TCRAP_Public/170724.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, July 24, 2017, Vol. 20, No. 145

                            Headlines


A U S T R A L I A

BIS INDUSTRIES: S&P Lowers CCR to CC on Proposed Recapitalization
BOX 'N' BURN PTY: Second Creditors' Meeting Set for July 31
CAPITAL GROWTH: Ex-Director Charged with Fraud and Dishonesty
FLEET VEHICLE: First Creditors' Meeting Set for Aug. 2
JDP INTEGRATED: Second Creditors' Meeting Set for July 31

OZCON INDUSTRIES: May Have Been 'Trading Insolvent'
RUBIX INVESTMENTS: First Creditors' Meeting Set for Aug. 2
RUFF ROCK: Second Creditors' Meeting Set for Aug. 1


C H I N A

CHINA AOYUAN: S&P Upgrades Long-Term CCR to 'B+' on Strong Sales
CHINA GRAND: Expected Profit Improvement Supports Moody's B1 CFR
COUNTRY GARDEN: Fitch Rates US$600MM Senior Notes BB+
FUTURE LAND: Proposed Privatization No Impact on Moody's Ba3 CFR
LEECO GROUP: Sunac Head Officially Appointed as Chairman of Unit

OCEANWIDE HOLDINGS: Fitch Rates Proposed USD Senior Notes 'B'
OCEANWIDE HOLDINGS: S&P Assigns 'B' Long-Term Issue Rating
SPI ENERGY: Buys Back EnSync Preferred Shares from Melodius
SPI ENERGY: Closes Sale of 80M Ordinary Shares for $5.76M
SPI ENERGY: Qian Kun Owns 11.1% of Ordinary Shares as of July 6


I N D I A

ADLABS ENTERTAINMENT: CARE Cuts Rating on INR1,015.84cr Loan to D
ADMACH AUTO: Ind-Ra Migrates Issuer Rating to BB- Not Cooperating
ANIKA APPARELS: CRISIL Reaffirms 'B+' Rating on INR1.25MM Loan
ASIAN FOOTWEARS: Ind-Ra Affirms BB- Issuer Rating; Outlook Stable
BEMCO HYDRAULICS: CRISIL Raises Rating on INR10MM Loan to 'B'

BLOOMFLEX PRIVATE: CARE Assigns B+ Issuer Not Cooperating Rating
CENTURY TEXOFIN: Ind-Ra Moves Issuer Rating to BB Not Cooperating
ESTEEM INDUSTRIES: CARE Assigns B+ Rating to INR1.20cr Loan
EURO INDIA: CRISIL Upgrades Rating on INR13.75MM Loan to B-
GUPTA TRANSFORMER: CRISIL Lowers Rating on INR6MM Loan to 'B'

HOTEL RATHI: CRISIL Assigns 'D' Rating to INR6MM Term Loan
INFUTEC HEALTHCARE: CARE Lowers Rating on INR71.62cr Loan to D
ISAT NETWORK: CRISIL Reaffirms B+ Rating on INR3.0MM Loan
K.B.A. AGROTECH: CRISIL Reaffirms B+ Rating on INR8.0MM Loan
NATIONAL STEEL: CRISIL Lowers Rating on INR10MM Cash Loan to B-

PATANJALI DISTRIBUTORS: CRISIL Assigns B+ Rating to INR10MM Loan
RAJARAM AND BROTHERS: CRISIL Cuts Rating on INR8MM Loan to B+
RED ROSE: CRISIL Upgrades Rating on INR9.25MM Cash Loan to 'B'
SCORE INFORMATION: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
SHAH PACKWELL: CRISIL Lowers Rating on INR10MM Loan to 'D'

SHASHADHAR COLD: CRISIL Reaffirms B- Rating on INR6.02MM Loan
SHRI KEDARESHWAR: CARE Assigns B+ Rating to INR79.88cr Loan
SME STEELS: Ind-Ra Assigns 'BB+' Issuer Rating; Outlook Stable
SREE VEERABHADRESHWARA: CARE Rates INR10cr LT Loan at B+
SRI SCL: CARE Raises Rating on INR31cr LT Loan to BB

SUPREME MANOR: CRISIL Reaffirms 'D' Rating on INR377MM Term Loan
TAMILNADU STATE: CARE Reaffirms B Rating on INR15cr LT Loan
V R CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR4.75MM Loan
VALIA IMPEX: CRISIL Reaffirms B+ Rating on INR25MM Loan
WEBFIL LTD: CRISIL Assigns B- Rating to INR13.68MM Cash Loan

YP FOODS: CRISIL Reaffirms 'B' Rating on INR9.0MM Term Loan


J A P A N

L-STARS ONE: Moody's Hikes Rating on Class E Debt from Ba1(sf)
TOSHIBA CORP: To Book JPY40BB Special Profit From Stake Sale


M A L A Y S I A

PRIME GLOBAL: ShineWing Replaces Centurion as Accountant


S I N G A P O R E

SWEE HONG: Pays Off Debt as Scheme of Arrangement Ends
TRIYARDS HOLDINGS: Posts US$63.3 Million Loss in Q3 Ended May 31


                            - - - - -


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


BIS INDUSTRIES: S&P Lowers CCR to CC on Proposed Recapitalization
-----------------------------------------------------------------
S&P Global Ratings said that it had lowered its long-term
corporate credit rating on BIS Industries Ltd. to 'CC' from
'CCC-'. The outlook on the rating is negative.

S&P said, "At the same time, we affirmed the 'C' rating on the
company's payment-in-kind (PIK) notes issued by BIS' related
entity Artsonig Pty Ltd. The recovery rating on the PIK notes
remains at '6', reflecting our expectation of negligible recovery
prospects in the event of default.

"We lowered the corporate credit rating on BIS because the
company has announced that it has reached an agreement in
principle with its lenders for the recapitalization of its
balance sheet. The agreement establishes a proposed
recapitalization of BIS by way of a scheme of arrangement, which
would include a debt-for-equity swap for both the lenders and
subordinated PIK noteholders."

The proposed transaction will extinguish about A$1 billion or 80%
of the company's total outstanding debt. In exchange, both
lenders and PIK noteholders will assume ownership of BIS'
operating entities.

The scheme is subject to the necessary approvals by stakeholders.
S&P said, "However, we believe the probability of it been
implemented is highly likely given a reduction in debt is needed
for the ongoing viability of the business.

"Although we are lowering the rating today, we note that a
reduction in leverage will be positive overall. This should
result in a more sustainable capital structure and allow BIS to
pursue further growth opportunities in the future.

"The negative outlook reflects the likelihood that we will lower
the rating to 'SD' (selective default) following completion of
any debt-for-equity conversion. This is likely to occur in the
fourth quarter of 2017."


BOX 'N' BURN PTY: Second Creditors' Meeting Set for July 31
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Box 'N' Burn
Pty Ltd has been set for July 31, 2017, at 3:00 p.m., at the The
Boardroom of Chifley Advisory, Suite 3.04, Level 3, 39 Martin
Place, in Sydney, NSW.

The purpose of the meeting is (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 28, 2017, at 4:00 p.m.

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


CAPITAL GROWTH: Ex-Director Charged with Fraud and Dishonesty
-------------------------------------------------------------
Bradley Keith Silver, of Tasmania, has been arrested by
Australian Federal Police officers and charged with multiple
fraud and dishonesty offences.

He was arrested at Brisbane Airport on July 20 and brought before
the Brisbane Magistrates Court later the same day.

Following an ASIC investigation, Mr. Silver has been charged
with:

  - Seven counts of fraud to the value of AUD2.32 million under
    s408C of the Queensland Criminal Code (maximum sentence of
    imprisonment of 12 years); and

  - Six counts of dishonest use of his position as a director
    under s184 of the Corporations Act (maximum sentence of
    imprisonment of five years).

Mr. Silver was released on conditional bail to appear in the
Brisbane Magistrates Court on Aug. 25, 2017. Mr. Silver's bail
conditions include that he surrender his passport and that he not
leave Australia or approach any point of international departure.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.

Between 2008 and 2010 Mr. Silver was the director of a Gold Coast
property development company known as Capital Growth
International Club Pty Ltd (CGIC) and associated with a company
known as All About Property Developments Pty Ltd (AAPD). In
February 2011, the companies were placed into liquidation owing
investors about AUD9 million.


FLEET VEHICLE: First Creditors' Meeting Set for Aug. 2
------------------------------------------------------
A first meeting of the creditors in the proceedings of Fleet
Vehicle Network Pty Ltd will be held at the offices of
Veritas Advisory, Level 5, 123 Pitt Street, in Sydney, NSW, on
Aug. 2, 2017, at 11:00 a.m.

David Iannuzzi & Vincent Pirina of Veritas Advisory were
appointed as administrators of Fleet Vehicle on July 21, 2017.


JDP INTEGRATED: Second Creditors' Meeting Set for July 31
---------------------------------------------------------
A second meeting of creditors in the proceedings of JDP
Integrated Structures Pty Ltd has been set for July 31, 2017, at
11:00 a.m., at the Seminar room of the Governance Institute of
Australia, Level 10, 5 Hunter Street, in Sydney, NSW.

The purpose of the meeting is (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 28, 2017, at 4:00 p.m.

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


OZCON INDUSTRIES: May Have Been 'Trading Insolvent'
---------------------------------------------------
The Dalby Herald reports that liquidators believe Ozcon
Industries could have been trading while insolvent for at least
18 months before the Dalby company's collapse in January this
year.

The Dalby Herald has obtained a copy of a creditors report
compiled by liquidators DuncanPowell, outlining the circumstances
around the company's demise.

The report said Ozcon Industries went bust owing more than AUD9.6
million, including AUD1.8 million to former employees, The Dalby
Herald relates.

That figure includes AUD284,206 worth of unpaid superannuation,
which will be covered by the Australian Taxation Office, The
Dalby Herald discloses.

According to The Dalby Herald, preliminary investigations by the
liquidators suggested the company could have been trading
insolvently from as far back as June 30, 2015.

Liquidators have formally notified their intent to the company's
insurer to make an insolvent trading claim against the director
of the company, Dalby man Kieran Chiverton, and will potentially
lodge the same claims against four other directors, according to
The Dalby Herald.

The Dalby Herald relates that DuncanPowell said Mr. Chiverton did
not have any significant assets, and is also being pursued by
providers of the company for a number of personal grantee claims.

There could also be further implications for the former
directors, with the report stating their intention to supply
evidence to the nation's corporate regulator, The Dalby Herald
says.

"In relation to any offences that may have been committed by the
directors of the company (. . .) I (Chris Powell) am currently
preparing a report to be submitted to the Australian Securities
and Investments Commission (ASIC)," the report, as cited by The
Dalby Herald, said.

Ozcon Industries supplied steel pipe engineering services,
perforating processing, and welding services to the mining,
manufacturing, and agricultural industries.

Ozcon Industries went into liquidation on January 6, 2017.


RUBIX INVESTMENTS: First Creditors' Meeting Set for Aug. 2
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Rubix
Investments Group Pty Ltd will be held at the offices of
Veritas Advisory, Level 5, 123 Pitt Street, in Sydney, NSW, on
Aug. 2, 2017, at 11:30 a.m.

David Iannuzzi & Vincent Pirina of Veritas Advisory were
appointed as administrators of Rubix Investments on July 21,
2017.


RUFF ROCK: Second Creditors' Meeting Set for Aug. 1
---------------------------------------------------
A second meeting of creditors in the proceedings of Ruff Rock Pty
Ltd has been set for Aug. 1, 2017, at 11:00 a.m., at the offices
of RSM Australia, Equinox Building 4, Level 2, 70 Kent Street, in
Deakin, ACT.

The purpose of the meeting is (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 31, 2017, at 4:00 p.m.

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



=========
C H I N A
=========


CHINA AOYUAN: S&P Upgrades Long-Term CCR to 'B+' on Strong Sales
----------------------------------------------------------------
S&P Global Ratings raised its long-term corporate credit rating
on China Aoyuan Property Group Ltd. (Aoyuan) to 'B+' from 'B'.
The outlook is stable. S&P said, "We also raised our long-term
Greater China regional scale rating on the China-based property
developer to 'cnBB' from 'cnBB-'.

"At the same time, we raised our long-term issue rating on
Aoyuan's senior unsecured notes to 'B' from 'B-'. We also raised
our Greater China regional scale rating on the notes to 'cnBB-'
from 'cnB+'.

"We raised the rating on Aoyuan to reflect our expectation that
the company's leverage will continue to improve over the next 12-
18 months based on strong sales performance and good cash
collection, as well as a disciplined approach to land
acquisition. At the same time, we also view the company's
business position to be improving through scale growth and better
sales execution."

In the first six months of 2017, Aoyuan's contracted sales
reached Chinese renminbi (RMB) 16.5 billion, increasing 57% year
on year. S&P said, "In our view, the company is likely to exceed
its RMB33 billion annual target with over RMB40 billion in
saleable resources in the second half of the year. We also expect
the company to maintain a good cash collection ratio to support
construction costs and land acquisitions. While operating cash
flow is likely to be negative over the next two years, resulting
in higher borrowings, we believe this will be more than offset by
robust revenue growth and moderate margin improvements. As a
result, we forecast Aoyuan's debt to EBITDA to improve to 6x in
2017 and to 5.5x-6x in 2018, from 6.4x in 2016.

"In addition, we believe the company's overall business position
has improved in recent years through increased scale and better
geographical diversity. Aoyuan exceeded its annual sales target
in 2015 and 2016, demonstrating enhanced execution capability
compared to 2013 and 2014.As a result, its operating metrics--
such as selling, general, and administrative (SG&A) to revenue--
have improved. We also expect Aoyuan to continue to focus on
improving turnover and lower costs. We also believe the company
will continue to maintain a reasonable capital structure by
lengthening its debt maturity profile and benefiting from lower
funding costs.

"We expect Aoyuan to maintain a disciplined approach toward land
acquisitions and new investments. In our base case, we forecast
that the company will keep land acquisition costs within 40% of
contracted sales. At the end of 2016, the company had a total
land bank of 14.65 million sq. meters gross floor area (GFA)
across 27 cities, with attributable interest over 90%. However,
Aoyuan's geographical concentration remains relatively high, with
Guangdong (including Guangzhou and Shenzhen) still accounting for
58% of its land bank by value. We view its land reserves as
adequate to support its growth ambitions over the next two years.
Therefore, we do not expect the company to have significant
pressure to replenish land at high costs. The reasonable cost and
geographic distribution of its land bank should also support
stable margin growth over the next two years, in our view.

"The stable outlook reflects our expectation that Aoyuan's
leverage will continue to improve, supported by robust sales
growth and a disciplined approach to land acquisitions in the
next 12-18 months. In our base case, we forecast Aoyuan's debt-
to-EBITDA ratio will improve to around 6x in 2017 and 5.5-6.0x in
2018, compared with 6.4x in 2016. We also expect the company to
consistently maintain its EBITDA interest coverage ratio at 2.0x-
2.5x from 2017 onward.

"We expect the rating upside to be limited in the next 12 months.
However, we may raise the rating if Aoyuan's sales and land bank
diversity significantly improves, while the company maintains its
deleveraging trend, good sales growth, and stable margins.

"We may lower the rating if Aoyuan's leverage fails to improve to
levels we expect. This could happen if Aoyuan becomes aggressive
toward land acquisitions while sales falls below our expectation,
or if its profitability materially declines, such that debt to
EBITDA stays above 6x or EBITDA interest coverage falls below
2x."


CHINA GRAND: Expected Profit Improvement Supports Moody's B1 CFR
----------------------------------------------------------------
Moody's Investors Service says that China Grand Automotive
Services Co., Ltd.'s announcement of an expected improvement in
its consolidated net profit in 1H 2017 supports its B1 corporate
family rating.

The rating outlook remains stable.

"China Grand Auto's announcement of an improvement in profits for
1H 2017 -- compared with 1H 2016 -- is in line with Moody's
expectations," says Gerwin Ho, a Moody's Vice President and
Senior Analyst.

On July 17, 2017, China Grand Auto announced that it expects its
consolidated net profit for the six months ending June 30, 2017
to rise 42%-47% year-on-year from RMB1.4 billion in the
corresponding period in 2016.

The expected rise in profit is mainly attributable to 1) the
synergies derived from acquisitions, 2) higher operating
efficiency driven by cost controls, and 3) greater operating
scale resulting from acquisitions.

China Grand Auto had grown its number of 4S dealership stores to
674 as of the end of 2016 from 405 at end-2013. Specifically, the
company acquired 101 4S dealership stores between 2013 and 2015,
and another 167 stores in 2016, including those from its
acquisition of Hong Kong-listed Grand Baoxin Auto Group Limited
(unrated) in June 2016.

Moody's expects China Grand Auto's revenue to rise around 11-13%
year-on-year in all of 2017, supported by growth in new vehicle
sales and service-related revenues, including for auto
maintenance, commissions and auto leasing.

China Grand Auto's debt leverage -- as measured by adjusted
debt/EBITDA -- was 6.7x at end-2016, and Moody's expects that it
will moderate to around 6.3x over the next 12-18 months, with
EBITDA/interest at about 3.5x. These metrics position the company
at the single-B rating level.

The principal methodology used in this rating was Retail Industry
published in October 2015.

China Grand Automotive Services Co., Ltd. was the largest auto
dealer in China in terms of revenue and unit sales in 2016. It
had 733 locations in China at end-2016, including 674 4S
dealership stores.

Established in 2006, China Grand Auto is listed on the Shanghai
Stock Exchange and was 37.3% owned by the unlisted Xinjiang
Guanghui Industry Investment (Group) Co., Ltd. (B2 stable) at
end-2016.


