---

        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

             Friday, July 28, 2017, Vol. 20, No. 149

                            Headlines


A U S T R A L I A

APEX CONSTRUCTION: Second Creditors' Meeting Set for Aug. 4
FAIRFAX MEDIA: S&P Withdraws BB+ Corporate Credit Rating
GAP LOGISTICS: Second Creditors' Meeting Set for Aug. 2
GAZMAK RECRUITMENT: First Creditors' Meeting Set for Aug. 3
GYPWORKS PTY: First Creditors' Meeting Set for Aug. 7

LIBERTY FUNDING: Moody's Assigns Ba2(sf) Rating to Cl. F Notes
MCC KEW SPORTS: First Creditors' Meeting Set for Aug. 3


C H I N A

LEECO: Lawsuit Filed vs. Coolpad Unit Over Loan Due Next Month
SHIMAO PROPERTY: S&P Affirms 'BB+' CCR, Revises Outlook to Stable


H O N G  K O N G

NOBLE GROUP: Warns of $1.8 Billion Loss for Qtr Ended June


I N D I A

ACME GENERICS: CRISIL Lowers Rating on INR75MM Term Loan to B+
ADITYA PROMOTERS: Ind-Ra Assigns BB- LT Issuer Rating
AMBEKESHWAR STEELS: Ind-Ra Migrates B+ Rating to Not-Cooperating
ARJUN PULP: CRISIL Reaffirms 'D' Rating on INR16MM Cash Loan
BALPRADA HOTELS: ICRA Assigns D Rating to INR91cr Term Loan

BHUSHAN STEEL: NCLT Allows Bankruptcy Proceedings Against Firm
BOROCHEMIE INDIA: Ind-Ra Moves Rating to BB Not Cooperating
BUDDING BRAINS: ICRA Reaffirms B Rating on INR7.25cr LT Loan
ES PEE: CRISIL Reaffirms B+ Rating on INR2.61MM LT Loan
GLOBAL NATURE: ICRA Withdraws B+ Rating on INR6.80cr LT Loan

GOURAV POULTRIES: CRISIL Reaffirms 'B' Rating on INR12.12MM Loan
GVR ASHOKA: Ind-Ra Downgrades Sr. Project Term Loan Rating to 'D'
GYAN SHAKTI: CRISIL Reaffirms 'D' Rating on INR10MM Term Loan
HI-TEC ROCK: CRISIL Reaffirms B+ Rating on INR4MM Term Loan
JAGDISH PRASAD: Ind-Ra Moves Issuer Rating to BB Not-Cooperating

JMD LIMITED: ICRA Assigns 'D' Rating to INR55.39cr Term Loan
KRUSHNA INDUSTRIES: ICRA Reaffirms B+ Rating on INR9.5cr Loan
MEERA GOPI: CRISIL Reaffirms 'B+' Rating on INR8.5MM Cash Loan
MODERN CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR6MM Loan
NAVJIVAN COTTON: ICRA Reaffirms 'B' Rating on INR11.75cr Loan

OM ENERGY: Weak Financial Strength Cues ICRA 'SP 4D1' Grading
ORANGE MEGASTRUCTURE: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
PRIME LUMBERS: ICRA Reaffirms B- Rating on INR3.25cr Loan
QURESHI INTERNATIONAL: CRISIL Reaffirms B Rating on INR7MM Loan
R.S.V. COTTON: CRISIL Reaffirms D Rating on INR2.83MM Term Loan

RANKAS TEXFAB: Ind-Ra Affirms 'BB+' Issuer Rating, Outlook Stable
RATHI FEEDS: CRISIL Reaffirms 'B' Rating on INR11.45MM Cash Loan
RAVIRAJ HI-TECH: ICRA Reaffirms 'B' Rating on INR9.93cr Loan
RELISHAH EXPORT: Ind-Ra Lowers LT Issuer Rating to 'B+'
ROY APPARELS: CRISIL Assigns B+ Rating to INR6.50MM LT Loan

SADASHIB COLD: CRISIL Raises Rating on INR5MM Loan to B+
SARJAN WATERTECH: CRISIL Reaffirms 'B' Rating on INR5MM Loan
SHARPLINE AUTOMATION: ICRA Raises Rating on INR2.79cr Loan to B
SHIRAJ INTERNATIONAL: CRISIL Cuts Rating on INR3.5MM Loan to B
SHIVAM CORPORATION: CRISIL Reaffirms B- Rating on INR20MM Loan

SHREE SALASARHANUMANJI: Ind-Ra Gives 'BB' Long-Term Issuer Rating
SIGNET DENIM: ICRA Assigns B+ Rating to INR77cr Loan
SINDHIYA PLASTIC: CRISIL Assigns B Rating to INR4.25MM Loan
SINGH AUTOMOBILE: Ind-Ra Affirms 'BB-' LT Issuer Rating
STERIMED INC: CRISIL Lowers Rating on INR3.5MM Cash Loan to B

SUNIL INDUSTRIES: ICRA Reaffirms B+ Rating on INR7.0cr Cash Loan
SWAMBHUNATH COLD: CRISIL Raises Rating on INR8.12MM Loan to B-


J A P A N

TOSHIBA CORP: INCJ Consortium Makes Final Bid for Chip Unit


S O U T H  K O R E A

SK HYNIX: Strong 2Q 2017 Results Support Moody's Ba1 CFR


                            - - - - -


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


APEX CONSTRUCTION: Second Creditors' Meeting Set for Aug. 4
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Apex
Construction Management Pty Ltd has been set for Aug. 4, 2017, at
2:00 p.m., at the The Hyatt Regency, King Room 2, 161 Sussex
Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 3, 2017, at 4:00 p.m.

Alan Walker and Ozem Kassem of Cor Cordis Chartered Accountants
were appointed as administrators of Apex Construction on July 4,
2017.


FAIRFAX MEDIA: S&P Withdraws BB+ Corporate Credit Rating
--------------------------------------------------------
S&P Global Ratings withdrew its long-term corporate credit rating
on Australian media company Fairfax Media Ltd. (Fairfax,
BB+/Stable/--) at the company's request, following settlement of
the company's outstanding U.S. Private Placement notes.

At the time of withdrawal, the rating reflected Fairfax's
exposure to the ongoing structural erosion of traditional
newspaper revenues, cyclical advertising volumes, and a high
fixed cost base. Partly tempering this is the company's business
diversity across a portfolio of metropolitan and regional
newspaper mastheads, radio, and digital assets, and its
geographic diversity across Australia. Fairfax's established
market position has supported the creation and development of
complementary products. This capability is indicated by the
growing prominence of the Domain business and, to a lesser
extent, the Life Media and Events businesses in the group's
earnings profile.

S&P said, "In our view, the group has adopted an appropriately
defensive financial posture and has materially reduced debt
through asset divestments and internally generated cash flows. We
expect Fairfax's conservative balance sheet will provide it with
an important buffer should structural forces intensify beyond our
base-case expectations.

"The stable rating outlook on Fairfax reflected our expectation
that the group's earnings will stabilize over the medium term,
albeit at a structurally lower level, given Fairfax's focus on
diversifying its revenue streams and managing its cost base.
Moreover, we expect the traditional print business will
meaningfully contribute to earnings over the next 12 months,
which should provide some support as the group transitions to a
more digitally-orientated business."

RATINGS LIST

  Ratings Withdrawn
                                         To        From
  Fairfax Media Ltd.
   Corporate Credit Rating               N.R.      BB+/Stable/--

  Fairfax Media Group Finance Pty Ltd.
   Senior Unsecured
    Local Currency                       N.R.      BB+
    Recovery Rating                      N.R.      3(65%)

  John Fairfax Publications Pty Ltd.
   Senior Unsecured
    Local Currency                       N.R.      BB+
    Recovery Rating                      N.R.      3(65%)


GAP LOGISTICS: Second Creditors' Meeting Set for Aug. 2
-------------------------------------------------------
A second meeting of creditors in the proceedings of Gap Logistics
Pty Ltd has been set for Aug. 2, 2017, at 10:00 a.m., at the
offices of Meertens Chartered Accountants, Level 10, 68 Grenfell
Street, in Adelaide, SA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 1, 2017, at 4:00 p.m.

Justin R M Taylor and Stuart Reid of Meertens were appointed as
administrators of Gap Logistics on June 28, 2017.


GAZMAK RECRUITMENT: First Creditors' Meeting Set for Aug. 3
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Gazmak
Recruitment Pty Ltd and Lomix Solutions Pty Limited will be held
at the offices of Mackay Goodwin, Suite 2, Level 8, 10 Bridge
Street, in Sydney, NSW, on Aug. 3, 2017, at 9:00 a.m.

Domenic Calabretta of Mackay Goodwin was appointed as
administrator of Gazmak Recruitment and Lomix Solutions on
July 24, 2017.


GYPWORKS PTY: First Creditors' Meeting Set for Aug. 7
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Gypworks
Pty Ltd will be held at the Conference Room, Plaza Level, BGC
Centre, 28 The Esplanade, in Perth, WA, on Aug. 7, 2017, at
1:00 p.m.

Jeremy Joseph Nipps and Dino Travaglini of Cor Cordis were
appointed as administrators of Gypworks Pty on July 26, 2017.


LIBERTY FUNDING: Moody's Assigns Ba2(sf) Rating to Cl. F Notes
---------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the Notes to be issued by Liberty Funding Pty Ltd:

Issuer: Liberty Funding Pty Ltd in respect of the Liberty Series
2017-3 Trust

-- AUD120.0 million Class A1a Notes, Assigned Aaa (sf)

-- AUD416.0 million Class A1b Notes, Assigned Aaa (sf)

-- EUR165.0 million Class A1c Notes, Assigned Aaa (sf)

-- AUD280.8 million Class A2 Notes, Assigned Aaa (sf)

-- AUD58.8 million Class B Notes, Assigned Aa2 (sf)

-- AUD24.0 million Class C Notes, Assigned A2 (sf)

-- AUD12.0 million Class D Notes, Assigned Baa1 (sf)

-- AUD10.8 million Class E Notes, Assigned Baa3 (sf)

-- AUD9.6 million Class F Notes, Assigned Ba2 (sf)

The AUD24.0 million Class G Notes are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity.

RATINGS RATIONALE

The transaction is an Australian prime and non-conforming RMBS
secured by a portfolio of residential mortgage loans. A portion
of the portfolio consists of loans extended to borrowers with
impaired credit histories (1.8%) or made on alternative or
limited documentation basis (3.9%).

This is the 23rd non-conforming RMBS transaction sponsored by
Liberty Financial Pty Limited ("Liberty").

The ratings take account of, among other factors:

- Class A1a, Class A1b and Class A1c Notes benefit from 35.0%
credit enhancement (CE) and Class A2 Notes benefit from 11.6% CE,
while Moody's MILAN CE assumption - representing the loss that
Moody's expects the portfolio to suffer in the event of a severe
recession scenario - is at 10.5%. Moody's expected loss for this
transaction is 1.2%. The subordination strengthens the ratings
stability, should the pool experience losses above Moody's
expectations.

- A liquidity facility provided by Commonwealth Bank of Australia
(CBA, Aa3/P-1/Aa2(cr)/P-1(cr)), with a required limit equal to
3.0% of the aggregate invested amount of the Notes less the
redemption fund balance. The facility is subject to a floor of
AUD600,000. If the facility provider loses its P-1(cr)
counterparty risk assessment, it must within 30 days either: (1)
procure a replacement facility provider; or (2) deposit an amount
of the undrawn liquidity commitment at the time into an account
with a P-1 rated bank.

- The guarantee fee reserve account is unfunded at closing and
will build up to a limit of 0.30% of the issued notional from
proceeds paid to Liberty Credit Enhancement Company Pty Ltd as
Guarantor, from the bottom of the interest waterfall prior to
interest paid to the Class G noteholders. The reserve account
will firstly be available to meet losses on the loans and charge-
offs against the Notes. Secondly, it can be used to cover any
liquidity shortfalls that remain uncovered after drawing on the
liquidity facility and principal. Any reserve account balance
used can be reimbursed to its limit from future excess income.

- The experience of Liberty in servicing residential mortgage
portfolios.

- Interest rate mismatch arises when the movements of the 30-day
BBSW are not (simultaneously) passed on to the variable rate
loans. To mitigate the basis risk, the threshold rate mechanism
obligates the Servicer to set interest rates on the mortgage
loans at a minimum rate above 1mBBSW, or higher if the trust's
income is insufficient to cover the obligations of the Trustee
under the transaction documents.

- A currency swap mitigates the cross-currency risk associated
with the EUR-denominated Class A1c Notes. According to the
current form of the swap documentation, swap linkage has no
present rating impact on the Class A1c Notes. This is because the
linkage between the note ratings and the rating of the provider
of any of the swaps is mitigated by an obligation to post cash
collateral and novate the swap upon downgrade below A3(cr).

