors' Meeting Set for July 13

POLICE AND FAMILIES: S&P Affirms Then Withdraws 'BB+/B' ICRs
SOUTH COAST: First Creditors' Meeting Set for July 13


C H I N A

CHINA HUISHAN: Plans to Carve Up Firm with Creditors
LEECO: Chinese Court Freezes CNY1.24 Billion in Assets
SINO-OCEAN GROUP: S&P Lowers CCR to BB+ Then Withdraws Rating


I N D I A

AMAR REMEDIES: Files for Bankruptcy Proceedings
ANTONY ROAD: CARE Lowers Rating on INR25cr LT Bank Loan to D
APAR CHARITABLE: ICRA Reaffirms B+ Rating on INR15cr Term Loan
BAJAJ PROCESSPACK: CARE Assigns B+ Rating to INR4.0cr LT Loan
C DOCTOR: CARE Assigns 'B' Rating to INR2.50cr Bank Loan

CENOSPHERE INDIA: ICRA Raises Rating on INR5.0cr Loan to B-
CHANDER BHAN: CARE Assigns 'B' Rating to INR8cr LT Bank Loan
COCHIN BRIDGE: ICRA Reaffirms 'D' Rating on INR9.11cr Term Loan
DSG CORP: ICRA Reaffirms B- Rating on INR10.10cr Loan
ECOSTAR GOEL: CARE Assigns B+ Rating to INR17.50cr LT Bank Loan

GUJARAT COTFIB: ICRA Lowers Rating on INR13.75cr Loan to D
J AND J ASSOCIATES: CARE Assigns B+ Rating to INR4.75cr Loan
JAINAM CABLES: ICRA Reaffirms B+ Rating on INR10cr Cash Loan
MALWA AUTOMOTIVES: ICRA Affirms B+ Rating on INR17cr Loan
MANGALMURTI QUARRY: CARE Revises Rating on INR6.13cr Loan to B+

MEGHAAARIKA INTERNATIONAL: Ind-Ra Affirms BB- LT Issuer Rating
PRANI AUTO: ICRA Lowers Rating on INR13.0cr Cash Loan to 'D'
R.L.A. CONSTRUCTIONS: CARE Assigns B+ Rating to INR2.5cr Loan
RAMAN AGRO: ICRA Reaffirms B+ Rating on INR6cr Term Loan
REGENT GRANITO: ICRA Reaffirms B+ Rating on INR42.33cr Loan

SAHARA: Sebi to e-auction Property in Uttarakhand on July 28
SARJU VITRIFIED: ICRA Assigns 'B' Rating to INR28.50cr Term Loan
SHRI TULSI: ICRA Reaffirms B+ Rating on INR5.50cr Cash Loan
SIDVIN CORE-TECH: ICRA Withdraws BB Rating on INR10.43cr Loan
SINHGAD TECHNICAL: CARE Reaffirms 'D' Rating on INR426.24cr Loan

SRI BALAJI: CARE Assigns B+ Rating to INR4.60cr LT Bank Loan
SWASTIK AAHAR: CARE Assigns B+ Rating to INR5.50cr LT Loan
SUNSHAKTI OIL: Ind-Ra Withdraws D Long-Term Issuer Rating
THREE C GREENS: ICRA Cuts Rating on INR225cr Loan to B
UMA RANI: CARE Assigns 'B' Rating to INR6.74cr LT Bank Loan

VARSHA INDUSTRIES: ICRA Assigns 'B' Rating to INR47cr Cash Loan


J A P A N

TOSHIBA CORP: Asks Calif. Court to Dismiss Western Digital Case


N E W  Z E A L A N D

MAD BUTCHER: Franchisee to Raise NZ$15K Funds for Unpaid Staff


                            - - - - -


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A U S T R A L I A
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AUSTRALIAN GLASS: First Creditors' Meeting Set for July 13
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Australian
Glass Install (VIC) Pty Ltd will be held at the offices of
Worrells Solvency & Forensic Accountants, Suite 1103, Level 11
147 Pirie Street, in Adelaide, SA, on July 13, 2017, at
10:30 a.m.

Dominic Charles Cantone and Rajendra Kumar Khatri of Worrells
Solvency were appointed as administrators of Australian Glass on
July 3, 2017.


ARRIUM LIMITED: British Consortium Wins Auction for Steelmaker
--------------------------------------------------------------
Richard Gluyas and Rachel Baxendale at The Australian reports that
the collapsed steelmaker Arrium is set to be sold to a British
consortium led by Sanjeev Gupta after the preferred Korean
consortium failed to get across the line.

Arrium's administrators announced on July 5 that the GFG Alliance
had won the long-running Arrium auction.

According to The Australian, administrators Korda Mentha said a
binding agreement with GFG Alliance had been signed, subject to
approvals, after it submitted a modified offer on July 4.

The Australian relates that Treasurer Scott Morrison said the deal
was great news for Whyalla and the Australian steel industry, and
congratulated local Coalition MP Rowan Ramsay for his advocacy.

"The next steps are the approvals of the creditors but also the
Foreign Investment Review Board process which will move speedily,"
the report quotes Mr. Morrison as saying. "We have already been in
a position to agree to the conditions around the Foreign
Investment Review Board process and I expect to sign off on that
later today which I think will give the added certainty for the
workers in Whyalla and the community in Whyalla which demonstrates
a very positive future for them."

Mr. Morrison said the deal meant Malcolm Turnbull would be heading
off to the G20 conference in Hamburg later this week with a "good
story to tell" about where the Australian economy is heading, the
report relays.

The Australian Workers' Union also reacted positively to the
announcement, with its National Secretary Daniel Walton saying the
confirmation represented a great day for Arrium workers and the
town of Whyalla, the report adds.

"This is the outcome we have been working so hard toward for well
over a year. This is the certainty we wanted to deliver for
workers and their families," The Australian quotes Mr. Walton as
saying.

The Australian relates that administrator Mark Mentha said that it
was "a great result for Arrium employees and the city and people
of Whyalla. It ensures their future and ends 15 months of
uncertainty.

"Taking all factors into consideration, including the time frames
required to complete a sale, KordaMentha and our sale advisers
Morgan Stanley decided that GFG was an option superior to the
conditional offer of the Korean alliance with whom we were
negotiating,"

                        About Arrium Limited

Arrium Limited (ASX:ARI) -- http://www.arrium.com/-- is an
Australia-based mining and materials company. The Company is
engaged in mining and supply of iron ore and steelmaking raw
materials; manufacture and supply of mining consumable products;
manufacture and distribution of steel products, and recycling of
ferrous and non-ferrous scrap metal. Its segments include Mining,
Mining Consumables, Steel and Recycling. Its Mining segment
exports hematite iron ore and supplies both pelletized magnetite
iron ore and hematite lump iron ore. Its Mining Consumables
segment consists of Moly-Cop grinding media business, Waratah
steel mill and Altasteel steel mill. Its Mining Consumables
segment supplies various mining consumables, such as grinding
media, wire ropes and rail wheels. Its Steel segment manufactures
billet and distributes steel and metal products, including
structural steel selections, steel plate, angels, channels,
reinforcing steel and carbon products. Its Recycling segment
supplies steelmaking raw materials.

Pursuant to orders made by the Federal Court of Australia on
April 12, 2016, Mark Mentha, Bryan Webster, Martin Madden and
Cassandra Mathews of KordaMentha have been appointed Joint and
Several Voluntary Administrators of the Company and its 93
Australian subsidiaries replacing Said Jahani, Paul Billingham,
Michael McCann and Matthew Byrnes of Grant Thornton, who were
appointed earlier in April.


JDP FORMWORK: First Creditors' Meeting Set for July 13
------------------------------------------------------
A first meeting of the creditors in the proceedings of JDP
Formwork Pty Ltd, trading as JDP Integrated, will be held at the
Seminar Room of the Governance Institute of Australia,
Level 10, 5 Hunter Street, in Sydney, New South Wales, on
July 13, 2017, at 9:00 a.m.

Brian Raymond Silvia and Geoffrey Peter Granger of BRI Ferrier
were appointed as administrators of JDP Formwork on July 3, 2017.


MM GOLD: Second Creditors' Meeting Slated for July 11
-----------------------------------------------------
A second meeting of creditors in the proceedings of MM Gold Pty
Limited has been set for July 11, 2017, at 11:00 a.m., at the
offices of FTI Consulting, Level 6, 30 The Esplanade, in Perth,
WA.

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

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

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


PALADIN ENERGY: First Creditors' Meeting Set for July 13
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Paladin
Energy Ltd, Paladin Energy Minerals NL, and Paladin Finance Pty
Ltd will be held at KPMG Offices, Level 8, 235 St Georges Terrace,
in Perth, WA, on July 13, 2017, at 2:30 p.m.

Matthew David Woods, Hayden Leigh White and Gayle Dickerson of
KPMG were appointed as administrators of Paladin Energy on July 3,
2017.


POLICE AND FAMILIES: S&P Affirms Then Withdraws 'BB+/B' ICRs
------------------------------------------------------------
S&P Global Ratings said it has affirmed its 'BB+' long-term and
'B' short-term issuer credit ratings on Police and Families Credit
Union. "We then withdrew the ratings at the request of the issuer.
At the time of the withdrawal, the outlook on the ratings was
stable," S&P said.


SOUTH COAST: First Creditors' Meeting Set for July 13
-----------------------------------------------------
A first meeting of the creditors in the proceedings of South Coast
Medical Imaging Pty Limited ATF South Coast Medical Imaging Unit
Trust, trading as Southcoast X-Ray, will be held at the offices of
Pitcher Partners, Level 22, MLC Centre, 19 Martin Place, in
Sydney, NSW, on July 13, 2017, at 11:00 a.m.

Paul Gerard Weston of Pitcher Partners was appointed as
administrator of South Coast Medical on July 3, 2017.



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C H I N A
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CHINA HUISHAN: Plans to Carve Up Firm with Creditors
----------------------------------------------------
Reuters reports that China Huishan Dairy Holdings Co Ltd is
planning to carve up shares in the company among its creditor
banks and existing shareholders as part of restructuring plans as
it struggles to pay back billions of dollars of debt.

Reuters relates that the dairy, which has admitted facing
"tremendous difficulties" getting a clear picture of its finances,
said in a filing to the Hong Kong exchange it was ultimately
looking for a "white knight" to financially support the firm.

Huishan's woes came to light when its stock plunged 85 percent in
March before being suspended, Reuters notes. Since then most of
its directors have quit, it has missed loan payments and lost
contact with a key executive in charge of its finances and cash.

As of March 31, Huishan owed $3.9 billion to creditors including
Industrial and Commercial Bank of China, Bank of China Ltd and
HSBC, Reuters discloses. It has hired debt restructuring advisers
and forensic accountants to investigate gaps in its financial
statements.

According to Reuters, the firm, billed as China's largest
integrated dairy firm, said the restructuring plans would involve
creating a new holding company that would include Huishan's
businesses and assets and some separate firms controlled by
Chairman Yang Kai.

This would then be wholly owned by the listed unit, which would be
controlled by the mix of creditors, current shareholders and
management, with stakes yet to be negotiated, Reuters relays.

The plans - key to Huishan's survival - are the latest twist in a
rapid fall from grace that has laid bare the risks of excess
leverage and financial engineering in corporate China, says
Reuters.

Under the proposed plans, which would need the support of
Huishan's creditors, the management team would continue to play a
role "pending the eventual identification of a white knight to
recapitalise the newly established group", the firm, as cited by
Reuters, said.

                       About China Huishan

China Huishan Dairy Holdings Co Ltd (HKG:6863) is principally
engaged in the production and sales of raw milk, liquid milk
products and milk powder products. The Company operates its
business through three segments. The Dairy Farming segment is
engaged in planting, growing and harvesting alfalfa grass and
other feed crops, processing feeds and breeding dairy cows. The
Liquid Milk Products Production segment is engaged in the
production and sales of pasteurized milk, ultra-high temperature
(UHT) milk, yoghurt and milk beverages. The Milk Powders
Production segment is engaged in the production and sales of
infant milk formula products, adult milk powder products and
dairy ingredient products.

As reported in the Troubled Company Reporter-Asia Pacific on
April 13, 2017, The South China Morning Post said a Shanghai
court has frozen assets of China Huishan Dairy Holding and its
chairman as requested by a mainland wealth management firm, and
that HSBC alleges it has defaulted on a US$200 million loan.
Huishan said in a filing to the Hong Kong stock exchange on
April 10 that it had received a letter on April 7 from HSBC
alleging "non-compliance with certain of the covenants" and "has
therefore called events of default under the Facility Agreement".
HSBC acted on behalf of six creditor banks, including China CITIC
Bank International.


LEECO: Chinese Court Freezes CNY1.24 Billion in Assets
------------------------------------------------------
Emily Feng at The Financial Times reports that a Chinese court has
frozen millions of dollars in assets belonging to embattled tech
conglomerate LeEco, dealing another blow to the company as it
struggles to stay afloat.

The FT relates that an order issued by the court backed up a
request by China Merchants Bank to freeze CNY1.24 billion of
assets from three LeEco subsidiaries as well as the personal
assets of LeEco founder Jia Yueting and his wife Gan Wei, LeEco
confirmed.

The assets were frozen because of missed interest payments on a
loan taken out by LeEco's mobile phone subsidiary, the company
added, the FT relays.

According to the report, the court order is a serious setback for
LeEco's ambitious founder, who once painted his tech empire as
rivalling that of western tech groups such as Tesla. Since its
founding in 2004, LeEco has moved away from its core streaming
business to sectors as varied as electric vehicles and mobile
phones.

Among the frozen assets were 519.1 million company shares
previously held by Mr. Jia and a LeEco holding company, according
to statement to the Shenzhen stock exchange cited by the FT.

Last November, Mr. Jia acknowledged in an open letter that the
rapid expansion had left the company financially vulnerable,
burning cash at an unsustainable rate, according to the FT.

Freezing assets is often a precursor to bankruptcy proceedings,
and the court order may trigger a cascade of similar requests from
other LeEco creditors, the FT notes.