COUNTRY GARDEN: Fitch Rates US$600MM Senior Notes BB+
-----------------------------------------------------
Fitch Ratings has assigned China-based Country Garden Holdings
Co. Ltd.'s (BB+/Stable) US$600 million 4.75% senior notes due
2022 a final rating of 'BB+'. The notes are rated at the same
level as Country Garden's senior unsecured rating because they
constitute its direct and senior unsecured obligations. The final
rating is in line with the expected rating assigned on 17 July
2017.

Country Garden's ratings are supported by strong contracted sales
growth, high financial flexibility with low interest costs and a
record of strong execution. The ratings are constrained by its
opportunistic growth strategy, which increases financial
performance volatility, and a negative trend in its cash flow
from operations (CFO). Moving into higher-tier cities is a
positive development in Country Garden's progression to becoming
a nationwide homebuilder. However, it may take another 12-18
months before the process reaches fruition.

KEY RATING DRIVERS

Expansion Increases Volatility: Fitch has observed that Country
Garden's growth and expansion follows a three- to four-year
cycle. It achieved significant contracted sales growth of 89% in
2016, which considerably raised its leverage and churn ratio.
Leverage peaked at 41% in 2016, but the higher debt did not
pressure churn ratio as measured by attributable contracted
sales-to-gross debt, which rose to 1.5x, compared with its lowest
level of 1.1x-1.2x in 2015. Fitch uses three-year average ratios
to reflect volatility and expects Country Garden to maintain its
three-year average leverage through the cycle at below 35% and
its three-year average asset turnover ratio at around 1.5x.

Positive CFO Unsustainable: Country Garden's CFO is likely to
turn negative, after reaching CNY40 billion in 2016, due to land
acquisition and construction expenditure for the surge in
projects it sold in 2016. Fitch may consider taking positive
rating action if Country Garden continues to expand while
maintaining neutral CFO in the next one to two years.

Robust Contracted Sales: Country Garden achieved an 89% increase
in attributable contracted sales to CNY235 billion in 2016; one
of the highest growth rates achieved by Chinese homebuilders
during the year. This was supported by its land-bank
repositioning since late 2015, with nearly 60% of 2016 contracted
sales coming from products targeting at Tier 1 and 2 cities,
compared with 52% in 2015; 65% of its newly acquired CNY128
billion attributable land bank in 2016 also targets Tier 1 and 2
cities.

Guangdong Leadership Supports Growth: Fitch believes Country
Garden's strong home-base position in Guangdong province enables
its rapid land-bank repositioning to support sales growth. Around
85% of the value of saleable resources targeting Tier 1 cities in
2016 also targeted customers in Shenzhen and Guangzhou, compared
with only 15% for Beijing and Shanghai. Fitch expects the
contracted sales contribution from Guangdong to remain at around
30%, given Country Garden's land-bank repositioning was mainly in
the province.

Gradual Margin Recovery: Fitch estimates that Country Garden's
2017-2018 EBITDA margin will remain stable at around 17%-18%, due
to the recognition of wider-margin contracted sales. Its 2016
EBITDA margin edged up slightly to 17.4% from 17% in 2015; which
was at a historical low, as the company recognised lower-margin
products, such as high-rise residential apartments. Fitch
believes margins could gradually improve to around 20%-21% by
2018-2019, as Country Garden recognises more higher-margin
contracted sales and continues de-stocking low-margin products.
Successful product repositioning to target Tier 1 and 2 cities
will help EBITDA due to better margins, churn and liquidity.

DERIVATION SUMMARY

Country Garden is well-positioned between peers with 'BBB-' and
'BB' ratings. Its CFO trend remains negative, while CFO of
Longfor Properties Co. Ltd. (BBB-/Stable) and Shimao Property
Holdings Limited (BBB-/Stable) have neutral to positive trends.
Country Garden has the largest contracted sales, EBITDA and churn
in the peer group. This is offset by its EBITDA margin. In
addition, Country Garden's leverage is weaker compared with pure
homebuilders, such as Shimao, and similar to 'BBB-' rated
homebuilders with large investment properties, such as Longfor
and China Jinmao Holdings Group Limited (BBB-/Stable); but with
greater volatility.

No Country Ceiling or parent/subsidiary linkage aspects affect
Country Garden's rating. Companies in this sector are unlikely to
be rated above 'BBB+' due to operating environment risks.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for the issuer
include:
- contracted sales by gross floor area to increase by 10%-20%
   over 2017-2018;
- average selling prices for contracted sales to increase by up
   to 5% over 2017-2018;
- EBITDA margin to remain stable at 17%-18% in 2017-2018; and
- net debt, including perpetuals, to be around CNY70 billion-95
   billion in 2016-2017.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Achieving sustainable neutral or positive cash flow from
   operation. This may be achieved if Country Garden maintains a
   stable growth pace.

Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- A three-year average EBITDA margin below 20% for a sustained
   period (average 2014-2016: 19%).
- A three-year average net debt/adjusted inventory ratio above
   40% for a sustained period (average 2014-2016: 38%).
- A three-year average contracted sales/gross debt ratio below
   1.3x for a sustained period (average 2014-2016: 1.5x).

LIQUIDITY

Sufficient Liquidity: Country Garden had CNY96 billion of cash on
hand, including CNY12 billion in restricted cash, with undrawn
bank facilities of approximately CNY163 billion, as at end-2016.
This was more than sufficient to cover its short-term debt of
CNY46 billion.

Diversified Funding Channels: Country Garden has many financing
options, including equity issuance, perpetual capital securities,
offshore notes, onshore debentures and bank borrowings. Its
weighted-average borrowing cost was 5.3% in 2016.


FUTURE LAND: Proposed Privatization No Impact on Moody's Ba3 CFR
----------------------------------------------------------------
Moody's Investors Service says that the proposed privatization of
Future Land Development Holdings Limited -- if successful -- will
not immediately impact its Ba3 corporate family or B1 senior
unsecured debt ratings.

The ratings outlook remains positive.

On July 19, 2017, Future Land Development announced that its
controlling shareholder, Mr. Wang Zhenhua, made a general offer
to buy out all of Future Land Development's H shares at a price
of HKD3.3 per share in cash. At July 19, 2017, Mr. Wang held
72.56% of Future Land Development's outstanding shares. If
successful, this transaction would lead to the privatization and
delisting of Future Land Development from the Hong Kong Stock
Exchange.

"Moody's expects Future Land Holdings, the group's key operating
subsidiary, will retain adequate access to onshore bank lending
and the capital markets to support its business growth," says
Stephanie Lau, a Moody's Vice President and Senior Analyst.

Future Land Development will also maintain good access to the
onshore debt and equity capital markets through its 68%-owned
subsidiary, Future Land Holdings. Future Land Holdings has also
recently obtained approval from the National Development and
Reform Commission to issue offshore bonds.

In a scenario which requires Future Land Holdings to provide
funding for the privatization, the financial impact to the group
would be manageable, because the consideration amount is small
relative to the group's assets and cash of RMB105 billion and
RMB13.8 billion, respectively, at end-2016.

"Moody's does not expects the delisting of Future Land
Development to impact the group's growth and financial position
or reduce overall transparency," adds Lau, who is also Moody's
Lead Analyst for Future Land Development.

The group's main operating entity, Future Land Holdings, is
listed on the Shanghai Stock Exchange, thereby ensuring continued
information disclosure. Future Land Holdings generates 99% of the
group's consolidated revenue and held more than 97% of the
group's cash and assets at end-2016, as well as 85% of the
group's reported debt.

Moody's does not expect a material change in Future Land
Development's business strategy as a result of the privatization.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Founded in 1996, Future Land Development Holdings Limited engages
primarily in residential development. At end-2016, Future Land
maintained a presence in 33 cities in China, with an attributable
land bank of approximately 19.9 million square meters of gross
floor area.


LEECO GROUP: Sunac Head Officially Appointed as Chairman of Unit
----------------------------------------------------------------
South China Morning Post reports that Sunac China chairman Sun
Hongbin has officially been appointed as the new chairman of the
listed arm of LeEco, the embattled Chinese tech group that is
facing mounting debt and losses.

Sun, the Shanxi tycoon who poured CNY15 billion (US$2.2 billion)
to bail out LeEco early this year, has replaced the group's
founder, Jia Yueting, as chairman of the Shenzhen-listed Leshi
Internet Information & Technology Corp, the Post discloses.

Sun has been chosen to take the position in a board meeting held
via teleconference on July 21, Leshi said in a statement, despite
Sun's disinterest in the role, the Post says.

"Leshi is small business, while Sunac is a big business worth
hundreds of billions of yuan," Sun was quoted as saying in an
interview last week with the mainland media, indicating his
reluctance to lead the tech group, the Post relays.

On June 19, Sun inked a deal to spend CNY43.8 billion to buy 13
tourism-related projects including theme parks from Wanda Group,
in one of the largest property transactions in China.

"But no one is a better candidate than Sun for the chairman
role," the report quotes Hu Jiaming, a Shanghai-based analyst
with Capital Securities, as saying. "With him being the new
chairman, there is possibility for Leshi to get further capital
injection from Sunac," he added.

The report relates that the appointment of Sun came at a critical
time for Leshi, as Jia resigned from the company's board in early
July amid challenges hitting his cash-strapped LeEco group.

LeEco, once a high-flying technology empire, is battling to stay
afloat amid a mountain of debt, huge losses and court orders that
had freezed its assets, according to the Post.

The Post says the crisis has spilled into Leshi, which said on
July 18 that its shares would remain suspended for another three
months.

Leshi's first-half loss is estimated to be between CNY636.7
million and CNY641.7 million, swinging from a profit of CNY284.4
million in the same period last year, the Post discloses citing
an early filing to the Shenzhen stock exchange.

It attributed the loss to declines in customer loyalty,
advertising revenue, terminal sales and membership fees, the Post
adds.

As reported in the Troubled Company Reporter-Asia Pacific on
July 6, 2017, The Financial Times said that a Chinese court has
frozen millions of dollars in assets belonging to embattled tech
conglomerate LeEco, dealing another blow to the company as it
struggles to stay afloat.  The FT related that an order issued by
the court backed up a request by China Merchants Bank to freeze
CNY1.24 billion of assets from three LeEco subsidiaries as well
as the personal assets of LeEco founder Jia Yueting and his wife
Gan Wei, LeEco confirmed.  The assets were frozen because of
missed interest payments on a loan taken out by LeEco's mobile
phone subsidiary, the company added.

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


OCEANWIDE HOLDINGS: Fitch Rates Proposed USD Senior Notes 'B'
-------------------------------------------------------------
Fitch Ratings has assigned China-based property developer
Oceanwide Holdings Co. Ltd.'s (B/Stable) proposed US dollar
senior notes a 'B(EXP)' expected rating and a Recovery Rating of
'RR4'.

The proposed notes, to be issued by Oceanwide Holdings
International 2017 Co., Limited, Oceanwide's wholly owned
subsidiary, and be guaranteed by Oceanwide, are rated at the same
level as Oceanwide's senior unsecured rating because the will
represent the company's direct and senior unsecured obligations.
The final rating is subject to the receipt of final documentation
conforming to information already received.

Oceanwide's rating is supported by its strong sales growth and
good-quality landbank. The rating is constrained by the rapid
increase in leverage, which is likely to remain high for the next
18-24 months as the company ramps up development expenditure to
support sales growth and continues to invest in its finance
business.

KEY RATING DRIVERS

Solid Sales Growth: Oceanwide's contracted sales declined 15% in
2016 due to tighter government policies on property. However, its
cash collection increased to 132% at end-2016, from 82% at end-
2015, because of better collection rates on projects sales. Fitch
expects Oceanwide's contracted sales to increase by 10%-15%
annually in 2017 and 2018, driven by project launches in Wuhan
and sales from new projects in Beijing and Shanghai. This will
drive the company's contracted sales to over CNY20 billion and
allow it to generate positive operating cash flow from its
property business to fund its financial-sector expansion.

Continuing Finance Expansion: Oceanwide has been aggressively
diversifying its business from pure property development to
financial institutions since 2014. It has spent more than CNY20
billion on building its finance business, which includes
securities, trusts, insurance and internet finance. Fitch expects
Oceanwide to continue investing heavily in the finance sector
with an aim to secure licenses for a full range of finance
businesses. This will continue to put pressure on its leverage.

Leverage Remains High: Oceanwide's leverage, as measured by net
debt/adjusted inventory and after deconsolidating debt from the
financial business, reached 92% in 2016 (2015: 86.2%), which is
higher than that of 'B' rated peers. Fitch expects this ratio to
remain above 80% due to Oceanwide's property-development business
model, which requires more time to generate sales due to the
lengthy primary-land development phase. Oceanwide's consolidated
net debt jumped to CNY74 billion at end-2016, from CNY39 billion
in 2014, due to higher development expenditure, the rapid
expansion of its finance business, additional investment in
financial assets and overseas acquisitions.

High Quality Landbank: Oceanwide's large landbank, most of which
was acquired many years ago, is sufficient for more than 10 years
of development. Sites in tier 1 cities like Beijing and Shanghai,
affluent tier 2 cities like Wuhan and major cities in the US make
up more than 80% of its landbank. Many of Oceanwide's projects in
Beijing and Shanghai have prime locations. The low land cost
together with the high quality landbank will become the key
driver behind a solid EBITDA margin and sustained growth for the
next two to three years.

DERIVATION SUMMARY

Oceanwide has a larger scale in terms of contracted sales and
EBITDA than other China-based property companies rated in the 'B'
category, such as Redco Properties Group Ltd (B/Stable) and
Guorui Properties Limited (B/Stable). However, its leverage is
high compared with 'B' category peers partially due to
Oceanwide's active investments in financial institutions and
larger exposure to commercial development properties that have a
longer cash collection cycle. This also drives its lower project
churn compared with peers, but Oceanwide's slow-churn business
model also means its landbank was acquired years ago, which
substantially undervalues its inventory compared with fast-churn
homebuilders.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Limited new land acquisitions at 0.1x of contracted sales in
   terms of gross floor area
- Contracted sales growth driven by higher average selling
   prices of CNY35,000-40,000 per square metre in 2017-2019, from
   CNY35,608 per square metre in 2016
- Property development gross margin of 45% in 2017-2019, which
   is lower than in previous years due to higher construction
   costs
- Lower dividend payout ratio than in previous years

Recovery rating assumptions
- Oceanwide would be liquidated in a bankruptcy because it is an
   asset-trading company
- 10% administrative claim
- The value of inventory and other assets can be realised in a
   reorganisation and distributed to creditors
- A haircut of 20% on adjusted inventory, lower than the norm
   used for peers because of Oceanwide's higher-than-industry
   profit margin, which implies its inventory will have a higher
   liquidation value than that of peers
- A 20% haircut to investment properties and the net tangible
   assets of its financial subsidiaries
- A 50% haircut to available for sale financial securities as
   well as land and buildings
- Fitch considers Oceanwide's CNY24 billion in available cash,
   excluding cash of its financial subsidiaries, as excessive, as
   it significantly exceeds its 2016 contracted sales of CNY12.9
   billion. Fitch assumes the difference will be spent on
   development expenditure, for which Fitch has applied a 40%
   haircut.
- Based on Fitch calculations of the adjusted liquidation value
   after administrative claims, Fitch estimates the recovery rate
   of the offshore senior unsecured debt to be 42%, which
   corresponds to a Recovery Rating of 'RR4'.

RATING SENSITIVITIES

Negative: Developments that may, individually or collectively,
lead to negative rating action include:
- Contracted sales/net debt, excluding debt attributable to
   financial institutions, below 0.25x for a sustained period, or
   a deterioration of this ratio for a sustained period
- EBITDA margin below 35% for a sustained period
- Substantial weakening of the credit profile of its key
   financial institutions

Positive: Positive rating action is not expected in the next 12-
18 months due to Oceanwide's high leverage

LIQUIDITY

Oceanwide had more than CNY30 billion in cash and CNY2 billion in
unused bank-credit facilities as of end-2016, sufficient to cover
its short term debt of CNY15.7 billion.
In addition, Oceanwide has many financing options, including
equity issuance, perpetual capital securities, offshore notes and
trust or bank borrowings. Its weighted-average 2016 borrowing
cost was 7%-8%.


OCEANWIDE HOLDINGS: S&P Assigns 'B' Long-Term Issue Rating
----------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue rating and
'cnB+' long-term Greater China regional scale rating to a
proposed issue of U.S. dollar-denominated senior unsecured notes
that Oceanwide Holdings Co. Ltd. (Oceanwide: B/Negative/--;
cnB+/--) and its Hong Kong-listed subsidiary China Oceanwide
Group Ltd. will guarantee. Oceanwide's fully owned special-
purpose vehicle Oceanwide Holdings International 2017 Co. Ltd.
will issue the notes. The ratings are subject to S&P's review of
the final issuance documentation and registration requirements of
China's State Administration of Foreign Exchange.

The ratings on the notes are the same as that on Oceanwide
because the company unconditionally and irrevocably guarantees
the notes. Oceanwide's payment obligations under the guarantee
will rank at least equally with all its other present and future
unsecured and unsubordinated obligations.

S&P said, "We expect Oceanwide to use the proceeds predominantly
to refinance its higher-cost borrowings, specifically to early
redeem the outstanding US$320 million 12% senior notes due 2019
callable in September 2017. Earlier this month, Oceanwide issued
a US$200 million 364-day bond to refinance maturing offshore bank
debt. We expect the company to continue experiencing tight
liquidity given its large refinancing needs comprising short-term
debt.

"We expect Oceanwide to face challenges in sales execution in
2017 given its significant project concentration in Beijing,
Wuhan, and Shanghai, which are subject to a strict tightening
policy on housing prices. Weak cash flow from property sales may
cause its debt level to rise further despite limited new land
acquisition.

