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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, May 11, 2017, Vol. 20, No. 93

                            Headlines


A U S T R A L I A

DEAN ENTERPRISES: First Creditors' Meeting Set for May 18
HARGRAVES REFRIGERATED: Second Creditors' Meeting Set for May 17
MARIA'S FARM: Second Creditors' Meeting Set for May 15
NQ GROUP: First Creditors' Meeting Set for May 18
SEW AUS: First Creditors' Meeting Set for May 16

SIMPSON PLUMBING: First Creditors' Meeting Set for May 18


C H I N A

CHINA HUISHAN: Gets Notice on Alleged Breach of Loan Facility


H O N G  K O N G

BANK OF EAST: Moody's Rates USD-Denom. Securities Ba2(hyb)


I N D I A

ADVENT ENTERPRISES: ICRA Assigns B Rating to INR12.50cr Loan
ANWESHA ENGINEERING: Ind-Ra Lowers Long-Term Issuer Rating to BB+
B.V.S. DISTILLERIES: Ind-Ra Migrates B- Rating to Non-Cooperating
BAJRANG STEEL: Ind-Ra Assigns BB+ Long-Term Issuer Rating
BAPASHREE AGRO: Ind-Ra Migrates B+ Rating to Non-Cooperating

BOMMINENI RAMANJANEYULU: ICRA Reaffirms B+ Rating on INR6cr Loan
BRAHMAPUTRA INFRA: ICRA Reaffirms D Rating on INR478.08cr Loan
CUSP INTERNATIONAL: Ind-Ra Assigns B+ Long-Term Issuer Rating
DECCAN CHRONICLE: Canara Bank Files Insolvency Bid Against Firm
EAGLE ELECTRICALS: ICRA Raises Rating on INR5cr Loan to 'B'

GURUKRUPA CORPORATION: ICRA Rates INR18.5cr Loan at B+/A4
H. J. INDUSTRIES: Ind-Ra Migrates D Rating to Non-Cooperating
JALNA MUNICIPAL: ICRA Assigns IrBB Long Term Issuer Rating
KARIKALI AMMAN: ICRA Ups Rating on INR9.50cr LT Loan from B+
KRISHNA TEXTILE: Ind-Ra Migrates BB- Rating to Non-Cooperating

LEMSTONE CERAMIC: ICRA Raises Rating on INR17.50cr Loan to BB-
MAA MAHAMAYA: ICRA Reaffirms 'D' Rating on INR282.23cr Loan
MEDHASSU E-SOLUTIONS: ICRA Withdraws B Rating on INR3cr Loan
MET THERAPEUTICS: Ind-Ra Migrates BB Rating to Non-Cooperating
MIRACALUS PHARMA: ICRA Assigns B+ Rating to INR5.50cr Cash Loan

NUEVO POLYMERS: ICRA Raises Rating on INR30cr Loan to BB-
PAGRO FOODS: ICRA Withdraws B+ Rating on INR6.25cr Loan
PARAMESWARA AGENCIES: Ind-Ra Migrates B Rating to Non-Cooperating
PARAMESWARA COTTON: Ind-Ra Migrates B Rating to Non-Cooperating
RAJPUTANA INDUSTRIES: ICRA Reaffirms B+ Rating on INR14.90cr Loan

RAJRAJESHWAR COTTON: ICRA Assigns B+ Rating to INR4.75cr LT Loan
RAYAT & BAHRA: ICRA Upgrades Rating on INR36.61cr Loan to 'C'
RHAPSO IFMR: Ind-Ra Affirms B+ Rating on INR26.18M Series A2 PTCs
RIZON LAMINATES: ICRA Reaffirms 'D' Rating on INR6.87cr Loan
SAAB ENGINEERING: Ind-Ra Migrates BB+ Rating to Non-Cooperating

SHANTIKALASH JEWELLERS: Ind-Ra Assigns BB- LT Issuer Rating
SNEHAL IMPEX: Ind-Ra Migrates B- Rating to Non-Cooperating
SYNNOVA CERAMIC: ICRA Assigns B- Rating to INR3.43cr Term Loan
V.M. STAR: Ind-Ra Migrates B+ Rating to Non-Cooperating
WOOLWAYS INDIA: ICRA Lowers Rating on INR10cr Loan to D

YOGESH AND YOGESH: Ind-Ra Migrates BB- Rating to Non-Cooperating


J A P A N

TOSHIBA CORP: Partners Brace for Possible Bankruptcy Filing
TOSHIBA CORP: May Release Unaudited Full-Year Earnings on May 22


S I N G A P O R E

LANCO RESOURCES: Griffin Coal's Parent Co Placed in Receivership
YUUZOO CORP: Files Police Report vs. Former Financial Controller


S O U T H  K O R E A

WOORI BANK: Moody's Assigns (P)Ba3 Rating to Add'l Tier 1 Notes


V I E T N A M

* VIETNAM: Capital Shortfall for Banks Remains Key Credit Burden


                            - - - - -


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A U S T R A L I A
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DEAN ENTERPRISES: First Creditors' Meeting Set for May 18
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Dean
Enterprises (Qld) Pty Ltd, trading as 1800REMOVALS, will be held
at the offices of AMB Insolvency, Level 1, 6 Allison Street, in
Bowen Hills, Queensland, on May 18, 2017, at 11:30 a.m.

Anne-Marie Barley -- abarley@hallchadwick.com.au -- of AMB
Insolvency was appointed as administrator of Dean Enterprises on
May 8, 2017.


HARGRAVES REFRIGERATED: Second Creditors' Meeting Set for May 17
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Hargraves
Refrigerated Transport Pty Limited has been set for May 17, 2017,
at 11:00 a.m. at the offices of Farnsworth Shepard, Level 5, 2
Barrack 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 May 17, 2017, at 11:00 a.m.

Benjamin Michael Carson of Farnsworth Shepard was appointed as
administrator of Hargraves Refrigerated on March 31, 2017.


MARIA'S FARM: Second Creditors' Meeting Set for May 15
------------------------------------------------------
A second meeting of creditors in the proceedings of Maria's Farm
Veggies Pty Ltd has been set for May 15, 2017, at 4:00 p.m. at
Johnson Winter & Slattery, Level 25, 20 Bond 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 May 12, 2017, at 4:00 p.m.

Rahul Goyal and David Winterbottom of Maria's Farm were appointed
as administrator of Guvera Employment on June 28, 2016.


NQ GROUP: First Creditors' Meeting Set for May 18
-------------------------------------------------
A first meeting of the creditors in the proceedings of NQ Group
Pty Ltd and North Queensland Heavy Haulage Services Pty will be
held at Karstens, Level 24, 215 Adelaide Street, in Brisbane,
Queensland, on May 18, 2017, at 10:00 a.m.

Keith Alexander Crawford and William James Harris of McGrathNicol
were appointed as administrators of NQ Group on May 8, 2017.


SEW AUS: First Creditors' Meeting Set for May 16
------------------------------------------------
A first meeting of the creditors in the proceedings of Sew Aus
Pty Ltd, trading as Kit & Ace, will be held at the offices of
Deloitte, Level 25, 123 Eagle Street, in Brisbane, Queensland, on
May 16, 2017, at 3:00 p.m.

Richard John Hughes and David Orr and Salvatore Algeri of
Deloitte were appointed as administrators of Sew Aus on April 26,
2017.


SIMPSON PLUMBING: First Creditors' Meeting Set for May 18
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Simpson
Plumbing Qld Pty Ltd will be held at the offices of AMB
Insolvency, Level 1, 6 Allison Street, in Bowen Hills,
Queensland, on May 18, 2017, at 10:30 a.m.

Anne-Marie Barley of AMB Insolvency was appointed as
administrator of Simpson Plumbing on May 8, 2017.



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C H I N A
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CHINA HUISHAN: Gets Notice on Alleged Breach of Loan Facility
-------------------------------------------------------------
Dow Jones Newswires reports that China Huishan Dairy Holdings Co.
Ltd. said it has received a letter from the Macau branch of Bank
of China Ltd. on the alleged breach of a loan facility agreement.

Dow Jones relates that the letter, dated April 28, said the
maturity date of a US$50 million loan facility has passed and
both the principal amount of the loan and interest on it are
outstanding.

According to the report, BOC Macau has asked the company to repay
the amount by May 16, China Huishan, whose shares were suspended
on May 8 by the Hong Kong's securities regulator, said in a
statement on May 8.

Principal & interest under facility agreement were US$50 million
& US$937,363.11, respectively, Dow Jones discloses.

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

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



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H O N G  K O N G
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BANK OF EAST: Moody's Rates USD-Denom. Securities Ba2(hyb)
----------------------------------------------------------
Moody's Investors Service has assigned a Ba2(hyb) rating to Bank
of East Asia, Limited's (A3 negative) proposed USD-denominated,
perpetual, non-cumulative and subordinated Additional Tier 1
(AT1) capital securities.

The AT1 capital securities will be drawn down from the bank's
existing USD Medium Term Note (MTN) programme. The terms and
conditions of the capital securities incorporate Basel III-
compliant non-viability language in accordance with Hong Kong
capital rules, and will qualify as regulatory AT1 capital.

The rating is subject to the receipt of final documentation, the
terms and conditions of which are not expected to change in any
material way from the draft documents that Moody's has reviewed.

RATINGS RATIONALE

The Ba2(hyb) rating is positioned three notches below the bank's
baseline credit assessment (BCA) and Adjusted BCA of baa2, in
accordance with Moody's standard notching guidance for preferred
securities with loss triggered at the point of non-viability on a
contractual basis.

The three-notch difference from the Adjusted BCA reflects the
probability of impairment associated with non-cumulative coupon
suspension, as well as the likelihood of high loss severity when
the bank reaches the point of non-viability.

Under the terms and conditions, the principal and any accrued but
unpaid distribution on these capital securities would be written
down, partially or in full, in the event that the Hong Kong
Monetary Authority notifies the bank that without such write-off
the bank would become non-viable, or if the relevant government
body, government officer or regulatory body decides to make a
public sector capital injection without which the bank would
become non-viable. The amount of write-off has to be sufficient
to ensure that the non-viability event ceases to continue.

In addition, to be classified as AT1 capital, Bank of East Asia,
as a going concern, may choose not to pay distributions on a non-
cumulative basis. As such, the distributions on these capital
securities are fully discretionary. However, a common share
dividend stopper applies if a distribution is missed.

These securities are senior to common shareholders, but junior to
all depositors, general creditors, senior debt and subordinated
debt holders.

The bank's standalone credit assessment takes into account its
sound liquidity profile and capitalization. Bank of East Asia's
large Mainland China exposures weigh negatively on its credit
profile.

The bank's long-term deposit ratings of A3 incorporate two
notches of systemic support.

The negative outlook reflects the Hong Kong government's (Aa1
negative) potentially lower level of government support because
of the likelihood of Hong Kong adopting a bail-in resolution
regime in 2017, as well as the expected deterioration in
operating conditions for Bank of East Asia.

Bank of East Asia, Limited's ratings are:

- Long-term/short-term deposits ratings: A3/P-2

- Senior unsecured debt: A3

- Senior unsecured MTN programme rating: (P)A3

- Legacy subordinated debt: Baa3

- PONV Subordinate debt: Ba1(hyb)

- Subordinated MTN programme rating: (P)Ba1

- PONV non-cumulative preferred stock: Ba2(hyb)

- Commercial paper: P-2

- Counterparty Risk Assessment: A2(cr)/P-1(cr)

- Baseline credit assessment: baa2

- Adjusted baseline credit assessment: baa2

The outlook on the bank's long term deposit and senior unsecured
debt ratings is negative.

What could change the ratings up/down

The rating of this capital securities could be upgraded if Bank
of East Asia's BCA is adjusted upwards. If the bank can maintain
good asset quality and effective risk controls -- against the
backdrop of a challenging credit environment in China -- and its
capital profile strengthens, its standalone assessment may be
upgraded.

Conversely, downward pressure on the rating of this instrument
could materialize if Bank of East Asia's BCA were adjusted
downwards.

The bank's BCA may be adjusted downwards if strong loan and asset
growth outpaces capital generation, leading to a tangible common
equity/risk weighted assets ratio below 10.5%.

Further material increases in Mainland China exposures, or a
worse than expected economic slowdown in Hong Kong and China may
also trigger a review for downgrade.

A significant deterioration in the bank's asset quality metrics,
with impaired loans exceeding 1.5%, may also trigger a review for
a downward adjustment.

The principal methodology used in these ratings was Banks
published in January 2016.

Bank of East Asia, Limited, headquartered in Hong Kong, held
total assets of HKD766 billion at end-2016.



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I N D I A
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ADVENT ENTERPRISES: ICRA Assigns B Rating to INR12.50cr Loan
------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the INR12.50
crore bank limits of Advent Enterprises Private Limited. The
outlook on the long-term rating is 'Stable'.

                         Amount
  Facilities          (INR crore)    Ratings
  ----------          -----------    -------
  Fund Based Limits       12.50      [ICRA]B (Stable); Assigned

Rationale
The assigned rating takes into account the weak financial profile
of the firm, which is characterised by an adverse capital
structure following significant increase in the debt levels,
tight liquidity profile and weak profitability due to trading
nature of operations and lower pricing flexibility. The tight
liquidity position arises from elongated debtors' turnaround
leading to high utilisation of working capital limits and the
need for additional sizeable funding in the form of a drop-line
facility and unsecured loan to meet the working capital
requirements to scale up operations. The rating also factors in
the stiff competition from several established brands in the
electrical home appliances segment, limiting the company's margin
flexibility.

The rating, however, favorably factors in the experience of the
promoters in the kitchen appliance industry, moderate brand
recognition in the domestic market and pan India distribution
network. ICRA notes the positive demand outlook for the domestic
electrical and kitchen home appliance sector in the light of
improving lifestyle of consumers and growing income levels as
reflected in the improving operating income during the last few
years.

Key rating drivers

Credit strengths

* Established experience of the promoters in the kitchen
   appliance industry

* Increasing in-house brand presence in the domestic market
   and pan India distribution network leading to steady growth
   in revenues

* Positive outlook for domestic home appliances due to improving
   lifestyle of consumers and growing income levels driving
   revenue growth from FY2013 to FY2017.

Credit weaknesses

* Weak profitability due to trading nature of operations and
   lower pricing flexibility; leading to weak coverage
   indicators.

* Adverse capital structure arising from reliance on external
   funding; interest free unsecured loans from promoters provide
   some comfort; any interest payouts on unsecured loans or
   withdrawal of unsecured loans will further weaken the capital
   structure and coverage indicators.

* Tight liquidity profile due to elongated debtors turnaround
   leading to high working capital intensity; however, some
   improvement has been witnessed in the current year.