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


SINO-OCEAN GROUP: S&P Lowers CCR to BB+ Then Withdraws Rating
-------------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating
on Sino-Ocean Group Holding Ltd. to 'BB+' from 'BBB-'. "We also
lowered the long-term issue rating on Sino-Ocean's guaranteed
bonds to 'BB+' from 'BBB-'. At the same time, we affirmed our
'cnBBB+' Greater China regional scale rating on Sino-Ocean and the
notes. We then withdrew all the ratings at the company's request,"
S&P said.

The decision to lower the rating on the China-based real estate
company reflects S&P's view that the strategic relationship with
the largest shareholder, China Life Insurance Co. Ltd., has not
progressed as it expected.

To date, the investment by China Life has largely been in Sino-
Ocean's debt and equity, which are portfolio investments and not
of a strategic nature, in S&P's view. "While our rating on Sino-
Ocean at the time of withdrawal continued to reflect the financing
advantages that come with China Life's support, we have removed
the uplift from the synergies of strategic partnership," S&P said.

The stable outlook at the time of withdrawal reflects S&P's
expectation that Sino-Ocean's leverage will continue to decline
over the next 12 months, with a debt-to-EBITDA ratio of about 5x,
from 5.6x at the end of 2016. S&P's estimate takes into account
the company's commitment and ability to materially
deleverage over the past year, and its good contracted sales
performance year to date.



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AMAR REMEDIES: Files for Bankruptcy Proceedings
-----------------------------------------------
The Times of India reports that Amar Remedies is heading for
liquidation with the company filing a bankruptcy petition on its
own.

TOI relates that the company has defaulted on INR464 crore of
loans taken from lenders. While Bank of India lent INR4,93,72,342
through their Mumbai mid-corporate branch, Saraswat Co-op Bank had
extended a credit line of INR87,64,90,270.

Lenders, including Bank of India, have already served the borrower
legal or recall notices to reclaim the defaulted sum, the report
says.

According to the report, the National Company Law Tribunal (Mumbai
Bench) has admitted the petition appointing an insolvency
professional, under the Insolvency and Bankruptcy Code. Delhi-
based Jayashree Shukla Dasgupta has been appointed as the interim
resolution professional, TOI discloses.

"On reading the petition and the supporting documents annexed with
the petition, this Bench is of the view that the corporate debtor
has committed a default," the report quotes N Nallasenapathy,
member (technical) and BSV Prakash Kumar, member (judicial) as
saying, while admitting the petition.

"The debt due to various financial institutions to the extent of
INR463.99 crore as disclosed in the petition is in default," the
Bench stated.

TOI says the borrower has provided sanction letters issued by
various financial institutions sanctioning facilities in favor of
the company.

The company has an authorised capital of INR28 crore and paid-up
share capital of INR26.16 crore, the company stated in its
petition, the report relates.

Shares of Amar Remedies, once listed on the BSE, has now been
suspended for trading, the report notes.

TOI adds that the company had already approached the Board for
Industrial and Financial Reconstruction (BIFR), a government
organisation dedicated to determine the level of sickness of
industrial companies and assist them with a viable revival plan.

India-based Amar Remedies Ltd. engages in the manufacture of
personal health care products. The Company provides Ayurvedic and
Herbal products, including tooth pastes and products for the skin,
hair and body. The Company operates in three segments, including
Oral care, Health care and others.


ANTONY ROAD: CARE Lowers Rating on INR25cr LT Bank Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Antony Road Transport Solutions Private Limited (ARTS), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              25        CARE D [Revised from
                                     CARE B+]

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
Antony Road Transport Solutions Private Limited (ARTS) factors
in the delay in servicing of its debt obligations due to weak
liquidity position.

The ability of ARTS to establish track record of timely servicing
of debt obligations with improvement in liquidity position is the
key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing: As per the interaction with the banker,
ARTS has been delaying its payment of debt obligations. There have
been delays of about 5-10 days in the repayment of principal and
payment of interest due to weak liquidity position. The same has
been due to cash flow mismatch.

Incorporated in 2010 by Mr. Jimmy Kallarakkal and Mr. Edison
Thomas, ARTS is engaged in providing public bus transport services
in cluster no.7 of New Delhi. ARTS is SPV incorporated by Antony
Garages Private Limited (AGPL) so as to operate the bid won by the
latter from the Department of Transport, Delhi (DoT) to run the
buses in cluster no.7 of New Delhi. With regard to this, ARTS has
entered into an agreement with DoT, under which it is bound to
provide 328 buses (258 non-AC and 70 AC) (the buses are to be
provided phase-wise after the allocation of depot by DoT)
including 30 as spares and run them as a means of public road
transport, as per the schedule provided by DoT. As on September
28, 2016, the company owns a fleet of 219 buses (all non-AC) of
which a total of 168 buses have been deployed (51 in stock, to be
deployed by FY17), whereas, the count is expected to reach 328 by
the end of FY18.

ARTS belongs to the Antony Group, and is a subsidiary of AGPL
which is engaged in the body building of buses, tempos, trucks and
other commercial vehicles; and providing public bus transport
services in Pune. AGPL is an authorised body building manufacturer
for the commercial vehicles of Ashok Leyland. On the other hand,
Antony Commercial Vehicles Private Limited (ACV) is an authorized
distributor for the commercial vehicles of Ashok Leyland in Pune,
whereas Antony Motors Private Limited (AMPL) and Antony Waste
Handling Cell Private Limited (AWHC) are engaged in manufacturing
of waste & garbage carriage vehicles. ARTS shares operational
synergies with the Antony Group in terms of common management and
significant operational linkages with AGPL and ACV.


APAR CHARITABLE: ICRA Reaffirms B+ Rating on INR15cr Term Loan
--------------------------------------------------------------
ICRA Ratings has re-affirmed the long-term rating at [ICRA]B+ on
the INR15.0-crore long-term facilities of APAR Charitable Trust
for Education and Research (APAR). The outlook on the long-term
rating is Stable.

                         Amount
  Facilities          (INR crore)   Ratings
  ----------          -----------   -------
  Long-term Fund-based
  Term Loan (TL)           15.00    [ICRA]B+(Stable); Re-affirmed

Rationale

ICRA's rating continues to take into account the extensive
experience of the Arya Group in Jaipur, Rajasthan catering to over
9000 students. The ratings factor in the strong occupancy
maintained by the trust's college and adequate infrastructure
being in place for the medium term. The ratings however are
constrained by the trust's modest scale of operations and high
repayment obligations going forward. Further, the ratings remain
constrained by the competition from other engineering colleges and
exposure to regulatory changes in the education sector.
APAR's ability to improve its scale of operations, maintain the
profitability levels and manage the cash flows will remain the key
rating sensitivity. ICRA also notes the pending approvals for the
additional courses which would be critical going forward.

Key rating drivers

Credit strengths

  - Established position of Arya Group in Jaipur catering to over
    9,000 students

  - Increased student base in line with ramp up of operations;
    satisfactory occupancy levels since commencement of
    operations

  - Modest profitability margins within 4 years of commencement
    of operations

Credit weaknesses

  - Modest scale of operations; revenue concentration on one
    Institute

  - High debt-funded capex done in the past resulting in high
    repayments with risk of liquidity pressure resulting from
    cash flow mismatch still remains

  - Competition in the education sector; presence of established
    institutes in Jaipur. Education industry in India is highly
    regulated, exposing the trust to regulatory changes

Description of Key Rating Drivers

APAR was the second venture of Arya Group in the field of higher
education with the group operating 5 institutions in Jaipur for
engineering and management courses. APAR operates Arya Institute
of Engineering, Technology and Management commencing operations in
FY2014 offering only B. Tech courses. The college had a total
intake capacity of 420 students with a total capacity of 1560
students in AY20172 having enrolled strength of 1324 students
resulting in an occupancy of 85%. Civil and Mechanical Engineering
were the mainstream courses having occupancy of around 100% in
AY2017.

The maximum fees that can be charged by an institute is decided by
State Fee Level Determination Committee (Board of Technical
Education, Rajasthan), which generally remains valid for three
years. The fee revision approval was expected to be implemented in
FY2017; however the same was delayed and is under process with
expected implementation from AY2018.

The institute had 49 faculties in AY2017 resulting in a student-
faculty ratio of 22:1, marginally higher than the prescribed
student-faculty ratio of 15:1. However, seeing the strong
occupancy the trust will recruit more teachers as well as support
staff in July and August of FY2018. The trust incurred debt-funded
capex of INR3.4 crore in FY2016 and INR4.0 crore in FY2017 to
cater to the existing as well as the proposed batches for other
undergraduate courses. The trust incurred capex towards additional
capacity of 400 students. Timely receipt for approval for the
additional undergraduate courses would be critical.

The revenue receipts stood at INR6.5 crore in FY2016 marginally
higher than INR5.2 crore in FY2015. The operating surplus margin
(OSM) declined marginally however remained comfortable while the
net surplus margin (NSM) saw a marginal improvement in FY2017. The
high debt-funded capex resulted in high repayments going forward.
Annual repayments are made in September while fees are received
bi-annually in January and July, hence risk of liquidity pressure
resulting from cash flow mismatch remains. Though the capital
structure and the coverage indicators remained moderate, the
significant repayments going forward would remain critical.

Incorporated in 2010, the APAR is a single-asset trust operating
the Arya Institute of Engineering, Technology and Management in
Jaipur, Rajasthan. The college commenced operations in FY2014 and
presently offers B. Tech courses in five streams (Civil,
Mechanical, Electrical, Computer Science & Engineering and
Electronics and Communications Engineering) with a total capacity
of 1560 students. The college is a part of the Arya Group of
Colleges offering courses related to Engineering (B. Tech and M.
tech), Management and Pharmacy through its four constituent
colleges based out of Jaipur, Rajasthan. The group started in 1999
and enrolled more than 9,000 students in FY2017.


BAJAJ PROCESSPACK: CARE Assigns B+ Rating to INR4.0cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Bajaj
Processpack Limited (BPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             4.00       CARE B+; Stable Assigned

   Short-term Bank
   Facilities             2.50       CARE A4 Assigned

Detailed Rationale and Key Rating Drivers

The ratings assigned to the bank facilities of BPL are constrained
by small and fluctuating scale of operations, leveraged capital
structure, weak debt coverage indicators and working capital
intensive nature of operations. The ratings are further
constrained by presence in competitive industry. The ratings,
however, draw comfort from experienced management and moderate
profitability margins. Going forward, the ability of the company
to profitably increase its scale of operations, registering
improvement in capital structure while managing the working
capital requirements shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Small and fluctuating scale of operations: The scale of operations
stood small and fluctuating owing to lower demand due to sluggish
demand owing to slow down in economy which limits the company's
financial flexibility in times of stress and deprives it from
scale benefits.

Leveraged capital structure and weak debt coverage indicators: The
capital structure of the company stood leveraged for the past
three financial years (FY14-FY16 [refers to the period April 1 to
March 31]) on account of high reliance on external borrowings to
meet the working capital requirements coupled with lower net worth
base. Furthermore, the debt coverage indicators of the company
stood weak on account of high debt level resulting in high
interest cost.

Working capital intensive nature of operations: The operations of
the company are working capital intensive in nature marked by
operating cycle of 97 days in FY16. The company normally maintains
the inventory in the form of raw material for around 2-3 months
for smooth running of its production processes and finished goods
to meet the immediate demand of its customers resulting in an
average inventory holding period of around 84 days for FY16. The
firm extends the credit period of around 2-3 months month to its
customers owing to competitive nature of industry resulting in an
average collection period of 64 days for FY16. The company
receives credit period of around 2 months from its domestic
suppliers resulting in an average creditor's period of 51 days for
FY16 wherein import procurement are made on advance basis. The
working capital requirements were largely met through the working
capital limits of the company which remained almost fully utilized
for past 12 months ending April 2017.

Presence in competitive industry: The company is exposed to raw
material price fluctuation risk as the company needs to maintain
adequate inventory for smooth execution of orders. Any volatility
in the prices of steel can lead in adverse performance of the
company. Also, the company operates in a competitive industry
wherein there is presence of a large number of players in the
unorganized and organized sectors. Hence, the players in the
industry do not have any pricing power and are exposed to
competition induced pressures on profitability.

Key Rating Strengths

Experienced management: The company is currently being managed by
Mr Girish Bajaj and Mr Sushil Kumar. Both Mr Girish Bajaj and Mr
Sushil Kumar are engineering graduates and have an experience of
around half a decade in manufacturing of food processing and
packaging machines industry through his association with BPL. They
both are also engaged in trading of machines for about one and a
half decade through their association with group concern "Bajaj
Processpack Maschines Private Limited". They both look after the
overall functions of the company.

Moderate profitability margins: The profitability margins of the
company stood moderate marked by PBILDT margin and PAT margin for
the last three financial years (FY14-FY16) on account of different
type of machines having varied margins.

New Delhi-based Bajaj Processpack Limited (BPL) was incorporated
in July 2010 and started its commercial operations in December
2011. The company is currently being managed by Mr Girish Bajaj
and Mr Sushil Kumar. BPL is engaged in the manufacturing of food
processing and packaging machines. The company has two
manufacturing facilities located in Delhi-NCR (Noida). The major
materials used are steel, motors and other electrical goods which
the company procures from the local manufacturers based in Delhi,
Uttar Pradesh and West Bengal. Also, the company imports 30% of
electrical parts from countries like China and Italy. The company
primarily sells the products domestically to various manufactures
(FMCG companies).

For FY16 (refers to the period April 1 to March 31), BPL achieved
a total operating income (TOI) of INR11.05 crore with profit after
tax (PAT) of INR0.13 crore, respectively, as against INR13.09
crore and INR0.17 crore, respectively, in FY15. Furthermore, the
company achieved TOI of around INR7.77 crore in FY17 (based on
provisional results).


C DOCTOR: CARE Assigns 'B' Rating to INR2.50cr Bank Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of C
Doctor India Private Limited (CDIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term/Short-       2.50       CARE B; Stable/CARE A4
   term Bank                         Assigned
   Facilities

   Long-term Bank         1.75       CARE B; Stable
   Facilities                        Assigned

   Short-term Bank
   Facilities             1.50       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of CDIPL are
constrained on account of its small scale of operations, decline
in the total operating income (TOI) with operating losses reported
in FY16 (refers to the period April 1 to March 31), weak debt
protection metrics and weak liquidity position in FY16. The
ratings are further constrained on account of susceptibility of
operating margins to volatility in raw material prices and forex
rates coupled with tender-driven nature of business for few
contracts.