"The negative outlook on the corporate credit rating on Oceanwide
reflects our expectation that the company's leverage will remain
high and EBITDA interest coverage will remain weak over the next
12 months. We also expect heightened execution and financial
risks with Oceanwide's aggressive expansion and acquisitions in
the financial sector. We expect the company's debt-to-EBITDA to
rise to 15x-16x in 2017, from above 12x in 2016."


SPI ENERGY: Buys Back EnSync Preferred Shares from Melodius
-----------------------------------------------------------
SPI Energy Co., Ltd., announced the buyback of preferred shares
in EnSync, Inc.

On Aug. 30, 2016, SPI Solar, Inc., a subsidiary of the Company,
entered into an agreement with Melodious Investments Company
Limited and certain other party to sell to Melodious 8,000,000
shares of common stock, 7,012 shares of series C-1 convertible
preferred stock and 4,341 shares of C-2 convertible preferred
stock of EnSync for an aggregate price of US$17 million, which
sale was completed in December 2016.  Pursuant to the Melodious
SPA, Melodious has the right to request SPI Solar to repurchase
7,012 shares of the C-1 preferred stock and 4,341 shares of the
C-2 preferred stock under certain circumstances.  In April 2017,
Melodious exercised that right and requested that SPI Solar
repurchase those preferred stocks at a per share price of
US$1,018.25, with a total repurchase consideration of US$11.6
million plus interest.  The aforementioned repurchase was
completed on July 10, 2017.  Among the repurchase consideration,
US$8.5 million was set off against the outstanding payment
obligation of Melodious under the Melodious SPA with net payment
by SPI Solar in the amount of US$3.2 million.  After the
completion of this repurchase, SPI Solar holds 28,048 shares of
series C preferred stock of EnSync (consisting of 7,012 shares of
each of series C-1, C-2, C-3 and C-4 preferred stock) and a
warrant to purchase 50 million shares of common stock of EnSync,
subject to certain conditions.  Those preferred stocks and the
warrant were originally acquired by SPI Solar from EnSync in July
2015.

                       About SPI Energy Co.

SPI Energy Co., Ltd. -- http://investors.spisolar.com-- is a
global provider of photovoltaic (PV) solutions for business,
residential, government and utility customers and investors.  SPI
Energy focuses on the EPC/BT, storage and O2O PV market including
the development, financing, installation, operation and sale of
utility-scale and residential PV projects in China, Japan, Europe
and North America.  The Company operates an online energy e-
commerce and investment platform in China, as well as B2B e-
commerce platform offering a range of PV and storage products in
Australia.  The Company has its operating headquarters in Hong
Kong and maintains global operations in Asia, Europe, North
America and Australia.

SPI Energy reported a net loss of $185 million on $191 million of
net sales for the year ended Dec. 31, 2015, compared to a net
loss of $5.19 million on $91.6 million of net sales for the year
ended Dec. 31, 2014.

As of June 30, 2016, SPI Energy had $549.4 million in total
assets, $415.0 million in total liabilities and $134.4 million in
total stockholders' equity.

KPMG Huazhen LLP, in Shanghai, China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2015, citing that SPI Energy Co., Ltd., and
its subsidiaries have suffered significant losses from operations
and have a negative working capital as of Dec. 31, 2015.  In
addition, the Group has substantial amounts of debts that will
become due for repayment in 2016.  The auditors said these
factors raise substantial doubt about the Group's ability to
continue as a going concern.


SPI ENERGY: Closes Sale of 80M Ordinary Shares for $5.76M
---------------------------------------------------------
SPI Energy Co., Ltd. announced the closing of a previously
disclosed private placement.

The Company previously entered into a share purchase agreement
with Tiger Capital Fund SPC participating in Tiger Global SP to
issue 80,000,000 ordinary shares of the Company to the Tiger Fund
at an aggregate purchase price of US$5,760,000.  In June 2017,
the Tiger Fund agreed to assign its rights and obligations under
the April 2017 SPA to a third party designated by the Company.
Consequently, the Company designated Qian Kun Prosperous Times
Investment Limited as substitution for Tiger Fund for the
purchase of 80,000,000 ordinary shares of the Company at an
aggregate purchase price of US$5,760,000, which transaction was
completed on July 12, 2017.

                      About SPI Energy Co.

SPI Energy Co., Ltd. -- http://investors.spisolar.com-- is a
global provider of photovoltaic (PV) solutions for business,
residential, government and utility customers and investors.  SPI
Energy focuses on the EPC/BT, storage and O2O PV market including
the development, financing, installation, operation and sale of
utility-scale and residential PV projects in China, Japan, Europe
and North America.  The Company operates an online energy e-
commerce and investment platform in China, as well as B2B e-
commerce platform offering a range of PV and storage products in
Australia.  The Company has its operating headquarters in Hong
Kong and maintains global operations in Asia, Europe, North
America and Australia.

SPI Energy reported a net loss of $185 million on $191 million of
net sales for the year ended Dec. 31, 2015, compared to a net
loss of $5.19 million on $91.6 million of net sales for the year
ended Dec. 31, 2014.

As of June 30, 2016, SPI Energy had $549.4 million in total
assets, $415.0 million in total liabilities and $134.4 million in
total stockholders' equity.

KPMG Huazhen LLP, in Shanghai, China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2015, citing that SPI Energy Co., Ltd., and
its subsidiaries have suffered significant losses from operations
and have a negative working capital as of Dec. 31, 2015.  In
addition, the Group has substantial amounts of debts that will
become due for repayment in 2016.  The auditors said these
factors raise substantial doubt about the Group's ability to
continue as a going concern.


SPI ENERGY: Qian Kun Owns 11.1% of Ordinary Shares as of July 6
---------------------------------------------------------------
In a Schedule 13D filed with the Securities and Exchange
Commission, Qian Kun Prosperous Times Investment Limited and
Yunshi Wang reported that as of July 6, 2017, they beneficially
own 80,000,000 ordinary shares, par value $0.000001, of SPI
Energy Co., Ltd. representing 11.1 percent based on 719,065,172
shares of Ordinary Share, consisting of (i) 639,065,172 shares of
Ordinary Share outstanding as of December 31, 2015 as disclosed
in the issuer's annual report on Form 20-F/A filed with the
Securities Exchange and Commission on January 26, 2017 and (ii)
80,000,000 shares of Ordinary Share.

Qian Kun Prosperous Times Investment Limited is a British Virgin
Islands company. The business address of Qian Kun is Sea Meadow
House, Blackburne Highway, (P.O. Box 116), Road Town, Tortola,
British Virgin Islands. Yunshi Wang is a citizen of the People's
Republic of China. Qian Kun is a company wholly owned by Yunshi
Wang. The business address of Yunshi Wang is 21st Floor, Tower E,
Zhonghai International Center, No. 333 Jiaozi Avenue, Hi-tech
Industrial Development Zone, Chengdu, Sichuan, People's Republic
of China. The principal business of Qian Kun is investment.
The principal business of Yunshi Wang is merchant.

Qian Kun and SPI Energy entered into a purchase agreement dated
as of July 6, 2017. Pursuant to the Purchase Agreement, Qian Kun
agreed to subscribe for and purchase from the Company, for an
aggregate purchase price of $5,760,000, a total of 80,000,000
shares of Ordinary Share. The share issuance was subject to
customary closing conditions. The closing of the transactions
contemplated under the Purchase Agreement occurred on July 12,
2017. The purchase of the Sale Shares was funded from the working
capital of the Reporting Persons. No borrowed funds were used to
purchase such shares of Ordinary Share.

A full-text copy of the regulatory filing is available at:

                       https://is.gd/RJtJur

                      About SPI Energy Co.

SPI Energy Co., Ltd. -- http://investors.spisolar.com-- is a
global provider of photovoltaic (PV) solutions for business,
residential, government and utility customers and investors.  SPI
Energy focuses on the EPC/BT, storage and O2O PV market including
the development, financing, installation, operation and sale of
utility-scale and residential PV projects in China, Japan, Europe
and North America.  The Company operates an online energy e-
commerce and investment platform in China, as well as B2B e-
commerce platform offering a range of PV and storage products in
Australia.  The Company has its operating headquarters in Hong
Kong and maintains global operations in Asia, Europe, North
America and Australia.

SPI Energy reported a net loss of $185 million on $191 million of
net sales for the year ended Dec. 31, 2015, compared to a net
loss of $5.19 million on $91.6 million of net sales for the year
ended Dec. 31, 2014.

As of June 30, 2016, SPI Energy had $549.4 million in total
assets, $415.0 million in total liabilities and $134.4 million in
total stockholders' equity.

KPMG Huazhen LLP, in Shanghai, China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2015, citing that SPI Energy Co., Ltd., and
its subsidiaries have suffered significant losses from operations
and have a negative working capital as of Dec. 31, 2015.  In
addition, the Group has substantial amounts of debts that will
become due for repayment in 2016.  The auditors said these
factors raise substantial doubt about the Group's ability to
continue as a going concern.


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


ADLABS ENTERTAINMENT: CARE Cuts Rating on INR1,015.84cr Loan to D
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Adlabs Entertainment Ltd, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank      1,015.84      CARE D Revised from
   Facilities-                       CARE BBB-
   Term Loan

Detailed Rationale& Key Rating Drivers

The revision in rating is on account of delays in interest
servicing on term loans during Q4FY17. The same have been
regularised from April 2017 onwards.

Detailed description of the key rating drivers

Key Rating Weaknesses

Due to the weakened liquidity position, there were delays in
servicing of interest by the company during Q4FY17.

During FY17, the company reported total income of INR239.15 crore
as compared to INR256.94 crore in FY16. Further, during the year
ended March 31, 2017, the net loss increased to INR117.18 crore
as compared to net loss of INR90.71 crore in the previous year.
The decline in total income and increase net loss was mainly on
account of demonetisation announced by the government of India
which led to lower footfalls and in turn impacted the total
income and net loss of the company.

Adlabs Entertainment Limited (AEL) was formed as a partnership
firm, M/s. Dream Park, in May 2009. In February 2010, the firm
got converted to a private limited company as Adlabs
Entertainment Private Limited which was later in April 2010
converted into a public limited company and the name was changed
to Adlabs Entertainment Limited.

AEL, which is promoted by Mr.ManmohanShetty and his family, owns
and operates an amusement park called 'Imagica - located at
Khopoli - Pali road, Khalapur, off the Mumbai - Pune Expressway.
The amusement park includes has a Theme Park, a Water Park, a
Hotel & now a Snow Park as well.

The aforesaid developments are spread over an aggregate area of
approximately 132 acres out of the total land parcel of 302 acres
at Khopoli. The surplus land would be utilized for developing a
township project by Walkwater Properties Pvt Ltd, a wholly owned
subsidiary of AEL. AEL also owns and operates an array of Food
and Beverages (F&B) outlets as well as retail and merchandise
shops inside the theme park and water park.


ADMACH AUTO: Ind-Ra Migrates Issuer Rating to BB- Not Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Admach Auto
India Limited's (AAIL) Long-Term Issuer Rating to the non-
cooperating category. The issuer did not participate in the
rating 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:

-- INR162 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB-(ISSUER NOT COOPERATING)/IND
    A4+(ISSUER NOT COOPERATING) rating; and

-- INR68 mil. Long-term loan migrated to non-cooperating
    category with IND BB-(ISSUER NOT COOPERATING) rating

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

COMPANY PROFILE

Established in 1993, AAIL manufactures components of automotive
braking systems for original equipment manufacturers, such as
drum back plate, brake shoes, backing plate and backing plate
accessories. It has two manufacturing plants, one each in
Faridabad (Haryana) and Chennai, with a combined annual capacity
of around 40 million pieces. AAIL is an ISO/TS 16949: 2009 & ISO
9001: 2008 certified company. AAIL's operations are managed by
its directors Om Prakash Tantia and Manoj Tantia.


ANIKA APPARELS: CRISIL Reaffirms 'B+' Rating on INR1.25MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings to the bank facilities of
Anika Apparels Private Limited (AAPL) at 'CRISIL B+/Stable/CRISIL
A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            1.25      CRISIL B+/Stable (Reaffirmed)

   Export Packing
   Credit & Export
   Bills Negotiation/
   Foreign Bill
   discounting            4.75      CRISIL A4 (Reaffirmed)

   Long Term Loan         0.77      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1.23      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the company's modest scale of
operations, and exposure to intense competition. The ratings also
factor in large working capital requirement and an average
financial risk profile because of a modest net worth, high total
outside liabilities to adjusted networth (TOLANW) ratio, and
moderate debt protection metrics.  These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the readymade garments industry and their funding
support.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and exposure to intense competition:
AAPL has modest scale of operations, with revenues of INR27.47
crore during fiscal 2017. This leads to limited bargaining power
with customers and suppliers

* Large working capital requirements: The operations have
remained working capital intensive reflected in high gross
current assets (GCA) days which has ranged between 170-230 days
in the last five years through fiscal 2017. This is mainly led by
the significant inventory and debtor levels.

Average financial risk profile: The networth is small as
reflected at INR3.3 crore while its TOLANW ratio is high at 4
times as on March 31, 2017. Interest coverage ratio is moderate
at 2.5 times for fiscal 2017.

Strength

* Promoter's extensive experience in garment industry and
established relationship with suppliers and customers: The
promoters - Mr. Abhishek Singi and Mrs. Rachana Singi, have over
a decade of experience in the readymade garments manufacturing
business.  The promoter's vast experience has helped the company
develop strong relationships with customers and suppliers.

Outlook: Stable
CRISIL believes AAPL will continue to benefit over the medium
term from its promoters' extensive industry experience and
funding support. The outlook may be revised to 'Positive' in case
of significant and sustainable increase in scale of operations
and profitability, or improvement in the company's working
capital cycle, resulting better liquidity.  Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
the financial risk profile, especially liquidity, most likely
because of stretch in working capital requirement or large debt
funded capital expenditure or in case of significant decline in
revenues or profitability.

AAPL was originally established as a proprietorship concern by
Mrs. Rachana Singi in 2000. In 2005, the firm was reconstituted
as a private limited company. AAPL manufactures women's readymade
garments, such as tops, tunics, dresses, and shirts, which are
mainly exported to the UK, the US, France, Denmark, and other
countries.

Operating income and net profit were INR27.91 crore and INR0.28
crore, respectively, in fiscal 2017 as against INR26.55 crore and
INR0.09 crore, respectively, in fiscal 2016.


ASIAN FOOTWEARS: Ind-Ra Affirms BB- Issuer Rating; Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Asian Footwears
Private Limited's (AFPL) Long-Term Issuer Rating at 'IND BB-'.
The Outlook is Stable. The instrument-wise rating actions:

-- INR47.50 mil. Fund-based limits affirmed with IND BB-
    /Stable/IND A4+ rating; and
-- INR102.50 mil. Term loan due on March 2024 affirmed with IND
    BB-/Stable rating

KEY RATING DRIVERS

The affirmation reflects AFPL's continued small scale of
operations, moderate profitability and weak credit metrics. FY17
provisional financials indicate revenue of INR245.32 million
(FY16: INR252.27 million), EBITDA margins of 11.12% (8.70%), net
leverage (Ind-Ra adjusted net debt/operating EBITDAR) of 6.38x
(6.27x) and gross interest cover (operating EBITDA/gross interest
expense) of 2.14x (1.82x). The decline in revenue was driven by a
fall in demand for footwear. EBITDA margins improved mainly
because of a fall in raw material prices. Net leverage ratio
declined due to an increase in the total debt and interest
coverage ratio improved due to the increase in EBITDA margins.
The ratings also factor in the risks associated with volatility
in raw material procurement cost.

The ratings also factor in the company's comfortable liquidity
with its use of the working capital facilities being around 93%
during the 12 months ended June 2017.

The ratings, however, are supported by over 10 years of
experience of AFPL's promoters in the footwear manufacturing
industry. The ratings are further supported by the entity's
strong relationships with its customers and suppliers.

RATING SENSITIVITIES

Negative:  A decline in the EBITDA margins leading to
deterioration in the credit metrics could be negative for the
ratings.

Positive: Top line growth with an improvement in the EBITDA
margins leading to an improvement in the credit metrics could be
positive for the ratings.

COMPANY PROFILE

Incorporated in 2008, AFPL manufactures footwear. The company
sells its products under the brand name Wilto, Alaxia, and PU
Gold. The company's manufacturing units are located in
Bahadurgarh (Haryana).


BEMCO HYDRAULICS: CRISIL Raises Rating on INR10MM Loan to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities
of Bemco Hydraulics Limited (Bemco) to 'CRISIL B/Stable' from
'CRISIL B-/Stable' while reaffirming the short term rating at
'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         10.5      CRISIL A4 (Reaffirmed)

   Cash Credit            10        CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Letter of Credit        4        CRISIL A4 (Reaffirmed)

   Proposed Long Term      8.5      CRISIL B/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B-/Stable')

   Term Loan               2.0      CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

The upgrade reflects improvement in the firm's business risk
profile driven by increase in scale of operations as seen in the
improvement of the revenues to INR41.3 crores in 2016-17 as
compared to INR21.78 crores in 2015-16 while improving its
operating margins at around 11 per cent levels. The increase in
scale was largely driven by improved orders from its customers
and addition of new customers by the company. Over the medium
term, CRISIL expects BEMCO's operations to be stable and hence a
steady growth in scale is expected while margins are also
expected to remain steady at around 11 per cent. Financial risk
profile of the firm is average with moderate gearing, modest net
worth and average debt protection metrics.