The key transactional and pool features are:

- The notes will initially be repaid on a sequential basis until,
amongst other stepdown conditions, the payment date falls on or
after the payment date in July 2019 and absence of charge offs on
any notes. Upon satisfaction of all stepdown conditions Class A1,
Class A2, Class B, Class C, Class D, Class E, and Class F Notes
will receive a pro-rata share of principal payments (subject to
additional conditions). The Class A1a will receive principal
prior to any other notes at all times, unless there is an event
of default. Class A1b and Class A1c will receive principal pro
rata at all times. The Class G Notes do not step down and will
only receive principal payments once all other notes have been
repaid.

- The principal pay-down switches back to sequential pay across
all notes, once the aggregate loan amount falls below 20.0% of
the aggregate loan amount at closing, or on or following the
payment date in July 2021.

- The weighted average scheduled loan to value of the pool is at
73.9%.

- The portfolio is geographically well diversified due to
Liberty's wide distribution network.

- The portfolio contains 1.8% exposure with respect to borrowers
with prior credit impairment (default, judgement or bankruptcy).
Moody's assesses these borrowers as having a significantly higher
default probability.

- 3.7% of loans were extended on an alternative documentation
basis and 0.1% of the loans were extended on a no documentation
basis. For the alternative documentation loans Liberty performs
additional verification checks over and above the typical checks
for low documentation products. These checks include a
declaration of financial position and six months of bank
statements, two quarters of Business Accounting Statements or GST
returns. Liberty's alternative documentation loans have stronger
arrears performance when compared to traditional low
documentation loans. Given the additional verification checks and
the stronger arrears performance, Moody's says that these
alternative documentation loans demonstrate a lower default
frequency than standard low documentation loans.

- Investment and interest only loans represent 28.6% and 30.0% of
the pool respectively. Both the proportion of investor and
interest only loans are below the Australian mortgage market
average, and both are lower than the recent Liberty transactions
but higher than pre-2016 Liberty transactions. Moody's assesses
that investor buyers have a higher probability of default
compared to borrowers who live in the property that serves as
security for that loan. Similarly, Moody's MILAN analysis has
factored in a higher default probability for loans with interest-
only periods than loans amortising from loan origination without
interest-only periods.

Methodology Underlying the Rating Action:

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

Please note that on March 22, 2017, Moody's released a Request
for Comment, in which it has requested market feedback on
potential revisions to its Approach to Assessing Counterparty
Risks in Structured Finance. If the revised Methodology is
implemented as proposed, the credit ratings of the Notes are not
expected to be affected. Please refer to Moody's Request for
Comment, titled "Moody's Proposes Revisions to Its Approach to
Assessing Counterparty Risks in Structured Finance", for further
details regarding the implications of the proposed Methodology
revisions on certain Credit Ratings.

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

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of
loss could be better than its original expectations because of
fewer defaults by underlying obligors or higher recoveries on
defaulted loans. The Australian job market and the housing market
are primary drivers of performance.

A factor that could lead to a downgrade of the Notes is worse-
than-expected collateral performance. Other reasons for
performance worse than Moody's expects include poor servicing,
error on the part of transaction parties, a deterioration in
credit quality of transaction counterparties, fraud and lack of
transactional governance.

Moody's Parameter Sensitivities:

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here the MILAN CE
and mean expected loss - differed. The analysis assumes that the
deal has not aged. Parameter Sensitivities only reflect the
ratings impact of each scenario from a quantitative/model-
indicated standpoint.

Based on the current structure, if the MILAN CE losses were to
increase to 16% from 10.5%, and the mean expected loss were to
increase to 1.8% from 1.2%, the model-indicated rating for the
Class B Notes will drop one notche, and the ratings on the Class
C and Class D Notes will drop three and two notches respectively.
The Class A1a, Class A1b, Class A1c and Class A2 Notes are not
sensitive to any rating migration using these same assumptions.

Moody's ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors. Moody's
ratings are subject to revision, suspension or withdrawal at any
time at Moody's absolute discretion. The ratings are expressions
of opinion and not recommendations to purchase, sell or hold
securities.


MCC KEW SPORTS: First Creditors' Meeting Set for Aug. 3
-------------------------------------------------------
A first meeting of the creditors in the proceedings of MCC - Kew
Sports Club Inc. will be held at the offices of Hall Chadwick,
Level 14, 440 Collins Street, in Melbourne, Victoria, on Aug. 3,
2017, at 10:30 a.m.

David Anthony Ross of Hall Chadwick was appointed as
administrator of MCC - Kew Sports on July 24, 2017.



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


LEECO: Lawsuit Filed vs. Coolpad Unit Over Loan Due Next Month
--------------------------------------------------------------
Reuters reports that Coolpad Group, part of the cash-strapped
LeEco technology conglomerate, said on July 27 a bank has sued a
subsidiary, demanding early repayment of an CNY80 million ($11.9
million) loan due Aug. 15.

LeEco, a smart cars to online content conglomerate that is
grappling with the fallout of expanding too fast, has been under
growing pressure from its creditors and business partners,
Reuters says. This month a court in Shanghai ordered a freeze on
some of its assets over late payments to a bank.

According to Reuters, Coolpad said in a statement that the unit,
Yulong Computer Communication Technology, had been sued by a Ping
An Bank branch which argues that it can call in the loan as the
financial situation of the guarantor, another Coolpad unit, had
deteriorated.

Reuters relates that Coolpad added that it has consulted lawyers
regarding the case and was gathering evidence to defend itself in
court.

Coolpad has repeatedly delayed reporting its earnings, which were
due to be reported in March, because of audit issues since March,
Reuters notes. Its shares have been suspended since March 30, the
report adds.

LeEco founder Jia Yueting this month resigned as chairman of the
group's main listed unit, Leshi Internet Information & Technology
Corp Beijing, after making a public plea for patience, Reuters
recalls.

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

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


SHIMAO PROPERTY: S&P Affirms 'BB+' CCR, Revises Outlook to Stable
----------------------------------------------------------------
S&P Global Ratings said it revised its outlook on Shimao Property
Holdings Ltd. to stable from negative. S&P said, "At the same
time, we affirmed our 'BB+' long-term corporate credit rating on
the China-based real estate developer and the 'BB' issue rating
on the company's outstanding senior unsecured notes.

"We revised the outlook to stable from negative to reflect our
expectation that Shimao's financial leverage will continue to
improve in the coming 12-18 months. At the same time, the
developer will maintain a prudent expansion strategy and stable
operating performance.

"In our base case, we forecast that Shimao's debt-to-EBITDA ratio
will improve to around 4.5x in 2017, and further decrease to
4.0x-4.5x in 2018. We attribute the leverage improvement to
increasing revenue-booking supported by stable sales performance,
improving margins, and cautious land acquisitions.

"We anticipate that Shimao will maintain satisfactory sales
performance in 2017 and 2018. In the first six months of 2017,
Shimao recorded contracted sales of Chinese renminbi (RMB) 45.1
billion, a year-on-year growth of 31%. During the same period,
the developer's average selling price (ASP) increased by 17.4%.

"Together with abundant new launches scheduled for the rest of
the year, we believe Shimao can achieve our sales projection of
RMB85 billion in 2017, versus RMB68 billion in 2016. The sales
growth can bring in sufficient cash inflow for expansion,
reducing the need for aggressive land replenishment.

"In our view, Shimao has a land bank that is more than sufficient
to support its moderate sales growth for the coming five years.
As of end-2016, Shimao had attributable land reserves of 30.79
million square meters. Over the past few years, Shimao has
consistently spent around 40% of its contracted sales on land.
The company also gradually switched its geographic mix to
increase exposure in higher-tier cities with strong demand.

"We expect Shimao's recognized EBITDA margin will improve to 30%
in the next 12-18 months, driven by price increases in major
cities and a diminishing impact from destocking. Increased sales
of old inventories in 2015 and 2016 have somewhat pressured
Shimao's margin in the past two years. As a result, its adjusted
EBITDA margin fell to 27% in 2015 and 27.8% in 2016, from
consistently over 30% between 2011 and 2014. The old inventory
has dropped to 35.0% of Shimao's estimated saleable resources of
9.52 million square meters in 2017, compared with 42.6% in 2016.

"Shimao has a set of supportive financial policies to balance
business expansion and financial management, in our view. Its
stable growth model has reduced business volatility and increased
earnings and financial stability. Shimao aims to maximize
profitability and maintain its market position as a top-20
developer in terms of sales, while controlling its net gearing
ratio at below 60%. Unlike many peers which substantially
leveraged up to support scale expansion in the past few years,
Shimao has maintained a stable and consistent business
performance throughout the cycle. Shimao's annual contracted
sales ranged from RMB67 billion-RMB70 billion between 2014 and
2016, while its financial leverage also stayed in a narrow range.

"The stable outlook reflects our view that Shimao will maintain
satisfactory sales performance and prudent business expansion in
the coming 12-18 months. At the same time, the developer's
financial leverage will continue to improve due to increased
revenue recognition and a margin recovery.

"We may lower the rating if the leverage improvement is slower
than we expect, such that Shimao's debt-to-EBITDA ratio is
materially weaker than our forecast of about 4.5x in 2017 and
4.0x-4.5x in 2018. This could happen if the contracted sales of
Shimao are significantly lower than our projection of RMB85
billion in 2017 and RMB95 billion-RMB100 billion in 2018. This
could also happen if Shimao demonstrates a more aggressive debt-
funded expansion.

"The rating upside is limited for the next 12 months. However, we
may raise the rating if 1) Shimao can further strengthen its
market position in property development and significantly improve
its rental income, and 2) its debt-to-EBITDA ratio maintains at
below 4x."



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


NOBLE GROUP: Warns of $1.8 Billion Loss for Qtr Ended June
----------------------------------------------------------
Jasmine Ng, Javier Blas, and Jack Farchy at Bloomberg News report
that Noble Group Ltd. abandoned its global commodity-trading
ambitions and set out a plan to fall back on its Asian roots as a
second-quarter loss of as much as $1.8 billion challenges its
survival.

Bloomberg relates that the trading house's bonds slumped after it
warned of a quarterly loss triple its market value and said it
would sell almost all of its businesses outside Asia.

According to Bloomberg, the announcement all but ends hopes Noble
could survive as a major force in global commodities trading by
attracting a "white knight" investor to inject fresh capital. The
company has been battered by two years of low commodities prices,
big losses and accusations it inflated the value of trading
contracts.

"Noble is becoming a marketing office, and nothing more,"
Bloomberg quotes Jean-Francois Lambert, a consultant and former
head of global commodity trade finance at HSBC Holdings Plc, as
saying. "The question now is not about whether we are going to
maintain Noble as a global trading house. The question is whether
the name Noble is going to disappear -- and how long it will
take."

Bloomberg relates that Noble said it would post a loss of
$1.7 billion to $1.8 billion for the three months through June,
largely because of a decision to revalue its long-term coal
contracts. The valuation of those contracts had been criticized
by Iceberg Research, a group that first raised concerns about
Noble's accounting more than two years ago, Bloomberg notes.

At the same time, the Hong Kong-based company agreed to sell its
gas-and-power unit to rival Mercuria Energy Group for $248
million and said it's seeking buyers for its global oil-liquids
business. That would effectively make Noble an Asia-centered
company focused on coal and iron ore.

The latest setback compounds a crisis that's wiped out more than
90 percent of Noble Group's market value, and spurred concern
that the company may not be able to honor its debts. As the
shares collapsed, the trader has reported losses, had its credit
ratings cut deep into junk territory and been forced to parry
criticism of its accounting.

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 it believed 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 June 27, 2017, that Fitch Ratings has
downgraded Noble Group Limited's Long-Term Foreign-Currency
Issuer Default Rating (IDR) to 'CCC' from 'B-'. At the same time,
the agency has downgraded Noble's senior unsecured rating and the
ratings on all its outstanding senior unsecured notes to 'CCC'
from 'B-'. The Recovery Rating is 'RR4'. Fitch has removed these
ratings from Rating Watch Negative.



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


ACME GENERICS: CRISIL Lowers Rating on INR75MM Term Loan to B+
--------------------------------------------------------------
CRISIL has been consistently following up with ACME Generics LLP
(ACME) for obtaining information through letters and emails dated
January 19, 2017 and February 9, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              10       CRISIL B+/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                      'CRISIL BB-/Stable')

   Term Loan                75       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 ACME Generics LLP. 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 ACME Generics LLP is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL B' Rating category or lower. Based on
the last available information, CRISIL has downgraded the rating
at 'CRISIL B+/Stable'.