The ratings, however, draw strength from the experienced promoters
with established track record of operations and moderate capital
structure.

The ability of CDIPL to increase its scale of operations,
profitability, improve its solvency position, debt protection
metrics and liquidity position would be the key rating
sensitivities.

Detailed description of key rating drivers

Key Rating Weaknesses

Small scale of operations with a decline in TOI and operational
losses: Despite a long track record of operations of more than 5
decades the TOI stood small at INR13.07 crore in FY16, a decrease
by 25.35% y-o-y. The level of tangible net worth also stood small
as on March 31, 2016. Further, CDIPL has also reported operating
loss during FY16 on the back of high fixed costs and material
costs.

Weak debt protection metrics and weak liquidity position: The debt
protection metrics as marked by total debt to GCA stood weak as on
March 31, 2016, on account of cash losses. The interest coverage
ratio also stood weak in FY16. The liquidity position remained
weak as marked by below unity current ratio as on March 31, 2016,
with an operating cycle of 110 days in FY16. There was full
utilization of working capital borrowings for the past 12 months
period ended April 2017. Susceptibility of operating margins to
volatility in raw material prices and foreign exchange rates along
with tenderdriven nature of business for few contracts: The prices
of primary raw materials, i.e. steel sheets, plates and tubes is
fluctuating in nature, while the company also exports its finished
goods to a few countries which affects the margins of the company.
Also, the tender-driven contracts are awarded under a bidding
process wherein, the lowest bidder gets the work, which might
further put pressure on the margins of CDIPL.

Key Rating Strengths

Experienced promoters with established track record of operations:
While CDIPL was incorporated in 1958; the promoters of CDIPL on an
average have an experience of more than 2 decades in the same line
of business.

Moderate capital structure: The capital structure though
deteriorated stood moderate as marked by an overall gearing
ratio of 1.08 times as on March 31, 2016, as against 0.95 times as
on March 31, 2015, owing to a decrease in the level of
tangible net worth.

Ahmedabad-based (Gujarat) CDIPL, an ISO 9001:2008 certified
private limited company, was incorporated during 1958 as
Industrial Machinery Manufacturers Private Limited. Later on
during 2001, it resumed its current name. CDIPL is engaged in the
business of manufacturing of industrial heaters, air cooled
condensers and industrial vacuum cleaning system which finds
application in wide number of industries like power, cement,
paper, sugar, fertilizer, etc. It operates from its manufacturing
facilities located at Ahmedabad. Mr Suhas Mehta, Mr Saurabh Mehta,
Ms Chhaya Mehta and Mr Sisir Chakraborty are the present directors
of CDIPL.

The raw materials like steel plates and tubes are mostly purchased
locally, while the finished goods are sold mostly within India,
while very less proportion is being exported to few countries.

The group companies include C Doctor and Company Private Limited
(CDCPL, rated CARE B; Stable/ CARE A4', engaged in the business of
supply and erection of heating, ventilation and air conditioning
system on turnkey basis), CB Doctor Ventilators Private Limited
(CBVPL, rated 'CARE B; Stable/ CARE A4', engaged into the business
of manufacturing of industrial fans and industrial blowers) and
Mehta Machinery Private Limited (engaged in the business of
manufacturing of humidification ventilation plant).

During FY16, CDIPL reported a total operating income (TOI) of
INR13.07 crore with a net loss of INR1.66 crore as against a
TOI of INR17.51 crore with a PAT of INR0.01 crore during FY15.


CENOSPHERE INDIA: ICRA Raises Rating on INR5.0cr Loan to B-
-----------------------------------------------------------
ICRA Ratings has upgraded the long-term rating from [ICRA]D  to
[ICRA]B- for the INR5.0-crore packing-credit facility, INR0.70-
crore rupee-term loan facility and INR1.0-crore (sub-limit of
packing credit facility) cash-credit facility of Cenosphere India
Private Limited (CIPL). The outlook on the long-term rating is
Stable. ICRA has also upgraded the short-term rating from [ICRA]D
to [ICRA]A4 for the INR0.50-crore bank-guarantee facility and the
INR1.00-crore loan-equivalent risk facility of CIPL.

                          Amount
  Facilities           (INR crore)    Ratings
  ----------           -----------    -------
  Fund-based Running        5.00      [ICRA]B- (Stable)/upgraded
  Packing Credit                      from [ICRA]D
  (RPC/EPC/PCFC/EBD/FBD)

  Fund-based Cash Credit   (1.00)     [ICRA]B- (Stable)/upgraded
  (sub-limit of RPCFC)                from [ICRA]D

  Fund-based Rupee          0.70      [ICRA]B- (Stable)/upgraded
  Term Loan                           from [ICRA]D

  Non-fund Based            0.50      [ICRA]A4/ upgraded
  (ILC/FLC)/ Bank                     from [ICRA]D
  Guarantee

  Non-fund Based Loan       1.00      [ICRA]A4/upgraded
  Equivalent Risk                     from [ICRA]D

Rationale

The ratings upgrade takes into account the regularisation of debt
servicing by the company owing to the receipt of payment from
customers. The ratings also consider the experience of the
management in the business of manufacturing cenosphere.
The ratings are constrained by the decline in turnover and
profitability in FY2017 as well as high working capital
utilisation owing to stretched receivable days. ICRA notes that a
major portion of CIPL's sale of cenospheres is made to oil-
drilling companies. Hence, any slowdown in oil-drilling activities
will affect the demand for cenosphere. This is evidenced by a
decline in income from sale of cenoshere from INR19.05 crore in
FY2016 to INR16.41 crore in FY2017. The entity's ability to
improve the scale of its operations and profitability as well as
efficiently manage its working capital requirements will be the
key rating sensitivities, going forward.

Key rating drivers

Credit strengths

  * Regularisation of debt servicing

  * Experience of the management in the cenosphere-manufacturing
    Business

Credit weaknesses

  * Decline in turnover and profitability in FY2017

  * High working-capital intensity of operations owing to
    stretched receivable days, adversely impacting the company's
    liquidity position

Description of Key Rating Drivers

CIPL commmenced operations in April 2004. At present, it has an
installed capacity of 5,500 tonne per annum in Kolkata and 2,000
tonne per annum in Nagpur. The capacity utilisation of the units
declined to 46% in FY2017 owing to a slowdown in demand from oil-
drilling companies due to declining crude oil prices. The company
also started trading in steam coal in FY2016. Roughly 51% of the
revenue in FY2017 was derived from sale of cenosphere, while the
rest was generated by trading activities.

The company's operating income declined in FY2017 owing to a
decrease in the demand for cenosphere. Nonetheless, revenues from
trading activities supported the operating income to an extent.
Its operating margin too contracted in FY2017 on account of
inventory loss as well as low-margin trading operations. The
company's net working capital intensity rose sharply to 39% in
FY2017 on account of a significant rise in receivable days and
creditor days.

Incorporated in 1998, CIPL processes cenosphere. The company
commenced operations in April 2004 at its facility in Kolkata. At
present, the company has an installed capacity of 5,500 tonne per
annum in Kolkata and 2,000 tonne per annum in Nagpur. The company
is an associate of Gimpex Pvt. Ltd. (GPL) (rated at
[ICRA]BB+/Stable), which is involved in the sale of barite, coal,
iron ore and mill scale.


CHANDER BHAN: CARE Assigns 'B' Rating to INR8cr LT Bank Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Chander
Bhan Yogesh Kumar (CBYK), as:

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

   Short-term Bank
   Facilities               3        CARE A4 Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of CBYK are primarily
constrained by the small scale of operations coupled with low net
worth base, low profitability margins, leveraged capital structure
and weak debt service coverage indicators. The ratings are further
constrained by constitution of the entity being a partnership
firm, fortunes linked to the steel industry which is cyclical in
nature and highly competitive and fragmented industry. The
ratings, however, draw comfort from experienced partners coupled
with long track record of operations and moderate operating cycle.

Going forward; ability of the firm to profitably increase its
scale of operations while improving the capital structure shall
be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

- Small scale of operations: The scale of operations of the firm
stood small which limits the firm's financial flexibility in
times of stress and deprives it of scale benefits.

- Low and fluctuating profitability margins, leveraged capital
structure and weak coverage indicators: The firm's profitability
margins have been historically on the lower side owing to the
trading nature of the business and intense market competition
given the highly fragmented nature of the industry. The
profitability margins of the company marked by PBILDT margin which
has been fluctuating during the past three financial years i e
FY14-FY16 mainly on account of volatile nature of traded product
prices and inability of the firm to pass on any increase in
prices. Furthermore, higher interest cost restricted the PAT
margins for last three years (FY14-FY16 refers to the period April
1 to March 31).

- The capital structure of the firm stood leveraged due to high
dependence on external borrowings to meet working capital
requirements:  Furthermore, coverage indicators as marked by
interest coverage ratio and total debt to GCA stood also
stood weak for the past three financial years i e (FY14-FY16)
owing to low profitability margins and low cash accruals.
Constitution of the entity being a partnership firm: CBYK
constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partner's capital at the time of
personal contingency and firm being dissolved upon the
death/retirement/insolvency of partners.

- Highly competitive nature of the industry: CBYK operates in a
highly fragmented industry marked by the presence of a large
number of players in the unorganized sector with low entry
barriers. Furthermore, with presence of various players, the same
limits bargaining power which exerts pressure on its margins.

- Fortunes linked to the steel industry, which is cyclical in
nature:  Prospects of the steel industry are strongly co-related
to economic cycles. Demand for steel products is sensitive to
trends of particular industries such as automotive, construction,
infrastructure, etc. which are the key consumers of steel
products. When downturns occur in these economies or sectors, the
steel industry may witness a decline in demand, which may lead to
decrease in steel prices putting pressure on the firm.

Key Rating Strengths

- Experienced partners and long track record of operations:  CBYK
was initially established as a proprietorship firm and was
converted into a partnership firm in 1999 by two brothers namely
Mr. Yogesh Gupta and Mr. Rajesh Gupta and is currently being
managed by both the partners collectively.

- Moderate operating cycle:  CBYK had moderate operating cycle of
around 37 days in FY16. The firm is maintains minimal inventory of
around a week in the form of traded goods to meet the immediate
demand of the customers. The firm receives credit period of around
one month from its suppliers and gives credit of around 2 months
to its customers due to higher competition prevailing in the
industry. Furthermore, the average utilization of working capital
limits stood 70% for the past 12 months ended April 2017.

Delhi-based Chander Bhan Yogesh Kumar (CBYK) is a partnership firm
established in 1999. CBYK succeeded an erstwhile proprietorship
firm established in March 1981 by Mr Chander Bhan. The firm is
currently being managed by Mr Yogesh Gupta and Mr Rajesh Gupta
sharing profit and losses equally. CBYK is engaged in trading of
iron and steel products such as T.M.T bars, angles, channels,
beams, plates and flats etc. The firm procures traded goods
domestically from manufacturing companies like Steel Authority of
India (SAIL), Galwalia Ispat Udyog Pvt Ltd, Indhan Sales
Corporation etc.

CBYK caters to various manufacturing, construction and
infrastructure companies located in Delhi - National Capital
Region (NCR).

The total operating income and PAT of the company stood at
INR52.14 crore and INR0.05 crore in FY16 (refers to the
period April 1 to March 31). Further, in FY17 (refer to the period
April 1, 2016 to March 31, 2017), the firm has achieved
sales of INR81 crore (based on provisional results).


COCHIN BRIDGE: ICRA Reaffirms 'D' Rating on INR9.11cr Term Loan
---------------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating outstanding on
the INR9.11 crore term loan facility of Cochin Bridge
Infrastructure Company Limited at [ICRA]D.

                          Amount
  Facilities           (INR crore)   Ratings
  ----------           -----------   -------
  Term loans                9.11     [ICRA]D; Reaffirmed

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

CBICL is a Special Purpose Vehicle (SPV) incorporated in October
1999 to construct and operate a new bridge over the Matancherry
channel on BOT basis in Kochi connecting Fort Kochi and
Mattancherry with Willingdon Island. CBICL is a 97.66% subsidiary
of Gammon Infrastructure Projects Limited (GIPL, the
infrastructure holding company of the Gammon group), with the
balance held by Cochin Port Trust. Construction of the bridge was
completed ten months ahead of schedule. The company has no
operational cash flows as the toll collection was suspended from
April 2014.


DSG CORP: ICRA Reaffirms B- Rating on INR10.10cr Loan
-----------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]B- on
the INR10.10 crore non fund based limit of DSG Corp Private
Limited. The outlook on the long-term rating is 'Stable'.

                         Amount
  Facilities           (INR crore)   Ratings
  ----------           -----------   -------
  Non Fund Based Limit     10.10     [ICRA]B-(Stable); Reaffirmed

Rationale

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

Key rating drivers

Credit strengths

  * Adequate cover in the form of fixed deposits for the sole
    working capital (bank overdraft) facility, provides comfort
    to an extent

Credit weaknesses

  * Absence of business operations in the company following the
    acquisition of business by Blue Star Limited (BSL) in August
    2010 leading to nominal revenues and operating loss for past
    three years

  * Uncertain medium term plans with respect to recommencement
    of business activity in the company post expiration of non-
    compete agreement with BSL in June 2014

  * Tight liquidity position with full utilization of overdraft
    facility, company expected to continue providing financial
    support to its group entities which may impact its own
    liquidity position

Description of key rating drivers:

DSGCPL was in the business of sanitary installations, plumbing,
external services and fire fighting. On August 31, 2010, the
business operations of DSGCPL were acquired by Blue Star Ltd.
(BSL) for a consideration of INR80.00 crore. As per the terms of
sale, DSGCPL had to sign a non-compete agreement with BSL which
restricted it from continuing in the plumbing and fire-fighting
business for a period of four years i.e. till June 2014. At
present, there is no business activity carried out by the company.