The rating upgrade also reflect Bemco's weak financial risk
profile marked by a high gearing and weak debt protection
metrics. The rating also factors in Bemco's large working capital
requirements, and modest scale of operations. These rating
weaknesses are partially offset by the company's niche product
profile and its promoters' extensive industry experience.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile
The financial risk profile of the company continues to remain
weak with low net worth, leveraged capital structure and weak
debt protection metrics. Bemco's net worth has been small since
inception, and its operations have been funded primarily through
external debt. Moreover, the company's modest scale of operations
leads to modest accruals, which restricts increase in its net
worth. The net worth of the company has eroded because of
operating level losses incurred in the company during 2013-14
(refers to financial year, April 1 to March 31) and though
improved backed by addition of equity by the promoters of the
company, remains low on account of accumulated losses. The net
worth of the company is expected to improve over the medium term
on account of expected improvement in profitability and accretion
to reserves. The capital structure of the company is expected to
be weak over the medium term.

Bemco's large interest outgo because of continued reliance on
external debt resulted in below-average debt protection metrics
for the company. The debt protection metric of the company is
weak with less than 1 time interest coverage ratio and net cash
accruals to total debt of 0.02 times. Driven by expected
improvement in cash accruals, the company's debt protection
metrics are expected to improve over the medium term.

CRISIL believes that Bemco's financial risk profile will improve
over the medium term on account of expected improvement in cash
accruals, though the same will be constrained by low net worth
and high gearing.

* Working-capital-intensive and modest scale of operations
Bemco's operations are marked by large working capital
requirements and are modest in scale. The company's large working
capital requirements are on account of large inventory levels of
over 300 days, as on March 31, 2019. Bemco's modest scale of
operations limits its ability to sustain downturns and constrains
its bargaining power with suppliers and pricing power with
customers. The company's modest scale is a major factor
preventing it from participating in large tenders, thereby
inhibiting its growth.

CRISIL believes that Bemco's business risk profile will remain
constrained over the medium term by its modest scale of
operations and large working capital requirements.

Strengths

* Niche product profile and its promoters' extensive industry
experience: Bemco was founded in the late 1930s as a
proprietorship concern to meet the requirements of the British
army. Since then, the company has developed highly sophisticated
machinery and machinery equipment for Hindustan Aeronautics Ltd
(HAL), Indian Railways, and auto companies. In many cases, Bemco
is the only manufacturer in India with the required technical
expertise to manufacture the machinery (for example, re-railing
equipment for Indian Railways, for which Bemco is the only
manufacturer in India and one of the few in the world). Bemco
often receives special requests from private and public sector
companies to jointly develop sophisticated products.

Furthermore, Bemco's promoters, Mr. M M Mohta and Mr. Anirudh
Mohta, with their technical and industry expertise and contacts,
have been instrumental in establishing strong relationship with
customers. Bemco's clients include Garden Reach Shipbuilders &
Engineers Ltd (a Government of India [GoI] undertaking; a leading
shipyard in the country, which builds warships to commercial
vessels); Vikram Sarabhai Space Centre ' Thiruvananthapuram (lead
centre for development of satellite launch vehicles and
associated technologies); High Energy Materials Research
Laboratory (HEMRL; a unit of Defence Research and Development
Organisation, Ministry of Defence, GoI, engaged in formulation,
design, and development of propellants, high explosives and high
energy materials); and TATA AutoComp Systems Ltd.

CRISIL believes that Bemco will continue to benefit from the
industry experience of its promoters over the medium term.

Outlook: Stable
CRISIL believes that Bemco will continue to benefit over the
medium term from its moderate order book and its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if there is sustained improvement in the company's
cash accruals, or there is a sustained improvement in its working
capital management. Conversely, the outlook may be revised to
'Negative' if Bemco's profitability margins decline or its
liquidity deteriorates significantly because of large working
capital requirements or large debt-funded capital expenditure
plan.

Bemco was incorporated as New Bemco Engineering Products Company
Ltd in 1957; it got its current name in 1976. The company
manufactures hydraulic presses and equipment used in the
automotive, defense, railways, and other heavy engineering
sectors.

During 2015-16 (refers to financial year April 1 to March 31),
Bemco reported revenues of INR21.58 crore with negative Profit
after Tax (PAT) of INR3.05 crore as compared to revenues of
INR37.19 crores with negative PAT of INR0.86 crores in 2014-15.


BLOOMFLEX PRIVATE: CARE Assigns B+ Issuer Not Cooperating Rating
----------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Bloomflex Private Limited, as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank       10.11       CARE B+; ISSUER NOT
   Facilities                       COOPERATING

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Bloomflex Private Limited
to monitor the rating(s) vide e-mail communications dated May 24,
2017, May 30, 2017, May 31, 2017, June 5, 2017, June 12, 2017,
and numerous phone calls. However, despite our repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on Bloomflex Private Limited bank facilities will
now be denoted as CARE B+; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of last rating in April 5, 2016, the following were
the rating strengths and weaknesses:

Key Rating weakness

Nascent stage of project and associated implementation risk The
total proposed cost of the project is INR14.11 crore and the same
is proposed to be funded through bank funding of INR8.11 crore
and balance through promoters contribution in the form of equity
share capital of INR5 crore and unsecured loan of INR0.99 crore.
Financial closure has been achieved for the project. As on March
20, 2016, the company has incurred cost of INR2.30 crore (which
represents only 16.30% of the total project cost) towards the
advance payment for purchase of machinery and the same is funded
by the promoters' contribution through equity share capital.
Hence, the project is in initial stage of development resulting
in project completion as well as implementation risk. The project
implementation work started in December 2015 and is likely to be
completed by June 2016. The company is planning to avail cash
credit facility to support the business operations post
commercial operations. The ability of the company to complete the
project without any cost or time over run will remain critical
from a credit risk perspective.

Key rating strengths

Satisfactory experience of the promoters in unrelated business
segments
Bloomflex Private Limited is promoted by Ms Y Manasa Reddy
(Managing Director) and other three directors. She is a qualified
graduate (B.Tech) having 10 years of experience in IT industry.
Mr. Sundeep Durga Adivishnu (Director) is a qualified Master in
Business Administration (MBA) from Purdue University having
experience of around 3 years in business analytics. The other two
directors Ms Seshu Kumari Adivishnu and Ms Lakshmi Mythri are
also qualified graduates and actively involved in the ongoing
project. While the promoters have experience in diverse business
segments, the exposure to the packaging industry is relatively
new.

Application of packaging products across various sectors
BPL proposes to offer packaging and printing services for fast
moving consumer goods (FMCG) industry like napkins, pouches,
carry bags, food and beverages industry like milk and bread among
others. Given that substantial portion of the revenue is
projected to be earned from the FMCG, Food and Beverage industry,
where the demand remains stable, the business of BPL is
reasonably protected from downturn in the economic cycles.

Stable growth prospects albeit stiff competition
Industry Packaging industry has been growing at a healthy rate
and is highly co-related to the overall growth in the economy.
Furthermore, factors such as rising income levels, high growth in
urban population and changing consumer trends towards use of
packaged goods offer high growth potential. The packaging
industry was growing at 12% per annum in India as against the
global growth rate of 5%. There are approximately 22,000
packaging companies in the country - from raw material
manufacturers to machinery suppliers to ancillary material and
nearly 85% of them are MSMEs.

India's per capita consumption of packaging is only 4.3 kg per
person per annum, as against Germany's 42 kg and China's 20 kg,
which is very low compared to global standards. The packaging
industry has organized to medium to large players as well as
unorganized local players. The growth indicator for the Indian
packaging industry is the rise in food & beverage and
pharmaceutical sectors.

However, the company has high competition from organized and
unorganized players in the market. The low entry barriers and
presence in the highly fragmented industry results into stiff
competition from other established players.

Bloomflex Private Limited (BPL) was incorporated on October 15,
2014, and has been promoted by Ms Y Manasa Reddy and her family
members. The company is setting up a packaging unit at
Qutbullapur (Telangana) at an aggregate cost of INR14.11 crore.
The unit would provide packaging and printing services for the
products like milk, bread, napkins, pouches and carry bags. The
project is expected to commence operation from July 2016. The
total proposed cost of the project is INR14.11 crore and the same
is proposed to be funded through bank funding of INR8.11 crore
and balance through promoters contribution in the form of equity
share capital of INR5 crore and unsecured loan of INR0.99 crore.
Financial closure has been achieved for the project.

As on March 20, 2016, the company has incurred cost of INR2.30
crore (which represents only 16.30% of the total project cost)
towards the advance payment for purchase of machinery and the
same is funded by the promoters' contribution through equity
share capital.


CENTURY TEXOFIN: Ind-Ra Moves Issuer Rating to BB Not Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Century Texofin
Private Limited's (CTPL) Long-Term Issuer Rating to the non-
cooperating category. The issuer did not participate in the
rating 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:

-- INR210 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB(ISSUER NOT COOPERATING)/IND
    A4+(ISSUER NOT COOPERATING) rating; and
-- INR60.5 mil. Long-term loan migrated to non-cooperating
    category with IND BB(ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

CTPL, incorporated in 2007, is engaged in processing of cotton
fabrics and producing dyed poplin and lining rubia. The company
manufactures dyed poplin and rubia at its plant, located in
Balotra, Rajasthan. The plant has an annual installed capacity of
72 million Meters.

The company sells its products under the registered trademarks of
333, C4u, Kajal, Kaveri, among others.


ESTEEM INDUSTRIES: CARE Assigns B+ Rating to INR1.20cr Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Esteem
Industries Inc (EII), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              1.20      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Esteem Industries
Inc (EII) is constrained by its small scale of operations with
low profitability margins, leveraged capital structure, elongated
collection period & creditors' period, foreign exchange
fluctuation risk and partnership nature of its constitution. The
rating is further constrained by the highly regulated and
competitive nature of the industry. The rating, however, derives
strength from experienced partners and long track
record of operations.

Going forward, the ability of the firm to scale up its operations
and improve its profitability margins & solvency position
with efficient management of working capital borrowings would
remain its key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths
Experienced partners and long track record of operations: Mr.
Mahendra Tandon and Mr. Vipul Tandon have an industry experience
of five decades and one and a half decades, respectively, through
their association with EII and other entity.

Mrs Roma Tandon has industry experience of one decade through her
association with EII only. Due to long track record of
operations, EII is having established relationship with customers
and suppliers with better understanding of the market.

Key Rating Weaknesses
Small scale of operations with low profitability margins: The
firm's scale of operations has remained small marked by TOI of
INR32.39 crore for FY16 (refers to the period April 1 to
March 31). Furthermore, the profitability margins stood low as
marked by PBILDT margin of 2.83% and PAT margin of 1.17% in FY16.

Leveraged capital structure: The capital structure of the firm
stood leveraged with overall gearing ratio of 4.75x as on
March 31, 2016.

Elongated collection period and creditors' period: The operating
cycle of the firm stood at 33 days for FY16 (36 days for FY15).
However, average collection period stood elongated at 71 days for
FY16 and also, the creditor period stood
elongated at 53 days for FY16.

Foreign exchange fluctuation risk: The firm derived nearly 15% of
its revenue from exports in FY16 amounting to INR4.86 crore.
Moreover, the firm also imports its raw material like autoclaves
from China and Pakistan and its contribution to the total
purchases was 4% in FY16 (Rs.1.04 crore). Being an importer as
well as exporter, the foreign currency fluctuation risk is
mitigated to an extent through natural hedge. However, in the
absence of any hedging mechanism, the foreign exchange
fluctuation risk exists to an extent not covered through natural
hedge.

Highly regulated and competitive industry: The industry is highly
competitive wherein there is presence of a large number of
players in the unorganized and organized sectors. The initial
capital expenditure requirement for this industry is not very
high and on account of the same the industry has large number of
small and regional players catering to the same market. The high
competition restricts the pricing flexibility and bargaining
power of the firm.

Partnership nature of constitution: EII's constitution as a
partnership firm has the inherent risk of possibility of
withdrawal of the partners' capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of the partners.

The entity was established as a partnership firm in 1984 under
the name of "Vikrant Equipments". However, in January 2007, the
firm changed its name to "Esteem Industries Inc." and is
currently being managed by Mr. Mahendra Tandon, Mr. Vipul Tandon
and Mrs Roma Tandon, as its partners, sharing profit and loss in
the ratio of 24%, 25% and 51%, respectively. EII is engaged in
the manufacturing, trading and installation of medical, surgical
and scientific laboratory instruments such as autoclaves,
sterilisers, medical equipment, hospital furniture, consumable
products, personal protection equipment, pathology products, etc,
at its manufacturing facility located in Baddi, Himachal Pradesh.
Revenue
from trading constituted around 10% of the total income in FY16.

The firm sells its products under the brand name "Esteem" across
India. The firm's sales are majorly tender based. EII undertakes
government tenders as well as private orders. The firm also
exports to countries such as Bangladesh, Kenya, Somalia and South
Africa. The firm procures the raw material from the suppliers
based in Delhi, Maharashtra, Chandigarh and Himachal Pradesh. The
firm also imports raw materials from Pakistan and China. Besides
EII, the partners are also associated with other group concern,
namely, Esteem Medinception Limited which is engaged in similar
business since 2015.

In FY16, EII has achieved a total operating income of INR32.39
crore with PAT of INR0.38 crore, as against the total operating
income of INR20.07 crore with PAT of INR0.24 crore in FY15. In
FY17 (Provisional), the firm has achieved a total operating
income of INR28.85 crore.


EURO INDIA: CRISIL Upgrades Rating on INR13.75MM Loan to B-
-----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Euro India Fresh Foods Private Limited (Euro) to 'CRISIL B-
/Stable/CRISIL A4' from 'CRISIL D/CRISIL D.'

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         .5        CRISIL A4 (Upgraded from
                                    'CRISIL D')

   Cash Credit          11.75       CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Proposed Long Term   13.75       CRISIL B-/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL D')

   Term Loan             9.00       CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')


The upgrade reflects the timely repayment of term debt over the
three months through June 2017. The rating continue to reflect
the large working capital requirement and exposure to intense
competition from large, established players. These rating
weaknesses are partially offset by the diversified product
portfolio.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital intensity in operations
Operations are highly working capital intensive, as reflected in
estimated gross current assets of around 614 days as on March 31,
2017, mainly led by sizeable inventory and receivables of around
220 and 132 days, respectively.

* Competition from large and established players
Though there exists a large market and demand for potato chips
and other snack items, Euro, which is a relatively smaller
player, will continue to face strong competition from other
established brands such as Lays, Kurkure, Parle wafers, Balaji
wafers, Uncle Chips, Haldiram, and Bingo.

Strength

* Diversified product portfolio
The diverse product portfolio, comprising potato chips, fried
extruded snacks, namkeen, fruit juice, and core filling snacks,
limits dependence on any particular product. Further, based on
the anticipated demand, the company switches production between
items easily, without any major time lag. This helps maintain low
finished inventory, or meet higher demand for any particular
product, and will ensure stable revenue growth even in case of
lower demand for certain products.

Outlook: Stable

CRISIL believes Euro will continue to benefit over the medium
term from diversified product portfolio. The outlook may be
revised to 'Positive' in case of higher than expected revenues or
operating profitability while improving its working capital
management, thereby improving its liquidity. Conversely, the
outlook may be revised to 'Negative' if decline in profitability
or further stretch in working capital requirement leads to a
weakening of financial risk profile, particularly liquidity.

Euro, incorporated in fiscal 2009, manufactures potato chips,
fried extruded snacks, namkeen, fruit juice, and core filling
snacks, in its plant at Surat. Products are sold under the brand
name, Euro. Operations are managed by Mr Dinesh Sanspara. The
company became listed on the National Stock Exchange in March
2017.

Euro has achieved an estimated profit after tax (PAT) of INR1.3
crore on net sales of INR48.0 crore for fiscal 2017,  against
INR0.02 crore and INR47.4 crore, respectively, for fiscal 2016.


GUPTA TRANSFORMER: CRISIL Lowers Rating on INR6MM Loan to 'B'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term facilities of
Gupta Transformer Products (GTP) to 'CRISIL B/Stable' from
'CRISIL B+/Stable' and has reaffirmed 'CRISIL A4' rating on the
short-term facilities.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          15       CRISIL A4 (Reaffirmed)

   Bill Discounting
   under Letter of Credit   2       CRISIL A4 (Reaffirmed)

   Cash Credit              6       CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The downgrade reflects company's deteriorating financial risk
profile as reflected in increasing leverage and declining
interest coverage ratio in fiscal 2017. Further, liquidity was
also highly stretched as reflected in high bank limit utilisation
owing to stretched working capital cycle as debtors and inventory
levels shot up in year ending March 31, 2017; caused by delayed
realisation from clients, mainly government departments, because
of demonetisation. CRISIL believes liquidity is likely to remain
stressed if the realisations don't show improvement in the near
term.

Key Rating Drivers & Detailed Description

Strengths

* Extensive experience of the partners in the transformer
business: The partners experience of over two decades and their
track record of timely execution of project - with no instance
bank guarantee invocation - will continue to help the firm to
obtain new government orders through tender bids. Revenue, at
INR30 crore in fiscal 2017, is expected to grow further to INR40
crore next year with stable margins.

Weakness

* Modest scale of operations: The small scale of operations can
be partly attributed to its limited presence in Uttar Pradesh
(UP), given that it is an approved vendor for various government
bodies such as UP Power Corporation Ltd, Ghaziabad Development
Authority, Meerut Development Authority, UP Mandi Parishad and UP
Awas Vikas Nigam. Moreover, the Indian transformers industry is
highly fragmented and competitive in the lower voltage segment,
due to the presence of many small regional players. As technical
intensity is not very high, the only entry barriers for domestic
players are proven execution skills, design capability, and
after-sales service. This limits the pricing flexibility and
bargaining power of small players, leading to stretched working
capital cycle. Scale of operations should improve but remain
small over the medium term.