ACME, incorporated as a partnership firm in 2014, is setting-up a
facility in Baddi, Himachal Pradesh to undertake manufacturing
and marketing of pharmaceutical formulation.


ADITYA PROMOTERS: Ind-Ra Assigns BB- LT Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Aditya Promoters
Limited (APL) a Long-Term Issuer Rating of 'IND BB-'. The Outlook
is Stable. The instrument-wise rating actions are:

-- INR35.0 mil. Fund-based limits assigned with IND BB-
    /Stable/IND A4+ rating; and
-- INR80.0 mil. Non-fund-based limits assigned with IND A4+
    rating.

KEY RATING DRIVERS

The ratings reflect APL's small scale of operations and moderate
credit metrics. According to the FY17 provisional financials,
revenue was INR185 million (FY16: INR207.27 million), net
financial leverage (total adjusted net debt/operating EBITDAR)
was 3.66x (FY16: 5.48x) and interest coverage (operating
EBITDA/gross interest expense) was 2.28x (1.77x).

The ratings are, however, supported by around three decades of
the company's promoter's experience in the trading industry and
satisfactory EBITDA margins (FY17: 8%; FY16: 5.33%). The ratings
are further supported by APL's comfortable liquidity position as
evident the average cash credit utilisation of 61.03% during the
12 months ended May 2017.

RATING SENSITIVITIES

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

Positive: Significant revenue growth along with improved credit
metrics could lead to a positive rating action.

COMPANY PROFILE

APL was incorporated in 1987 is engaged in the trading of
household goods such as gift articles, glassware, plasticware,
and other crockery products. APL trades premium brands such as
Arcoroc, Pasabahce, Incrizma and Luminarc. Its corporate office
is located in Noida (Uttar Pradesh).


AMBEKESHWAR STEELS: Ind-Ra Migrates B+ Rating to Not-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ambekeshwar
Steels 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 B+(ISSUER NOT COOPERATING)' on the
agency's website. The instrument-wise rating action is given
below:

-- INR60 mil. Fund-based facilities migrated to non-cooperating
    category with IND B+(ISSUER NOT COOPERATING) /IND A4(ISSUER
    NOT COOPERATING) rating; and
-- INR44.30 mil Term loans due on December 2018 migrated to non-
    cooperating categorywith IND B+(ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Ambekeshwar Steels, incorporated as a private limited company in
2011, manufactures electric resistance welded pipes which are
used in the construction industry.


ARJUN PULP: CRISIL Reaffirms 'D' Rating on INR16MM Cash Loan
------------------------------------------------------------
CRISIL ratings on the long-term bank facilities of Arjun Pulp and
Paper India Private Limited (APPPL) continue to reflect the
delays in debt servicing have been caused by weak liquidity,
driven by inadequate cash flows from weak operations.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               16       CRISIL D (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: High gearing (2.03 times as on
March 31, 2016) and modest interest coverage constrain the
financial risk profile.

Strengths

* Promoters' experience: Business risk profile should remain
supported by the promoters' experience and support of other group
entities.

APPPL was originally established as Vesuvio Paper Pvt Ltd; the
company was renamed in fiscal 2010. It manufactures tissue paper.
Commercial operations started in January 2015, with a
manufacturing unit at Tirunelveli, Tamil Nadu. The company is a
part of the Arjun group, promoted by Mr Chandra Sekhar and his
family.

For 2015-16 (refers to financial year, April 1 to March 31),
APPPL reported net loss of INR15.11 Crore on total revenue of
INR9.17 Crore, against net loss of INR3.86 Crore on total revenue
of INR1.27 Crore for 2014-15.


BALPRADA HOTELS: ICRA Assigns D Rating to INR91cr Term Loan
-----------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]D for INR91-crore
term loans of Balprada Hotels and Hospitality Services Private
Limited. ICRA has also assigned the short-term rating of [ICRA]D
for INR6-crore non-fund based limits of Balprada.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Fund-based Term
  Loan                    91          [ICRA] D; assigned

  Non-fund-based           6          [ICRA] D; assigned

Rationale

The ratings take into account delay in servicing of debt
obligations by Balprada due to its stretched liquidity position.
During development, the property witnessed significant time and
cost overruns and subsequently the performance was impacted due
to slow down in hospitality industry, which adversely impacted
the cash flows and necessitated dependence on additional loans.
The ratings are also constrained by limited experience of
promoters in hospitality sector, single property concentration
risks, and weak operational accruals despite the property being
operational for more than five years.

Going forward, timely servicing of debt obligation and the
movement in Revenue per Available Room (RevPAR) and leverage in
will be the key rating sensitivities.

Balprada Hotels and Hospitality Private Limited (Balprada) is a
subsidiary of JMD Limited. The company has developed a 185 room 4
star hotel at Golf Course Road in Gurgaon at a cost of INR178
crore. The hotel has been funded by debt of INR100 crore and
promoters' contribution of INR78 crore. The hotel project (to be
operated under the 'DoubleTree by Hilton' brand) started
commercial operations in March 2012.

JMD Limited (JMD) is a public limited company engaged in
commercial and residential real estate development in Delhi,
Gurgaon, Noida, Verna and Ludhiana. JMD was promoted in 1989 by
Mr. Sunil Bedi. Its business focuses on residential and
commercial developments. JMD's first project was JMD Regent
Square, MG Road Gurgaon which was completed in the year 2001. As
on date, the group has completed a total of eleven projects,
aggregating to more than 1.7 million square feet of sold/leased
area.


BHUSHAN STEEL: NCLT Allows Bankruptcy Proceedings Against Firm
--------------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) on July 26 allowed bankruptcy proceedings against debt-
ridden Bhushan Steel and Bhushan Power & Steel (BPSL).

According to the report, the companies have 180 days to come up
with a resolution -- though they can ask for an additional 90
days in some situations -- or face liquidation.

ET relates that NCLT had reserved its order last week over the
bankruptcy petitions filed by the State Bank of India and Punjab
National Bank, lead bankers to Bhushan Steel and Bhushan Power &
Steel, respectively.

Both petitions were filed under Section 7 of the Insolvency and
Bankruptcy Code (IBC), 2016, wherein the financial creditor
initiates insolvency proceedings with a claim, says ET. SBI filed
a claim to recover INR4,295 crore from Bhushan Steel and $490
million of foreign currency loan, the report relates.

The report notes that NCLT had issued insolvency notices to both
companies, with directions to file replies, earlier this month.
Bankruptcy proceedings have also been initiated against
Electrosteel Steels, Lanco Infratech, Alok Industries and Jyoti
Structures -- among the 12 non-performing assets cases identified
for resolution by the Reserve Bank of India -- Amtek Auto and
Essar Steel.

India-based Bhushan Steel manufactures auto-grade steel.


BOROCHEMIE INDIA: Ind-Ra Moves Rating to BB Not Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Borochemie
(India) Private Limited's (BIPL) 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 action is given below:

-- INR65 mil. Fund-based facilities migrated to non-cooperating
    category with IND BB(ISSUER NOT COOPERATING)/IND A4+(ISSUER
    NOT COOPERATING) rating; and
-- INR50 mil. Non-fund-based facilities migrated to non-
    cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Incorporated in 1999, BIPL trades imported boron-based chemicals
and minerals such as borax decahydrate and boric acid, mainly
from free trade zone warehouses located in Panvel, Maharashtra.
Its products are used in glass, ceramics and agriculture-based
businesses.


BUDDING BRAINS: ICRA Reaffirms B Rating on INR7.25cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed its long term rating at [ICRA]B for the
INR14.0 crore facilities of Budding Brains International School.
The outlook on the long term rating is stable.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long Term-Fund
  Based-Term Loan         7.25       [ICRA]B (Stable); reaffirmed

  Long Term-
  Unallocated             6.75       [ICRA]B (Stable); reaffirmed

The rating is based on modest occupancy of the trust's school,
the limited experience of the promoters in the field of
educationas well as the strong competition from other reputed
schools present in the vicinity. The ratings also factor in the
exposure to the regulatory changes involved in the education
sector. As part of its process and in accordance with its rating
agreement with BBIS, ICRA has been trying to seek information
from the company so as to undertake a surveillance of the
ratings, but despite repeated requests by ICRA, the company's
management has remained non-cooperative. ICRA's Rating Committee
has taken a rating view based on best available information. In
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, the company's rating is now denoted as: "[ICRA]
B(Stable) ISSUER NOT COOPERATING". The lenders, investors and
other market participants may exercise appropriate caution while
using this rating, given that it is based on limited or no
updated information on the company's performance since the time
it was last rated.

Budding Brains International School established in 2015 in
Raikot, Punjab is an English medium co-ed school registered under
the Bhagat Sucha Singh Ji Memorial Educational Society. The
school is located in the main city of Raikot. The school has a
total intake capacity of 300 students.


ES PEE: CRISIL Reaffirms B+ Rating on INR2.61MM LT Loan
-------------------------------------------------------
CRISIL has reaffirmed its ratings on bank facilities of Es Pee
Enterprizers (EPE) at 'CRISIL B+/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          3        CRISIL A4 (Reaffirmed)

   Long Term Loan          0.39     CRISIL B+/Stable (Reaffirmed)

   Overdraft               4        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      2.61     CRISIL B+/Stable (Reaffirmed)

The ratings reflect the firm's modest scale of operations,
customer and geographical concentration in revenue profile. These
weaknesses are partially offset by its proprietor's extensive
experience in the civil construction industry, and healthy Return
on Capital Employed (RoCE).

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations:
Firm's scale of operations is modest, as reflected in its
estimated operating income of INR8.8 crore in fiscal 2017 (refers
to financial year, April 1 to March 31). The modest scale of
operations restricts the firm's ability to bid for large
projects, since a track record of execution of large projects is
one of the criteria for bidding for such projects.

* Customer & Geographic Concentration in revenues profile:
EPE is exposed to risks relating to geographical & customer
concentration in revenues. The firm undertakes projects for
Indian railways. The firm caters to northern region only
resulting in limited geographical diversity, as EPE derives its
entire revenue from this region.

Strengths

* Extensive experience of the proprietors' in civil construction
industry:
Es Pee Enterprizers' (EPE) proprietors have been in the business,
for almost four decades. The proprietor Mr. Santosh Kumar Gupta
is well experienced in this field and actively involved in the
functional areas of the business.

* Healthy ROCE:
The firm has maintained a healthy ROCE in the range of 13.8 -
15.5 % over the past 3 years ended fiscal 2017.

Outlook: Stable
CRISIL believes EPE will continue to benefit over the medium term
from its proprietor's extensive industry experience in civil
construction. The outlook may be revised to 'Positive' in case of
significant and sustained improvement in working capital cycle,
and increase in cash accrual. Conversely, the outlook may be
revised to 'Negative' if low cash accrual, or large working
capital requirement, or sizeable debt-funded capital expenditure
constrains liquidity.

EPE was formed in 1985 and is managed by Mr. Santosh Kumar Gupta
and his son. The firm undertakes contracts for Indian Railways.
It is based in Allahabad.

Profit after tax was estimated INR0.41 crore on operating income
of INR8.48 crore for fiscal 2016, vis-a-vis INR0.52 crore and
INR10.75 crore, respectively, for fiscal 2015. Operating income
was estimated at INR 8.7 cr for fiscal 2017.


GLOBAL NATURE: ICRA Withdraws B+ Rating on INR6.80cr LT Loan
------------------------------------------------------------
ICRA withdraws the rating of [ICRA]B+ assigned to the INR6.80-
crore bank facilities of Global Nature Care Sanghatan (GNCS)

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term Fund-
  Based-Term loans        6.80     [ICRA]B+; withdrawn

Rationale

The rating is withdrawn in accordance with ICRA's policy on
withdrawal and suspension and as desired by the company.
Analytical approach: For arriving at the ratings ICRA has applied
its rating methodologies as indicated below.

Global Nature Care Sangathan is engaged in carrying out
educational activities through multiple colleges and institutes.
The institution operates four colleges, which includes a nursing
college in the name of Regional Institute of Nursing, paramedical
college in the name of Balaji Institute of Paramedical Sciences,
Bachelor of Education College as Sardar Patel Institute of
Education and an engineering college as Global Institute of
Engineering & Management. The trust is part of Global Group,
which consists of other trusts managing engineering colleges
outside Jabalpur.


GOURAV POULTRIES: CRISIL Reaffirms 'B' Rating on INR12.12MM Loan
----------------------------------------------------------------
CRISIL has been consistently following up with Gourav Poultries
India Private Limited (GVPL; part of the Rathi group) for
obtaining information through letters and emails dated
January 27, 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               3        CRISIL B/Stable (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Proposed Long Term        1.33     CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating; Rating
                                      Reaffirmed)

   Term Loan                12.12     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 Gourav Poultries 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 Gourav Poultries India Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
B' Rating category or lower. Based on the last available
information, CRISIL has reaffirmed the rating at 'CRISIL
B/Stable'.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of GVPL, Rathi Feeds India Pvt.
Ltd.(RFPL) and Rathi Hatcheries India Private Limited (RHPL).
This is because the companies, collectively referred to as the
Rathi group are in the same line of business, extend financial
support to each other, and have a common management.

