TCRAP_Public/170712.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Wednesday, July 12, 2017, Vol. 20, No. 137

                            Headlines


A U S T R A L I A

BFTC PTY: First Creditors' Meeting Set for July 19
BUZINGA PTY: Mobile App Developer Enters Into Liquidation
GOLDSCENE CORPORATION: First Creditors' Meeting Set for July 18
GREY OAK: ASIC Cancels AFS License for Failure to File Reports
IPRO SOLUTIONS: First Creditors' Meeting Set for July 17

LOOKOUT INVESTIGATIONS: Second Creditors' Meeting Set for July 19
PEPPER RESIDENTIAL 17: Moody's Gives B1 Rating to Class F Notes
SATURN COMMUNICATIONS: First Creditors' Meeting Set for July 20
TIME CORRIDOR: Second Creditors' Meeting Set for July 19
WIDA PLUMBING: Former Director Pleads Guilty to Fraud

WORKFORCE HIRE: First Creditors' Meeting Set for July 18


C H I N A

DONGBEI SPECIAL: Jiangsu Shagang to Become Biggest Shareholder
LIONBRIDGE CAPITAL: Fitch Assigns B+ LT IDR, Outlook Stable
LIONBRIDGE CAPITAL: Moody's Assigns B1 Corporate Family Rating
LIONBRIDGE CAPITAL: S&P Gives 'B' FC Rating to New Unsec. Notes
LIONBRIDGE CAPITAL: S&P Assigns 'B+/B' Issuer Credit Ratings

TONGCHUANGJIUDING: S&P Assigns 'BB/B' ICRs, Outlook Stable


I N D I A

AADITIYA ASWIN: Ind-Ra Moves BB- Issuer Rating to Not Cooperating
ADITYA SAI: CRISIL Assigns B+ Rating to INR12MM Cash Loan
ALMO LAMINATES: Ind-Ra Assigns 'D' Long-Term Issuer Rating
CMB SPINNING: Ind-Ra Migrates B+ Issuer Rating to Not Cooperating
GINDLANI RICE: CRISIL Assigns B+ Rating to INR8MM Cash Loan

GIRISH ENTERPRISES: CRISIL Reaffirms B Rating on INR3MM Loan
H. N. COTEX: CRISIL Assigns B+ Rating to INR10MM Cash Loan
HARMAN COTTEX: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
INDRATARA AGRO: CRISIL Reaffirms B+ Rating on INR9.20MM Loan
INDUS PROJECTS: Ind-Ra Lowers Long-Term Issuer Rating to D

K.B. GEMS: Ind-Ra Raises Issuer Rating to BB+, Outlook Stable
LAXMI DOORS: CRISIL Assigns B+ Rating to INR4.5MM Term Loan
MDA AGROCOT: CRISIL Reaffirms B+ Rating on INR25MM Loan
MERIT ORGANICS: CRISIL Reaffirms B+ Rating on INR5.25MM Loan
MOBILE NEXT: Ind-Ra Assigns BB Issuer Rating, Outlook Stable

NABAKALEBAR CHARITABLE: CRISIL Reaffirms D Rating on INR11MM Loan
NEW SRI: CRISIL Assigns B- Rating to INR3.50MM Cash Loan
NILGIRI TEXTILES: Ind-Ra Migrates B+ Rating to Non-Cooperating
OGENE SYSTEMS: Ind-Ra Moves 'D' Issuer Rating to Non-Cooperating
OPTECH ENGINEERING: Ind-Ra Affirms BB LongTerm Issuer Rating

PCS AUTO: CRISIL Assigns 'B' Rating to INR4MM Cash Loan
PLASTO ELTRONICS: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
PONMANI INDUSTRIES: CRISIL Reaffirms B+ Rating on INR5.75MM Loan
PURUSHOTTAM JAIRAM: CRISIL Reaffirms B- Rating on INR9MM Loan
RADHA KRISHNA: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable

S.S. FRUITS: Ind-Ra Migrates BB- Rating to Non-Cooperating
SCC BUILDERS: CRISIL Reaffirms 'C' Rating on INR53.5MM Term Loan
SHAKTI EARTH: CRISIL Reaffirms B+ Rating on INR3.5MM Cash Loan
SHIVA POLYMERS: CRISIL Reaffirms D Rating on INR5.5MM Cash Loan
SHREE GANPATI: CRISIL Reaffirms 'B' Rating on INR7.7MM LT Loan

SPRINT EXPORTS: CRISIL Lowers Rating on INR1.00MM Loan to B
STEPPING STONE: CRISIL Cuts Rating on INR5MM LT Loan to B
TECHMECH ENGINEERS: CRISIL Reaffirms B+ Rating on INR9.2MM Loan
VISHAL DIAMONDS: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating


J A P A N

ASAHI MUTUAL: Fitch Revises Outlook to Positive & Affirms BB+ IDR
MTGOX CO: Founder Denies Embezzlement as Trials Start
SOFTBANK GROUP: Moody's Rates Proposed Undated USD Notes 'Ba3'


N E W  Z E A L A N D

Q CARD: Fitch Affirms B Rating on NZD7.3MM Series F 2014-1 Notes


S I N G A P O R E

GEO ENERGY: Moody's Assigns B2 Corporate Family Rating
GEO ENERGY: S&P Assigns 'B' Corp. Credit Rating; Outlook Stable


V I E T N A M

VIETNAM: Rate Cut May Spur Economic Growth Amid Credit Worries


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A U S T R A L I A
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BFTC PTY: First Creditors' Meeting Set for July 19
--------------------------------------------------
A first meeting of the creditors in the proceedings of BFTC Pty
Ltd, trading as Aranda Towbars, will be held at the offices of
Vincents, Level 34, 32 Turbot Street, in Brisbane, Queensland, on
July 19, 2017, at 11:00 a.m.

Nick Combis of Vincents was appointed as administrator of BFTC Pty
on July 10, 2017.


BUZINGA PTY: Mobile App Developer Enters Into Liquidation
---------------------------------------------------------
SmartCompany reports that Buzinga Pty Ltd has entered liquidation,
with a some clients allegedly left with incomplete projects.

SmartCompany says some businesses working with Buzinga to develop
software have been "left out in the cold" midway through projects,
with no indication if they will be resumed.

Buzinga Pty Ltd entered liquidation on July 3, with a notice filed
to ASIC detailing it was resolved at a "general meeting of members
of the company" that liquidators BK Taylor & Co would be
appointed, SmartCompany discloses.

According to SmartCompany, liquidator Paul Vartelas has confirmed
that the liquidation of Buzinga Pty Ltd includes the entire
business operations of Buzinga, and all associated business names
of the company.

"Right now, we're reviewing everything and making a decision.
We're looking to speak to a few people who are interested in
buying the business," Mr. Vartelas told SmartCompany.

SmartCompany relates that Mr. Vartelas said factors, which led to
the appointment of liquidators included "the company expanding its
operations in anticipation of rapid growth which did not
eventuate."

"As a result, the Company committed itself to additional costs
including labour which it was unable to sustain."

Vartelas hopes the potential purchasers of Buzinga will be able to
deal with any uncertain clients in "a satisfactory way", and also
hopes the company's 22 staff will also be re-hired if a third
party were to buy the business, SmartCompany notes.

"We're reviewing the business of the company and talking to a
number of interested clients. It's a work in progress."

Buzinga Pty Ltd was a mobile application and software developer.
The company was first founded in 2012 by Graham McCorkill and
Logan Merrick, and was a contestant in the 2015 StartupSmart
Awards.


GOLDSCENE CORPORATION: First Creditors' Meeting Set for July 18
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Goldscene
Corporation Pty Ltd, trading as Commercial Tiling Services, will
be held at the offices of Worrells Solvency and Forensic
Accountants, Level 3, 15 Ogilvie Road, in Mount Pleasant, on
July 18, 2017, at 10:30 a.m.

Mervyn Jonathan Kitay of Worrells was appointed as administrator
of Goldscene Corporation on July 6, 2017.


GREY OAK: ASIC Cancels AFS License for Failure to File Reports
-------------------------------------------------------------- The
Australian Securities and Investments Commission has cancelled the
Australian financial services (AFS) license of Sydney-based
company Grey Oak Services Pty Ltd for failing to lodge its
financial statements and auditor's reports for the 2013, 2014,
2015 and 2016 financial years.

The annual lodgement of financial statements and auditor's reports
is an important part of a licensee demonstrating it has adequate
financial resources to provide the services covered by its licence
and to conduct the business lawfully, act professionally and have
effective internal supervision.

The cancellation of Grey Oak Services' AFS license is part of
ASIC's ongoing efforts to improve standards across the financial
services industry.

Grey Oak Services has held its AFS license since January 2013, but
has failed to lodge a financial statement or auditor's report
since.

ASIC is empowered to suspend or cancel a license if the licensee
has contravened its obligation to lodge its financial statements
and auditor's reports.


IPRO SOLUTIONS: First Creditors' Meeting Set for July 17
--------------------------------------------------------
A first meeting of the creditors in the proceedings of iPro
Solutions Pty Ltd will be held at the offices of Grant Thornton
Australia Limited Offices, Level 18, 145 Ann St, in Brisbane,
Queensland, on July 17, 2017, at 11:00 a.m.

Shaun Christopher McKinnon and Cameron Crichton of Grant Thornton
were appointed as administrators of iPro Solutions on July 5,
2017.


LOOKOUT INVESTIGATIONS: Second Creditors' Meeting Set for July 19
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of Lookout
Investigations Pty Ltd has been set for July 19, 2017, at
11:00 a.m., at the offices of Veritas Advisory, Level 5, 123 Pitt
Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 18, 2017, at 4:00 p.m.

Steve Naidenov and David Iannuzzi of Veritas Advisory were
appointed as administrators of Lookout Investigations on June 14,
2017.


PEPPER RESIDENTIAL 17: Moody's Gives B1 Rating to Class F Notes
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of five classes
of notes issued by Pepper Residential Securities Trust No. 17.

The affected ratings are:

Issuer: Pepper Residential Securities Trust No. 17

-- AUD76M Class B Notes, Upgraded to Aa1 (sf); previously on
    Oct. 13, 2016 Definitive Rating Assigned Aa2 (sf)

-- AUD15.2M Class C Notes, Upgraded to Aa3 (sf); previously on
    Oct. 13, 2016 Definitive Rating Assigned A2 (sf)

-- AUD14.4M Class D Notes, Upgraded to A3 (sf); previously on
    Oct. 13, 2016 Definitive Rating Assigned Baa2 (sf)

-- AUD9.6M Class E Notes, Upgraded to Baa3 (sf); previously on
    Oct. 13, 2016 Definitive Rating Assigned Ba1 (sf)

-- AUD10.4M Class F Notes, Upgraded to Ba3 (sf); previously
    on Oct. 13, 2016 Definitive Rating Assigned B1 (sf)

RATINGS RATIONALE

The upgrades were prompted by the build-up in credit enhancement
during the sequential pay period, and that loan performance is in
line with Moody's expectations.

As of end-May 2017, the collateral pool has paid down by 23%. The
fast pay-down is largely due to obligors prepaying their loans and
refinancing with other lenders.

As a result, the credit enhancement for the Class B, Class C,
Class D, Class E and Class F notes has increased to 10.2%, 7.8%,
5.5%, 3.9% and 2.3% from 7.8%, 5.9%, 4.1%, 2.9%, and 1.6%,
respectively.

The notes will continue to pay down on a sequential basis until at
least the second anniversary of the transaction closing, which
will be in November 2018.

The performance of the mortgage portfolio is within Moody's
expectations. As of end-May 2017, 4.5% of the outstanding pool was
30-plus day delinquent, and 2.1% was 90-plus day delinquent. There
have been no losses so far.

The weighted average scheduled loan to value (LTV) ratio has
decreased slightly to 70.9% from 71.4% at closing.

Based on the performance and outlook, Moody's maintained its
expected loss assumption at 1.6% as a percentage of the original
pool balance, which is equivalent to 2.1% of the outstanding pool
balance.

Moody's has decreased its MILAN CE assumption to 14.4% from 16.0%
at closing based on the current portfolio characteristics.

The MILAN CE and expected loss assumptions are the two key
parameters used by Moody's to calibrate the loss distribution
curve, which is one of the inputs into the RMBS cash-flow model.

The transaction is an Australian non-conforming RMBS secured by a
portfolio of residential mortgage loans. A portion of the
portfolio consists of loans extended to borrowers with impaired
credit histories or made on a limited documentation basis.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2016.


SATURN COMMUNICATIONS: First Creditors' Meeting Set for July 20
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Saturn
Communications Pty Ltd will be held at 105 Macquarie St, in
Hobart, on July 20, 2017, at 10:30 a.m.

Paul Cook & Johnathan Murrell of Paul Cook & Associates were
appointed as administrators of Saturn Communications on July 10,
2017.


TIME CORRIDOR: Second Creditors' Meeting Set for July 19
--------------------------------------------------------
A second meeting of creditors in the proceedings of Time Corridor
Pty Ltd has been set for July 19, 2017, at 2:30 p.m., at the
offices of Romanis Cant, 2nd Floor, 106 Hardware Street, in
Melbourne, Victoria.

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 18, 2017, at 5:00 p.m.

Anthony Robert Cant and Renee Sarah Di Carlo at Romanis Cant were
appointed as administrators of Time Corridor on June 14, 2017.


WIDA PLUMBING: Former Director Pleads Guilty to Fraud
-----------------------------------------------------
Following an ASIC investigation, Mr. Paul Joseph Hanson, a former
director of Wida Plumbing Supplies Pty Ltd (Wida), has pleaded
guilty to one count of fraud.

Mr. Hanson, of Caroline Springs in Victoria, operated a plumbing
business.

ASIC's investigation found that approximately eight months after
Wida was placed in liquidation, Mr. Hanson transferred $124,763.84
from a Wida overdraft bank facility held with Bendigo Bank to the
personal bank account of a family member. Mr Hanson then arranged
for the family member to withdraw the funds, which he used for his
own personal use.

Mr Hanson appeared before the Melbourne Magistrates' Court on 7
July 2017 and pleaded guilty. He was released on bail to appear
before the County Court of Victoria for sentencing on 8 November
2017.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.
Background

The maximum penalty for the offence is 10 years imprisonment.

Mr. Hanson was initially charged on Nov. 23, 2016 under section 82
of the Crimes Act (Vic) relating to obtaining financial advantage
by deception.


WORKFORCE HIRE: First Creditors' Meeting Set for July 18
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Workforce
Hire Pty. Ltd. ATF The Shotton Family Trust will be held at the
offices of Chartered Accountants Australian and New Zealand, Level
29, 91 King William Street, in Adelaide, SA, on July 18, 2017, at
3:30 p.m.

Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of Workforce Hire on July
6, 2017.



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DONGBEI SPECIAL: Jiangsu Shagang to Become Biggest Shareholder
--------------------------------------------------------------
Reuters reports that China's Jiangsu Shagang Co Ltd said on
July 10 it is expected to be the biggest shareholder of debt-
strapped Dongbei Special Steel Group after a bankruptcy
restructuring process.

Owned by the Liaoning provincial government in the country's
"rustbelt" northeast, Dongbei entered into the bankruptcy
restructuring process in October aimed at recovering a reported
$10 billion in debt, and said it faces "uncertainties" about
paying interest on medium-term notes in April, according to
Reuters.

Reuters relates that Jiangsu Shagang, owner of China's largest
private-owned steel mill, said one of its subsidiary is expected
to become the biggest shareholder of Dongbei once the bankruptcy
restructuring process is completed.

Jiangsu Shagang did not disclose further details of the
investment, Reuters notes.

Reuters meanwhile reports that Bengang Steel Plates Co Ltd said on
July 10 it plans to invest CNY1.04 billion (US$152.88 million) in
Dongbei, and this would account for 10 percent of Dongbei's
registered assets after the restructuring process.