* Working capital intensive business: Operations are expected to
remain working capital intensive over the medium term - gross
current assets (GCA) have usually been high at 200-270 days;
however significantly increased in fiscal 2017 as debtors
stretched payments.

The credit period of 60-90 days extended to customers gets
stretched to 120-150 as clients are generally government
agencies. Inventory days were high at 125 as on March 31, 2017,
as goods weren't dispatched because of non-realisation of earlier
bills. Against this, the firm gets credit of 90 days; however, it
stretches payments according to debtors. Working capital
requirement is funded by stretching creditors and bank
borrowings.

* Below average financial Risk profile: Weak financial risk
profile is reflected in high gearing which further weakened to
5.5 times as on March 31,2017 from 4.9 times on March 31,2016.
Estimated interest coverage remained weak at 1.6 times in fiscal
2017. Adjusted net worth remained modest at INR4.5 crore on
March 31, 2017. Liquidity is also very stretched due to delay in
debtor realisations in fiscal 2017.

Outlook: Stable

CRISIL believes the firm will continue to benefit from extensive
experience of partners in the transformers industry. The outlook
may be revised to 'Positive' if working capital cycle improves
and higher-than-expected cash accruals are generated with timely
collection of receivables which will improve the financial
profile and strengthen liquidity. The outlook maybe revised to
'Negative' if working capital remains stretched and liquidity
doesn't improve or a large debt-funded capital expenditure
(capex) is incurred.

Established in 1990, GTP is a partnership firm based in
Muzzaffarnagar (UP) and manufactures distribution and power
transformers. The firm is owned and managed by Mr. Sanjay Gupta,
Mr. Gopal Gupta, and Mr. Aman Gupta.

GTP reported estimated profit after tax (PAT) of INR0.35 crore on
net sales of INR27 crore for fiscal 2017 vis-a-vis PAT of INR0.66
crore on net sales of INR32 crore for fiscal 2016.


HOTEL RATHI: CRISIL Assigns 'D' Rating to INR6MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Hotel Rathi Residency (HRR).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan               6        CRISIL D

The rating reflects delays in meeting term loan obligation on
account of weak liquidity.

The firm also has a weak financial risk profile marked by subdued
debt protection metrics and high leverage. However, it benefits
from the extensive experience of its promoters.

Key Rating Drivers & Detailed Description

* Delay in repaying term loan: The firm has delayed servicing
instalments on term loan by 60 days on account of weak liquidity.

Weakness

* Below-average financial risk profile: The financial risk
profile remained below-average marked by weak interest coverage
ratio and capital structure. The firm reported negative interest
coverage in fiscal 2017 and gearing is estimated to be high at 21
times as on March 31, 2017.

Strengths

* Extensive experience of promoters: The promoters have been in
the hospitality industry for more than 15 years.

Set up in 2010 as a partnership firm by Mr. Vijay Sheena Shetty
and Mr. Anil Savale, HRR runs a hotel in Chikhali, Pune, which
offers lodging services, multi-cuisine restaurant, and bar. The
operations of the hotel started in fiscal 2016.

The firm reported losses of INR1.54 crore on net sales of INR0.93
crore in fiscal 2016.


INFUTEC HEALTHCARE: CARE Lowers Rating on INR71.62cr Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Infutec Healthcare Limited (IHL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            71.62       CARE D Rating suspension
                                     revoked and revised from
                                     CARE B+

   Long-term/Short-      14.50       CARE D Rating suspension
   term Bank Facilities              revoked and revised from
                                     CARE B+/CARE A4

Detailed Rationale & Key Rating Drivers

The revision in ratings assigned to the bank facilities of
Infutec Healthcare Limited (IHL) factors in the ongoing delays in
debt servicing obligation owing to acute liquidity stress due to
loss making operations, high debt levels and working
capital intensity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in servicing of debt obligation:
IHL has delayed in servicing debt obligations due to
deterioration in the financial profile of the company and
liquidity indicators on account of loss making operations of the
company during last three years, high debt levels and working
capital intensive operations.

Infutec Healthcare Limited (IHL, erstwhile Goa Formulations Ltd
(GFL)) is a wholly-owned subsidiary of Indore-based Parental
Drugs India Limited (PDIL, rated CARE D/CARE D and suspended in
December 2016). IHL was engaged in the manufacturing of
Intravenous Fluid (IVF), wherein its assets were sold to
Fresenius Kabi India Private Limited for a consideration of
INR200 crore in March 2013 and its entire debt was repaid.

With effect from January 1, 2014, the operations of Punjab
Formulations Limited (PFL, PDIL's another wholly-owned
subsidiary) engaged in manufacturing of IVF have been merged with
IHL.


ISAT NETWORK: CRISIL Reaffirms B+ Rating on INR3.0MM Loan
---------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
iSat Network Engineers Pvt. Ltd. (ISPL) at 'CRISIL
B+/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         4.5       CRISIL A4 (Reaffirmed)
   Cash Credit            3.00      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the company's modest scale of
operations, customer concentration in revenue profile, large
working capital requirement, and modest networth. These
weaknesses are mitigated by the extensive experience of its
promoters in the substation business.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations and customer concentration: With
estimated net sales of INR12.6 crore in fiscal 2017, scale
remains modest, which limits advantages of economies of scale
available to player with large volume. Also, Uttarakhand Jal
Vidyut Nigam accounts for half of ISPL's total revenue.

* Working capital-intensive operations: Estimated gross current
assets were high at 280 days as on March 31, 2017, because of
stretched receivables and moderate inventory of 177 days and 34
days, respectively. Against this, payables are estimated at 101
days.

* Modest networth: Networth remained small at INR3.61 Crores as
on March 31, 2017 due to low accretion to reserves.

Strengths

* Extensive experience of promoters: Presence of more than four
decades in the substation segment has enabled the promoters to
maintain stable business risk profile and bid successfully for
tenders.

Outlook: Stable

CRISIL believes ISPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' in case of a significant and
sustained improvement in revenue or better and sustained working
capital management. The outlook may be revised to 'Negative' in
case of a sharp decline in revenue or margins or stretch in
working capital cycle.

Incorporated in 1998 and promoted by Mumbai-based Agarwal family,
ISPL is an engineering, procurement, and construction contractor
for high voltage and low voltage substations of up to 400
kilovolts. It also imports testing equipment for generation sets.

For fiscal 2017, profit after tax (PAT) was INR0.68 crore on an
operating income of INR13.87 crore, against a PAT of INR0.67
crore on an operating income of INR8.59 crore in fiscal 2016.


K.B.A. AGROTECH: CRISIL Reaffirms B+ Rating on INR8.0MM Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of K.B.A. Agrotech Pvt Ltd (KBA) to 'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            4.25      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      .25      CRISIL B+/Stable (Reaffirmed)

   Term Loan              8.00      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect exposure to risks relating to
project stabilisation, regulatory changes, volatility in raw
material prices, and vagaries of monsoon. These weaknesses are
partially offset by the extensive entrepreneurial experience of
promoters and healthy relations with the prospective customer
base, and benefits expected from stable demand for rice.

Analytical Approach

CRISIL has treated unsecured loans from promoters and affiliates
as neither debt nor equity based on the undertaking obtained from
the management that these will remain in the business over the
medium term.

Key Rating Drivers & Detailed Description

Weakness

* Project stabilisation risk: Commercial operations began on
January 18, 2017. CRISIL believes although KBA has implemented
its project successfully it remains susceptible to timely
generation of adequate accrual, after operations stabilise. Any
delay or cost overrun or lower-than-expected accrual may
adversely affect liquidity.

* Dependence on monsoon and exposure to unfavourable changes in
government policies: Availability of paddy is seasonal and
dependent on monsoon. Hence, prices of paddy and rice tend to be
volatile; however, as the company has limited scope to completely
pass on any price hike to customers, operating margin remains
susceptible to such volatility.

Strength

* Promoters' healthy relations with targeted customer base: The
Khetan family has been trading in rice bran and other edible oil
for over two decades. It operates via four entities and has a
cumulative turnover of over INR100 Crores Over the years, the
promoters have established a diversified customer base,
comprising 150 wholesalers and 450 retail stores. They are now
looking at leveraging these relations to market KBA's produce;
most customers also trade in other agro-commodities such as rice,
apart from oil.

Outlook: Stable

CRISIL believes KBA will benefit over the medium term from the
promoters healthy relations with the targeted customer base and
strong prospects for the rice processing industry. The outlook
may be revised to 'Positive' if the ongoing project is stabilised
within the stipulated time and cost, and in case of higher
revenue and accrual. Conversely, the outlook may be revised to
'Negative' if significant time and cost overrun in project
implementation, lower-than-expected capacity utilisation, or
significant stretch in the working capital cycle weakens the
financial risk profile, particularly liquidity.

Established in February 2014, KBA, promoted by Mr Manoj Kumar
Khetan, Mr Mukesh Kumar Khetan, Mr Manish Kumar Khetan, Mr Bimal
Kumar Agarwal, and Ms Sunita Bhuwania, along with their
respective families, is setting up a rice mill near Bhagalpur,
Bihar.

Net Loss was INR1 lakh on revenue of INR25.9 crore in fiscal
2016, against net loss of INR9 lakhs on NIL revenue in fiscal
2015.


NATIONAL STEEL: CRISIL Lowers Rating on INR10MM Cash Loan to B-
----------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of National Steel Suppliers (NSS) to 'CRISIL B-/Stable' from
'CRISIL B/Stable' while reaffirming the short term rating at
'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         4         CRISIL A4 (Reaffirmed)

   Cash Credit           10         CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

   Overdraft             10         CRISIL A4 (Reaffirmed)

The rating downgrade reflects deterioration in the financial risk
profile, particularly liquidity, due to stretched working capital
cycle. Owing to stretched debtors in fiscal 2017, the reliance of
the firm on the working capital bank lines is high. The debtors
increased from 56 days in fiscal 2016 to 72 days in fiscal 2017,
and are expected to remain at similar levels over the medium
term. At the same time, the operating income levels of the firm
have also reduced in fiscal 2017 due to weak demand. Bank limits
have remained highly utilised with overutilization in three
months over the past 12 months ending March 2017. While the
operations are expected to remain working capital intensive,
improvement in the working capital cycle and high margin orders
from the customers would be a key rating drivers over the medium
term.

The rating continues to reflect a below-average financial risk
profile, a modest scale of operations, and susceptibility to
fluctuations in input prices. These weaknesses are partially
offset by the extensive experience of the proprietor in the steel
trading industry.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile: The networth was modest
at around INR7.61 crore as on March 31, 2017, as low
profitability led to limited accretion to reserves. Debt
protection metrics were low, with interest coverage ratio of 1.26
times for fiscal 2017 because of large bank borrowing and low
profitability. The gearing of the firm stood at 6.30 times for
the fiscal 2017 as against 10.06 times in the fiscal 2016.

* Modest scale of operations: Though the firm has been in the
steel-trading business since 1982, its scale of operations has
remained small with revenue of about INR87.21 crore in fiscal
2017. Revenue of INR4.65 crore was generated from the consignment
business, wherein the firm is the only consignment agent for
Rashtriya Ispat Nigam Ltd (RINL) in Ghaziabad and Dehradun. The
scale of operations in the consignment business is small as only
transportation, cutting, and stocking income is received from
RINL. The industry is highly fragmented with several players,
low-value addition, and intense price-based competition.

* Susceptibility to fluctuations in input prices: The operating
margin is vulnerable to the movement in prices of steel products.
Any sharp decline in these prices may substantially impact the
margin.

Strengths

* Extensive industry experience of the proprietor: The proprietor
has an experience of about 36 years in the steel-trading business
and also in other fields, such as real estate and education. He
has an established relationship with suppliers and customers. In
the trading business, the firm is in an advantageous position as
it saves on consignment commission. It has also entered into a
memorandum of understanding (MoU) with RINL, which ensures supply
from the latter and availability of products at a discount.
Products are sold to a diversified customer base in the National
Capital Region (NCR) and Dehradun.

Outlook: Stable

CRISIL believes NSS's financial risk profile will remain below
average over the medium term given its sizeable working capital
requirement and investments in unrelated businesses. The outlook
may be revised to 'Positive' in case of significant improvement
in the financial risk profile, particularly liquidity, driven by
large cash accrual or reduced investments in unrelated
businesses. The outlook may be revised to 'Negative' if the
financial risk profile, particularly liquidity, weakens because
of large working capital requirement or additional investments in
real estate, land, or equity shares.

Set up in 1982, NSS is a proprietorship firm of Mr Anand Prakash.
It trades in steel products such as thermo-mechanically treated
(TMT) bars, angles, shapes and sections, beams, billets, rounds
and others. It is also the consignment agent of RINL for
Ghaziabad and Dehradun, wherein it undertakes transportation,
grading, sizing, and warehousing.

Operating income was INR87.21 crore and profit after tax of
INR36.11 lakhs in fiscal 2017, as against operating income of
INR89.28 crore and profit after tax of 3.40 crore in the fiscal
2016.



PATANJALI DISTRIBUTORS: CRISIL Assigns B+ Rating to INR10MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' ratings to the bank
facilities of Patanjali Distributors Private Limited (PDPL). The
ratings reflect the extensive experience of the promoters, and
the company's healthy relationships with Patanjali Ayurved Ltd
(PAL). These strengths are partially offset by PDPL's weak
financial risk profile.

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

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Low networth and high total
outside liabilities to tangible networth ratio-estimated at
INR2.22 crore and 18.39 times as on March 31, 2017-have resulted
in a weak financial risk profile. Debt protection metrics are
weak, with interest coverage estimated at about 1.4 times and net
cash accrual to adjusted debt ratio at around 0.04 time in fiscal
2017, but should improve marginally over the medium term.

Strengths

* Promoters' experience and healthy relationship with PAL: The
promoters distributed Patanjali products for whole of West Bengal
under Diba Distributors since 2009. However, with increase in
demand for Patanjali products, the business of the firm was
transferred to the already incorporated company, PDPL, in
December 2015. The promoters' strong relationship of over a
decade and super distributor status with PAL have helped PDPL's
revenue grow at more than 300% in fiscal 2017 over the previous
year.

Outlook: Stable
CRISIL believes PDPL will benefit from the promoters'
longstanding presence in the distribution business, and their
established relations with PAL. The outlook may be revised to
'Positive' if significant improvement in scale of operations and
profitability, or benefits from substantial equity infusion by
the promoters, strengthens financial risk profile and cash
accrual. Conversely, the outlook may be revised to 'Negative' if
increase in working capital requirement constrains liquidity, or
if any large, debt-funded capital expenditure weakens capital
structure.

Incorporated in August 2009, by Mr Surendra Kumar Sharma, PDPL
began operations only in December 2015. The company is one of the
four super distributors of Patanjali products in West Bengal.

For fiscal 2017, profit after tax was INR39 lakh on net sales of
INR102.47 crore, against INR19 lakh and INR24.16 crore for fiscal
2016.


RAJARAM AND BROTHERS: CRISIL Cuts Rating on INR8MM Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Rajaram and Brothers (RB) to 'CRISIL B+/Stable' from 'CRISIL
BB/Negative', while revising the outlook to Stable from Negative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             8        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB/Negative')

The downgrade reflects a deterioration in the business risk
profile, marked by a sharp fall in the operating margin owing to
stagnant demand and intense competition.

Further revision in outlook to Stable from Negative reflects
CRISIL belief that RB would be able to maintain its scale and
efficient working capital cycle at current level over the medium
term.

Key Rating Drivers & Detailed Description

Weakness

* Low operating margins
RB's operating margin for fiscal 17 is estimated to be around 0.8
percent which is lower than CRISIL's expectation and marks a
sharp decline from 3.4 percent in fiscal 15. The decline in
margin is caused by stagnant demand and intense competition,
resulting in low output prices. CRISIL believes that RB's low
operating margin could rise, albeit shall remain range-bound
between 3 and 4 percent over the medium term.

* Weak financial risk profile
The firm has a small net worth of INR4.5 crores as at March 31,
2017 owing to rising accumulated losses. TOL/TNW is around 4.4
times as at March 17 and is expected to rise further owing to
declining net worth. RoCE has been negative in fiscal 16 and 17
and is expected to be negligible in fiscal 18. Though the firm
has no major repayment obligations and its liquidity is supported
by need-based, unsecured loans from partners, family members and
affiliated entities amounting to INR2.60 crores as at March 31,
2017, CRISIL expects that the financial risk profile shall remain
weak in the medium term and improvement, if any, in the key
financial parameters shall be gradual.

Strengths

* Extensive industry experience of promoters
RB's promoters have been in the maize processing industry for
over fifty years, which has helped the firm establish a strong
clientele and supplier base. The extensive industry experience of
its promoters has resulted in the firm continuously scaling up
its revenue, albeit at low operating margin in the recent past.
CRISIL believes that RB will benefit from its promoters'
extensive experience in the maize industry in the long term.

* Moderate working capital management
RB benefits from its moderate working capital management, as
reflected in its gross current assets (GCAs) of around 72 days as
at March 31, 2017, which is broadly in line with CRISIL's
expectation, driven by low levels of receivables and inventories
of around 22 and 41 days, respectively, as at March 31, 2017. The
firm gets limited credit of 15 days from raw material suppliers.
CRISIL believes that RB will continue to benefit from its
moderate working capital management, over the medium term.

Outlook: Stable

CRISIL believes that RB will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's profitability
improves significantly, leading to stronger cash accruals.
Conversely, the outlook may be revised to 'Negative' if RB's
financial risk profile weakens substantially, most likely due to
a stretch in working capital cycle or low cash accruals.

