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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

             Monday, June 12, 2017, Vol. 20, No. 115

                            Headlines


A U S T R A L I A

BREAD POCKET: First Creditors' Meeting Set for June 19
LINC: Seeks More Time to Submit Proposal to Resume Share Trading
LINC ENERGY: Sale of Galilee Basin to be Completed by Sept. 30
NGALLAGUNDA ABORIGINAL: WA Government Warns of Default Notice
PATFAB PTY: First Creditors' Meeting Set for June 20

PLUTUS PAYROLL: First Creditors' Meeting Set for June 19
PMR CRITERION: First Creditors' Meeting Set for June 20
QUINTIS LIMITED: Moody's Lowers Corporate Family Rating to Caa1
SEBEL FURNITURE: First Creditors' Meeting Set for June 20
W D HALL: First Creditors' Meeting Set for June 21


C H I N A

HILONG HOLDING: Fitch Publishes BB- Long-Term IDR, Outlook Neg.


H O N G  K O N G

NOBLE GROUP: $300MM Loan Sold as Banks Seek to Limit Exposure


I N D I A

ACTIS GENERICS: CRISIL Reaffirms B- Rating on INR8.0MM Loan
ALLU ENTERTAINMENT: Ind-Ra Migrates B+ Rating to Non-Cooperating
ANANDA BHARATHI: CRISIL Assigns B Rating to INR9MM Long Term Loan
ANJANA EXPLOSIVES: Ind-Ra Migrates 'B' Rating to Non-Cooperating
ANSHU AUTOMOTIVES: CRISIL Reaffirms B+ Rating on INR4.0MM Loan

ARORA YARN: CRISIL Reaffirms 'B' Rating on INR4.0MM Cash Loan
BEEHIVE EDUCATIONAL: CRISIL Assigns B- Rating to INR6.5MM Loan
BELLA JEWELRY: CRISIL Reaffirms 'D' Rating on INR7.50MM Loan
BOLTON PETFORMS: CRISIL Cuts Rating on INR5.4MM Cash Loan to D
BOWRY MEMORIAL: CRISIL Assigns B+ Rating to INR7MM Term Loan

BRILLIANT ALLOYS: CRISIL Reaffirms 'D' Rating on INR12.75MM Loan
CHURU MUNICIPAL: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
DEESAN GINNING: CRISIL Reaffirms 'C' Rating on INR15MM Cash Loan
DHOLPUR MUNICIPAL: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
EPITOME PETROCHEM: CRISIL Reaffirms 'D' Rating on INR16.56M Loan

FAIRDEAL STEELS: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
GANPATI STRUCTURES: CRISIL Assigns B+ Rating to INR8.0MM Loan
HARITHA BIO: Ind-Ra Migrates 'D' Rating to Non-Cooperating
INDERA JEWELS: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
JAGDAMBA CEREALS: CRISIL Reaffirms 'D' Rating on INR19.75MM Loan

JAY BHAVANI: CRISIL Reaffirms B+ Rating on INR6.5MM Cash Loan
MAHABIR TECHNO: CRISIL Reaffirms 'D' Rating on INR33MM Cash Loan
MAHADEV PROFILES: CRISIL Reaffirms 'D' Rating on INR7.5MM Loan
MAHIPAL FOOD: CRISIL Raises Rating on INR15MM Cash Loan to B+
MURTI RICE: CRISIL Assigns B+ Rating to INR2.4MM Cash Loan

NANDAN PETROCHEM: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating
NANDINI ENTERPRISES: CRISIL Assigns B+ Rating to INR2.5MM Loan
PRATUL ENTERPRISES: CRISIL Cuts Rating on INR8MM Loan to 'B'
PVN FABRICS: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
R. P. PRINTERS: CRISIL Reaffirms D Rating on INR3.5MM Cash Loan

RC ALL-TECH: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
RCH ORTHOPAEDICS: CRISIL Reaffirms B+ Rating on INR3.85MM Loan
RELIANCE COMM: Loans Said to Be Indicated at Low to Mid 70 Cents
RIPURAJ AGRO: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
S. S. AGRO: CRISIL Reaffirms 'B' Rating on INR20MM Cash Loan

S.S. OVERSEAS: CRISIL Reaffirms 'B' Rating on INR19.94MM Loan
SAWAI MADHOPUR: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
SHAKTI INDUSTRIES: CRISIL Assigns B+ Rating to INR6.75MM Loan
SHREE SAIBABA: CRISIL Reaffirms 'D' Rating on INR8.8MM Loan
SHRI SIDDHI: CRISIL Reaffirms B+ Rating on INR13MM Cash Loan

SHYMA MA: CRISIL Assigns B+ Rating to INR11MM Long Term Loan
SILVERSTONE ELASTOMER: Ind-Ra Puts 'B-' Rating to Non-cooperating
SRINIVASA CONSTRUCTION: Ind-Ra Puts BB Rating to Non-cooperating
SUJANGARH MUNICIPAL: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
TANEJA VIDYUT: CRISIL Assigns B+ Rating to INR2.5MM Cash Loan

TUFFWARE INDUSTRIES: CRISIL Reaffirms 'D' Rating on INR8MM Loan
VIMALOXY PRODUCT: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
WELLDONE EXIM: CRISIL Reaffirms 'D' Rating on INR40MM Loan

* Insolvency Pleas Filed for Seven Nagpur Companies


J A P A N

TOSHIBA CORP: To Pay $3.7BB in Reactor Guarantees to Southern Co


M A L D I V E S

MALDIVES: Fitch Assigns Final B+ Rating to US$200MM Bond


                            - - - - -



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


BREAD POCKET: First Creditors' Meeting Set for June 19
------------------------------------------------------
A first meeting of the creditors in the proceedings of The Bread
Pocket Pty Ltd will be held at JBC Corporate, Level 2, 41 Colin
Street, in West Perth, on June 19, 2017, at 11:00 a.m.

Domenic Calabretta and Grahame Ward of Mackay Goodwin were
appointed as administrators of Bread Pocket on June 7, 2017.


LINC: Seeks More Time to Submit Proposal to Resume Share Trading
----------------------------------------------------------------
The Business Times reports that liquidators of Linc Energy said
on June 7 they have applied to Singapore Exchange (SGX) for a
one-year extension for the submission of a proposal to resume
trading in the company's shares.

The submission deadline was initially March 29 this year, and the
liquidators have now asked for it to be deferred until March 29,
2018, The Business Times relates.

The report says the move to submit the proposal came after Linc
Energy's shares were suspended on March 30, 2016.

The liquidators also sought waivers for requirements to prepare
financial statements and an annual report, as well as to hold an
annual general meeting, the report says.

According to the report, the company said the liquidators have
been monitoring the criminal proceedings presented against Linc
Energy in Australia.

"As the proceedings are ongoing with no clear conclusion on the
outcome, the liquidators are unable to ascertain the financial
impact and legal implications arising from the same on the
company. Accordingly, the liquidators cannot engage potential
investors and other stakeholders to explore the various options
for the company to exit liquidation at this time," it said, notes
the Business Times.

Australia-based Linc Energy specialized on a coal-based synthetic
fuel production as also on a conventional oil and gas production.
Linc Energy de-listed from the Australian Stock Exchange and
transferred to Singapore in 2013.

As reported in the Troubled Company Reporter-Asia Pacific on
April 19, 2016, Grant Dene Sparks, Stephen Longley and Martin
Ford of PPB Advisory were appointed as administrators of Linc
Energy Limited on April 15, 2016.  On May 23, Messrs. Sparks,
Stephen and Ford were appointed liquidators of the company.


LINC ENERGY: Sale of Galilee Basin to be Completed by Sept. 30
--------------------------------------------------------------
The Business Times reports that Linc Energy said the sale of
mining development licence 361 -- the Pentland coal tenement in
the Galilee Basin -- is expected to be completed by September 30
this year.

In terms of sale of land, the company's liquidators have realised
two of Linc Energy's five real property assets in Chinchilla,
Queensland. The remaining three properties are subject to an
ongoing sales process.

On May 5, 2017, the liquidators entered into a deal for the sale
of the debt owed by United Queensland Resources to Linc Energy,
The Business Times discloses. The sale is due to be completed at
the end of June 2017.

According to The Business Times, the liquidators said they
continue to progress recoveries from the company's remaining
assets, including the SGX-listed shell as well as loans owed by
US subsidiaries that are currently subject to a Chapter 11
process.

Following orders made by the Supreme Court of Queensland that the
liquidators are not justified in causing Linc Energy to not
comply with the Environmental Protection Order issued by the
Queensland Department of Environment and Heritage Protection, the
liquidators have filed an appeal, says The Business Times.

Australia-based Linc Energy specialized on a coal-based synthetic
fuel production as also on a conventional oil and gas production.
Linc Energy de-listed from the Australian Stock Exchange and
transferred to Singapore in 2013.

As reported in the Troubled Company Reporter-Asia Pacific on
April 19, 2016, Grant Dene Sparks, Stephen Longley and Martin
Ford of PPB Advisory were appointed as administrators of Linc
Energy Limited on April 15, 2016.  On May 23, Messrs. Sparks,
Stephen and Ford were appointed liquidators of the company.


NGALLAGUNDA ABORIGINAL: WA Government Warns of Default Notice
-------------------------------------------------------------
The West Australian reports that the WA Government has told a
Kimberley Aboriginal corporation to pay its rent or it will ask
the Pastoral Lands Board to issue a default notice.

The Ngallagunda Aboriginal Corporation, which operates 200km from
Kununurra on the Gibb River Cattle Station, has been under
special administration since November last year, according to the
report.

The West Australian says registrar of Indigenous Corporations
Anthony Beven appointed two accountants from Darwin to resolve
the issues that sprang from internal disputes between members of
the NAC about the operations of a community store and the cattle
station.

ORIC spent three years working with NAC to address the dispute,
but an independent examination was ordered in February last year
when it appeared things could not be resolved internally, the
report relates.

Breaches of the Corporations (Aboriginal and Torres Strait
Islander) Act 2006 were found by the examiners, who were also
concerned by a transfer of ownership at the community store, the
report notes.

The special administration was due to cease on May 5, but was
extended on that day to June before a further extension was made
recently to July 7, The West Australian discloses.

The West Australian relates that in a newsletter released last
month by the administrators, it said they had been unable to sell
cattle because the station dispute was continuing.

"The corporation has almost no cash and owes taxes to government,
rates to the Shire and rent for the pastoral lease. It also needs
to acquit some grants from government. These are all debts," the
administrators said, notes the report.  "The corporation needs to
quickly raise at least $300,000 to pay its debts. It also needs
extra money to keep the cattle station running and to make
improvements. The corporation is still 12 months behind in rent
($10,380 a year) to the WA Government for the lease of the Gibb
River pastoral lease."

According to The West Australian, the PLB has previously given
breach advice to NAC for not keeping the lease in a decent
condition.  The breaches have to be fixed by Dec. 31, 2018,
otherwise the lease could become forfeit.

To make money and fix the breaches, the cattle station dispute,
between NAC and Eastern Guruma, which jointly own the company
running the station, needs to be resolved, The West Australian
notes.

A dispute over money owed led to court proceedings starting in
2015 but these are on hold, says The West Australian.  With no
money for lawyers, the special administrators applied for free
legal help and are now engaged with MinterEllison, the report
discloses.

Solicitors from the firm will meet Eastern Guruma and its legal
representatives in coming weeks to try to resolve the cattle
station dispute, adds The West Australian.


PATFAB PTY: First Creditors' Meeting Set for June 20
----------------------------------------------------
A first meeting of the creditors in the proceedings of PatFab Pty
Ltd, trading as Hy-Pipes, will be held at the Conference Room,
Plaza Level, BGC Centre, 28 The Esplanade, in Perth, WA, on
June 20, 2017, at 2:30 p.m.

Dino Travaglini and Jeremy Joseph Nipps of Cor Cordis were
appointed as administrators of PatFab Pty on June 8, 2017.


PLUTUS PAYROLL: First Creditors' Meeting Set for June 19
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Plutus
Payroll Australia Pty. Ltd. will be held at 'Angel Place'
Conference Centre, 123 Pitt Street, in Sydney, on June 19, 2017,
at 1:00 p.m.

David Iannuzzi and Vincent Pirina of Veritas Advisory were
appointed as administrators of Plutus Payroll on June 6, 2017.


PMR CRITERION: First Creditors' Meeting Set for June 20
-------------------------------------------------------
A first meeting of the creditors in the proceedings of PMR
Criterion Pty Limited, trading as Criterion Hotel, will be held
at The Criterion Hotel, 148 John Street, in Singleton, NSW, on
June 20, 2017, at 11:00 a.m.

Damien Hodgkinson of DEM Asia Group was appointed as
administrator of PMR Criterion on June 7, 2017.


QUINTIS LIMITED: Moody's Lowers Corporate Family Rating to Caa1
---------------------------------------------------------------
Moody's Investors Service has downgraded Quintis Limited's
(formerly known as TFS Corporation Ltd) corporate family rating
and senior secured debt rating to Caa1 from B3, and has
maintained the ratings on review for further downgrade.

RATINGS RATIONALE

"The rating action and review follows the company's response on
June 6 to an ASX query that creates significant uncertainty
around its future earnings and the take up of investments in its
new plantations, says Maurice O'Connell, Senior Credit Officer.

The company has withdrawn its earnings guidance and trading in
its securities remains suspended in light of the sharp
deterioration in its operating condition, following the cessation
of contracts; resignation of company's former managing director;
and a potential corporate transaction that could lead to a change
in control.

"Quintis' credit profile remains highly sensitive to the sale of
investments in its plantations to Beyond Carbon and Sophisticated
Investors, and the delay in clarifying the company's outlook
could have a material impact on investor appetite", adds
O'Connell.

Also, the company has highlighted a potential debt and equity
transaction. If this results in additional debt against the
backdrop of lower earnings, it could weaken the firm's credit
metrics beyond the appropriate levels for the rating.

Quintis' leverage was 6.3x for the half year ended December 31,
2016.

The rating review will focus on 1) the potential impact of the
pending debt and equity transaction; 2) the ability to attract
continued institutional investment to support revenue and
cashflow; 3) Quintis' strategic direction and financial policy
under new management; 4) the ability to replace earnings from
lost contracts; and 5) the impact of a potential takeover and
resultant change in ownership.