* High competitive intensity, due to fragmented nature of
   industry with a large number of organised, branded players
   as well as unorganised players in the field.

Detailed description of key rating drivers:

AEPL was incorporated in 1997 by Mr. Dinesh Agarwal. Till 2010,
the company saw limited operations; since then, however, it
ventured into the trading of electrical home appliances and
kitchenware by developing its own brand, 'Demont'. AEPL currently
has a product portfolio of ~250 Demont branded products, whose
manufacturing is outsourced. The trading nature of its operations
as well as stiff competition from various unorganised and
organised players with reputed brands restricts pricing
flexibility and pressurises profitability. However, AEPL is
expected to benefit from the positive demand outlook for domestic
appliances in the medium term, owing to the change in lifestyle
of consumers, growing income levels and increasing need for
convenience, which will lead to increase in operations of the
company. Evidently, the scale of operations has also improved
over the last three years. However, the receivables position has
led to high working capital intensity, to fund which AEPL has
availed working capital borrowings as well as a drop-line
overdraft facility against mortgage of properties. Reliance on
external funding has been significantly high and the debt levels
have increased more than three-fold between FY2015 and FY2017,
leading to a highly leveraged capital structure, given the modest
level of net-worth. However, the promoter's contribution in the
form of unsecured loans of ~INR8.96 crore during FY2017 provides
some comfort to the capital structure.

Going forward, the firm's ability to maintain the revenue growth
momentum along with improvement in profit margins, while ensuring
prompt realisation from its debtors, will remain the key rating
sensitivities. While there has been some improvement in the
debtor's collection in FY2017 (Provisional), the sustainability
of the same remains to be seen. ICRA also notes that infusion of
unsecured loans has been critical in the light of the inadequate
internal accruals to service the ballooning repayment schedule of
the drop-line overdraft facility. Any interest payout or
withdrawal of unsecured loans/quasi equity or inability to
improve cash accruals from current levels may lead to funding
gaps, which will be a key monitorable.

Analytical approach: To arrive at the ratings ICRA has taken into
account the standalone financials of the company along with key
operational developments in the recent past.


ANWESHA ENGINEERING: Ind-Ra Lowers Long-Term Issuer Rating to BB+
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Anwesha
Engineering & Projects Limited's (AEPL, erstwhile IOT Anwesha
Engineering and Construction Ltd.) Long-Term Issuer Rating to
'IND BB+' from 'IND BBB-'.  The Outlook is Negative.  Instrument-
wise rating actions are:

   -- INR1.250 mil. Fund-based limit lowered to
      'IND BB+/Negative/IND A4+' rating;

   -- INR2.460 mil. Non-fund-based limit lowered to
      'IND BB+/Negative/IND A4+' rating;

   -- INR500 mil. Proposed non-fund-based limit* lowered to
      provisional 'IND BB+/Negative/Provisional IND A4+' rating;

   -- INR239.25 mil. Term loan lowered to 'IND BB+/Negative'
      rating

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

                         KEY RATING DRIVERS

The downgrade reflects a breach of the negative rating trigger
with the delay in the receipt of INR200 million from Chennai
Petroleum Corporation Ltd.  Management expected to receive this
amount by end-March 2017.  Moreover, credit metrics for the full
year FY17 are likely to have been lower than management
expectations.  All of these factors have stretched AEPL's
liquidity profile.

During 10MFY17, the company registered revenue of INR2.272
billion and an EBITDA loss of INR47 million.  However, the
company was able to service its debt obligations in FY16 and
FY17, due to a reduction in working capital and an equity
infusion of INR40.7 million by its promoter in February 2017.
AEPL had an order book of INR3,734 million (1.12x of FY16
revenue) at end-December 2016 (end-December 2015: INR3,428.9
million, 0.6x of FY15 revenue). AEPL had a healthy bids pipeline
of INR20 billion on Dec. 31, 2016, and emerged as the lowest
bidder for orders worth INR1.039 million in January and February
2017.  The company had a high net working capital cycle of 179
days in FY16 (FY15: 120 days).

                        RATING SENSITIVITIES

Negative: Deterioration in the credit profile and liquidity due
to margin contraction, elongation of the working capital cycle,
and/ or delay in receipt of INR200 million from Chennai Petroleum
Corporation may lead to a negative rating action.

Positive: An expansion of the order book and an increase in the
size of operations and profitability along with receipt of
INR200 million from Chennai Petroleum Corporation could lead to a
positive rating action.

COMPANY PROFILE

AEPL is an engineering, procurement and construction player
engaged in the business of erection of oil, comfier and fire
water storage tanks, piping and pipe rack foundation, and related
civil and structural works for refineries in India and overseas.


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

   -- INR290 mil. Term loan migrated to Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 11, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2011, BVSDPL manufactures Indian made foreign
liquors.


BAJRANG STEEL: Ind-Ra Assigns BB+ Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Bajrang Steel
and Alloys Limited (BSAL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.  The instrument-wise rating action is:

   -- INR140 mil. Fund-based working capital limit assigned with
      'IND BB+/Stable' rating

                        KEY RATING DRIVERS

The ratings reflect BSAL's moderate scale of operations, EBITDA
margin and credit metrics.  In FY16, revenue was INR872 million
(FY15: INR1,070 million), EBITDA margin was 2.5% (2.4%), net
leverage (total Ind-Ra adjusted net debt/operating EBITDAR) was
2.9x (2.8x) and interest cover (operating EBITDA/gross interest
expense) was 1.9x (1.7x).  The decline in revenue was primarily
due to a fall in iron and steel prices.

The ratings, however, are supported by the firm's comfortable
liquidity position, indicated by a 67.7% average utilization of
fund-based limits during the 12 months ended March 2017.
Moreover, BSAL has strong relationships with customers and
suppliers, and its promoters have more than 20 years of
experience in the iron and steel industry.

                        RATING SENSITIVITIES

Negative: Any decline in revenue or EBITDA margin leading to a
deterioration in credit metrics on a sustained basis will be
negative for the ratings.

Positive: An increase in the scale of operations, along with an
improvement in credit metrics, on a sustained basis will be
positive for the ratings.

COMPANY PROFILE

Incorporated in December 1998, BSAL manufactures mild steel
ingots and mild steel structures at its plant in Rourkela
(Orissa).  The site has an installed capacity of 25,400 tonnes
per annum (TPA) of mild steel structures and 32,000TPA of mild
steel ingots.

Moreover, the company is engaged in the trading of crushed slags,
mild steel structures and mild steel scrap.

The company is managed by directors Mr. Ramesh Kumar Aggarwal,
Mr. Ashok Kumar Kansal and Mr. Ashok Kumar Agarwal.

According to provisional financials for FY17, revenue was
INR746.9 million, EBITDA margin was 3.4%, interest coverage was
2.5x and net leverage was 2.2x.


BAPASHREE AGRO: Ind-Ra Migrates B+ Rating to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Bapashree Agro
Private Limited's (BAPL) 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 B+(ISSUER NOT COOPERATING)' on the agency's
website.  The instrument-wise rating action is:

  -- INR97.5 mil. Proposed fund-based facilities migrated to Non-
     Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Dec. 23, 2015.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2009, BAPL is primarily engaged in the
processing, milling and trading of rice and wheat and is managed
by the Vaghela family.  BAPL's production unit is located in
Sanand, Gujarat.


BOMMINENI RAMANJANEYULU: ICRA Reaffirms B+ Rating on INR6cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR4.00-crore cash credit limit and INR6.00 crore bank guarantee
limits of Bommineni Ramanjaneyulu (BR). The outlook on the long-
term rating is 'Stable'.

                      Amount
  Facilities        (INR crore)     Ratings
  ----------        -----------     -------
  Cash Credit            4.00       [ICRA]B+ (Stable); Reaffirmed

  Bank Guarantee         6.00       [ICRA]B+ (Stable); Reaffirmed

Rationale

The rating reaffirmation takes into account the de-growth of ~7%
in the firm's operating income (OI) for FY2016 owing to slowdown
in the volume of works executed for third and fourth quarters of
FY2016 on the back of limited orders. The rating is further
constrained by the modest scale of operations of the entity in a
highly competitive industry, its exposure to high geographic
concentration with operations restricted to the states of Andhra
Pradesh and Telangana and high sectoral concentration as mostly
Comprehensive Protected Water Supply (CPWS) works are carried out
by the firm. The rating also factors in the limited revenue
visibility over the near term with order book to OI ratio of 0.59
times as on February 28, 2017 owing to limited number of
contracts awarded by the respective government departments. ICRA
also takes note of the firm's exposure to risks associated with a
proprietorship concern, which includes limited ability to raise
capital, risk of capital withdrawals and dissolution upon death /
retirement/insolvency of the proprietor.

However, the rating positively factors in the long track record
of more than two decades of the proprietor in the construction
industry and established relationship with the Rural Water Supply
and Sanitation (RWS & S) departments of Andhra Pradesh and
Telangana resulting in repeat orders.

Going forward, ability of the firm to improve its scale of
operations with regular order inflow and timely execution of
orders in hand, maintain its profitability levels and capital
structure will be the key rating sensitivities.

Key rating drivers

Credit strengths

* Significant experience of the proprietor in executing water
   supply works and established relationships with the government
   departments
* Repeat work orders from Government departments reflect good
   work quality and timeliness of completion

Credit weaknesses

* Modest scale of operations of the firm and high sector
   concentration with focus limited to Water supply works

* Low unexecuted order book to OI ratio of 0.59 times as on
   February 28, 2017 limits revenue visibility to the near term

* High reliance on creditors for funding its working capital
   requirements resulting in total outside liabilities to
   tangible net worth (TOL/TNW) ratio of 5.19 times as on
   March 31, 2016

* High geographic concentration as operations are restricted
   to the states of Andhra Pradesh and Telangana

* Risk associated with a proprietorship concern, which inter-
   alia includes limited ability to raise capital and risk of
   dissolution upon the death/retirement/insolvency of the
   proprietor

Description of key rating drivers:

The proprietor of the firm, Mr. Bommineni has over 25 years of
experience in the execution of water supply works and by virtue
of this, has established relationships with the government
departments thus helping the firm in bagging repeat orders. Also
the repeat work orders reflect the good quality of workmanship
demonstrated by the firm along with its commitment to timeliness
of completion of the project in hand.

The scale of operations of the firm remains modest with an
operating income of INR25.00 crores in FY2016 with high sectoral
concentration as the firm's main focus is limited to water supply
works. The firm has limited revenue visibility in the near term
as evidenced by low unexecuted order book to OI ratio of 0.59
times as on February 28, 2017. Also, the firm highly relies on
its creditors for funding its working capital requirements as
reflected in high TOL/TNW ratio of 5.19 times as on March 31,
2016. The firm is also exposed to high geographic concentration
with its entire operations restricted to the states of Andhra
Pradesh and Telangana and any problems in any of these states
could adversely impact the firm's operations. Being a
proprietorship concern, the firm also remains exposed to various
risks such as limited ability to raise capital and risk of
dissolution upon the death/retirement/insolvency of the
proprietor.

The Operating income of the firm declined from INR27.02 crore in
FY2015 to INR25.00 crore in FY2016 owing to slowdown in the
volume of works executed for third and fourth quarters of FY2016
on the back of limited orders. Operating margin also declined
from 7.16% in FY2015 to 6.05% in FY2016 owing to increased raw
material expenses.

Analytical approach: For arriving at the ratings, ICRA has
applied its rating methodologies as indicated below.

M/s. Bommineni Ramanjaneyulu (BR) was incorporated as a
proprietorship concern in 2001 to take up public water supply and
drinking water supply projects. BR is a Special Class Contractor
(SCC) in the State of Andhra Pradesh (AP). BR used to work on
projects related to AP Rural Water Supply & Sanitation Department
(APRWSSD) and Accelerated Rural Water Supply (ARWS) projects
earlier. The firm was able to grow because of new projects coming
under NRDWP (National Rural Drinking Water Programme) -- starting
from Eleventh five-year plan period and APRWSSD projects starting
from March 2010. BR is one of twenty such special class
contractors in the Rural Water supply in the state of AP eligible
to take up works.

In FY2016, the company reported a net profit of INR1.28 crore on
an operating income of INR25.00 crore, compared to a net profit
of INR1.40 crore on an operating income of INR27.02 crore in
FY2015.


BRAHMAPUTRA INFRA: ICRA Reaffirms D Rating on INR478.08cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the rating of [ICRA]D on the INR893.80-crore
bank lines of Brahmaputra Infrastructure Limited.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Fund-based-Cash
  Credit                145.98        [ICRA]D Reaffirmed

  Fund-based-Term
  Loans                 269.74        [ICRA]D Reaffirmed

  Non-fund Based        478.08        [ICRA]D Reaffirmed

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

Analytical approach: For arriving at the ratings, ICRA has
applied its rating methodologies as indicated below.

Originally established as a proprietorship firm in 1987 and
incorporated in September 1998, Brahmaputra Infrastructure
Limited (earlier Brahamputra Consortium Limited) is a
construction company executing mining, civil construction, roads
& highway projects. Over the years, BIL has executed several
contracts in various segments like building construction, roads,
mining, tunnels, other civil construction works etc. mainly for
public sector undertakings (PSUs) and Government departments.
Further, during the current financial year, a group company
Brahmaputra Infraproject Limited got merged into BIL and
consequently, BIL got listed on stock exchanges.

In the first nine-months of FY2017, the company reported a net
loss of INR7.4 crore on an operating income of INR126.3 crore, as
compared to a net profit of INR0.4 crore on an operating income
of INR223.9 crore in FY2016.


CUSP INTERNATIONAL: Ind-Ra Assigns B+ Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned CUSP
International Private Limited (CUSP) a Long-Term Issuer Rating of
'IND B+'.  The Outlook is Stable.  The instrument-wise rating
actions are:

   -- INR30 mil. Fund-based limit assigned with
      'IND B+/Stable/IND A4' rating; and

   -- INR50 mil. Non-fund-based limit assigned with 'IND A4'
      rating

                          KEY RATING DRIVERS

The ratings are constrained by CUSP's small scale of operations,
as evident from the top line of INR194.51 million in FY16 (FY15:
INR242.16 million), due to its presence in a highly fragmented &
competitive industry.  The provisional FY17 financials indicate a
15% yoy dip in the top line due to the lack of executable orders.

The ratings are further constrained by CUSP's weak credit metrics
as reflected by its gross interest coverage of 1.27x in FY16
(FY15: 1.36x) and net financial leverage of 6.65x (10.19x), and a
stressed working capital cycle of 174 days in FY16 (FY15: 205
days). In FY17, the coverage was 1.39x.

The ratings, however, are supported by over 30 years of
experience of CUSP's promoters in the trading of synthetic
leather, the company's strong relationships with its customers
and suppliers, and the improvement in operating EBITDA margins to
9.73% in FY16 (FY15: 6.29%) due to  a decline in the raw material
cost.  In FY17, the EBITDA margins were 9.03%.