RB was established as a partnership firm in 1966 by Mr. Rajaram
Gupta and his family members in Mandsaur (Madhya Pradesh). The
firm manufactures maize derivatives, which include starch,
glucose, dextrose monohydrate, hydrol, sorbitol, maltose corn
syrup, gluten, maize oil, and maize oil cake. These products find
applications in different industries such as food,
pharmaceuticals, paper, textiles, adhesives, inks, and paints.
The firm's manufacturing facility is in Mandsaur. It has
production capacity of 1700 quintals per day and operates in
three shifts.

RB is estimated to report a negative profit after tax (PAT) of
INR1.13 crore on net sales of INR111.95 crore for fiscal 2017 and
it reported a negative PAT of INR4.0 crore on net sales of
INR104.86 crore for fiscal 2016.


RED ROSE: CRISIL Upgrades Rating on INR9.25MM Cash Loan to 'B'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities
of Red Rose Textiles Industries Private Limited (RTIPL) to
'CRISIL B/Stable' from 'CRISIL B-/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            9.25      CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Proposed Long Term
   Bank Loan Facility      .75      CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

The upgrade reflects expected improvement in the business risk
profile on account increase in scale of operation and accruals.
RTIPL has achieve a turnover of INR46 crore in fiscal 2017, as
against INR33.7 crore a year earlier. The same has resulted in
the improvement in liquidity, marked by sufficient accruals as
against no debt repayment obligation.

Key Rating Drivers & Detailed Description

Weakness

* Large working capital requirements
The operations of the company remained working capital intensive
with gross current asset of 228 days estimated as on March 31,
2017 due to high debtors and inventory of 95 days and 110 days
respectively for the same period.

* Below average financial risk profile
Both capital structure and debt protection metrics is expected to
remain weak over the medium term. The networth was modest
estimated at INR4.1 crore as on March 31, 2017, against INR4.0
crores a year earlier. Interest coverage ratio is expected to
remain average at above 1.3 times over the medium term, driven by
healthy cash accrual.

Strengths

* Promoters' extensive experience in the textile industry
RTIPL's key promoters, Mr. Jayantilal Parmar, Mr. Ramesh Parmar,
Kiran Parmar, Kamal Parmar and Hasmukh Parmar have experience of
more than 2 decade in the textile business. Backed by the
promoter's experience, the company has registered a healthy
growth in its revenues. Established relationship with major
suppliers and customers further strengthen the market position.

Outlook: Stable

CRISIL believes that RTIPL continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if sustained increase in revenue and profitability
result in improved capital structure. The outlook may be revised
to 'Negative' if any large debt-funded capital expenditure or
significantly low cash accruals or sizeable working capital
requirements weakens the financial risk profile.

Incorporated in 1991, RTIPL is a Mumbai based company promoted by
Mr. Jayantilal Parmar, Mr. Ramesh Parmar, Kiran Parmar, Kamal
Parmar and Hasmukh Parmar. The company is mainly engaged in
dyeing of cotton yarn with a capacity of 250 tpm.

Profit after tax (PAT) was INR0.11 crore on net sales of INR33.7
crore in fiscal 2016, vis-a vis net loss of INR0.54 crore on net
sales of INR36.4 crore, respectively, in fiscal 2015.


SCORE INFORMATION: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Score
Information Technologies Limited's (SITL) Long-Term Issuer Rating
at 'IND BB+'. The Outlook is Stable. Instrument-wise rating
actions are:

-- INR55 mil. Fund-based limits affirmed with IND BB+/Stable
    rating; and
-- INR100 mil. Non-fund-based limits affirmed with IND A4+
    rating

KEY RATING DRIVERS

The affirmation reflects SITL's continued small scale of
operations and moderate credit metrics. As per FY17 provisional
results, revenue grew 30% yoy to INR291 million (FY16: down 16%
yoy) due to receipt of new technology solutions orders. The
revenue decline in FY16 was on account of a significant reduction
in trading revenue and the completion of a contract with the
Ministry of Defence.

EBITDA margin remained at 3%-3.3% during FY15-FY17 (FY17P: 3%,
FY16: 3.3%). EBITDA interest coverage (EBITDA/interest expense)
deteriorated to around 3x in FY17P (FY16: 4.2x) owing to an
increase in interest expense, partially offset by a rise in
EBITDA. Net leverage (net debt/EBITDA), however, improved to 6x
(FY16: 7.4x) on account of the higher EBITDA. Ind-Ra expects the
credit metrics to remain at similar levels in FY18.

However, the ratings are supported by SITL's comfortable
liquidity position with 75%-80% average maximum utilisation of
fund-based working capital limits during the 12 months ended June
2017. The company reported positive cash flow from operations in
FY15 and FY16. Ind-Ra expects cash flow from operations to have
remained positive in FY17 as well.

The ratings continue to be supported by SITL being a part of
Kolkata-based Kankaria group, which is among the largest jute
manufacturers in India. SITL has received support in the form of
unsecured loans (FYE17: INR27.4 million) from the group's non-
banking financial companies. The company's bank facilities are
guaranteed by the group's promoter, Mr Awanti Kankaria. The
support is likely to continue.

RATING SENSITIVITIES

Positive: Growth in SITL's revenue along with an improvement in
the credit metrics could lead to a positive rating action.

Negative: EBITDA interest coverage below 1.5x and/or absence of
timely support from the group could lead to a negative rating
action.

COMPANY PROFILE

SITL operates in the information and technology sector and
provides services such as software development and maintenance,
CCTV surveillance system integration, scanning and digitisation,
smart card application solutions and telecom infrastructure.


SHAH PACKWELL: CRISIL Lowers Rating on INR10MM Loan to 'D'
----------------------------------------------------------
CRISIL has downgraded its rating on the long term bank loan
facilities of Shah Packwell Industries (SPI) to 'CRISIL D' from
'CRISIL B/Stable'.

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

   Proposed Long Term      2.5      CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B/Stable')


The downgrade reflects the firm's continuously overdrawn bank
limit because of weak liquidity. The firm also has modest scale
of operations and large working capital requirement. These rating
weaknesses are partially offset by the extensive experience of
SPI's partners in the packaging industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Scale of operations, reflected in
revenue of INR25 crore in fiscal 2017, remain modest in the
highly fragmented and competitive packaging industry.

* Highly working capital-intensive operations:
Gross current assets were at 300 days as on March 31, 2017 driven
by large inventory requirement.

Strengths

* Extensive industry experience of the promoters: The partners
have an experience of over three decades of experience in the
packaging industry. This has helped the firm to establish healthy
business relations with various customers and suppliers.

Incorporated in 1996 as a partnership firm, SPI manufactures
corrugated boxes using kraft paper. The firm is promoted by Mr.
Kapoor Shah, and his son Mr. Khilin Shah.

Profit after tax (PAT) was INR0.01 crore on net sales of INR21.65
crore in fiscal 2016 against INR0.02 crore and INR21.45 crore in
fiscal 2015.


SHASHADHAR COLD: CRISIL Reaffirms B- Rating on INR6.02MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank loan facilities of
Shashadhar Cold Storage Private Limited (SCSPL) at 'CRISIL B-
/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         .15       CRISIL A4 (Reaffirmed)

   Cash Credit           6.02       CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     .50       CRISIL B-/Stable (Reaffirmed)

   Term Loan             2.63       CRISIL B-/Stable (Reaffirmed)

   Working Capital
   Demand Loan           0.60       CRISIL B-/Stable (Reaffirmed)

The ratings continue to reflect SCSPL's weak financial risk
profile, and Highly regulated and competitive nature of the cold
storage industry in West Bengal (WB). These rating weaknesses are
partially offset by the promoters' extensive experience in the
cold storage industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: Modest accretion to reserves
resulted in a small networth of around INR2.79 crore, estimated
as on March 31, 2017. Further, muted accretion to reserves will
keep the networth small. Debt protection metrics were average,
marked by interest coverage ratio of 2.2 times, in fiscal 2017.

* Highly regulated and competitive nature of the cold storage
industry in WB: The potato cold storage industry in WB is
regulated by the West Bengal Cold Storage Association. Rental
rates are fixed by the state's department of agricultural
marketing. The fixed rental limits players' ability to earn
profit based on their strengths and geographical advantages.
Furthermore, the industry is highly fragmented, with the largest
player having a market share of less than 0.5%. This further
limits bargaining power, and forces players to offer discounts to
ensure healthy utilisation of capacity.

Strength

* Extensive experience of the promoter: The two decade-long
experience of the promoter, will continue to support the business
risk profile and ensure healthy utilisation of storage capacity.
However, the company remains susceptible to adverse regulatory
changes.

Outlook: Stable

CRISIL believes SCSPL will continue to benefit from the extensive
experience of its promoter. The outlook may be revised to
'Positive' if the company significantly scales up its operations,
while improving its profitability and working capital management.
The outlook may be revised to 'Negative' if the financial risk
profile, particularly liquidity, weakens, because of substantial
working capital requirement, decline in cash accrual, or large
debt-funded capital expenditure.

SCSPL, incorporated in 2012, offers cold storage services to
potato farmers and traders. The plant is located in Paschim
Medinipur (West Bengal).

During fiscal 2016, the company has reported net losses of INR7
lakhs (net losses of INR50 lakhs in previous year) on operating
income of INR2.51 crores (INR2.28 crores in previous year).


SHRI KEDARESHWAR: CARE Assigns B+ Rating to INR79.88cr Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shri
Kedareshwar Builders and Developers Private Limited (SKBDPL), as:


                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            79.88       CARE B+; Stable Assigned

Details of facilities in Annexure I

Detailed Rationale & Key Rating Drivers

The rating assigned to the long-term bank facilities of Shri
Kedareshwar Builders and Developers Private Limited (SKBDPL)
is constrained by nascent stage of construction of the projects
leading to project execution risk, slow sales momentum on
the back of dependence on customer advances for funding the
project along with risk of cancellation of the already
booked flats due to pending registration of sold units.

Furthermore, rating takes into account cyclical nature of real
estate industry, competition from other projects in the vicinity,
non-receipt of some of the requisite approvals.

The rating derives strength from the long track record and
experience of the promoter in real estate development in
Nagpur, locational advantage of one of the project located at
Ramdaspeth Nagpur, escrow mechanism for receipts from projects
and maintenance of Debt Service Reserve Account (DSRA).

The ability of the company to carry on construction activities as
per scheduled timelines and ensure envisaged sales, thereby
enabling timely inflow of the customer receivables are the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Slow sales momentum
Till May 31, 2017, sales booking has not commenced at Manewada
project whereas Ramdaspeth Project is booked only to the extent
of 9.10% of the total saleable. Furthermore, the registrations
have not been commenced yet.

High dependence on debt and customer receivables, leading to risk
of timely execution of the projects
Project at Ramdaspeth is executed to the extent of 59.16% and
project at Manewada executed to the extent of 12.51% as
on May 31, 2017. The projects execution is highly dependent on
debt and customer advances. Therefore, the achievability
of the envisaged bookings going ahead will remain crucial for the
timely execution of the project.

Competition from other projects in the nearby areas
SKBDPL is executing the project in highly strategic location due
to which it faces competition. Therefore, achieving the envisaged
sales momentum is crucial for the execution of the project.

Cyclical nature of the real estate industry
The company is exposed to the cyclicality associated with the
real estate sector which has direct linkage with the general
macroeconomic scenario, interest rates and level of disposable
income available with individuals.

Non receipt of some of approvals and clearances for the projects
SKBDPL is yet to receive sanction for remaining 14 floors for
Ramdaspeth project and for remaining 6 floors for Manewada
project.

Key Rating Strengths
Experienced promoter group in real estate development
Promoters have over two decades of experience in residential and
commercial real estate development in Nagpur.

Promoters executed projects with saleable area of around 20.06
lsf in the past through various group entities.

Strategic location of one of the key project
Proximity of Renuka Renaissance (Ramdaspeth) project from key
locations of Nagpur is expected to enable the company to realize
high sales rates.

SKBDPL was incorporated in November 2014 by Mr. Madhav Deshpande
and Mr. Abhijeet Dudhane who are having more than two decades of
experience in the real estate business. The company is engaged in
the business of real estate development (residential and
commercial projects) mainly in Nagpur.

Presently, SKBDPL is executing two residential projects with
total saleable area of 5.16 lakh square feet (lsf). The
construction of the project at Ramdaspeth (1.81 lsf) commenced in
September 2015 which consists of one building with 54 flats is
expected to be completed in March 2018, while construction of
project at Manewada (3.35 lsf) commenced in April 2017, which
consists of one building with 266 flats is expected to be
completed in March, 2019.

During FY17 SKBDPL has achieved Total operating income of INR7.21
crore (provisional) as against INR Nil in FY16. Also PAT during
FY17 was INR1.66 crore (P.Y.:Nil)


SME STEELS: Ind-Ra Assigns 'BB+' Issuer Rating; Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned SME Steels
Private Limited (SSPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable. The instrument-wise rating actions are:

-- INR182.5 mil. Fund-based working capital limits assigned with
    IND BB+/Stable/IND A4+ rating;
-- INR2.1 mil. Non-fund-based working capital limits assigned
    with IND A4+ rating

KEY RATING DRIVERS

The ratings reflect SSPL's moderate scale of operations and
modest credit metrics owing to stiff competition in the steel
product trading industry. According to provisional results for
FY17, revenue increased 7.5% yoy to INR1,401 million, driven by a
rise in orders from existing and new customers. During the
period, interest coverage (operating EBITDA/gross interest
expense) was 2.5x (FY16: 1.8x) and net financial leverage
(adjusted net debt/operating EBITDAR) was 4.3x (5.6x). The
improvement in credit metrics was driven by a rise in absolute
EBITDA to INR47.2 million in FY17 from INR33.6 million in FY16.
However, EBITDA margin fluctuated between 2.4% and 3.4% over
FY14-FY17 due to the trading nature of business.

The ratings also reflect SSPL's tight liquidity, indicated by an
average peak utilisation of 96% of working capital limits during
the 12 months ended May 2017. This was due to the working
capital-intensive nature of operations.

The ratings, however, are supported by SSPL's promoters' over 20-
year experience in the iron and steel trading business, resulting
in well-established relationships with customers and suppliers.

RATING SENSITIVITIES

Negative: A decline in revenue and/or EBITDA margin leading to
deterioration in credit metrics could and/or liquidity lead to a
negative rating action.

Positive: A substantial rise in revenue and/or EBITDA margin
leading to a sustained improvement in credit metrics could lead
to a positive rating action.

COMPANY PROFILE

Incorporated on 29 August 2005, SSPL is engaged in the trading of
steel flat and long products such as coils, plates, structural
and thermo-mechanically treated bars.


SREE VEERABHADRESHWARA: CARE Rates INR10cr LT Loan at B+
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sree
Veerabhadreshwara Rice & Flour Mill (SVRM), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities               10       CARE B+; Stable Assigned

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of Sree
Veerabhadreshwara Rice & Flour Mill (SVRM), is constrained by the
small scale of operations, fluctuating total income and
profitability margins, weak solvency positions, working capital
intensive nature of operations and partnership nature of business
with inherent risk of withdrawal of capital. The rating is
further
constrained on account of monsoon dependent nature of operations
with high level of government regulation and highly fragmented
rice milling industry.

The rating, however, derives strength from experience of
partners, locational advantage and healthy demand outlook for
rice.

Going forward, the ability of the firm to increase its scale of
operation and profit margins without adversely affecting its
capital structure is the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Fluctuating total income and thin profit margins: The total
income of the firm has shown fluctuating trend over the past
years ending FY16 (refers to the period April 01 to March 31)
mainly on account of quantity of paddy hulled. The firm hulled
2.51 crore kg of paddy in FY16 (refers to the period of April 01
to March 31) compared to 2.03 kg of paddy hulled in FY15 which
resulted in increase in total income. The total income of the
firm stood at INR54.62 crore in FY16 as compared to INR44.41
crore in FY15. The firm has thin PBILDT margins in the range of
3.5% to 6.5% between FY14 to FY16 due to highly fragmented rice
milling industry. The PBILDT margins improved by 129 bps from
3.80% in FY15 to 5.08% in FY16 majorly due to reduction in
remuneration. The PAT margins were also low and remained in the
range of 1% to 3% over the years due to low PBILDT. However, the
PAT margins improved from 0.83% in FY15 to 2.94% in FY16 due to
increase in PBILDT earned and reduction in finance charges.

Weak Solvency position: The firm has weak solvency position. The
overall gearing deteriorated from 2.45x in FY15 to 6.70x in FY16
due to increase in term debt and withdrawal of capital by
partners. The firm's interest coverage ratios were weak in the
range of 1.8x to 3.9x during FY14 to FY16 due to low profits
earned. The interest coverage improved from 1.83x in FY15 to
3.90x in FY16 due to increase in PBILDT earned and reduction in
interest and finance charges. Furthermore, TD/GCA has improved
from 10.15x in FY15 to 4.62x in FY16 due to improvement in cash
accruals.

Partnership nature of business
Partnership nature of business has an inherent risk of withdrawal
of capital at the time of personal contingency, the partners have
infused INR2.02 crore in FY15 and have withdrawn INR1.63 crore in
FY16. It also has the risk of business being discontinued upon
the death/insolvency of the proprietor. The ability to raise
funds is also very low as proprietorship concerns have restricted
access to external borrowings.

Monsoon dependent operations and high level of government
regulation: SVRM's operations are dependent on agroclimatic
conditions and may get adversely impacted in case of weak monsoon
or poor crop quality.

The rice industry is highly regulated by the government as it is
seen as an important sector which could affect the food security
of the country. The Government of India (GOI), every year decides
a minimum support price (MSP) of paddy, the MSP for paddy for
2016-17 was INR1470 per quintal for 'common' variety and INR1510
per quintal for 'Grade A' variety (source: Food Corporation Of
India). The sale of rice in the open market is also regulated by
the government through levy quota and fixed prices. Hence, the
company is exposed to the risk associated with fluctuation in
price of rice.