What could change the rating - Down

Quintis' rating could be downgraded if: [1] the company is unable
to execute its strategy of increasing revenue from the sale of
oil and heartwood; [2] lower investment uptake in new plantations
by Beyond Carbon and Sophisticated Investors; or [3] yields and
sales from its harvests fall below expectations. Any of the above
could reduce expected cash flow generation and ongoing demand for
its investment products, such that there is heightened risk of
default.

What Could Change the Rating - Up

The rating could be upgraded if Quintis obtains new contracts for
its oil and hardwood products to replace lost revenue; is able to
demonstrate investor demand remains substantially in line with
previous years; as well as maintaining adequate liquidity.

The principal methodology used in these ratings was Global Paper
and Forest Products Industry published in October 2013.

Quintis Limited is one of the world's largest vertically
integrated manager and grower of Indian Sandalwood plantations,
with over 12,182 hectares of sandalwood trees under management.


SEBEL FURNITURE: First Creditors' Meeting Set for June 20
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Sebel
Furniture Pty Ltd will be held at Western Suburbs League Club
(Wests Campbelltown), 10 Leumeah Road, in Leumeah, NSW, on
June 20, 2017, at 2:00 p.m.

David John Frank Lombe and Vaughan Neil Strawbridge of Deloitte
were appointed as administrators of Sebel Furniture on June 8,
2017.


W D HALL: First Creditors' Meeting Set for June 21
--------------------------------------------------
A first meeting of the creditors in the proceedings of W D Hall
Pty Ltd, trading as W.D. Hall & Associates, will be held at the
offices of Worrells Solvency & Forensic Accountants, Suite 4,
Level 3, Bryant House, 26 Duporth Avenue, in Maroochydore,
Queensland, on June 21, 2017, at 11:00 a.m.

Paul Nogueira of Worrells Solvency was appointed as administrator
of W D Hall on June 8, 2017.



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C H I N A
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HILONG HOLDING: Fitch Publishes BB- Long-Term IDR, Outlook Neg.
---------------------------------------------------------------
Fitch Ratings has published China-based Hilong Holding Limited's
Long-Term Foreign-Currency Issuer Default Rating and senior
unsecured rating at 'BB-'. The Outlook is Negative. Fitch has
also assigned Hilong's proposed US dollar senior notes a 'BB-
(EXP)' expected rating.

Hilong's ratings are supported by its leading market position in
its core businesses of drill pipes and coating products, its
geographical diversification that includes international markets,
the diversity of its end-products, and enhanced vertical
integration between its products and services. The Negative
Outlook reflects the company's increased working capital
requirements during the current sector downturn that are likely
to delay deleveraging. Evidence of substantial working capital
reduction and sustained increase in its revenue and order book
may lead to its Outlook being revised to Stable.

The proposed notes are rated at the same level as Hilong's senior
unsecured debt rating as they represent direct, unconditional,
unsecured and unsubordinated obligations of the company. The
final rating is subject to the receipt of final documentation
conforming to information already received.

KEY RATING DRIVERS

Stabilising Operating Environment: Fitch expects crude oil prices
to remain around USD50-60 per barrel in 2017-2019 and operating
conditions in global oil and gas markets to stabilise in the near
term. Major global oil producers remain cautious about
exploration and production activities, but total capex in the
sector in 2017 is likely to rise from the levels in 2015 and
2016. Fitch expects increased spending by upstream producers to
drive demand for Hilong's products and services in both
international and domestic markets.

Leverage to Decrease: Hilong's FFO net leverage increased to 4.8x
in 2016 from 3.8x in 2015 because its weak order book resulted in
a sharp decrease in revenue. However, Fitch expects Hilong's FFO
net leverage to decrease to 3.6x in 2017 due to the growth in new
orders from overseas markets and limited capex in the near term
due to modest utilisation rates in both its manufacturing
facilities and drill rigs.

Increased Working Capital: Hilong's working capital expanded
significantly in 2016 because collection of accounts receivable,
mostly from domestic customers, took a longer time. Fitch
believes Hilong's accounts receivable collection and general
working-capital needs will improve in 2017 as the proportion of
sales to domestic customers decreases. However the improvement in
working capital improvement may not be sufficient or rapid enough
to allow Hilong to deleverage materially.

Market Leading Position Intact: Hilong is the largest drill pipe
manufacturer and provider of coating services for oil country
tubular goods (OCTG) in China by sales, with around 45%-50%
market share. Drill pipe and OCTG coating are Hilong's core
business segments, and accounted for 40% of total sales and 38%
of total gross profit in 2016. Hilong's dominance in its core
businesses provides the company with a stable source of cash flow
and supports the company's expansion into new business segments,
such as oilfield services in 2012 and offshore engineering in
2014.

Increased Global Presence: Hilong has successfully expanded its
products and services to international markets amid weak domestic
demand. Hilong has also established overseas production
facilities and service centres to better serve its overseas
clients. Expansion into other geographic regions has increased
Hilong's overall scale of operation. In 2016 Hilong's China sales
were down 43% yoy to CNY717million while its sales in Russia and
surrounding regions grew 177% to CNY479 million and sales from
south-east Asia rose 80% to CNY239 million.

DERIVATION SUMMARY

Hilong maintains higher leverage than other manufacturing peers,
such as China Oriental Group Company Limited (BB-/Positive) and
China XD Plastics Co Ltd (B+/Stable), and its size of operations
is smaller. However, Hilong has a strong business profile, which
is reflected in its strong market share in key product segments,
higher profitability, less volatile margins, and greater level of
geographical and end-user diversification, which makes it much
more resilient in market downturns.

KEY ASSUMPTIONS

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

- Oil prices to stabilise in the near term, sector operating
conditions to improve, and drilling activity and producer capex
to increase from 2016 levels.

- Capex of CNY240 million in 2017, and CNY270 million in 2018 and
2019.

RATING SENSITIVITIES

Future Developments That May Lead to the Outlook Reverting to
Stable:

- Consistent improvement in the company's order book and revenue

- Significant reduction in accounts receivable and working
capital such that FFO net leverage remains below 3.5x on a
sustained basis.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action:

- EBITDA margin below 20% on a sustained basis (2016: 24.5%).
- Significant deterioration in market share.
- FFO net leverage above 3.5x on a sustained basis.

LIQUIDITY

Hilong has around CNY1.4 billion of short-term debt due in 2017;
this will be covered by CNY657 million in cash and more than
CNY800 million in undrawn facilities.



================
H O N G  K O N G
================


NOBLE GROUP: $300MM Loan Sold as Banks Seek to Limit Exposure
-------------------------------------------------------------
Tessa Walsh and Claire Ruckin at Reuters report that around
US$300 million of a US$1.1 billion revolving credit loan for
Noble Group has been sold to funds in the secondary loan market
as banks seek to limit their losses as the company faces a
potential restructuring, banking sources said on June 9.

Reuters relates that the struggling commodities trader is trying
to extend a separate US$2 billion loan as finding an investor to
recapitalise the business looks increasingly difficult, leaving
debt restructuring or bankruptcy as the most likely options,
several sources said.

Noble reported a surprise quarterly loss of US$129.3 million for
January-March and said that it will not be profitable for two
years, Reuters discloses.

"I'm fairly bearish on the whole thing, there are rumours that
the company will file for Chapter 11 in the next couple of
weeks," the report quotes a secondary loan trader as saying.

Noble's market value has shrunk to just over US$300 million from
US$6 billion in February 2015, after Iceberg Research questioned
its accounts, Reuters notes. Its share price collapsed and credit
ratings downgrades, management upheavals, asset writedowns, asset
sales and a fundraising ensued.

According to Reuters, the secondary price of the US$1.1bn loan,
which was put in place in May 2015, has been volatile this year.
The credit was trading at around 75% of face value at the
beginning of the year, rose to around 90 at the end of March, but
has fallen heavily in the last month, two loan traders said,
Reuters relays.

"There were a few trades at around 49 or 50, but the quotes are
now lower in the 40s. It has fallen 45 points in the last month,"
the secondary loan trader said, notes Reuters.

Some banks are now unable to sell as the price has dropped too
low to get approval for a sale, a distressed loan trader said.
The company's bonds have also collapsed to distressed levels.

Reuters says Noble and its lenders have appointed legal counsel
as the company struggles to maintain access to the US$2 billion
loan while time runs out to find an investor.

Noble Group has appointed financial restructuring adviser Moelis
and law firm Kirkland & Ellis, which typically specialise in
complex and aggressive debt restructuring situations, as well as
Morgan Stanley, Reuters discloses.

"Noble has appointed the most active and aggressive restructuring
advisers. When they were mandated, the secondary loan price
dropped. The view from the market was that if they were hiring
those guys, things must be pretty bad," the secondary loan
trader, as cited by Reuters, said.

Restructuring adviser Alvarez & Marshal and law firm Clifford
Chance have been hired to advise Noble's US lenders and Clifford
Chance is acting for lenders in HK, Reuters reported.

Pitches for the European lenders took place on June 8, with
Deloitte, PwC and FTI all vying for the mandate, Reuters relates
citing one restructuring adviser.

                         About Noble Group

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

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

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

The TCR-AP reported on May 18, 2017, that Moody's Investors
Service has downgraded Noble Group Limited's corporate family
rating and senior unsecured bond ratings to Caa1 from B2, and the
rating on its senior unsecured medium-term note (MTN) program to
(P)Caa1 from (P)B2.  The ratings outlook remains negative.


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I N D I A
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ACTIS GENERICS: CRISIL Reaffirms B- Rating on INR8.0MM Loan
-----------------------------------------------------------
CRISIL has been consistently following up with Actis Generics Pvt
Ltd (Actis) for obtaining information through letters and emails
dated March 06, 2017, and March 22, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

   Term Loan              8.0       CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Actis Generics Pvt Ltd. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Actis Generics Pvt Ltdis consistent
with 'Scenario2' outlined in the 'Framework for Assessing
Consistency of Information with Crisil BB Rating category or
Lower'.' Based on the last available information, CRISIL has
reaffirmed the rating at CRISIL B-/Stable.

Actis was set up in 2013 by Mr. P.Venkatram Reddy, Mr. B.
Madhusudhana Reddy, and their family. The company manufactures
pharmaceutical intermediates, and commenced operations in 2014.
Its manufacturing facility is in Visakhapatnam, Andhra Pradesh.


ALLU ENTERTAINMENT: Ind-Ra Migrates B+ Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Allu
Entertainment Pvt Ltd's (AEPL) 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.  Instrument-wise rating actions are:

   -- INR45 mil. Fund-based working capital limits migrated to
      non-cooperating category; and

   -- INR83.6 mil. Term loan migrated to non-cooperating category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Oct. 27, 2014.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2000, AEPL is engaged in production and
distribution of movies.  It was formed by the merger of Geetha
Arts and Geetha Film Distributors.  AEPL's promoter and managing
director Allu Aravind holds a 94.7% stake in the company while
the rest is held by his family members.  Allu Aravind is also a
director of MAA Television Network Limited.


ANANDA BHARATHI: CRISIL Assigns B Rating to INR9MM Long Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Ananda Bharathi Fertilizers (India) Private
Limited (ABFPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit/
   Overdraft facility      1        CRISIL B/Stable

   Long Term Loan          9        CRISIL B/Stable

The rating reflects ABFPL's exposure to risks related to the
implementation and stablisation of the company's on-going
project, which involves the setting up of a facility for
manufacturing of customized fertilizers in Nizamabad Dist
(Telangana). The ratings also factor in ABFPL's exposure to
intense competition in the Fertilizer manufacturing industry and
below-average financial risk profile marked by expected modest
debt protection metrics. These rating weaknesses are partially
offset by the benefits that the company derives from its
promoters' extensive industry experience over the medium term and
assured Offtake by Nagarjuna Fertilisers and Chemicals Ltd
(NFCL).

Key Rating Drivers & Detailed Description

Weakness

* Exposure to project-related risks: The Company is setting up a
facility for manufacturing of customized fertilizers in Nizamabad
Dist (Telangana). The plant, with capacity of 400 Ton per day, is
expected to cost INR17.94 crore and will be funded primarily
through term loan of INR9 crore. Commercial production is
expected to begin from June 2017. ABFPL will remain exposed to
implementation and stabilization risks related to ongoing
project.

* Susceptibility to volatility in raw material prices and
government regulations: Operating margin is susceptible to
changes in agrochemical prices that players are unable to fully
pass on to customers. Scale of operations and profitability also
remain exposed to any change in government regulations and
monsoon.

* Small scale of operations in highly fragmented industry: Scale
of operations may remain modest because of intense competition in
the Fertilizer industry, which constrains bargaining power with
suppliers and customers

Strengths

* Promoters' extensive experience:
ABFPL's promoters have been in the chemical and fertilizer
industry for more than a decade and have established
relationships with customers and suppliers. ABFPL is also
expected to benefit from aassured offtake of its product due to
entered job work agreement with NFCL.

Outlook: Stable

CRISIL believes that ABFPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if ABFPL generates more-
than-expected revenues and profits, after stabilising its
operations. Conversely, the outlook may be revised to 'Negative'
in case the company reports delay in the commissioning of its
project because of unforeseen events, or its financial risk
profile deteriorates because of additional, debt-funded capital
expenditure.

ABFPL, incorporated in January, 2011 is setting up a facility for
manufacturing customized fertilizers. Based out of Hyderabad
(Telangana), ABFPL is promoted by Mr. Rajashekar Rao.


ANJANA EXPLOSIVES: Ind-Ra Migrates 'B' Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Anjana
Explosives Limited's 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. Instrument-wise rating actions are:

   -- INR30 mil. Fund-based working capital limits migrated to
      non-cooperating category; and

   -- INR25 mil. Non-fund-based working capital limits migrated
      to non-cooperating category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Feb. 4, 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 1989, Anjana Explosives manufactures explosive
products such as slurry explosives, detonating fuse, PETN and
cast boosters.  The manufacturing units are located in Nalgonda
District, Telangana.