The ratings are also supported by the company's comfortable
liquidity position, with its average utilization of the fund-
based limit being around 86.36% over the 12 months ended March
2017.

                       RATING SENSITIVITIES

Negative: A decline in the revenue and operating profitability
resulting in significant deterioration in the credit metrics on a
sustained basis will be negative for the ratings.

Positive: Significant growth in the revenue and EBITDA margin
leading to an improvement in the overall credit profile on a
sustained basis will be positive for the ratings.

COMPANY PROFILE

CUSP was incorporated in 2010 and it is engaged in trading of
synthetic leather.  The company is promoted by Mr. Vinod Kumar
Kakar and his family.


DECCAN CHRONICLE: Canara Bank Files Insolvency Bid Against Firm
---------------------------------------------------------------
The Times of India reports that in a major setback for Deccan
Chronicle Holdings Ltd (DCHL), public sector bank Canara Bank has
filed an insolvency petition against the beleaguered city-based
company before the Hyderabad bench of the National Company Law
Tribunal (NCLT) by invoking the provisions of the country's newly
ushered in Insolvency and Bankruptcy Code (IBC).

The report says the Bengaluru-headquartered Canara Bank, which is
struggling to recover dues amounting to 800 crore from DCHL, has
urged the NCLT to declare the debt-ridden company as insolvent
under the provisions of the IBC, which came into force in 2016. A
company is said to be insolvent when it cannot meet its
obligations or pay its debts, the report notes.

Though Canara Bank first moved the NCLT with its insolvency
petition on February 23, 2017, the petition was returned multiple
times due to certain inadequacies in the application, the report
says. The tribunal sought clarifications, which the bank
furnished, and finally the matter was listed for admission on
April 5, 2017, TOI reports.

India-based Deccan Chronicle Holdings Limited engages in the
printing and publishing of newspapers and periodicals.  The
company publishes Deccan Chronicle, an English daily; Financial
Chronicle, a financial daily; and Andhra Bhoomi, a regional
daily. It also owns franchise rights for the Hyderabad team of
the Indian Premier League.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 17, 2013, The Times of India said Deccan Chronicle has
become the second biggest defaulter in the latest credit crunch,
after Kingfisher Airlines went down owing lenders more than
INR7,000 crore.  The company declared itself sick in
September 2013 and checked into the Board for Industrial and
Financial Reconstruction, TOI said.


EAGLE ELECTRICALS: ICRA Raises Rating on INR5cr Loan to 'B'
-----------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR5.00-
crore fund-based facilities of Eagle Electricals (EE) from
[ICRA]B- to [ICRA]B. ICRA has reaffirmed the short-term rating of
[ICRA]A4 assigned to the INR5.00-crore non-fund based facilities
of the firm. The outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund Based              5.00       [ICRA]B (Stable); Upgraded
                                     from [ICRA]B-

  Non-fund Based          5.00       [ICRA]A4; Reaffirmed

Rationale

The ratings take into account the healthy growth in the firm's
turnover and profitability during FY2016 and 11MFY2017 and
healthy expected orders as on February 15, 2017. The ratings also
draw comfort from the vast experience of the partners in
electrical work and the firm's recognition as a Class-1
contractor by the Government of Karnataka. The ratings further
take into account the operational linkages with the group
entities in relation to procurement of a portion of raw material
requirement, which mitigate supply and operational risks to an
extent.

The ratings are, however, constrained by increase in the working
capital intensity of operations on account of high receivables
and inventory holding that exert pressure on the liquidity
position of the firm and the deterioration in capital structure
and coverage indicators during FY2016. The ratings also take into
account the vulnerability of profitability to any adverse
variations in raw material prices and competitive business
environment due to fragmented nature of the industry. The ratings
continue to be constrained by the small scale of operations, high
geographic concentration risk with order execution limited to
Karnataka; and risks associated with partnership nature of the
firm, involving risk of capital withdrawal.

Going forward, the ability of the firm to secure new orders,
ensure timely completion of expected orders while improving its
capital structure and coverage indicators, and managing its
working capital requirements will be the key rating
sensitivities.

Key rating drivers

Credit strengths

* Extensive experience of the partners in dealing with
electrical
   utilities in Karnataka through this firm and other group
   entities

* Healthy growth in turnover during FY2016 and 11MFY2017 with
   increase in profitability

* Healthy expected orders for FY2018 comprising trading and
   electrical contracts

* Operational linkage with the group entities in relation to
   procurement of a portion of raw material requirement,
   strengthens the operating profile to an extent

Credit weaknesses

* Modest scale of operations

* Increase in the working capital intensity of operations
   on account of high receivables and inventory holding,
   adversely impacting the liquidity position of the firm;
   deterioration in capital structure and coverage metrics
   during FY2016

* Projects executed in the past and orders in hand pertain
   to Karnataka, which exposes the firm to economic and
   political risks of a single state

* Competitive business environment due to fragmented nature
   of the industry with presence of multiple players in the
   organised and unorganised segments, limits pricing
   flexibility

* Risks arising from the partnership nature of firm, including
   withdrawal of capital, among others

Description of key rating drivers:

The promoters of Eagle Electricals have been engaged in executing
work orders for electricity distribution authorities in
Karnataka, mainly, KPTCL, MESCOM, CESCOM etc. through the firm as
well as other group entities. The firm's scale of operations
continues to be small, notwithstanding the growth achieved in
FY2016 and 11MFY2017. The firm expected unexecuted orders worth
INR25.53 crore as on February 15, 2017 which mainly included two
orders worth INR~19 crore for which the firm has been declared as
L1 bidder. Significant concentration of the said orders makes the
firm's revenue growth vulnerable to any slowdown/ delay in
execution.

The firm's liquidity position has been stretched over the years
since most of the bills raised by it are generally cleared in 3-6
months, leading to high receivable days. This along with high
inventory holding led to high working capital intensity of
operations as reflected by net working capital relative to
operating income of 61% in FY2016. The debt levels as on March
31, 2016 were higher due to increase in working capital debt,
thus causing deterioration in the capital structure and coverage
metrics of the firm in FY2016.

Eagle Electricals started its operations as a proprietorship firm
in 1970. It has been converted into a partnership firm w.e.f.
April 1, 2016 with Mr. Laxman Shetty, Subodh Shetty and Suprika
Shetty as partners. The firm is engaged in executing turnkey
projects involving designing, supply, erection, testing and
commissioning of the overhead electrification for Karnataka
electrical authorities (KPTCL, MESCOM, CESCOM, etc.), liaisoning,
trading in meters of Landis & Gyr, thermal imaging cameras of
Flir Systems, Reaychem products and distributorship of meters of
Gums and Gears. The firm primarily participates in tenders
floated by the above authorities, which are awarded to the lowest
bidder. The firm is recognised as a Class-1 contractor by the
Government of Karnataka.

The firm has other group entities that include Prasanna
Technologies Private Limited (engaged in predictive maintenance
of transformers and other electrical fittings), Shama
Construction Private Limited and Shakti Engineering, which are
engaged in manufacturing plain cement concrete (PCC) and
reinforced cement concrete (RCC) electrical poles, respectively.
Prasanna Technologies Private Limited has been rated at [ICRA]BB
(Stable)/A4 in January 2017.

The company recorded a net profit of INR0.66 crore on an
operating income of INR9.89 crore for the year ended March 31,
2016.


GURUKRUPA CORPORATION: ICRA Rates INR18.5cr Loan at B+/A4
---------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ and a short-
term rating of [ICRA]A4 on the INR18.50-crore fund-based limit of
Gurukrupa Corporation. The outlook on the long-term rating is
'Stable'.

                       Amount
  Facilities         (INR crore)   Ratings
  ----------         -----------   -------
  Fund-based Limit       18.50     [ICRA]B+(Stable)/[ICRA]A4
                                   Assigned

Rationale
The assigned ratings of Gurukrupa take into account the low
proportion of advances (4% of expected sales value received as
advances) received on booked units and the risks pertaining to
unsold inventory (over ~40% of the units available for sale under
phase I of the project; Sanskruti Skydeck) given the advanced
stage of construction (~72% of the construction work pertaining
to phase I is complete as of November 2016) though with a lag.
The risk of cancellation of bookings is amplified in the light of
the minimal token money received on each booking amidst the
supply overhang of houses in the Surat area and the cyclicality
inherent in the real estate sector. While there is comfort on the
repayments, given the ballooning repayments of the dropline
facility availed for project funding, the repayments have
commenced before project completion leading to likely under-
utilisation of sanctioned bank facilities. This increases the
reliance on booking advances and collections. Timely infusion of
promoters' contribution will also be critical, however, due to
the partnership constitution; the net worth of the firm is
vulnerable to any substantial withdrawal from the capital
account. Given the time overruns witnessed, there is
vulnerability to adverse fluctuations in the cement and steel
prices, although the same is mitigated to an extent by an
efficient cost estimation to accommodate raw material price
movements. Also, due to the elongated tenure of bank loan and
subsequent high interest payouts, pressure on profits is likely.

The ratings, however, favourably factor in the experience of the
promoters in the real estate development business and the
project's proximity to the national highway providing
connectivity to Mumbai and Ahmedabad and various luxurious
external and internal amenities offered in the project.

Key rating drivers

Credit strengths
* Promoters' experience of over a decade in the construction
   Business

* Project's proximity to the national highway providing
   connectivity to Mumbai and Ahmedabad and various external
   and internal amenities offered

Credit weaknesses

* Despite better pace of bookings from June-November 2016
   (57% booked), the low proportion of advances amplifies the
   risk of cancellation in light of the supply overhang in
   Surat's residential space coupled with the ongoing slowdown

* Under-utilisation of sanctioned bank facilities increases
   reliance on booking advances, collections and promoters
   contribution, however, comfortable repayment schedule of
   bank facility availed for project funding provides comfort

* Vulnerability of profitability to steel and cement price
   variations; however, phased booking policy and efficient cost
   estimation mitigate raw material price risks to an extent

* Risks associated with a partnership firm; any substantial
   withdrawal from the capital account would impact the net worth
   and thereby the capital structure of the firm

Description of key rating drivers:

Gurukrupa is a group company of Sanskruti Group which includes
Sanskruti Architect Pvt. Ltd., which is into turnkey and interior
designing projects, and Viral Architect, involved in consulting
projects of the Gujarat Urban Development Mission (GUDM). Prior
to the formation of Gurukrupa, the promoters were actively
involved in Sanskruti Megastructure Pvt. Ltd. which executes
residential and commercial projects in Gujarat. The group
primarily derives its income from construction projects and has
successfully developed/been developing ~seven projects in Surat
and Ankleshwar.
Gurukrupa is currently executing a residential project namely
Sanskruti Skydeck located in Village Baleshwar, Palsana, Surat.
Phase I of the project, which commenced in August 2015, is under
progress. Sanskruti Skydeck is a low-rise residential project
consisting of seven towers. The proposed plan will comprise A to
G blocks and a total of 310 units spread across seven buildings
at an area of 2,13,700 sq feet with two types of units - 1 BHK &
2 BHK, called Presidential & Kings Suites. These are on an area
admeasuring 950 sq. Ft. & 1290 sq. ft. respectively. Phase I will
comprise A, B, E, F and G towers with a total project cost
estimated at INR36.04 crore. Bank funding to the tune of INR18.50
crore has been sanctioned for phase I of the project. Towers C
and D (under phase II) will be constructed when phase I will be
nearing completion at a total estimated cost of INR~18.46 crore.
Going forward, the ability to improve the collection efficiency
by ensuring timely inflow of receipts from customers and
achieving project completion without any time-overruns will be
critical from the credit perspective to comfortably service the
ballooning debt repayments which has commenced from Q4 FY2017.
Timely completion of the residual work (~30% pertaining to phase
I and 100% pertaining to phase II) and the ability to scale up
bookings for the project would also remain critical in the medium
term amidst the risk of bookings cancellation given the current
low level of customer advances (token money) received on its
bookings.

Analytical approach:
To arrive at the ratings, ICRA has taken into account the
standalone financials along with the key operational developments
in the recent past. The firm operates as a standalone entity and
does not have any subsidiary in place.

Established in April, 2015, Gurukrupa Corporation (Gurukrupa or
the firm) constructs residential projects. Gurukrupa is currently
executing a residential project namely; Sanskruti Skydeck located
in Surat. The firm is a group company of the Sanskruti Group and
is promoted by Mr. Parimal Savalia and Mr. Rakesh Desai. The
promoters of the group have been present in the construction
business for over a decade.


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

  -- INR37.22 mil. Term loan migrated to Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Nov. 24, 2015.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

H. J. Industries (India) commenced production in 2011.  It
manufactures polypropylene woven fabric, polypropylene yarn and
all types of flexible intermediate bulk container bags including
various other packaging bags.


JALNA MUNICIPAL: ICRA Assigns IrBB Long Term Issuer Rating
----------------------------------------------------------
ICRA has assigned a long-term issuer rating of IrBB to the Jalna
Municipal Council. The outlook on the long-term rating is Stable.

Rationale

The assigned rating takes into account the JMC's importance to
the state government of Maharashtra (GoM) as a provider of key
municipal services to the city of Jalna. The rating also
positively factors the rule-based transfers of grants from the
state government, which assists the council in making non-
discretionary payments like salaries and pensions. The rating
further factors in the revenue surplus position of JMC during the
last four years, which enables it to partly fund its capital
expenditure from internal sources to that extent. ICRA also notes
the satisfactory service levels provided by JMC in relation to
construction of roads, street lights and collection of municipal
solid waste (MSW).

The rating, however, is constrained by JMC's weak information
systems with instances of inconsistencies in data. Additionally,
the relatively small size of the council's revenue base and the
low collection efficiency of key revenues, property tax and water
charges, remain a concern. The rating also factors in JMC's less-
than-satisfactory service standards in the areas of sewerage,
scientific treatment and disposal of MSW. ICRA notes that JMC
proposes large outlays for various projects under the Atal
Mission for Rejuvenation and Urban Transformation (AMRUT) as well
as other urban infrastructure schemes, which could stretch the
cash flows of the council. Moreover, given the limited track
record of the council in executing large projects, the timely
execution of these projects within the budgeted costs would be
critical for JMC's financial position, going forward. The
effective implementation of key reforms such as an accrual-based
accounting system and e-governance in key functions would be
important determinants of JMC's ability to improve its overall
performance.

Key rating drivers

Credit strengths

* Revenue surplus position during the last four years; although
   the same has been supported by the rule based transfers from
   the state government

* Satisfactory service levels in the areas of solid waste
   collection, roads and street lights at present

Credit weaknesses

* Weak information systems with instances of inconsistency
   in data

* Relatively small size of revenue base at present

* Low collection efficiency of property tax and water charges

* Lack of sewerage network and scientific treatment and disposal
   of MSW, is a potential concern for the hygiene of the city and
   will require large capital outlays.