DSGCPL was started as a proprietorship firm by Mr. Sunil Gupta in
1992 which was converted to a partnership firm in 1995 and
subsequently converted to a private limited company in 1997 with
Mr. Sunil Gupta and Mrs. Kavita Gupta holding 100% shares of the
company. DSGCPL offered plumbing and fire-fighting equipment-
related systems and services to hotels, hospitals, information
technology parks, residential multiplexes, and educational
institutions. On August 31, 2010 Blue Star Limited (BSL) acquired
the business of DSGCPL; consequently DSGCPL currently has no
business operations.


ECOSTAR GOEL: CARE Assigns B+ Rating to INR17.50cr LT Bank Loan
---------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Ecostar
Goel Properties LLP (EGPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facility               17.50      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of EGPL is constrained
on account of the project execution risk with pending financial
closure and high dependence on customer advances. The rating is
further constrained on account of its presence in a highly
competitive environment and cyclical nature of industry and
partnership nature of constitution.

The rating, however, derives strength from experience of the
promoters in real estate development in Pimpri-Chinchwad,
receipt of approvals and clearances for the project and strategic
location of the project.

The ability of the firm to timely complete the project within
envisaged cost, thereby enabling timely inflow of the receivables
and sell the inventory as estimated rates are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

- Experienced promoters group in real estate development in Pune:
EGPL is a part of Goel Ganga Developments (GDG) which is one of
the established real estate groups in Pune. The group has been
engaged in real estate business sine past three decades and has
completed projects around 80 lsf. Also, the group currently has
five ongoing projects with a total saleable area of around 30 lsf.

- Receipt of approvals and clearances for the project:  EGPL has
received all the necessary clearances and approvals for the
project related to land acquisition and construction. The
requisite sanction plan of the buildings of the said project has
been approved by the Pimpri Chinchwad Collectorate. Commencement
certificate from the Pimpri Chinchwad Municipal Corporation has
been received. Further, the said land has also been converted to
non-agriculture use. Furthermore, the firm is expected to receive
its registration from RERA India in the month of July. Only after
receiving the certificate, the firm would be able to advertise,
sell or book the flats. Delay in getting registered with RERA
India would result in delay in launch of the project and
subsequently affect the revenue generating ability of the firm.

- Strategic location of the project:  EGPL is currently
developing a project namely Ganga Aurum Park Phase 2 at Tathavade,
Pune, which is very well connected to Mumbai Pune Highway. The
project is residential project with modern amenities targeting
customers from the middle class and business class. In addition,
the project is situated in area with easy access to basic civic
amenities such as schools, hospitals, colleges, malls, situated
and has close proximity to Hinjewadi IT park and Pune Mumbai
Expressway.

Key Rating Weaknesses

- Project execution and funding risk:  The total cost of the
project for Phase II is estimated at INR30.67 crore which is to be
funded promoter's contribution, term loan (applied for sanction)
and customer advances in the ratio 0.29:0.57:0.14. The project
will be officially launched in the month of August 2017 and is
expected to be completed by March 2020. As on March 31, 2017, the
firm has incurred around 28.26% of the total project cost which
was funded through promoter's contribution. However, the financial
closure for the project has not been achieved increasing the risk
of execution.

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

- Presence in a competitive environment:  The real estate
industry in India is highly fragmented with most of the real
estate developers having region-specific presence. EGPL also faces
competition from other real-estate developers who are coming up
with residential projects in Sukhwani Sepia, Paranjpe Azure and
DNV Elite Homes and such other upcoming projects. However, the
partner's has a good understanding of the region and its dynamics
which partly mitigates this risk.

Established in the year 2011, Ecostar Goel Properties LLP (EGPL)
is the SPV of Goel Ganga Developments Group(GDG). Goel Ganga
Developments is one of the reputed real estate group in Pune. The
group has executed 36 projects of around 80 lsf till 2017.

EGPL was established with a view to execute the real estate
project, namely, "Ganga Aurum Park" situated in village Tathavade,
Pune. The project comprises of three buildings namely Building A,
Building B and Building C. Phase I of the project comprises
Building A and Building B for which the construction has been
completed. Both Building A & B comprises of 47 flats each 12
floors each of 2 BHK Flats. Out of the total saleable area of
Phase I i.e 1.03 lsf, 93 lsf has been sold. Out of the total 94
flats in Phase I, 85 flats have been sold.

Currently, the firm is developing Phase II of the project with
total saleable area of 0.75 lsf. Phase II comprises Building C
which consists of 71 flats consisting of 12 floors of 2 BHK flats
with parking area. The total cost of the project is estimated at
INR30.67 crore to be funded by promoter's contribution, term loan
(applied for sanction) and customer advances in the ratio
0.29:0.57:0.14. As on March 31, 2017 the firm has incurred around
28.26% of the total project cost which was funded through
promoter's contribution. The project will be officially launched
in the month of August 2017 and is expected to be completed in the
month of March 2020. The expected revenue of this project is
estimated at INR45.11 crore.


GUJARAT COTFIB: ICRA Lowers Rating on INR13.75cr Loan to D
----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR13.75-
crore fund-based limits of Gujarat Cotfib from [ICRA]B to [ICRA]D.
ICRA has also revised the short-term rating assigned to INR0.33-
crore non fund-based limits from [ICRA]A4 to [ICRA]D.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Cash Credit             13.75      Revised to [ICRA]D from
                                     [ICRA]B

  Bank Guarantee           0.33      Revised to [ICRA]D from
                                     [ICRA]A4

Established in 2008, Gujarat Cotfib (GC) is a partnership firm.
The firm reconstituted its partnership in 2016 wherein out of
existing nine partners, six partners took retirement and the firm
is presently managed by three partners i.e. Mr. Girdhar Vekariya,
Mr. Amit Vekariya and Mr. Vijay Vekariya. GC is engaged in the
business of cotton ginning and pressing of raw cotton to produce
cotton bales and cottonseeds. The firm is also engaged in crushing
of cotton seeds to produce cotton seed oil and oil cake. The
firm's manufacturing facility is located at Tapi Gujarat and is
currently equipped with 40 ginning machines and 1 pressing machine
having a capacity to produce 350 cotton bales per day and 8
expellers to produce cotton seed oil with a capacity of producing
15 tons of oil per day.


J AND J ASSOCIATES: CARE Assigns B+ Rating to INR4.75cr Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of J and J
Associates (JJA), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              4.75      CARE B+; Stable Assigned

   Short-term Bank
   Facilities              5.00       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of JJA are constrained
on account of small scale of operations with low networth base,
weak debt coverage indicators, partnership nature of constitution
with inherent risk of withdrawal of capital, elongated operating
cycle due to working capital intensive nature of operations, low
order book position reflecting short-term revenue visibility,
tender-based nature of operations, geographic concentration risk,
profitability margins are susceptible to fluctuation in raw
material prices and highly fragmented industry with intense
competition from large number of players. However, the ratings
derive benefit from reasonable track record of the entity and
experience of the partners for more than one decade in
construction industry, growth in the total operating income and
satisfactory PBILDT margin albeit declining year-on-year and
fluctuating PAT margin during review period along with moderate
capital structure.

Going forward, the ability of the firm to bag new and
geographically diversified orders to increase its scale of
operations, improve profitability margins in competitive
environment and manage working capital requirements efficiently
are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

- Small scale of operations with low networth base:  The firm has
a track record of around eight years, however, the total operating
income (TOI) of the firm remained low at INR13.80 crore in FY16
(refers to the period April 1 to March 31) with low net worth base
of INR5.27 crore as on March 31, 2016, as compared with other
peers in the industry.

- Weak debt coverage indicators:  The firm has weak debt coverage
indictors during review period. The total debt/GCA although
remained weak, but improved y-o-y, ie, from 32.19x in FY14 to
9.20x in FY16 due to increase in gross cash accruals albeit
increase in debt level.

- The PBILDT interest coverage ratio has been improving y-o-y,
ie, from 1.23x in FY14 to 1.49x in FY16 due to increase in PBILDT
albeit increase in interest cost during review period (FY14-FY16).

- Low order book position reflecting short-term revenue
visibility with high geographic concentration:  JJA has an order
book of INR7.06 crore as on April 30, 2017, which translates to
0.42x of the total operating income of FY18 and the same is likely
to be completed by FY19. The said order book provides revenue
visibility for short-term period. The entire order value of
INR7.06 crore pertains to construction of buildings for Govt. of
Kerala.

- Partnership nature of constitution with inherent risk of
withdrawal of capital:  Constitution as a partnership firm has the
inherent risk of possibility of withdrawal of the partner's
capital at the time of personal contingency which can affect its
capital structure. Furthermore, partnership concern has restricted
access to external borrowing which limits their growth
opportunities to some extent.

- Elongated operating cycle due to working capital intensive
nature of operations:  The firm is operating in working capital
intensive industry. JJA has elongated operating cycle i.e. 294
days in FY16 as compared to 633 days in FY15 due to long inventory
holding period of 295 days in FY16 as compared with 633 days in
FY15. The elongated operating cycle is due to ongoing projects in
hand. The average utilization of cash credit for the last 12
months ended April 30, 2017, was almost full.

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

- Profitability margins are susceptible to fluctuation in raw
material prices:  Profitability margins are susceptible to
fluctuation in raw material prices due to absence of price
variation clause in the contracts entered into by the firm.

- Highly fragmented industry with intense competition from large
number of players:  The firm is engaged in construction of
buildings which is highly fragmented industry due to presence of
large number of organized and unorganized players in the industry
resulting in huge competition.

Key Rating Strengths

- Reasonable track record of the entity and experience of the
partners for more than one decade in construction industry:  JJA
was established in 2009 by Mr V. K. Viju (Managing Partner) along
with his family members. Mr V. K. Viju is civil engineer by
qualification and has more than two decades of experience in the
construction industry.

- Growth in total operating income during review period:  The
total operating income of the firm grew at Compounded Annual
Growth Rate (CAGR) of 107.79%, ie, from INR3.20 crore in FY14 to
INR13.81 crore in FY16 due to year on year increase in orders from
government of Kerala. During FY17 (Provisional), the firm has
achieved total operating income of INR17 crore.

- Satisfactory PBILDT margin albeit declining y-o-y during review
period along with moderate capital structure:  The firm has
satisfactory PBILDT margins albeit declining y-o-y from 27.91% in
FY14 to 12.81% in FY16 due to increasing material cost due to
absence of price variation clause.  Furthermore, the PAT margin
has also been fluctuating during the review period. The PAT margin
was decreased from 4.41% in FY14 to 3.77% in FY16 due to increase
in interest and depreciation costs on account of availing vehicle
loan.

- Moderate capital structure:  The capital structure of the firm
remained moderate as on March 31, 2016. The debt equity ratio of
the firm though deteriorated from 0.02x as on March 31, 2015, to
0.06x as on March 31, 2016, on account of increase in unsecured
loan and vehicle loan, still remained below unity. Despite
increase in debt level, the overall gearing ratio of the firm
improved from 1.06x as on March 31, 2014, to 1.01x as on March 31,
2016, due to increase in tangible networth at the back of
accretion of profits.

J and J Associates (JJA) was established in 2009 by Mr V. K. Viju
along with his family members. The firm is engaged in construction
of buildings and all types of civil works for state government and
local authorities of Kerala. The firm receives orders by
participating in tenders.

In FY16, JJA reported a Profit after Tax (PAT) of INR0.52 crore on
a total operating income (TOI) of INR13.80 crore, as against a PAT
and TOI of INR0.20 crore and INR7.25 crore, respectively, in FY15.


JAINAM CABLES: ICRA Reaffirms B+ Rating on INR10cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ on the
INR10.45-crore fund-based bank facilities of Jainam Cables (India)
Private Limited (JCPL). The outlook on the long-term rating is
'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash
  Credit                  10.00     [ICRA]B+ (Stable); Reaffirmed

  Fund-based-Term
  Loan                     0.45     [ICRA]B+ (Stable); Reaffirmed

Rationale

The rating reaffirmation continues to reflect the company's
relatively small scale of operations; weak financial risk profile
marked by thin margins, weak return indicators, adverse capital
structure owing to high reliance on external borrowings to fund
working capital requirements of the business and weak debt-
coverage indicators. The rating also factors in the vulnerability
of JCPL's profitability to any fluctuations in copper rod prices,
low value-addition in the business and its exposure to stiff
competition in a fragmented industry caused by numerous small and
unorganised players.

The rating, however, continues to draw comfort from the long
experience of the promoters in the copper wire manufacturing
business; established relationships with its customers and repeat
orders from them.

Going forward, ICRA expects the operating income of JCPL to grow
steadily, driven by stable demand from end-user industrial
applications in the domestic market. The profit margins, however,
would continue to remain low on account of the low value-addition
in the business and intense competition in the copper wire
manufacturing industry. The ability of the company to increase its
scale of operations, withstand the impact of raw material price
changes on profitability, manage working capital requirements and
improve the capital structure will be some of the key rating
sensitivities.

Key Rating Drivers

Credit strengths

  * Long experience of promoters for more than a decade in the
    manufacturing of copper wire and cable

  * Established clientele and track record of repeat orders

Credit weaknesses

  * Weak financial risk profile characterised by thin margins,
    weak return indicators, leveraged capital structure and weak
    debt-coverage indicators

  * Relatively small scale of operations

  * Highly fragmented and competitive industry structure, which
    limits the pricing flexibility and profitability

  * Vulnerability of profitability to any fluctuations in copper
    rod (major raw material) prices

Description of key rating drivers:

Jainam Cables (India) Private Limited (JCPL) manufactures copper
wires and cables. The extensive experience of promoters of the
company and its established clientele offers it a competitive edge
in the intensely competitive industry. The operating income of the
company increased at a healthy rate of ~22% from INR40.93 crore in
FY2016 to INR50.07 crore in FY2017, backed by improvement in sales
volumes following higher off-take from its existing customers as
well as addition of few new customers. Nevertheless, the overall
scale of the company continues to remain on the lower side. The
company's profitability remains low due to the low value-addition
in its operations. It remains vulnerable to fluctuations in copper
rod prices. The working capital intensity of the company remains
moderate on account of stretched debtor days. Furthermore, because
of the company's high reliance on external borrowings to fund its
working capital requirements, JCPL's capital structure remains
leveraged as reflected by high gearing of 1.95 times as on March
31, 2017.