ANSHU AUTOMOTIVES: CRISIL Reaffirms B+ Rating on INR4.0MM Loan
--------------------------------------------------------------
CRISIL has been consistently following up with Anshu Automotives
Pvt Ltd (AAPL) for obtaining information through letters and
emails dated November 21 2016, and December 22, 2016, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         0.9       CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Cash Credit            4.0       CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Long Term Loan         0.6       CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Anshu Automotives Pvt Ltd
(AAPL). This restricts CRISIL's ability to take a forward looking
view on the credit quality of the entity. CRISIL believes that
the information available for Anshu Automotives Pvt Ltd (AAPL) is
consistent with 'Scenario 3' outlined in the 'Framework for
Assessing Consistency of Information with Crisil BBB Rating
category or Lower'.' Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL B+/Stable/CRISIL A4'.

AAPL was set up in 2007 by Mr. Ajay Naidu. It is an exclusive
authorised dealer for Force Motors Ltd in the Telangana region.
The company is based in Hyderabad.


ARORA YARN: CRISIL Reaffirms 'B' Rating on INR4.0MM Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facilities of Arora Yarn Private Limited. Business risk
profile should remain stable, driven by promoter's extensive
experience and established relationship with customers. Operating
income, estimated at INR21.5 crore in fiscal 2017, is likely to
grow by 8-10% in the medium term, while the margin is likely to
be around 8.5%.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Buyer`s Credit         2.5      CRISIL B/Stable (Reaffirmed)

   Cash Credit            4.0      CRISIL B/Stable (Reaffirmed)

   Term Loan              1.7      CRISIL B/Stable (Reaffirmed)

With stretch in working capital cycle because of increase in
receivables, debt remained large, leading to high total outside
liabilities to tangible networth (TOLTNW) ratio and below-average
debt protection metrics. However, absence of significant capital
expenditure (capex) and rising net cash accrual should lead to
improvement in financial risk profile over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital intensity in operations
High gross current assets, estimated at 217 days as on March 31,
2017, were driven by large inventory and stretched receivables,
and led to substantial short-term debt. With an expected ramp-up
in scale of operations, working capital management will be a
rating sensitivity factor.

* Small scale of operations:
Small scale of operations and limited track record in the
intensely competitive cotton ginning industry, constrain the
business risk profile.

* Weak financial risk profile
Financial risk profile is weak, because of the high total outside
liabilities to tangible networth (TOL/TNW) ratio, estimated at
5.17 times as on March 31, 2017, and below-average debt
protection metrics, with interest coverage ratio of 1.62 times
and net cash accrual to adjusted debt ratio of 0.08 time in
fiscal 2017. While financial metrics are expected to improve, led
by higher cash accrual and absence of debt-funded capex, they
will continue to be constrained by the large working capital
requirement.

Strength

* Extensive experience of the promoters, and established customer
relationships:
The decade-long experience of the promoter and healthy
relationships with customers and suppliers, will continue to
support the business risk profile.

Outlook: Stable

CRISIL believes AYPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if an increase in capacity utilisation, leading to
growth in revenue and higher-than expected cash accrual, and
better working capital management, or significant improvement in
the capital structure and debt protection metrics, strengthen the
financial risk profile. The outlook may be revised to 'Negative'
if low profitability leads to muted cash accrual, or if a stretch
in working capital cycle, or large debt-funded capex, weakens the
financial risk profile.

AYPL was taken over by the present management in 2009, from BJ
Woollens Pvt Ltd. Operations are managed by Mr. Krishan Kumar
Arora. The company manufactures woollen yarn at its plant in
Bikaner, Rajasthan, and has branches at Panipat (Haryana), and
Badhoi (Uttar Pradesh).

Profit after tax and net sales stood at INR5.07 lakhs and
INR19.59 crore, respectively, for fiscal 2016, against INR3.22
lakhs and INR18.89 crore, respectively, for the previous fiscal.

Estimated profit after tax for fiscal 2017, is INR7 lakhs on net
sales of INR21.54 crore.


BEEHIVE EDUCATIONAL: CRISIL Assigns B- Rating to INR6.5MM Loan
--------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Beehive Educational Society (BES) and assigned its
'CRISIL B-/Stable' rating to the facilities. CRISIL had suspended
the rating on August 29, 2015, as BES had not provided the
necessary information required for a rating review. The company
has now shared the requisite information, enabling CRISIL to
assign the rating.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             2        CRISIL B-/Stable (Assigned;
                                    Suspension Revoked)

   Proposed Long Term      3        CRISIL B-/Stable (Assigned;
   Bank Loan Facility               Suspension Revoked)

   Term Loan               6.5      CRISIL B-/Stable (Assigned;
                                     Suspension Revoked)

The rating reflects the institute's susceptibility to changes in
regulations regarding the education sector, and below-average
cash flow management constraining financial flexibility. However,
these weaknesses are partially offset by the institute's
established track record and healthy revenue diversity.

Key Rating Drivers & Detailed Description

Weakness

* Susceptibility to regulatory changes: Courses have to comply
with specific operational and infrastructure norms set by
regulatory bodies such as the All India Council for Technical
Education (AICTE), and state authorities. Thus, BES has to
regularly invest in workforce and infrastructure.

* Below-average cash flow management, constraining financial
flexibility: Cash accrual will be insufficient for debt
servicing, with a debt service coverage ratio of below 1 time
over the medium term.

Strengths

* Established track record and strong revenue diversity:
Experience of around 15 years in the education sector will
continue to support business risk profile. Additionally, the
diverse courses offered, including engineering and MBA support
revenue inflow.

Outlook: Stable

CRISIL believes BES will continue to benefit over the medium term
from the extensive experience of its promoters in the education
sector. The outlook may be revised to 'Positive' if a substantial
increase in operating income and stable profitability strengthen
financial risk profile. Conversely, the outlook may be revised to
'Negative' if cash flow weakens due to low revenue or
profitability, causing debt protection metrics and capital
structure to weaken, or if there is a significant drop in student
enrolment at the institute.

BES, set up in April 2002, offers education in the fields of
engineering, management, science, commerce, and physiotherapy. It
currently runs three institutes: Beehive College of Advance
Studies, Beehive College of Management & Technology, and Beehive
College of Engineering & Technology. All three institutes are
located on a single campus in Dehradun.

The society registered a profit after tax (PAT) of INR0.02 cr on
operating income of INR5.6 cr n 2015-16, as against a PAT of
INR0.22 cr on operating income of INR6 cr n 2014-15.


BELLA JEWELRY: CRISIL Reaffirms 'D' Rating on INR7.50MM Loan
------------------------------------------------------------
CRISIL has been consistently following up with Bella Jewelry
Private Limited (BJPL) for obtaining information through letters
and emails dated March 6, 2017, and March 22, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Foreign Bill           7.5       CRISIL D (Issuer Not
   Discounting                      Cooperating; Rating
                                    Reaffirmed)

   Proposed Short Term    2.49      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Bella Jewelry Private Limited.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for Bella Jewelry Private Limited is
consistent with 'Scenario1' outlined in the 'Framework for
Assessing Consistency of Information with Crisil B Rating
category or Lower'.' Based on the last available information,
CRISIL has reaffirmed the rating at CRISIL D.

Set up in 2004 as a partnership firm between Mr. Dauji Johari,
Mr. Sharad Johari, and Ms. Prabha Johari, the firm was
reconstituted as a private limited company with the current name
in 2007. The company manufactures and exports diamondstudded gold
jewellery. Its manufacturing unit is in Santacruz Electronics
Export Processing Zone, Mumbai.

The company is part of the Johari group, which also comprises
Dauji & Co (rated 'CRISIL D'), Dow Gems, and Kuber Manufacturing
Inc.


BOLTON PETFORMS: CRISIL Cuts Rating on INR5.4MM Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Bolton Petforms Private Limited (BPPL) to 'CRISIL D' from
'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            5.4       CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Term Loan              3.0       CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The downgrade reflects the company's delay in repaying its term
due to stretched liquidity and late commencement of its
operations.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in loan repayment: Low accrual and large working capital
debt resulted in stretched liquidity, resulting in delay in
meeting interest obligation on working capital demand loan by two
months.

Strengths

* Extensive experience of the promoter: The company is managed by
Mr. Vijaykumar, who started as a small manufacturer of packaged
drinking water in Villipuram (Tamil Nadu) district to bring out a
product called True Drops in 1998. The company is a part of the
Swashthik Group which is into manufacture of PET preforms, High
Density Polyethylene (HDPE) bottle caps, and PET single-stage
bottles (direct bottles).

BPPL, established in 2015 as a private limited company by Mr.
Vijaykumar, is setting up a polyethylene terephthalate (PET)
preform manufacturing facility in Chennai. The company started
its operations in November 2016.


BOWRY MEMORIAL: CRISIL Assigns B+ Rating to INR7MM Term Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Bowry Memorial Educational and Medical Trust (BMMT)
and has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
BMMT's bank facilities. The rating was 'Suspended' by CRISIL vide
the Rating Rationale dated March 21, 2016 since BMMT had not
provided necessary information required to take the rating
review. BMMT has now shared the requisite information enabling
CRISIL to assign a rating on its bank facilities.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Overdraft              2        CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Proposed Long Term     4        CRISIL B+/Stable (Assigned;
   Bank Loan Facility              Suspension Revoked)

   Term Loan              7        CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

The ratings reflect BMMT's modest scale of operation in the
highly competitive education sector and its exposure to regional
concentration. The ratings also factor in the exposure of the
trust to stringent regulations by government agencies. These
strengths are partially offset by the trust's established market
position, diversified revenue profile and above-average financial
risk profile marked by healthy capital structure and moderate
debt protection metrics.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operation in the highly competitive education
sector: Revenue improved to an estimated INR18 crore in fiscal
2017 from INR13 crore the previous fiscal supported by the
addition of new classes and school. However, they remain modest
in the highly competitive education sector.

* Exposure to high degree of regulation: Operations are exposed
to regulations by government agencies such as the University
Grants Commission (UGC), All India Council for Technical
Education (AICTE), universities, and state governments. Thus, the
trust needs to regularly invest for its workforce and
infrastructural requirements.

Strengths

* Established market presence: BMMT has a track record of over
two decades and has gradually diversified its revenue profile by
providing education across disciplines from primary schooling to
post graduation.

* Above-average financial risk profile: Financial risk profile is
above-average marked by healthy capital structure and debt
protection metrics. Gearing ratio remained comfortable at 0.3
time as on March 31, 2017. Also, healthy debt protection metrics
is marked by estimated interest coverage ratio and net cash
accrual to total debt (NCATD) of 4.2 times and 0.4 time in fiscal
2017.
Outlook: Stable

CRISIL believes BMMT will continue to benefit from its
established market position and its management's strong track
record. The outlook may be revised to 'Positive' if capital
structure is stable and increase in student intake results in
rise in fee income and operating profitability. The outlook may
be revised to 'Negative' if adverse regulatory changes or
sizeable debt-funded capital expenditure weakens liquidity.

BMMT, established in 1992, operates three schools affiliated to
Central Board of Secondary Education (CBSE), and three colleges
offering graduate and post-graduate courses in Jalandhar, Punjab.
The trust is based out of Jalandhar, Punjab and is managed by Mr.
Anoop Bowry.

BMMT had a loss of INR0.7 crore on operating income of INR13.23
crore in fiscal 2016, vis-a-vis loss of INR2 lacs and operating
income of INR12.34 crore, respectively, in fiscal 2015.


BRILLIANT ALLOYS: CRISIL Reaffirms 'D' Rating on INR12.75MM Loan
----------------------------------------------------------------
CRISIL has been consistently following up with Brilliant Alloys
Private Limited (BAPL)) for obtaining information through letters
and emails dated March 6, 2017, and March 22, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            12        CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Proposed Long Term      0.16     CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating; Rating
                                    Reaffirmed)

   Rupee Term Loan        12.75     CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Brilliant Alloys Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Brilliant Alloys Private
Limited  is consistent with 'Scenario1' outlined in the
'Framework for Assessing Consistency of Information with Crisil B
Rating category or Lower'.' Based on the last available
information, CRISIL has reaffirmed the rating at CRISIL D

Incorporated in 2011 and promoted by Mr. R Indrajit, BAPL
manufactures mild steel billets at its facility in Thirvannamalai
Tamil Nadu.


CHURU MUNICIPAL: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Churu Municipal
Council (CMC) a Long-Term Issuer Rating of 'IND BB'.  The Outlook
is Stable.

                         KEY RATING DRIVERS

The rating reflects CMC's inconsistent financial performance over
FY11-FY15 as reflected in its fluctuating operating margins which
ranged between -30.81% and 30.58% over FY11-FY15.  Its revenue
receipts increased to INR110.327 million in FY15 from INR40.201
million in FY11 (CAGR of 28.71%).  Being a municipal council,
CMC's revenue sources comprise tax revenue and non-tax revenue.
Tax revenue consists of only property tax.  It grew at a CAGR of
4.09% over FY11-FY15.  During FY11-FY15, tax revenue contributed
only 0.75% on average to the total revenue income.  CMC reported
revenue deficit in FY11, FY13 and FY14 and capital deficit in
FY12, FY14 and FY15.  CMC's credit profile is further constrained
by the small proportion of its own revenue.  It is largely
dependent on the government of Rajasthan (GoR) for revenue.

Churu is well connected with other cities through roads and
railways.  However, the lack of adequate drainage and sewerage
network, proper solid waste management and collection facilities
and septage treatment hinders the growth potential of the city.
The lack of these adequate basic civic services as reflect by
Service Level Benchmark reports affects CMC's credit profile.
Under Atal Mission for Rejuvenation of Urban Towns (AMRUT),
INR2160 million will be incurred to improve these civic services.

The city's urban civic services delivery is hampered by the
multiplicity of authorities providing these services.  Besides
CMC, the other agencies involved in delivering civic services are
the GoR agencies - public health engineering department, public
works department, Urban Improvement Trust, etc.  The transfer of
some of the services from these agencies to the council can help
speed up improvement in service delivery.

CMC has high dependence on the GoR (compensation in lieu of
Octroi and revenue grants and contributions), which makes its
finances vulnerable to the GoR's economic and fiscal performance.
Octroi compensation and revenue grants cumulatively contributed
87.17% to the total revenue income during FY11-FY15.  Ind-Ra
believes that the goods and services tax (GST) is likely to be
implemented from FY18.  Nearly 51% revenue income of CMC is in
the form of octroi compensation grants from the GoR.  Presently,
the treatment of octroi compensation grants in the proposed GST
is unclear.  If the octroi compensation grants disbursal method
undergoes a change in GST regime, CMC's credit profile will
depend on the buoyancy of the new method of compensation from the
GoR.