* Risks related to execution of projects

Description of key rating drivers

JMC receives a compensation grant from the GoM in lieu of octroi,
which was abolished in the city. The council also receives a
share in the stamp duty collected in the city by the state
government. These transfers collectively contributed 58-65% of
JMC's total revenues between FY2013 and FY2016. Though the rule
based nature of these transfers provides comfort, the frequency
of such transfers has been irregular as reflected by the
inconsistencies in the amounts received over the last four years.
Aided by these transfers the council has been reporting revenue
surplus during the last four years. The revenue surplus has been
employed by JMC to partly fund its capital expenditure. Over the
years, JMC has incurred expenditure for the construction and
maintenance of roads, installation and maintenance of
streetlights and collection of solid waste. JMC's service levels
in these areas have been satisfactory.

The management information system (MIS) of the council, however,
remains weak with instances of inconsistencies in data. While the
accounts of the council are regularly audited, it does not
maintain accrual-based accounts. Additionally, the city lacks a
sewerage network and a scientific MSW treatment and disposal
unit. JMC's collection efficiency of property taxes and water
charges remained low during FY2012-FY2016, averaging at ~41% and
~44%, respectively. This constrained JMC's own revenues, which
comprised 15-19% of its total revenue receipts between FY2013 and
FY2016. Given that the transfers from the state government are
not regular, growth in the council's own revenues would be
critical to maintain revenue surplus position and fund the cash
flow mismatches in future years. The JMC has also proposed large
capital outlays for various projects totalling to INR363 crore,
which would primarily (75%) be funded by the Government of India
(GoI) and the GoM under AMRUT. The remaining 25% is proposed to
be contributed by JMC (Rs. 90.75 crore). The timely execution of
these projects within the budgeted costs will remain critical.
Given the large outlays, the financial position of JMC would be
adversely impacted if the project assets, after commissioning,
are unable to generate adequate revenues to part fund the
operations and maintenance (O&M) costs, which are expected to
increase significantly, going forward.


KARIKALI AMMAN: ICRA Ups Rating on INR9.50cr LT Loan from B+
------------------------------------------------------------
ICRA has upgraded the long-term rating from [ICRA]B+ to [ICRA]BB-
on the INR9.50-crore fund based bank facilities of Karikali Amman
Spinning Mills Private Limited (KASMPL). ICRA has also reaffirmed
the short term rating at [ICRA]A4 on the INR5.00- crore (reduced
from INR5.58 crore) non-fund based limits of KASMPL. ICRA has
also upgraded/reaffirmed [ICRA]BB-/[ICRA]A4 ratings to the
INR7.99-crore (increased from INR4.0 crore) unallocated limits of
KASMPL. The outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long-term: Fund
  based limits            9.50       [ICRA]BB- (Stable); Upgraded
                                     from [ICRA]B+

  Short-term: Non-
  fund based limits       5.00       [ICRA]A4; Reaffirmed

  Long-term/Short-
  term: Unallocated
  limits                  7.99       [ICRA]BB- (Stable) Upgraded
                                     /[ICRA]A4 reafffirmed

Rationale

The rating upgrade takes into account the improvement in the
capital structure and debt protection metrics on the back of
higher accruals from operations and support from the promoters in
the form of unsecured loans. The rating also takes into account
the improvement in the margins in FY2017. The ratings continues
to factor in the experience of the promoter in the textile
industry, the company's established relationship with its
customers resulting in regular flow of orders. However, the
ratings are constrained by the moderate financial profile
characterized by stagnant revenues and high working capital
intensity. Further, the ratings continue to factor the Company's
moderate scale of operations which restricts economies of scale;
intense competition in the industry restricting pricing
flexibility and exposure to fluctuations in yarn prices.

Going forward, the company's ability to improve its scale and
maintain profitability while effectively managing its working
capital cycle shall be the key rating sensitivity.

Key rating drivers

Credit strengths

* Established track record of operations in the textile industry
* Improved financial position characterized by healthy capital
   structure and debt metrics
* Continued support from well established relationship with
   customers contributing to regular flow of orders

Credit weaknesses

* Moderate scale of operations restricting economies of scale
* High working capital intensity owing to high inventory and
   debtor days
* Fragmented nature of industry with various organised and
   unorganised players intensifying competition and exerting
   pressure on the profitability front

Description of key rating drivers:

KASMPL is a moderate sized player in a competitive industry
(spinning mills) with capacity of 20,832 spindles; nevertheless,
the promoter has longstanding experience in the industry of
almost two decades. Further, the company has been able to
consistently obtain orders from its customers owing to well
established relationship and has also been able to add new and
reputed clients to its portfolio. However, given the commoditized
nature of the product and the large fragmented supply base, the
Company's competitiveness is limited, both in the domestic and
overseas markets where it operates. The Company's product
portfolio is also fairly limited, with focus on the coarser to
medium counts. Over the last three fiscal, with the shift in
product portfolio from cotton yarn to PC yarn, focus on the
domestic markets had increased. Further, relative to the highly
volatile cotton yarn market, the company's presence is in the
synthetic blended yarn segment where the prices are largely
stable is expected to provide stability to margins to an extent.
The company has recorded improvement in the debt profile with
support from promoters in the form of unsecured loans. The net
profit has remained low and working capital intensity has been
high for the period under study. However in FY2017, the
profitability has improved on account of lower power and employee
cost.

Karikali Amman Spinning Mills Private Limited is a small scale
spinning company based out of Erode, Tamil Nadu. KSMPL initially
focused in the coarser count yarn (11-30s, both combed and carded
varieties) and marketed its products in India, Bangladesh and
Korea. Currently, the focus has shifted to the medium and higher
counts (30s-60s) with the focus being in domestic markets mainly
West and East India. The Company has a modest capacity of 28,512
spindles and primarily manufactures polyester cotton (PC) yarn.
The company has also installed wind mills with a generation
capacity of 750 KW.

In FY2016, the company reported a net profit of INR0.05 crore on
an operating income of INR42.87 crore, as compared to a net
profit of INR0.72 crore on an operating income of INR50.82 crore
in FY2015.


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

  -- INR7.7 mil. Term loan facilities migrated to Non-Cooperating
     Category;

  -- INR31.5 mil. Fund-based facilities migrated to Non-
     Cooperating Category; and

  -- INR2.5 mil. Non-fund-based facilities migrated to Non-
     Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Feb. 18, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2004, Perundurai-based Krishna Textile Process
has a daily production capacity of up to 8,000kg of fabric
dyeing.


LEMSTONE CERAMIC: ICRA Raises Rating on INR17.50cr Loan to BB-
--------------------------------------------------------------
ICRA has upgraded the long term rating from [ICRA]B+ to [ICRA]BB-
for the INR7.25 crore cash credit limits and INR17.50 crore term
loans of Lemstone Ceramic LLP. ICRA has also reaffirmed the short
term rating of [ICRA]A4 for the INR3.40 crore non fund based
limits of LCL. The outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Cash Credit Limits      7.25       Upgraded from [ICRA]B+
                                     to [ICRA]BB-; Stable outlook

  Term Loans             17.50       Upgraded from [ICRA]B+
                                     to [ICRA]BB-; Stable outlook

  Non Fund based Limits   3.40       Reaffirmed at [ICRA]A4

Detailed Rationale

The upgrade in the long term rating takes into account the timely
commissioning of the project within the estimated cost and the
achievement of estimated operating parameters in terms of scale
as well as profitability. Nonetheless, the ratings continue to
remain constrained by the firm's relatively moderate scale of
operations, its high gearing and average coverage indicators.
Further, the ratings also factor in the highly fragmented nature
of the tiles industry which results in intense competitive
pressures, the cyclical nature of the real estate industry which
is the main consuming sector, and exposure of the firm's
profitability to volatility in raw material and gas prices as
well as to adverse foreign exchange fluctuations. The ratings,
however, continue to favourably factor in the experience of the
partners in the ceramic industry, the benefits derived from its
established group concerns in terms of marketing and distribution
and the locational advantage of the firm for raw material
procurement by virtue of its presence in Morbi (Gujarat).

Key rating drivers

Credit Strengths

* Timely commissioning and stabilisation of operations as per
   the expected parameters

* Longstanding experience of the partners in the ceramic tiles
   industry; marketing support from group entities

* Location advantages by virtue of proximity to raw material
   sources

Credit Weakness

* High competitive pressures from large organized and
unorganized
   players in the domestic market as well as Chinese players in
   the export markets

* Financial profile characterised by moderate scale of
   operations, high gearing and average coverage indicators

* Profitability susceptible to volatility in raw material and
   fuel prices as well as to adverse foreign exchange
fluctuations

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

Detailed description of key rating drivers highlighted above:

Lemstone Ceramic LLP was established in August 2015 as a
Greenfield project to engage in manufacture of nano polished
vitrified tiles having an annual production capacity of 60450 MT.
The project was commissioned in a timely manner from April 2016
and within the estimated cost of INR33.55 crore. The firm
currently manufactures vitrified tiles of size 600mmX600mm;
however the facility is equipped to manufacture larger sized
tiles of 800mmX800mm and 1200mmX1200mm. Being in the nascent
stage of operation, the production levels of LCL currently remain
modest at 14,945 MT for the nine month period of FY2017 spanning
April 2016 to December 2016. LCL is predominantly a domestic
player with ~70% of sales in 9MFY2017 being derived from the
domestic retail and institutional segment, whereas ~26% was
derived from indirect exports through merchants and ~4% from
direct exports. The export sales are being made to Nepal, Dubai,
Oman and Sri Lanka, with sales realisations in USD terms which in
absence of any firm hedging policy expose's the firm's
profitability to any adverse fluctuations in foreign exchange
rates. The profitability of the firm also remains vulnerable to
fluctuations in the prices of its key raw materials namely body
clay, feldspar and glazed frit. Nonetheless, the firm enjoys
ample availability and savings on transportation cost due to
close proximity of raw material suppliers and sources.

Being the first year of operation the operating income of the
firm remains relatively small with revenues of INR27.49 crore
achieved up to December 31, 2016. The operating profitability of
the firm however remains healthy at 19.21%. The net profitability
however was low at 2.48% owing to high depreciation and interest
charges given the debt funded nature of the project capex.
The total debt of the firm as on December 31, 2016 stood at
INR23.45 crore comprising term loans of INR17.01 crore (72.51%),
working capital loan of INR4.46 crore (19.03%), interest free
unsecured loans of INR1.94 crore (8.25%) and car loans of INR0.05
crore (0.20%). The capital structure remains highly leveraged as
reflected by gearing of 2.05 times as on December 31, 2016. The
coverage indicators are moderate as reflected by OPBDIT/I&F at
3.14 times and NCA/Debt of 14% for 9MFY2017.

Going forward, the firm is expected to register moderate revenue
growth; however the operating profitability would continue to
remain vulnerable to increase in raw material and gas prices. The
capital structure is expected to remain moderately leveraged in
the near to medium term, though the gearing levels would improve
with estimated accruals and timely debt repayments. LCL's ability
to increase its scale of operations while improving profit
margins and effectively managing working capital requirements
would remain important from a credit perspective.

Analytical approach: For arriving at the ratings, ICRA has taken
into account the standalone business risk profile, financial risk
drivers and the management profile of the company The Company
operates as a standalone entity and doesn't have a subsidiary.

Established in August 2015 as a limited liability partnership
firm, Lemstone Ceramic LLP (LCL) commenced commercial production
in April 2016 with its product profile comprising of nano
polished vitrified tiles of 600mmX600mm. The firm's manufacturing
unit is located at Morbi, the ceramic tile manufacturing hub of
Gujarat, and is equipped to manufacture 60,450 metric tonnes (MT)
of tiles per annum. LCL is promoted by Mr. Jayesh Rangpariya
along with his relatives. The promoters have a long standing
experience in the ceramic tiles industry by the virtue of their
association with other ceramic products oriented firms.


MAA MAHAMAYA: ICRA Reaffirms 'D' Rating on INR282.23cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]D assigned to
the INR431.46 crore fund-based bank facilities of Maa Mahamaya
Industries Limited. ICRA has also reaffirmed the long term /short
term ratings of [ICRA]D/[ICRA]D assigned to the INR23.02 crore
non fund based limits and INR0.52 crore unallocated limits of
MMIL.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash
  Credit                149.23      [ICRA]D; Reaffirmed

  Fund-based-Term
  Loan                  282.23      [ICRA]D; Reaffirmed

  Non Fund Based
  Limits                 23.02      [ICRA]D/[ICRA]D; Reaffirmed

  Unallocated             0.52      [ICRA]D/[ICRA]D; Reaffirmed

Rationale

The reaffirmation of the ratings is constrained by the delays in
debt servicing owing to stretched liquidity position of the
company due to high debtor and inventory levels due to weak
performance of the domestic steel industry; highly leveraged
capital structure marked by gearing of 14.77 times as on March
31, 2016 on account of high debt levels and networth erosion in
the past due to substantial losses; and cyclical nature of the
industry as observed in the past three years which impacted the
demand for domestic steel. The rating is further constrained by
the high degree of competition from numerous established and
small scale players and cheaper imports that can impact revenues
and profitability; and susceptibility of raw material prices such
as coal and iron ore prices due to monthly price revision
impacting the profitability margins. However, the rating
favourably factors in the promoter's extensive experience in the
ferrous metals industry; healthy improvement in the operational
parameters with increase in capacity utilization levels from 50-
55% levels in FY2014 and FY2015 to 84% and 73% in FY2016 and
FY2017 respectively in the sponge iron division, improved
capacity utilization levels for billets and TMT bar divisions in
the last two years which has led to an increase in operating
income and profitability in FY2016. The ratings also consider the
presence of long term agreements for raw material procurement
from NMDC and Mahanadi Coal Fields Ltd which provides assured
supply of raw material; and well established retail and
distribution network over the years through its brand 'Mangal'.

Going forward, the company's ability to repay its debt
obligations in a timely manner while effectively managing its
working capital cycle shall be the key credit rating sensitivity.