Also owned by Liaoning provincial government, Benxi Iron & Steel
Group, the parent company of Bengang Steel Plates, was reported to
be part of a merger with local rival Anshan Iron and Steel, the
report notes. The merger has been getting postponed for years.

"The company will export enterprise management experiences to
Dongbei and its subsidiaries to help them recover soon," Reuters
quotes Bengang Steel Plates as saying in a statement.

Headquartered in Dalian, China, Dongbei Special Steel Group Co.
manufactures carbon structural, alloy, tool, stainless, and
bearing steel; and super alloy products. It offers stainless
steel bars and wire rods; bearing steel bars and wire rods; steel
products for the automotive industry.


LIONBRIDGE CAPITAL: Fitch Assigns B+ LT IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has assigned Lionbridge Capital Co., Limited a Long-
Term Issuer Default Rating (IDR) of 'B+'. The Outlook is Stable.

Fitch has also assigned the proposed senior unsecured notes to be
issued by New Lion Bridge Co., Ltd. an expected rating of 'B(EXP)'
with a Recovery Rating of 'RR5'. New Lion Bridge is a special-
purpose vehicle (SPV) set up to issue the offshore notes on behalf
of Lionbridge Capital. The final rating on the proposed notes is
contingent on the receipt of final documents conforming to
information already received.

Lionbridge Capital is an investment holding company incorporated
in Hong Kong in 2011. Bain Capital is the company's largest
shareholder, with an 80% stake, followed by Wisin Capital with
20%. Lionbridge Capital's wholly owned subsidiary, Lionbridge
China, which was incorporated in 2012 and headquartered in
Beijing, is the main operating subsidiary and accounted for around
97% of the group's assets. Lionbridge China provides truck leasing
and equipment finance in China. Receivables from truck leasing and
financing for medical, manufacturing and agricultural equipment
accounted for 42% and 49% of total lease receivables,
respectively.

Lionbridge Capital had total assets of around CNY9.5 billion at
end-2016 (including Lionbridge China's CNY9.2 billion).

KEY RATING DRIVERS

IDR

Lionbridge Capital's 'B+' IDR reflects the group's credit profile
on a consolidated basis, given the high integration between
Lionbridge Capital and Lionbridge China and limited capital
control restrictions on funds flowing between the two companies as
Lionbridge China is a foreign-funded leasing company. The rating
reflects the company's short operating history, high reliance on
wholesale funding, weak profitability and higher leverage than
other leasing companies rated by Fitch. The ratings also take into
account its focus on the niche truck leasing market, its franchise
within the sector, as well as the limited maturity gap between its
receivables and debt, and cash flow generation of its leased
assets.

Lionbridge Capital has been fine-tuning its business strategy over
its short operating history. The company shifted its focus from
equipment finance to the niche truck leasing sector, particularly
to retail customers who are mainly freelance truck drivers working
in the shipping and logistics industry. The credit profile of
retail customers is traditionally weaker than that of corporate or
institutional customers, but in this case, the drivers' repayment
ability is supported by robust demand for their services, which is
driven by the rapid growth of logistics support for the booming
online shopping industry. The company has not yet experienced an
economic downturn, so the sustainability of its business model is
yet to be tested.

Receivables also benefit from a liquid secondary market for
trucks, which supports the recovery process in case of lease
defaults, with the recovery rate averaging 85%. In addition, the
average term for Lionbridge Capital's truck lease is about two
years, which underpins cash flow compared with other leasing
companies.

As with other leasing companies, Lionbridge Capital is highly
reliant on wholesale funding, which is more sensitive to market
conditions. In addition, the company has high levels of encumbered
assets and secured debt, which limits the flexibility of its
funding and liquidity profile and may reduce resources available
to make payments on its unsecured debt. The issuer has sought to
diversify its sources of funding and access the Chinese domestic
bond market, including issuing asset-backed securities (ABS) in
China and a five-year yuan-denominated bond listed on the Shanghai
Exchange in 2016.

Lionbridge Capital's total assets increased at CAGR of around 60%
over 2014-2016, outpacing the increase in internal capital
generation. As a result, the company's leverage, measured by its
debt-to-tangible common equity ratio, rose to 5x at end-2016,
which is higher than that of most of its Fitch-rated peers. The
company's profitability is also low due to high operating costs.
Fitch expects the company's leverage to remain high given its
expected asset growth and modest profitability.

Profitability is unlikely to improve significantly, even though
the company has shifted towards higher-yielding truck leasing,
because Fitch expects tighter market liquidity conditions in China
in 2017. This may raise funding costs and Fitch does not expects
the company's cost structure to improve substantially in the short
term.

Fitch assesses the company's management quality, credit risk
systems and risk control measures as adequate. However, the
management quality and stability, the efficiency of its
underwriting and risk control systems and the sustainability of
its financial profile have yet to be proven in an economic
downturn.

Senior Notes and Recovery Rating

The proposed senior unsecured notes issued by New Lion Bridge are
guaranteed by Lionbridge Capital and constitute general, unsecured
and unsubordinated obligations of Lionbridge Capital. The proceeds
will be used to refinance existing debt, supplement working
capital and for other general corporate purposes. The notes will
rank pari passu with Lionbridge Capital's other unsecured and
unsubordinated obligations, and be subordinated to secured debt of
Lionbridge Capital and all debt obligations of Lionbridge China.
The issuer also has options to redeem and repurchase notes. If
there is a change of control event, where Bain Capital's
shareholding in Lionbridge Capital drops to below a certain level
and the bond rating is downgraded, the issuer or the guarantor
will be required to offer to purchase all the outstanding notes
above the face value.

The notes are rated one notch below the company's Long-Term IDR,
with a Recovery Rating of 'RR5', which reflects the below-average
recovery prospects. This is because the debt issued by New Lion
Bridge is structurally subordinated to the debt of Lionbridge
China and recovery of Lionbridge Capital's equity investment in
Lionbridge China will be limited in the event of liquidation as
all the operating assets are on Lionbridge China's books.

RATING SENSITIVITIES

IDR, Senior Notes and Recovery Rating

Positive rating action may arise if Lionbridge Capital can
demonstrate the sustainability of its business model and financial
profile through business cycles, as well as its ability to
consolidate its franchise in the niche truck leasing market.
Improvement in the company's funding and liquidity profile,
including securing a stable funding pool, strengthening its
liquidity reserve and further closing the maturity gap between its
lease receivables and debt could result in a rating upgrade.

Negative rating actions may result if the company's liquidity and
funding profile and cash flow deteriorate to the extent that the
negative maturity gap between its lease receivables and debt widen
significantly. A substantial shift in its business model,
increased risk appetite or a severe capital market dislocation
that disrupts the company's funding could lead to a downgrade.

The rating on the notes is sensitive to the same factors that
drive Lionbridge Capital's IDR as it is the guarantor. In
addition, the ratings on the notes would be sensitive to changes
in the Recovery Rating, which depends on the size of the issuance
relative to the guarantor's unencumbered assets and the underlying
quality of these assets.

The note rating will also depend on how Lionbridge Capital
downstreams the proceeds to Lionbridge China. Any change in the
mix of debt and shareholder loans at Lionbridge China that is
materially different from Fitch expectations and that reduces the
recovery rate significantly will cause a rating downgrade.


LIONBRIDGE CAPITAL: Moody's Assigns B1 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family
rating (CFR) and a B2 issuer rating to Lionbridge Capital Co.,
Limited.

The ratings outlook is stable.

This is the first time that Moody's has assigned ratings to
Lionbridge Capital.

Moody's CFR reflects the likelihood of a default on a corporate
family's contractually promised payments and the expected
financial loss suffered in the event of default. A CFR is assigned
to a corporate family as if it had a single class of debt and a
single consolidated legal entity structure. Moody's issuer rating
reflects the ability of entities to honor senior unsecured
financial counterparty obligations and contracts.

RATINGS RATIONALE

Lionbridge Capital's B1 CFR reflects the company's: (1) rapid
asset growth and short track record; (2) heavy reliance on
wholesale secured funding; and (3) relatively small amount of
liquid assets. Partly offsetting these credit challenges are the
company's franchise in the niche truck leasing market, the good
quality of the underlying leasing assets, solid retail client
base, and prudent asset/liability duration management.

Lionbridge Capital was established in Hong Kong in 2011 and set up
its core operating entity, Lionbridge Financing Leasing (China)
Co., Ltd., (Lionbridge Leasing) in mainland China in April 2012.
At end-2016, Lionbridge Leasing accounted for 97% of Lionbridge
Capital's total assets.

Lionbridge Capital provides financial leasing services for trucks,
passenger vehicles, as well as for medical, agricultural, solar
energy and industrial equipment. At end-2016, Lionbridge had
established branches in 696 counties across China with over 1,400
employees. Leveraging its extensive network and focused strategy,
the company has become a leading player in China's niche truck
leasing market.

The company's assets have grown at a rapid compound annual growth
rate (CAGR) of 59.6% during 2013-2016. This fast growth rate
challenges the company's risk management and process controls.

Lionbridge Capital relies on confidence-sensitive wholesale
funding-including trust products, asset management schemes and
bank borrowing-to support its leasing assets. Most of these
borrowings are secured with leasing receivables. The company has
been increasing its long-term funding through the issuance of
asset backed securities and corporate bonds, and the duration
mismatch of its assets and liabilities is materially lower than
for other rated leasing companies.

The company's asset quality has been stable due to its prudent
risk controls and the good granularity of its leasing assets. At
end-2016, it reported a 90 day+ overdue asset ratio of 2.27%. In
addition, the company has the capability to collect and dispose
defaulted leasing assets, which could help reduce potential
losses.

The company's reported return on average assets amounted to 0.92%
in 2016. Its profitability is negatively impacted by its
relatively high operating expenses.

Lionbridge Capital is controlled by Bain Capital Lionbridge
Holding Cayman Limited. The company's B1 CFR does not incorporate
any uplift for parental support.

The one notch difference between Lionbridge Capital's CFR and
issuer rating reflects that most assets reside at its fully owned
onshore operating entity, Lionbridge Leasing, and that a large
proportion of Lionbridge Leasing's assets are encumbered for
secured borrowings. Lionbridge Capital's senior unsecured debts
are structurally subordinated to Lionbridge Leasing's secured
indebtedness and senior unsecured indebtedness.

WHAT COULD CHANGE THE CFR -- UP

Lionbridge Capital's CFR could be upgraded if the company: (1)
materially increases its liquid assets; (2) moderates its rapid
growth rate; and (3) maintains its asset quality as it portfolio
seasons.

WHAT COULD CHANGE THE CFR -- DOWN

Lionbridge Capital's CFR could be downgraded if its: (1) franchise
in truck leasing weakens; (2) asset quality deteriorates; and (3)
profitability declines.

WHAT COULD CHANGE THE ISSUER RATING -- UP

Lionbridge Capital's issuer rating could be upgraded if its CFR is
upgraded.

WHAT COULD CHANGE THE ISSUER RATING -- DOWN

Lionbridge Capital's issuer rating could be downgraded if: (1) its
CFR is downgraded; or (2) structurally senior and/or secured debt
materially increases.

The principal methodology used in this rating was Finance
Companies published in December 2016.

Lionbridge Capital Co., Limited reported consolidated total assets
of RMB9,533 million (approximately USD1,374 million) at end-2016.


LIONBRIDGE CAPITAL: S&P Gives 'B' FC Rating to New Unsec. Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term foreign currency
issue rating and 'cnB+' long-term Greater China regional scale
rating to a proposed issue of U.S.-dollar-denominated senior
unsecured notes that Lionbridge Capital Co. Ltd. (Lionbridge:
B+/Negative/B; cnBB-/cnB) will guarantee. Lionbridge's fully owned
special purpose vehicle New Lion Bridge Co. Ltd. will issue the
notes. The issue rating is subject to S&P's review of the final
documentation related to this transaction.

S&P said, "We rate the proposed notes one notch below the long-
term issuer credit rating on Lionbridge. This is to reflect that
Lionbridge's senior unsecured debts are contractually subordinated
due to the large portion of secured debts outstanding. We expect
Lionbridge will maintain the ratio of secured debts to adjusted
assets at about 60% over the next 12 months, which is the same
level as at the end of 2016. We do not apply further notching
because we expect Lionbridge's unencumbered assets would fully
cover its unsecured debts.

"The ratings on the notes have been equalized to the senior
unsecured obligations of Lionbridge to reflect our view that the
guarantee is irrevocable, unconditional, and timely, and therefore
qualifies for rating substitution treatment."

Lionbridge's payment obligations under the guarantee will rank at
least equally with all its other present and future unsecured and
unsubordinated obligations. The proceeds from the issuance are
likely to be used for refinancing existing debts, working capital
needs, and general corporate purposes.


LIONBRIDGE CAPITAL: S&P Assigns 'B+/B' Issuer Credit Ratings
------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term and 'B' short-term
issuer credit ratings to Lionbridge Capital Co. Ltd. The outlook
on the long-term rating is negative. S&P said, "We also assigned
our 'cnBB-' long-term and 'cnB' short-term Greater China regional
scale ratings to the Hong Kong registered holding company of
China-based Lionbridge Financing Leasing (China) Co. Ltd."

The rating on Lionbridge primarily reflects the creditworthiness
of the company's wholly owned operating subsidiary, Lionbridge
Financing Leasing (China) Co. Ltd. Lionbridge's limited scale,
short operating history, high share of short-term funding, and
significant secured financing constrain its credit profile. The
company's conservative underwriting standards, increasingly
diversified customer base, and good loss recovery temper these
risks.

Lionbridge is a small independent entity in the highly fragmented
financial leasing market. The company has a short operating
history of about five years. It accounted for only 0.15% of the
total financial lease contract amount outstanding in China as of
end-2016. We expect Lionbridge to continue to specialize in niche
products with low market penetration and target clients that are
not adequately serviced by banks or other more dominant peers with
significant funding advantages. Lionbridge provides leasing
services to logistics, passenger cars, and the medical,
agricultural, and new energy equipment sectors. The logistics
business is the company's most mature and core business line, and
accounted for 42% of total financial lease receivables and 51% of
total revenue in 2016. We expect Lionbridge's concentration in the
logistics and passenger cars segments to increase over the next
one to two years. The direct financial leasing model is more
commonly used in these segments, and the company has good pricing
power.

Lionbridge's large and growing retail and small-business customer
base is crucial to its business model and is a key consideration
for our rating. Lionbridge's retail focus business model is also
unique among Chinese financial leasing firms. S&P said, "We
believe sustainable expansion with conservative underwriting
standards can lead to recurring revenues and business stability. A
pick up in scale would also improve the company's profitability,
which is currently below that of peers. Increasing client
diversification would also shield the company against name-
specific risks. However, the prospects are challenged by
Lionbridge's capital and funding constraints, the low barriers to
entry in the segment, with threat from internet-based lenders who
focus on micro loans and on lending to small and midsize
enterprises (SME). We have a favorable view of Lionbridge's
management team, given its long experience in the leasing
industry, strong risk awareness, and conservative strategic
direction.

"We expect Lionbridge to maintain adequate capitalization over the
next 12-18 months on a consolidated basis. We forecast our risk-
adjusted capital (RAC) ratio on the company to drop to around 8%
at end-2018, from 10% at end-2016, driven by 25%-30% growth in
assets. We also factor in improved profitability from better
operating efficiency, stable asset yield and credit costs, and
marginally higher funding costs. We expect Lionbridge Financing
Leasing to maintain a leverage ratio below 7x with sufficient
buffer below the Ministry of Commerce (MoC)'s 10x maximum leverage
requirement. We anticipate that the group would maintain leverage
below 10.5x, considering the debt at the holding company level. We
do not expect Lionbridge to pay dividends upstream to its
shareholders. The company's ability to raise new equity is also
limited, in our view. We expect the private equity investors to
sell their stakes in the future.