CMC was debt free over FY11-FY14 and borrowed a loan amounting
INR20 million from Rajasthan Urban Development Fund in FY15.  The
loan is interest free.  The low debts level of supports its
credit profile.  However, Churu requires huge investments to
improve the quality of its civic services.  Ind-Ra believes while
the projects proposed under AMRUT will help in improving the
quality of civic services in the city, it will exert pressure on
the fragile fiscal profile of the city.

Churu acts as a trade centre for the surrounding areas; however,
most of the activities are done in the unorganised sector.  The
city has the potential to be developed as an organised trade hub.
Although there is no large-scale industry in the city, many small
scale industries are operating, employing thousands of people.
Such industries should be promoted.  Also, Rajasthan State
Industrial Development and Investment Corporation identified as
an industrial area, is not yet fully utilised.

                        RATING SENSITIVITIES

Positive: A significant improvement in CMC's operating
performance without an adverse impact on the debt metrics and
rolling of out the AMRUT reforms within the stipulated timeframe,
would positively impact the rating.

Negative: Additional burden on the finances of the council in the
form of debt and withdrawal of revenue support without a suitable
compensatory plan would trigger a negative rating action.

COMPANY PROFILE

Churu is located in the Churu district of Rajasthan, at the
northeast corner of the district.  It acts as administrative
headquarter of the Churu District.  The city is located about
170km from Bikaner, 222km from Jaipur and 274km from Delhi.

CMC is divided into five zones; these five zones are further
divided into 45 wards for better planning and administration.  It
is known as 'the gateway to the Thar Desert of Rajasthan' and is
famous for havelis with fresco paintings.  Nearby famous places
include Tal Chhapar sanctuary known for blackbucks and the
Salasar Balaji Temple.

CMC jurisdiction area is about 28.8sq km and CMC is responsible
for the provisioning and governance of civic services in the
Churu city.


DEESAN GINNING: CRISIL Reaffirms 'C' Rating on INR15MM Cash Loan
----------------------------------------------------------------
CRISIL has been consistently following up with Deesan Ginning and
Pressing Private Limited (DGPPL) for obtaining information
through letters and emails dated March 6, 2017, and March 22,
2017 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             15       CRISIL C (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Term Loan                1.8     CRISIL C (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Deesan Ginning and Pressing
Private Limited. This restricts CRISIL's ability to take a
forward looking view on the credit quality of the entity. CRISIL
believes that the information available for Deesan Ginning and
Pressing Private Limited is consistent with 'Scenario1' outlined
in the 'Framework for Assessing Consistency of Information with
Crisil B Rating category or Lower'.' Based on the last available
information, CRISIL has reaffirmed the rating at CRISIL C

DGPPL was incorporated in 1995 by Mr. Bhupesh Rasiklal Patel, Mr.
Chintan Amarish Patel, and Mr. Tapan Mukesh Patel. The company
processes raw cotton into lint at its manufacturing facility at
Dhule, Maharashtra.


DHOLPUR MUNICIPAL: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Dholpur
Municipal Council (DMC) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.

                        KEY RATING DRIVERS

The rating reflects DMC's inconsistent financial performance, as
reflected in its low and fluctuating operating margins which
ranged between negative 2.02% and 16.71% over FY11-FY15.  The
council's credit profile is constrained by the small proportion
of its own revenue.  DMC's revenue receipts increased to
INR109.705 million in FY15 from INR65.170 million in FY11 (CAGR
of 13.91%). Being a municipal council, DMC's revenue sources
comprise tax revenue and non-tax revenue.  Its tax revenue
comprises only urban development tax/property tax.  During FY11-
FY15, tax revenue contributed only 1.41% on average to the total
revenue income.  DMC reported a revenue deficit in FY12 and FY15
and a capital deficit in FY11 and FY14.  It is largely dependent
on the government of Rajasthan (GoR) for revenue.

Dholpur is well connected with other cities through roads and
railways. However, city does not have an underground sewerage
system and a sewage treatment plant.  Also, the lack of an
adequate water supply, drainage network, proper solid waste
management and collection facilities hinders the economic growth
potential of the city.  The lack of these adequate basic civic
services as reflected by Service Level Benchmark reports calls
for an immediate attention and affects DMC's credit profile.
Under Atal Mission for Rejuvenation of Urban Towns (AMRUT),
INR1,066.70 million will be incurred to improve these civic
services.

Urban civic services delivery in Dholpur is hampered by the
multiplicity of authorities providing these services.  Besides
DMC, the other agencies involved in delivering civic services are
the GoR agencies - public health engineering department, public
works department, Urban Improvement Trust, etc.  The transfer of
some of the services from these agencies to the council can help
speed up improvement in service delivery.

DMC has high dependence on the GoR (compensation in lieu of
Octroi and revenue grants and contributions), which makes its
finances vulnerable to the GoR's economic and fiscal performance.
Octroi compensation and revenue grants cumulatively contributed
54.72% to the total revenue income during FY11-FY15.  Ind-Ra
believes that the goods and services tax (GST) is likely to be
implemented from FY18.  Nearly 37.55% revenue income of DMC is in
the form of octroi compensation grants from the GoR.  Presently,
the treatment of octroi compensation grants in the proposed GST
is unclear.  If the octroi compensation grants disbursal method
undergoes a change in GST regime, the credit profile of DMC will
depend on the buoyancy of the new method of compensation from the
GoR.

DMC's debt-free position supports its credit profile.  However,
the city requires huge investments to improve the quality of its
civic services.  Ind-Ra believes while the projects proposed
under AMRUT will help in improving the quality of civic services
in the city, it will exert pressure on the fragile fiscal profile
of Dholpur.

There is a large potential for industrial development in the city
because of its location near the Chambal River, which can provide
adequate amount of water supply to these industries and
connectivity to other cities through the main national highway.
DMC must take steps to encourage industrialization to accelerate
economic growth in the city.

                         RATING SENSITIVITIES

Positive: A significant improvement in DMC's operating
performance without any negative impact on its debt metrics and
rolling out of the AMRUT reforms within the stipulated timeframe,
would positively impact the rating.

Negative: Additional burden on the finances of the council in the
form of debt and withdrawal of revenue support without a suitable
compensatory plan would trigger a negative rating action.

COMPANY PROFILE

Dholpur is located in the Dholpur district of Rajasthan and acts
as district headquarter.  It is surrounded by Agra in the north,
Gwalior in thesouth, Rajakhera in East and Kauroli in the west.
A bridge over river Parvati connects Dholpur with Uttar Pradesh
and another bridge on river Chambal links it with Madhya Pradesh.
National Highway - 3 (Agra-Mumbai) passes through the centre of
the city.

DMC is responsible for the provisioning and governance of civic
services in the city.


EPITOME PETROCHEM: CRISIL Reaffirms 'D' Rating on INR16.56M Loan
----------------------------------------------------------------
CRISIL has been consistently following up with Epitome
Petrochemical Private Limited (EPPL) for obtaining information
through letters and emails dated March 06, 2017 and March 22,
2017 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

   Cash Credit            10        CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Funded Interest         2.89     CRISIL D (Issuer Not
   Term Loan                        Cooperating; Rating
                                    Reaffirmed)

   Letter of Credit        5.00     CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Term Loan              16.56     CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Working Capital        14.02     CRISIL D (Issuer Not
   Term Loan                        Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Epitome Petrochemical Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Epitome Petrochemical Private
Limited  is consistent with 'Scenario1' outlined in the
'Framework for Assessing Consistency of Information with Crisil B
Rating category or Lower'.' Based on the last available
information, CRISIL has reaffirmed the rating at CRISIL D/ CRISIL
D.

EPPL was incorporated in 2007 and started commercial production
in January 2009. It manufactures poly-ethylene terephthalate
(PET) preforms for bottlers of carbonated soft drinks, and has
capacity of 6900 tonnes per annum at its unit in Sikkim.


FAIRDEAL STEELS: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Fairdeal Steels
Private Limited's (FSPL) 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 action is:

   -- INR85 mil. Fund-based working capital limit migrated to
      non-cooperating category

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
May 17, 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 1995 in Jalandhar, FSPL trades hot-rolled coils,
sheets and plates.  The company is promoted by Mr. Rakesh Garg
and Mr. Mahavir Garg.


GANPATI STRUCTURES: CRISIL Assigns B+ Rating to INR8.0MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Ganpati Structures Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            8.00      CRISIL B+/Stable
   Term Loan              4.76      CRISIL B+/Stable

The rating reflects the extensive experience of the promoters,
and average financial risk profile. These rating strengths are
partially offset by exposure to intense competition and
susceptibility to volatile raw material prices.

Analytical Approach

Team has treated unsecured loans of INR1.63 crore extended by the
promoters of GSPL in fiscal 2017, as neither debt nor equity
(NDNE) as they are non-interest bearing, and expected to remain
in business in the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to intense competition: Intense competition from
several large and small players in the steel industry, limits the
bargaining power with customers and suppliers.
* Susceptibility to volatile raw material prices: As raw material
and fuel constitute a large proportion of total cost, the
operating margin remains susceptible to price fluctuations.

Strengths

* Extensive experience of the promoters: The two decade-long
experience of the promoters in the steel industry, and strong
relationships with customers and suppliers, ensuring an
uninterrupted supply of raw material and steady inflow of work
orders, will continue to support the business risk profile.

* Average financial risk profile: Financial risk profile is
average, marked by a small networth and modest gearing of INR6.75
crore and 1.58 times, respectively, estimated as on March 31,
2017, and average debt protection metrics, with interest coverage
and net cash accrual to total debt ratios of 1.76 times and 0.08
time, respectively, in fiscal 2017.

Outlook: Stable

CRISIL believes GSPL will continue to benefit from the extensive
experience of its promoters, and their established relationships
with customers. The outlook may be revised to 'Positive' if
growth in revenue and profitability, strengthens the financial
risk profile. The outlook may be revised to 'Negative' if the
firm operates at a lower-than-expected capacity utilisation, or
reports a drop in operating margin, or if any major, debt-funded
capital expenditure weakens the financial risk profile.

GSPL, which was set up in 2006 by Mr. Ashok Joshi, Mr. Amit Joshi
and Mr. Omprakash Joshi, manufactures TMT bars, MS angles, bars,
rounds and plates. The manufacturing facilities are located at
Indore (Madhya Pradesh).

For 2016-17 (refers to financial year, April 1 to March 31), GSPL
reported profit after tax of INR5 lakh on total sales of INR28.77
crore, as against net loss of INR22 lakh on total sales of
INR18.44 crore in fiscal 2016.


HARITHA BIO: Ind-Ra Migrates 'D' Rating to Non-Cooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Haritha Bio
Products India Private Limited's (HBPIPL) 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 D(ISSUER NOT COOPERATING)' on the
agency's website.  Instrument-wise rating actions are:

   -- INR130 mil. Fund-based working capital limits migrated to
      non-cooperating category; and

   -- INR326 mil. Term loan (long-term) migrated to non-
      cooperating category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 18, 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 March 2009, HBPIPL manufactures extra neutral
alcohol/potable alcohol (non-molasses-based), pharma grade
absolute alcohol and ethanol fuel.  The company has an installed
capacity of 22,500kl/year.


INDERA JEWELS: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Indera Jewels
Private Limited's Long-Term Issuer Rating at 'IND BB-'.  The
Outlook is Stable.  The instrument-wise rating action is:

   -- INR170 mil. Fund-based limit affirmed with 'IND BB-/Stable'
      rating

                        KEY RATING DRIVERS

The ratings continue to reflect Indera Jewels' moderate scale of
operations as well as credit metrics due to the trading nature of
operations and volatile gold prices.  According to the FY17
provisional financials, revenue was INR509 million (FY16: INR489
million), interest coverage was 1.5x (1.5x) and net leverage was
4.6x (4.7x).

Also, the liquidity profile of the company remains tight with
average working capital utilization of 93% during the four months
ended May 2017. |

The ratings, however, are supported by the company's director's
over 10 years of experience in the jewelry trading business.

                         RATING SENSITIVITIES

Positive: An improvement in the scale of operations along with
credit metrics will lead to a positive rating action.

Negative: Deterioration in the credit metrics will lead to a
negative rating action.

COMPANY PROFILE

Incorporated in 2006, Indera Jewellers is a Tanishq franchise.
The company has its registered office in Rourkela, Orissa and is
managed by Mr Bishen Singh and family.


JAGDAMBA CEREALS: CRISIL Reaffirms 'D' Rating on INR19.75MM Loan
----------------------------------------------------------------
CRISIL has been consistently following up with Jagdamba Cereals
Udyog Private Limited (JCUPL) for obtaining information through
letters and emails dated March 06, 2017 and March 22, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           19.75      CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Letter of Credit       0.25      CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Proposed Long Term     2.00      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Jagdamba Cereals Udyog Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Jagdamba Cereals Udyog Private
Limited  is consistent with 'Scenario1' outlined in the
'Framework for Assessing Consistency of Information with Crisil B
Rating category or Lower'.' Based on the last available
information, CRISIL has reaffirmed the rating at CRISIL D/ CRISIL
D.

JCUPL, set up by Mr. Krishna Murari Choudhary in 2005 in Burdwan,
West Bengal, manufactures wheat products such as atta, maida,
suji, and wheat bran. It has capacity of 400 tonne per day.

Mr. Choudhary is the promoter of the Jagdamba group, and began
trading in rice, pulses, and flour in 1988. In 2003, he entered
the foodgrain processing business. Over the years, he has set up
three flour mills, one rice mill, and a polyfabs plant.


JAY BHAVANI: CRISIL Reaffirms B+ Rating on INR6.5MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Jay Bhavani
Ginning Pressing and Oil Industries (JBGPOI) continues to reflect
the firm's modest scale of operations in the intensely
competitive cotton ginning industry and weak financial risk
profile because of high gearing and muted debt protection
metrics.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            6.5       CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by the extensive experience
of its promoters and proximity of unit to cotton-growing belt in
Gujarat.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale in fragmented industry: With an operating revenue
of INR34.00 crore in fiscal 2017, scale remains small in the
competitive cotton ginning industry.

* Low profitability: Profitability remains modest because of
intense competition and low value addition.