Key rating drivers

Credit strengths

* Healthy growth in operating income and operating profitability
   during FY2016 driven by higher capacity utilization and lower
   raw material prices

* Integrated manufacturing facilities to produce sponge iron,
   billets and TMT bars

* Assured supply of iron ore and coal through long term supply
   agreements with NMDC Ltd for iron ore and Mahanadi Coalfields
   Ltd (MCL) for coal

* Significant marketing strength through well established brand
   name MANGAL and distributor & retail network

Credit weaknesses

* Delays in repayment of debt obligations owing to stretched
   liquidity position due to high inventory and debtor levels

* Leveraged capital structure with gearing of 14.77 times as on
   March 31, 2016 on account of erosion of net worth and low
   DSCR of 0.93 times owing due to high interest charges and debt
   levels

* Susceptibility of margins to raw material price volatility
   as iron ore prices are revised by NMDC Ltd every quarter
   as witnessed in past

* Highly competitive business environment, due to the fragmented
   nature of the industry

* Cyclical nature of the steel industry which is expected to
make
   the cash flows of the players volatile

Description of key rating drivers:

Maa Mahamaya Industries Limited (MMIL) is promoted by Mr. Ashok
Kumar Agarwal & Ms. Anita Agarwal who have more than two decades
of experience in steel industry. MMIL has an integrated steel
plant near Vishakhapatnam with an installed capacity of 112,000
MT of sponge iron, 125,000 MT of billets, 125,000 MT of TMT bars
per annum and 20MW captive power plant. The company sells the TMT
bars under the brand 'Mangal' through its well established
network of retailers and distributors. Further, the company
benefits from assured raw material supply due to long term
agreements with NMDC for iron ore procurement and MCL for coal
supply.

In the past due to weak market scenario, the company suffered net
losses and hence could not make timely repayments on term loans
and working capital debt. Therefore the company had undergone
Corporate Debt Restructuring (CDR) in October 2013 and
subsequently all the loans as well as interest charges were
restructured. This had affected the operations to an extent in
FY2014 and FY2015. However, with improved availability of working
capital limits since FY2016 and better demand from end used
industries, the capacity utilization levels had improved across
all the divisions in FY2016 and FY2017. The company, however,
continues to be highly leveraged with gearing of 14.77 times as
on March 31, 2016 on account of net worth erosion in the past and
high debt levels and low DSCR of 0.93 times for FY2016 owing to
high interest charges. Further, the liquidity position is
stretched with full utilization of limits due to high debtor and
inventory levels. Furthermore, the company's net margins remained
thin resulting in defaults on debt obligations over the past 6
months. Hence the company had been invoked for Strategic Debt
Restructuring (SDR) in February 2017 by the banks.

Incorporated in 2007, Maa Mahamaya Industries Limited (MMIL) is
promoted by Mr. Ashok Kumar Agarwal & Ms. Anita Agarwal. MMIL is
an integrated steel manufacturer based out of Vishakhapatnam with
an installed capacity of 112,000 MT of sponge iron, 125,000 MT of
billets, 125,000 MT of TMT bars per annum and 20MW captive coal
power plant. The company sells the TMT bars under the brand name
MANGAL. The company underwent Corporate Debt Restructuring (CDR)
in October 2013 and Strategic Debt Restructuring (SDR) in
February 2017.

In FY2016, the company reported a net profit of INR0.38 crore on
an operating income of INR371.65 crore, as compared to a net loss
of INR7.66 crore on an operating income of INR284.62 crore in the
previous year.


MEDHASSU E-SOLUTIONS: ICRA Withdraws B Rating on INR3cr Loan
------------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]B with stable
outlook and short-term rating of [ICRA]A4 outstanding on the
INR10.00 crore fund based and non-fund based facilities of
Medhassu E-solutions Private Limited at the request of the
company.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Unallocated limits      3.00       [ICRA]B(Stable)/Withdrawn
  Bank Guarantee          4.50       [ICRA]A4/Withdrawn
  Cash credit             2.50       [ICRA]B(Stable)/ Withdrawn

Medhassu e Solutions Pvt. Ltd. provides turnkey software
solutions that help in automation of business processes. The
company has, in the past executed the Pilot project for
implementing e-District projects in two districts, Sonitpur and
Golpara in Dec'12 as a sub-contractor to group company, Medha
Servo Drives Private Limited. The company has entered into a
Memorandum of Understanding (MOU) IL & FS Technologies to partner
for the e-District opportunity pan India, wherein IL & FS would
be outsourced the hardware part of the project while MSPL would
undertake the Application Development, Site Preparation,
Training, Connectivity and maintenance of the project.


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

   -- INR25 mil. Long-term loans migrated to Non-Cooperating
      Category;

   -- INR65 mil. Fund-based working capital limits migrated to
      Non-Cooperating Category;

   -- INR420 mil. Proposed long-term loans migrated to Non-
      Cooperating Category; and

   -- INR85 mil. Proposed fund-based working capital limits
      migrated to Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 13, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2013, MET Therapeutics is a Hyderabad-based
manufacturer and seller of pharmaceutical products with
specialization in the oncology segment.  MTPL utilizes third-
party manufacturing facilities.


MIRACALUS PHARMA: ICRA Assigns B+ Rating to INR5.50cr Cash Loan
---------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ on the
INR5.50-crore fund-based bank facilities of Miracalus Pharma
Private Limited. The outlook on the long-term rating is 'Stable'.

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

Rationale
The assigned rating is constrained by the company's modest scale
of operations and the weak financial risk profile as reflected in
the highly fluctuating profitability and the high working capital
intensity owing to high inventory levels, which keep the
liquidity under stress. The rating is further constrained by the
high customer concentration risk (top ten customers accounted for
~70% of the total revenues in FY2017) and the exposure to intense
industry completion, which puts pressure on profitability despite
the specialised nature of products.

The assigned rating favourably takes into account the extensive
experience of the promoters in the field of manufacturing
pharmaceutical formulations and API and the synergies from
association with group companies, from whom the major portion of
the purchases (~55-60%) are made. The company also has a
diversified portfolio of formulations, which reduces the risk
associated with any single product to an extent.

Key rating drivers

Credit strengths

* Extensive experience of the promoters in the field of
   manufacturing pharmaceutical formulations and API

* Synergies from association with the group concern, Naprod
   Life Sciences Private Limited (NLSPL)

* Diversified product portfolio reduces demand risks associated
   with any single product

Credit weaknesses

* Modest scale of operations

* Financial profile characterised by fluctuating profit margins
   and high working capital intensity of operations

* High customer concentration with the top ten customers
   accounting for ~70% of total revenues in FY2017

* Intense competition from other trading companies puts pressure
   on profitability, though the product portfolio is highly
   specialized

Description of key rating drivers:

MPPL trades oncology drugs (formulations) in the domestic market
as well as exports to African, South East Asian, Latin American
and Middle Eastern countries, where it also participates in
tenders issued by the government. Its customers include traders,
stockists and hospitals. A major portion of its purchases are
from its group company, Naprod Life Sciences Pvt. Ltd., which is
engaged in manufacturing formulations (parenteral drugs, tablets
and capsules).

Miracalus Pharma Private Limited was incorporated in May 2007
with the objective of trading, manufacturing and marketing all
types of pharmaceutical drugs, medicines including injection,
tablets, capsules and syrups. The company is promoted by Mr.
Babulal Jain and Mr. Mohan B Jain who have extensive experience
in pharmaceutical products, especially oncology products. The
company is currently engaged in trading oncology drugs
(formulations) in the domestic as well as the export markets.

In FY2017, on a provisional basis, the company reported a net
profit of INR4.91 crore on an operating income of INR54.31 crore,
as compared to a net profit of INR0.21 crore on an operating
income of INR40.45 crore in the previous year.

Status of non-cooperation with previous CRA: Not applicable

Any other information: The company has two group concerns, Naprod
Life Sciences Private Limited (NLSPL) and Mac-Chem Products
(India) Private Limited (MCPIPL). NLSPL is engaged in the
manufacture of parenteral drugs, capsules and tablets while
MCPIPL is engaged in the manufacture of Active Pharmaceutical
Intermediates (API) for oncology purposes.


NUEVO POLYMERS: ICRA Raises Rating on INR30cr Loan to BB-
---------------------------------------------------------
ICRA has upgraded the long-term rating from [ICRA]B to [ICRA]BB-
and has reaffirmed the short-term rating of [ICRA]A4 for the
INR30.00-crore fund-based facility of Nuevo Polymers Private
Limited (NPPL). The outlook on long-term rating is "Stable".

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based Limits       30.00      [ICRA]BB-(Stable); revised
                                     from [ICRA] B/[ICRA]A4;
                                     reaffirmed

Rationale
The rating upgrade takes into account the significant revival in
the company's financial profile in the current year in the
backdrop of a healthy ramp up in capacity utilisation and the
growing sales of cationic guar gum which garners better
realisations. Further, a minimum sale agreement for cationic guar
gum with US based company which provides oil field services
augurs well for the company's revenue visibility going forward.
The above factors have resulted in profitable operations in
addition to higher-than-expected sales in the current year. The
ratings, however, favourably factor in the experience of the
promoters in the guar gum business and the company's proximity to
raw material supply with its plant located in Jhajjar, Haryana
which has a healthy guar trade on account of its close proximity
to the cultivation centre of guar, leading to adequate
availability for the company.

However, the ratings continue to be constrained by the
vulnerability of the guar crop to agro-climatic risks, leading to
cyclicality and fragmented industry structure. This apart, the
rating factors in the company's moderate working capital cycle
marked by the moderate level of receivables and stock.

Going forward, the company's ability to sustain its performance
in terms of sales, margins as well as funding cycle will remain
the key rating sensitivity. This is crucial, given the
uncertainty of the guar gum industry in terms of demand and
prices as witnessed in the past.

Key rating drivers

Credit strengths

* Ramp up in capacity utilisation in FY2017 from 39% in FY2016
   to 75%; primarily aided by improved demand in FY2017

* Improved financial position in 10 months FY2017; company has
   registered a net profit of INR3.38 crore against loss of INR
   2.53 crore in FY2016

* Medium-term off-take agreement with key client that has
assured
   volumes and contributions

* Long experience of the promoter in the guar gum business
   provides business contacts as well as technical expertise

* Proximity to raw material supplies with plants located in
   Haryana

Credit weaknesses

* Vulnerability of profitability to fluctuations in the prices
   of guar gum due to seasonality and crop harvest as well as
   cyclicality of the oil & gas industry

* Linkage to demand outlook for guar gum, particularly from the
   export market for usage in the oil and gas industry

* Fragmented industry structure with intense competition putting
   further pressure on the profit margins

Description of key rating drivers:

NPPL manufactures industrial grade guar gum used in oil well
drilling and also manufactures cationic guar used in the
manufacturing of cosmetics products. The company has a joint
venture with Engenium Chemical Corporations (Canada-based trader
of guar gum), which has helped it to establish a customer base in
the region. NPPL forayed into cationic guar, the manufacturing of
which began in April 2015 Furthermore; the company has also
entered into a minimum supply agreement with US based company for
the supply of cationic guar for an initial term of five years.
The agreement provides an assured off-take of all manufacturing
cost at a pre-defined contribution margin. With some improvement
in demand in the current year, the company's operating income has
increased in FY2017 to approx. INR92.00 crore as against an
operating income of INR37.90 crore in FY2016.

Also as per provisional for 10 M FY2017 the company has earned a
net profit of INR3.38 crore against the loss of INR2.53 crore in
FY2016. The company's performance had remained very weak over
FY2015 and FY2016 led by the fall in demand in the oil and gas
sector and weak prices. However, the performance has
significantly revived in the current year. The company's working
capital requirement is moderate owing to moderate level of
receivables and stock. The company's ability to get timely
funding for the planned growth will be crucial. The profitability
levels of the company remain modest due to the stiff competition
prevailing in the industry. The company's capital structure,
however, remains comfortable with gearing of 1.10 times and 1.11
times as on March 31, 2016 and January 31, 2017, respectively.

Analytical approach: While assigning the ratings, ICRA has taken
a standalone view from the operational and financial profile of
Nuevo Polymers Private Limited


PAGRO FOODS: ICRA Withdraws B+ Rating on INR6.25cr Loan
-------------------------------------------------------
ICRA has withdrawn the [ICRA]B+ rating and [ICRA]A4 rating for
INR19 crore bank lines of Pagro Foods Limited at the request of
the company.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Working capital
  facilities              6.25       [ICRA]B+; withdrawn

  Fund-based
  facilities             12.75       [ICRA]B+/[ICRA]A4; withdrawn

Rationale

The withdrawals of the ratings taken into account the
amalgamation of the company into its group company.

PFL was incorporated in 1999 to set up a food processing plant in
Fatehgarh Sahib, Punjab. The company is a producer and supplier
of frozen foods across India, Middle East, Europe and US. It has
an annual processing capacity of 10,000 Metric Tonnes (MT) of
frozen vegetables. The company has been promoted by Mr. N.S. Brar
and Mr. Dhillon, who have over two decades of experience in food
processing and contract farming. The promoters are also managing
a company in the same line of business, PFFL which has an
automated production capacity of 15,000 MT per annum. They have
been joined by Mr. Satpal Khattar, who has investments in PFL and
PFFL, through his investment arm, Khattar Holdings Pte Limited.
The company's registered brand 'Pagro' has visibility in North
India.


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

   -- INR60 mil. Fund-based working capital limits migrated to
      Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Feb. 15, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Parameswara Agencies was established in 1988 by Sri Kambhampati
Nageswara Rao as a proprietary concern and is engaged in waste
paper processing and trading of cotton.


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

  -- INR14 mil. Term loan migrated to Non-Cooperating Category;
     and

  -- INR40 mil. Fund-based facilities migrated to Non-Cooperating
     Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Feb. 18, 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 1972, Parameswara Cotton Mills is a partnership
concern engaged in the processing and ginning of cotton balls.


RAJPUTANA INDUSTRIES: ICRA Reaffirms B+ Rating on INR14.90cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ and short
term rating of [ICRA]A4 to the INR35.00 crore based limits of
Rajputana Industries Private Limited. The outlook on the long
term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based Limits-
  Term loan              14.90      [ICRA] B+ (Stable) Reaffirmed

  Fund Based Limits-
  Cash Credit             3.60      [ICRA] B+ (Stable) Reaffirmed

  Non Fund Based
  Limits-Letter of
  Credit                  8.00      [ICRA] A4 Reaffirmed

  Non Fund Based
  Limits-Bank Guarantee   0.25      [ICRA] A4 Reaffirmed

  Unallocated             8.25      [ICRA] B+ (Stable)/[ICRA]A4
                                    Reaffirmed

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with WDBL, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings, but
despite repeated requests by ICRA, the company's management has
remained non-cooperative. In the absence of requisite
information, ICRA's Rating Committee has taken a rating view
based on best available information. In line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the
company's rating is now denoted as: "[ICRA] B+ (Stable)/ [ICRA]A4
ISSUER NOT COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

Established in June 2011, RIPL has been promoted by Mrs. Shivani
Sheikh and is a part of the Shera Group. The company is engaged
in manufacturing of copper and copper alloy products viz. Mother
tubes, Rods and wires, etc along with PCC poles (Pre-stressed
Cement Concrete poles) and transformers at its facility located
at Sikar (Rajasthan). The commercial production has started in
July 2015. The aggregate capacity of metal products is 6,360
metric tonnes per annum (MTPA) while the capacity for
manufacturing of PCC poles is 18,000 pieces per annum and
transformer (upto 40KVA) is 3,000 units per annum. RIPL was
primarily set up as a backward integration measure to support the
other group concerns viz. Shera Energy Private Limited and Shera
Metal Private Limited.