Incorporated in 2001, Jainam Cables (India) Private Limited,
manufactures copper wires and cables. The manufacturing unit is
located at Kathwada GIDC, Ahmedabad (Gujarat), with an annual
production capacity of 1,800 MT of 0.3 millimetre (mm) copper
wires. It manufactures wires in various sizes ranging from 0.3 mm
to 7.0 mm. The company's product profile consists of copper wires,
PVC flexible cable, house wiring, submersible flat cables, welding
cables and power and control cables, which are ISI marked. The
company is "ISO 9001:2000" certified.

The company was founded by Mr. Harisingh Rajput, who started the
business under a proprietorship concern, M/S Jainam Cable
Industries. The entity was converted into a private limited
company, Jainam Cables (India) Private Limited, w.e.f. April 1,
2012.


MALWA AUTOMOTIVES: ICRA Affirms B+ Rating on INR17cr Loan
---------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]B+ on
the INR17.0-crore fund-based limits of Malwa Automotives Private
Limited.  The outlook on the long-term rating is 'Stable'.

                      Amount
  Facilities        (INR crore)    Ratings
  ----------        -----------    -------
  Fund-based limits      17.00     [ICRA]B+; reaffirmed, 'Stable'
                                   outlook assigned

Rationale

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with MAPL, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the rating, but
despite repeated requests by ICRA, the company's management has
remained non-cooperative. In the absence of requisite information,
ICRA's Rating Committee has taken a rating view based on the best
available information. In line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the company's
rating is now denoted as: "[ICRA]B+(Stable); NON COOPERATION ON
INFORMATION and FEE". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

MAPL, incorporated in 2012, is an authorised dealer of Jaguar Land
Rover luxury cars. The company has established a 3S (sales,
service and spares) showroom in Karnal (Haryana), the commercial
operations of which commenced from October, 2014. Apart from MAPL,
the group also has dealerships of Tata Motors Limited, Hyundai
Motor India Limited, Nissan Motor India Private Ltd, Chevrolet
(GM) and Honda Motorcycle and Scooter India Pvt Limited in Haryana
and Delhi.


MANGALMURTI QUARRY: CARE Revises Rating on INR6.13cr Loan to B+
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mangalmurti Quarry Works (MQW), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         6.13       CARE B+; Stable Revised
   Facilities                        from CARE B

Detailed Rationale & Key Rating Drivers

The revision in rating assigned to the bank facilities of MQW was
primarily on account of an increase in the scale of operations,
improvement in capital structure and debt coverage indicators
during FY17 (Provisional; refers to the period April 1 to
March 31). The rating continues to draw strength the experience of
the partners in the stone crushing business, location advantage on
account of its crushing operations being conducted at the stone
excavating site itself, comfortable profit margins and moderate
capital structure as well as debt coverage indicators during FY17
(Provisional).

The rating, however, continues to be constrained on account of its
moderate liquidity position, its presence in the fragmented and
unorganized stone crushing sector with low entry barriers
characterized by regulatory risk pertaining to environmental
issues, customer concentration risk, partnership nature of
constitution and linkage with real estate sector which is cyclical
in nature.

The ability of MQW to increase its scale of operations while
improving its solvency position coupled with efficient working
capital management are the key rating sensitivities.

Detailed description of key rating drivers

Key Rating Weaknesses

Moderate liquidity position: The liquidity position remained
moderate as marked by operating cycle of 7 days during FY17
(Provisional) and below unity current ratio as on March 31, 2017
(Provisional). The average utilization of working capital
borrowings stood at 91% for the past 12-month period ended
May 2017.

Presence in fragmented and unorganized industry with low entry
barriers and regulatory risk: The stone crushing industry is
characterized by presence of numerous small players and low entry
barriers, while it being perceived as a highly polluting industry
is subject to government regulatory risk.

Partnership nature of its constitution along with customer
concentration risk and linkages with the cyclical real estate
sector: The partnership nature of its constitution restricts its
overall financial flexibility in terms of limited access to
external funds and inherent risk of withdrawal of capital and
dissolution of the firm in case of death/insolvency of the
partner. Customer concentration risk also persists as top three
customers contribute >50% towards the TOI of FY17 (Provisional).
MQW supplies to the construction and real estate sector which is
cyclical in nature.

Key Rating Strengths

Experienced partners along with location advantage: The key
partner Mr Mukesh Biharilal Shah has an experience of around two
decades in stone crushing business. Furthermore, the location of
its stone crushing facility is situated besides the mine from
where it excavates limestone, resulting in lesser hassles for
transportation along with easy availability of labour, water and
power supply.

Increase in the scale of operations with comfortable profit
margins: The total operating income (TOI) has been on an
increasing trend and increased to INR12.12 crore in FY17
(Provisional) from INR9.44 crore in FY16. The PBILDT and margin
stood comfortable at 19.77% in FY17 (Provisional).

Improvement in capital structure and debt coverage indicators: The
capital structure as marked by an overall gearing ratio improved
and stood at 1.42 times as on March 31, 2017 (Provisional) as
against 1.82 times as on March 31, 2016, owing to an increase in
the level of tangible net worth and a decrease in total debt
level. The debt coverage indicators as marked by total debt to GCA
and interest coverage ratio also improved marginally and continued
to remain moderate.

Ahmedabad-based (Gujarat), MQW is a partnership firm established
in July 2011 by seven partners. However, no business activities
were undertaken in the firm since then. Later on during September
2013 and July 2015, the partnership firm was reconstituted with
retirement and addition of few partners, with currently seven
partners as on March 2017. MQW operates from its sole stone
crushing plant situated in Tajpur, Sabarkantha (Gujarat) with an
installed capacity of 55000 MT per month, from April 2014 onwards.
The entity is engaged into stone crushing activity which primarily
involves excavating black stone (limestone) from its own land and
crushing the same to form stones of various sizes like aggregates,
grits, granular sub-base (GSB) and sand which finds application in
construction materials for building bridges, roads, terrace slabs
etc.

During FY17 (Provisional), MQW reported a total operating income
(TOI) of INR12.12 crore with a PAT of INR0.32 crore as against TOI
of INR9.44 crore with a PAT of INR0.35 crore in FY16. For 2MFY18
(Provisional), MQW reported a TOI of INR2.40 crore.


MEGHAAARIKA INTERNATIONAL: Ind-Ra Affirms BB- LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Meghaaarika
International Private Limited's (MIPL) Long-Term Issuer Rating at
'IND BB-'. The Outlook is Stable. The instrument-wise rating
actions are as follows:

-- INR100 mil. Fund-based limit affirmed with IND BB-/Stable/
    IND A4+ rating; and

-- INR430 mil. Non-fund-based limits affirmed with
    IND BB-/Stable/IND A4+ rating.

Fund-based limit is a sublimit of the non-fund based limit.

KEY RATING DRIVERS

The ratings remain constrained by MIPL's limited size of
operations. Sales volume declined 5.7% yoy in FY17 on account of a
disruption in sales in Jammu & Kashmir for two to three months.
Despite this, the company's revenue grew 2% yoy to INR2,275
million on account of the increased realisations caused by an
increase in crude oil prices. FY17 financials are provisional in
nature.

The ratings continue to reflect MIL's weak credit metrics. In
FY17, interest coverage was 1.79x (FY16: 1.7x) and net leverage
was 12.6x (FY16: 6.8x). The sharp deterioration in leverage was
because of an increase in short-term borrowing to INR350 million
at FYE17 (FYE16: INR129 million). This was on account of the
demonetisation induced shifting of a major portion of 3QFY17 sales
to 4QFY17, causing around 49% of the total sales to be achieved in
the last quarter, along with a receivable period of 90-150 days.

The ratings are also constrained by MIPL's thin and volatile
EBIDTA margins (1.5%-2.0%), attributable to its trading nature of
business, price volatility in the goods traded, and unhedged
foreign exchange exposure. The company mitigates commodity price
risk by conducting most of its sales against back-to-back orders.
Also, it is continuously working towards reducing its inventory
holding period to minimise price risk (FY17: 2 days, FY16: 3 days,
FY15: 10 days). Net working capital cycle increased to 91 days in
FY17 (FY16: 56 days) on account of the high receivables caused by
increased sales during 4QFY17.

The ratings factor in MIPL's high customer concentration risk as
its top five customers account for about 96% of its total sales.
However, the company has an informal tie-up for 30% of its output
with group companies.

The ratings also factor in MIPL's moderate liquidity position as
reflected by 93% and 76% average peak utilisation in the fund-
based and non-fund-based working capital limits, respectively, for
the 12 months ended May 2017.

The ratings are supported by the company's promoters' three-
decade-long operating experience in the chemical industry.

RATING SENSITIVITIES

Negative: Any deterioration in the profitability and/or working
capital cycle, leading to deterioration in the interest coverage
could result in a negative rating action.

Positive: Customer diversification along with an increase in the
scale of operations and profitability and/or an improvement in
working capital cycle leading to a sustained improvement in the
interest coverage will be positive for the ratings.

COMPANY PROFILE

Incorporated in 2007, MIPL (formerly Ritzy International) is
engaged in the trading of chemical and plasticisers. MIPL reported
EBITDA of INR36 million and net income of INR13 million in FY17.


PRANI AUTO: ICRA Lowers Rating on INR13.0cr Cash Loan to 'D'
------------------------------------------------------------
ICRA Ratings has revised the long term rating to [ICRA]D from
[ICRA]B+ assigned to INR13.00 crore cash credit facility, INR4.40
crore term loan and INR0.35 crore unallocated facilities of Prani
Auto Plaza Private Limited.

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

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

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

Rationale

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

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


R.L.A. CONSTRUCTIONS: CARE Assigns B+ Rating to INR2.5cr Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of R.L.A.
Constructions (RLA), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             2.50       CARE B+; Stable Assigned

   Short-term Bank
   Facilities             4.00       CARE A4 Assigned

Detailed Rationale and Key Rating Drivers

The ratings assigned to the bank facilities of RLA are constrained
by small and fluctuating scale of operations coupled with low
capital base, leveraged capital structure and weak debt service
coverage indicators and geographical concentration risk. The
ratings are further constrained by the highly competitive industry
and business risk associated with tender-based orders. The
ratings, however, draw comfort from experienced proprietor and
moderate order book position, however; entailing concentration.
Going forward; ability of the company to profitably increase its
scale of operations, registering improvement in capital structure
and successfully execute orders in envisioned time and cost shall
be the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weakness

Small and fluctuating scale of operations coupled with low capital
base: The scale of operations of the firm stood small and
fluctuating INR0.37 crore in FY16 (refers to the period April 01
to March 31) which limits the bidding capability, pricing power
and benefits of economies of scale. Leveraged capital structure
and weak debt coverage indicators: The capital structure of the
firm stood leveraged owing to low capital base. Furthermore, the
debt coverage indicators of the firm stood weak on account of low
profitability resulting into low GCA levels.

Concentrated order book: RLA has an unexecuted order book which is
approximately 2.88 times of its total operating income for FY17
(Provisional) which, provides short to medium term revenue
visibility to the firm. The order book at present is concentrated
towards three contracts from a single customer forming
approximately 78% of the unexecuted order book.

Highly competitive industry: RLA faces direct competition from
various organized and unorganized players in the market. There are
number of small and regional players and catering to the same
market which has limited the bargaining power of the company and
has exerted pressure on its margins.

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

Key Rating Strengths

Experienced promoters: RLA is currently being managed by Mr
Kuldeep Agrawal, having experience of around one decade of
experience in civil construction business through his association
with RLA and other associate entities. Prior to RLA he was
associated with his family run business Akash Deep Construction
Company engaged in the same line of business. Moderate
profitability margins: The profitability margins of the firm stood
moderate for the last three financial years FY14-FY16. The firm
majorly undertakes government projects, which are awarded through
the tender-based system.  Therefore, the margins largely depend on
nature of contract executed.

Comfortable operating Cycle: Operations of the firm are
comfortable marked by an average operating cycle of 8 days in
FY16 owing to nil collection period as the payments are received
within time. The firm maintains minimum inventory in the form of
raw materials for 11 days for smooth running of construction
activities and received a credit period of around 4 days.

Mathura-based (Uttar Pradesh) R.L.A. Constructions (RLA) was
established in 2009 as a proprietorship firm by Mr Kuldeep
Agrawal. The firm is engaged in construction and infrastructure
sector undertaking projects of road construction, bridges and
interlocking mainly in Uttar Pradesh. The firm participates in
tenders floated by government agencies in Uttar Pradesh. Brick
Ballast, stones, cement and bitumen etc. are the major raw
material for execution of awarded task, which are procured from
various wholesalers and retailers from the regional market.
Akashdeep Construction Company and JSR housing & Developers
Private Limited are the associate companies of RLA engaged in
civil construction and real estate business, respectively, in
Mathura.

For FY16 (refers to the period April 01 to March 31), RLA achieved
a total operating income (TOI) of INR0.37 crore with profit after
tax (PAT) of INR0.02 crore respectively as against INR9.09 crore
and INR0.46 crore in FY15. Furthermore, the firm achieved TOI of
around INR6.69 crore in FY17 (based on provisional results).


RAMAN AGRO: ICRA Reaffirms B+ Rating on INR6cr Term Loan
--------------------------------------------------------
ICRA ratings has reaffirmed the long-term rating of [ICRA]B+ on
the INR 10.00- crore fund-based limits of Raman Agro Exports
Private Limited. The outlook on the longterm rating is Stable.

                      Amount
  Facilities        (INR crore)     Ratings
  ----------        -----------     -------
  Term loans             6.00       [ICRA]B+ (Stable); reaffirmed
  Cash Credit            4.00       [ICRA]B+ (Stable); reaffirmed

Rationale

The rating action is based on the best available information. As a
part of its process and in accordance with its rating agreement
with RAEPL, ICRA has been seeking information from the company to
survey the rating. However, the management has remained non-
cooperative in spite of repeated requests by ICRA. In the absence
of the requisite information, ICRA's Rating Committee has assigned
a rating based on the best available information. In line with
SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November
01, 2016, the company's rating is now denoted as "[ICRA]B+(Stable)
NON COOPERATION ON INFORMATION and FEE". The lenders, investors
and other market participants may exercise appropriate caution
while using this rating, given that it is based on limited or no
updated information on the company's performance since the time it
was last rated.