RHPL and GPPL are engaged in poultry breeding, hatching and
broiling, and RFPL in feed processing.

RHPL was set up in 2003 by the Haryana-based Mr. Krishan Rathi
and his family members as a hatchery-cum-broiler unit. It has
day-old chick breeder farms with capacity of 220,000 parent birds
in Jind (Haryana).

GPPL, set up in 2012, also owns a hatchery-cum-broiler unit. It
has day-old chick breeder farms with capacity of 150,000 parent
birds in Jind.

RFPL was set up in 2008 and is a feed processing unit and meets
the group's feed requirements. The group internally consumes
around 60 per cent of feed processed by RFPL and sells the
balance in the open market. Its feed processing capacity is 200
tonne per day.


GVR ASHOKA: Ind-Ra Downgrades Sr. Project Term Loan Rating to 'D'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded GVR Ashoka
Chennai ORR Limited's (GACOL) senior project term loan rating as
follows:

-- INR10,800 mil. Senior project term loan due on January 2029
    downgraded with IND D rating.

KEY RATING DRIVERS

The downgrade reflects GACOL's delays in debt servicing and
failure to achieve provisional commercial operations date as per
Ind-Ra's earlier base case estimates of December 2016. According
to the Lender Engineer report dated May 2017, GACOL has applied
for an extension of commercial operations date until 8 March 2018
to Tamil Nadu Road Development Company Limited ('IND
BBB+'/Stable). The project's physical and financial progress was
94% and 94.5%, respectively.

RATING SENSITIVITIES

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

COMPANY PROFILE

GACOL is a special purpose vehicle  incorporated by GVR Infra
Projects Ltd (GVR) and Ashoka Buildcon Ltd (ABL) to develop and
operate a six-lane road project, Chennai Outer Ring Road Phase II
in Chennai, Tamil Nadu.  It has a 20-year concession, expiring in
March 2034, from the Highways and Minor Ports Development and the
government of Tamil Nadu to implement the project under the
build-operate-transfer annuity model.


GYAN SHAKTI: CRISIL Reaffirms 'D' Rating on INR10MM Term Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Gyan Shakti
Education Welfare Trust (GSEWT) for obtaining information through
letters and emails dated February 07, 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                 10       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 Gyan Shakti Education Welfare
Trust. This restricts CRISIL's ability to take a forward looking
view on the credit quality of the entity. CRISIL believes that
the information available for Gyan Shakti Education Welfare
Trustis 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 December 2013, with the registered office in New
Delhi, GSEWT has set up a public school'affiliated to the Central
Board of Secondary Education'at Crossings Republik, Ghaziabad,
Uttar Pradesh.


HI-TEC ROCK: CRISIL Reaffirms B+ Rating on INR4MM Term Loan
-----------------------------------------------------------
CRISIL has been consistently following up with Hi-Tec Rock Fibre
Pvt.Ltd. (Hi-Tec) for obtaining information through letters and
emails dated November 24, 2016 and January 17, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             2.25      CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Cash           0.75      CRISIL B+/Stable (Issuer Not
   Credit Limit                      Cooperating; Rating
                                     Reaffirmed)

   Term Loan               4         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 Hi-Tec Rock Fibre 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 Hi-Tec Rock Fibre Pvt.Ltd. 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.

Incorporated in 2010-11 (refers to financial year, April 1 to
March 31) by Mohan Patel and family, Hi-Tec manufactures rockwool
insulation products. The company's plant in Rajnandgaon
(Chhattisgarh) has installed capacity of 20,000 tonnes per annum.
It is managed by Mr. Vikas Patel.


JAGDISH PRASAD: Ind-Ra Moves Issuer Rating to BB Not-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Jagdish Prasad
Shukla's (JPS) 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 action are:

-- INR30 mil. Fund-based facilities migrated to non-cooperating
    category with IND BB(ISSUER NOT COOPERATING)/IND A4+(ISSUER
    NOT COOPERATING) rating; and
-- INR90 mil. Non-fund-based facilities migrated to non-
    cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 16, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1985, JPS executes civil construction work for
public sector entities and various state government bodies. The
firm mainly executes projects for the public works department of
Uttar Pradesh.


JMD LIMITED: ICRA Assigns 'D' Rating to INR55.39cr Term Loan
------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]D for INR57.39-
crore term loans and fund-based limits of JMD Limited (JMD). ICRA
has also assigned the short-term rating of [ICRA]D for INR9.61-
crore non-fund based limits of JMD.

                          Amount
  Facilities            (INR crore)    Ratings
  ----------            -----------    -------
  Fund-based Term Loan      55.39      [ICRA] D; assigned
  Fund-based Cash Credit     2.00      [ICRA] D; assigned
  Non-fund-based             9.61      [ICRA] D; assigned

Rationale

The ratings take into account delays in servicing of debt
obligations by JMD due to its stretched liquidity position; cash
flows of the company have been adversely impacted due to weak
bookings and collections on account of slowdown in real estate
market. The ratings are also constrained by project and marketing
risks for all ongoing projects of the company, high reliance on
customer advances for meeting the remaining project expenses and
geographical concentration risks arising out of location of all
its projects in National Capital Region (NCR).

Going forward, timely servicing of debt obligation and the
movement in booking and collection in the company's projects will
be the key rating sensitivities.

JMD Limited (JMD) is a public limited company engaged in
commercial and residential real estate development in Delhi,
Gurgaon, Noida, Verna and Ludhiana. JMD was promoted in 1989 by
Mr. Sunil Bedi. Its business focuses on residential and
commercial developments. JMD's first project was JMD Regent
Square, MG Road Gurgaon which was completed in the year 2001. As
on date, the company has completed a total of eleven projects,
aggregating to more than 1.7 million square feet of sold/leased
area. The group has also completed its first hotel project-
Double Tree by Hilton, in Gurgaon (Haryana) in FY2012.


KRUSHNA INDUSTRIES: ICRA Reaffirms B+ Rating on INR9.5cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B+ on the
INR9.50-crore fund-based bank facility of Krushna Industries
(KI). The outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based-Cash
  Credit                   9.50      [ICRA]B+(Stable) reaffirmed

Rationale

The rating reaffirmation continues to factor in the modest scale
of operations as well as weak financial profile characterised by
thin profit margins, low net worth of the firm and weak coverage
indicators. The rating also continues to take into account the
commoditised nature of products and the vulnerability of the
firm's profitability to adverse movements in cotton price. The
firm's operations are exposed to regulations governing the
industry such as restrictions on cotton exports and minimum
support price (MSP). Furthermore, the rating also considers the
highly fragmented nature of the industry due to the presence of
large number of manufacturers leads to intense competition and
consequently limited margins. ICRA notes the potential adverse
impact on net worth and gearing levels in case of any substantial
withdrawal from capital accounts. The rating, however, continues
to positively consider the established track record spanning over
15 years in the cotton ginning industry and the proximity of the
firm's manufacturing unit to raw materials, easing procurement.

Key rating drivers

Credit strengths

  * Established track record of the firm in cotton ginning &
    pressing industry spanning over 15 years

  * Locational advantage by virtue of proximity to raw materials

Credit weaknesses

  * Weak financial profile characterised by thin profit margins,
    low net-worth and weak coverage indicators

  * Highly fragmented industry structure due to presence of large
    number of manufacturers and traders; low-entry barriers
    result in intense competition

  * Operations exposed to regulatory restrictions on cotton
    export, minimum support price (MSP) and agro-climatic
    condition

  * Risks inherent in partnership firms, wherein any substantial
    capital withdrawal could impact the capital structure

Description of key rating drivers:

The firm reported a marginal de-growth of 5% in FY2017 due to
lower sales volume affected by late arrival of cotton crop during
the season which further led to decline in capacity utilization
to 62% in FY2017 from 79% in FY2016. However, the profitability
indicators remained low due to limited value additive nature of
business and highly fragmented as well as competitive nature of
the industry with numerous organised and unorganised players. The
capital structure continued to remain stretched due to high
working capital requirement with average utilisation of 86% in
last twelve months. The operating income of the firm is expected
to remain stable, although the profitability will continue to
remain low and will remain exposed to any adverse fluctuations in
raw material prices. The capital structure of the firm is likely
to remain stretched due to high working capital coupled with low
net worth base. KI's ability to manage its working capital
efficiently while improving its capital structure will remain the
key rating sensitivity.

Established in 1995 as a partnership firm, Krushna Industries
(KI) is involved in the business of ginning and pressing of raw
cotton to produce cotton bales and cottonseeds. KI's
manufacturing facility, located at Rajkot in Gujarat, is equipped
with 20 ginning machines and 1 pressing machine, with an
installed capacity of producing 14,206 cotton bales and 4,400
cottonseeds per annum. The firm is managed by its partners Mr.
Bhavesh Makwana and Mr. Kala Makwana.

The firm reported a net profit of INR0.21 crore on an operating
income of INR50.57 crore for the year ending March 31, 2016.


MEERA GOPI: CRISIL Reaffirms 'B+' Rating on INR8.5MM Cash Loan
--------------------------------------------------------------
CRISIL has been consistently following up with Meera Gopi Jewels
Private Limited (MGJPL) for obtaining information through letters
and emails dated February 15, 2017, and April 10, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             8.5       CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Meera Gopi Jewels 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 Meera Gopi Jewels Private
Limited 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'.

MGJPL was incorporated in 2012 by Rohtak-based Gupta family. The
company is an authorised dealer of P P Jewellers Pvt Ltd for gold
and diamond studded gold jewellery and operates its showroom in
Rohtak. MGJPL has also started selling gold and diamond studded
gold jewellery purchased from the local market. Mr. Bharat
Bhushan Gupta, and his son, Mr. Abhishek Gupta are the key
promoters of the company.


MODERN CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR6MM Loan
--------------------------------------------------------------
CRISIL has been consistently following up with Modern
Construction Company (MCC) for obtaining information through
letters and emails dated February 15, 2017 and April 21, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            10       CRISIL A4 (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Cash Credit                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 Modern Construction Company.
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 Modern Construction Company is
consistent with 'Scenario 3' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' category or
lower. Based on the last available information, CRISIL has
reaffirmed the rating at 'CRISIL B+/Stable/CRISIL A4'.

Set up in 1992, MCC undertakes civil construction work, largely
related to the construction of bridges and roads, in Assam. Mr.
Raj Kumar Agarwalla manages the firm's daily operations.


NAVJIVAN COTTON: ICRA Reaffirms 'B' Rating on INR11.75cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
the INR14.38 crore fund-based bank facilities of Navjivan Cotton
Industries (NCI). The outlook on the long-term rating is
'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash
  Credit                 11.75      [ICRA]B (Stable); Reaffirmed

  Fund-based-Term
  Loan                    2.63      [ICRA]B (Stable); Reaffirmed

Rationale

The rating reaffirmation continues to factor in the weak
financial profile of Navjivan Cotton Industries, characterised by
low profit margins and weak debt coverage indicators. The rating
also continues to take into account the commoditised nature of
products and the vulnerability of the firm's profitability to
adverse movements in cotton price, which in turn is subject to
seasonality and crop harvest. The firm's operations are exposed
to regulations governing the industry such as restrictions on
cotton exports and minimum support price (MSP). Furthermore, the
rating also considers the highly fragmented nature of the
industry due to the presence of large number of manufacturers,
which coupled with low-entry barriers, leads to intense
competition and consequently limited margins. ICRA notes the
potential adverse impact on net worth and gearing levels in case
of any substantial withdrawal from capital accounts. The rating,
however, continues to derive comfort from the longstanding
experience of the partners in the cotton ginning business and
proximity of the firm's manufacturing unit to raw materials,
easing procurement.