"We expect Lionbridge to maintain stable asset quality and a
write-off ratio that is below the industry average over the next
12-18 months. This is because of the company's prudent
underwriting process and diversified customer base. Lionbridge
conducts face-to-face interviews for every client during the
underwriting process."

Lionbridge's asset quality is comparable to that of the SME loan
portfolio of Chinese banks. Lionbridge's nonperforming asset
(defined as the sum of impaired lease receivables, over 90 days
past due receivables, and net repossessed assets) was 4.67%, lower
than the problematic loan (nonperforming loans and special mention
loan) ratio of 5.61% for Chinese banks as of end-2016. Lionbridge
classifies all lease receivables past due over three months as
impaired.

Lionbridge's average charge-off ratio was 0.54% over the past
three years and the historical recovery rate on its impaired
assets averaged about 85%. A large portion of the company's lease
assets such as trucks and automobiles have better mobility,
transferability, and good value retention than large equipment.
This factor supports Lionbridge's good recovery rate and offsets
the risk of a high loan-to-value ratio of 70%-90% for new lease
contracts.

S&P said, "We view Lionbridge's funding as a weakness in its
overall credit profile because of a concentration of short-term
funding and heavy reliance on secured financing. The company also
has material and potentially increasing unhedged foreign exchange
risk from offshore borrowings at the holding company level.
However, Lionbridge's fast-amortizing and short-duration lease
assets (at less than 30 months) provide natural hedges to balance
sheet maturity mismatches. Lionbridge has expanded its stable
funding sources with the issuance of on-balance sheet asset-backed
securities and long-term debt. As of end-2016, 89% of Lionbridge's
debt funding is from secured borrowings, 60% of its borrowings are
short term, and 10% of its borrowings are in U.S. dollar. We
expect the stable funding ratio to be 40%-50% over the next year."

Lionbridge does not hold much of cash and liquid investment on its
balance sheet and relies on receivable repayments and funding
facilities for liquidity. As of end-2016, Lionbridge has access to
total Chinese renminbi (RMB) 14.34 billion of credit lines from 29
banks, trust companies, and other non-bank financial institutions,
of which RMB5.58 billion is not utilized.

S&P said, "We view Lionbridge's controlling shareholder, Bain
Capital Private Equity, as the pure financial sponsor. We
therefore do not expect Bain Capital to provide direct business or
financial support, or adversely impact the company. Bain Capital
acquired 80% controlling shareholding in Lionbridge in September
2014, after Lionbridge started the operations in China in 2012.
Bain Capital has appointed two out of three directors on the
Lionbridge board.

"We assess Lionbridge's stand-alone credit profile (SACP) at 'b+',
the same as the issuer credit rating. We believe there is no
regulatory restriction on the operating subsidiary to help the
parent service its debt.

"The negative outlook on Lionbridge reflects a one-in-three chance
that we may lower the rating over the next 12 months due to the
potentially higher economic risk that China's financial sector
faces. China's slowing economic growth over the next year is
likely to increase credit losses in the banking sector, in our
view; our base case anticipates a further rise in the banking
sector's credit exposure to nonfinancial and non-public sectors
relative to GDP.

"We may lower the rating if the credit risk in the Chinese economy
worsens, possibly due to an increased private-sector debt burden
that affects companies such as Lionbridge that predominately focus
on the domestic market.

"We could also lower the rating if: (1) Lionbridge materially
increases its leverage at the consolidated level so that our
expected RAC ratio declines below 7%; (2) the company loosens its
underwriting standards, leading to higher credit losses than
peers'; (3) Lionbridge's liquidity becomes vulnerable to meet its
financial commitments; or (4) the company deviates from its
strategy and aggressively enters high-risk industries or
materially increases its industry concertation.

"We may revise the rating outlook to stable if we believe the
economic risk trend for the banking sector and finance companies
in China has stabilized and Lionbridge maintains its current
financial risk profile."


TONGCHUANGJIUDING: S&P Assigns 'BB/B' ICRs, Outlook Stable
----------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term and 'B' short-term
issuer credit ratings to Tongchuangjiuding Investment Management
Group Co. Ltd. The outlook is stable. S&P said, "We also assigned
our 'cnBBB-' long-term and 'cnA-3' short-term Greater China
regional scale ratings to the China-based group.

"At the same time, we assigned our 'BB' long-term issue rating and
'cnBBB-' long-term Greater China regional scale issue rating to
the proposed senior unsecured notes that Jiuding Group Finance Co.
Ltd. issued. The issuer is incorporated in British Virgin Islands
and is ultimately wholly owned by Jiuding. The issue rating is
subject to our review of the final issuance documents."

The rating on Jiuding reflects the group's changing business
profile and substantial debt at the holding company and other
nonregulated businesses following the debt-financed acquisition of
Hong Kong-based FTLife Insurance Co. Ltd. in 2016. The rating also
reflects the rapidly growing but modest
operations of the group's brokerage arm, JZ Securities Co. Ltd.,
in China's fragmented industry.

S&P said, "In our view, Jiuding's business transformation into a
financial services conglomerate from its PE-investment centric
model has not only stretched its capital budgeting but also weighs
on the cost efficiency of the holding company and other non-
regulated businesses. These challenges are tempered by the group's
leading position in China's private equity (PE) investment
industry, the adequate cash and liquidity position at the holding
company, and the relative credit strength of the life insurance
subsidiary. We assess the group credit profile (GCP) as 'bb' based
on these factors. We equalize the rating on Jiuding with the GCP,
considering the significant revenue contribution from the group's
non-regulated businesses, and sufficient liquidity at the holding
company.

"We derive the GCP based on an equity weighting of the group's
three key business segments: (1) controlled brokerage arm JZ
Securities; (2) wholly-owned FTLife, and (3) the rest of the
group's entities, including the holding company and other non-
regulated businesses (typically 70%-100% owned), which largely
consist of PE investment management and proprietary investments.
In our view, the equity approach better reflects the capital-
intensive nature of Jiuding's insurance, securities, and PE-
related investments."

Since its inception in 2007, Jiuding has rapidly grown and
transformed itself from a PE investment manager into a financial
services conglomerate with three-pronged business segments.
Leveraging on its strength in PE investment as a domestic market
leader, Jiuding has envisioned to adopt a "Berkshire
Hathaway" business model and has acquired key operating units such
as JZ Securities and FTLife over 2014-2016.

Jiuding's business ambition has stretched its financial leverage
and risk profile. S&P said, "According to our estimates, the
holding company and other nonregulated businesses had substantive
debt of Chinese renminbi (RMB) 16.4 billion at end-2016, from
RMB0.6 billion at end-2014. However, company management expects
limited acquisitions going forward and intends to gradually
optimize its capital structure. In our base case, we do not factor
in the management's projected debt repayment schedule beyond 2017
due to a limited track record and uncertainty over the timing.

"We view the credit profile of JZ Securities as commensurate with
Jiuding's GCP." The broker's rapidly-growing business franchise,
increased diversity of product mix and offerings, and enhanced
capital cushions following a RMB10 billion capital infusion in the
first quarter of 2017 underpin its credit profile. These strengths
are tempered by the broker's modest market position, short
operational history under Jiuding, and growth model untested by
business cycles.

JZ Securities undertakes an investment-led business strategy to
drive broker-dealer business growth. Over the past two years, JZ
Securities acquired full broker-dealer product licenses,
implemented new control and risk management protocols, and
significantly boosted its headcount to about 2000. S&P said, "We
estimate the brokers' equity and pre-tax income will account for
about 1/3 and less than 20% of consolidated figures, respectively,
in 2017. We also expect JZ Securities to maintain leverage less
than 2x over the next 12 months.

"We consider that FTLife plays a crucial role in Jiuding's
business diversification. With a new shareholder and management
team at the corporate helm, the life insurer has reshuffled its
business strategy to focus on China-related growth and will
explore further collaboration with Jiuding. We expect FTLife's
premium growth to pick up in 2017, with capital and pre-tax income
accounting for close to 30% and 20% of consolidated figures,
respectively.

"We believe Jiuding's business strategy and dividend policy will
be key factors affecting FTLife's capital. We project FTLife's
capital adequacy will weaken over the next one-to-two years,
reflecting rapid organic growth and increased investment appetite
toward equities. In our base case, we do not consider a planned
Hong Kong dollar (HK$) 1.5 billion cash capital injection from
Jiuding into FTLife due to uncertainty over the timing. The
insurer's reported regulatory solvency ratio was around 270% in
May 2017. Although Jiuding doesn't require FTlife to upstream
dividends over the next two to three years to support the
insurer's growth, we expect FTlife will remain an important source
to support the repayment of the group's offshore debts.

"We consider Jiuding as an established PE manager in China's
fragment market, with over 17,000 managers and total assets under
management (AUM) of over RMB7 trillion. At end-2016, Jiuding
manages an accumulated PE AUM of RMB31.4 billion, while its
proprietary investment book totaled RMB15.9 billion in assets.
Jiuding delivered a cumulative internal rate of return (IRR) of
35.7% on harvested projects. However, the PE business' inherent
high earnings volatility will likely be evident over the next 12
months.

"We expect Jiuding's overall business stability and earnings
volatility to improve. These factors, combined with sufficient
cash and liquidity at the holding company and other nonregulated
businesses, should counterbalance the impact of high leverage and
debt repayment risks. The company's liquidity is also supported by
its untapped credit facilities, available unpledged listed shares
of subsidiaries, and about RMB5.8 billion in short-term
investments in the proprietary investment book.

"We expect Jiuding to focus on integrating group operations,
improve efficiency, and achieve business synergies. Within the
group's integrated operations, funding will be supported by AUM
from PE and mutual funds, insurance, bank borrowing, and debt
issuances. The company's asset allocation will be to PE, stocks,
fixed-income, and other alternative investments opportunities.

"In our view, Jiuding's utilization of FTLife's insurance funds to
support other operations is a risk, and could lead to potential
corporate governance and transparency issues. Currently, the
insurer intends to allocate a maximum of 10% of its investment
portfolio to equity products, including Jiuding's managed PE
funds, but within the limits of related party transactions.

"We have equalized the issue ratings on the proposed guaranteed
notes with the long-term issuer rating on Jiuding, which has
provided an unconditional and irrevocable guarantee to the notes.
The notes will have a tenor of more than one-year, and constitute
a direct, unsubordinated, unconditional and unsecured obligation
of the guarantor.

"We do not notch the issue ratings from the ratings on the
guarantor because we estimate that priority debt claims on
Jiuding's non-regulated businesses will be around 15% of its
adjusted assets over the next 12 months. Moreover, the company's
unencumbered assets have sufficient headroom to cover outstanding
debts. We exclude secured debts pledged by stocks of the holding
company or non-regulated subsidiaries for the purpose of our
priority debt calculation."

Jiuding group's management intends to gradually reduce the
proportion of secured borrowing. Significant growth in priority
debt claims at the non-regulated operations to support business
expansion growth could lead to downward pressure on the issue
rating.

S&P said, "The stable outlook on Jiuding reflects our view that
the group's cash and liquidity position at its non-regulated
businesses, and its overall financial performance would offset
pressures stemming from assumed leverage over the next 12 months.
We also expect Jiuding's business transformation and capital plans
to underpin the group's credit profile over the period.

S&P could lower the ratings if: (1) liquidity at the non regulated
entities deteriorates significantly, specifically if the holding
company's liquidity is adversely affected by substantive declines
in cash position or perceived barriers in capital fungibility
among non-regulated entities; or (2) FTLife's
capitalization weakens, possibly due to higher-than-expected
dividend upstreaming or more aggressive equity investments.

S&P could upgrade Jiuding if: (1) management delivers a debt
repayment schedule and projected financial performance as planned,
which is optimistic, in its view; and (2) the securities
subsidiary significantly improves its market franchise and
sustainability while receiving additional substantive capital to
support business expansion.



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


AADITIYA ASWIN: Ind-Ra Moves BB- Issuer Rating to Not Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Aaditiya Aswin
Paper Mills Private Limited's (AAPMPL) Long-Term Issuer Rating to
the non-cooperating category. The issuer did not participate in
the surveillance exercise, despite continuous requests and follow-
ups by the agency. Therefore, investors and other users are
advised to take appropriate caution while using these ratings. The
rating will now appear as 'IND BB-(ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR59 mil. Fund-based limit migrated to Non-Cooperating
    Category with IND BB-(ISSUER NOT COOPERATING)/IND A4+(ISSUER
    NOT COOPERATING);
-- INR10 mil. Non-fund-based limit Migrated to Non-Cooperating
    Category with IND A4+(ISSUER NOT COOPERATING) rating

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 4
March 2015. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

AAPMPL is a Coimbatore-based writing and printing paper
manufacturer with an installed capacity of 40 tonnes per day.


ADITYA SAI: CRISIL Assigns B+ Rating to INR12MM Cash Loan
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long term bank facility of Aditya Sai Cot Spin Private Limited
(ACSPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             12       CRISIL B+/Stable

The rating reflects ACSPL's modest scale of operations amid
intense competition and susceptibility of operating margins to
volatility in raw material prices. The rating also factors in the
firm's subdued financial risk profile, marked by modest networth,
high total outside liabilities to adjusted networth (TOLANW) ratio
and average debt protection metrics. These rating weaknesses are
partially offset by extensive industry experience the partners in
highly competitive cotton ginning industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in a highly competitive cotton
ginning industry:  The firm's has modest scale of operations as
reflected by the net sales of INR 95.08 crore in fiscal 2017. The
modest scale of operations also restricts the ability to negotiate
with customers or suppliers since cotton ginning business is
highly fragmented with several small players operating within the
country.

* Susceptibility of operating margins to volatility in raw
material prices:  Being an agricultural commodity, cotton's
availability is highly dependent on the monsoon. Furthermore,
government interventions, and fluctuations in global cotton
output, resulted in sharp fluctuations in cotton prices, thus
impacting the margins of cotton ginners.

* Subdued financial risk profile:  Both capital structure and debt
protection metrics are expected to remain weak over the medium
term. The networth was modest at INR4.01 crore as on March 31,
2017. Interest coverage ratio is expected to remain average at
less than 2 times driven by modest cash accrual.

Strengths

* Extensive industry experience of the partners in cotton
industry:  The promoters of the firm, Mr. Veda and Mr. Reddy, have
an experience of over a decade in the cotton industry. This has
helped in achieving healthy growth in revenue. Established
relationship with major suppliers and customers further
strengthens the market position.

Outlook: Stable

CRISIL believes that the firm will continue to benefit over the
medium term from the extensive experience of its partners in the
cotton industry. The outlook may be revised to 'Positive' if there
is a significant growth in its revenue with sustained improvement
in its operating profitability resulting in better than expected
accruals or if its capital structure improves on account of
capital infusion. Conversely the outlook may be revised to
'Negative' if ACSPL's financial risk profile deteriorates, most
likely because of increased working capital borrowings or large
debt funded capital expenditure.

Incorporated in 2008, ACSPL is promoted by Warangal based Reddy
Family. Mr. B. Ravinder Reddy has almost two decades experience in
the cotton ginning and trading industry. The company has its
facility located in Warangal, with capacity of 350 bales per
day.The daily operation of the company is managed by Mr. B.
Ravinder Reddy and Mr. Veda Prakash.

Profit after tax (PAT) was INR0.21 crore on net sales of INR95.08
crore in fiscal 2016, against PAT of INR0.17 crore on net sales of
INR86.64 crore in fiscal 2015.


ALMO LAMINATES: Ind-Ra Assigns 'D' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Almo Laminates
Private Limited (ALPL) a Long-Term Issuer Rating of 'IND D'.
Instrument-wise rating actions are:

-- INR30 mil. Fund-based working capital limit (Long-term)
    assigned with IND D rating;

-- INR10.6 mil. Term loan (Long-term) due on March 28 assigned
    with IND D rating

KEY RATING DRIVERS

The ratings reflect ALPL's delays in servicing term debt
obligations over the four months ended June 2017, due to stretched
liquidity.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could lead to a positive rating action.