RAJRAJESHWAR COTTON: ICRA Assigns B+ Rating to INR4.75cr LT Loan
----------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ on the
INR6.00-crore bank facilities of Rajrajeshwar Cotton Industries
(RCI). The outlook on the long-term rating is "Stable".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term Fund-
  based-Cash Credit       4.75      [ICRA]B+ (Stable); Assigned

  Long-term Fund
  based-Term Loan         1.25      [ICRA]B+ (Stable); Assigned

Rationale

ICRA's assigned rating factors in the highly competitive and
seasonal nature of the cotton ginning industry along with the
regulatory risk inherent in this industry. ICRA has also factored
in the firm's susceptibility to any adverse movement in raw
material prices, which coupled with low value-added work, keeps
the profitability metrics and cash accruals at modest levels.
The rating, however, draws comfort from the extensive experience
of the promoters in the industry and the firm's high capacity
utilisation in FY2016. The firm's ability to maintain high
capacity utilisation coupled with sufficient operating profit
margins will be the key rating sensitivity. Any sizeable debt-
funded capex will be monitorable.

Key rating drivers

Credit strengths

* Proximity to cotton producing belt of Maharashtra and Madhya
   Pradesh ensures favourable access to raw material (cotton
seed)
   and saves transportation and agent commission

* Experienced management who have been in this line of business
   for more than two decades

Credit weaknesses

* Low value-added work results in low operating profitability

* Modest financial profile characterised by subdued debt
coverage
   Indicators

* High competitive intensity, owing to the presence of several
   unorganised players in the market, exerts pressure on the
   realization

* Seasonality in the business imparts high volatility to cash
   flows and impacts working capital requirements

Description of key rating drivers:

RCI is involved in ginning and pressing of cotton in Sillod,
Maharashtra. The firm has an installed capacity of 230 bales per
day. The firm has 36 double roll ginning machines. The firm
commenced its operations in 1991. RCI belongs to the Tayal Group,
which has three more group companies, namely Mahesh Ginning
Private Limited (MGPL), Girijashankar Cotton Private Limited
(GCPL) and Tayal Fibers (TF), engaged in cotton ginning. The
promoters of the firm have been in the business of cotton ginning
and pressing for more than two decades. The firm has been
utilising ~100% plant capacity in the past couple of years.
Cotton ginning industry is a highly competitive and seasonal
industry and the firm is exposed to adverse movements in raw
material prices, which coupled with low value-added work, keeps
the profitability metrics and cash accruals at modest levels.

ICRA has also taken a note of the firm's modest financial profile
as reflected in the leveraged capital structure and the low debt
protection measures. RCI's cash flows remain volatile mainly
because of the seasonal nature of ginning activities, where major
production happens from October to March.

Analytical approach: For arriving at the ratings, ICRA has taken
into account the business risk profile of RCI, financial risk
drivers and the management profile

RCI is a partnership concern of Mr. Vrandavandas Hajarilal Tayal,
Mr. Sunil Kumar Gyarsilal Mangal and Mr. Govind Kumar Gyarsilal
Mangal. It is involved in the ginning and pressing of cotton in
Sillod, Maharashtra. The company's installed capacity was 230
bales per day (370 quintal/day) as on March 31, 2016. It procures
'kapas' from farmers and local mandis through cash or demand
draft. The company sells the ginned cotton to traders and
sometimes to spinning companies. The company sells cotton seeds
to the oil extraction companies.

RCI reported an operating income (OI) of INR70.47 crore and a
profit after tax (PAT) of INR1.13 crore in FY2016, as compared to
an OI of INR49.77 crore and a PAT of INR0.90 crore in the
previous year.


RAYAT & BAHRA: ICRA Upgrades Rating on INR36.61cr Loan to 'C'
-------------------------------------------------------------
ICRA has upgraded the long-term rating for the INR72.61-crore
(increased from INR55.25 crore earlier) fund-based bank
facilities, INR3.20-crore (reduced from INR10.00 crore earlier)
non-fund based bank facilities and INR2.19-crore (reduced from
INR12.75 crore earlier) unallocated bank facilities of Rayat &
Bahra Group of Institutes: An Educational & Charitable Society
(RBGI) to [ICRA]C from [ICRA]D earlier. The rating suspension
done in August 2016 stands revoked.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund Based: Term
  Loans                   36.61      [ICRA]C upgraded;
                                     Suspension revoked

  Fund Based:
  Overdraft               36.00      [ICRA]C upgraded;
                                     Suspension revoked

  Non Fund Based:
  Bank Guarantee           3.20      [ICRA]C upgraded;
                                     Suspension revoked

  Unallocated              2.19      [ICRA]C upgraded;
                                     Suspension revoked

Detailed rationale

The rating upgrade takes into account regularisation of debt
servicing by the society. The rating, however, continues to
remain constrained by the group's stretched liquidity position.
The group has been undertaking sizeable capital expenditure over
the past few years, which together with fungibility of cash flows
between group entities as well as inadequacy of long-term funds
vis-a-vis funding requirements and consequent reliance on short-
term sources of finance, continues to keep the group's liquidity
position stretched. Further, the group often faces cash flow
mismatches owing to the non-regular nature of fee receipts (which
are collected on a half-yearly basis) vis-a-vis monthly interest
payment obligations and other operating expenses.

The rating continues to take into account the established
presence of the Rayat-Bahra Group in Punjab, where it caters to
about 30,000 students through 30 plus higher educational
institutes and varied course offerings. Further the rating also
takes note of the society's healthy operating surplus margins.
Nevertheless, these strengths are largely offset by the concerns
mentioned above.
In ICRA's view, the scale of capital expenditure undertaken at
the group level and adequacy and timeliness of the long-term
funding availed for the same as well as the quantum of funding
support extended to group societies would be the key determinants
of the group's liquidity profile and will thus remain key rating
sensitivities, going forward. Further, the group's ability to
improve its occupancy levels and hence its scale of operations
with the initiatives undertaken to revamp its course offerings,
while maintaining surplus margins, would be critical determinants
of its debt-coverage indicators.

Key rating drivers

Credit strengths

* Established presence of the Rayat-Bahra Group in the Punjab
   region, with strength of more than 30,000 students across
   30 plus colleges and two private universities

* Diversified course offerings which help in addressing a wider
   student base

Credit weaknesses

* Liquidity pressures in the group resulting from cash-flow
   mismatches (frequency of fee receipts vis-a-vis debt
   payments), excessive reliance on short-term funds, regular
   capital expenditure undertaken at the group level and
   fungibility of cash flows between group entities

* Pressure on admissions and hence consolidated revenue receipts
   in an intensely competitive scenario, which together with
   presence of fixed expenses resulted in a moderation in
   operating surplus margins

Description of key rating drivers:

The Rayat-Bahra Group has an established presence in the higher
education space in Punjab through its four educational societies
namely BECS, Rayat & Bahra Group of Institutes - An Educational &
Charitable Society (RBGI), Shri Balaji Literary and Charitable
Society (SBLCS) and Rayat Educational and Research Trust (RERT).
The group's operations are spread across eight campuses in three
states within the country and two overseas campuses. The group
offers a wide portfolio of courses across engineering,
management, law, nursing, dental and other streams, which in turn
support the large base of over 30,000 students. However, owing to
intense competitive pressures and adverse demand-supply scenario,
the group witnessed some pressure on admissions in the large-
ticket engineering and management courses, leading to a pressure
on revenue receipts. After remaining stagnant during FY2015,
revenue receipts across the societies declined in FY2016. This
together with presence of fixed expenses (with employee expenses
accounting for about three-fourths of the total expenses)
resulted in a sequential decline in consolidated operating
surplus margins from ~50.65% in FY2014 to 47.8% in FY2015 and
further to 43.6% in FY2016, though these continue to remain
healthy.

Besides, the group has been undertaking aggressive expansion in
the past few years which resulted in large funding requirements
at the group level. However, only a part of the requirement has
been funded by the incremental term debt, with a major part
getting funded by intra-group fund transfers as well as short-
term sources of funding such as overdraft facilities, keeping the
group's liquidity position stretched. Liquidity pressures
together with fungibility of cash flows across group companies
and cash flow mismatches caused by irregular nature of fee
receipts, which are collected on a half-yearly basis vis-a-vis
monthly debt obligations (interest payments2), resulted in an
irregular debt-servicing record by the entities in the group.
While regularisation of debt servicing has been observed for RBGI
during the quarter ended March 2017, continued delays have been
observed in other group entities rated by ICRA, namely BECS and
SBLCS.

Analytical approach: For arriving at the rating, ICRA has taken
into account the consolidated business and financial risk
profiles of RBGI, BECS and SBLCS, given the common management and
financial inter-linkages between these entities. While there have
been financial transactions with other entities (besides the ones
mentioned above) in the group as well (such as RERT), updates on
operations and financials for those entities are not available.


RHAPSO IFMR: Ind-Ra Affirms B+ Rating on INR26.18M Series A2 PTCs
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Rhapso IFMR
Capital 2016 (an ABS transaction) as:

   -- INR38.08 mil. Series A1 pass-through certificates (PTCs)
      affirmed with 'IND A-(SO)/Stable' rating;

   -- INR26.18 mil. Series A2 PTCs affirmed with
      'IND B+(SO)/Stable' rating

The micro finance loan pool assigned to the trust was originated
by Future Financial Services Private Limited (FFSPL).  However
the servicer and credit enhancement provider for this transaction
has been changed to Disha Microfin Ltd (DML), effective Oct. 1,
2016, (Ind-Ra published a RAC on Aug. 24, 2016).

                         KEY RATING DRIVERS

The affirmation reflects 70.9% amortization of the loan pool at
end-March 2017 payout, with no utilization of external credit
enhancement (CE).  According to the payout report of March 2017,
the available CE remained at the original level of
INR15.71 million and the current pool principle outstanding (POS)
was INR75.93 million.  The available external CE as a percentage
of original POS increased to 20.69% in March 2017 from 6.00% in
January 2016.

The transaction benefits from the internal CE on excess interest
spread, subordination and over-collateralization.  The
transaction also benefits from the external CE in the form of
fixed deposit in the name of the originator, with a lien marked
in favor of the trustee.

The rating of Series A1 PTCs addresses the timely payment of
interest on monthly payment dates and the ultimate payment of
principal by the final maturity date of July 17, 2017, in
accordance with transaction documentation.  The rating of Series
A2 PTCs addresses the timely payment of interest on monthly
payment dates only after the complete redemption of Series A1
PTCs and the ultimate payment of principal by the final maturity
date of Nov. 17, 2017, in accordance with transaction
documentation.

                         RATING SENSITIVITIES

As part of its analysis, Ind-Ra built a pool cash flow model
based on the transaction's financial structure.  The agency
analyzed historical data to determine the base values of key
variables that would influence the level of expected losses in
this transaction. The base values of the default rate, recovery
rate, time to recovery, collection efficiency, prepayment rate
and pool yield were stressed to assess whether the level of CE
was sufficient for the current rating levels.

Ind-Ra also conducted rating sensitivity tests.  If the
assumptions about the base case default rate worsen by 20%, the
model-implied rating sensitivity suggests that the rating of all
Series of PTCs will not be impacted.

COMPANY PROFILE

Incorporated in 1995, DML is registered with the Reserve Bank of
India (RBI) as a non-banking financial company - microfinance
institution.  In September 2015, it received in-principle
approval from the Reserve Bank of India to start operations as a
small-finance bank.  In October 2016, DML acquired FFSPL.

DML is a part of Fincare group, which comprises DML, FFSPL, Lok
Management Services Pvt. Ltd., India Finserve Advisors Pvt. Ltd.
and Fincare Business Services Pvt. Ltd.


RIZON LAMINATES: ICRA Reaffirms 'D' Rating on INR6.87cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of ICRA]D on the
INR13.45-crore long-term fund-based facilities of Rizon Laminates
Private Limited. ICRA has also assigned the short-term rating of
[ICRA]D to the INR2.00-crore short-term non-fund based letter of
credit (sublimit of cash credit) of RLPL.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Cash Credit             3.00       [ICRA]D reaffirmed
  Term Loan               3.58       [ICRA]D reaffirmed
  Letter of credit-
  sublimit to cash
  credit                 (2.00)      [ICRA]D assigned
  Unallocated limits      6.87       [ICRA]D reaffirmed

Rationale

The rating reaffirmation reflects the continuing delays in
meeting the scheduled debt service obligations by RLPL due to
lower-than-expected ramp-up of operations and cash losses since
inception of operations in FY2014. It also considers the
company's weak financial risk profile characterised by small-
scale operations, net losses, adverse capital structure and poor
coverage indicators. The ratings also take in to account the high
competitive intensity in the laminates business, which limits
pricing flexibility, and the vulnerability of profitability to
adverse fluctuations in the prices of key raw materials.
The rating however, takes into account the experience of
company's promoters in the furniture trading business.

The revenue of the company is expected to grow moderately in
FY2018 though support from the company's distributors and its
incremental efforts would be crucial. Funding support from
promoters in the short to medium term will remain crucial to meet
its debt obligations. Going forward, the ability of the company
to scale up in a profitable manner amidst intense competition,
regularise its debt obligations, manage working capital prudently
and improve its financial risk profile will be the key rating
sensitivity.

Key rating drivers

Credit strengths

* Experience of the promoters in the furniture trading industry
   by virtue of other group companies

Credit weaknesses

* Continuous delays in meeting scheduled debt repayments

* Weak financial risk profile characterised by small-scale
   operations, net losses, adverse capital structure and poor
   coverage indicators

* Highly fragmented and competitive industry structure limits
   pricing flexibility

* Vulnerability of profitability to adverse fluctuations in
   raw material prices especially imported design papers

Description of key rating drivers:

The company manufactures decorative laminate sheets and coloured
laminate sheets, which are primarily used in surface decoration
of wooden furniture. The company has been witnessing sub-optimal
capacity utilisation (24%-25%) since inception due to lower
demand of the company's products from the commercial operations
because of high competition. RLPL is a domestic market-focused
player with majority of sales being derived from western and
southern regions. The company sells its product under "Rizon" and
"Dazzle" brands through distributors/dealers network. With focus
on increasing its sales, the company appointed five additional
distributors in Gujarat in FY2017, taking the current total to
20. The key raw materials for production of decorative laminates
are design (decorative) paper and kraft paper along with
chemicals such as phenol, formaldehyde and methanol. RLPL sources
design paper from importers based in Mumbai. The kraft paper/base
paper and other key raw materials are sourced indigenously. The
company's scale of operations remains quite small with stagnant
operating income, ranging from INR3.78 crore to INR3.91 crore in
the last three years of operations (FY2014 to FY2016). The
capital structure of the company is highly leveraged as reflected
in the gearing level of 6.04 times as on March 31, 2016 (vis-a-
vis 2.87 times as on FY2015) owing to the predominantly debt-
funded capex, coupled with the erosion of net worth and negative
accruals in the last three years. The coverage indicators
remained poor and the overall liquidity position of the company
is under pressure as reflected in the negative cash accruals vis-
Ö-vis high debt repayment obligations against negative accruals,
coupled with no cushion on working capital borrowings.