* Small networth: Muted profitability led to small networth of
INR3.00 crore as on March 2017.

Strength

* Promoters' extensive experience: Longstanding presence in the
ginning industry has enabled the promoters to establish strong
relationship with customers and suppliers, which helps manage
working capital cycle.

Outlook: Stable

CRISIL believes JBGPOI will continue to benefit over the medium
term from its promoters' extensive experience. The outlook may be
revised to 'Positive' if significant improvement in scale of
operations and profitability leads to better-than-expected cash
accrual and a stronger financial risk profile. The outlook may be
revised to 'Negative' if financial risk profile deteriorates
because of increased working capital borrowing or large debt-
funded capital expenditure; or if operations are affected by any
change in government policies.
Established in 2003 as a partnership frim, JBGPOI gins and
presses cotton and extracts cotton seed oil at its unit in Morbi
that has capacity of 200 bale per day. Operations are managed by
Mr. Jatin J Khakkar.

For fiscal 2016, JBGPOI's net profit was INR23 lakhs on net sales
of INR30.38 crore, against a net profit of INR18 lakhs on net
sales of INR43.76 crore for fiscal 2015.


MAHABIR TECHNO: CRISIL Reaffirms 'D' Rating on INR33MM Cash Loan
----------------------------------------------------------------
CRISIL has been consistently following up with Mahabir Techno
Limited (MTL) for obtaining information through letters and
emails dated March 6, 2017 and March 22, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             33       CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Proposed Long Term       1       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating; Rating
                                    Reaffirmed)

   Term Loan                1       CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Mahabir Techno Limited. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Mahabir Techno Limited  is consistent
with 'Scenario1' outlined in the 'Framework for Assessing
Consistency of Information with Crisil B Rating category or
Lower'.' Based on the last available information, CRISIL has
reaffirmed the rating at CRISIL D.

Set up by members of the Khurana family of Kurukshetra (Haryana),
MTL refines rice bran oil, palm oil, sunflower oil, and other
edible oils. The refining operations commenced in a partnership
firm, Mahabir Techno, in 1996, which was acquired by MTL in 2003.


MAHADEV PROFILES: CRISIL Reaffirms 'D' Rating on INR7.5MM Loan
--------------------------------------------------------------
CRISIL has been consistently following up with Mahadev Profiles
Private Limited (MPPL) for obtaining information through letters
and emails dated January 20, 2017, and February 10, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            7.5       CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Long Term Loan         5.4       CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Proposed Long Term     1.1       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Mahadev Profiles Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Mahadev Profiles Private
Limited  is consistent with 'Scenario1' outlined in the
'Framework for Assessing Consistency of Information with Crisil B
Rating category or Lower'.' Based on the last available
information, CRISIL has reaffirmed the rating at 'CRISIL D'.

MPPL was set up in 2007 by Mr. G Mahadev Naidu and his family
members. The company designs and manufactures pre-cast and pre-
stressed concrete elements, such as blocks, beams, roofs, and
columns. It is based in Hyderabad, Telangana.


MAHIPAL FOOD: CRISIL Raises Rating on INR15MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Mahipal Food and Gum Industries (MFGI) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            15        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The upgrade reflects CRISIL's belief that liquidity will steadily
improve, supported by sustenance of efficient working capital
management, steady cash accrual, and need-based funding support
from partners through unsecured loans. The working capital
management has improved over the years as reflected in gross
current assets of 39 days as on March 31, 2017 (118 days a year
earlier), driven by significant reduction in receivables, which
is expected to be sustained over the medium term on account of
reduction in credit period offered to customers. As a result,
bank limit was utilised sparingly, averaging 43% over the 12
months through March 2017. Liquidity is also supported by nil
significant capital expenditure plan, and by unsecured loans from
promoters and related parties, which stood at INR12 crore on
March 31, 2017 (Rs 854 crore on March 31, 2015).
Analytical Approach

CRISIL has treated unsecured loans (Rs 12.00 crore outstanding as
on March 31, 2017) extended by its promoters' family and
relatives as neither debt nor equity in calculating the financial
ratios. This is because these loans are subordinated to bank debt
and are expected to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Scale remains modest in the
intensely competitive guar gum industry as reflected in estimated
net sales of INR184 crore in fiscal 2017. Although operating
revenue is expected to improve over the medium term, CRISIL
believes the same will remain modest amid highly fragmented agro-
commodity industry.

* Low profitability: Operating margin was low, at 0.6-0.7% over
the three fiscals through 2017, because of limited value addition
and intense competition. Margin is likely to remain low at
similar levels over the medium term.

* Weak financial risk profile: Financial risk profile is
constrained by a modest networth, estimated at INR2.96 crore as
on March 31, 2017, and weak debt protection metrics, indicated by
estimated interest coverage ratio of 1.31 times, in fiscal 2017.
CRISIL expects the financial risk profile to remain weak over the
medium term because of continued thin operating margin.

Strengths

* Partners' extensive experience in the commodity trading
industry and their funding support
Key partner, Mr. Sanjay Mahipal, has been processing guar gum for
the past 10 years and has over four decades' experience in
agricultural commodity trading, which led to deep understanding
of market dynamics and established relationships with suppliers
and customers. Benefits from their experience are expected to
continue over the medium term. They have also supported the firm
through unsecured loans.

Outlook: Stable

CRISIL believes MFGI will continue to benefit over the medium
term from its key partner's extensive experience and their
funding support. The outlook may be revised to 'Positive' if
significant increase in revenue and profitability, and prudent
working capital management lead to considerably stronger net cash
accrual, or if capital structure improves because of capital
infusion. Conversely, the outlook may be revised to 'Negative' if
a significant decline in revenue or profitability, or increase in
working capital requirement, or any large, debt-funded capital
expenditure weakens the financial risk profile.

MFGI, a partnership firm of Mr. Sanjay Mahipal, Ms Munni Devi,
and Ms Nisha Mahipal, processes and manufactures guar split and
trades in mustard oil. Its processing unit is at Sriganganagar,
Rajasthan, and has installed capacity of 120 tonne per day (tpd)
for guar gum.

MFGI, on a standalone basis, had a profit after tax of INR0.08
crore on net sales of INR173.71 crore in fiscal 2016, vis-a-vis
INR0.12 crore and INR182.81 crore, respectively, in fiscal 2015.


MURTI RICE: CRISIL Assigns B+ Rating to INR2.4MM Cash Loan
----------------------------------------------------------
CRISIL has assigned the 'CRISIL B+/Stable/CRISIL A4' rating on
the bank facilities of Murti Rice Mills (MRM).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              1.2       CRISIL B+/Stable
   Bank Guarantee         2.0       CRISIL A4
   Cash Credit            2.4       CRISIL B+/Stable

The rating reflects the modest scale of operations, amidst
intense competition. The rating also factors in the below-average
financial risk profile, marked by a weak capital structure and
moderate debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of the promoters in
the rice milling business.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Estimated revenue of INR11 crore in
fiscal 2017, reflects the modest scale of operations, which will
continue to constrain the business risk profile in the medium
term.

* Below-average financial risk profile: Financial risk profile is
marked by a high gearing of 3.8 times estimated as on March 31,
2017, and moderate debt protection metrics (interest coverage
ratio of 2.5 times estimated in fiscal 2017).

* Moderate working capital intensity in operations: Operations
are moderately working capital intensive, as reflected in
estimated gross current assets of 152 days as on March 31, 2017,
driven by large inventory of around 80 days, and receivables of
60 days.

Strength

* Extensive experience of the proprietor: Benefits from the
decade-long experience of the proprietor, and their longstanding
relationships with customers and suppliers, will continue to
support the business risk profile.

Outlook: Stable

CRISIL believes MRM will continue to benefit from the extensive
experience of its proprietor. The outlook may be revised to
'Positive' if substantial growth in revenue and stable
profitability, strengthen the financial risk profile, or a
significant capital infusion by the proprietor, improves the
capital structure. The outlook may be revised to 'Negative' if
any aggressive, debt-funded expansions, sharp decline in revenue
and profitability, or large capital withdrawal by the partners,
weakens the financial risk profile.
MRM, which was set up as a proprietorship firm in 2004, is
engaged in milling of non-basmati rice. The firm, based out of
Kurud, Chhattisgarh, has been promoted by Mr. Sunil Agarwal.

MRM had a profit after tax of INR0.08 crore on sales of INR9.39
crore in fiscal 2016, vis-a-vis INR0.06 crore and INR7.59 crore,
respectively, in fiscal 2015.


NANDAN PETROCHEM: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Nandan Petrochem
Ltd.'s 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.
Instrument-wise rating actions are:

   -- INR50 mil. Term loans migrated to non-cooperating category;

   -- INR360 mil. Fund-based limits migrated to non-cooperating
      category; and

   -- INR20 mil. Non-fund-based limits migrated to non-
      cooperating category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Nov. 25, 2014.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Nandan Petrochem manufactures automotive and industrial
lubricating oils, greases, specialty products at its two plants
one each in Taloja and Silvassa.


NANDINI ENTERPRISES: CRISIL Assigns B+ Rating to INR2.5MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Nandini Enterprises - Jaipur (NE). The
ratings reflect the small scale of operations & tender-based
nature of operations in a highly fragmented civil construction
industry and working capital intensive operations. These rating
weaknesses are partially offset by the extensive experience of
the proprietor in the civil construction business.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         6.0       CRISIL A4
   Cash Credit            2.5       CRISIL B+/Stable

Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans
extended to NE by the proprietor as neither debt nor equity as
these loans have lower-than-market interest rate and should
remain in the business.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations and tender-based nature of operations
in highly fragmented industry
Revenue is tender based and dependent on the ability to bid
successfully for tenders. NE reported revenue of Rs7.3 crore in
fiscal 2017 and scale of operations is expected to remain modest
over the medium term.

* Working capital-intensive operations
Gross current assets of 223 days as on March 31, 2017, reflect
working capital-intensive operations. This trend may continue
over the medium term.

Strength

* Experience of proprietor
The proprietor has experience of around 20 years as an approved
government civil contractor in Jaipur, Rajasthan. Over the years,
he maintained healthy relationship with various government
organisations, such as the Public Works Department and Public
Health Engineering Department (PHED), and raw materials
suppliers.

Outlook: Stable

CRISIL believes NE will continue to benefit over the medium term
from the proprietor's experience. The outlook may be revised to
'Positive' if scale of operations and cash accrual increase
substantially while maintaining profitability and working capital
cycle. Conversely, the outlook may be revised to 'Negative' in
case of unexpected capital withdrawals, stretched working capital
cycle or decline in cash accrual due to low revenue or
profitability.

NE is a proprietorship firm set up MrRaj Kumar Bhargava in 1999.
It is a AA class approved government contractor working for PHED
to undertake projects related to public water supply, other
irrigation projects (pipeline work, tube well construction, water
storage tanks, and drainage) and civil construction work
(building construction).

Net profit was Rs0.32 crore on operating income of Rs7.32 crore
in fiscal 2017, against Rs0.18 crore and Rs4.94 crore,
respectively, in fiscal 2016.


PRATUL ENTERPRISES: CRISIL Cuts Rating on INR8MM Loan to 'B'
------------------------------------------------------------
CRISIL has been consistently following up with Pratul Enterprises
Private Limited (PEPL) for obtaining information through letters
and emails dated November 30, 2016, and January 22, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             8        CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB/Stable')

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

Detailed Rationale

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

PEPL, incorporated in 2012, is promoted by Mr. Pradeep Garg and
Mr. Subodh Kumar. VIU, established in 2005, is a partnership set
up by the same promoters. MIU, established in 2009, is a
proprietorship promoted by Mr. Pradeep Garg. All these entities
trade in thermo-mechanically treated bars and structural steel
products and are authorised distributors for KIL's steel products
in Punjab.


PVN FABRICS: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated PVN Fabrics
Private Limited's 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:

   -- INR163.4 mil. long-term loans migrated to non-cooperating
      category;

   -- INR220 mil. fund-based working capital limits migrated to
      non-cooperating category; and

   -- INR162 mil. non-fund-based working capital limits migrated
      to non-cooperating category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 20, 2014.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

PVN Fabrics is a private limited company, owned and managed by
Arvind Agarwal and family.  It manufactures polypropylene and
high-density polyethylene woven sacks and fabrics.


R. P. PRINTERS: CRISIL Reaffirms D Rating on INR3.5MM Cash Loan
---------------------------------------------------------------
CRISIL has been consistently following up with R. P. Printers
(RPP) for obtaining information through letters and emails dated
February 7, 2017, and March 22, 2017, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

   Cash Credit             3.5      CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Term Loan               2.5      CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of R. P. Printers. This restricts
CRISIL's ability to take a forward looking view on the credit
quality of the entity. CRISIL believes that the information
available for R. P. Printers is consistent with 'Scenario1'
outlined in the 'Framework for Assessing Consistency of
Information with Crisil B Rating category or Lower'.' Based on
the last available information, CRISIL has reaffirmed the rating
at 'CRISIL D/ CRISIL D'.

RPP was set up as a partnership firm in 2005 and is owned and
managed by Mr. Nitin Gupta. The firm prints colouring books and
notebooks at its printing facility at Noida, Uttar Pradesh.


RC ALL-TECH: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated RC All-Tech
Power Systems Private Limited's (RC All-Tech) 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.  Instrument-wise rating
actions are:

   -- INR17.5 fund-based working capital limits migrated to non-
      cooperating category;

   -- INR31.8 mil. non-fund-based working capital limits migrated
      to non-cooperating category; and

   -- INR0.7 mil. Term loan migrated to non-cooperating category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 13, 2015.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

RC All-Tech was established as a partnership concern in 1993 as
All Tech and was converted into a joint stock company under the
present name in 1998.  It manufactures various types of UPS,
including solar hybrid UPS.  The company is headed by V.T. Siva,
including four other directors.


RCH ORTHOPAEDICS: CRISIL Reaffirms B+ Rating on INR3.85MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of RCH Orthopaedics (RCHO).