Established in 2008, RAEPL manufactures cattle feed at its
manufacturing facilities located at Varanasi in Uttar Pradesh (UP)
and Raigarh in Chhattisgarh. Its total manufacturing capacity is
200 tonnes per day. The Varanasi plant is automated at all stages
of production, from the feeding of raw material to the packing of
the finished product. RAEPL sells its products through
distributors in Bihar, Jharkhand, UP, Madhya Pradesh, and Odisha
under the brand names, 'Doodh Dhara' and 'Kranti'.


REGENT GRANITO: ICRA Reaffirms B+ Rating on INR42.33cr Loan
-----------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating assigned to the
INR42.33 crore fund-based facilities of Regent Granito (India)
Ltd. at [ICRA]B+. The outlook on the long-term rating is 'Stable'.
ICRA has also reaffirmed the short-term rating of [ICRA]A4 to the
INR15.03 crore non-fund based facilities of RGL.

                      Amount
  Facilities        (INR crore)     Ratings
  ----------        -----------     -------
  Fund-based            42.33       [ICRA]B+ (Stable); Reaffirmed
  Non-fund Based        15.03       [ICRA]A4; Reaffirmed

Rationale

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with RGL, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings and also
had sent repeated reminders to the company for payment of
surveillance fee that became overdue, but despite repeated
requests by ICRA, the company's management has remained non-
cooperative. In the absence of requisite information, ICRA's
Rating Committee has taken a rating view based on best available
information. In line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, the
company's rating is now denoted as: "[ICRA]B+ (Stable)/[ICRA]A4
ISSUER NOT COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

Key rating drivers

Credit strengths

  * Prior experience of the promoters in the same business sector

  * Location advantage from proximity to key raw material sources

Credit weaknesses

  * Vulnerability of profitability and cash flows to cyclicality
    inherent in the real estate industry, which is the main
    consuming sector

  * Vulnerability of profitability to availability and increasing
    prices of gas, as gas is the major source of fuel

  * Competitive business environment, given the fragmented nature
    of industry with large number of tile manufacturers in the
    region

Description of key rating drivers:

RGL is equipped to manufacture three types of vitrified tiles --
Soluble Salt Vitrified Tiles (SSVT), Glazed Vitrified Tiles (GVT)
and Double Charged Vitrified Tiles (DCVT). The plant has a
manufacturing capacity of ~19,000 sq. m. of vitrified tiles per
day. The company has an existing marketing network of over 300
dealers/stockiest spread over the country. Most of these raw
materials are found in abundance in certain parts of Gujarat and
Rajasthan. Raw materials and fuel are two major cost components
(~75%) in vitrified tiles production and determine the cost
competitiveness of operations. ICRA notes the high competitive
intensity with large established organised and unorganised players
in the industry. ICRA also considers the experience of the
promoters in the industry for more than a decade and the location
advantage enjoyed by the company in terms of proximity of the
plant to major raw material sources.

Regent Granito (India) Limited is a vitrified tiles manufacturer
with a production plant at Himmatnagar in Gujarat. The company was
established in 2003, and has a manufacturing capacity of ~19,000
sq. m. of double charged vitrified tiles per day. RGL currently
manufactures vitrified tiles of sizes 800mm x 800mm, 600mm x 600mm
and 800mm x 1200mm with the current set of machineries at its
production facility.


SAHARA: Sebi to e-auction Property in Uttarakhand on July 28
------------------------------------------------------------
The Times of India reports that capital markets regulator Sebi
will auction a property owned by Sahara in Uttarakhand, for a
total reserve price of little over INR223 crore, on July 28, as
part of the process to recover funds from the beleaguered group.

In a public notice on July 4, the Securities and Exchange Board of
India said that SBI Capital Markets has been mandated to e-auction
82.93 acre of land assets located in village - Bahadarabad and
Ranipur in Haridwar, Uttarakhand, TOI relates.

"Sebi hereby invites bids from the intending bidders along with
and amount equivalent of 25 per cent of the reserve price as
earnest money to be paid through demand draft/pay order/RTGS/NEFT
in favour of Sebi-Sahara Refund Account," the notice, as cited by
TOI, said.

TOI relates that the regulator said that 1.36 acres of land out of
82.93 acres has been acquired by National Highways Authority of
India (NHAI).

"An amount equivalent to the valuation of 1.36 acres of land would
be reduced from the successful bid amount to be paid by the
successful bidder in its last tranche payment on pro-rata basis,"
it added.

Following directions from the Supreme Court for the sale of
certain Sahara assets to recover money, Sebi has appointed SBI
Capital Markets (SBI Caps) and HDFC Realty for auctioning various
land parcels held by Sahara group, the report discloses.

In November last year, Sebi had lined up as many as five land
parcels of Sahara for an e-auction at a total reserve price of
over INR130 crore, TOI recalls.

Besides, 13 properties were put on the block in October, and their
combined reserve price was about INR1,400 crore and 58 properties
were auctioned in July, last year, with a collective reserve price
of nearly INR5,000 crore, the report says.

After spending two years in jail, Sahara chief Subrata Roy is
currently out on parole. He was sent to jail on the orders of the
Supreme Court in a long-running dispute with Sebi, TOI notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 15, 2013, The Economic Times said the Securities & Exchange
Board of India (Sebi) on Feb. 13, 2013, seized bank accounts and
properties of two Sahara Group companies and its promoter, Subrata
Roy.  The move comes following the group's failure to refund
INR24,000 crore to investors as directed by the Supreme Court.

Sahara founder Subrata Roy was arrested in March 2014 after the
company failed to comply with a court order to refund money raised
from millions of small investors by selling them bonds later ruled
to be illegal, TCR-AP reported citing Reuters.


SARJU VITRIFIED: ICRA Assigns 'B' Rating to INR28.50cr Term Loan
----------------------------------------------------------------
ICRA Ratings has assigned the long-term rating of [ICRA]B on the
INR36.00-crore fund-based bank facilities of Sarju Vitrified Pvt.
Ltd. ICRA has also assigned the short-term rating of [ICRA]A4 on
the INR4.03-crore non-fund based bank facilities of SVPL. The
outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based-Cash
  Credit                  7.50       [ICRA]B (Stable); Assigned

  Fund-based-Term
  Loan                   28.50       [ICRA]B (Stable); Assigned

  Non-fund Based Limits   4.03       [ICRA]A4; Assigned

Rationale

The assigned ratings reflect execution and implementation risks
associated with the timely commencement of operations within the
budgeted costs and stabilisation of the plant as per expected
operating parameters with the project scheduled to be operational
from July 2017. ICRA also takes into consideration the stretched
financial profile, given the debt funded nature of the project
with high debt-to-equity ratio of 2.03 times and impending high
debt repayments. The ratings are further constrained by the
vulnerability of the company's profitability to the cyclicality
inherent in the real estate industry, which is the main consuming
sector; as well as to the adverse fluctuations in prices of raw
materials and natural gas, which is the major cost component for
tile manufacturing. The ratings, moreover, take into consideration
the highly competitive ceramic industry with a large number of
established, organised as well as unorganised players in Morbi
(Gujarat), resulting in limited pricing flexibility.

The ratings, however, favourably factor in the past experience of
the promoters in the ceramic industry and the logistical
advantages to the company from its location in India's ceramic
hub, with easy access to quality raw material.
ICRA expects the company's financial profile to remain stretched
in the initial years of operations with moderate capacity
utilisation levels, coupled with a high interest and debt
servicing burden. In ICRA's opinion, the ability of the company to
successfully commission the project in a timely manner within the
estimated cost; establish a market for its products; scale up its
operations in a profitable manner amid intense competition and
maintain a healthy credit profile, will be some of the key rating
sensitivities.

Key rating drivers

Credit strengths

  * Experience of promoters in the ceramic industry

  * Favorable location of the unit in Morbi (Gujarat), India's
    ceramic hub, with easy access to quality raw material

Credit weaknesses

  * Risk associated with timely commencement as well as
    stabilisation of operations as per expected operating
    parameters

  * Competitive business environment, given the fragmented nature
    of the industry

  * Financial profile expected to remain stretched in the near
    term, given the debt funded nature of the project and the
    impending debt repayment

Description of key rating drivers:

Sarju Vitrified Pvt. Ltd. (SVPL) plans to manufacture medium sized
glazed vitrified tiles (GVT), polished glazed vitrified tiles
(PGVT) and double charged vitrified tiles (DCVT). The unit has an
estimated production capacity of 10,752 sq. m. of vitrified tiles
per day. The estimated project cost is INR48.50 crore. The land
development and civil construction of the factory building have
been completed. The orders for all the requisite machinery has
been placed, of which a kiln and some other machinery have been
received. Commercial operations are expected to commission from
July 2017. Nonetheless, project execution risks remain and timely
commissioning of the project would remain important from a rating
perspective. The aggressive debt-to-equity ratio for the project
and significant debt repayments are likely to keep the credit
profile constrained over the near term. The company's ability to
compete with a number of organised and unorganised players in the
ceramic industry, while maintaining adequate profitability despite
volatility in raw material and fuel prices, remains the key rating
sensitivity. Nevertheless, the experience of the promoters in the
ceramic industry is expected to support the operations of the
company.

Incorporated in July 2016, Sarju Vitrified Pvt. Ltd. is setting up
a project at Morbi (Gujarat) to manufacture glazed vitrified tiles
(GVT), polished glazed vitrified tiles (PGVT) and double charged
vitrified tiles (DCVT) in two sizes - 600 X 600 mm and 800 X 800
mm. The proposed plant would have a manufacturing capacity of
10,752 sq. m. of vitrified tiles per day. Commercial operations
are expected to commence from July 2017 and SVPL would sell its
products under its own brand, 'Sarju'.

The company was promoted by Mr. Jignesh Bhoraniya and Mr. Gordhan
Fefar, with experience in the ceramic industry through their
earlier association with Donato Vitrified Pvt. Ltd., which
manufactures DCVT.


SHRI TULSI: ICRA Reaffirms B+ Rating on INR5.50cr Cash Loan
-----------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating assigned to the
INR5.50-crore bank facilities of Shri Tulsi Oil Products at
[ICRA]B+. The outlook on the long-term rating is 'stable'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Cash Credit              5.50      [ICRA]B+ (Stable); Reaffirmed

Rationale

The rating reaffirmation factors in the established track record
of the firm in the oil manufacturing industry, its diversified and
established customer and supplier base and easy availability of
raw material by virtue of its plant's location in the cotton
producing belt of Maharashtra.

However, the rating is constrained by the firm's modest scale of
operations, and the highly competitive and limited value addition
nature of the cotton oil industry which coupled with the exposure
to fluctuations in the raw material prices results in modest
profitability indicators for the firm. The rating is further
constrained by the weak financial profile of the firm
characterised by weak coverage and capitalization indicators. The
rating also factors in the industry's exposure to regulatory
risks, and the risks inherent in a partnership firm with respect
to capital withdrawals by the partners.

Key rating drivers

Credit strengths

  * Long track record of the firm in the oil manufacturing
    industry facilitating established industry relations with
    the customers and suppliers

  * Favorable location of the plant in Maharashtra facilitating
    easy availability of quality raw material

Credit weaknesses

  * Financial profile characterised by small scale of operations,
    low profitability, and weak coverage and capitalisation
    ratios

  * Vulnerability of profitability to adverse movements in input
    prices which are subject to seasonality and crop harvest

  * Limited value addition, commoditised nature of the product
    and highly competitive & fragmented industry structure exerts
    pressure on profitability of the firm

  * Exposure to regulatory risks with regards to MSP fixed by
    Government of India (GOI)

  * Risks associated with a partnership firm; any withdrawal
    in capital could negatively impact the net worth

Description of key rating drivers:

The firm is engaged in crushing of cotton seeds to produce cotton
oil and cotton de-oiled cake (DOC). Cotton oil is sold to
refineries for refining and cotton DOC is sold to local farmers
and diaries to be used as cattle feed. The firm derived 78% of its
revenues from cotton oil cake and 22% from cotton oil in FY2017 as
against 80% and 20% in FY2016 respectively. During FY2017, the
operating income of the firm declined by 11% to INR25.63 crore
from INR28.87 crore in FY2016 due demonetisation which impacted
the demand during the peak cotton season (October to December) and
also resulted in the increase in the prices of raw cotton.

Shri Tulsi Oil Products is a partnership firm promoted by Mr.
Chetan Chopda and his wife Mrs. Payal Chopa and commenced
operations in 2008. The firm is engaged in crushing of cotton
seeds to produce cotton oil and cotton DOC. Cotton oil is sold to
refineries for refining and cotton cake is sold to farmers and
dairies to be used as cattle feed. The manufacturing units of the
firm are located in the Vidarbha district of Maharashtra with a
total installed capacity of 10,000 metric tonnes per annum. In
FY2017, on a provisional basis, the company reported a net profit
of INR0.14 crore on an operating income of INR25.63 crore, as
compared to a net profit of INR0.10 crore on an operating income
of INR28.87 crore in the previous year.


SIDVIN CORE-TECH: ICRA Withdraws BB Rating on INR10.43cr Loan
-------------------------------------------------------------
ICRA Ratings has withdrawn the long term rating of [ICRA]BB with
'Negative' outlook, assigned for the INR10.43 crore fund based
facilities and INR0.57 crore unallocated limits of Sidvin Core-
Tech India Private Limited (SCIPL).

                      Amount
  Facilities        (INR crore)    Ratings
  ----------        -----------    -------
  Long term-Fund-
  based                 10.43      [ICRA]BB (Negative); Withdrawn

  Long term-
  Unallocated            0.57      [ICRA]BB (Negative); Withdrawn

Rationale

The long-term rating assigned to Sidvin Core-Tech India Private
Limited has been withdrawn at the request of the company, based on
the no objection provided by its banker.