Incorporated in 2012, Rizon Laminates Private Limited (RLPL) is
engaged in manufacturing decorative laminates sheets having 0.7
mm to 1.0 mm thickness. The company's manufacturing facility is
located at Morbi in Gujarat and has a production capacity of
11,50,000 sheets per annum. The company is promoted by Mr.
Dharamsingh Boda and Mr. Savji Boda, who have more than two
decades of experience in the furniture trading industry.
Currently, Mr. Nilesh Boda looks after the day-to-day operations
of the company.


SAAB ENGINEERING: Ind-Ra Migrates BB+ Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated SAAB
Engineering's (SAAB) 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:

  -- INR92.31 mil. Fund-based working capital limits migrated to
     Non-Cooperating Category;

  -- INR10 mil. Non-fund-based working capital limits migrated to
     Non-Cooperating Category; and

  -- INR96.785 mil. Long-term Loans Migrated to Non-Cooperating
     Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 18, 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 1992, Bengaluru-based SAAB was founded by Ajay K
Balagopal and Sanjiv K Balgopal.  The firm manufactures
automobile components such as alternator pulleys, spark plug
housings, sintered gears, synchroniser hubs and forged gears.


SHANTIKALASH JEWELLERS: Ind-Ra Assigns BB- LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned M/s Shantikalash
Jewellers (SJ) a Long-Term Issuer Rating of 'IND BB-'.  The
Outlook is Stable.  Instrument-wise rating actions are:

   -- INR47.5 mil. Term loan assigned with 'IND BB-/Stable'
      rating; and

   -- INR270 mil. Fund-based working capital assigned with
      'IND BB-/Stable' rating

                         KEY RATING DRIVERS

Ind-Ra has taken a consolidated view of SJ and Shantilal and Sons
Jewellers (SSJ) to arrive at the ratings as both the entities
operate in the same line of business, and have a common
proprietor and inter-party transactions.

The ratings reflect SJ's moderate credit profile and a tight
liquidity position.  Revenue increased to INR1.504 billion in
FY16 (FY15: INR1.294 billion) on account of an increase in work
orders. As of March 2017, the company had an order book of INR50
million to be executed in the next one month.  The company's net
financial leverage (total adjusted net debt/operating EBITDAR)
and interest coverage (operating EBITDA/gross interest expense)
remained unchanged since FY15 due to continued dependency on the
cash credit facilities, despite an increase in EBITDA margins to
6.6% in FY16 (FY15: 5.9%).  Net financial leverage and interest
coverage was 7.9x and 1.5x in FY16.

During 10MFY17, SJ reported revenue of INR1.292.5 billion, EBITDA
margin of 7.0%, net financial leverage of 6.5x and interest
coverage of 1.3x.

The company fully utilized its fund-based working capital limits
during the 12 months ended March 2017.

The ratings, however, are supported by SJ's promoter's more than
two decades of experience in gold jewellery manufacturing.

                        RATING SENSITIVITIES

Positive: A substantial growth in the revenue along with an
improvement in the operating profitability, leading to an
improvement in the credit metrics could lead to a positive rating
action.

Negative: A decline in the operating profitability leading to
deterioration in the credit metrics could lead to a negative
rating action.

COMPANY PROFILE

SSJ was set up as a proprietorship firm by Mr. Shanthilal Jain in
1964 for retailing jewellery.  During 1991, Mr. Shankarlal Jain,
the son of Mr. Shanthilal Jain started a proprietorship firm, SJ.
SSJ is engaged in the retailing of jewellery and has a showroom
in Nellore, Andhra Pradesh.  SJ is a wholesaler and manufacturer
of jewellery.


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

  -- INR48.6 mil. Term loan migrated to Non-Cooperating Category;
     and

  -- INR10 mil. Fund-based facilities migrated to Non-Cooperating
     Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Feb. 15, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1993, Gujarat-based SIPL manufactures agro
pesticides at its manufacturing unit in Ankleshwar on a job work
basis.  The company receives orders from UPL Limited, Cheminova
India Ltd, Gujarat Agro Industries Corporation Limited and Tagros
Chemicals India Limited. SIPL converts the raw material provided
by the clients into finished products based on client
specifications.


SYNNOVA CERAMIC: ICRA Assigns B- Rating to INR3.43cr Term Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B- to the INR2.50
crore cash credit and INR3.43 crore term loans facilities of
Synnova Ceramic Private Limited. ICRA has also assigned a short-
term rating of [ICRA]A4 to the INR0.40 bank guarantee limit of
SCPL. The Outlook on the long-term rating is Stable.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Cash credit            2.50        [ICRA]B- (Stable) assigned
  Term loan              3.43        [ICRA]B- (Stable) assigned
  Bank Guarantee         0.40        [ICRA]A4 assigned

Rationale
The assigned ratings are constrained by the company's weak
financial risk profile as characterised by small scale of
operations due to start-up nature of business and relatively slow
ramp up of higher value added products , net losses, highly
leverage capital structure due to initial debt funded capex and
weak coverage indicators. The ratings are further constrained by
the working capital intensive nature of operations resulting into
stretched liquidity profile as reflected by full working capital
limit utilisation. Further, the ratings also takes into account,
the fragmented nature of the sanitary ware industry with
competition from organized players and unorganized players and
the vulnerability of the company's profitability to volatility in
gas prices which is one of the major input cost.

The ratings however, favorably consider the past experience of
the promoter's in sanitaryware industry and healthy operating
profitability; though the company reported net losses owing to
higher interest and depreciation expenses.

Key rating drivers

Credit Strengths

* Longstanding experience of the promoters in the sanitary
   ware industry
* Healthy operating margins

Credit Weakness

* Weak financial risk profile as characterised by small scale
   of operations, net losses, highly leverage capital structure
   and weak coverage indicators.

* Stretched liquidity profile due to higher working capital
   requirements leading to near full utilisation of working
   capital limits

* Highly fragmented industry structure with intense competition
   from large organized and unorganized players in the domestic
   market

* Profitability remains exposed to fluctuations in gas prices
   which is one of the major input cost for the company

Description of key rating drivers highlighted above:

SCPL is engaged in manufacturing of ceramic sanitary ware
products like wash basins, closets, urinals and pans. The company
commenced the operations in January 2015 with installed capacity
of manufacturing 5,75,000 pieces per annum and during first full
year of operations in FY2016, the capacity utilization remained
moderate at ~65%. The company sells its products under the brand
Synnova in export and domestic markets. The operating income in
FY2016 remained low at INR5.47 crore and further remained low at
INR3.63 crore during 9M FY2017 on account of subdued domestic
demand during November to December 2016. Despite healthy
operating margins at 21.57%, the company reported net loss in
FY2016 owing to small scale of operations coupled with higher
interest and depreciation expenses. The capital structure of the
company remained aggressive as reflected by gearing at 3.37 times
as on March 31, 2016 owing to term loan availed for initial capex
coupled with deterioration in net-worth due to net loss. The
liquidity profile of the company remained stretched, as reflected
by near full working capital limits utilization and negative cash
flows during FY2016.

The operating profitability is expected to remain healthy in line
with FY2016; however, small scale of operations coupled with
higher interest and depreciation expenses are expected to result
into net loss in FY2017. The liquidity profile is expected to
remain stretched in near term given the high working capital
requirements. Hence, the company's ability to scale up its
operations and in turn generate sufficient cash accruals for
improvement in capital structure and timely debt repayments would
remain important from credit perspective.

Analytical approach: For arriving at the ratings, ICRA has taken
into account the SCPLI's business risk profile, financial risk
drivers and management profile.

Incorporated in August 2013, Synnova Ceramic Private Limited
(SCPL) is engaged in manufacturing of ceramic sanitary ware
products like wash basins, closets, urinals and pans under the
brand Synnova. The unit is based out of Surendranagar district in
Gujarat and commenced production in February 2015 with a
manufacturing capacity of 5,75,000 pieces per annum.


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

   -- INR150 mil. Foreign documentary bill purchase migrated to
      Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 3, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1993, VMS is a partnership firm engaged in the
trading of diamonds.  It is promoted by Mr. Mahesh N Sadani and
Mr. Vasant R Doshi.


WOOLWAYS INDIA: ICRA Lowers Rating on INR10cr Loan to D
-------------------------------------------------------
ICRA has downgraded the long-term/short-term rating to [ICRA]D
from its earlier long-term rating of [ICRA]BB-/Stable and short-
term rating of [ICRA]A4 on the INR10.00-crore bank facilities of
Woolways (India) Limited.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Long/Short-term
  Fund based              10.00       [ICRA]D/[ICRA]D; Revised
                                      From [ICRA]BB-
                                      (Stable)/[ICRA]A4

Rationale

The rating revision factors in the delay in debt servicing by WIL
owing to weak liquidity profile with the mismatch in the
cashflows. The liquidity profile of the company remained
stretched with sticky receivables on account of delay in receipt
of sales proceeds from one of the overseas client.

Key rating drivers

Credit strengths

* Experience of promoters with established sales and procurement
   network

Credit weaknesses

* Irregularities in debt servicing with delay in the principal
   repayment; mismatch in cashflows resulted in stressed
liquidity
   position

* Thin operating margins that remain susceptible to increase in
   input costs with limited bargaining power with large and
   reputed customer base

* Weak financial profile with leveraged capital structure, low
   debt protection metrics, high working capital intensity and
   stretched liquidity

* Intense competition with other players located in the
vicinity,
   restricting any increase in profitability

Description of key rating drivers:

ICRA's ratings take into account the delay in debt servicing by
WIL owing to weak liquidity profile with the mismatch in the
cashflows. ICRA has also noted the intensely competitive nature
of the readymade garment and fabric manufacturing industry owing
to low entry barriers. This leads to pricing pressure on the
players, and thin operating margins due to the high contribution
of trading activities in the total revenue. The liquidity profile
of the company remained stretched with sticky receivables on
account of
delay in receipt of sales proceeds from one of the overseas
client. The financial profile of the company remained moderate
with a gearing of 1.5 times, interest coverage of 1.7 times and
working capital intensity of ~22% during FY2015. The company also
bears the inventory risk in its sales through franchisee outlets.

Rating Action

Analytical approach: For arriving at the ratings, ICRA has taken
into account the business risk profile of WIL, financial risk
drivers and management profile.

WIL was incorporated in 1994 as a public limited company. It is
engaged in the manufacturing of readymade garments from its two
manufacturing facilities at Ludhiana, Punjab. The company is
promoted by Mr. Rakesh Nayar and his wife, Mrs. Babita Nayar, who
have over three decades of experience in readymade garment
manufacturing. The company has its own brands for children's
wear, 'Unikid'. The company also manufactures knitting garments
for other players. WIL markets its product through its 21 retail
outlets spread across northern and central India. WIL also has
tie-ups with online aggregators for marketing and selling its
products online.

The company derives around 15-20% of its revenues from exports to
Middle Eastern markets, such as Saudi Arabia and the United Arab
Emirates (UAE), as well as to China.


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

  -- INR99 mil. Fund-based facilities migrated to Non-Cooperating
     Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 21, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Set up in 1983, YYD is a family business enterprise engaged in
residential real estate development.  The company has executed 32
projects in Pune.

YYD is a part of the Pate Developers group, which has been
operating in the Pune real estate market for over three decades
and has constructed on about 3.1 million square feet (sf) of land
in and around Pune.  Another 4.5 million sf of area is under
construction.



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


TOSHIBA CORP: Partners Brace for Possible Bankruptcy Filing
-----------------------------------------------------------
The Wall Street Journal reports that Toshiba Corp.'s business
partners are preparing for a scenario in which the company seeks
to reorganize under Japanese bankruptcy laws, with consequences
for the global nuclear-power and electronics industries.

Toshiba last month expressed "substantial doubt" about its
"ability to continue as a going concern," the Journal recalls.
The company said it expected to record a net loss of some JPY1
trillion ($8.83 billion) for the year ended March 2017 following
the chapter 11 bankruptcy filing by Toshiba's U.S. nuclear unit,
Westinghouse Electric Co., the Journal relates.

Atlanta-based utility Southern Co., which hired Westinghouse to
build two nuclear reactors in Georgia, is concerned that Toshiba
will apply for protection from creditors and relieve itself of
the guarantees made on Westinghouse's behalf, said people
familiar with Southern's thinking, according to the Journal.
Toshiba said it doesn't plan to, reports the Journal.

According to the Journal, Southern Chief Executive Thomas A.
Fanning said in an interview May 3 that the utility is owed
$3.7 billion by Toshiba and wants to be paid whether or not the
reactors are built.

A Toshiba spokeswoman declined to comment on Mr. Fanning's
statements, the Journal says. The company has said that it
guaranteed some $6 billion in obligations incurred by
Westinghouse when it promised to complete the reactors, the
Journal says.

                           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
Dec. 30, 2016, Moody's Japan K.K. downgraded Toshiba
Corporation's corporate family rating (CFR) and senior unsecured
rating to 'Caa1' from 'B3'.  Moody's has also downgraded
Toshiba's subordinated debt rating to 'Ca' from 'Caa3', and
affirmed its commercial paper rating of Not Prime.  At the same
time, Moody's has placed Toshiba's 'Caa1' CFR and long-term
senior unsecured bond rating, as well as its 'Ca' subordinated
debt rating under review for further downgrade.

The TCR-AP reported on March 21, 2017, that S&P Global Ratings
has lowered its long-term corporate credit rating on Japan-based
capital goods and diversified electronics company Toshiba Corp.
two notches to 'CCC-' from 'CCC+' and lowered the senior
unsecured debt rating three notches to 'CCC-' from 'B-'.
Both ratings remain on CreditWatch with negative implications.
Also, S&P is keeping its 'C' short-term corporate credit and
commercial paper program ratings on the company on CreditWatch
negative.  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 the
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.


TOSHIBA CORP: May Release Unaudited Full-Year Earnings on May 22
----------------------------------------------------------------
The Japan Times reports that Toshiba Corp. is considering
releasing unaudited full-year earnings results on the May 22
deadline despite having no clear prospects of approval from its
auditor, according to sources close to the matter.