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           1.50      CRISIL B+/Stable (Reaffirmed)

   Long Term Loan        3.85      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    0.65      CRISIL B+/Stable (Reaffirmed)

The rating reflects the firm's below-average financial risk
profile because of small networth and aggressive capital
structure, modest scale of operations, large working capital
requirement, exposure to competition, and susceptibility to
fluctuations in foreign exchange (forex) rates. These weaknesses
are partially offset by its proprietor's extensive experience in
the orthopaedic implants segment, its diverse products,
established distribution network, and healthy operating
profitability.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: The firm's financial risk
profile is constrained by small networth and high gearing. The
gearing has historically been high because of debt-funded capital
expenditure (capex) and working capital requirement, and improved
marginally on account of gradual increase in networth.

* Modest scale of operations and large working capital
requirement: The modest scale is reflected in estimated revenue
of less than INR5.7 crore in fiscal 2017 RCHO had gross current
assets estimated at  207 days as on March 31, 2017, on account of
receivables of over 80 days and inventory of over 60 days. CRISIL
believes the firm's scale of operations will increase gradually
over the medium term, and its working capital requirement will
remain large.

* Exposure to competition, and susceptibility to fluctuations in
forex rates: RCHO operates in the competitive orthopaedic
industry. Also it imports over 20% of its raw material from the
UK, while earning its entire revenue from domestic sales. In the
absence of hedging, its profitability is susceptible to
fluctuation in forex rates.

Strengths

* Experience of proprietor in the orthopaedics segment and
diverse products and distribution network: Before setting up
RCHO, its proprietor, Mr. Hemkumar Patel worked for 15 years with
The Bombay Burmah Trading Corporation Ltd's orthopaedics
division. Over the years, he has established relationships with
distributors/dealers. The firm has a strong network of 31
distributors across India. It has presence in major states such
as Maharashtra, Karnataka, Uttar Pradesh, Gujarat, Kerala, Andhra
Pradesh, West Bengal, Punjab, Delhi, Chandigarh, Haryana, Assam,
and Odisha. It manufactures hip, shoulder, and elbow joints of
various sizes.

* Healthy operating margin: Operating margin was healthy, more
than 20% in the past two fiscals.

Outlook: Stable

CRISIL believes RCHO will continue to benefit from its
proprietor's extensive industry experience. The outlook may be
revised to 'Positive' if there is a substantial increase in
revenue, while profitability remains stable, leading to sizeable
cash accrual, or if the capital structure improves significantly
because of capital infusion. The outlook may be revised to
'Negative' if profitability declines, or if larger-than-expected
working capital requirement or unanticipated expenditure, weakens
liquidity.

RCHO was established in 2003 as a proprietorship concern by Mr.
Hemkumar Patel. The firm manufactures orthopaedics implants such
as hip, shoulder, and elbow joints, at its facility at Kaman in
Maharashtra. It has capacity to produce 7000 pieces per month.

For 2015-16 (refers to financial year, April 1 to March 31), RCHO
reported profit after tax (PAT) of INR17 lakh on total sales of
INR5.55 cr as against PAT of INR3 lakh on total sales of INR4.74
cr in 2014-15.


RELIANCE COMM: Loans Said to Be Indicated at Low to Mid 70 Cents
----------------------------------------------------------------
Lianting Tu, Sandra Tsui and David Yong at Bloomberg News report
that prices on three of Reliance Communication Ltd.'s loans
totaling $2.33 billion have been indicated in the mid- to low-70
cents on the dollar level, as the Indian telecommunications
company's bond and stock prices tumble while it scrambles to sell
its tower business to repay debt.

Two term loans for $1.33 billion and $925.2 million, plus a $75
million capital spending facility were indicated at this level,
according to people familiar with the matter, adding that there
have been no trades or offers on this bank debt recently,
Bloomberg relates. Reliance Communications' $300 million 2020
bonds slumped to 71.3 cents on June 8 from around 101 cents on
May 19, while its stock plunged 38 percent since then to a record
low.

"We are surprised that the bank loans are now indicated at
similar levels to where the bonds are trading," Bloomberg quotes
Trung Nguyen, a senior credit analyst at Lucror Analytics in
Singapore, as saying. "The bank loans are secured over the
network and licences, hence severity of loss in a bankruptcy
would be significantly less than for the bondholders."

Reliance Communications, controlled by billionaire Anil Ambani,
rattled investors last month with its first full-year net loss as
subscribers dwindled due to intensified competition, Bloomberg
says. Its credit rating was cut to 'restricted default' by Fitch
Ratings Ltd. last week after the wireless carrier presented a
proposed debt restructuring plan June 9, and Moody's Investors
Services also downgraded it further into junk territory.

The company's lenders have agreed to a seven-month moratorium on
the debt payments, it said at a press conference in Mumbai on
June 9, Bloomberg says.

According to Bloomberg, Chairman Ambani said that it's got until
December to sell its towers to Canadian asset manager Brookfield
Infrastructure Group and merge the wireless business with Aircel
Ltd.

Reliance Communications reported gross debt of 457 billion rupees
($7 billion) as of the end of March, up 2.6 percent from the
previous quarter, Bloomberg discloses. The Mumbai-based company
said that it expects to meet all obligations and has advised
lenders it will repay INR250 billion on or before Sept. 30 with
proceeds from the Aircel and Brookfield transactions, according
to Bloomberg.

Even assuming the two deals are completed as planned by the end
of next quarter, Moody's estimated in its report on June 7 that
the company will have more than $3 billion of debt remaining on
its balance sheet post-restructuring, and the capital structure
of the remaining business will remain weak, Bloomberg adds.

                   About Reliance Communications

Based in Mumbai, India, Reliance Communications Ltd (BOM:532712)
-- http://www.rcom.co.in/Rcom/personal/home/index.html-- is a
telecommunications service provider. The Company operates through
two segments: India Operations and Global Operations. India
operations segment comprises wireless telecommunications services
to retail customers through global system for mobile
communication (GSM) technology-based networks across India;
voice, long distance services and broadband access to enterprise
customers; managed Internet data center services, and direct-to-
home (DTH) business. Global operations comprise Carrier,
Enterprise and Consumer Business units. It provides carrier's
carrier voice, carrier's carrier bandwidth, enterprise data and
consumer voice services. The Company owns and operates Internet
protocol (IP) enabled connectivity infrastructure, comprising
over 280,000 kilometers of fiber optic cable systems in India,
the United States, Europe, Middle East and the Asia Pacific
region.

As reported in the Troubled Company Reporter-Asia Pacific on
June 8, 2017, Moody's Investors Service has downgraded Reliance
Communications Limited's (RCOM) corporate family rating and
senior secured bond rating to Ca from Caa1.  The outlook is
negative.  This concludes the review of the ratings initiated by
Moody's on May 30, 2017.

The TCR-AP reported on June 8, 2017, that Fitch Ratings
downgraded India-based Reliance Communications Limited's (Rcom)
Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDR) to 'RD' from 'CCC'. Fitch has also downgraded the rating on
Rcom's USD300 million 6.5% senior secured notes due 2020 to
'C/RR4' from 'CCC/RR4'.

The downgrade follows Rcom's June 2, 2017 announcement that all
of its bank lenders are prepared to waive debt service
obligations until end-2017 to provide time for the company to
lower its debt through two proposed transactions and present a
plan demonstrating how the debt can be serviced over the long
term.

Under Fitch ratings definitions this situation constitutes a
restricted default, as multiple waivers or forbearance periods
have been extended in parallel following a non-payment event.


RIPURAJ AGRO: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Ripuraj Agro
Private Limited's (RCPL) Long-Term Issuer Rating at 'IND BB+'.
The Outlook is Stable.  The instrument-wise rating actions are:

   -- INR130 mil. Fund-based working capital limits affirmed with
      'IND BB+/Stable' rating;

   -- INR26.27 mil. (reduced from INR53.9) Term loan affirmed
      with 'IND BB+/Stable' rating

                          KEY RATING DRIVERS

The affirmation reflects a continuous decline in RAPL's EBITDA
margin to 3.8% in FY17 (Provisional) from (FY16: 4.1%, FY15:
5.2%) despite an improvement in revenue and credit metrics, due
to its presence in a highly fragmented and competitive rice
milling business, raw material price fluctuations and seasonal
availability of paddy.  Revenue grew to INR1.269 billion in FY17P
(FY16: INR1,069 million) on account of increased demand.  Gross
interest coverage improved to 2.7x in FY17P (FY16: 1.8x) and net
financial leverage to 3.2x (3.8x) owing to repayment of long-term
loans and the subsequent reduction in interest expense.

The ratings remain constrained by the company's relatively short
operational track record and tight liquidity position as
reflected by near full utilization of fund-based limits during
the six months ended April 2017.

The ratings, however, are supported by RAPL's promoters' two
decades of experience in the rice milling business and the
company's proximity to paddy growing regions.

                       RATING SENSITIVITIES

Positive: A positive rating action may result from a substantial
improvement in the scale of operations along with an improvement
in the credit metrics.

Negative: A negative rating action may result from a decline in
the scale of operations and deterioration in the credit metrics.

COMPANY PROFILE

Incorporated in 2010 by Mr. Rameshwar Prasad Gupta and Mr. Ripu
Raman, RAPL is engaged in processing, milling, trading and export
of a wide assortment of basmati and non-basmati rice.  The
company's manufacturing facility, located in East Champaran,
Bihar, has an installed paddy processing capacity of 67,200MTPA
and a paddy storage capacity 113,750MT.

The company sells its products under the RIPURAJ brand to traders
and wholesalers in India and Nepal.


S. S. AGRO: CRISIL Reaffirms 'B' Rating on INR20MM Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the bank
facilities of S. S. Agro (SSA; part of the SS group).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             20       CRISIL B/Stable (Reaffirmed)

The rating reflects SS group's weak financial risk profile, large
working capital requirements, and susceptibility of operating
margins to volatility in raw material prices. These rating
weaknesses are partially offset by the extensive experience of
the group's partners' in the rice processing industry.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SSA and SS Overseas (SSO), because the
two firms, together referred to as the SS group, are in the same
line of business, with common promoters and management, and
strong financial linkages. CRISIL has also considered unsecured
loans extended by the group's promoters, as neither debt nor
equity, as they bear an interest rate that is lower than the
market rate, and have been in the business for over three years.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: Financial risk profile is marked
by a high total outside liabilities to adjusted networth ratio,
expected to be at 8'9 times, in the medium term, and weak debt
protection metrics, with adjusted interest coverage and net cash
accrual to adjusted debt ratios, seen at 1.1'1.2 times and
0.02'0.04 times, respectively.

* Large working capital requirement: Operations are highly
working capital intensive, with gross current assets expected to
be around 200 days in the medium term, mainly led by large
inventory of 140'150 days, with bulk of the raw material being
procured between October and March, and moderate receivables of
50'60 days. Working capital management will be aided by moderate
payables of 30'40 days in the medium term.

* Susceptibility to volatile raw material prices: Raw material
cost forms 80-90% of the total cost of sales, and thus, any
volatility in prices can significantly impact the operating
margin. Price of the key raw material, paddy, is volatile due to
direct impacted by government policies related to procurement and
minimum support prices, and the overall agricultural output,
which remains dependent on timely monsoon.

Strengths

* Extensive experience of the partners: The partners have been
engaged in the rice milling business since 2000. Over the years,
they have established a strong procurement network to meet the
group's needs, and built healthy relationships with customers.

Outlook: Stable

CRISIL believes the group's financial risk profile will remain
weak over the medium term, due to the large working capital
requirement and small networth. The outlook may be revised to
'Positive' if significant improvement in operating revenue and
profitability, and efficient working capital management,
strengthen the financial risk profile. The outlook may be revised
to 'Negative' if a sharp drop in operating margin, leading to
lower cash accrual, or if any large, debt-funded capital
expenditure, weakens the overall financial risk profile.

The SS group, based in Jalalabad, district Bhatinda (Punjab), is
managed by Mr. Pravesh Kumar and his brothers. Both SSA and SSO
process and sell basmati rice.

Profit after tax stood at INR56 lakhs over an operating income of
INR148 crore for fiscal 2016, vis-a-vis INR58 lakhs and INR117
crore, respectively, for fiscal 2015.


S.S. OVERSEAS: CRISIL Reaffirms 'B' Rating on INR19.94MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the bank
facilities of S.S. Overseas (SSO; part of the SS group).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit          19.94       CRISIL B/Stable (Reaffirmed)
   Long Term Loan         .06       CRISIL B/Stable (Reaffirmed)

The rating reflects SS group's weak financial risk profile, large
working capital requirements, and susceptibility of operating
margins to volatility in raw material prices. These rating
weaknesses are partially offset by the extensive experience of
the group's partners' in the rice processing industry.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SSO and S. S. Agro (SSA), because the
two firms, together referred to as the SS group, are in the same
line of business, with common promoters and management, and
strong financial linkages. CRISIL has also considered unsecured
loans extended by the group's promoters, as neither debt nor
equity, as they bear an interest rate that is lower than the
market rate, and have been in the business for over three years.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: Financial risk profile is marked
by a high total outside liabilities to adjusted networth ratio,
expected to be at 8'9 times, in the medium term, and weak debt
protection metrics, with adjusted interest coverage and net cash
accrual to adjusted debt ratios, seen at 1.1'1.2 times and
0.02'0.04 times, respectively.

* Large working capital requirement: Operations are highly
working capital intensive, with gross current assets expected to
be around 200 days in the medium term, mainly led by large
inventory of 140'150 days, with bulk of the raw material being
procured between October and March, and moderate receivables of
50'60 days. Working capital management will be aided by moderate
payables of 30'40 days in the medium term.

* Susceptibility to volatile raw material prices: Raw material
cost forms 80-90% of the total cost of sales, and thus, any
volatility in prices can significantly impact the operating
margin. Price of the key raw material, paddy, is volatile due to
direct impacted by government policies related to procurement and
minimum support prices, and the overall agricultural output,
which remains dependent on timely monsoon.

Strengths

* Extensive experience of the partners: The partners have been
engaged in the rice milling business since 2000. Over the years,
they have established a strong procurement network to meet the
group's needs, and built healthy relationships with customers.
Outlook: Stable

CRISIL believes the group's financial risk profile will remain
weak over the medium term, due to the large working capital
requirement and small networth. The outlook may be revised to
'Positive' if significant improvement in operating revenue and
profitability, and efficient working capital management,
strengthen the financial risk profile. The outlook may be revised
to 'Negative' if a sharp drop in operating margin, leading to
lower cash accrual, or if any large, debt-funded capital
expenditure, weakens the overall financial risk profile.