COMPANY PROFILE

Established in December 2010, ALPL is a Hyderabad-based
manufacturer of decorative and technical laminates.


CMB SPINNING: Ind-Ra Migrates B+ Issuer Rating to Not Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated CMB Spinning
Mills' Long-Term Issuer Rating to the non-cooperating category.
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B+(ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR140.8 mil. Long-term loan migrated to Non-Cooperating
    Category with IND B+(ISSUER NOT COOPERATING) rating;

-- INR25 mil. Fund-based limit migrated to Non-Cooperating
    Category with IND B+(ISSUER NOT COOPERATING)rating;

-- INR17.3 mil. Non-fund-based limit migrated to Non-Cooperating
    Category witngh IND A4(ISSUER NOT COOPERATING) rating

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 14, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2008, CMB Spinning Mills is a Tamil Nadu-based
partnership firm, manufacturing different varieties of carded
yarn. It has an installed capacity of 22,176 spindles. The firm
also operates a 600kWh windmill for its captive consumption.


GINDLANI RICE: CRISIL Assigns B+ Rating to INR8MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has assigned the 'CRISIL B+/Stable/CRISIL A4'
ratings to bank facilities Gindlani Rice Mill (GRM). The ratings
reflect modest scale of operations, amidst intense competition,
exposure to fluctuations in raw material prices and uneven monsoon
and below-average financial risk profile. These weakness are
partially offset by partner's extensive experience in the rice
milling business.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              .5       CRISIL B+/Stable
   Bank Guarantee        3         CRISIL A4
   Cash Credit           8         CRISIL B+/Stable

Analytical Approach

Unsecured loans of INR 0.86 crore (as on March 31, 2017), received
from the promoters, have been treated as neither debt nor equity.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations amidst intense competition  Limited
capacity and intense competition in the rice industry have led to
a small scale, reflected in revenue of INR29.2 crore in fiscal
2016. Modest scale also restricts benefits of economies of scale
and limits pricing flexibility, thereby constraining
profitability.

* Vulnerability to volatile raw material prices and uneven
monsoon:  Vulnerability of the basmati crop to the vagaries of the
rainfall can lead to fluctuations in availability and prices of
paddy, and thus could impact the business risk profile of rice
processors such as GRM.

* Average financial risk profile:  As on March 31, 2017, the
networth was small at INR3.6 crore and gearing high at over 2.97
times. With continued large working capital debt, gearing is
expected to remain high over the medium term. Interest coverage
ratio was muted at 1.86 times during fiscal 2017 due to low
profitability and high debt level.

Strengths

* Partner's extensive experience in the rice milling business:
Extensive experience of promoters and understanding of the
dynamics of the local market, helps GRM in anticipating price
trends and calibrating purchasing and stocking decisions.
Outlook: Stable

CRISIL believes GRM will benefit over the medium term from the
extensive industry experience of its promoters. The outlook may be
revised to 'Positive' if its revenue and profitability improve,
leading to improvement in financial risk profile. The outlook may
be revised to 'Negative' in case of lower-than-expected accruals
or working capital stretch, weakening the financial risk profile
and liquidity.

GRM, established in 1983 by Mr. Ramchandra Gindlani,Vikas Gindlani
and Rohit Gindlani, mills paddy into non-basmati rice at Raipur,
Madhya Pradesh.

GRM reported provisional profit after tax (PAT) of INR0.03 crore
on net sales of INR29.2 crore in fiscal 2017, against INR 0.43
crores and INR35.09 crores, repectively, in fiscal 2016.


GIRISH ENTERPRISES: CRISIL Reaffirms B Rating on INR3MM Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Girish
Enterprises Private Limited (GEPL) for obtaining information
through letters and emails dated February 8, 2017 and February 23,
2017, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

CRISIL gives these ratings:

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

   Cash Credit            3         CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

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

GEPL was promoted in 2011 by Mr. Girish Khangadale to take over
the assets and liabilities of proprietorship firm Girish
Enterprises. GEPL took over the business of Girish Enterprises
with effect from April 2011. GEPL undertakes infrastructure
development works such as roads, buildings, sewage treatment
plants, and reclamation works. It obtains contracts mainly from
the departments of the state government, such as City and
Development Corporation and Maharashtra Industrial Development
Corporation.


H. N. COTEX: CRISIL Assigns B+ Rating to INR10MM Cash Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of H. N. Cotex Private Limited (HNCPL;
part of the Krishna group). The rating reflects an average
financial profile because of high gearing and weak debt protection
metrics, modest operating profitability, and exposure to intense
competition and to volatility in raw material prices. These rating
weaknesses are partially offset by the extensive experience of the
promoters in the cotton industry, and proximity to the cotton
growing belt in Gujarat.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            10       CRISIL B+/Stable (Assigned)
   Long Term Loan          2       CRISIL B+/Stable (Assigned)

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of HNCPL, N. B. Cotex Private Limited
(NBCPL), and Krishna Natural Fibre Pvt Ltd (KNFPL). That's because
these companies, together referred to as the Krishna group, are
under the same management and have business and financial
linkages.

Additionally, CRISIL has treated the unsecured loans as neither
debt nor equity as these are subordinated to bank debt, carry an
interest rate that is lower or equal to the market rate, and are
expected to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Low operating margin: The operating margin was 1-2% for the
   three fiscals through 2017.

* Average financial profile: The gearing was high at 2.35 times
   as on March 31, 2017, and the debt protection metrics modest
   with interest coverage and net cash accrual to total debt
   ratios at 1.99 times and 0.07 time in fiscal 2017.

* Susceptibility to volatility in the price of cotton: The price
   of cotton is highly volatile as yield of the crop depends on
   the monsoon. Inability to pass on any increase in cotton price
   to customers because of intense competition compounds the
   risk.

Strengths

* Extensive industry experience of the promoters: The promoters
have
   an experience of over four decades in the cotton industry,
leading
   to an established relationship with customers.

* Proximity to the cotton growing belt in Gujarat: This results
in
   easy availability of raw cotton directly from farmers.

Outlook: Stable

CRISIL believes the Krishna group will continue to benefit from
the extensive industry experience of its promoters, and the
proximity to Gujarat's cotton-growing belt. The outlook may be
revised to 'Positive' in case of sustained and a significant
increase in the scale of operations and profitability, leading to
higher cash accrual, and/or significant improvement in the
financial profile largely through strengthening of the capital
structure. The outlook may be revised to 'Negative' if a decline
in profitability, a stretch in the working capital cycle, or
large, debt-funded capital expenditure weakens the financial risk
profile, especially liquidity.

The Krishna group is promoted by Mr N B Jani, supported by his
brother Mr Harshad B Jani and his sons Mr Haresh Jani and Mr
Bhargav Jani. All the three group companies gin and press raw
cotton. KNFPL, incorporated in 1999, has its facility in Kadi,
Gujarat; it is currently setting up a unit in Telangana. NBCPL,
incorporated in 2011, has its manufacturing facility in
Maharashtra. It has a branch office in Kadi. HNCPL, incorporated
in 2013, has its manufacturing facility in Kadi.

Revenue for the Krishna group, provisionally, was INR302.0 crore
and profit before tax (PBT) INR0.34 crore in fiscal 2017. Revenue
and PBT were INR212.0 crore and INR0.30 crore, respectively, in
fiscal 2016.

Status of non-cooperation with previous CRA: HNCPL has not
cooperated with Credit Analysis and Research Ltd (CARE Ratings),
which has indicated 'issuer not cooperating' in its release dated
April 28, 2017. The reason provided by CARE Ratings was non-
furnishing of information by the company for monitoring the
ratings.


HARMAN COTTEX: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Harman Cottex &
Seeds Private Limited's (HCSPL) Long-Term Issuer Rating at 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR125 mil. Fund-based limits affirmed with IND BB+/Stable
    rating; and

-- INR25 mil. Proposed fund- based limits* assigned with
    Provisional IND BB+/Stable rating

* The rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facility by
HCSPL to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The affirmation reflects HCSPL's continued moderate scale of
trading operations and volatile EBITDA margin due to its presence
in a highly competitive industry, which is vulnerable to raw
cotton price fluctuations. According to provisional financials for
FY17, revenue was INR1,430 million (FY16: INR1,440 million) and
EBITDA margin was 1.2% (1.5%). The decline in revenue was due to
demonetisation, which led to a halt in operations during 3QFY17,
which is actually the first quarter of peak season for the cotton
industry. EBITDA margin declined due to fluctuations in cotton
prices.

The affirmation also reflects moderate credit metrics. In FY17,
gross interest coverage was 3.8x (2.9x) and net financial leverage
was 6.0x (0.2x). Gross interest coverage improved on account of a
fall in finance cost owing to low utilisation of fund-based limits
during the majority of the financial year. On the other hand, net
financial leverage deteriorated due to a rise in short-term debt
during the financial year.

The ratings, however, continue to be supported by its comfortable
liquidity position and the founder's experience of more than two
decades in the cotton industry. HCSPL's average utilisation of
fund-based limits was 37.71% during the 12 months ended May 2017.

RATING SENSITIVITIES

Negative: A negative rating action may result from a decline in
profitability leading to deterioration in credit metrics.

Positive: A positive rating action may result from a significant
rise in the scale of operations, along with an increase in
profitability, leading to an improvement in credit metrics.

COMPANY PROFILE

HCSPL was incorporated in 2009 by Mr. Manjeet Singh Chawla and Mr
Rasdeep Singh Chawla. It is promoted by Puneet Group of Khargone,
Madhya Pradesh. The company is primarily engaged in the cotton
trading and cotton seed processing businesses, with the former
being the core activity.

In addition, HCSPL is engaged in the cotton ginning and pressing
business, which came online in December 2015. Moreover, it
processes and trades agricultural products such as wheat, maize,
soya bean and chilli.


INDRATARA AGRO: CRISIL Reaffirms B+ Rating on INR9.20MM Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on bank facilities of
Indratara Agro Industries Private Limited (IAIPL) at 'CRISIL
B+/Stable'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           5.41      CRISIL B+/Stable (Reaffirmed)
   Term Loan             9.20      CRISIL B+/Stable (Reaffirmed)

The rating reflects the company's below average financial risk
profile and limited bargaining power and vulnerability to
volatility in raw material prices expected post stabilisation of
operations. These rating weaknesses are partially offset by the
extensive experience of promoters in the castor oil industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Average financial risk profile:  IAIPL has average financial
risk profile marked by estimated low net worth at around INR2.5 cr
and high gearing of 5 times estimated as on March 31, 2017. Owing
to lower ramp up in operations even the debt protection metrics
have remained subdued. CRIISL believes that the company's
financial risk profile is expected to remain constrained due
presence of substantial long term debt and working capital
intensive operations.

* Limited bargaining power and vulnerability to volatility in raw
material prices:  The company is a small player in a fragmented
industry as a result of which the bargaining power with the
company is limited. Additionally as oil extraction is a low value-
addition activity, raw material forms a significant portion of
IAIPL's cost of production. Any volatility in raw material prices
coupled with limited pricing power may affect the company's
profitability significantly. CRISIL believes that IAIPL's margins
are expected to remain sensitive to the volatility in the prices
of the castor seed and will be a rating sensitivity factor.

Strengths

* Promoter's extensive industry experience:  The promoters have
been in the business for past 20 years engaged in this line of
activity since last 20 years. CRISIL believes that the company
will continue to benefit from the experience of its promoters over
the medium term.

Outlook: Stable

CRISIL believes IAIPL will continue to benefit from the promoters'
extensive industry experience. The outlook may be revised to
'Positive' if higher-than-expected revenue or profitability leads
to substantial cash accrual thereby improving its financial risk
profile particularly liquidity. Conversely, the outlook may be
revised to 'Negative' in case of lower-than-expected cash accrual
or significant incremental working capital requirement, leading to
deterioration in liquidity.

IAIPL, promoted by members of the Burad family, was established in
2014 to manufacture castor oil. Mr. Mahendra Kantilal Burad, Mr.
Rahul Ashokchand Burad, and Mr. Manish Ashokchand Burad will
manage its operations. The company has a castor oil manufacturing
capacity of 20,000 tonnes per annum; it also has a solvent
extraction unit.

For fiscal 2017, estimated loss was INR0.21 crore on net sales of
INR30 crore, against a PAT of INR0.0 crore on net sales of INR4.3
crore for fiscal 2016.


INDUS PROJECTS: Ind-Ra Lowers Long-Term Issuer Rating to D
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Indus Projects
Limited's (IPL) Long-Term Issuer Rating to 'IND D' from 'IND BB'.
The Outlook was Stable. The instrument-wise rating actions are:

-- INR250 mil. Fund-based facilities (long-term) downgraded with
    IND D rating;

-- INR636.2 mil. (reduced from INR650 mi.)Non-fund-based
     facilities (short-term) downgraded with IND D rating

KEY RATING DRIVERS

The downgrade reflects IPL's delays in debt servicing during the
six months ended May 2017 due to a stretched liquidity position.
The maximum overutilisation of the working capital facilities was
over 31 days in May 2017.

RATING SENSITIVITIES

Positive: Utilisation of the facilities within the limits for
three consecutive months could be positive for the ratings.

COMPANY PROFILE

Incorporated in 1950 in Mumbai, IPL is engaged in the fabrication
and erection of medium/heavy capital equipment for
petrochemicals/oils and gas, mineral processing and nuclear power
plants.


K.B. GEMS: Ind-Ra Raises Issuer Rating to BB+, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded K.B. Gems' (KBG)
Long-Term Issuer Rating to 'IND BB+' from 'IND BB'. The Outlook is
Stable.

The instrument rating actions are:

-- INR220 mil. Fund-based cash credit upgraded with IND
    BB+/Stable rating;

-- INR220 mil. Fund-based cash credit affirmed with IND A4+

KEY RATING DRIVERS

The upgrade reflects an improvement in KBG's scale of operations
(moderate), credit metrics and EBITDA margin. In FY17, interest
coverage (operating EBITDA/gross interest expense) was 2.8x (FY16:
2.4x; FY15: 2.8x) and net leverage (adjusted net debt/operating
EBITDAR) was 2.9x (FY16: 6.3x; FY15: 5.6x). The improvement in
credit metrics was mainly due to a rise in EBITDA margin to 5.3%
in FY17 from 3.7% in FY16, driven by an increase in global demand.
Revenue rose to INR1,162 million in FY17 from INR880 million in
FY16, driven by an increase in orders in the export market.

The ratings reflect a tight liquidity position. KBG's average
maximum utilisation of fund-based limits was 93.5% for the 12
months ended May 2017.

The ratings, however, continue to be supported by KGB's promoters'
experience of more than two decades in the diamond business.

RATING SENSITIVITIES

Negative: A substantial decline in profitability resulting in
sustained deterioration in credit metrics will lead to a negative
rating action.

Positive: A substantial increase in revenue, along with an
improvement in credit metrics, will be positive for the ratings.

COMPANY PROFILE

KBG was established in 1988 by Mr Kiran Shah as a proprietorship
concern and was incorporated as a partnership firm in 1994. KBG is
a Mumbai-based company engaged in the processing and export of cut
and polished diamonds. It is a family-owned business.


LAXMI DOORS: CRISIL Assigns B+ Rating to INR4.5MM Term Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Laxmi Doors (LD).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              4.5       CRISIL B+/Stable
   Cash Credit            1.5       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     1.0       CRISIL B+/Stable

The rating reflects a weak financial risk profile because of a
high gearing and a small networth, modest scale of operations, and
large working capital requirement. These rating weaknesses are
partially offset by the extensive experience of the proprietor in
the plywood industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile:  The networth was small at INR2.6
crore and the gearing high at above 2 times, estimated as on March
31, 2017. The debt protection metrics were average: the interest
coverage ratio is estimated at 4.8 times and the net cash accrual
to total debt ratio at 0.25 time, for fiscal 2017.