According to the report, PricewaterhouseCoopers Aarata LLC
continues to disagree with Toshiba over losses related to its
U.S. nuclear unit after the auditing firm issued a disclaimer for
the company's earnings result for the April-December period last
month.

May 22 is the de facto deadline for the embattled conglomerate to
release its earnings for the fiscal year that ended March 31, the
Japan Times notes.

The Japan Times says the electronics giant is aiming to switch to
another auditing firm to seek approval by the end of June, the
deadline to submit its full-year financial statements, including
an earnings report. But the company is struggling to find a
replacement.

To avoid the risk of being delisted from the Tokyo Stock
Exchange, Toshiba is mulling applying for a postponement or even
considering accepting any form of auditor opinion if it can avoid
another disclaimer, the sources said on May 8, the report states.

If listed companies are unable to release their earnings reports
after 50 days from the close of the accounts, they are required
by the TSE to provide an explanation, says The Japan Times.

The Japan Times notes that Toshiba is reeling from huge losses
related to its troubled U.S. nuclear unit Westinghouse Electric
Co. which filed for Chapter 11 bankruptcy protection in March.

Last month, Toshiba reported earnings for the April-December
period after postponing the release twice since February. But the
report came with a disclaimer from PwC Aarata, raising questions
about the credibility of the results, the report relates.

The report says Toshiba is still looking to hire a second-tier
accounting firm to replace PwC Aarata, but even if it finds one
it is likely to face the risk of a major delay in an earnings
release.

In March, the company said it could post a group net loss of
JPY1.01 trillion ($8.9 billion) for the fiscal year that ended
March 31, the largest ever for a Japanese manufacturer, and fall
into a negative net worth of JPY620 billion at the end of March
due to losses in the U.S. nuclear power business, the report
notes.

Shares of Toshiba have been on the TSE's watch list following its
accounting scandal in 2015, the Japan Times says. A major delay
in releasing earnings or announcing full-year earnings results
with another disclaimer from its auditor could increase the risk
of the company being delisted from the Tokyo bourse, the report
adds.

                          About Toshiba

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

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 30, 2016, Moody's Japan K.K. downgraded Toshiba
Corporation's corporate family rating (CFR) and senior unsecured
rating to 'Caa1' from 'B3'.  Moody's has also downgraded
Toshiba's subordinated debt rating to 'Ca' from 'Caa3', and
affirmed its commercial paper rating of Not Prime.  At the same
time, Moody's has placed Toshiba's 'Caa1' CFR and long-term
senior unsecured bond rating, as well as its 'Ca' subordinated
debt rating under review for further downgrade.

The TCR-AP reported on March 21, 2017, that S&P Global Ratings
has lowered its long-term corporate credit rating on Japan-based
capital goods and diversified electronics company Toshiba Corp.
two notches to 'CCC-' from 'CCC+' and lowered the senior
unsecured debt rating three notches to 'CCC-' from 'B-'.
Both ratings remain on CreditWatch with negative implications.
Also, S&P is keeping its 'C' short-term corporate credit and
commercial paper program ratings on the company on CreditWatch
negative.  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 the
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.



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


LANCO RESOURCES: Griffin Coal's Parent Co Placed in Receivership
----------------------------------------------------------------
Sean Smith at The West Australian reports that receivers and
managers have been appointed to the Singapore parent company of
loss-making Collie miner Griffin Coal.

PwC took control of Lanco Resources International on May 3 at the
direction of a secured creditor understood to be Indian bank
ICICI, according to the report.

Lanco Resources, owned by Indian conglomerate Lanco Infratech,
has four Australian subsidiaries, including Lanco Resources
Australia, which oversees the Lanco-reliant Griffin, The West
Australian discloses.

No receivers have been appointed to the subsidiaries, according
to a search of filings with Australia's corporate regulator, the
report says.

According to the report, Lanco Infratech has struggled with high
debt, two years ago agreeing a corporate restructuring which saw
assets sold to alleviate the financial pressure.

The group bought the Griffin coal mine in 2010 out of the
wreckage of Ric Stowe's empire, agreeing to pay $740 million in
several instalments in a deal negotiated by Griffin's
administrators, KordaMentha, The West Australian discloses.

The report says the purchase is now the subject of costly court
actions, with KordaMentha chasing the last instalment and Lanco
suing the insolvency firm, claiming it was misled into paying too
much.

The West Australian relates that Griffin Coal's most recent
filings, for the year to March 31, 2016, underline its dependence
on Lanco, which pumped millions more into its subsidiary as the
Collie producer's annual loss blew out to $37.7 million from
$25.1 million the year before.

The deficit lifted Griffin Coal's accumulated losses to nearly
$373 million, the report says.

The report says the performance triggered another warning from
the company's auditor about the miner's future as a going
concern.

According to The West Australian, Grant Thornton noted the
company recorded an operating cash outflow of $35.1 million for
the year and a working capital deficiency of nearly $343 million.

Its ability to continue as a going concern was dependent on
financial support from the Lanco Infratech group, and the value
of its mining lease holding up, Grant Thornton said, the report
relays.

The accounts show Griffin Coal's liabilities increased to $1.2
billion during the year, including a new unsecured $55 million
loan, details of which were not disclosed, adds The West
Australian.

Lanco Resources International Pte. Ltd. offers petroleum
products, mining, and prospecting services.


YUUZOO CORP: Files Police Report vs. Former Financial Controller
----------------------------------------------------------------
Grace Leong at The Strait Times reports that an acrimonious
dispute between mainboard-listed YuuZoo Corporation Limited and
its former group financial controller Thai Youn Fatt over reasons
for his abrupt exit took on a new twist with the social commerce
firm revealing that a police report has been made against him.

The Strait Times relates that YuuZoo, in a filing with the
Singapore Exchange on May 9, said it is also seeking legal advice
on the statements made and actions taken by Mr. Thai following
his termination.

The report says the company had announced that Mr. Thai, 43, was
terminated on May 3 for breach of his employment contract. A
Business Times story on May 6 said before Mr. Thai left, he had
refused to sign off on the company's revenue recognition
calculations.

According to the report, Yuuzoo on May 9 said a confirmation
letter signed by Mr. Thai confirmed that "he did not and does not
have any issues, problems with or concerns in relation to the
company's accounts, accounting records or accounting policies."

The company added: "Mr Thai Youn Fatt has made false and
potentially misleading statements which in the company's view,
may lead shareholders and/or members of the public to erroneously
infer or form the misconception that he left the company due to a
disagreement over the company's revenue recognition policy, th
report relays.

"The company wishes to clarify that the actual reasons for Mr
Thai's termination, which are cited in the termination letter,
are 'numerous incidents of harassment of staff, threats made and
abusive language used, insubordination and generally unacceptable
behaviour in the workplace'".

The Strait Times relates that YuuZoo said that, since his
termination, Mr. Thai has allegedly committed another "offence
that has resulted in a police report being filed against him."

YuuZoo had pushed back its annual general meeting (AGM) and the
publication of its annual report due to delays in an audit being
carried out by RT, according to the report. Singapore-listed
companies have four months to conduct an AGM after their
financial years end, the report notes. YuuZoo, whose fiscal year
ends on Dec. 31, had missed its April 30 deadline and now expects
to hold its AGM by May 30, 2017 instead, the Strait Times says.

In response to a query by SGX, YuuZoo said on May 8 that its
audit had been delayed as a result of "intense interaction" with
RT, the report says.

According to the Strait Times, the company said it adopted
significantly more conservative accounting policies in 2016 than
in 2015 to make them "more conservative, more prudent and more
supportable" to avoid facing the same issues that led its
previous auditor, Moore Stephens, to withhold its opinion on the
company's FY15 results.

Mr. Thai, who joined YuuZoo in January 2015, was previously
financial controller at Lazada South East Asia, the report notes.

Headquartered in Singapore, Yuuzoo Corporation Ltd, a social
media company, engages in social networking, e-commerce,
payments, and gaming businesses in Singapore and internationally.
It operates through two segments, Network Development and
Franchise Sales; and E-Commerce. The Network Development and
Franchise Sales segment is primarily involved in building mobile-
optimized device agnostic that targets social e-commerce networks
for businesses and consumers. This segment also sells franchise
and marketing rights. The E-Commerce segment provides a range of
services for online mobile transactions, including payment
processing, advertising, gaming, and other online transactions.
The company also offers YuuPay, a payment solution for online
merchants or retailers; and other payment-related services, such
as e-wallet, mobile payment/transaction, and other value-added
services, as well as acts as a payment service provider. In
addition, it provides processing, hosting, and related services;
and advertising, and business and management consultancy
services.



====================
S O U T H  K O R E A
====================


WOORI BANK: Moody's Assigns (P)Ba3 Rating to Add'l Tier 1 Notes
---------------------------------------------------------------
Moody's Investors Service has assigned a (P)Ba3(hyb) rating to
the proposed USD non-cumulative additional Tier 1 notes (AT1
securities) to be issued by Woori Bank (deposits A2/senior
unsecured A2 stable, BCA baa3).

The (P)Ba3(hyb) rating assigned to the proposed AT1 securities is
notched off Woori Bank's baa3 adjusted baseline credit assessment
(BCA), which is the same as its baa3 BCA.

The rating of the AT1 notes is placed three notches below the
bank's baa3 adjusted BCA, in line with Moody's framework for
rating non-viability contingent capital securities.

Woori's proposed AT1 securities are subject to a full write-down
upon the occurrence of a trigger event. In addition, coupons are
skipped on a non-cumulative basis at the issuer's option, and on
a mandatory basis subject to the availability of distributable
items.

RATINGS RATIONALE

The (P)Ba3(hyb) rating has two main drivers. First, the anchor
for the rating is the standalone creditworthiness of Woori Bank,
plus any rating uplift for affiliate support, if applicable. For
Woori Bank, the standalone credit strength is reflected in the
baa3 BCA.

Second, in line with Moody's methodology for rating non-viability
contingent capital securities, the rating for the proposed AT1
securities is three notches below this anchor point of baa3,
which positions the rating at (P)Ba3(hyb). This captures
instrument-specific risks, including the risks of mandatory
and/or discretionary coupon suspension, and the contractual loss-
absorption features in combination with the AT1 securities'
deeply subordinated claim in liquidation.

The proposed AT1 securities are contractual non-viability
securities. The principal of the securities will be written down
in full with no chance of recovery if the issuer is designated as
an "insolvent financial institution" 'pursuant to the Act on
Structural improvement of the Financial Industry. In liquidation,
they are senior only to equity shares and coupons are skipped on
a non-cumulative basis at the issuer's option, and on a mandatory
basis subject to the availability of distributable items.

WHAT COULD CHANGE THE RATING UP/DOWN

The rating of this instrument could be upgraded if Moody's were
to raise the baa3 adjusted BCA of Woori Bank. The bank's BCA
could rise due to improvements in its (1) operating environment,
as measured by the Macro Profile; (2) capitalization, with its
tangible common equity to risk weighted assets ratio rising above
13%; or (3) asset quality, with its problem loan ratio falling
below 1.0%.

Conversely, downward pressure on the rating of this instrument
could materialize if the baa3 adjusted BCA of Woori Bank were to
be lowered. The bank's BCA could be lowered if (1) Korean banks'
operating environment deteriorates, resulting in a lowering of
the country's Macro Profile; (2) the bank's capitalization
weakens, with its tangible common equity to risk weighted assets
ratio declining below 9%; (3) its asset risk deteriorates
significantly; or (4) its funding and liquidity profiles
deteriorate significantly. If there was an increase in the
probability of a coupon suspension, Moody's would also reconsider
the rating level.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
published in January 2016.

Woori Bank headquartered in South Korea, had assets of KRW311
trillion or USD258 billion as of 31 December 2016.



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


* VIETNAM: Capital Shortfall for Banks Remains Key Credit Burden
----------------------------------------------------------------
Moody's Investors Service says that banks in Vietnam (B1
positive) will face capital shortfalls over the next 12-18
months, and that such a situation continues to represent a key
credit burden for the industry.

"The banks' rapid loan growth rates will widen their capital gap,
according to Moody's baseline scenario of robust economic growth
in Vietnam over the coming 12-18 months," says Daphne Cheng, a
Moody's Analyst.

Moody's analysis is contained in its just-released report titled
"Banks - Vietnam: Capital Shortfall Remains Key Credit Burden,"
and is authored by Cheng.

Moody's projects that real GDP growth in Vietnam will average
6.4% in 2017 and 2018, up from 6.2% in 2016, with loan growth at
26% in 2017 and 2018, in line with growth seen in 2016.

Moody's also estimates that at end-2016, the Vietnamese banking
system had a total capital gap of USD9.5 billion, representing
4.6% of GDP. Moody's defines this point-in-time gap as the amount
of external capital needed for banks to replenish their Tier 1
ratios back to 8% after they utilize their balance sheet reserves
to absorb expected losses on impaired loans, and at the same
time, take an up front write off on all Vietnam Asset Management
Company (VAMC) bonds -- which they receive from the government by
swapping out their non-performing loans (NPLs). The estimate for
the banking system is based on an analysis of Moody's -rated
banks in Vietnam, which accounted for 53% of total system assets
at end 2016.

And, Moody's baseline scenario capital analysis concludes that
the system could see a capital shortfall ranging from USD5.1-
USD6.1 billion by end-2017, representing 2.5%-3.0% of GDP.
Moody's scenario analysis assumes that: 1) the banks' NPL ratios
will remain largely stable; 2) there will not be an increase in
VAMC transactions; 3) the banks' core earnings will remain
stable; and 4) the bank will amortize their existing VAMC
securities on the current SBV-approved five- or ten years'
amortization schedule, rather than a complete write down up
front.

In such a situation, and absent external capital injections,
Moody's-rated Vietnamese banks' Tier 1 ratios would fall to an
asset-weighted average of 6.1% by the fiscal year ending 31
December 2017 (FY2017) from an asset-weighted average of 7.8% in
FY2016.

These conclusions on the banks' capital gap suggest that the
government's strategy of relying on the banks' earnings to close
their capital shortfall is vulnerable to both cyclical and
structural constraints, with the former caused by the country's
high and rebounding loan growth, and the latter due to the
government's weak fiscal standing.

"The banks' capital generation capacity is weak, because of the
system's modest net interest margins, low fee income
contribution, and still substantial provision charges," adds
Cheng. "Under these circumstances, it will take several years to
replenish the system's capital shortfall through internal capital
generation."

Moody's points out that the banks' capitalization profiles have
continued to deteriorate. For example, at end-2016, Moody's-rated
banks reported an asset-weighted average Tier 1 ratio of 7.8% -
under Basel I - from 8.5% at end-2015 and 10.7% at end-2013.



                             *********

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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