Key rating drivers

Credit strengths

  * Longstanding experience of the partners in the cotton
    ginning business

  * Favorable location of the plant in Rajkot, Gujarat, an
    area with easy availability of quality raw cotton

Credit weaknesses

  * Weak financial profile characterised by low profit margins
    and debt coverage indicators

  * Intense competition with highly fragmented industry structure

  * Operations exposed to regulatory restrictions on cotton
    export, minimum support price (MSP) and agro-climatic
    condition

  * Risks inherent in partnership firms, wherein any substantial
    capital withdrawal could impact the net-worth and gearing
    levels

Description of key rating drivers:

The firm's sales mix consists of cotton bales and cotton seeds,
wherein cotton bales formed ~71% of the total sales followed by
29% from cottonseeds in FY2017. The demonetisation drive affected
the supply of raw material, due to which the firm operated on
lower capacity during the months of Nov-Dec 2016, leading to
lower production and sales volumes. The sales volumes have dipped
from 9031044 MTPA in FY2016 to 5246630 MTPA in FY2017 for cotton
bales and from 15895400 MTPA in FY2016 to 8205741 MTPA in FY2017
for cotton seeds. The sales volumes were also impacted as the
firm mainly carried out job work activities for its associate
concern, Jeevandhara Cotton Industries, in Q4FY2017. The
profitability margins continues to remain low at 1.51% in FY2017
on account of limited profitability in the ginning business given
the commoditised nature of the product, low value addition and
low entry barriers leading to high competitive intensity which
limits the pricing power of the companies engaged in this
business. NCI is located in the Rajkot region of Gujarat, an area
with high cotton acreage and quality cotton crop. The procurement
of raw cotton is done between September and April, when the
supply is generally high. Since the sale prices vary drastically
based on market demand-supply situation, the firm's profitability
remains exposed to fluctuations in raw material prices. Further,
the firm's inventory of raw material and finished goods makes it
further vulnerable to adverse price variations.

Going forward, the profitability levels are expected to remain
subdued as is inherent in the cotton ginning business. The firm's
ability to scale up its operations, improve its profitability and
debt coverage indicators would remain important from a credit
perspective.

Established in August 2013 as a partnership firm, Navjivan Cotton
Industries (NCI) commissioned operations on February 10, 2014 and
is involved in the business of ginning and pressing of raw cotton
to produce cotton bales and cottonseeds. The firm is promoted by
Mr. Usman Kadiwar along with his family members who have an
experience of around a decade in the cotton ginning industry vide
their association with another firm engaged in the same line of
business.


OM ENERGY: Weak Financial Strength Cues ICRA 'SP 4D1' Grading
-------------------------------------------------------------
ICRA has assigned a 'SP 4D1' grading to Om Energy Equipment
(OEE), indicating the 'Weak Performance Capability' and 'Weak
Financial Strength' of the channel partner to undertake solar
projects. The grading is valid till January 5, 2019 after which
it will be kept under surveillance.

Grading Drivers

Strengths

  * Accreditations by MNRE for the products manufactured

  * Extensive experience of the promoters in the solar heater
    industry; promoters have been engaged in the solar heater
    business since 2001

  * Large and diversified customer base consisting of reputed
    institutions as well as commercial and residential customers

  * Strong dealership network spanning across four states

  * Good project execution experience on account of exposure to
    small, moderate and large size projects

Risk Factors

  * Small scale of operations resulting in limited bargaining
    power with suppliers and customers; substantial de-growth
    in the operating income in FY2016

  * Large number of organized/ unorganized players indicating
    high level of competition may lead to difficulties in
    getting client contracts and may pressurize margins

  * Weak financial risk profile as characterized by low
    profitability margins and low net worth base

  * No project executed till date in PV segment

  * Risk inherent in partnership firm with respect to capital
    withdrawals and its potential impact on credit profile

Fact Sheet

Year of Establishment
2001

Office Address
Plot-2065, Kishan Gate Road, Metoda GIDC, Metoda, Rajkot, Gujarat

Managing Partners
Mr. Manoj Pambhar, Mr. Hiren Pambhar,
Mr. Yagnesh Vadodariya, Mr. Jayesh Vadodariya,
Mr. Manish Vadodariya and Mr. Bhavik Vadodariya

Incorporated in 2001, Om Energy Equipment (OEE) manufactures and
installs solar water heaters, based on evacuated tube technology
and flat bed collector technology. The manufacturing set up of
the firm is situated in GIDC premises of Metoda district in
Gujarat and has a manufacturing capacity of 6,000 LPD for solar
water heaters. Further, the management of the firm also plans to
venture into manufacturing of PV-based solar street lights.

SI Related Business

Weak Performance Capability

Promoter track record: The firm has been present in the solar
water heater space since 2000; during which it has installed
various projects solar water heaters directly and through its
dealership network amounting to around 45 lakh LPD across the
states of Gujarat, Maharashtra, Rajasthan and Madhya Pradesh. The
management also plans to venture into street lights in the near
to medium term and the partners of the firm have also traded
solar plants and pumps in other firms. The founder promoter of
the firm, Mr. Manoj Pambhar is a mechanical engineer, and has
been engaged in the solar and renewable energy space since 2000.
As far as experience of the solar business is concerned, the
promoters experience remains reasonable of around 10-16 years
through their association with OOE; the firm has also rapidly
expanded the dealership network majorly in Gujarat and
Maharashtra state since setting up the business.

Technical competence and manpower adequacy: The promoter has
extensive experience in the solar heater space that spans several
years. The firm has trained the personnel of the firm to
manufacture and install solar water heaters with capacities
ranging from 100LPD's to 600 LPD's. The total permanent personnel
strength at present remains at 25, which seems adequate for its
present nature and size of the jobs undertaken. At present OEE
procures raw materials required for solar heaters from various
vendors and has in-house design and installation teams which look
into the various technical aspects of manufacturing, installation
and post installation services. The firm has experienced and
qualified management team who will look after the project
management, sales and marketing activities. Since inception, it
has gained ISO 9001:2008, and MNRE certifications for the
products.

Quality of suppliers and tie-ups: The firm procures raw materials
from domestic vendors and enjoys healthy working relationship
with these suppliers. The firm has the capability to undertake
manufacturing of the solar water heating systems and to provide
system integration activities in-house. The firm shortlists the
vendors based on product certifications, quality parameters, and
the service levels which the suppliers can provide.

Customer and O&M network: OEE has executed various solar water
heater projects since inception totaling to around 45 lakhs LPD.
Its clientele include hotels, commercial establishments, trusts,
industrial units and residential apartments. Quality
deliverables, timely execution and prompt after sales service
have led to satisfactory feedback from customers. The firm has
its O&M network via its dealers spread across Gujarat, Rajasthan,
Maharashtra and Madhya Pradesh. OEE operates about ~100 dealers
with most of them are in the state of Gujarat and Maharashtra.
Most of them remain exclusive to the firm.

Financial Strength -Weak

Revenues
INR2.82 Crore for FY2016

Return on Capital Employed (RoCE)
7.52%

Total Outside Liabilities / Tangible Net worth
8.05 times

Interest Coverage Ratio
8.84 times

Net-Worth
The net-worth of the firm is INR0.93 crore

Current Ratio
1.14 times

Relationship with bankers
The banker is satisfied with the performance of the account.
The overall financial profile of the firm is Weak.


ORANGE MEGASTRUCTURE: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Orange
Megastructure LLP (OMSLLP) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable. The instrument-wise rating action is:

-- INR1,400 mil. Proposed term loans* assigned with Provisional
    IND BB/Stable rating.

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

KEY RATING DRIVERS

The ratings reflect single property rental-based revenue stream
(The Grand Bhagwati hotel in Surat).

The ratings also reflect OMSLLP's limited track record, given the
firm recently acquired the hotel on 12 May 2017.

The ratings, however, are supported by the fact 100% of its
chargeable area of the hotel has been leased out to TGB Banquets
& Hotels Ltd for 10 years ending 2027. This indicates sufficient
cash availability during FY18, the first operational year for the
firm.

The ratings are also supported by the partners' over two decades
of experience in the real estate and development business.

RATING SENSITIVITIES

Negative: Inability to continue operations due to the
cancellation of the present lease will lead to a negative rating
action.

Positive: Successful continuation of the lease term leading to an
improvement in scale of operations will lead to a positive rating
action.

COMPANY PROFILE

OMSLLP was incorporated in January 2012 as a limited liability
partnership firm in Indore by Mr Rajesh Kumar Mehta and Mr Naveen
Kumar Mehta for the purpose of real estate activities. On 21
April 2017, OMSLLP amended the LLP agreement, and the amendment
agreement was signed between Mr Rajesh Mehta (first party),
Century 21 Town Planners Private Limited (second party; 'IND
BB'/Stable) and Mr Monty Singh (third party).


PRIME LUMBERS: ICRA Reaffirms B- Rating on INR3.25cr Loan
---------------------------------------------------------
ICRA has reaffirmed its long term rating assigned to the INR3.25
crore fund based facilities of Prime Lumbers Private Limited  at
[ICRA]B- and short term rating assigned to the INR4.00 crore non
fund based facility at [ICRA]A4. The outlook on the long term
rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash
  Credit                  3.25      [ICRA]B- (Stable); Reaffirmed

  Non fund-based-
  Letter of Credit        4.00      [ICRA]A4; Reaffirmed

Rationale

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

Prime Lumbers Private Limited (PLPL) was incorporated in 2001 and
is engaged in the business of trading of timber logs with its
factory located at Gandhidham (Gujarat). The company is managed
by its promoters, Mr. Rohit Shah and Ms. Bhavna Shah who have
long standing experience in the timber industry through their
association with two of the group concerns, Woodman Veneers
Private Limited (WVPL) and Woodman Trading Private Limited
(WTPL). While WTPL is engaged in the similar business as that of
PLPL, WVPL is engaged in the manufacturing of veneers as well.
The company's product portfolio comprises of various qualities of
timber which primarily finds application in furniture making,
construction and packaging industry. The company imports timber
mainly from Singapore, New Zealand, Africa, Germany and Malaysia.


QURESHI INTERNATIONAL: CRISIL Reaffirms B Rating on INR7MM Loan
---------------------------------------------------------------
CRISIL has been consistently following up with Qureshi
International Private Limited (QIPL) 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               7        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 Qureshi International 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 Qureshi International Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
B' category or lower. Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL B/Stable'.

Set up in 1974 as a proprietorship firm by Mr. Mohammed Yaqoob
Qureshi, QIPL was reconstituted as a private limited company in
2012. Based in Hyderabad, it exports frozen buffalo meat and
mutton.


R.S.V. COTTON: CRISIL Reaffirms D Rating on INR2.83MM Term Loan
---------------------------------------------------------------
CRISIL has been consistently following up with R.S.V. Cotton
Industries (VSC) for obtaining information through letters and
emails dated March 15, 2017 and April 4, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

   Proposed Rupee            .17      CRISIL D (Issuer Not
   Term Loan                          Cooperating; Rating
                                      Reaffirmed)

   Term Loan                2.83      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.S.V. Cotton 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 R.S.V. Cotton Industries is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL B' category or lower.
Based on the last available information, CRISIL has reaffirmed
the rating at 'CRISIL D'.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of RSV and VS Cotton Industries (VSC).
This is because the two entities, together referred to as the
Kakad group, are under a common management and in similar lines
of business, and have significant financial linkages.

RSV, a partnership firm set up by Mr. Vivek Kakad, Mr. Abdul
Qureshi, and Mr. Mohammed Shafikur Rehman in 2013, gins and
presses cotton. The firm commenced operations in November 2013.
Its manufacturing facilities are at Anjangaon in Amravati,
Maharashtra.

VSC, a partnership firm set up by Mr. Sudhakar Kakad and Mr.
Mohammed Ziya Mansuri in 2012, also gins and presses cotton. It
commenced operations in February 2013. Its manufacturing
facilities are at Murtizapur in Akola, Maharashtra.

The daily operations of both entities are managed by Mr. Sudhakar
Kakad and Mr. Vivek Kakad. The Kakad family has been in the
business of cotton trading for more than a decade.


RANKAS TEXFAB: Ind-Ra Affirms 'BB+' Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Rankas Texfab
Private Limited's (RTPL) Long-Term Issuer Rating at 'IND BB+'.
The Outlook is Stable. The instrument-wise rating actions are:

-- INR85.8 mil. (increased from INR45.09 mil.) Term loans due on
    November 2022 affirmed with IND BB+/Stable rating;
-- INR148 mil. (reduced from INR205.0 mil.) Fund-based
    facilities affirmed with IND BB+/Stable/IND A4+ rating; and
-- INR12 mil. (increased from INR2.0 mil.) Non-fund-based
    facilities affirmed IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects RTPL's continued small scale of
operations in FY17, despite revenue growth, along with weak
margins and credit metrics. According to the provisional FY17
financials, revenue increased to INR932 million (FY16: INR806
million) due to a continuous order inflow. The company's
outstanding order book amounted to INR190.3 million, for
execution by end-September 2017.

EBITDA margin fell further to 7.3% in FY17 (FY16: 7.7% and FY1:
7.9%) on account of volatile raw material prices. EBITDA interest
coverage (operating EBITDA/gross interest expense) was 2.3x in
FY17 (FY16: 2.2x) and net leverage (adjusted net debt/operating
EBITDAR) was 4.9x (FY16: 4.5x). The deterioration in leverage was
due to an increase in the total debt to INR333 million in FY17
from INR283 million in FY16 for the procurement of new machinery.