The SS group, based in Jalalabad, district Bhatinda (Punjab), is
managed by Mr. Pravesh Kumar and his brothers. Both SSA and SSO
process and sell basmati rice.

Profit after tax stood at INR56 lakhs over an operating income of
INR148 crore for fiscal 2016, vis-a-vis INR58 lakhs and INR117
crore, respectively, for fiscal 2015.


SAWAI MADHOPUR: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sawai Madhopur
Municipal Council (SmMC) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.

                       KEY RATING DRIVERS

The rating reflects SmMC's inconsistent financial performance, as
reflected in its fluctuating operating margins which ranged at
7.34%-43.74% over FY11-FY15.  SmMC's credit profile is
constrained by the small proportion of its own revenue.  SmMC's
revenue receipts increased to INR196.43 million in FY15 from
INR105.28 million in FY11 (CAGR of 16.87%).  Being a municipal
council, SmMC's revenue sources comprise tax revenue and non-tax
revenue. Tax revenue consists only of urban development tax.  The
council's non-tax revenue includes fees, user charges and rental
income from municipal properties.  During FY11-FY15, tax revenue
contributed only 0.15% on average to the total revenue income.
It is largely dependent on the government of Rajasthan (GoR) for
revenues.

Sawai Madhopur has good connectivity in terms of roads and
railways.  However, the absence of an underground sewage network,
lack of proper drainage, solid-waste-management and collection
facilities and septage treatment hinders the city's economic
growth potential.  The lack of these basic civic services, as
reflected by service level benchmark reports, calls for immediate
attention and affects SmMC's credit profile.  Under the Atal
Mission for Rejuvenation of Urban Towns (AMRUT), INR1.750 billion
will be spent to improve these civic services.

The delivery of urban civic services such as water supply is
hampered, as there are multiple authorities that provide these
services.  This deters any improvement in service delivery.
Others engaged in civic services are GoR agencies such as the
Public Health Engineering Department (PHED), Public Works
Department (PWD) and Urban Improvement Trust (UIT).  The transfer
of responsibility from these agencies to SmMC to execute some
services could help speed up improvement service delivery.

SmMC is highly dependent on GoR (for compensation in lieu of
octroi as well as revenue grants and contributions) and this
makes its finances vulnerable to GoR's economic and fiscal
performance. Octroi compensation and revenue grants cumulatively
contributed 40.82% to SmMC's total revenue during FY11-FY15.
Ind-Ra believes that the goods and services tax (GST) is likely
to be implemented from FY18.  Nearly 38.94% of SmMC's revenue
income is in the form of octroi compensation grants from GoR.
Currently, the treatment of octroi compensation grants in the
proposed GST Bill is unclear. If the disbursal method of octroi
compensation grants undergoes a change in the new GST regime,
SmMC's credit profile strength will depend on the buoyancy of the
new method of compensation from GoR.

SmMC's low debt levels support its credit profile.  However, the
council requires a large investment to improve the quality of its
civic services.  Ind-Ra believes that while the projects proposed
under AMRUT will help improve the quality of civic services in
Sawai Madhopur, it will exert pressure on its fragile fiscal
profile.

Sawai Madhopur is mainly dependent on the agriculture and
hospitality sectors.  Tourism has growth potential both because
of the Ranthambore National Park and Ranthambore Fort. Extra
efforts fromSmMC are required to promote tourism in the city and
accelerate economic growth.

                       RATING SENSITIVITIES

Positive: Significant improvement in operating performance
without affecting debt metrics and rolling out AMRUT reforms
within the stipulated timeframe, would positively impact the
rating.

Negative: Additional burden on SmMC's finances in the form of
debt, withdrawal of revenue support without a suitable
compensatory plan, would trigger a negative rating action.

COMPANY PROFILE

Sawai Madhopur is a city in the Sawai Madhopur District of
Rajasthan.  It lies on the banks of the Banas and Chambal rivers,
in the Northeast of the Aravali Mountains and is the
administrative headquarters of Sawai Madhopur District.

It is also known as the "Tiger City" since it is home to the
Ranthambore National Park, which includes the historic
Ranthambore Fort, a UNESCO World Heritage Site.  It is also
famous for numerous temples, museums and a wide variety of flora
and fauna.

SmMC is responsible for governance and provisioning of civic
services in the city.


SHAKTI INDUSTRIES: CRISIL Assigns B+ Rating to INR6.75MM Loan
-------------------------------------------------------------
CRISIL has assigned the 'CRISIL B+/Stable' rating to the long-
term bank facilities of Shakti Industries - Tarapur (SI). The
rating reflects exposure to risks associated with completion of
the on-going project and subsequent stabilization and ramp up in
operations. These rating weaknesses are partially offset by
benefits from the prudent funding mix for the project, and
extensive experience of the partners.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           1.90      CRISIL B+/Stable
   Term Loan             6.75      CRISIL B+/Stable

Key Rating Drivers & Detailed Description

Weakness

* Risks pertaining to stabilisation of the operations:
With commercial operations expected to commence from December
2017, the firm remains exposed to risks pertaining to
stabilisation of its operations.

Strengths

* Prudent funding mix for the project:
Initial capex of INR15 crore has been funded through a debt:
equity ratio of 0.8:1. Hence, the capital structure is expected
to remain comfortable over the medium term.

* Extensive experience of the partners:
The two decade-long experience of the partners in the bulk drug
industry, and their keen grasp over local market dynamics, will
continue to support the business risk profile.
Outlook: Stable

CRISIL believes SI will continue to benefit from the extensive
experience of its partners. The outlook may be revised to
'Positive' if earlier-than-expected stabilisation of plant
operations, leads to higher than expected cash accruals. The
outlook may be revised to 'Negative' if any delay in ramp-up of
operations, along with low capacity utilisation, negatively
impacts the cash flow.

SI was set up as a partnership concern in 2015. The firm
manufactures active pharmaceuticals ingredients. The plant is
located in Boisar (Maharashtra).


SHREE SAIBABA: CRISIL Reaffirms 'D' Rating on INR8.8MM Loan
-----------------------------------------------------------
CRISIL has been consistently following up with Shree Saibaba
Jeevandhara Hospital India Private Limited (Shree Saibaba
Hospital) for obtaining information through letters and emails
dated February 7, 2017, and March 22, 2017, among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              8.8       CRISIL D (Issuer Not
                                    Cooperating; rating
                                    Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Shree Saibaba Jeevandhara
Hospital India Private Limited. This restricts CRISIL's ability
to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for Shree
Saibaba Jeevandhara Hospital India Private Limited  is consistent
with 'Scenario3' outlined in the 'Framework for Assessing
Consistency of Information with Crisil BBB Rating category or
Lower'.' Based on the last available information, CRISIL has
reaffirmed the rating at 'CRISIL D'.

Shree Saibaba Hospital was incorporated in 2012-13 (refers to
financial year, April 1 to March 31). It is promoted by Mr. Anand
Haldiwal, Mr. Omprakash Haldiwal, Mrs. Rakhi Haldiwal, Dr.
Jagdish Chand Yadav, Dr. Manoj Gurjar, and Dr. Vishal Yadav. The
company operates a hospital in Barwani (Madhya Pradesh); the
hospital started operations in July 2014.


SHRI SIDDHI: CRISIL Reaffirms B+ Rating on INR13MM Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Shri Siddhi Kumar Infrastructure Private
Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             13       CRISIL B+/Stable (Reaffirmed)

   Letter Of Guarantee      6       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       9.9     CRISIL B+/Stable (Reaffirmed)

The ratings reflect the company's working capital-intensive
operations, and exposure to risks related to the tender-based
nature of its business. These rating weaknesses are partially
offset by the extensive experience of SSKIPL's promoters in the
civil construction industry and the company's average financial
risk profile.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to tender-based nature of the business: SSKIPL
acquires orders mainly by bidding for tenders floated by various
large companies and government agencies. Hence, turnover depends
on successful bidding for tenders.

* Working capital-intensive operations: Gross current assets were
estimated at 287 days as on March 31, 2017, which improved from
322 days a year ago. Though the working capital cycle improved,
creditors reduced to 205 days from 463 days. The stretch in
creditors partially funded the working capital gap, now being
funded by working capital debt. Movement of the working capital
cycle will remain a key monitorable factor

Strengths

* Experience of promoters: Mr. Ashok Jaswani, SSKIPL's founder,
is a first-generation entrepreneur. He started operations by
setting up a group concern, S Kumar Construction Co.(SKC) in
1989, before which, he worked as a commission agent for
construction companies and supplied construction materials such
as cement and steel. The promoters have experience of over two
decades in the construction industry and are actively involved in
the functional areas of the business. Their experience helped bag
projects frequently from large players such as Larsen & Toubro
Ltd (rated 'CRISIL AAA/FAAA/Stable/CRISIL A1+').

* Moderate financial risk profile: The financial risk profile
remains moderate with healthy capital structure and adequate debt
protection metrics. The financial risk profile, however has
deteriorated in fiscal 2017 with increase in debt levels despite
stagnant scale and profitability. The improvement in cash
generation and controlled working capital cycle leading to
reduced dependence on external debt will remain key rating
sensitivity factors over the medium term.

Outlook: Stable

CRISIL believes SSKIPL will continue to benefit over the medium
term from the promoters' experience. The outlook may be revised
to 'Positive' if efficient working capital management improves
liquidity. Conversely, the outlook may be revised to 'Negative'
if liquidity weakens due to stretch in working capital cycle,
decline in cash accrual, or large, debt-funded capital
expenditure.

SSKIPL, incorporated in 2000 and promoted by Mr. Ashok Jaswani,
undertakes civil construction such as earthwork for roads and
bridges, earthmoving, and demolition services. The Jaswani family
also operates three proprietorship concerns, SKC, SKE, and SKD,
which are in similar line of activity. SSKIPL is based in Mumbai
and is jointly managed by Mr. Ashok Jaswani and his son, Mr.
Apoorva Jaswani.

Profit after tax was INR0.9 crore on operating income of INR50.6
crore in fiscal 2016, against INR1.3 crore and INR72.5 crore,
respectively, for the previous year.


SHYMA MA: CRISIL Assigns B+ Rating to INR11MM Long Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Shyma Ma Enterprise (SME).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             4        CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility     11        CRISIL B+/Stable

The rating reflects the firm's small scale of operations in the
intensely competitive gold jewellery retailing segment, the
initial phase of its operation, constraining the financial risk
profile, and geographical concentration in revenue. These
weaknesses are partially offset by strong brand of Senco Gold Ltd
('CRISIL A-/Stable') particularly in West Bengal), of which, SME
is a franchisee.

Key Rating Drivers & Detailed Description

Weakness

* Initial years of operation and small scale of business
The firm started operations in February 2016, and had revenue of
only INR12 crore in fiscal 2017, its first full year of
operations. The firm has just one showroom, which restricts its
scale of operations.

* Geographical concentration in revenue
The firm has one showroom in Dakshin Dinajpur. It is setting up
another showroom in Midnapur, which is expected to be operational
in the second quarter of fiscal 2018. Regional presence exposes
SME to regulatory changes or shift in customer preferences.
However, the risk is partially offset by Senco Gold Ltd's strong
brand and regular clientele.

* Exposure to intense competition in a fragmented industry, and
to volatility in gold prices
The domestic jewellery segment has many organised and unorganised
players, and the resultant competition exerts pressure on
operating margin. Profitability is also affected by volatile gold
prices, and the risk is aggravated by SME's large inventory of
around 4 months. However, its replenishment model of procurement
helps mitigate the inventory risk.

* Weak financial risk profile
Low initial capital and nascent stage of operations resulted in
small networth. Though the networth is expected to increase
gradually as operations are ramped up, it will remain modest as
the firm's franchisee business will restrict its operating margin
and cash generating ability. Modest operating profitability and
large working capital debt has resulted in modest debt protection
metrics.

Strengths

* Strong brand presence of Senco Gold Ltd (particularly in West
Bengal)
SME retails gold and diamond-studded jewellery including
necklaces, earrings, finger rings, bracelets, and pendants, under
a franchise agreement with Senco Gold Ltd, which has a strong
brand presence in eastern India, particularly West Bengal,
resulting in steady demand from retail customers. SME will
continue to benefit from the strong brand presence of Senco Gold
Ltd.

Outlook: Stable

CRISIL believes SME will continue to benefit from the strong
brand of franchisor Senco Gold Ltd in the gold jewellery
business. The outlook may be revised to 'Positive' if there is a
significant and sustained increase in revenue, resulting in
improvement in cash generating ability, capital structure, and
debt protection metrics. The outlook may be revised to 'Negative'
if revenue is lower than expected, or if working capital cycle
lengthens, or if the firm undertakes large, debt-funded capital
expenditure, leading to deterioration in its financial risk
profile.

SME was set up in 2016 as a partnership firm by Mr. Sutana
Chakraborty and Ms Sarbani Chakraborty. SME has entered into a
franchisee agreement with Senco Gold Ltd for retailing of gold
and diamond-studded jewellery. The firm started operations in
February 2016.

The firm has reported net loss of INR0.08 crore on net sales of
INR1.47 crore in 2015-16.


SILVERSTONE ELASTOMER: Ind-Ra Puts 'B-' Rating to Non-cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Silverstone
Elastomer Private Limited's (SEPL) 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:

   -- INR100 mil. Proposed term loan migrated to non-cooperating
      category;

   -- INR20 mil. Proposed fund-based facility migrated to non-
      cooperating category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 19, 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 May 2013, SEPL is in the process of setting up a
manufacturing facility of tread rubber (2,400 mtpa) and mixing
rubber compounds (12,000 mtpa).  The project cost of INR190.12
million is being funded by debt of INR102 million and promoters'
contribution of INR88 million.


SRINIVASA CONSTRUCTION: Ind-Ra Puts BB Rating to Non-cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Srinivasa
Construction Corporation Private Limited's (SCCPL) 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:

   -- INR500 mil. fund-based limits migrated to non-cooperating
      category; and

   -- INR250 mil. non-fund-based limits migrated to non-
      cooperating category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 31, 2014.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SCCPL was founded by Mr BV Rao as a proprietor firm in 1989.  In
May 2012, the firm was converted into a private limited company.
Mr. Rao has around 28 years of experience in the business of
irrigation and contractual work.  The company executes works such
as excavation of earth, formation of concrete bank, measurement
of dams, construction of concrete linings and construction of
lifting irrigation scheme.