Furthermore, depending on the production capacity of the company,
it has to make sales to FCI (Food Corporation of India) at a
fixed levy price. Therefore, companies bargaining position
weakens further.

Fragmented nature of industry and low entry barriers: The rice
milling business requires limited quantum of investment in
machinery, however, has high working capital needs.

Furthermore, rice milling is not very technology intensive and as
a consequence the industry is highly fragmented with large number
of players operating in the organised and unorganised segments.
The high level of competition has ensured limiting bargaining
power, as a consequence of which rice mills are operating at low
to moderate profitability margins.

Key Rating Strengths

Experienced Partners: Mr. Mallikarjunappa and Mr. Chidanandappa
are equal sharing partners in SVRM. The partners have an
experience of over 3 decades in rice industry. Sree
Veerabhadreshwara Drier is an associate concern of SVRM and is
into trading of rice. The partners also have interest in wind
mill business.

Locational Advantage with presence in cluster and easy
availability of paddy: The mill is located in Davangere district
in Karnataka which is one of the major paddy cultivation areas in
this State. This ensures easy raw material access and smooth
supply of raw materials at competitive prices and lower logistic
expenditure. SVRM procures paddy from the local farmers. It has
its presence in cluster where there are around 150 conventional
rice mills and 215 modern rice mills.

Healthy demand outlook for rice: Rice is consumed in large
quantity in India which provides favorable opportunity for the
rice millers and thus, the demand is expected to remain healthy
over medium to long-term, India is the second largest producer of
rice in the world after China and the largest producer and
exporter of basmati rice in the world. With growing consumer
class and increasing disposable incomes, demand for premium rice
products is on the rise in the domestic market. Demand for non-
basmati segment is primarily domestic market driven in India.
Initiatives taken by government to increase paddy acreage and
better monsoon conditions will be the key factors which will
boost the supply of rice to the rice processing units. Rice being
the staple food for almost 65% of the population in India, it has
a stable domestic demand outlook.

SVRM is a partnership firm established in 2011 by Mr.
Mallikarjunappa and Mr. Chidanandappa. The partners have
experience of over 3 decades in the rice industry. SVRM receives
major orders for rice milling from its associate concern
Sree Veerabhadreshwara drier (SVD). SVRM has an installed
capacity of milling 12 tons of rice per hour at its manufacturing
plant located at Davangere district in Karnataka.

The firm also has wind based power project wherein it
generates power and sells to Government and private
organisations.

The firm reported a net profit of INR1.60 crore on a total
operating income of INR54.62 crore in FY16 as against net profit
of INR0.37 crore on a total operating income of INR44.41 crore in
FY15.


SRI SCL: CARE Raises Rating on INR31cr LT Loan to BB
----------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sri SCL Infratech Limited (SCL), as:

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Long-term Bank
   Facilities               31        CARE BB; Stable Revised
                                      from CARE B+

   Long-term/Short-
   term Bank Facilities    220        CARE BB; Stable/ CARE A4

Detailed Rationale & Key rating factors

The revision in the long-term ratings assigned to the bank
facilities of Sri SCL Infratech Limited (SCL) take into account
the medium term revenue visibility marked by improved operating
profitability margins during FY17 (refers to the period from
April 1 to March 31) and District Court of Machilipatnam's
judgement in favor of the company related to Pulichintala
irrigation project, which is expected to further improve the
liquidity position of the company. The ratings, however, continue
to be constrained by decline in the operating income during FY17,
leveraged capital structure, working capital-intensive nature of
the business and continued significant exposure in the group
companies. Furthermore, the ratings also derive strength from
account experienced promoters and healthy, improved order book
position albeit concentrated and moderate industry growth
prospects.

The ability of the company to recover contract proceeds in timely
manner, further improve the liquidity position of the company and
effectively manage its working capital requirements are the key
rating sensitivities.

Detailed description of the key rating factors

Key rating strengths

Improved operating margin during FY17:
The PBILDT margin of SCL improved by 336 bps to 21.33% in FY17
(prov.) from 17.79% in FY16. However, the PAT margin remained
stable at 2.26% in FY17 (prov.) as against 2.27% in FY16 due to
high interest charges.

Healthy and improved order book position: SCL's has confirmed
order book position of INR1528.58 crore as on May 31, 2017 which
provides medium to long term revenue visibility. The order book
of the company increased from INR1400 crore as on May 31, 2016.
The order book translates to 8.48x of the gross billing for FY17
(provisional) and 7.11x of the gross for FY16.

Experienced Promoters: Mr. D.V. Naidu, the promoter of the
company is a Mechanical Engineer from Andhra University and has
more than 45 years of work experience in the construction
industry. The day-to-day affairs are looked after Mr. Srinivas,
who was guided and assisted by experienced team of professionals
with considerable experience in construction industry.

Moderate industry outlook and growth prospects:
Construction & Infrastructure sector is a key driver for the
Indian economy. India needs INR31 trillion (US$ 465 billion) to
be spent on infrastructure development over the next five years,
with 70 per cent of funds needed for power, roads and urban
infrastructure segments.

Key rating weakness:
Decline in income during FY17:The total operating income of SCL
has decreased by 16% in FY17 (Prov.) to INR182.20 crore from
INR217.88 crore in FY16 primarily on account of stoppage of works
in Pulichintala irrigation project coupled with demonetization.

Leveraged capital structure: The capital structure of the company
remained leveraged as on March 31, 2017. The overall gearing and
debt coverage indicators remained high as on March 31, 2017.The
deterioration is on account of increase in the unsecured loans
from promoters for investments in the group and subsidiary
companies and increase in mobilization advances.

Working capital intensive nature of business: The working capital
cycle of the company deteriorated further from 342 days in FY16
to 437 days in FY17 (prov.) due to increase in inventory days.
The deterioration in inventory cycle was primarily on account of
higher work in progress as on March 31, 2017. This has resulted
in higher working capital utilisation of the company at 97% for
the 12 months ended May, 2017.

Exposure in group companies: SCL has a huge exposure in its group
companies in the form of investments as advances, balance as
equity and preference shares.

SCL was started by Mr. D. V. Naidu as a partnership firm under
the name of Srinivasa Construction in 1981. It was incorporated
as private limited company in June 1990 and was later converted
into a public limited company in June 1997. Furthermore, the name
of the company was changed to "Sri SCL Infratech Ltd" from "SCL
Infratech Ltd" on October 25, 2013. Based in Hyderabad, the
company is engaged in construction of irrigation projects, hydro
power and railway projects. As on May 31, 2017, the order book
position of the company was INR1528.58.11 crore.

During FY17 (prov.), SCL achieved a total income of INR182.20
crore (Rs.217.88 crore in FY16), and PAT of INR4.95 crore
(INR4.11 crore in FY16).


SUPREME MANOR: CRISIL Reaffirms 'D' Rating on INR377MM Term Loan
----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL D' rating on the long term bank
facility and non-convertible debentures (NCDs) of Supreme Manor
Wada Bhiwandi Infrastructure Private Limited (SMWBIPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              377       CRISIL D (Reaffirmed)

The rating reaffirmation continues to reflect the ongoing delays
in debt servicing due to weak liquidity. This is primarily
because of continued low traffic volume, primarily due to delay
in completion of by-pass construction and weak freight traffic
volumes. Furthermore, delayed receipt of compensation from
Government of Maharashtra (GoM) and demonetisation further
impacted the toll collections.

The rating continues to reflect project implementation risk
because SMWBIPL is yet to gain access to land critical for
construction of by-pass and the consequent exposure to volatility
in traffic, vulnerability to any delay in receipt of annuity
payments from GoM. However, the company benefits from the
strategic location of the project highway.

Key Rating Drivers & Detailed Description

Weakness

* Continued delays in debt servicing
SMWBIPL's liquidity is weak on account of weak cash accrual.
Hence, there are continued delays in debt servicing by the
company. Lenders have acquired controlling stake (~51%) in
SMWBIPL under 'Outside SDR' mechanism and are looking at change
in the management control of the company. Lenders are in the
process of induction of a strategic and/or financial investor in
SMWBIPL. However, bankers are currently not likely to convert any
outstanding debt into equity.

* Vulnerability to volatility in traffic volumes, on account of
delay in completion of by-pass construction
The traffic build-up at the Manor-Wada and Wada-Bhiwandi sections
of the toll-road project has been significantly lower than
expected, leading to low revenue and cash accrual, in past two
years. The decline in traffic volumes was partly on account of
the delay in completion of the by-pass construction starting from
Wada-Bhiwandi road on SH-35 at Vishwabharti Phata and going up to
Bhinar and Vadpa junction. These delays are primarily on account
of right-of-way (ROW) issues. Weakness in revenue profile was
further aggravated as toll collected from multi-axle vehicles,
which is the major revenue contributor, suffered significant
decline.

* Vulnerability to any delay in receipt of annuity payments from
GoM
In fiscal 2016, Government of Maharashtra (GoM) decided to exempt
passenger and light commercial vehicles from paying toll on
select SHs. SMWBIPL's project includes parts of SHs where toll
has been discontinued. In lieu of this exemption, GoM is to
provide compensation to the company in the form of fixed annual
payments. However, any delay in receipt of future annuity
payments could impact cash flows, as these payments form an
integral part of total revenue, and will remain a key rating
sensitivity factor.

Strengths

* Strategic location of project highway
The project highway connects major production centres in
Maharashtra, especially Mumbai, Kalyan and Thane. Furthermore, it
provides connectivity to major national corridors such as
National Highway (NH)-3 and (NH)-8. The project highway traverses
through Thane, the third most industrialised district in
Maharashtra, and caters to around 1,500 large and medium scale
enterprises and around 18,000 small scale industries. The main
products of these industries include drugs, textiles, adhesives,
plastics, rubber, iron and steel, pharmaceuticals, engineering,
fertilisers, electronics, and chemicals.

SMWBIPL has been incorporated as a special-purpose vehicle for
four-laning of 54.32 kms Manor - Wada section of SH-34, and 40.07
kms Wada - Bhiwandi section of SH-35, on a built, operate and
transfer (BOT) basis. The scope of work includes widening of the
existing 94.39 kms two-lane road stretch and its improvement,
operation and maintenance. The entire project highway is located
in the district of Thane.

SMWBIPL reported a net loss of INR28.95 crore on net sales of
INR48.26 crore for fiscal 2017 (Prov.), against a net loss of
INR20.7 crore on net sales of INR32.3 crore for fiscal 2016.


TAMILNADU STATE: CARE Reaffirms B Rating on INR15cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Tamilnadu State Transport Corporation (Coimbatore) Limited, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              15        CARE B; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Tamilnadu State
Transport Corporation (Coimbatore) Limited (TNSTC-CBE) continues
to be constrained by the delays in debt servicing of term loans
availed (not rated by CARE) from the Government of Tamil Nadu
(GoTN) and continued losses incurred by the Corporation during
FY17 (refers to the period April 1 to March 31) resulting in
erosion of networth. The rating is also constrained by the
company's high dependence on debt funding and weak liquidity
profile of the company with high working capital utilisation. The
rating, however, favourably takes into account the established
track record of operations and funding support received from
GoTN, being the state's public transport undertaking in the
Coimbatore region. Going forward, the continual support from GoTN
for day-to-day operations and the ability of the company to
manage working capital efficiently would be the key rating
sensitivities.
Detailed description of the key rating drivers

Key Rating Weaknesses
Defaults in debt servicing on loans availed from GoTN and TDFC:
TNSTC-CBE has been regular with respect to servicing the working
capital facilities availed from banks which are being rated by
CARE. However, the Corporation has defaulted in repayment of the
term loan availed from GoTN over the last four years due to
operating losses. As on March 31, 2017 (Provisional), the
cumulative overdue stood at INR387.5 crore of principal
repayments and INR242.66 crore of interest payments. Loss
reported in the past years resulting in erosion of networth: The
operating income during FY17 (Prov.) remained stable at INR1,263
crore as against INR1,206 crore in FY16. The Corporation reported
operating loss (PBILDT) of INR313 crore during FY17 (Prov.) as
against operating loss of INR282.7 crore in FY16. With high
interest expenses, the Corporation reported after tax loss of
INR464 crore during FY17 (Prov.) against after tax loss of INR402
crore in FY16. The Net worth stood negative at INR2,042 crore
(PY: -Rs.2,099 crore) as on March 31, 2017 (Prov.). The average
utilisation for the past 12 months ended May 2017 stood high at
88%.

Key Rating Strengths

Established network and operational performance:
TNSTC-CBE began its operation in March 1972 with 6 branches,
operating 109 buses taken from the private sector under CTC in
Coimbatore, Nilgiri, and Erode districts of Tamil Nadu. As on
March 31, 2016, TNSTC-CBE operates with 3,475 buses and 44
branches in 1,710 routes, carrying around 26 lakh passengers per
day.

Continuous funding support from GoTN in the past:
The operations of the Corporation are dependent on funding
support from GoTN due to cash losses. The Ways and Means advances
(WMA) from Government and Term loan from TDFC has increased from
INR224.3 crore and INR271.7 crore, respectively, as on March 31,
2016, to INR252.3 crore and INR438.7 crore, respectively, as on
March 31, 2017 (Prov.). The Corporation has received students'
subsidy of INR113.6 crore (PY: INR120.8 crore) and HSD grant of
INR97.3 crore (PY: INR37.1 crore) during FY17.

TNSTC-CBE, a Government of Tamilnadu Undertaking, began its
operation of public transportation in 1972 under the name of
Cheran Transport Corporation Limited (CTC) in Coimbatore, Tamil
Nadu. As on March 31, 2016, TNSTC-CBE had a fleet of 3,475 buses
with 44 branches operating in Coimbatore, Tiruppur,
Udhagamandalam and Erode districts of Tamil Nadu. It also
operates long distance services to Chennai, Bangalore, Mysore,
Pondicherry, Thiruchendur, Marthandam, Sengottai, Guruvayoor,
Hassan, etc. The Corporation is operating 13.3 lakh km per day
carrying around 25.47 lakh passengers every day. TNSTC-CBE has
its own body building units and production facilities for paints
and Tyre flaps.

During FY17 (Provisional), the Corporation reported after tax
loss of INR465 crore on total operating income of INR1,264 crore
as against after tax loss of INR402 crore and operating income of
INR1,206 crore in FY16.


V R CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR4.75MM Loan
-------------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of V R Constructions - Nellore (VRC). The ratings
factor in below-average financial risk profile, small scale of
operations in the intensely competitive construction industry and
working capital intensive operations. These weaknesses are
partially offset by the extensive experience of partners and
their fund support, healthy outstanding orders and diversified
revenue profile.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Long Term
   Bank Loan Facility     0.25      CRISIL B+/Stable

   Bank Guarantee        10         CRISIL A4

   Cash Credit            4.75      CRISIL B+/Stable

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations: The small scale of operations is
reflected in net sales of INR19.7 crore in fiscal 2017. The
segment is highly fragmented and has numerous small-scale
unorganised players catering to local demand, which may restrict
significant improvement in scale and also profitability margin.

* Below-average financial risk profile: As on March 31, 2017,
networth was small at INR2.86 crore and total outside liabilities
to tangible networth (TOLTNW) at 2.59 times. Debt protection
metrics were average with interest coverage and net cash accrual
to total debt (NCATD) of 2.92 and 0.06 times, respectively, on
account of low operating margin.

* Moderately working capital intensive operations: Operations are
working capital intensive as evident from gross current asset
(GCA) days of 156 as on March 31, 2017, due to moderate debtors
of 64 days and various deposits required to be maintained with
customers.

Strengths

* Extensive experience of partners and their fund support: The
partners' experience of 17 years in the construction industry,
established associations with suppliers and customers should
support business risk profile. The partner have supported the
liquidity through unsecured loans of INR1.73 crore as on
March 31, 2017.

* Healthy outstanding orders and diversified revenue profile:
Outstanding orders worth INR73 crore as on June 30, 2017, to be
executed over next 2 years provides revenue visibility. Revenue
profile is diversified with projects in Andhra Pradesh, Karnataka
and Madhya Pradesh across roads, bridges, irrigation and
electrical sectors.

Outlook: Stable

CRISIL expects VRC to maintain its business risk profile over the
medium term backed by the extensive experience of its partners.
The outlook may be revised to 'Positive' if increase in scale of
operations and profitability improves financial risk profile. The
outlook may be revised to 'Negative', if decline in revenue and
profitability, or large debt-funded capital expenditure, or
stretch in working capital cycle weakens financial risk profile
particularly, liquidity.

VRC, established in 2000, is a partnership firm of G Raja Sekhar
Rao, G Lakshmi Rajyam, G Rambabu, M Ravi Kumar and P Srihari
Naidu. VRC, based in Nellore, Andhra Pradesh, undertakes civil
construction for road, irrigation and electrical segments.

Profit after tax (PAT) was INR20 lakh on net sales of INR19.71
crore in fiscal 2017, against INR20 lakh and INR18.71 crore in
fiscal 2016, respectively.