* Modest scale of operations:  There are many unorganised players
in the plywood industry; they primarily cater to regional demand
to reduce high transportation costs, as price is the main
differentiating factor. This increases competition. Despite being
in business for more than two decades LD's scale of operations is
modest as reflected in revenue of INR10.45 crore estimated for
fiscal 2017.

* High working capital requirement:  Gross current assets were
high, estimated at over 293 days as on March 31, 2017. That's due
to large inventory and debtors, estimated at around 175 days and
140 days, respectively. The inventory mainly consists of finished
goods due to the varied product portfolio to meet just-in-time
requirement. Moreover, a high credit period is extended to
customers due to intense competition.

Strengths

* Extensive industry experience of the proprietor:  The proprietor
was earlier engaged in the construction segment. The firm has been
operating in the plywood industry for more than two decades. This
has helped to maintain an established relationship with suppliers
and customers. There's a healthy marketing network in India and
also some exports to Nepal.

Outlook: Stable

CRISIL believes LD will continue to benefit from its long track
record of operations and the extensive industry experience of its
proprietor. The outlook may be revised to 'Positive' in case of an
increase in the scale of operations, leading to higher-than-
expected cash accrual, and improvement in the working capital
cycle, resulting in better liquidity. The outlook may be revised
to 'Negative' if the financial risk profile, particularly
liquidity, deteriorates, most likely because of large, debt-funded
capital expenditure or a further increase in working capital
requirement, leading to large incremental bank borrowing.

LD was set up in 1992 by Mr Jay Shankar Verma.  It manufactures
plywood, shuttering doors, flush shutters, and other such items.
Its manufacturing unit in Semra, Lucknow, has a capacity to
produce 1500 plywood sheets per day.

In fiscal 2016, profit after tax (PAT) was INR10.41 crore on an
operating income of INR153.57 crore, as against a PAT of INR5.67
crore on an operating income of INR162.95 crore in the previous
fiscal.


MDA AGROCOT: CRISIL Reaffirms B+ Rating on INR25MM Loan
-------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of MDA Agrocot Private Limited (MAPL) at 'CRISIL
B+/Stable'.

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

   Foreign Bill
   Discounting            25       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the company's modest scale of
operations and weak financial risk profile because of small
networth, high total outside liabilities to adjusted networth
(TOLANW) ratio, and below-average debt protection metrics. These
weaknesses are partially offset by the extensive experience of its
promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations:  With revenue of INR22.64 crore for
fiscal 2017, scale remains small.

* Weak financial risk profile:  The TOLANW ratio was high at 6.6
times and networth small at INR1.8 crore as on March 31, 2017.
Also, debt protection metrics were below average, with an interest
coverage ratio of 1.6 times for fiscal 2017.

Strength

* Extensive experience of promoters:  Presence of over a decade in
the agro commodities trading industry through associate concerns
has enabled the promoters to gain industry insight. The company is
a part of the Narendra group, which deals in oil and dal mills,
cold storage, textiles, and warehousing.

Outlook: Stable

CRISIL believes MAPL will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if significant ramp-up in operations, while
improving profitability, leads to higher cash accrual. The outlook
may be revised to 'Negative' if financial risk profile,
particularly liquidity, weakens further because of low cash
accrual, stretched working capital cycle, or any adverse change in
risk management policies.

Established by Mr. Aditya Bhoot and Mr. Darshan Bhoot in December
2011 as Deegee Dehydration Pvt Ltd and renamed in November 2014,
MAPL trades in and exports cotton yarn, rice, wheat, and corn. The
company is based in Amravati, Maharashtra.

Profit after tax (PAT) was INR0.01 crore on net sales of INR11.72
crore in fiscal 2016, against a PAT of INR0.03 crore on net sales
of INR15.72 crore in fiscal 2015.


MERIT ORGANICS: CRISIL Reaffirms B+ Rating on INR5.25MM Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on bank facilities of
Merit Organics Limited (MOL) at 'CRISIL B+/Stable/CRISIL A4'

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            .80       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       .95       CRISIL A4 (Reaffirmed)

   Packing Credit in
   Foreign Currency      4          CRISIL A4 (Reaffirmed)

   Rupee Term Loan       5.25       CRISIL B+/Stable (Reaffirmed)

The rating reflects MOL's modest scale of operations, volatile
operating profitability, and large working capital requirements.
These rating weaknesses are partially offset by the promoters'
extensive experience in the pharmaceutical formulations industry
and their fund support, leading to limited reliance on external
debt.

Analytical Approach

CRISIL has treated unsecured loans of INR1 cr extended to MOL by
its promoters and their friends and relatives as neither debt nor
equity, as these loans will be retained in the business and are
interest free.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital-intensive operations: Increased in inventory
leads
   to increased working capital intensity of the business to a
large
   extent leading to high GCA days. CRISIL believes that the
working
   capital intensive operations will continue to constrain the
   business risk profile of the firm.

* Modest scale of operation and exposure to ramp up its
operations
   from its recent capacity augmentation:  MOL has modest scale of
   operations with revenue of INR18 cr in 2016-17 (refers to
   financial year, April 1 to March 31). Though scale of operation
   was limited, manufacturing capacities have been augmented which
is
   expected to improve revenue with increasing orders of domestic
as
   well as global market.

Strengths

* Funding support from the promoters:  The company's liquidity
   continues to remain supported by unsecured loans from the
   promoters. CRISIL believes that the continued fund support
going
   ahead as well will remain a key driver of its liquidity.

* Extensive experience of promoter and established relationship
with
   customers and suppliers in the pharmaceutical formulations
   industry:  Mr. Purshottam Kejriwal has been in the
pharmaceutical
   formulation industry for close to three decades. Initially, he
was
   into the trading of pharmaceutical formulations before entering
   into the contract manufacturing. Over the years, the promoter
   developed close relations with customers resulting in repeat
   orders thereby ensuring a steady topline. CRISIL believes that
the
   proprietor's extensive experience will continue to support its
   business risk profile going ahead as well.

Outlook: Stable

CRISIL believes MOL will benefit from its promoter`s extensive
industry experience and its newly commissioned facility. The
outlook may be revised to 'Positive' if significant and sustained
improvement in scale of operations and profitability leads to
higher-than-expected accruals. Conversely, the outlook may be
revised to 'Negative' if low profitability and cash accruals,
stretch in working capital cycle, or any additional debt funded
capex, considerably weakens financial risk profile.

Incorporated in 1992 and promoted by Mr. Purshottam Kejirwal, MOL
is based in Mumbai and manufactures pharmaceutical formulations.
The company has recently modernised its facilities and received
WHO-GMP status. The company undertakes contract manufacturing,
exports and domestic distribution of various formulations:
tablets, capsules, ointments, and injectables.

For fiscal 2017, estimated profit after tax (PAT) was INR0.2 crore
on net sales of INR18 crore, against a PAT of INR0 crore on net
sales of INR17 crore for fiscal 2016.


MOBILE NEXT: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Mobile Next
(Mnext) a Long-Term Issuer Rating of 'IND BB'. The Outlook is
Stable. The instrument-wise rating action is given below:

-- INR100 mil. Fund-based working capital limit assigned with
    IND BB/Stable/IND A4+

KEY RATING DRIVERS

The ratings reflect Mnext's moderate scale of operations, low
EBITDA margins and modest credit metrics. As per FY17 provisional
financials, revenue grew at a CAGR of 30.41% to INR1,199 million
during FY14-FY17 (FY16: INR1,002 million) on account of high
demand of Samsung phones. EBITDA margins declined to 1.01% in
FY17P (FY16: 1.11%) owing to increase in selling, general and
administrative expenses.

Net leverage (Ind-Ra adjusted net debt/operating EBITDA)
deteriorated to 6.20x in FY17P (FY16: 2.53x) due to infusion of
interest-free unsecured loan by the promoter. However, EBITDA
interest cover (operating EBITDA/gross interest expense) improved
to 2.32x in FY17P (FY16: 2.08x) due to decrease in gross interest
expenses.

The ratings also factor in the firm's tight liquidity position as
reflected by 98.18% of average utilisation of working capital
facilities during the 12 months ended May 2017.

However, the ratings are supported by the promoter's more than
two-decade-long experience in the consumer durables industry.

RATING SENSITIVITIES

Negative: A significant decline in the revenue along with a
sustained deterioration in the credit metrics will be negative for
the ratings.

Positive: A substantial improvement in the revenue along with an
improvement in the credit metrics will be positive for the
ratings.

COMPANY PROFILE

Established in 2008, Mnext is a proprietorship unit engaged in the
distribution of Samsung mobiles and accessories between Vasai and
Virar, Maharashtra. Mr. Prashant Goel is the promoter.


NABAKALEBAR CHARITABLE: CRISIL Reaffirms D Rating on INR11MM Loan
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Nabakalebar
Charitable Trust (NCT) for obtaining information through letters
and emails dated January 23, 2017, and February 13, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

CRISIL gave these ratings:


                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Funded Interest         .85      CRISIL D (Issuer Not
   Term Loan                        Cooperating; Rating
                                    Reaffirmed)

   Proposed Long Term               CRISIL D (Issuer Not
   Bank Loan Facility     1.15      Cooperating; Rating
                                    Reaffirmed)

   Term Loan             11         CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

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

Detailed Rationale

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

NCT was formed in 2000 by Mr. Pramod Ranjan Mallick. The trust
manages one college, Bhubaneswar Engineering College, which began
operations in 2008-09. The college offers under-graduate courses
in electrical and electronics; electronics and telecommunication;
computer science; civil, aeronautical, and mechanical engineering;
and information technology. The college also offers diploma
courses, and post graduate courses in business administration and
in technology. The college is approved by the All India Council
for Technical Education and is affiliated to the Biju Patnaik
University of Technology, Odisha.


NEW SRI: CRISIL Assigns B- Rating to INR3.50MM Cash Loan
--------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable' rating to the
long-term bank facilities of New Sri Balaji Poultry Farm (NSBPF;
part of Sri Balaji Group).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            3.5       CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility     1.78      CRISIL B-/Stable

The rating reflects the benefits that SB Group will derive
promoter's extensive experience in the poultry industry and
support. These strengths are partially offset by below average
financial profile and susceptibility of the firm's profitability
margins to volatility in raw material prices.

Analytical Approach

The Team has consolidated the business and financial risk profile
of SBPF and NSBPF because both the entities have common management
(Mr L.Kumar Goud and Ms. L.Hymavathi are both husband and wife)
and are in the same business line. Both the entities together are
collectively referred as Sri Balaji Group (SB Group).

Key Rating Drivers & Detailed Description

Weakness

* Below Average Financial Risk Profile: The Group had a modest
  networth of INR8.5 crore with high debt levels of around INR23.2
  crore as on March 31, 2017. Consequently, the firm's capital
  structure was below average with high gearing of around 2.7
times
  as on March 31, 2017. The debt protection metrics are below
average
  with NCATD of around 10 per cent and interest coverage of around
  1.7 times as on March 31, 2017

* Susceptibility of the group's profitability margins to
volatility
  in raw material prices:  The poultry industry's profitability
  margins are highly correlated with fluctuations in raw material
  prices. Raw material costs are estimated to have accounted for
  almost 85 per cent of the firm's total revenues in 2016-17.
  Furthermore, the prices of key raw materials for poultry feed -
  maize and soya are generally volatile in nature. Such volatility
in
  the feed prices is likely to affect the margins of poultry
  companies

* Promoter's extensive experience in the poultry industry and
  support:  The Group is promoted and managed by Mr.L. Kumar Goud
and
  Ms. Hymavathi and their family, who have been associated with
  various agri-related businesses for close to two decades. The
  promoters were initially involved in poultry farming activities
on
  a smaller scale, in their individual capacity prior to venturing
  out with SBPF in 2008.

Outlook: Stable

CRISIL believes that SB Group will continue to benefit from its
promoter's extensive experience in over the medium term. The
outlook may be revised to 'Positive' if the company's revenue and
profitability increase significantly on a sustainable basis while
improving its working capital management. Conversely the outlook
may be revised to 'Negative' if there are lower than expected
revenues and operating profitability or if SB Group undertakes any
larger-than expected debt funded capital expenditure plan leading
to deterioration of its financial risk profile.

Established in 2008 as a proprietorship entity, Sri Balaji Poultry
Farm (SBPF) is engaged in the production of commercial eggs. The
firm is promoted by Mr.L.Kumar Goud and his family and has its
poultry farm situated at Shadnagar region of Andhra Pradesh.

Incorporated in the year 2012, New Sri Balaji Poultry Firm is
engaged in production of commercial eggs. The firm is promoted by
Ms.L.Hymavathi and is situated at Shadnagar region of Andhra
Pradesh

The Group has recorded PAT of INR0.2 Crore on operating income of
INR42.6 Crore for fiscal 2016 vis-a-vis PAT of INR0.2 Crore on
operating income of INR44.1 Crore for fiscal 2015


NILGIRI TEXTILES: Ind-Ra Migrates B+ Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Nilgiri Textiles
Private Limited's Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B+(ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR60 mil. Fund-based limit migrated to Non-Cooperating
    Category with IND B+(ISSUER NOT COOPERATING) /IND A4(ISSUER
    NOT COOPERATING) rating;

-- INR9.6 mil. Non-fund-based limit migrated to Non-Cooperating
    Category with IND A4(ISSUER NOT COOPERATING) rating;

Note: ISSUER NOT COOPERATING: The ratings were reviewed on 16
January 2015. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1990, Nilgiri Textiles operates an 18,200
spindles/1,760mtpa cotton yarn spinning unit and a 1.40MW wind
mill at Mettupalayam, Tamil Nadu. It manufactures carded cotton
yarn in the count range of 40s.


OGENE SYSTEMS: Ind-Ra Moves 'D' Issuer Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ogene Systems
India Private Limited's Long-Term Issuer Rating to the non-
cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The rating
will now appear as 'IND D(ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR175.6 mil. Long- term loan migrated to Non-Cooperating
    Category with IND D(ISSUER NOT COOPERATING);

-- INR250 mil. Fund-based limit (Long term and Short term)
    migrated to Non-Cooperating Category with IND D(ISSUER NOT
    COOPERATING)/IND D(ISSUER NOT COOPERATING) rating; and

-- INR150 mil. Non-fund-based limit (Short-term) migrated
    to Non-Cooperating Category with IND D(ISSUER NOT
    COOPERATING)

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 27, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Ogene Systems India is a Hyderabad-based active pharmaceutical
ingredients manufacturer.


OPTECH ENGINEERING: Ind-Ra Affirms BB LongTerm Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Optech
Engineering Private Limited's (Optech) Long-Term Issuer Rating at
'IND BB'. The Outlook is Stable.

Instrument-wise rating actions are:

-- INR10 mil. Term loan due on March 10, 2022 affirmed with IND
    BB/Stable rating;

-- INR50 mil. Fund-based facility affirmed with IND
    BB/Stable/IND A4+ rating;

-- INR40 mil. Non-fund-based affirmed with IND A4+ rating

KEY RATING DRIVERS

The affirmation reflects Optech's continued small scale of
operations and moderate credit metrics. As per FY17 provisional
financials, revenue grew to INR427 million (FY16: INR350 million)
due to an increase in export orders. EBITDA margin expanded to
6.8% (FY16: 5.4%) on account of high margin orders and decrease in
raw material prices. Consequently, net leverage (total Ind-Ra
adjusted net debt/operating EBITDAR) improved to 2.4x in FY17P
(4.2x) and gross interest cover (operating EBITDA/gross interest
expense) to 2.7x (2.8x).