Sidvin Core-Tech India Private Limited (SCIPL) was incorporated in
2000 by Mr. Mohan and 3 other entrepreneurs in Bangalore. It
specializes in process plant designs and has worked relatively
extensively in floating production storage and offloading (FPSO)
system design- these are floating vessels- which have capacity to
process and store crude oil and gas in offshore petroleum fields.
SCIPL works across engineering, procurement and commissioning
support aspects. SCIPL works closely with Single Buoy Moorings
Inc, Morocco based global leader in FPSO systems- and has worked
with them for close to 5 years and has executed more than 18
orders. SCIPL presently has close to 220 engineering employees and
is 100% Export Oriented Unit.


SINHGAD TECHNICAL: CARE Reaffirms 'D' Rating on INR426.24cr Loan
----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Sinhgad Technical Education Society (STES), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            426.24      CARE D Reaffirmed

   Short-term Bank
   Facilities             16.45      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of STES continue to
factor in the ongoing delays in debt servicing by STES due to its
stressed liquidity position.

The ratings continue to derive strength from experienced
management council and large number of institutes offering diverse
courses.

Detailed description of the key rating drivers

Key Rating Weaknesses

- Ongoing delays in debt servicing:  There are on-going delays in
servicing of its debt obligations of bank facilities due to the
society's stretched liquidity position.

- Significant decrease in surplus:  During FY16 (refers to the
period April 1 to March 31), STES reported surplus of INR34.64
crore on total operating income of INR638.88 crore as compared to
surplus of INR62.01 crore on total operating income of INR609.77
crore.

- Competition from the more established Engineering and
Management Institutes in and around Maharashtra:  There are a
number of larger and more established institutes with longer track
record in and around Maharashtra that offer technical and
management education. Thus, STES faces competition from these
institutes.

Key Rating Strengths

- Experienced Management Council:  The members of Managing
Council all of whom have wide experience in the field of
education. The founder of the Society Prof. M N Navale is a Post
Graduate in Electrical Engineering from the Government College of
Engineering, Pune and has worked with Bharati Vidyapeeth in
various capacities till 1992 before establishing STES in 1993.

- Large number of Institutes offering diverse courses:  STES
manages 59 institutes that include higher education colleges and
pre-primary, primary and secondary schools. The higher education
colleges provide full time courses in the fields of Engineering,
Pharmacy, Architecture, Interior Decoration, Medical, Dental,
Nursing and Physiotherapy. The courses offered by STES have been
approved by the All India Council of Technical Education (AICTE)
and the Government of Maharashtra. These courses are affiliated to
the University of Pune.

STES was registered under the Societies Registration Act, 1860 in
August 1993. It is also registered under the Bombay Public Trust
Act, 1950.

STES manages 59 higher education colleges and pre-primary, primary
and secondary schools. These schools and colleges provide full
time courses in the fields of Engineering, Management, Pharmacy,
Architecture, Gemology and Jewellery Designing, etc. The
educational courses offered by the various institutes of STES are
recognized by the All India Council of Technical Education (AICTE)
and the Government of Maharashtra. During FY16, STES recorded
total operating income of INR638.88 crore and surplus of INR34.64
crore as against total operating income of INR609.77 crore and
surplus of INR62.01 crore during FY15.


SRI BALAJI: CARE Assigns B+ Rating to INR4.60cr LT Bank Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sri
Balaji Agro (SBA), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             4.60       CARE B+; Stable Assigned

   Short-term Bank
   Facilities             0.47       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SBA are constrained
by the project implementation risk, proprietorship nature of
constitution with inherent risk of withdrawal of capital, highly
fragmented business segment with presence of numerous players
resulting in competition from other players in the industry.
However, the ratings are underpinned by the experience of the
proprietor for around eight years in processing of pulses,
financial closure achieved for the project coupled with advance
stage of project execution, stable demand outlook of pulses,
location advantage with presence in cluster and easy availability
of pulses.

Going forward, ability of the firm to complete the project without
any cost and time overrun and further stabilise the operations
generating revenues and profit levels as envisaged are key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

- Constitution of the entity as proprietor firm with inherent
risk of withdrawal of capital:  The sole proprietor typically
makes all the decisions and runs the entire business operation. If
he becomes ill or disabled, there may be nobody else who can step
in and keep the business going. Running a business single-handedly
can also pose a risk due to heavy burden. Constitution as a
proprietorship has the inherent risk of possibility of withdrawal
of the capital at the time of personal contingency which can
adversely affect its capital structure.

- Highly fragmented industry with intense competition from large
number of players:  The agro-product processing industry is
competitive in nature due to low entry barriers, high
fragmentation and the presence of a large number of players in the
organised and unorganised sector. Furthermore, being an
agriculture commodity, the pricing and distribution of pulses are
exposed to climatic and agriculture related risk as well as
government policies.

Key Rating Strengths

- Experience of the proprietor for 8 years in processing of
quality pluses:  SBA was established in the year 2016 and promoted
by Mrs Chudi Lavanya. She is supported by Mr C. Srinivas (spouse
of Mrs Lavanaya) who has eight years of experience in processing
of quality pluses.

- Financial closure achieved for the project coupled with advance
stage of project execution:  The total proposed cost of project is
INR3.80 crore which is proposed to be funded through bank term
loan of INR1.95 crore and promoters' contribution of INR1.85
crore.

As on March 31, 2017, the company has incurred expenses of INR3.44
crore (around 90.53% of total project cost) towards the building
and civil construction work and purchase of plant and machinery.
The said expenses are funded by the promoter contribution (Rs.1.29
crore) and term loan (Rs.1.59 crore).

- Stable demand outlook of Pulses:  Pulses are consumed in large
quantity in India which provides favorable opportunity for the
demand outlook of pulses and thus the demand is expected to remain
healthy over medium to long-term.

- Location advantage with presence in cluster and easy
availability of pulses:  The pulses unit of SBA is located at
KIADB Industrial Area, Hyderabad Road, Raichur. The manufacturing
unit is located near the pulses producing region, which ensures
easy raw material access and smooth supply of raw materials at
competitive prices and lower logistic expenditure.

Sri Balaji Agro (SBA) was established in the year 2016 as a
proprietorship concern by Mrs Chudi Lavanya. SBA is planning
to set up cleaning and processing unit for pulses like Toor dal,
Gram Dal, Moong Dal, Urid Dal and Masoor Dal. The expected date of
start of commercial operation of the unit is July 2017. The total
proposed cost for setting up the unit is INR3.80 crore which is
proposed to be funded by promoter's capital of INR1.85 crore and
remaining through long-term loan of INR1.95 crore. The firm has
incurred INR3.44 crore as on March 31, 2017.


SWASTIK AAHAR: CARE Assigns B+ Rating to INR5.50cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Swastik
Aahar Mills Private Limited (SAM), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.50       CARE B+; Stable Assigned

Detailed Rationale and Key Rating Drivers

The rating assigned to the bank facilities of Swastik Aahar Mills
Private Limited (SAM) are constrained by small scale of operations
with low net worth base, low PAT margins, leveraged capital
structure and weak debt coverage indicators.  The rating is
further constrained by volatility in raw material prices
influenced by government policies on agro commodity and monsoon
dependent operations along with highly competitive industry and
low entry barriers. The rating, however, draws comfort from
experienced management, growing scale of operations and moderate
operating cycle.

Going forward; ability of the company to profitably increase its
scale of operations, registering improvement in capital structure
and efficiently manage the working capital requirements shall be
the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

- Small though growing scale of operations:  The scale of
operations stood small which limits the company's financial
flexibility in times of stress and deprives it from scale
benefits. Though, the risk is partially mitigated by the fact that
the scale of operation is growing continuously reflecting a
compounded annual growth rate (CAGR) of around 45% owing to higher
quantity sold.

- Low PAT margins, leveraged capital structure and weak debt
coverage indicators:  The PAT margin of the company stood
low for the last three financial years FY14-FY16. The PBILDT
margin declined in FY16 as the company compromised on its
margins in order to garner market share. PAT margin stood below
0.20% during past three years (FY14-FY16) owing to high interest
and depreciation cost. The capital structure of the company stood
leveraged mainly on account of low net worth base and high
dependence on external borrowing to meet working capital
requirements. Furthermore, the debt coverage indicators of the
company stood weak on account of high interest cost coupled with
into lower GCA levels.

- Volatility in raw material prices influenced by government
policies on agro commodity and monsoon dependent operations:
Prices of wheat are subjected to government intervention since it
is an agricultural produce and staple food. Various restrictions
including minimum support price (MSP), control on exports, wheat
procurement policies for maintenance of buffer stocks etc. are
imposed to regulate the price of wheat in the market. The price of
wheat is also influenced by the supply scenario which is
susceptible to the agro-climatic conditions. Thus, any volatility
in wheat prices can have direct impact on the profitability
margins of the company.

In addition to government policies on agro commodity, agro-based
industry is characterised by its seasonality, as it is dependent
on the availability of raw materials, which further varies with
different harvesting periods. Availability and prices of agro
commodities are highly dependent on the climatic conditions.
Adverse climatic conditions can affect their availability and
leads to volatility in raw material prices. The monsoon has a huge
bearing on crop availability, which determines the prevailing
wheat prices.

- Highly competitive industry & low entry barriers: The flour
industry is highly fragmented with more than two-third of the
total number of players being unorganized. Due to low entry
barriers in the industry and low value added nature of
products, the flour mill units have limited flexibility over
pricing their products resulting in low profit margins.

Key Rating Strengths

- Experienced management:  SAM is currently being managed by Mr
Rajat Mittal and Mr Arpit Garg. Both of them are post graduates by
qualification and have around half a decade of experience in
processing of agricultural product through their association with
SAM.

- Moderate operating cycle: The company offers credit period of
around 15 days to its customers resulting in an average collection
period of 9 days for FY16. The company normally purchases the raw
material from its suppliers mainly on cash and advance basis on
credit with a payable period of around 10 days from few its
suppliers. The company maintains sufficient stock of wheat for
processing to off-guard against supply shortages. Furthermore, the
company has to maintain minimum inventory of its products to meet
the demand of its customers. Entailing all average inventories
holding stood at 70 days for FY16. Consequently, in order to hold
inventory it has high reliance on external working capital
borrowings.

Delhi based SAM, was incorporated in August, 2011 and started its
commercial operations in April, 2013. The company is currently
being managed by Mr Rajat Mittal and Mr Arpit Garg. The company is
engaged in processing of wheat grains. The main products of the
company are wheat flour (atta), refined wheat flour (maida), bran
and semolina (suji). The processing facility of the company is
located at Rudrapur, Uttrakhand and has the installed capacity of
150 tonnes per day as on March 31, 2016. The main raw material of
the company is wheat which it procures mainly from commission
agents, traders and farmers located in Delhi, Punjab, Haryana,
Bihar and U.P. The company sells its products to wholesalers
located in Delhi, Haryana, U.P. and Uttrakhand. The products are
sold in wholesale packaging of 50 kg for bran, suji, maida, and
atta and retail packaging of 5 kg, 10 kg and 50 kg for atta.

For FY16 (refers to the period April 01 to March 31), SAM achieved
a total operating income (TOI) of INR21.79 crore with profit after
tax (PAT) of INR0.02 crore respectively as against INR12.41 crore
and INR0.01 crore in FY15. Furthermore, the company achieved TOI
of around INR36.52 crore in FY17 (based on provisional results).


SUNSHAKTI OIL: Ind-Ra Withdraws D Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sunshakti Oil
Refinery Private Limited's (SORPL) Long-Term Issuer Rating of 'IND
D'. The instrument-wise rating actions are:

-- INR17 mil. Term loan withdrawn with WD rating;

-- INR50 mil. Fund-based facilities withdrawn with WD rating;
    and

-- INR30 mil. Non-fund-based facilities withdrawn with WD
    rating.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the bank loan rating,
based on the receipt of a no-objection certificate from the
lender. This is consistent with The Securities and Exchange Board
of India's circular dated 31 March 2017 for credit rating
agencies. Ind-Ra will no longer provide analytical and rating
coverage for SORPL.

COMPANY PROFILE

Incorporated in 2011, SORPL refines crude edible oils such as
palm, sunflower, soya and cotton seed oils.


THREE C GREENS: ICRA Cuts Rating on INR225cr Loan to B
------------------------------------------------------
ICRA Ratings has revised the long-term rating to [ICRA]B(SO) from
[ICRA]BB+(SO) for the INR225 crore NCD programme of Three C Greens
Developers Private Limited (TCGDPL). The outlook has been revised
from Negative to Stable. The letter SO in parenthesis suffixed to
a rating symbol stands for Structured Obligation. An SO rating is
specific to the rated issue, its terms, and its structure. SO
ratings do not represent ICRA's opinion on the general credit
quality of the issuers concerned.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Non-convertible        225.00       [ICRA]B(SO) (Stable);
  Debenture (NCD)                     Revised from [ICRA]BB+(SO)
  Programme                           (Negative)

Rationale

The rating revision takes into account the continued weak sales in
TCGDPL's plotted project, Lotus Yardscape and group housing
development project, Lotus Arena II, in Noida's Sector 79 due to
the subdued demand outlook of the National Capital Region (NCR)
real-estate market. This leads to high marketing risk for the
company. Yardscape is being developed by TCGDPL and Lotus Arena II
is being developed by a Group company, Piyush IT Solutions Pvt.
Ltd. (a wholly-owned subsidiary of TCGDPL). Given the muted sales
and the fact that both the projects will be largely funded through
customer advances, exposure to funding risk for these projects is
very high due to poor cash flow visibility over the near to medium
term. Customer advances for Arena II were 24% of the sale value as
on March 2017 compared with 16% as on November 2015. For
Yardscape, the advances were 23% of the sale value as on March
2017 compared with 11% of the sale value as on March 2015. The
repayments for the NCD programme are to be serviced from the
collections in these two projects. As a result of inadequate cash
flows, ICRA believes that the company will be heavily dependent on
promoter support to meet its debt repayment obligations on time.
Further, the rating revision factors in the high execution risk
associated with the projects that have not been adequate executed,
leading to time and cost overrun risks.

However, the rating favorably factors in the company's structured
payment mechanism. This involves retention of current and future
receivables of the two projects through deposit of such proceeds
in an escrow account and the presence of a waterfall mechanism
wherein NCD interest and principal payment will have the first
claim over cash flows, post which the payment to Noida authority
and construction expenses can be incurred. The rating also
favorably factors in the established track record of TCGDPL's
promoters in the Noida real-estate market in terms of execution
and marketing network.