VALIA IMPEX: CRISIL Reaffirms B+ Rating on INR25MM Loan
-------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Valia Impex LLP (VIL). CRISIL has also
withdrawn its ratings on INR19 cr of Channel financing limits in
line with CRISIL's policy on withdrawal of ratings.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         10        CRISIL A4 (Reaffirmed)

   Bill Discounting       18.75     CRISIL A4 (Reaffirmed)

   Bill Discounting       25        CRISIL B+/Stable (Reaffirmed)

   Channel Financing      19        CRISIL B+/Stable (Withdrawal)

   Overdraft               1        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      5.4      CRISIL B+/Stable (Reaffirmed)

   Term Loan               6.6      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the firm's below-average
financial risk profile because of small networth, high total
outside liabilities to tangible networth ratio, and weak debt
protection metrics. The ratings also factor high customer
concentration in revenue. These weaknesses are partially offset
by the firm' established track record as a distributor of
polymers for Reliance Industries Ltd (RIL), and its promoters'
extensive experience in the polymer distribution business.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile
The financial risk profile is constrained by estimated high
gearing of 16 times and small networth of INR5 crore as on
March 31, 2017. High working capital debt will keep the financial
risk profile below average over the medium term.

* High customer concentration in revenue
VIL derives a large proportion of its revenue from Jain
Irrigation Systems Ltd. The top five customers together accounted
for more than 75% of the firm's sales volume. Any change in the
business plans of its largest customer will significantly impact
VIL's revenue.

Strengths

* Promoters extensive experience in the polymer distribution
business, and strong relationship with RIL
VIL is a leading polymer distributor in Mumbai for RIL's polymer
products. The firm has been associated with RIL for 20 years and
enjoys a healthy relationship as its distributor. CRISIL believes
the promoters' extensive experience will continue to support its
business risk profile.

Outlook: Stable

CRISIL believes VIL will continue to benefit from its promoters'
extensive industry experience and its longstanding relationships
with customers. The outlook may be revised to 'Positive' if there
is a significant and sustained improvement in the firm's working
capital management or a substantial increase in its networth
backed by equity infusion by its promoters. The outlook may be
revised to 'Negative' if profitability declines steeply, or if
capital structure deteriorates on account of larger-than-expected
working capital requirement.

VIL was set up in 1989 by Mr Balkrishna Valia and his family
members as a private limited company. It was reconstituted as a
limited liability partnership firm in September 2015. VIL is a
del credere agent for RIL, and supplies polymer products in
Maharashtra, Goa, Daman, and Silvassa.

For fiscal 2017, its profit after tax (PAT) is estimated at
INR1.6 crore on net sales of INR4.7 crore, against a PAT of
INR1.4 crore on net sales of INR1.6 crore for fiscal 2016.


WEBFIL LTD: CRISIL Assigns B- Rating to INR13.68MM Cash Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facility of Webfil Ltd (Webfil) and has assigned its 'CRISIL B-
/Stable' rating to the long term bank facilities of Webfil.
CRISIL had suspended the rating on December 19, 2014, as the
company had not provided the necessary information required for a
rating review. Webfil has now shared the requisite information
enabling CRISIL to assign the rating.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           13.68      CRISIL B-/Stable (Assigned;
                                    Suspension Revoked)

The rating reflects the company's weak financial risk profile
because of stretched liquidity following large debt obligation,
and limited business prospects for the filament division. These
weaknesses are partially offset by established position in the
digital division and strong linkages with West Bengal Industrial
Development Corporation (WBIDC), an agency of Commerce and
Industries Department, Government of West Bengal (GoWB).

Key Rating Drivers & Detailed Description

Weakness

* Large debt repayment obligation
As on March 31, 2017, outstanding debt obligation was INR20.75
crore from WBIDC and GoWB, against cash accrual of INR46 lakh.
However, entire debt is treated as loans from promoters, thereby
providing flexibility in repayment.

* Weak business prospects
The filament division (accounts for 14% of overall operating
income) has been affected by weak demand scenario, intense
competition, overstaffing, and availability of cheaper
substitutes. This has had an adverse impact on profitability.

* Weak financial risk profile
Past losses, large working capital requirement, weak financial
flexibility, and large debt obligation have considerably weakened
debt protection metrics. Cash accrual of INR46 lakh in fiscal
2017 was insufficient to service the entire debt. Liquidity will
remain stretched over the medium term due to limited financial
flexibility and leveraged capital structure.

Strengths
* Established market presence in programmable digital drop/insert
multiplexers segment
Webfil has a strong market position in insert multiplexer
segment. Customised multiplexers for Indian Railways have
substantially contributed to revenue in the past, and have made
the company a top supplier of programmable digital drop/insert
multiplexers to for Indian Railways.

* Strong linkages with WBIDC and GoWB
WBIDC is the largest shareholder in Webfil (49%). It is an agency
of the Commerce and Industries Department, GoWB Govt. of West
Bengal. The company has availed of term loans from WBIDC and the
state government, though such loans are similar to promoter loans
and hence provide financial flexibility in terms of repayment.

Outlook: Stable

CRISIL believes Webfil will benefit from its longstanding
presence in digital division and strong linkages with WIBDC and
GoWB.

Upside Scenario
* If significant improvement in scale of operations and
profitability
* In case of loan waiver strengthens financial risk profile

Downside Scenario
* Increase in working capital requirement constrains liquidity
* Large debt-funded capital expenditure weakens capital structure

Webfil (formerly, West Bengal Filaments & Lamps Ltd) was
incorporated in 1979 as a joint venture of WBIDC, group companies
of Andrew Yule & Co. Ltd (the AYCL group), and other
institutions. The company manufactures multiplexers for Railways
(digital division) and tungsten filament for incandescent lamps
(filament division). Facility is in Gayeshpur, West Bengal.

Estimated profit after tax (PAT) is INR38 lakh on total revenue
of INR33 crore for fiscal 2017; PAT was INR5 lakh on total
revenue of INR25 crore for fiscal 2016.


YP FOODS: CRISIL Reaffirms 'B' Rating on INR9.0MM Term Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating to the long-
term bank facilities of YP Foods Private Limited (YP Foods).

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           1.5       CRISIL B/Stable (Reaffirmed)
   Term Loan             9.0       CRISIL B/Stable (Reaffirmed)

The rating continues to reflect YP Food's early stages of
operations and weak financial risk profile because of small
networth. These weaknesses are partially offset by promoter's
extensive entrepreneurial experience.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations: Commercial production began in
October 2015, and hence, operating income has been small at INR1
crore in fiscal 2016. The company generated an operating income
of INR5.05 crore in fiscal 2017 which is its first full year of
operation. YP Food is expected to scale up its operations over
the medium term.

* Weak financial risk profile: The networth was at INR3.99 crore
and gearing at 2.2 times as on March 31, 2017. Debt protection
metrics is moderate, with interest coverage and net cash accrual
to adjusted debt ratios estimated at 1.7 times and 0.03 time,
respectively, for fiscal 2017. Gearing is expected to remain high
at 2 times over the medium term as working capital requirements
will be largely funded through debt and on account of negative
accretion to reserve.

Strengths

* Promoters' extensive experience: Mr Amit Jhunjunwala and his
family have experience of around 10 years in manufacturing
namkeen, resulting in strong clientele.

Outlook: Stable

CRISIL believes YP Foods to benefit from the promoter's extensive
experience. The outlook may be revised to 'Positive' if scale and
profitability increases more than expected, along with working
capital management. Conversely, the outlook may be revised to
'Negative' if liquidity is constrained by lower-than-expected
cash accrual, larger-than-expected working capital requirement,
or debt-funded capital expenditure.

Incorporated in 2013, YP Foods manufactures ready-to-eat snacks
such as fryums. Its operations are managed by the promoter-
director Mr Amit Jhunjunwala and Mr Chandra Prakash Jhunjhunwala.
The manufacturing unit is located in Howrah, West Bengal.

For fiscal 2017, loss was INR0.51 crore on net sales of INR5.05
crore, against loss of INR0.04 crore on net sales of INR1.08
crore for the previous fiscal.



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


L-STARS ONE: Moody's Hikes Rating on Class E Debt from Ba1(sf)
--------------------------------------------------------------
Moody's Japan K.K. has upgraded the ratings of Class B and E
Notes issued by L-STaRS One Funding Limited.

The affected ratings are:

-- Class B, Upgraded to Aa1 (sf) from Aa3 (sf); previously on
    August 22, 2011 Downgraded to Aa3 (sf)

-- Class E, Upgraded to Baa2 (sf) from Ba1 (sf); previously on
    September 30, 2016 Upgraded to Ba1 (sf)

Deal Name: L-STaRS One Funding Limited

Coupon: Class B - Floating, Class E - None

Issue Date: November 29, 2006

Final Maturity Date: October 27, 2043

Underlying Assets: Investment-purpose condominium loans and
residential mortgages

Originators (Sellers): Libertus Jutaku Loan K.K. and New Century
Finance Co., Ltd.

Servicer/Special Servicer: Capital servicing Co., Ltd.

Note/Bond Trustee: Deutsche Trustee Company Limited

Arranger: Lehman Brothers Japan Inc. (as of the Issue Date)

RATINGS RATIONALE

The ratings upgrade reflects the increased credit enhancement on
the Class B and E Notes due to the redemption of the senior
classes, Class A and B. The increase was prompted by the recent
high prepayment rate and by the use of excess spread to redeem
the Class A and B.

The Class A and B's credit enhancement levels have reached their
target level. Principal collection amount left over after these
target levels are reached is used to redeem the notes in reverse
sequential manner (from Class B to Class A), while maintaining
the target levels (target subordination payment).

Class E will not be redeemed until Class A and B are fully
redeemed. Class F will not be redeemed until Class E is fully
redeemed. Class C, D and N are already fully redeemed.

The loans have been performing within Moody's revised gross loss
expectation set out in August 2011, when Moody's increased its
assumption.

For the underlying pool, Moody's determined a probability loss
distribution using the portfolio EL and the MILAN CE, and
conducted a cash flow analysis with multiple portfolio loss
scenarios of the distribution.

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

Please note that on March 22, 2017, Moody's released a request
for comment, in which it has requested market feedback on
potential revisions to its approach to assessing counterparty
risks in structured finance. If the revised methodology is
implemented as proposed, the credit ratings of this deal are not
expected to be affected. Please refer to Moody's request for
comment, titled "Moody's Proposes Revisions to Its Approach to
Assessing Counterparty Risks in Structured Finance," for further
details regarding the implications of the proposed methodology
revisions on certain credit ratings.

Factors that would lead to an upgrade or downgrade of the
ratings:

The ratings could be upgraded or downgraded if there is an
improvement or deterioration in the credit quality of the
collateral pool and an increase or decrease of credit enhancement
for each class.


TOSHIBA CORP: To Book JPY40BB Special Profit From Stake Sale
------------------------------------------------------------
The Japan Times reports that Toshiba Corp. said on July 21 it
plans to book a special profit of roughly JPY40 billion ($357
million) in the business year to March from the sale of its Swiss
subsidiary's shares, part of its effort to raise cash for its
looming restructuring plans.

According to the report, the embattled conglomerate said it would
offer its 60 percent stake in Landis+Gyr Group AG for some
JPY161.7 billion when it listed the shares on the SIX Swiss
Exchange on July 21.

"Toshiba seeks to enhance its financial structure by selling its
entire interest in Landis+Gyr Group AG," the report quotes
Toshiba as saying.

The Japan Times relates that the company, saddled with huge
losses stemming from its now bankrupt former U.S. nuclear unit,
is scrambling to raise cash to eliminate its negative net worth
by next March to prevent it from being delisted from the Tokyo
Stock Exchange.

Toshiba estimates it had a negative net worth of JPY581.6 billion
as of the end of March, the report discloses.

Toshiba owns a 60 percent stake in Landis+Gyr Group, the holding
company of smart meter manufacturer Landis+Gyr AG, while the
state-backed Innovation Network Corp. of Japan holds the rest,
the report notes.

The Japan Times adds that Toshiba also said on July 21 that INCJ
is set to sell its entire stake in the Swiss firm. The two
Japanese entities bought Landis+Gyr in 2011 for $2.3 billion, the
report notes.

                          About Toshiba

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

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

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



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


PRIME GLOBAL: ShineWing Replaces Centurion as Accountant
--------------------------------------------------------
The audit committee of the Board of Directors of Prime Global
Capital Group Incorporated approved the dismissal of Centurion ZD
CPA Limited, formerly known as DCAW (CPA) Limited, as the
Company's independent accountant, effective July 17, 2017. The
Company retained the services of ShineWing Australia to audit the
Company's consolidated financial statements for fiscal year
ending Oct. 31, 2017.

Centurion CPA's report on the financial statements of the Company
for the fiscal year ended Oct. 31, 2016, did not contain any
adverse opinion or disclaimer of opinion, nor were they qualified
or modified as to uncertainty, audit scope or accounting
principles, except that its report for the fiscal year ended
Oct. 31, 2016, contained an emphasis of matter paragraph
regarding the Company's ability to continue as a going concern.
During the Company's fiscal year ended Oct. 31, 2016, and through
July 17, 2017, there were no disagreements with Centurion CPA on
any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure which
disagreements, if not resolved to Centurion CPA's satisfaction,
would have caused them to make reference to the subject matter in
connection with their report on the Company's consolidated
financial statements for those periods.

The Company said that during the fiscal year ended Oct. 31, 2016,
and through July 17, 2017, neither the Company nor anyone acting
on its behalf consulted ShineWing Australia regarding (1) the
application of accounting principles to a specified transaction,
either completed or proposed, or the type of audit opinion that
might be rendered on the Company's consolidated financial
statements, and ShineWing Australia did not provide either a
written report or oral advice to the Company that was an
important factor considered by the Company in reaching a decision
as to any accounting, auditing, or financial reporting issue, (2)
any matter that was either the subject of a disagreement with
Centurion CPA on accounting principles or practices, financial
statement disclosure or auditing scope or procedures.

                       About Prime Global

Kuala Lumpur, Malaysia-based Prime Global Capital Group Inc
(OTCBB:PGCG), through its subsidiaries, is engaged in the
operation of a durian plantation, leasing and development of the
operation of an oil palm plantation, commercial and residential
real estate properties in Malaysia.
Prime Global reported a net loss of US$911,522 for the year ended
Oct. 31, 2016, compared to a net loss of US$1.59 million for the
year ended Oct. 31, 2015. As of April 30, 2017, Prime Global had
US$43.62 million in total assets, US$16.54 million in total
liabilities and US$27.08 million in total equity.

Centurion ZD CPA Limited, in Hong Kong, China, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Oct. 31, 2016, citing that the Company has a
working capital deficiency, accumulated deficit from recurring
net losses and significant short-term debt obligations maturing
in less than one year as of Oct. 31, 2016. All these factors
raise substantial doubt about its ability to continue as a going
concern.



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


SWEE HONG: Pays Off Debt as Scheme of Arrangement Ends
------------------------------------------------------
Cai Haoxiang at The Business Times reports that Swee Hong Ltd has
announced the end of the scheme of arrangement between the
company and its creditors, which took effect in December 2015.

"Approved outstandings of all eligible creditors under the scheme
have been paid and discharged in full," the firm said, notes the
report.

Swee Hong, which ran into financial trouble and had to undergo
debt restructuring in recent years, last traded at SGD0.014, the
report notes.

Swee Hong Ltd (SGX:QF6) is a Singapore-based company, which is
engaged in the business of building construction and investment
holding. Its segments include Civil Engineering and Tunnelling.
The Civil Engineering segment includes civil engineering works,
such as road construction works, road maintenance works, sewerage
rehabilitation (excluding tunneling works), drains (excluding
tunneling works), soil improvement works and other infrastructure
works. The Tunnelling segment includes micro-tunneling works. The
Company's ongoing projects include road widening of upper Paya
Lebar road from Upper Serangoon road to Bartley road and sewer
diversion at Springleaf station. The Company focuses on Parks and
Services, Infrastructure Construction and Tunneling. It provides
services, such as architectural, mechanical and electrical (M&E);
civil and structure (C&S); soil works; landscaping; roads;
bridges; flyover; canals, and project management.


TRIYARDS HOLDINGS: Posts US$63.3 Million Loss in Q3 Ended May 31
----------------------------------------------------------------
Stephanie Luo at The Business Times reports that Triyards
Holdings Limited has sunk into the red with a net loss of US$63.3
million in its third-quarter results, primarily due to impairment
of assets, lower revenue contribution and cost overruns from
certain projects.

The Business Times relates that the firm recorded a loss per
share of 20.79 US cents for the nine months ended May 31, 2017.
Year-on-year, earnings per share was 4.79 US cents.

For the three months ended May 31, 2017, Triyards' revenue stood
at US$30.9 million, a 62 per cent decrease from a year ago, the
report relays. This comes on the back of lower contributions from
Strategic Marine Group for the construction of aluminium vessel
projects and significantly lower contributions due to the
completed deliveries of five self-elevating units over the past
12 months, according to The Business Times.

The Business Times relates that the decreases were partially
offset by contributions from two multi-purpose support vessels,
three chemical tankers, four escort tugs, one scientific research
vessel, two oil tankers and one floating dock during the
financial period under review.

According to the report, Triyards said that "prolonged weakness
in the marine, shipping, oil and gas industries and extremely
competitive market environment" led to lower gross profit margins
and provision for impairment of assets resulted in losses for the
third quarter.

Triyards Holdings Limited is a Singapore-based investment holding
company. The Company operates through Engineering and Fabrication
Services segment. The Company's geographical segments include
Asia, Europe and Other Countries. The Company provides integrated
engineering, fabrication and ship construction solutions for the
global offshore and marine industry. The Company focuses on
shipbuilding, ship conversions, medium to heavy fabrication works
and ship repairs. The Company's offerings include offshore
support vessels, liftboats, research vessels, aluminum built
security vessels, chemical tankers and windfarm service vessels.
The Company's business and facilities include specialized
shipbuilding; ship repair, maintenance and conversion; rig
building, and offshore engineering, construction and fabrication.
The Company's Strategic Marine's military portfolio includes
Inshore Patrol Vessels, Fast Response Vessels, Offshore Patrol
Vessels and Landing Craft.



                             *********

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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