SUJANGARH MUNICIPAL: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sujangarh
Municipal Council (SuMC) a Long-Term Issuer Rating at 'IND BB'.
The Outlook is Stable.

                         KEY RATING DRIVERS

The rating reflects SuMC's inconsistent financial performance, as
reflected in its fluctuating operating margins which ranged
between -42.94% and 52.55% over FY11-FY15.  The council's credit
profile is constrained by the small proportion of its own
revenue. SuMC's revenue receipts increased to INR91.582 million
in FY15 from INR41.577 million in FY11 (CAGR of 21.83%).  It
reported a revenue deficit in FY11 and FY14 and a capital deficit
in FY12. Being a municipal council, SuMC's revenue sources
comprise tax revenue and non-tax revenue.  The tax levied and
collected by SuMC includes property tax and tax on mobile towers.
It is largely dependent on the government of Rajasthan (GoR) for
revenue.

Sujangarh is well connected with other cities through roads and
railways.  However, the city does not have an underground
sewerage system and a sewage treatment plant.  Also, the lack of
an adequate water supply, drainage network, proper solid waste
management and collection facilities hinders the growth potential
of the city.  The lack of these adequate basic civic services as
reflected by Service Level Benchmark reports calls for an
immediate attention and affects the SuMC's credit profile.  Under
Atal Mission for Rejuvenation of Urban Towns (AMRUT),
INR1.393.6 million will be incurred to improve these civic
services.

Urban civic services delivery in Sujangarh is hampered by the
multiplicity of authorities providing these services.  Besides
SuMC, the other agencies involved in delivering civic services
are GoR agencies - public health engineering department, public
works department, Urban Improvement Trust, etc.  The transfer of
some of the services from these agencies to the council can help
speed up improvement in service delivery.

SuMC has high dependence on GoR (compensation in lieu of Octroi
and revenue grants and contributions), which makes its finances
vulnerable to GoR's economic and fiscal performance.  Octroi
compensation and revenue grants cumulatively contributed 78.93%
to the total revenue income during FY11-FY15.  Ind-Ra believes
that the goods and services tax (CST) is likely to be implemented
from FY18.  Nearly 60% revenue income of SuMC is in the form of
octroi compensation grants from GoR.  Presently, the treatment of
octroi compensation grants in the proposed GST is unclear.  If
the octroi compensation grants disbursal method undergoes a
change in GST regime, the credit profile of SuMC will depend on
the buoyancy of the new method of compensation from GoR.

SuMC's debt-free position supports its credit profile.  However,
the city requires huge investments to improve the quality of its
civic services.  Ind-Ra believes while the projects proposed
under AMRUT will help in improving the quality of civic services
in the city, it will exert pressure on the fragile fiscal profile
of Sujangarh.

The city acts as a trade centre for the surrounding areas and
comes under the influence area of Delhi Mumbai Industrial
Corridor and is in the vicinity of Western Dedicated Freight
Corridor (DFC).  The western DFC provides access to the large
western and northern domestic market.  The city thus has the
potential to improve its economic activity exponentially.
However, Ind-Ra believes to take advantage of Delhi Mumbai
Industrial Corridor and DFC, the city has to concentrate on
improving the quality of its infrastructure.

                       RATING SENSITIVITIES

Positive: A significant improvement in SuMC's operating
performance without any negative impact on its debt metrics and
rolling out of the AMRUT reforms within the stipulated timeframe,
would positively impact the rating.

Negative: Additional burden on the finances of the council in the
form of debt and withdrawal of revenue support without a suitable
compensatory plan would trigger a negative rating action.

COMPANY PROFILE

Sujangarh is located in the Churu district of Rajasthan, at the
southern end of the district.  The city is about 150km from
Bikaner, 100km from Churu and 200km from Jaipur.  It also acts as
Tehsil headquarter. It is spread over an area of around 66.36 sq
km and is divided into four zones.  The four zones are further
divided into 45 wards.  It is known for its temples, havelis and
forts. Chhapar, near Sujangarh, is famous for blackbucks and its
Tal Chhapar sanctuary.  Also, the Salasar Balaji Temple is 25km
from Sujangarh.

SuMC is responsible for the provisioning and governance of civic
services in the city.


TANEJA VIDYUT: CRISIL Assigns B+ Rating to INR2.5MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Taneja Vidyut Control Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         3         CRISIL A4
   Cash Credit            2.5       CRISIL B+/Stable

The ratings reflect the extensive experience the promoters in the
engineering, procurement, and construction (EPC) industry, a
healthy relationship with customers, and a moderate financial
risk profile. These strengths are partially offset by a modest
scale and working capital intensive nature of operations in the
competitive civil construction industry, and geographic
concentration in revenue.

Key Rating Drivers & Detailed Description

Strengths

* Extensive industry experience of the promoters
The promoters have an experience of around 24 years in the EPC
industry, leading to a healthy relationship with suppliers and
customers. This has helped to secure contracts and successfully
execute them, thereby resulting in repeat orders. The current
order book of around INR70 crore is to be executed over the nest
1-5 years. This provides near term revenue visibility. Sustenance
of a healthy order book will remain a rating sensitivity factor.

* Strong clientele base and diversified geographical presence:
Company undertakes contracts for various companies such as Paras
Buildtech India Private Limited, National Media Center, JMD
Empire, JMD Megapolis and Piooner Empire. It operates mainly in
the National Capital Region (NCR), Punjab, and West Bengal. The
strong clientele base and geographical diversity in revenue will
help to improve its business risk profile.

* Moderate financial risk profile
The total outside liabilities to tangible networth ratio (1.45
times as on March 31, 2017) and debt protection metrics are
comfortable. The interest coverage and net cash accrual to total
debt were around 1.78 times and 0.09 times in fiscal 2017, and
are expected to remain moderate over the medium term. However,
the networth is small.

Weakness

* Modest scale of operations: Revenue was around INR20 crore in
fiscal 2017, a decline by 13% from that in the previous fiscal
due to demonetisation. The industry is dominated by a few large
players and many small ones, leading to intense competition. The
company's scale of operations is likely to remain modest over the
medium term.

* Working capital-intensive operations: Gross current assets were
high at 457 days as on March 31, 2017, primarily driven by a long
collection cycle.

Outlook: Stable

CRISIL believes TVTCPL will benefit over the medium term from its
healthy order book and the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' in case of
significant ramp-up in operations, while the financial risk
profile is maintained. The outlook may be revised to 'Negative'
if the financial risk profile weakens due to a stretched working
capital cycle, large, debt-funded capital expenditure, or delay
in payments from the principals.

TVCPL was incorporated in 1999, promoted by Mr. Anil Taneja and
Ms Ritu Taneja. The company executes EPC projects on a turnkey
basis for installation of sub-station transmission lines and
distribution substations, and high- and low-tension electrical
wiring for hotels, hospitals, residential and commercial real
estate, and other projects. The company operates mainly in the
NCR, Punjab, and West Bengal.

Net profit was INR0.42 crore on operating income of INR18.10
crore in fiscal 2017, as against net profit of INR0.43 crore on
operating income of INR20.37 crore in the previous fiscal.


TUFFWARE INDUSTRIES: CRISIL Reaffirms 'D' Rating on INR8MM Loan
---------------------------------------------------------------
CRISIL has been consistently following up with Tuffware
Industries (TI) for obtaining information through letters and
emails dated March 6, 2017, and March 22, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         .05       CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Bill Discounting      8.00       CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Letter of Credit      0.50       CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Overdraft             0.26       CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Packing Credit        4.75       CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Proposed Short Term   0.54       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Tuffware Industries. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Tuffware Industries  is consistent with
'Scenario1' outlined in the 'Framework for Assessing Consistency
of Information with Crisil B Rating category or Lower'.' Based on
the last available information, CRISIL has reaffirmed the rating
at CRISIL D.

TI was established in 1994 by the Mumbai-based Ganger family. The
firm manufactures and exports stainless steel utensils and non-
stick cookware. It sells its products primarily to Latin American
and African countries through agents and traders based in these
countries. TI has its manufacturing unit at Vasai, Maharashtra.


VIMALOXY PRODUCT: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vimaloxy
Product's (VIMAL) 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:

   -- INR159 mil. Fund-based working capital limit migrated to
      non-cooperating category

Note: ISSUER NOT COOPERATING: The ratings were last rated on
May 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 2009, VIMAL is a proprietorship firm engaged in
the manufacturing of various textile products.  The firm operates
various brands such as Oxy, V2, i10, Yoga and 303.


WELLDONE EXIM: CRISIL Reaffirms 'D' Rating on INR40MM Loan
----------------------------------------------------------
CRISIL has been consistently following up with Welldone Exim
Private Limited for obtaining information through letters and
emails dated March 06, 2017 and March 22, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Foreign Bill           40        CRISIL D (Issuer Not
   Purchase                         Cooperating; Rating
                                    Reaffirmed)

   Packing Credit          5        CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Welldone Exim Private Limited.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for Welldone Exim Private Limited  is
consistent with 'Scenario1' outlined in the 'Framework for
Assessing Consistency of Information with Crisil B Rating
category or Lower'.' Based on the last available information,
CRISIL has reaffirmed the rating at CRISIL D

The RBD group started trading in 1993. All the entities in the
group were trading in readymade garments (more than 80 percent of
revenue), hosiery, handicrafts, fabrics, leather goods, and
miscellaneous products. They have common customers and suppliers,
and also the same banker, Punjab National Bank, and auditors.


* Insolvency Pleas Filed for Seven Nagpur Companies
---------------------------------------------------
The Times of India reports that after the Insolvency and
Bankruptcy Code was implemented in December last, seven cases
related to companies with a Nagpur link have been filed. The
report says the code has a faster system for resolution of Non-
Performing Assets (NPA). The case can be filed by both borrower
or lender, with the option of reviving the company considered
before going ahead with liquidation. Apart from bankers, even
specified creditors like material suppliers can file an
insolvency resolution.

The total outstanding dues in the cases relating to Nagpur
companies stand at over INR4,700 crore. The companies include
Gupta Group, Facor, Uttam Galva, Murli Industries, and DLS
Industries, TOI discloses.

According to TOI, the management of Gupta Group filed insolvency
resolutions for three of its companies; Gupta Corporation, Gupta
Coal, and Gupta Energy. The first is a holding company against
which guarantees on account of defaults by other two have been
invoked, said sources.

It is the lenders which have moved the National Company Law
Tribunal (NCLT) regarding Facor (Vizag plant), Murli Industries,
and DSL, the report notes.

TOI adds that Germany-based Duestche Forfait AG has filed a case
against Uttam Galva, which has a steel plant at Wardha. The
action was taken due to non-payment of dues for supply of steel.
Uttam Galva's appeal is being heard before the appellate
tribunal.

Gupta group has the highest loans at over Rs3,000 crore, with DLS
Industries having the lowest bank default at Rs4 crore, the
report discloses. The latter has a bamboo processing unit at
Saoner.

According to the report, iInsolvency resolution has become one of
the preferred modes for both lenders as well as the companies
that have turned NPAs. Under this, an insolvency professional
(IP) is appointed by the tribunal to take over the company's
management. The IP has to come up with a revival plan within 180
days, or else liquidation can take place.

"The IPs have to bring a solution within six months. In the
meantime, all other recovery proceedings, including those under
Securitisation Act, are stayed. Borrowers also go for the scheme
because it gives companies some breathing space," TOI quotes
Rajan Majumdar of Nakshatra Insolvency Resolution Professionals
Limited as saying.



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


TOSHIBA CORP: To Pay $3.7BB in Reactor Guarantees to Southern Co
----------------------------------------------------------------
Kyodo News reports that Toshiba Corp. has agreed to pay
$3.68 billion in guarantees to Southern Co. over two unfinished
nuclear reactors that were being built by the conglomerate's now-
bankrupt nuclear unit, it said on June 10.

Under the agreement sealed on June 9, Toshiba will pay parent-
company guarantees to the U.S. utility firm in installments from
October this year through January 2021, according to Kyodo.

Kyodo says Toshiba concluded a parent-company guarantee contract
with Southern when its affiliate Westinghouse Electric received
an order in 2008 to build two nuclear reactors in Georgia.

The payment will have no impact on its provisional earnings
results released last month without the auditor's approval,
Toshiba said, Kyodo relates.

Kyodo notes that Toshiba projects its group net loss to have
widened considerably to a record JPY950 billion in the year ended
in March, putting it in the red for the third consecutive year
due to huge losses from its U.S. nuclear business.

Toshiba and Southern also agreed that the U.S. utility will not
ask for more guarantees exceeding the value concluded in
agreement. If the expenses turn out lower than expected, Toshiba
will receive some of the unused sum, it said, Kyodo relays.

"We are happy to have Toshiba's cooperation in connection with
this agreement which provides a strong foundation for the future
of these nuclear power plants," the report quotes Southern CEO
Thomas Fanning as saying in a statement.

Toshiba is also in talks with another U.S. utility, South
Carolina Electric & Gas, over two reactors that were being built
by Westinghouse, which filed for Chapter 11 bankruptcy protection
in March, adds Kyodo.

                          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
on March 21, 2017, that S&P Global Ratings has lowered its long-
term corporate credit rating on 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.



===============
M A L D I V E S
===============


MALDIVES: Fitch Assigns Final B+ Rating to US$200MM Bond
--------------------------------------------------------
Fitch Ratings has assigned the Maldives' US dollar-denominated
bonds a final rating of 'B+'. The US$200 million bond issue with
a coupon of 7.0% will mature on June 7, 2022. The final rating
replaces the expected rating of 'B+(EXP)' that Fitch assigned on
May 30, 2017.

KEY RATING DRIVERS

The bond rating is in line with the Maldives' Long-Term Foreign-
Currency Issuer Default Rating (IDR) of 'B+' with a Stable
Outlook.

RATING SENSITIVITIES

The rating would be sensitive to any changes in the Maldives'
Long-Term Foreign-Currency IDR.

Fitch assigned the Maldives a Long-Term Foreign-Currency IDR of
'B+' with a Stable Outlook in May 2017. The Long-Term Local-
Currency IDR is also 'B+'.



                             *********

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, 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 Nina Novak at 202-362-8552.



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