Ind-Ra expects the credit metrics to improve in the medium term
on account of scheduled repayment of term loans and stable
margins due to an improvement in the scale of operations based on
a continuous order inflow.

The ratings factor in RTPL's moderate liquidity position with the
fund-based facilities being utilised around 92% during the 12
months ended June 2017.

The ratings are supported by the company's promoter's experience
of more than two decades in the textile sector, leading to
established relationships with customers and suppliers.

RATING SENSITIVITIES

Positive: Substantial growth in the top line and profitability
leading to an improvement in the credit metrics will be positive
for the ratings.

Negative: Any decline in the revenue and profitability leading to
sustained deterioration in the credit metrics will be negative
for the ratings.

COMPANY PROFILE

RTPL was incorporated in 1994 as a private limited company by Mr
Chetankumar Motilal Ranka. The company is involved in textile
processing, dyeing, printing, and stitching. It has a plant in
Ahmedabad (Gujarat).


RATHI FEEDS: CRISIL Reaffirms 'B' Rating on INR11.45MM Cash Loan
----------------------------------------------------------------
CRISIL has been consistently following up with Rathi Feeds India
Private Limited (RFPL; part of the Rathi group) for obtaining
information through letters and emails dated February 8, 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             11.45      CRISIL B/Stable (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       3.75      CRISIL B/Stable (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Term Loan                2.80      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 Rathi Feeds 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 Rathi Feeds India Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
B' rating category or lower. Based on the last available
information, CRISIL has reaffirmed the rating at 'CRISIL
B/Stable'.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of RFPL, Rathi Hatcheries Pvt Ltd (RHPL),
and Gourav Poultries India Pvt Ltd (GPPL). This is because the
companies, collectively referred to as the Rathi group are in the
same line of business, extend financial support to each other,
and have a common management.

RHPL and GPPL are engaged in poultry breeding, hatching and
broiling, and RFPL in feed processing.

RHPL was set up in 2003 by the Haryana-based Mr. Krishan Rathi
and his family members as a hatchery-cum-broiler unit. It has
day-old chick breeder farms with capacity of 220,000 parent birds
in Jind Haryana).

GPPL, set up in 2012, also owns a hatchery-cum-broiler unit. It
has day-old chick breeder farms with capacity of 150,000 parent
birds in Jind.

RFPL was set up in 2008 and is a feed processing unit and meets
the group's feed requirements. The group internally consumes
around 60 per cent of feed processed by RFPL and sells the
balance in the open market. Its feed processing capacity is 200
tonne per day.


RAVIRAJ HI-TECH: ICRA Reaffirms 'B' Rating on INR9.93cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
the INR14.93 crore fund based facilities and INR0.07 crore
unallocated facilities of Raviraj Hi-Tech Private Limited. The
outlook on the long-term rating is Stable.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund Based-Cash
  Credit                  5.00       [ICRA]B(Stable); Re-affirmed

  Fund Based-Term
  loan                    9.93       [ICRA]B(Stable); Re-affirmed

  Unallocated             0.07       [ICRA]B(Stable); Re-affirmed

Rationale

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

Key rating drivers

Credit strengths

  * Extensive experience of promoter of more than 15 years
    in the precision machining industry

  * Reputed clientele which includes repeated orders from
    Talbros Auto, Alfa Laval Sweden, EGS group USA.

Credit weaknesses

  * Small scale of operations restricting financial and
    operational flexibility

  * Margins vulnerable to fluctuations in raw material prices
    due to cyclicality associated to steel industry; presence
    of price variation clause mitigates this risk to some extent

  * leveraged Capital structure and high Working capital
    intensity due to stretched debtor cycle and high inventory
    resulting in tight liquidity position

  * Vulnerability to forex risk

Description of key rating drivers:

Raviraj Hi-tech Private Limited established in 2000 is engaged in
manufacturing and supply of wide range of precision machined
components mainly used in variety of products and sub-assemblies.
RHPL currently manufactures precision machined components mainly
catering to automobiles and electronics industries made out of
raw materials such as mild steel, stainless steel, aluminium and
brass. The company has modest scale of operations restricting
financial and operational flexibility. Working capital intensity
of the firm has remained high over the years, with inventory
levels and receivable days largely determining the working
capital requirements. Also, its profitability remains susceptible
to fluctuations in foreign exchange rates, as the company does
not follow any hedging mechanism for its exports.


RELISHAH EXPORT: Ind-Ra Lowers LT Issuer Rating to 'B+'
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Relishah
Export's (Relishah) Long-Term Issuer Rating to 'IND B+' from 'IND
BB-'. The Outlook is Negative. The instrument-wise rating actions
are as follows.

-- INR260 mil. (increased from INR50 mil.) Fund-based packing
    credit/packing credit in foreign currency* downgraded with
    IND A4 rating;
-- INR240 mil. (reduced from INR450 mil.) Fund-based post
    shipment demand loan/usance foreign bill purchased/foreign
    bill purchased downgraded with IND A4 rating; and
-- INR2 mil. Non-fund-based inland bank guarantees downgraded
    with IND A4 rating.

* Includes an INR80 million standby limit under Bank of Baroda
Ltd's ('IND AAA'/Stable) gold card scheme

KEY RATING DRIVERS

The downgrade reflects deterioration in Relishah's credit
metrics. This deterioration in credit metrics was partially
offset by a 4.0% yoy increase in revenue to INR2,722.5 million in
FY17. According to provisional financials for FY17, interest
coverage (EBITDA/gross interest expense) was 1.0x (FY16: 1.7x)
and net leverage (net debt/EBITDA) was 9.1x (1.7x). The
deterioration in interest coverage was owing to a fall in EBITDA
margin to 2.2% in FY17 (FY16: 4.4%), primarily because of foreign
exchange losses in 2HFY17 due to a depreciating US dollar and
tighter profitability margins from some of the firm's major
markets such as China (which contributed 35.5% to FY17 revenue).
Meanwhile, the deterioration in net leverage was due to higher
working capital debt requirements during the year.

The Negative Outlook reflects a deterioration in the capital
structure in FY17, as the partners withdrew capital to the extent
of INR151 million and unsecured loans given to the business by
the partners reduced to INR118.6 million (FY16: INR174.9
million).

The ratings remain constrained by the partnership structure, high
competition and the cyclical nature of the cotton trading
industry, as well as the risk of any adverse change in regulatory
policies. The ratings continue to reflect the firm's working
capital-intensive nature of business. Its net working capital
cycle was elongated at 66 days in FY17 (FY16: 34 days) due to
high receivable days and inventory days.

The ratings, however, are supported by Relishah's adequate
liquidity position, indicated by an average maximum utilisation
of 27.4% of fund-based working capital limits during the 12
months ended June 2017.

The ratings continue to draw comfort from the three-decade-long
experience of Relishah's founders in the cotton trading industry.
Also, the ratings continue to be supported by the firm's
geographically diversified customer base and strong relationships
with customers.

RATING SENSITIVITIES

Negative: Future developments that could lead to negative rating
actions are a decline in revenue and EBITDA margin from the
current levels leading to deterioration in overall credit metrics
on a sustained basis.

Positive: Future developments that could lead to a positive
rating action are a significant rise in revenue and EBITDA margin
from the current levels leading to an improvement in overall
credit metrics from the current level on a sustained basis.

COMPANY PROFILE

Established in 1987, Relishah is a registered partnership firm
engaged in the export of textile goods such as cotton yarn.


ROY APPARELS: CRISIL Assigns B+ Rating to INR6.50MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Roy Apparels Private Limited (RAPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      0.55       CRISIL B+/Stable

   Cash Credit             1.95       CRISIL B+/Stable

   Long Term Loan          6.50       CRISIL B+/Stable


The rating reflects the company's weak financial risk profile
because of small networth and high gearing, modest scale of
operations and exposure to intense competition. These weaknesses
are partially offset by the extensive experience of its promoter
in the ready-made garments industry and prudent inventory
management.

Analytical Approach

Unsecured loans of INR30.41 Lakhs from promoters and affiliates
have been treated as neither debt nor equity as per the
undertaking received from the management these will remain in
business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Networth of the company remained
small at INR2.76 crores as on March 31, 2017 and the same is
expected to remain small over the medium term on account of muted
accretion to reserves. Gearing at 0.46 time as on March 31, 2017
is likely to deteriorate and hover around 2.5 times over the
medium term due the term loan of INR6.50 crore availed for
funding the expansion plans. The small networth coupled with high
gearing significantly constrains the financial profile of the
company.

* Modest scale of operations and exposure to intense
competition:- RAPL's business risk profile is constrained on
account of its modest scale of operations as reflected in revenue
of INR14.70 crores and INR14.58 crores in fiscal 2017 and 2016
respectively. Further, RAPL faces competition from various other
similar sized players in the region thereby leading to limited
pricing flexibility as reflected in declining operating margin at
an estimated 7.5% for fiscal 2017 against 9.2% in fiscal
2014.

Strengths
* Extensive experience of promoters: Presence of around four
decades in the textile and fabric business has enabled the
promoters to develop industry insight in terms of contemporary
designs and get repeat orders from large corporates such as
Bharti Airtel Limited (CRISIL AA+/Stable/CRISIL A1+), Vodafone
Cellular Limited etc.

* Prudent inventory management: - The working capital management
draws its comfort on account of prudent inventory management by
the company as major portion its inventory is order backed
leading to minimal inventory risk. Inventory was at an estimated
20 days as on March 31, 2017 against 16 days a year earlier.

Outlook: Stable

CRISIL believes RAPL will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if financial risk profile improves either due to
significant improvement in capital structure following equity
infusion, or substantial and sustained increase in scale of
operations and cash accrual; along with sustained working capital
management. The outlook may be revised to 'Negative' if stretch
in working capital management, lower-than-expected operating
income or accrual or deterioration in capital structure because
of large, debt-funded capital expenditure further weakens
financial risk profile, particularly liquidity.

Incorporated in 1992 and promoted by Mr. ND Roy RAPL manufactures
garments such as T-shirts, caps, jerseys, hoodle jackets, and
track paints for large corporates.

Profit after tax (PAT) was INR0.59 crore on revenue of INR14.58
crore in fiscal 2016, against a PAT of INR0.42 crore on revenue
of INR9.28 crore in fiscal 2015.


SADASHIB COLD: CRISIL Raises Rating on INR5MM Loan to B+
--------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Sadashib Cold Storage Private Limited (SCSPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              0.5       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Proposed Long Term       2         CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B/Stable')

   Working Capital Loan     5         CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The upgrade reflects the sustained improvement in the company's
business risk profile driven by increase in operating revenue due
to revision in the rental rates over the last few years.
Operating revenue increased from Rs2.20 crore during fiscal 2015
to INR2.37 crore during fiscal 2016, and is expected at a similar
level over the medium term. Any upward revision in rental for
cold storage space will support revenue and profitability.
Liquidity should remain adequate with sufficient cushion between
cash accrual and debt obligation, and absence of any major debt-
funded capital expenditure over the medium term.

The ratings reflect SCSPL's exposure to inherent risks in the
highly regulated and intensely competitive cold storage industry
in West Bengal (WB) andsmall networth. These weaknesses are
partially offset by the extensive experience of its promoters.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Networth was modest at INR3.26
crore as on March 31, 2017, due to low accretion to reserves, and
will remain small over the medium term. Gearing may improve with
gradual term debt repayment.

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

Strengths

* Extensive experience of promoters: Presence of over two decades
in the cold storage industry has enabled the promoters to develop
healthy relationship with potato farmers and traders.

Outlook: Stable

CRISIL believes SCSPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' in case of efficient management of
farmer financing and significant increase in scale of operations
and profitability. The outlook may be revised to 'Negative' if
liquidity is constrained by delays in repayment of loans by
farmers, lower-than-expected cash accrual, or debt-funded capex.

Set up in 2009 by Mr. Dilip Kumar Pratihar, Mr. Hari Sadan Nadan,
Mr. Chittaranjan Kundu, and Mr. Sujoy Kumar Khan, SCSPL provides
cold storage facility for potato farmers in Midnapore, West
Bengal.

Profit after tax was INR0.12 crore on an operating income of
INR2.37 crore in fiscal 2016, against INR0.13 crore and INR2.20
crore, respectively, in the previous fiscal.


SARJAN WATERTECH: CRISIL Reaffirms 'B' Rating on INR5MM Loan
------------------------------------------------------------
CRISIL has been consistently following up with Sarjan Watertech
India Private Limited (SWIPL) for obtaining information through
letters and emails dated January 19, 2017 and February 09, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Buyer's Credit            1.5      CRISIL B/Stable (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Cash Credit               5        CRISIL B/Stable (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Term Loan                 0.7      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 Sarjan Watertech 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 Sarjan Watertech India Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
B' category or lower. Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL B/Stable'.