As of April 2017, the company had an order book of USD14 million,
of which orders worth USD8 million will be executed in FY18 and
the remaining in FY19.

However, the ratings are supported by Optech's comfortable
liquidity position as reflected by 78.6% use of working capital
limits during the 12 months ended June 2017.

The ratings also continue to benefit from the promoters' one-
decade-long experience in the oil and liquid petroleum gas (LPG)
engineering services business.

RATING SENSITIVITIES

Positive: A significant increase in the scale of operations and
operating profitability leading to a sustained improvement in the
credit metrics will be positive for the ratings.

Negative: A decline in the revenue and EBITDA margin leading to
deterioration in the credit metrics will be negative for the
ratings.

COMPANY PROFILE

Optech was incorporated in 2005 by Mr Siddhartha Desai and Mr
Trisit Bhuiyan. The company is involved in oil and LPG engineering
services. It operates through four divisions: fabrication, project
and construction, onsite service, non-destructive testing and
certifications. Optech provides 90% of its engineering services to
Bangladesh, Africa, Kenya, Nepal, Uganda, Myanmar and 10% to
Indian public sector companies such as Indian Oil Corporation Ltd
('IND AAA'/Stable) and Oil and Natural Gas Corporation Limited.


PCS AUTO: CRISIL Assigns 'B' Rating to INR4MM Cash Loan
-------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facilities of PCS Auto Cast (PCS).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             4        CRISIL B/Stable
   Term Loan               3        CRISIL B/Stable

The rating reflects PCS's modest scale of operations and an
average financial risk profile because of a modest networth and
high gearing. These weaknesses are partially offset by the
extensive experience of partners and moderate profitability.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations in a competitive and fragmented
industry:
  Revenue was low at INR12 crore in fiscal 2017. Intense
competition
  in the castings industry continues to constrain the business
risk
  profile.

* Average financial risk profile: The networth was modest at INR1
  crore while the gearing was high at 4 times, as on March 31,
2017.
  Debt protection metrics were average: interest coverage and net
  cash accrual to total debt ratios were 2 times and 0.11 time,
  respectively, in fiscal 2017. The financial risk profile is
  expected to remain average over the medium term.

Strengths

* Partners extensive experience: The promoters experience of
around
  25 years in the industry has helped forge longstanding
  relationships with customers.

* Moderate profitability: Margin is expected to remain moderate at
  16-17% over the medium term, supporting cash accrual. Sustenance
of
  profitability margins will remain a key rating sensitivity
factor.

Outlook: Stable

CRISIL believes PCS will continue to benefit from the promoters'
extensive experience. The outlook may be revised to 'Positive' in
case of a substantial increase in revenue and sustained
profitability while working capital remains efficiently managed,
resulting in a sharp improvement in the business risk profile.
Deterioration in the financial risk profile, most likely because
of lower-than-expected cash accrual or any large, debt-funded
capital expenditure may lead to a revision in the outlook to
'Negative'.

Established in 2015 as a partnership firm by Mr. Selva Kumar, Mr.
Senthil Kumar and Mr Chenniappan, PCS manufactures iron castings.
It commenced operations in September 2015 and has total capacity
of 350 tonne per month.

The firm reported a net profit of INR0.14 cr on net sale of
INR12.43 cr in fiscal 2017 (on a provisional basis, as against a
loss of INR0.97 cr on net sale of INR1.43 cr in fiscal 2016.


PLASTO ELTRONICS: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Plasto Eltronics
Pvt. Ltd's (PEPL) Long-Term Issuer Rating at 'IND BB'. The Outlook
is Stable. The instrument-wise rating actions are as follows.

-- INR25 (reduced from INR30) Fund-based limits Affirmed IND
    BB/Stable;
-- INR35 (reduced from INR51) Non-fund- based limits Affirmed
    IND A4+

KEY RATING DRIVERS

The ratings continue to reflect PEPL's small scale of operation
and moderate credit metrics. According to provisional financials
for FY17, revenue was INR163 million (FY16: INR181 million), gross
interest coverage was 2.9x (2.5x) and net financial leverage was
2.7x (1.6x). Revenue declined due to low order receipt. Gross
interest coverage improved on account of low financial costs.
Meanwhile, net financial leverage deteriorated owing to an
increase in short-term debt.

The ratings continue to reflect PEPL's high customer concentration
risk, as one customer, Bentec India Ltd, contributes 85% to
revenue.

The ratings, however, continue to be supported by the founders'
over 10 years of operational experience in manufacturing
thermoplastics and thermostat moulded, fabricated and extruded
components. The ratings also continue to be supported by a strong
liquidity position, indicated by an average maximum working
capital utilisation of nearly 68.78% for the six months ended May
2017.

RATING SENSITIVITIES

Negative: Deterioration in credit metrics may lead to negative
rating action.

Positive: An increase in the scale of operations, along with the
maintenance of the credit metrics, would lead to a positive rating
action.

COMPANY PROFILE

Incorporated in 2002, PEPL manufactures thermoplastic and
thermostat moulded, fabricated, and extruded components such as
meter covers, switchboards, and batten-holder boards.

Mr. Swarochis Ghuwalewala and Mr Sachin Ghuwalewala are the owners
of the company.


PONMANI INDUSTRIES: CRISIL Reaffirms B+ Rating on INR5.75MM Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Ponmani
Industries (PI) for obtaining information through letters and
emails dated January 27, 2017 and February 22, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

CRISIL gave these ratings:

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         1.25      CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                     Reaffirmed)

   Cash Credit            5.75      CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Ponmani Industries. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the information
available for Ponmani Industries is consistent with 'Scenario 2'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB rating category or lower. Based on the
last available information, CRISIL has reaffirmed the rating at
'CRISIL B+/Stable/CRISIL A4'.

PI, set up in 1985, is a sole proprietorship concern that
manufactures and supplies table-top wet grinders, primarily to the
Tamil Nadu government. Its day-to-day operations are managed by
its proprietor, Mr. P Kumaresan.


PURUSHOTTAM JAIRAM: CRISIL Reaffirms B- Rating on INR9MM Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Purushottam
Jairam & Co. (PJC) for obtaining information through letters and
emails dated January 24, 2017 and February 14, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

CRISIL gave these ratings:

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

   Letter of Credit      9.0      CRISIL B-/Stable (Issuer Not
                                  Cooperating; Rating Reaffirmed)

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

Detailed Rationale

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

PJC was originally established in 1964 as a proprietorship firm by
Mr. Purushottam Jairam Tank, and later was reconstituted as a
partnership between Mr. Purushottam Jairam Tank and Mr. Mitesh
Tank. The firm trades in and processes timber logs. It has a
timber-processing plant in Lakadganj, Nagpur (Maharashtra).


RADHA KRISHNA: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Radha Krishna
Firayalal & Co. (RKFC) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable.

Instrument-wise rating actions are given below:

-- INR58.5mil. Fund-based working capital limit assigned with
    IND BB-/Stable rating;

-- INR2.5 mil. Non-fund-based working capital limit assigned
    with IND A4+ rating

KEY RATING DRIVERS

The ratings reflect RKFC's small scale of operations and moderate
credit metrics. As per FY17 provisional financials, revenue grew
to INR184.5 million (FY16: INR148.5 million) on account of
improved demand for products. EBITDA interest coverage (operating
EBITDA/gross interest expenses) improved to 2.3x in FY17P (FY16:
1.6x) and net financial leverage (adjusted net debt/operating
EBITDA) to 3.4x (5.2x) on the back of decline in total debt.
However, operating EBITDA margin declined to 8.9% in FY17P (FY16:
9.2%) on account of decrease in other operating income.

The ratings also factor in the firm's tight liquidity position as
reflected by 96.8% average utilisation of working capital limits
during the 12 months ended May 2017.

The ratings, however, are supported by the partners' two-decade-
long experience in the apparel retail industry.

RATING SENSITIVITIES

Positive: A substantial improvement in the revenue along with an
improvement in the credit metrics will be positive for the
ratings.

Negative: Deterioration in the operating profitability leading to
deterioration in the credit metrics will be negative for the
ratings.

COMPANY PROFILE

RKFC was incorporated as a partnership firm by Mr. Jayant Manjulal
and Mrs. Sonica Manjulal in October 2013. The firm was established
to set-up a mega departmental store namely Firayalal Next in
Argora Chowk, Ranchi, Jharkhand. The store commenced operations in
May 2014.


S.S. FRUITS: Ind-Ra Migrates BB- Rating to Non-Cooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated S.S. Fruits
International Private Limited's (SSFIPL) Long-Term Issuer Rating
to the non-cooperating category. The issuer did not participate in
the surveillance exercise, despite continuous requests and follow-
ups by the agency. Therefore, investors and other users are
advised to take appropriate caution while using these ratings. The
rating will now appear as 'IND BB-(ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR80 mil. Fund-based limit migrated to Non-Cooperating
    Category with IND BB-(ISSUER NOT COOPERATING)/IND A4+(ISSUER
    NOT COOPERATING);

-- INR170 mil. Non-fund-based limit migrated to Non-Cooperating
    Category with IND A4+(ISSUER NOT COOPERATING) rating

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 7, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SSFIPL is a wholesaler and retailer of agricultural commodities.
The company is based in Mettupalayam near Coimbatore in Tamil
Nadu. SSFIPL's founder and present managing director S K Mohammed
Shaffiulla owns and manages cold storages through his sole
proprietary concern, M.S. Cold Storage.


SCC BUILDERS: CRISIL Reaffirms 'C' Rating on INR53.5MM Term Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with SCC
Builders Private Limited (SCC) for obtaining information through
letters and emails dated January 24, 2017 and February 14, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

CRISIL gave these ratings:

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      1.5       CRISIL C (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan              53.5       CRISIL C (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Working Capital        25         CRISIL C (Issuer Not
   Demand Loan                       Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

SCC was incorporated in 2005-06 and is promoted by Mr. Vinod
Goswami and Mr. Vipul Giiri. The company undertakes real estate
development in the National Capital Region, mainly Ghaziabad
(Uttar Pradesh).


SHAKTI EARTH: CRISIL Reaffirms B+ Rating on INR3.5MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Shakti Earth Movers (SEM). The
rating reflects modest scale of operations in highly fragmented
industry with presence in single location and working capital
intensive nature of operations. These rating weakness are
partially offset by the extensive experience of the promoters in
the civil construction industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         2         CRISIL A4 (Reaffirmed)
   Cash Credit            3.5       CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in a highly fragmented industry:
SEM's
  scale of operations is modest, as reflected in its revenues of
  INR13.1 crore in FY 17. This is due to tender-based nature of
  operations. This also results in volatility in revenue profile
and
  also makes the firm susceptible to volatility in operating
margins
  as the same vary across various tenders. Furthermore, the firm
  undertakes all of its projects in Bhopal, limiting the scale of
  operations to new projects in this district only. CRISIL
believes
  that tender-based process of obtaining projects from government
  departments and intense competition will significantly affects
the
  firm's business and financial risk profiles.

* Working capital intensive nature of operations:  The
construction
  industry is inherently working capital intensive. SEM's
operations
  are working capital intensive as seen in estimated Gross current
  asset days (GCA) days of 259 as on 31st March 2017. This is on
  account of various deposits the firm has to maintain with the
  government agencies and blockage of funds as retention money and
  margin money for bank guarantee. CRISIL believes that SEM's
  operations will remain working capital intensive over the medium
  term.

Strengths

* Promoter's long standing experience in the civil construction
  industry:  Mr. Shiv Singh Chouhan has over a 15 years of
experience
  in the civil construction industry. The promoter's extensive
  industry experience has helped SEM to bag projects frequently
from
  government authorities. SEM currently has an order book of
around
  INR8.5 crore to be executed over the next 9 months. The order
book
  provides the firm with healthy revenue visibility over the
medium
  term. CRISIL believes that SEM will continue to benefit over the
  medium term from its promoter's extensive industry experience
and
  its strong revenue visibility.

  Outlook: Stable

CRISIL believes SEM will maintain its business risk profile over
the medium term backed by its promoter's extensive industry
experience. The outlook may be revised to 'Positive' in case of
significant increase in scale of operations and sustained
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the company registers less-than-expected revenue or
decline in profitability, or if it undertakes any large debt-
funded capital expenditure, leading to deterioration in financial
risk profile, or if its working capital cycle lengthens, weakening
liquidity.

SEM, a proprietorship firm of Mr. Shiv Singh Chouhan set up in
2002, undertakes civil construction for government departments in
Madhya Pradesh.

Estimated profit after tax was INR1.17 crore with net sales of
INR13.1 core in 2016-17 against profit after tax of INR0.7 crore
with net sales of INR9.9 crore in 2015-16.


SHIVA POLYMERS: CRISIL Reaffirms D Rating on INR5.5MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shiva
Polymers Private Limited (SPPL) for obtaining information through
letters and emails dated February 08, 2017 and March 22, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

CRISIL gave these ratings:

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

   Cash Credit             5.5      CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Letter of Credit        2.00     CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      1.00     CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Working Capital         4.5      CRISIL D (Issuer Not
   Term Loan                        Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

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

SPPL (formerly, Keshavlal Khanderia Properties Pvt Ltd) commenced
operations in November 1997. The company manufactures high-density
polyethylene (HDPE) and polypropylene (PP) woven sacks that are
mainly used by cement, fertilizer, petrochemicals companies, sugar
and food grains. SPPLs manufacturing unit is based in Kona, Howrah
district of West Bengal, with an installed production capacity of
3600 tonnes per annum (TPA) for the tape plants, and has 100
looms.


SHREE GANPATI: CRISIL Reaffirms 'B' Rating on INR7.7MM LT Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shree
Ganpati Ridhi Sidhi Agro Industries Private Limited (SGPL) for
obtaining information through letters and emails dated January 20,
2017 and February 10, 2017 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

CRISIL gave these ratings:

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            4.5       CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Long Term Loan         7.7       CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

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

Detailed Rationale

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

Incorporated in 2013, SGPL mills and processes non-basmati rice
and wheat. Its manufacturing unit is located at Mau (Uttar
Pradesh) and commenced commercial operations in April 2015. The
company is promoted by Mr. Nirmal Gupta and his family, who have
more than 25 years of experience in the rice trading business.


SPRINT EXPORTS: CRISIL Lowers Rating on INR1.00MM Loan to B
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Sprint
Exports Private Limited for obtaining information through letters
and emails dated March 6, 2017 and March 22, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Foreign Discounting
   Bill Purchase         18.96      CRISIL A4 (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL A4+')

   Packing Credit        21.60      CRISIL A4 (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL A4+')

   Standby Line of
   Credit                 1.00      CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB+/Stable')

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

Detailed Rationale

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

Sprint Exports was set up in 2003 by Mr. G Pawan Kumar and his
family members. The company processes and exports cultured
shrimps. It is based in Visakhapatnam, Andhra Pradesh.


STEPPING STONE: CRISIL Cuts Rating on INR5MM LT Loan to B
---------------------------------------------------------
CRISIL Ratings has been consistently following up with Stepping
Stone Educational Society (SSES) for obtaining information through
letters and emails dated February 6, 2017 and March 22, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

CRISIL gave these ratings:

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan          5        CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB-/Stable')

   Overdraft               1.9      CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB-/Stable')

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

Detailed Rationale

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

SSES is a registered trust set up in 2000 by Mr. R. D. Gupta. The
trust currently has three educational institutes namely Stepping
Stone Children's Academy, Stepping Stone Children's Academy for
female students and Stepping Stone Inter College offering courses
from LKG to HSC. These schools are located in Gorakhpur (Uttar
Pradesh). The schools are affiliated to Central Board of Secondary
Education (CBSE) board and currently have more than 2500 students.