Going forward, the company's ability to improve its sales and
collections, secure timely funding support from its promoters in
the near to medium term and improve the execution of the aforesaid
projects will be the key rating sensitivities. In the absence of
these, the company will have to face considerable pressure to
service debt obligations on time.

Key rating drivers

Credit Strengths

  * Structured payment mechanism, which enables the use of cash
    flows from projects to service debt obligations before
    construction and land payments

  * Experienced promoters with an established track record of
    operations in the real-estate industry

Credit Weaknesses

  * Continued weak sales in the Arena II and Yardscape projects,
    given the subdued demand outlook in the NCR real-estate
    market, leading to funding risk as both these projects are
    largely funded through customer advances

  * Weak collections from the two ongoing projects in the period
    under consideration

  * High dependence on promoter support to meet the debt
    obligations on time due to inadequate collections from the
    two projects

  * High execution risk as the projects have witnessed minimal
    execution in the period under consideration, thereby leading
    to time and cost overrun risks

Description of key rating drivers

TCGDPL has issued NCDs of INR225 crore for the development of
projects in other group companies. However, the repayments are to
be serviced through customer advances in two projects, Arena II
(being developed by the company's wholly-owned subsidiary Piyush
IT Solutions Pvt. Ltd.) and Yardscape (being developed by TCGDPL).
Given the subdued demand outlook in the NCR real-estate market,
sales have remained weak. Arena witnessed sales of around 0.06
million square feet between December 2015 and March 2017, while
Yardscape registered sales of 12124 square yards from April 2015
to March 2017. Given that these projects have to be largely funded
through customer advances, the slow sales resulted in poor cash-
flow visibility for the near to medium term, exposing thee
projects to funding risk. In terms of collections, both the
projects have witnessed low collections in the period under
consideration, leading to the company's high dependence on
promoters to meet debt obligations on time. Further, the projects
have witnessed inadequate execution in the period under
consideration, leading to execution risk as these are yet to incur
a major portion of the construction and land spend. However, the
rating takes into account the structured payment mechanism in the
NCD where receivables from the two projects would be escrowed and
the debt obligations would be serviced before payments are made to
the Noida authority and construction expenses are incurred.

TCGDPL, which was incorporated in December 2010, is involved in
real-estate development. At present, Xanadu Estates Pvt. Ltd.
holds 75% of the company's shares, while the remaining 25% is held
by Xanadu Infra Developers Pvt Ltd. TCGDPL is developing a plotted
development project, Lotus Yardscape, with a saleable area of
90489 square yards, in Sports City, Noida. The other project,
Lotus Arena II, is being developed by its wholly-owned subsidiary,
Piyush IT Solutions Private Limited.


UMA RANI: CARE Assigns 'B' Rating to INR6.74cr LT Bank Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Uma
Rani Agrotech Private Limited (URAPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             6.74       CARE B; Stable Assigned

   Short-term Bank
   Facilities             0.49       CARE A4 Assigned


Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of URAPL are
constrained by small scale of operation with low profitability
margins, leveraged capital structure with moderate debt
preotection metrics, regulated nature of the industry, high
working capital intensity and exposure to vagaries of nature and
fragmented and competitive nature of the industry. The ratings,
however, derive strength from experience of the promoters, close
proximity to raw material sources and stable demand outlook of
rice. Going forward, the ability of Uma Rani Agrotech Private
Limited to increase its scale of operations with improvement in
profitability margins and effective management of working capital
will be the key rating sensitivities.

Key Rating Weaknesses

-- Small scale of operation with low profitability margins:
URAPL is a small player in the rice milling business with a PAT of
INR0.06 crore on total operating income of INR13.70 crore in FY16
(FY refers to the period April 01 to March 31) and total capital
employed of INR6.59 crore as on March 31, 2016. The small size
restricts the financial flexibility of the company in times of
stress and deprives it from benefits of economies of scale. Due to
its small scale of operations, the absolute profit levels of the
company also remained low resulting in lower cash accruals.
However, the company have managed to earn sales of INR17.32 crore
as on FY17 (provisional). Moreover, profitability margins of the
company were also low during the past years.

-- Regulated nature of the industry:  The Government of India
(GoI) decides a minimum support price (MSP - to be paid to paddy
growers) for paddy every year limiting the bargaining power of
rice millers over the farmers. The MSP of paddy was increased
during the crop year 2016-17 to INR1470/quintal from
INR1410/quintal in crop year 2015-16. Given the market determined
prices for finished product vis-a-vis fixed acquisition cost for
paddy, the profitability margins are highly volatile. Such a
situation does not augur well for the company, especially in times
of high paddy cultivation.

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

-- High working capital intensity and exposure to vagaries of
nature:  Rice milling is a working capital intensive business as
the rice millers have to stock rice by the end of each season till
the next season as the price and quality of paddy is better during
the harvesting season. Further, the millers are required to extend
a credit period of around 30 days to its customers. Also, paddy
cultivation is highly dependent on monsoons, thus exposing the
fate of the company's operation to vagaries of nature.
Accordingly, the working capital intensity remains high leading to
higher stress on the financial risk profile of the rice milling
units. Average monthly working capital utilization remained
relatively high at 85% during last twelve months ending on May,
2017.

-- Leveraged capital structure with moderate debt coverage
indicators:  Capital structure of the company remained leveraged
as on last three account closing dates owing to high working
capital intensity of the business. The debt protection indicators
remained moderate marked by moderately high total debt to GCA of
8.71 xs in FY16 on account of increased in utilization of Cash
Credit limit during the period. Interest coverage ratio is
comfortable marked by 1.78 as on FY16.

Key Rating Strengths

-- Experienced management:  Mr. Sukdev Kundu (Director) along
with his wife Mrs. Kamala Kundu (Director) and his daughter Mrs.
Subarna Kundu (Director) looks after overall management of the
company. Mr. Sukdev Kundu has around two decades of experience in
the rice milling business and is ably supported by the manager Mr.
Tanmoy Chatterjee along with a team of experienced professionals
who have rich experience in the same line of business.

-- Close proximity to raw material sources and favorable industry
scenario:  URAPL's plant is located in Birbhum District, West
Bengal which is in close proximity to the paddy growing areas of
the state. The entire raw material requirement is met locally from
the farmers (or local agents) helping the company to save
simultaneously on transportation cost and paddy procurement cost.
Further, rice being a staple food grain with India's position as
one of the largest producer and consumer, demand prospects for the
industry is expected to remain good in near to medium term.

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

Uma Rani Agrotech Private Ltd (URAPL), incorporated in 2012,
commenced operation from February, 2014. The company is engaged in
processing and milling of non-basmati rice. The milling unit of
URAPL is located at Birbhum, West Bengal with processing capacity
of 14,400 Metric Ton Per Annum (MTPA). URAPL procure paddy from
farmers & local agents and sells its products through the
wholesalers and distributors across West Bengal, Jharkhand, Bihar,
Rajasthan and Assam.  Mr. Sukdev Kundu (Director) has over two
decades of experience in rice milling, looks after the day to day
operations of the company. He is further supported by his wife
Mrs. Kamala Kundu and his daughter Mrs. Subarna Kundu along with a
team of experienced professionals.

During FY16 (refers to the period April 1 to March 31), the
company reported a total operating income of INR13.70 crore
and PAT of INR0.06 crore in FY16 as against a total operating
income of INR12.55 crore and a net loss of INR0.03 crore in
FY15. The company has achieved a turnover of INR17.32 crore during
FY17 (provisional).


VARSHA INDUSTRIES: ICRA Assigns 'B' Rating to INR47cr Cash Loan
---------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B for the INR1.60
crore (enhanced from INR0.11 crore) term loan and [ICRA]B and
[ICRA]A4 for INR0.01 crore of unallocated limit of Varsha
Industries Private Limited (VIPL). ICRA also has [ICRA]B rating
outstanding on INR47.00 crore2 cash credit limits of VIPL. The
outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based/Non         47.00       [ICRA]B (Stable)/[ICRA]A4
  Fund based-Cash                    outstanding
  Credit

  Fund-based-Term Loan    1.60       [ICRA]B (Stable)
                                     assigned/outstanding

  Unallocated             0.01       [ICRA]B (Stable)/[ICRA]A4
                                      Assigned

Rationale

The ratings reaffirmation continues to be constrained by company's
weak financial profile characterised by thin profitability,
leveraged capital structure and inadequate coverage indicators.
The ratings further take into account the high competitive
intensity in the agro commodity business resulting from low entry
barriers; exposure of company's profitability to any adverse
regulatory changes particularly those related to export incentives
and availability of agro commodities as the same is linked to
seasonality and crop harvest. The ratings however, continue to
favourably consider the extensive experience of the promoters in
agro commodities business; its reputed clientele coupled with
established relations with clients and favourable location in
Gujarat, easing procurement.

Key rating drivers

Credit strengths

  * Extensive experience of the promoters in agro commodities
    Business

  * Reputed clientele coupled with established business relations
    with existing clients

  * Locational advantage by virtue of proximity to raw material
    sources for most of the agro products

Credit weaknesses

  * Weak financial profile characterised by low profit margins,
    high working capital and weak coverage indicators

  * Vulnerability of profitability to regulatory changes with
    respect to export incentives, which contribute significantly
    to the profitability

  * Operations depend upon seasonality of various agro products
    as well as the crop harvest

  * Low entry barriers lead to intense competition and limited
    pricing flexibility in agro commodities business

Description of key rating drivers:

VIPL reported a significant growth of ~68% in operating income in
FY2017 supported by expansion in European markets through its
marketing subsidiary as well as capex towards increase in plant
capacity. The company also continues to benefit from the existing
reputed clientele like Haldiram group with ~31% of total sales in
FY2017. Groundnut has continued to remain the main product of the
company contributing 70% of the total revenue in FY2017. The
profitability of the company continued to remain weak due to stiff
competition and low value additive nature of business. The high
working capital requirement coupled with low profitability led to
negative cash flow from operations and subsequently negative free
cash flow.

Going forward, the operating income will grow at moderate levels
in near term on account of support expected from export sales,
however the profitability will continue to remain weak due to
stiff competition. In ICRA's view, the company's ability to
improve the profitability margins and manage its working capital
prudently will remain the key rating sensitivity.

Incorporated in 2013, Varsha Industries Private Limited (VIPL) is
involved in the business of processing and trading of agro
commodities such as grains, oil seeds, spices etc. VIPL's
manufacturing facility is located at Junagadh in Gujarat. The
company has an installed sorting capacity of 800 tonnes per day
and is promoted by the Desai family with its promoters having vast
experience in agro commodity business. VIPL has two sister
concerns namely Archana Industries and Bhaskar Agro engaged in
trading of agro commodities in domestic market.

The company is an ISO 22000:2005 certified company and is
registered as Recognized Export House by the Ministry of Commerce
& Industry and Spice Board (Government of India). The company is
also a member of the Indian Oilseeds and Produce Export Promotion
Council and the Agricultural and Processed Food Products Export
Development Authority (Government of India).



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


TOSHIBA CORP: Asks Calif. Court to Dismiss Western Digital Case
---------------------------------------------------------------
Nikkei Asian Review reports that Toshiba Corp. has asked a
California court to dismiss a case brought by Western Digital
seeking an injunction against Toshiba's planned sale of its memory
chip unit to a third party.

Nikkei relates that in a letter submitted to the court on July 3,
Toshiba argues that the court has no jurisdiction over the
dispute, saying a Californian court cannot block a business
transaction that it is trying to make in Japan.

In mid-June, Western Digital asked the court to stop Toshiba's
planned sale of the chip unit, Toshiba Memory. The first hearing
is set for July 14, the report says.

According to Nikkei, Toshiba said that should the court grant the
injunction to Western Digital, it would not be enforceable since
the court does not have jurisdiction over the case, in part
because Toshiba is registered in Japan.

Toshiba insists that the dispute over the memory chip sale be
resolved based on hearings to be held in California by the
International Court of Arbitration. It also said it does not need
Western Digital's consent to release the chip unit, Nikkei adds.

                          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
====================


MAD BUTCHER: Franchisee to Raise NZ$15K Funds for Unpaid Staff
--------------------------------------------------------------
Hamish McNicol at Stuff.co.nz reports that a failed Mad Butcher
franchisee is seeking donations to help pay staff who "did not
deserve to lose their jobs" when the company's franchise agreement
was terminated.

The company, which formerly operated the Mad Butcher store in
Papanui, Christchurch, went into liquidation in May following a
dispute with the franchisor, Stuff says.

Stuff relates that Insolvency Management liquidator Wayne
Deuchrass estimated there would be a NZ$660,000 shortfall to those
owed money, after rising costs and low profit margins had squeezed
the business.

Former employees were owed about N$15,000, but it was unclear
whether there would be enough money to pay them, according to the
report.

As a result, the company's director, Allan Aitchison, set up a
Givealittle fundraising page looking for donations to cover the
unpaid wages, Stuff says.

Stuff relates that the page said the 15 staff made redundant were
just "normal working folks" who cannot afford to take this loss.

So far, just NZ$620 has been raised from 13 donors, the report
states.

According to Stuff, Mr. Aitchison said he did not have the funds
to pay the people who had become his friends at the company.

"We are looking for support to pay our 15 staff [who] were made
redundant when our Mad Butcher franchise was terminated, this
happened for reasons I cannot disclose," the report quotes Mr.
Aitchison as saying.

"We do not have the funds to pay the staff who were a really great
team and did not deserve to lose their jobs like this,
unfortunately any funds from the business will be taken by the
bank to repay debt."

The first liquidators' report for the company noted 13 secured
creditors, while the plant and equipment was subject to a security
interest from Westpac, Stuff discloses.

The first liquidators' report for the store says it ceased trading
in May after the franchisor was granted an injunction against it
by the High Court in Christchurch, Stuff relays.

The store had operated for about two-and-a-half years before this,
the liquidators' report said.

"But increased operational costs combined with inadequate margins
and funding costs ultimately lead to declining profitability and
insufficient cash flow to pay debts as they fell due."


                             *********

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 ***