SWIPL was set up as a partnership firm in 2003 and reconstituted
as a private limited company in 2008. Promoted by Mr. Sunil
Trivedi and his family members based in Ahmedabad, Gujarat, the
company manufactures RO and waste water treatment machines for
chemical and pharmaceutical companies.


SHARPLINE AUTOMATION: ICRA Raises Rating on INR2.79cr Loan to B
---------------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]B from [ICRA]B-
assigned to the INR2.43 crore cash credit limit, the INR1.00
crore packing credit limit, the INR2.79 crore term loan facility
and the INR0.81 crore unallocated limits of Sharpline Automation
Private Limited. ICRA has also reaffirmed the short-term rating
at [ICRA]A4 assigned to the INR5.00 crore non-fund based
facilities. The outlook on the long-term rating is Stable.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Term Loan               2.79       [ICRA]B (Stable); upgraded
                                     from [ICRA]B-

  Cash Credit             2.43       [ICRA]B (Stable); upgraded
                                     from [ICRA]B-

  Packing Credit          1.00       [ICRA]B (Stable); upgraded
                                     from [ICRA]B-

  Unallocated Limits      0.81       [ICRA]B (Stable); upgraded
                                     from [ICRA]B-

  Non Fund Based Limits
  Bank Guarantee          4.00       [ICRA]A4; reaffirmed

  ILC/FLC                 1.00       [ICRA]A4; reaffirmed

Rationale

The rating revision takes into account the sustainable
improvement in cost structure, which has helped the company
improve its profitability in FY2017. Furthermore, the company's
capital structure has improved in line with the repayment of term
loans, which resulted in moderation of the gearing profile as on
March 31, 2017. The ratings also take note of the technically
qualified management and its longstanding experience in the
machine tool industry; existence of significant entry barriers in
machine tool retrofitting, refurbishing, reconditioning and
designing a special purpose machine (SPM) business, which
requires high technical capabilities, and a reputed clientele of
SAPL across diverse industry segments, which reduces sector-
specific risks.

Nevertheless, the ratings continue to remain constrained by
SAPL's small scale of operation with limited capacity; stretched
liquidity position due to elongated receivables cycle and high
lead time in retrofitting and reconditioning process, which has
led to full utilisation of the sanctioned fund-based limits;
although some moderation is seen in FY2017 due to reduction in
debtor days. Furthermore, ICRA notes the company's low bargaining
power against its large and more established clients, which
limits its pricing flexibility.

Going forward, the company's ability to improve its scale of
operations while sustaining the profit metrics and manage its
working capital cycle, particularly by improving its receivable
days, will remain the key rating sensitivities. Conversely,
lower-than-expected profitability or a further stretch in the
working capital cycle, will result in deterioration in the
financial risk profile; especially liquidity, which could have a
negative impact on the key credit metrics.

Key rating drivers

Credit strengths

  * Technically experienced promoters with long track record
    in the machine tool industry

  * Reputed clientele across diverse industry segments reducing
    sector specific risks

  * Sustainable improvement in cost structure resulting in
    improvement in profit metrics in FY2017

  * Comfortable capital structure as on March 31, 2017 marked
    by moderation in gearing level owing to repayments of term
    borrowings

Credit weaknesses

  * Small scale of operations with limited capacity

  * Weak liquidity position due high working capital intensity
    of operations on account of lengthened receivables cycle and
    high lead time in retrofitting and reconditioning process,
    which is also reflected by full bank limit utilisation
    pattern; although moderation witnessed in FY2017

  * Low bargaining power against large and established clients

Description of key rating drivers:

The company requires high level of technically qualified
professionals for the retrofitting and reconditioning of
machines, and SAPL has a design and execution team manned by such
individuals, which limit the number of players in the industry.
Furthermore, the company has a strong track record of execution
of machine retrofitting and reconditioning orders for diverse
industries like steel, engineering, power generation, defense,
aerospace, nuclear, etc. The presence of the company's clientele
across various industries mitigates sector specific demand risk
to an extent.

Moreover, in FY2017, SAPL aggressively implemented various cost
saving methods to increase the productivity, and thereby its
operating profit margin improved to 15.98% as against 14.59% in
FY2016.

Nevertheless, its small scale of operations with limited capacity
constrained the operations of the company.

Furthermore, SAPL was facing problems related to realisation of
receivables from some of its Government / Public Sector
Undertaking (PSU) clients as well as private sector entities,
which was resulting in higher utilisation of working capital
limits. However, to obviate its fund crunch, the company is now
taking advance against orders, stage-wise payments and payments
against a proforma, which have resulted in a reduction in the
debtor days as well as an improvement in the working capital
intensity in FY2017.

Incorporated in 1995, Sharpline Automation Private Limited (SAPL)
is in the business of retrofitting and reconditioning machine
tools with CNC components and refurbishing mechanical components
as required by its clients. At present, SAPL operates out of
manufacturing/assembling facilities, two of which are located in
Navi Mumbai, Maharashtra. Over the last 15 years, the Sharpline
Group has attained expertise in retrofitting old CNC machines
with new CNC packages and has successfully completed more than
1,600 retrofitting projects of various types of machine tools.
SAPL has two other group companies, Forward Manufacturing Company
Pvt. Ltd. and Subala Engineering Pvt. Ltd., which are engaged in
the same business sector. In June 2008, SAPL formed a 50:50 joint
venture with Paul Christiani GmbH & Co. of Germany to start
Christiani Sharpline Technical Training Pvt. Ltd. for providing
training in the field of CNC technology.


SHIRAJ INTERNATIONAL: CRISIL Cuts Rating on INR3.5MM Loan to B
--------------------------------------------------------------
CRISIL has been consistently following up with Shiraj
International (a part of the Shiraj group) for obtaining
information through letters and emails dated January 20, 2017 and
February 15, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            3.5        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB/Stable')

   Letter of Credit       6.0        CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL A4+')

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 Shiraj International. 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 Shiraj International 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/ CRISIL A4'.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Shiraj International and Star Impex,
together referred to herein as the Shiraj group. This is because
both the firms have a common management and significant
operational linkages.

The Shiraj group imports and trades in dry fruits such as
almonds, raisins, and pistachios. The group is operating as a
proprietorship under the names Shiraj International and Star
Impex since 1971 and 1997. Mr. Raj Kumar Arora and his son,Mr.
Manav Arora, are actively managing the group's business.


SHIVAM CORPORATION: CRISIL Reaffirms B- Rating on INR20MM Loan
--------------------------------------------------------------
CRISIL has been consistently following up with Shivam Corporation
India 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              20       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 Shivam Corporation India. 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 Shivam Corporation India is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with Crisil B Rating category or
lower.' Based on the last available information, CRISIL has
reaffirmed the rating at 'CRISIL B-/Stable'

Shivam trades in pig iron, cast iron, and iron scrap. It has
dealership of Jayaswal Neco Industries Ltd, Tata Metaliks Ltd and
Sesa Goa Ltd amongst others. Shivam has warehouses in Faridabad
(Haryana), Ghaziabad (Uttar Pradesh), Samalkha (Haryana), and
Delhi.


SHREE SALASARHANUMANJI: Ind-Ra Gives 'BB' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shree
Salasarhanumanji Grains Private Limited (SSHGPL) a Long-Term
Issuer Rating of 'IND BB'. The Outlook is Stable. The instrument-
wise rating actions are:

-- INR97.5 mil. Fund-based limits assigned with IND BB/Stable
    rating; and
-- INR150 mil. Term loan due on March 2021 assigned with IND
    BB/Stable rating.

KEY RATING DRIVERS

The ratings reflect SSHGPL's moderate credit profile as it
operates in a highly competitive and fragmented industry with low
entry barriers. As per FY17 provisional financials, revenue grew
to INR625 million (FY16: INR609 million) on the back of increase
in sale of wheat products. Interest coverage (operating
EBITDA/gross interest expense) improved to 2.1x (2.0x) and net
financial leverage (total adjusted net debt/operating EBITDAR) to
3.1x (3.4x) on account of an improvement in operating EBITDA
margins to 7.8% (7.0%).

The ratings also factor in SSHGPL's moderate liquidity position
with 85.1% average use of working capital limits during the 12
months ended June 2017.

However, the ratings are supported by the founder's over three
decades of experience in the food grain industry.

RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations
and operating profitability will be positive for the ratings.

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

COMPANY PROFILE

Incorporated in February 2013, SSHGPL is engaged in milling of
flour. The company has a flour mill in Ramnagar, Chandauli with a
capacity of 106,500TPA.


SIGNET DENIM: ICRA Assigns B+ Rating to INR77cr Loan
----------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to the
INR77.00 crore long term fund based facilities of Signet Denim
Private Limited (SDPL). The outlook on the long term rating is
'Stable'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund Based Limits      77.00       [ICRA]B+ (Stable); assigned

Rationale

The assigned rating is constrained by the company's start up
nature and the project implementation risk, with plant expected
to become operational in October 2017. The rating is further
constrained by predominantly debt funded capital expenditure,
high working capital intensive nature of operations and adequate
future cash flow generation being sensitive to the product
establishment and SDPL's pricing power in the market. The rating
also takes into consideration the vulnerability of profitability
post commissioning to the adverse movements in raw material
prices, which are subject to seasonality and the highly
fragmented and competitive industry structure which is expected
to keep margins under pressure.

The assigned rating, however, favorably factors in operational
synergies arising from the established presence promoter group
entities in textile industry and their widespread distribution
network. ICRA also notes that the location of the plant in the
major textile hub of India provides it easy access to quality raw
material and proximity to end users as well as the various fiscal
incentives available to the company, which are expected to
support profitability.

Going forward, the timely commissioning of operations within the
estimated cost will remain important from a credit perspective.

Key rating drivers

Credit strengths

  * Operational synergies arising from the established
    presence of promoter group entities in textile industry
    and their widespread distribution network

  * Favorable location of the plant in terms of raw material
    availability and proximity to end users

  * Various fiscal benefits available to new weaving units in
    the state of Gujarat, which is expected to support
    profitability going forward

Credit weaknesses

  * Start up nature of the company

  * Moderate debt-servicing liability, coupled with the
    gestation period, associated with stabilisation of
    operations expected to keep the credit profile constrained
    over the near term

  * Future cash flow adequacy and project metrics would be highly
    sensitive to the product establishment and company's pricing
    power in the market

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

  * Vulnerability of profitability to adverse fluctuations in
    cotton yarn prices

Description of key rating drivers:

SDPL is setting up a project to manufacture premium and medium
quality denim fabrics which find application in manufacture of
denim apparels such as trousers, jackets, shirts etc. SDPL is
promoted by three groups and each group has equal share holding
of 33.33% in SDPL. The promoters of the SDPL have more than three
decades of experience in the textile industry through their
association with other group concerns. SDPL operates from Surat
(Gujarat), a prime textile hub, and has easy access to major raw
material requirement i.e. cotton yarn through spinning mills
located in southern Gujarat. Cotton yarn, an agro-based
commodity, is exposed to the vulnerability in the prices of
cotton and in turn impacts the profitability of SDPL. The company
is eligible for various incentives under state government and
Central Government schemes which are expected to support the
company's profitability, going forward. However, intense
competition and pricing pressure stress the profit margins of
most industry players. The estimated project cost was INR101.3
crore, which was funded through a debt-equity ratio of 3.8:1
times.

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

Incorporated in April 2015, Signet Denim Private Limited (SDPL)
is setting up a Greenfield project in Surat, Gujarat for
manufacturing denim fabric. The proposed unit will be equipped
with 120 air jet looms with a production capacity of 24 million
meters per annum (MMPA). The commercial operations are expected
to commission from October 2017.

SDPL is promoted by three groups viz. Bhimsaria group represented
by Mr. Mahesh Bhimsaria, Tulsyan group represented by Mr. Manoj
Tulsyan and Ajitsaria group represented by Mr. Lalit Ajitsaria.
The promoters have been associated with textile industry with
more than three decades.


SINDHIYA PLASTIC: CRISIL Assigns B Rating to INR4.25MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Sindhiya Plastic Industries (SPI). The
rating reflects SPI's modest scale of operations in the intensely
competitive plastic industry and below-average financial risk
profile because of a modest networth and aggressive capital
structure. These weaknesses are partially offset by the extensive
experience of promoters in the plastic industry.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan              .75         CRISIL B/Stable
   Bank Guarantee        1.00         CRISIL A4
   Cash Credit           4.25         CRISIL B/Stable

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in the competitive industry: SPI has
a modest scale of operations as reflected in sales of over
INR18.5 crore in fiscal 2017. The revenue was smaller in the
past, and intense competition restricts scalability. Furthermore,
the plastic moulded furniture segment is fragmented and
competitive because of low entry barriers and capital intensity,
leading to presence of several unorganised players, along with
established organised players.