TECHMECH ENGINEERS: CRISIL Reaffirms B+ Rating on INR9.2MM Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Techmech Engineers (TE).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            9.2       CRISIL B+/Stable (Reaffirmed)
   Channel Financing      2.8       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect promoters' extensive experience in
the industrial machinery trading industry. These strength is
partially offset by weak financial risk profile and modest size of
operations in a competitive industry.

Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans of
INR 4.45 crore (as on March 31, 2017) extended to TE by its
promoters as neither debt nor equity as the loans are expected to
be retained in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest size of operations in a competitive industry:  TE
operates
  in lighting and electrical segment which is a highly competitive
  segment. In addition, the industry also faces competition from
  cheaper Chinese imports. This leads to intense competition and
  fragmentation in the industry. Consequently, TE has a modest
scale
  of operation as indicated from the turnover of INR50.3 crore as
on
  March 31, 2017. CRISIL believes, the business risk profile will
  remain constrained by the modest scale of operations in the
medium
  term due to intense competition in the industry.

* Weak financial risk profile:  The financial risk profile of the
  firm is weak due to high gearing of 3.1 times and modest net
worth
  of INR4.6 cr. as on March 31, 2017. The debt protection metrics
of
  the firm was weak with interest coverage of 1.3 times and
negative
  net cash accruals to total debt in 2016-17. CRISIL believes that
  the firm's financial risk profile will remain weak over the
medium
  term, marked by high gearing, weak debt protection metrics and
  modest net worth.

Strength

* Promoters' extensive experience in the industrial machinery
trading
  industry:  The promoter of the firm has over three decades of
  experience in this industry. This extensive industry experience
  enabled the firm to establish strong relationship with its
  customers and to get healthy order book from customers. The firm
  also had established relationship with its suppliers, like
  Schneider Electric, C&S Electric etc. Hence CRISIL believes the
  firm will continue to benefit from the promoters' extensive
  experience in the medium term.

Outlook: Stable

CRISIL believes TE will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of a considerable increase in
revenue and profitability, resulting in an improvement in the
financial risk profile. Conversely, the outlook may be revised to
'Negative' if a significant decline in revenue, or profitability
or larger-than-expected, debt-funded capital expenditure, or
weakening of working capital management results in deterioration
in the financial risk profile.

TE was set up in 1985 as a partnership by Mr. Dasarthy and Mr.
Srivatsa. In 2007, Mr. K R Ramesh replaced Mr. Dasarthy and in
2008, Mr. K Ananth was also added as a partner. The firm, based in
Karnataka, distributes electrical parts and system integrators
which are used in home and office automations.

For fiscal 2017, TE's profit after tax (PAT) was INR0.56 crore on
net sales of INR50.3 crore, against a PAT of INR0.44 crore on net
sales of INR43.15 crore for fiscal 2016.


VISHAL DIAMONDS: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vishal Diamonds'
(Vishal) Long-Term Issuer Rating to the non-cooperating category.
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B+(ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR200 mil. Fund-based limit Migrated to Non-Cooperating
    Category with IND B+(ISSUER NOT COOPERATING)/IND A4(ISSUER
    NOT COOPERATING) rating

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 6, 2016. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Vishal was set up in 1998 as a partnership firm. It trades in
polished diamonds and manufactures diamond-studded gold jewellery.
The firm derives around 70% of its revenues from its diamond
trading activities and the remaining 30% from the sale of
jewellery. The firm exports polished diamonds to China, the UAE,
the US, Hong Kong and Russia. It is run by five partners: Mr.
Sunay Gandhi, Mr. Chetan Gandhi, Mrs. Sejal Gandhi, Mrs. Vishakha
Gandhi and Ms. Shruti Gandhi.



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


ASAHI MUTUAL: Fitch Revises Outlook to Positive & Affirms BB+ IDR
-----------------------------------------------------------------
Fitch Ratings has revised Asahi Mutual Life Insurance Co.'s (Asahi
Life) Outlook to Positive from Stable, and affirmed its Insurer
Financial Strength (IFS) Rating and Long-Term Issuer Default
Rating (IDR) at 'BB+' and 'BB', respectively. The agency
simultaneously affirmed Asahi Life's USD350 million cumulative
perpetual subordinated bonds, with interest deferral options
issued in January 2017, at 'BB-'.

KEY RATING DRIVERS

The Outlook revision reflects the improvement in Asahi Life's
capitalisation and leverage, as well as its resilient financial
performance and earnings backed by steady growth in the profitable
third (health) sector.

The company's financial leverage improved to 37% at end-March 2017
from 42% a year earlier, due to its continued accumulation of core
capital and sustained efforts in restructuring its debt. Fitch
views financial leverage as the main reason for keeping Asahi
Life's ratings in the 'BB' category. However, Fitch expects
financial leverage to continue to improve to below 35%, which is
the median for the 'BBB' category, within the next 12 to 24
months.

Asahi Life's statutory solvency margin ratio (SMR) also improved
to 743% at end-March 2017 from 692% a year earlier, mainly because
of accumulated capitalisation through an increase in its core
capital and a perpetual hybrid debt issuance. Fitch expects the
company to maintain or strengthen its capital adequacy through the
company's stable underwriting results and its continuous efforts
to accumulate core capital.

Nevertheless, the insurer's capital position remains weaker than
its peers, which had an average SMR of more than 900%. In
addition, Asahi Life had a large negative spread burden of JPY62
billion in the financial year ended March 2017 (FYE17) (FYE16:
JPY65 billion), which continues to offset gains from better-than-
projected mortality and morbidity rates. Fitch expects the
insurer's negative spread burden to continue to shrink over the
medium term along with declining average guaranteed yields.

Asahi Life's underwriting business has been stable due to an
effective focus on the third sector. The core profit margin
remained adequate at 6% in FYE17. The segment's annual premiums of
in-force policies increased by 8% yoy in FYE17, which is stronger
than most of its peers, due partly to effective sales promotion
via alternative distribution channels. Fitch believes its efforts
in marketing third-sector products through alternative
distribution channels, such as telephone marketing, are likely to
further sustain the segment's strength.

RATING SENSITIVITIES

Further strengthening of capitalisation and a decline in financial
leverage to below 35% on a sustained basis may result in an
upgrade. Sustainable growth in the third-sector business while
maintaining profitability would also be regarded as positive.

A rating downgrade may arise from major erosion of capitalisation,
financial leverage above 45%, and a significant deterioration in
profitability, such as core profit margin falling below 5%, on a
sustained basis.


MTGOX CO: Founder Denies Embezzlement as Trials Start
-----------------------------------------------------
Kyodo News Agency reports that the founder of MtGoX Co., once the
world's largest bitcoin digital currency exchange, denied
embezzling hundreds of millions of yen from its customers as his
trial began on July 11 in Tokyo.

Appearing at the Tokyo District Court, Mark Karpeles, the 32-year-
old French-born CEO of the now-bankrupt exchange, said huge losses
of the digital currency by the business were the result of
hacking, Kyodo relates.

He pleaded not guilty to data manipulation and embezzling a total
of JPY341 million in customers' money between September and
December of 2013, the report notes.

"I swear to God I am not guilty," Mr. Karpeles said in reading out
a prepared statement in Japanese after listening to the charges
against him through interpreters.

"I offer my sincere apology for causing inconvenience to many
clients with the bankruptcy of MtGox," he said, while claiming
that what the prosecutors allege as data manipulation was part of
his company's regular business operations and that the money he
spent was not his clients, Kyodo relays.

According to Kyodo, prosecutors argued in their opening statement
that Mr. Karpeles managed the company assets and money entrusted
by the company's clients in the same bank account and failed to
respond to requests by company associates to separate them.

Of the JPY341 million allegedly embezzled by the defendant, some
JPY315 million was intended for purchasing a 3-D printer business
and JPY6 million for purchasing a canopy bed for his personal use,
according to the prosecutors.

In February 2014, MtGox suddenly shut down all transactions,
causing a panic among its customers, including many foreigners. It
then announced that it had gone bankrupt after having lost about
850,000 bitcoins, worth about JPY48 billion at the time. It said
the bitcoins were likely stolen through hacking, Kyodo notes.

In August 2015, Mr. Karpeles was arrested for allegedly
manipulating data on his company's trading system. He was
eventually indicted on charges of pocketing about 341 million yen
of customers' money by transferring it from his company's bank
account to his own.

He was released on bail last July, says Kyodo.

                            About Mt. Gox

Bitcoin exchange MtGox Co., Ltd., filed a petition under Chapter
15 of the U.S. Bankruptcy Code on March 9, 2014, days after the
company sought bankruptcy protection in Japan.  The bankruptcy in
Japan came after the bitcoin exchange lost 850,000 bitcoins
valued at about $475 million "disappeared."

The Japanese bitcoin exchange halted trading in February 2014.
It filed for bankruptcy protection in the U.S. to prevent
customers from targeting the cash it holds in U.S. bank accounts.

The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.).  The Chapter 15 Petitioner is Robert Marie
Mark Karpeles, the company's chief executive officer.  Mr.
Karpeles is represented by John E. Mitchell, Esq., and David
William Parham, Esq., at Baker & Mcckenzie LLP, in Dallas, Texas.

The bankruptcy trustee and foreign representative of MtGox Co.
Ltd. with respect to the Japan Bankruptcy Proceedings:

     MtGox Co., Ltd.
     Office of Bankruptcy Trustee
     Kojimachi 3 chome building #202
     Kojimachi 3-4-1
     Chiyoda-ku, Tokyo
     Tel: +81-3-4588-3922
     Attn: Nobuaki Kobayashi

The Ontario Superior Court of Justice (Commercial List) on
Oct. 3, 2014, ordered, pursuant to Section 272 of the Bankruptcy
and Insolvency Act, that the bankruptcy proceedings commenced
with respect to MtGox Co., Ltd. -- aka Mt. Gox KK and dba MtGox
-- be recognized as a "foreign main proceeding."

The Canadian legal counsel to the bankruptcy trustee and foreign
representative of MtGox Co., Ltd, are Jeffrey Carhart and
Margaret Sims, at Miller Thomson LLP.

The company said it has estimated assets of $10 million to $50
million and debts of $50 million to $100 million.


SOFTBANK GROUP: Moody's Rates Proposed Undated USD Notes 'Ba3'
--------------------------------------------------------------
Moody's Japan K.K. has assigned a Ba3 subordinated debt rating to
the proposed Undated Subordinated NC6 Resettable Notes and Undated
Subordinated NC10 Resettable Notes denominated in the US dollar to
be issued by SoftBank Group Corp. (Ba1 Corporate Family Rating
(CFR), stable). The outlook is stable.

SoftBank plans to use the proceeds for general corporate purposes.
Moody's expects that a part of the proceeds will go towards the
$100 billion SoftBank Vision Fund, the fund that SoftBank
established with overseas investors to invest in companies in a
wide range of technology sectors. SoftBank commits to invest $28
billion to the Fund.

RATINGS RATIONALE

"Considering the speculative-grade level of SoftBank's CFR and the
characteristics of the notes, Moody's will treat them as 100% debt
in calculating the company's adjusted financial metrics," says
Moody's Vice President - Senior Credit Officer Motoki Yanase.

If SoftBank's CFR improves to an investment-grade level, Moody's
will consider providing appropriate equity credit for this note at
that point of time.

The rating of the proposed notes - which is two-notches below the
CFR
- considers their deeply subordinated status and characteristics
which are similar to preferred stock.

Moody's expects that SoftBank will use a part of the proceeds from
this issuance to meet a future capital call from the Vision Fund,
but such an event may be in more than 12 months.

This offering would raise SoftBank's adjusted total debt and
Moody's expects that the company's adjusted gross leverage will
trend above Moody's downgrade threshold of 5.5x. Moody's, however,
noted that SoftBank's Ba1 CFR is supported by a significant degree
of financial flexibility, which includes the large amounts of cash
the company keeps on hand and unrealized gains from investments
such as its equity stake in Alibaba Group Holding Limited (A1
stable).

When more detailed information on the Vision Fund becomes
available, Moody's will assess how SoftBank may be insulated from
assuming the fund's entire investment risk, and whether the Fund
will have a credit impact on SoftBank's rating and/or its outlook.
Moody's will also assess how SoftBank plans to finance the
remaining capital commitment to the Fund and how it will impact
the company's future leverage. If SoftBank continues to increase
its gross leverage with additional debt financing, it will reflect
negatively on the rating.

The stable rating outlook reflects Moody's view that the company
will maintain significant financial flexibility to offset its
already high leverage. The outlook also considers SoftBank's
position as one of the three major mobile telecommunications
operators in Japan, which generates steady cash flow from
operations.

Moody's has performed analysis based on a conservative estimate of
the issuance amount and the key terms of the notes.

The principal methodology used in these ratings was
Telecommunications Service Providers (Japanese) published in April
2017.

Headquartered in Tokyo, SoftBank Group Corp. is a Japanese holding
company with operations in mobile and fixed-line
telecommunications, broadband, Internet and other businesses. The
group owns SoftBank Corp., one of the three major mobile
telecommunications operators in Japan by the number of
subscribers.



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


Q CARD: Fitch Affirms B Rating on NZD7.3MM Series F 2014-1 Notes
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings on notes issued by The New
Zealand Guardian Trust Company Limited in its capacity as trustee
of the Q Card Trust. The transaction is a securitisation of New
Zealand credit card receivables. The transaction is an asset-
backed note programme featuring a multi-class structure that will
purchase eligible receivables from the seller on a revolving
basis.

The rating actions are as follows:

NZD0.0 million VFN affirmed at 'AAAsf'; Outlook Stable
NZD89.5 million Series A 2016-1 affirmed at 'AAAsf'; Outlook
Stable
NZD89.0 million Series A 2014-2 affirmed at 'AAAsf'; Outlook
Stable
NZD58.0 million Series A 2014-3 affirmed at 'AAAsf'; Outlook
Stable
NZD37.5 million Series B 2014-1 affirmed at 'AAsf'; Outlook Stable
NZD26.3 million Series C 2014-1 affirmed at 'Asf'; Outlook Stable
NZD18.8 million Series D 2014-1 affirmed at 'BBBsf'; Outlook
Stable
NZD20.8 million Series E 2014-1 affirmed at 'BBsf'; Outlook Stable
NZD7.3 million Series F 2014-1 affirmed at 'Bsf'; Outlook Stable.

KEY RATING DRIVERS

The affirmation reflects Fitch's view that available credit
enhancement is sufficient to support the notes' current rating and
the agency's expectations of New Zealand's economic conditions.
Credit quality and the performance of underlying receivables
remain within the agency's expectations.

The transaction was modelled with a base-case gross yield rate of
17.8%, a base-case monthly payment rate (MPR) of 7.0% and a base-
case charge-off rate of 4.5%. The transaction has performed better
than Fitch expected, with an average gross yield of 19.9%, an
average MPR of 8.0% and an average charge-off rate of 3.4% during
the year to May 2017.

Q Card's write-off policy was amended in April 2017 to bring it
into line with that used internationally, with all arrears over
180 days now being written off. This has seen Q Card's arrears
greater than 120 days fall to 1.02% at end-May 2016 from 3%-4%
prior to the policy change. The eligibility criteria have also
been changed to broaden the range of assets allowed into the
trust, including allowing receivables from Q Mastercard.

Fitch has revised its steady-case assumptions for gross yield to
17.8% from 17.3% and MPR to 7.0% from 6.8% due to improved long-
term performance of these asset metrics in the trust since
closing. The steady case assumption for the charge-offs remained
unchanged.

RATING SENSITIVITIES

Fitch models three scenarios when evaluating the rating
sensitivities that vary certain metrics from the expected
performance for credit card ABS transactions: 1) reduction in
purchase rate; 2) increased defaults, and 3) a combination stress
of higher defaults and lower MPR.

Under the scenario of a reduction in purchase rate, the ratings
were not affected by a moderate stress of a 75% decrease, but a
100% reduction could lead to a downgrade of investment-grade notes
by one notch while the ratings on the other notes will be
unchanged. Under the scenario of an increase in default rate, the
ratings for the class A, B and C notes may be downgraded by one
notch in the most severe case of a 75% increase in defaults.

The harshest scenario assumes stresses to defaults and MPR occur
simultaneously. In a combined stress of 25% increase in defaults
and 15% reduction in MPR, the notes with investment-grade ratings
may be downgraded by one notch while the ratings on the other
notes will be unchanged. In a combined maximum stress of 75%
increase in defaults and 35% reduction in MPR, all the notes would
be downgraded by multiple notches.

The transaction would need to see default rate stresses rise by
over 100% to result in a category downgrade of notes. A
significantly greater than 100% increase in defaults would result
in a downgrade of the notes with investment-grade ratings to non-
investment-grade ratings; all the notes could be further
downgraded to 'CCCsf' if the default rate further increased
significantly.

To date, the transaction has exhibited strong performance with all
performance metrics within Fitch's initial expectations.



=================
S I N G A P O R E
=================


GEO ENERGY: Moody's Assigns B2 Corporate Family Rating
------------------------------------------------------
Moody's Investors Service has assigned a Corporate Family Rating
(CFR) of B2 to Geo Energy Resources Limited (Geo Energy). At the
same time Moody's has assigned a B2 rating to the proposed senior
unsecured guaranteed notes to be issued by Geo Coal International
Pte. Ltd., a wholly owned subsidiary of Geo Energy.

The outlook on the ratings is stable.

This is the first time Moody's has assigned a rating to Geo
Energy.

RATINGS RATIONALE

The proposed notes will be unconditionally and irrevocably
guaranteed by Geo Energy and all its subsidiaries. The bond
proceeds will be primarily used for refinancing existing debt --
specifically the outstanding notes of US$68.7 million due under
Geo Energy's US$300 million Medium Term Notes programme -- and
acquisition of new mines for business growth.

The B2 rating is supported by Geo Energy's position as a low cost
coal producer in Indonesia, its strong financial and leverage
profile, and its ongoing partnerships with significant operators
within the Indonesian coal sector. Geo Energy has contracted Bukit
Makmur Mandiri Utama (P.T.) (BUMA, Ba3 stable) as its mining
service contractor for the life of its mines.

The company is well positioned on the cost curve as outsourcing
its mining services to BUMA significantly reduces capex and
working capital requirements. With expected cash costs of
production in the range of US$26-28 at its existing mining
concession (PT Sungain Danau Jaya "SDJ") and newly acquired mining
concession (PT Tanah Bumbu Resources "TMB"), the company could
weather minor coal price adjustments.

"Geo Energy has strong financial and cash flow metrics for its
rating level, which allows the company flexibility to make
acquisitions as well as reasonable shareholder payments. The
company's adjusted debt/EBITDA is expected to be about 3.0-3.5x
over the next 1-2 years, and (RCF-Dividends)/Debt is expected to
remain in the range of 10-20%," says Nidhi Dhruv, a Moody's Vice
President-Senior Analyst.

Geo Energy's B2 rating also reflects the company's relatively
short track-record of operating as a pure-play coal producer, the
small scale of its business, a high degree of operational
concentration and the need to continue making acquisitions in
order to grow the business.

"With total proved and probable reserves of 90 million MT, Geo
Energy has a relatively short reserve life of about 6 years at
production levels of 15 million MT per annum. As such, the company
will need to keep reinvesting in the business and make
acquisitions in order to grow and replenish its mining reserves,"
adds Dhruv, also Moody's Lead Analyst for Geo Energy.

The ratings also consider Geo Energy's lack of diversification --
given its single operating concession (SDJ) and single product --
and its exposure to commodity cycles, as well as the uncertainty
in the regulatory environment.

"It also faces a high level of concentration risk, with Engelhart
Commodities Trading Partners (ECTP) being the sole offtaker of
coal from the SDJ mine. However, Geo Energy's coal trading
experience and its relationships with the end-users of its coal
provide some mitigation against this sole offtaker risk," adds
Dhruv.

Geo Energy transitioned into a pure play coal producer in 2016,
prior to which time it was an integrated mining company. The
company sold its mining services and coal haulage business in June
2016.

Pro-forma for the bond issue, Geo Energy will have a good
liquidity position with cash holdings of US$100 million on an
ongoing basis. However, absent the bond, the company will need to
tap other sources in order to meet its debt repayment of US$68.7
million in January 2018. However, Moody's considers the
refinancing risk to be manageable.

The stable outlook reflects Moody's expectations that Geo Energy
will execute its business growth strategy as planned, while
maintaining its cost competitiveness and strong financial profile.

What Could Change the Rating -- Up

Upward pressure on the ratings could emerge if Geo Energy expands
its production capacity as planned while improving its financial
profile. Moody's would also like to see a track record of the
company's ability to acquire new mines and ramp up production,
while improving its mine reserve life. Some indicators that
Moody's would consider are adjusted consolidated debt/EBITDA below
3.0x and (CFO-Dividends)/Debt of above 20% on a sustainable basis.

What Could Change the Rating -- Down

Downward pressure on the rating could emerge if industry
fundamentals deteriorate, leading to a decline in free cash flow
that would constrain Geo Energy's ability to grow its business.
Some of the indicators Moody's would consider are adjusted
consolidated debt/EBITDA rising above 4.0x or adjusted
consolidated (CFO-Dividends)/Debt below 10% on a sustainable
basis.

Any change in laws and regulations, particularly with regard to
the mining concessions, which would adversely affect the business
could also pressure the rating.

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

Geo Energy Resources Limited is a coal mining group, established
since 2008, with offices in Singapore and Indonesia. The company
owns mining concessions in South and East Kalimantan. Geo Energy
has been listed on Singapore Stock Exchange's main board since
2012. Its promoter shareholders, including Charles Antonny Melati
and Dhamma Surya own 52.7% of the company, while the public owns
37.7%.


GEO ENERGY: S&P Assigns 'B' Corp. Credit Rating; Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term corporate credit
rating to Singapore-based coal producer Geo Energy Resources Ltd.
The outlook is stable. At the same time, S&P said, "we assigned
our 'axBB-' long-term ASEAN regional scale rating to the company.
We also assigned our 'B' long-term issue rating to the proposed
senior unsecured notes to be issued by Geo Coal International Pte.
Ltd. (GCI) and unconditionally guaranteed by Geo Energy. Geo
Energy is a Singapore-based holding company that owns operating
companies with coal mining concessions in Indonesia."

The rating reflects Geo Energy's modest production and scale, high
single mine and mineral exposure, and a short record as a midsize
coal producer. The company also faces residual execution risk in
bringing a new mine to production, and its operating performance
and credit ratios will remain
sensitive to fluctuations in coal prices. The sound cost position
of Geo Energy's mines and adequate liquidity post the proposed
notes transaction mitigate these constraints.

S&P said, "We regard Geo Energy's narrow operating diversity as
the main constraint for its credit profile. The company produced
7.2 million metric tons (MMT) of coal in the 12 months ended March
31, 2017, with revenues of about US$270 million and EBITDA of
about US$77 million. We project the company's production to be
about 9 MMT in 2017 and increase to 14 MMT-15 MMT in 2018.
Although growing, this is still a modest level compared with
higher rated peers', which can be multiple times as large with
many more mine sites. The company's production is currently
concentrated at one mine (SDJ). Even though our production
projection assumes a gradual ramp-up from TBR, a newly acquired
second mine, we note TBR is adjacent to SDJ as both mines are on
the same coal seam and share the same infrastructure and potential
bottlenecks at the pit, hauling road, or loading facility.

"Exposure to a few mines adds a degree of potential volatility to
Geo Energy's production, EBITDA, and operating cash flows, in our
view. Production will remain exposed to seasonal patterns,
especially weather-related. The heavy rains in South Kalimantan
currently, for example, have been disrupting
production at SDJ.

"Geo Energy's reliance on SDJ for cash flows will lead to weaker
financial metrics until TBR commences steady operations, which in
our opinion is only likely to be early 2018. If the license for
TBR is delayed beyond the third quarter of 2017, Geo Energy might
face some challenges in offsetting the lack of production from TBR
with additional production from SDJ. Once the pending licenses are
obtained, however, we project TBR to gradually ramp-up to 6 MMT-8
MMT of production on a yearly basis. Geo Energy's intention to use
an experienced domestic mining contractor in the coal sector, PT
Bukit Makmur Mandiri Utama, to develop the TBR mine, reduces, in
our view, the risk of a material shortfall in our projected
production level in 2018 and beyond."

Amid execution risk and ambitious production growth, Geo Energy's
cost position is a supporting factor for the rating. SDJ operates
with moderate stripping ratios of 3x-4x on average, which
translate into low mining costs of about US$10-US$12 per ton. The
company also expects TBR to have similar mining costs
(notwithstanding higher initial stripping ratios) given a similar
geology. S&P said, "We project all-in cash costs, including
mining, hauling, processing, loading, royalties, selling and
overheads, to average US$26-US$28 per ton through 2019, assuming
benchmark fuel prices of about US$50 per barrel over the period.
Given fairly stable stripping ratios through 2019 (and once TBR is
operating), we expect Geo Energy to sustain this cost position
over the next few years."

The cash cost position is at the lower end compared with other
midsize to large coal miners in Indonesia. Additionally, the
operations and processing are contracted to third parties, so the
company has very little required capital spending, or equipment to
maintain. S&P said, "Nevertheless, we note that the company
produces coal with lower energy content than some of the larger
domestic peers. As a result, its average selling prices, which we
project at US$37-US$40 per ton through 2019, are lower than that
of other midsize to large domestic miners such as PT Kideco Jaya
Agung, PT Berau Coal Indonesia, PT Bumi Resources, and PT Indo
Tambangraya Megah Tbk. Geo Energy's EBITDA per ton, which we
forecast at US$10-US$13 over the next three years, is also at, or
slightly below that of the larger domestic peers, which varied
between US$10 and US$20 per ton for the quarter ended March 31,
2017.

"Geo Energy will also have to balance the expected higher
production with depletion, in our view. We regard the life of
proven and probable reserves of about six years (based on
production of about 14 MMT) as fair for the 'B' rating level. The
company is also likely to maintain its reserve life by acquiring
additional assets, with a focus on assets that are producing or
near-producing. We view this strategy as potentially credit
positive if the company is able to increase production and
reserves at attractive acquisition prices, and build-up its scale
and the size of its absolute cash flows. However, this strategy,
if mistimed, could also pressure liquidity and introduce execution
risk. We think one of the main risks to Geo Energy's
creditworthiness is a period of sustained low prices that would
follow an acquisition that depleted surplus cash.

"In our view, Geo Energy's debt post the proposed notes issuance
is manageable, given the quality of the company's earnings and
assets. We project gross reported debt to stay at US$250 million
through 2019. We estimate the company's ratio of funds from
operations (FFO) to debt to be about 20% in 2017, assuming annual
EBITDA of about US$80 million. The ratio improves to about 40% in
2018 and 2019, assuming at least US$140 million in annual EBITDA
post the TBR ramp-up. Geo Energy does not require any additional
debt in our base case through 2019. The company generates
discretionary cash flows in each of 2017, 2018, and 2019, thanks
to modest capital spending and dividends. We also believe the
company will retain enough cash, post its notes issuance, to pay
for acquisitions.

"We consider that our projected credit ratios are fairly solid
ratios for the 'B' rating level. However, single mineral exposure
and the structural operating leverage in the mining sector mean
that moderate changes in realized prices and EBITDA per ton
translate into wide variations in cash flow adequacy and leverage
ratios throughout a price cycle. We estimate that Geo Energy's
EBITDA and FFO could halve and its FFO-to-debt ratio could fall
below 20% in 2018 if realized prices decline below US$33 per ton.
While this figure would require a 15% decline in the US$38 we
assume on average in our base case, we note that the company's
realized prices have fluctuated between US$24 and US$44 since
the beginning of 2016."

Geo Energy's sound liquidity position post the notes issuance also
supports the rating, despite the uncertainty related to potential
cash-funded acquisitions. S&P said, "We estimate that Geo Energy's
cash balances will exceed US$100 million after the notes are
issued, with no debt maturing until 2022. The company is able to
comfortably service interest on the debt with operating cash flows
or cash balance, even in a lower pricing environment, as cash
balances provide a cushion even if cash flow turns negative. We
also note that the company has the option to pre-sell production.
The offtake contracts also provide potential access to as much as
US$80 million in prepayments, to help relieve cash flow pressure
in a challenging environment.

"Geo Energy's moderate scale, high single mine and mineral
concentration, and developing record of operations at a larger
scale are key differentiating factors between the company and
peers rated 'B+'. As a result, we consider a negative comparative
rating adjustment, which leads to a rating of 'B' for the company.

"The stable outlook reflects our expectation that Geo Energy will
maintain a sound cash buffer over the next 12 months, given the
additional liquidity provided by the notes proceeds and steady
cash flows from growing production over the period. It also
reflects stable and profitable operations at SDJ."

A downgrade is unlikely in the next 12 months given Geo Energy's
adequate liquidity and cash position following the issuance of the
proposed notes, and steady cash flows. Downside rating pressure is
most likely to develop if the company's liquidity weakens
materially. This could materialize if a sharp fall in realized
prices and profit per ton coincides with substantial cash outlays
from acquisitions.

An upgrade is dependent on Geo Energy lengthening its track record
of operations at a larger size with reduced execution risk and
with a record of cash accumulation sufficient to cushion price and
margin fluctuation through a pricing cycle. S&P believes that
sufficient buffer required to achieve a higher rating would entail
production being sustained at about 15 million tons per year while
EBITDA per ton exceed US$15 and modest acquisitions.



=============
V I E T N A M
=============


VIETNAM: Rate Cut May Spur Economic Growth Amid Credit Worries
--------------------------------------------------------------
Bloomberg News reports that Vietnam's surprise lowering of
interest rates for the first time in three years may help to
support economic growth, but raises credit risks in a nation still
grappling with a hangover of bad debt.

Bloomberg relates that the central bank reduced the refinance rate
by 25 basis points to 6.25 percent late on Friday and also lowered
the discount rate to 4.25 percent from 4.5 percent. The changes
come into effect on Monday, the State Bank of Vietnam said on its
website.

"These rate cuts will make it cheaper for businesses and
individuals to borrow, so it will help spur loan demand and
bolster consumption," Bloomberg quotes Do Ngoc Quynh, head of
treasury at Bank for Investment & Development of Vietnam in Hanoi,
as saying. "Vietnamese companies still highly rely on bank
lending. We just need to be mindful about how the loans will be
used to avoid increasing bad debt."

According to Bloomberg, the policy easing came a day after the
International Monetary Fund said the central bank should remain on
hold, stressing the need to contain rapid credit growth. Vietnam
remains vulnerable because of the slow pace of its banking sector
reforms.

Bloomberg relates that the central bank said in its statement that
the move was to help boost economic growth and keep inflation
under control. Vietnam is among the fastest-expanding economies in
the world, but growth is still below the government's ambitious
target of 6.7 percent. Annual inflation eased to 2.54 percent in
June, the slowest pace in almost a year.

Vietnam has done much to overhaul its banking system since 2012
after a lending spree and weak controls led to a surge in bad
debt, Bloomberg says. The central bank in 2013 set up the Vietnam
Asset Management Company to buy banks' bad debt. Non-performing
loans, at 17 percent at the time, dropped to 2.6 percent as of
March and the government aims to keep it under 3 percent.

While the asset quality of Vietnamese banks has improved, there is
a risk some new loans could sour, Bloomberg relates citing a
Moody's Investors Service research note. Bad loans at Vietnam
banks were 6.8 percent of total loans as of the end of 2016,
Moody's said, Bloomberg relays.



                             *********

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

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

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


                            *********


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

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

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

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

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



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