* Below-average financial risk profile: As on March 31, 2017, the
networth was small and gearing high. With continued large working
capital debt, gearing is expected to remain high over the medium
term, constraining the financial risk profile.

Strength

* Promoters' extensive experience in the plastic industry: The
promoters, with over a decade of experience in the plastic
business, have established a diversified customer base and the
product profile.

Outlook: Stable

CRISIL believes SPI will continue to benefit over the medium term
from its promoters' extensive experience. The outlook may be
revised to 'Positive' if better-than-expected revenue and
profitability leads to sizable cash accrual or a substantial
equity infusion leads to improved capital structure. The outlook
may be revised to 'Negative' if cash accrual is lower than
expected, or if working capital requirement increases, or if
large, debt-funded capital expenditure leads to deterioration in
the financial risk profile and liquidity.

Established in 2010 as a proprietorship firm of Ms Sindhiya
Shankar, SPI manufactures injection-moulded plastic items such as
chairs, tubs, and tables. The firm is based at Coimbatore and
markets plastic products under the Surprise brand.

In fiscal 2016, profit after tax (PAT) was INR3 lakh on total
sales of INR16.57 crore, as against PAT of INR1 lakh on total
sales of INR13.62 crore in fiscal 2015.


SINGH AUTOMOBILE: Ind-Ra Affirms 'BB-' LT Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Singh
Automobile's (SA) Long-Term Issuer Rating at 'IND BB-'. The
Outlook is Stable. The instrument-wise rating actions are:

-- INR42 mil. Fund-based working capital affirmed with IND BB-
    /Stable/IND A4+ rating; and
-- INR18 mil. Non-fund-based working capital affirmed with IND
    A4+ rating.

KEY RATING DRIVERS

The affirmation reflects SA's continued small scale of
operations, along with low EBITDA margin. According to
provisional financials for FY17, revenue was INR241.75 million
(FY16: INR230.97 million) was EBITDA margin was 4.48% (5.40%).
The decline in EBITDA margin was due to the trading nature of the
business.

The ratings are constrained by SA's moderate-to-weak credit
metrics. In FY17, interest coverage (operating EBITDA/gross
interest expense) was 2.25x (FY16: 1.70x) and net financial
leverage (total adjusted net debt/operating EBITDAR) was 4.57x
(3.18x). The improvement in interest coverage was driven by a
decrease in net interest expense to INR5.35 million in FY17 from
INR7.34 million in FY16. Meanwhile, the deterioration in net
leverage was due to increased external borrowings.

The ratings factor in SA's moderate liquidity profile, indicated
by an average working capital utilisation of 96.78% for the 12
months ended June 2016.

The ratings, however, continue to be supported by over 15 years
of experience of SA's promoters in the dealership business and
the company's established presence in Fatehpur, Uttar Pradesh, as
an authorised dealer of the vehicles of Mahindra & Mahindra
Limited ('IND AAA'/Stable) and Bajaj Auto Limited.

RATING SENSITIVITIES

Negative: A decline in EBITDA margin leading to deterioration in
credit metrics on a sustained basis could lead to a negative
rating action.

Positive: A significant rise in revenue, with credit metrics
staying at or improving from the current level on a sustained
basis, could lead to a positive rating action.

COMPANY PROFILE

Established in 1999, SA holds dealership for the vehicles of
Mahindra & Mahindra and Bajaj Auto.


STERIMED INC: CRISIL Lowers Rating on INR3.5MM Cash Loan to B
-------------------------------------------------------------
CRISIL has been consistently following up with Sterimed INC (SI)
for obtaining information through letters and emails dated
February 8, 2017, and March 06, 2017, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             3.5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

   Cash Term Loan          1.5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

   Proposed Working        1.0       CRISIL B/Stable (Issuer Not
   Capital Facility                  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 Sterimed INC. 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 Sterimed INC 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'.

Established in 1996, SI is involved in wholesale distribution of
sterilisation packaging, monitoring products, cleaning chemicals,
and teaching aids. The firm has long-term agreements with its
principals'Steris Corporation, Westfield Medical Ltd, Albert
Browne Ltd, and Nasco Fort Atkinson. It is managed by the
managing partner, Mr. A K Chandrasekharan.


SUNIL INDUSTRIES: ICRA Reaffirms B+ Rating on INR7.0cr Cash Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR7.25 crore fund based facilities of Sunil Industries. The
outlook on the long-term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based Cash
  Credit Limits           7.00      [ICRA]B+(Stable); Re-affirmed

  Fund Based Term
  loan                    0.25      [ICRA]B+(Stable); Re-affirmed

Rationale

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

Key rating drivers

Credit strengths

  * Long standing experience of the promoters in the pulse
    processing and trading business

  * Stable demand from end consumers with pulses forming an
    essential constituent of the Indian diet

Credit weaknesses

  * Modest scale of operations

  * Financial risk profile characterized by thin profitability,
    high gearing and modest coverage indicators; though majority
    of the debt is in the form of working capital borrowings

  * Intense competitive pressures from organized and unorganized
    player in the pulse processing industry

  * Inherent risk to agro-climatic conditions and government
    Regulations

  * Business constitution as partnership firm makes it vulnerable
    to withdrawal of capital by partners

Description of key rating drivers:

Established in 1985, SI is engaged in processing of pulses,
mainly moong dal (Moong bean) and toor dal (Pigeon pea). SI
operates in an industry which is characterized by high
competition with presence of large number of organized and
unorganized players. Furthermore, pulses being an agro commodity,
its price and availability are dependent on a combination of
factors like climatic conditions, government policies, prevailing
demand and supply scenario among others. SI has modest scale of
operations as compared to other entrenched players in this
intensely competitive industry. Sunil Industries business
constitution as partnership firm makes it vulnerable to
withdrawal of capital by partners.

SI was incorporated in 1985 by Mr. Ramesh Totla and his family as
a partnership firm. With gradual retirement of the initial
partners, Mr. Ramesh Totla along with his son Mr. Manish Totla
took over the entire business in 2002. The firm is primarily
involved in processing of pulses, mainly moong dal (moong bean)
and toor dal (pigeon pea). SI's processing facility is located in
Jalna, Maharashtra


SWAMBHUNATH COLD: CRISIL Raises Rating on INR8.12MM Loan to B-
--------------------------------------------------------------
CRISIL has revised its rating on the bank facilities of
Swambhunath Cold Storage Private Limited (SCSPL) from 'CRISIL B-
/Stable/CRISIL A4' to 'CRISIL D/CRISIL D', and simultaneously
upgraded it to 'CRISIL B-/Stable/CRISIL A4'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           0.20      CRISIL A4 (Revised from
                                      'CRISIL A4' to 'CRISIL D'
                                      and simultaneously upgraded
                                      to 'CRISIL A4')

   Cash Credit              8.12      CRISIL B-/Stable (Revised
                                      from 'CRISIL B-/Stable' to
                                      'CRISIL D' and
                                      simultaneously upgraded to
                                      'CRISIL B-/Stable')

   Working Capital          1.05      CRISIL B-/Stable (Revised
   Demand Loan                        from 'CRISIL B-/Stable' to
                                      'CRISIL D' and
                                      simultaneously upgraded to
                                      'CRISIL B-/Stable')

  Working Capital            .33      CRISIL B-/Stable (Revised
  Term Loan                           from 'CRISIL B-/Stable' to
                                      'CRISIL D' and
                                      simultaneously upgraded to
                                      'CRISIL B-/Stable')

The downgrade reflects delays in meeting debt obligation during
December 2016. However, the rating has been upgraded because of
timely debt servicing in the last 180 days.

The ratings reflect SCSPL's below-average financial risk profile
due to low networth and susceptibility to regulatory changes and
intense competition in the cold storage industry in West Bengal
(WB). These weaknesses are partially offset by the extensive
experience of its promoters.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Networth is estimated to be small
at INR1.37 crore and gearing high at 4.21 times, as on March 31,
2017. Muted accretion to reserves will keep networth modest,
though gearing may improve with gradual debt repayment.

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

Strengths

* Extensive experience of promoters: Presence of more than two
decades in the cold storage industry has enabled the promoters to
ensure healthy utilisation of storage capacity.

Outlook: Stable

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

Incorporated in 1994, SCSPL provides cold storage services to
potato farmers and traders. Facility in Paschim Medinipur, WB,
has cumulative capacity of 2,40,000 quintal.

Profit after tax was INR0.12 crore on an operating income of
INR3.49 crore in fiscal 2016, against INR0.16 crore and INR3.13
crore, respectively, in the previous fiscal.



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


TOSHIBA CORP: INCJ Consortium Makes Final Bid for Chip Unit
-----------------------------------------------------------
The Japan Times reports that a consortium led by Innovation
Network Corp. of Japan has made a final bid for Toshiba Corp.'s
memory chip operations, the chief of the government-backed
investment fund said.

"Our offer will likely help move the process forward
considerably," INCJ Chairman and Chief Executive Officer
Toshiyuki Shiga told reporters on July 26.

INCJ is a key partner in the consortium that has been selected by
Toshiba as a preferred bidder for its flash memory unit, Toshiba
Memory Corp. The group also includes a U.S. investment fund and a
major South Korean semiconductor firm, the report discloses.

The Japan Times relates that Toshiba plans to sell the lucrative
memory business to secure funds to resolve its negative net worth
caused by huge losses from its U.S. nuclear power operations.

According to the report, the consortium originally aimed to sign
an agreement to acquire Toshiba Memory by the June 28 general
meeting of Toshiba shareholders.  But talks between the
consortium and Toshiba have been hampered amid a legal battle
with Western Digital Corp., a flash memory business partner of
the Japanese company, to block the sale of Toshiba Memory.

The consortium's final bid appears to include a response to the
legal wrangling, sources familiar with the situation said, the
report relays.

Toshiba's board on July 26 discussed the sale of the memory unit,
but no conclusion was reached, adds The Japan Times.

                          About Toshiba

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

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

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



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


SK HYNIX: Strong 2Q 2017 Results Support Moody's Ba1 CFR
--------------------------------------------------------
Moody's Investors Service says that SK Hynix Inc.'s strong
results for 2Q 2017 support the company's Ba1 corporate family
rating and the positive rating outlook.

"SK Hynix's operational performance remained very strong in 2Q
2017, driven by increases in DRAM and NAND average selling prices
(ASP) amid constrained supply," says Gloria Tsuen, a Moody's Vice
President and Senior Analyst.

"Moody's expects the company's adjusted debt/EBITDA will remain
well below 1.0x in 2017. Such a low level of leverage is
supportive of SK Hynix's Ba1 rating in a cyclical industry," adds
Tsuen.

SK Hynix reported a 6% increase in revenue and an 24% increase in
reported operating profit in 2Q 2017 quarter on quarter. Its
reported operating profit margin rose to 46% in 2Q 2017 from 39%
in 1Q 2017.

DRAM bit shipments increased by 3% quarter on quarter, driven by
stronger demand from servers and offsetting weaker demand from
mobile products, while ASPs increased 11% quarter on quarter
driven by tight supplies.

NAND bit shipments fell by 6% quarter on quarter due to weaker
demand from mobile products as well as a slight delay in
equipment setup in the company's M14 fab. However, ASPs increased
8% quarter on quarter and pricing strengthened for all NAND
products. Demand outlook remains solid for 2H 2017.

SK Hynix's financial profile remains strong. Its leverage, as
measured by adjusted debt/EBITDA, improved to 0.4x in the 12
months ended June 2017 from 0.6x in 2016.

SK Hynix could increase its capex to above KRW 7 trillion this
year, given solid demand growth and the need for new production
capacity. It can accommodate such higher investment with its
strong operating cash flow, which Moody's expects to total around
KRW12 trillion this year.

SK Hynix's liquidity profile is strong, with KRW5.1 trillion in
cash and short-term investments and only KRW826 billion in short-
term debt.

SK Hynix's Ba1 corporate family rating continues to factor in one
notch of uplift for support from its parent, SK Telecom Co., Ltd.
(A3 stable).

The rating also reflects a degree of uncertainty about SK Hynix's
potential cash outlays due to its participation in a consortium
which is the preferred bidder for Toshiba Corporation's (Caa1
negative) memory business.

The principal methodology used in this rating was Semiconductor
Industry Methodology published in December 2015.

SK Hynix Inc., a Korea-based company, is engaged in the design,
manufacture and sale of memory chips, such as DRAM and NAND flash
memory. It is 20.07%-owned by SK Telecom Co., Ltd. (A3 stable).



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***