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

                      A S I A   P A C I F I C

           Friday, December 30, 2016, Vol. 19, No. 259


                            Headlines


A U S T R A L I A

ARTISAN DELICATESSEN: First Creditors' Meeting Set for Jan. 10
DOK TRANSPORT: First Creditors' Meeting Set for Jan. 9
MCALEESE LTD: Deal Lets Units Stay Afloat; Shareholders Wiped Out
MESOBLAST LIMITED: Inks Equity Purchase Pact With Mallinckrodt
PAYLESS SHOES: Owes AUD51,000 to iPrimus, AUD29,000 to HR3

ROCCA'S AUTO: In Liquidation; First Meeting Set for Jan. 6


C H I N A

CHINA COMMERCIAL: John Levy Quits From Board of Directors
SPI ENERGY: 2015 Report Includes Going Concern Qualification
YUZHOU PROPERTIES: Moody's Affirms 'B1' CFR; Outlook Now Positive


I N D I A

AADARSH EXTRUSION: ICRA Assigns 'B' Rating to INR3.40cr Term Loan
ALIZ CERAMIC: CRISIL Suspends 'B' Rating on INR30MM Term Loan
ALP NON: CARE Assigns 'D' Rating to INR6.41cr Long Term Loan
ALVI TECH: ICRA Suspends 'B' Rating on INR10.63cr LT Loan
AMODH CERAMIC: CRISIL Suspends 'B+' Rating on INR30MM Term Loan

ARUNACHALA SPINNING: CARE Reaffirms B+ Rating on INR11.25cr Loan
AZICO BIOPHORE: CRISIL Hikes Rating on INR124MM LT Loan to 'B'
BATRA LOGISTICS: ICRA Suspends B+ Rating on INR7.55cr Bank Loan
BHARTI FARMS: ICRA Suspends 'D' Rating on INR12.24cr Bank Loan
BHAURAO CHAVAN: ICRA Raises Rating on INR92MM Loan to B+

BLUESTAR COTTSPIN: CARE Revises Rating on INR15.89cr Loan to B+
BRIJ LAL: ICRA Suspends 'B' Rating on INR14.98cr Bank Loan
CITY'S KITCHEN: ICRA Suspends 'D' Rating on INR5.05cr Loan
D.V. EXPORT: CRISIL Assigns B+ Rating to INR190MM Packing Loan
DAVENDRA FEEDS: ICRA Suspends 'D' Rating on INR13.45cr Bank Loan

DIGITAL CERAMICS: CRISIL Lowers Rating on INR40MM Cash Loan to B
DINDAYAL INDUSTRIES: CARE Assigns B+ Rating to INR6cr LT Loan
DUVET INDUSTRIES: CRISIL Assigns 'B+' Rating to INR30MM Cash Loan
EASTERN MATTRESSES: CRISIL Suspends B+ Rating on INR65MM Loan
EVERON CASTINGS: ICRA Suspends B+ Rating on INR8.09cr Term Loan

EXODUS ISPAT: CRISIL Reaffirms B+ Rating on INR35MM Cash Loan
FIL SEP: ICRA Reaffirms B+ Rating on INR4.0cr Cash Loan
GR8 CONSTRUCTIONS: CRISIL Assigns 'B' Rating to INR50MM LT Loan
GURUTEK INDIA: ICRA Suspends 'B' Rating on INR5cr Fund Based Loan
HOTEL GANESH: CRISIL Reaffirms 'B' Rating on INR100MM Term Loan

JEEVAN SAAR: ICRA Suspends 'D' Rating on INR19cr Bank Loan
K. MANOHARAN: CRISIL Assigns B+ Rating to INR32.5MM Cash Loan
KAMADANATHJI TEXTILE: ICRA Suspends B Rating on INR8.38cr Loan
KAMADGIRI FABRICS: ICRA Suspends B- Rating on INR8cr Bank Loan
KANKANI ENTERPRISES: CARE Assigns B+ Rating to INR8.75cr Loan

KEEN AND CORE: CRISIL Assigns 'B-' Rating to INR60MM Cash Loan
KUNAL STEEL: CRISIL Assigns 'B' Rating to INR100MM Cash Loan
KUFRI FUN: ICRA Suspends 'D' Rating on INR9.0cr Loan
LML LIMITED: ICRA Reaffirms 'D' Rating on INR125cr Loan
MAHARAJA RESOURCES: CRISIL Assigns 'B' Rating to INR70MM Loan

MAHAVIR FOUNDATION: ICRA Suspends 'D' Rating on INR27cr Loan
MARKWELL SPINNING: ICRA Suspends B+ Rating on INR46.12cr Loan
MARUTI CHEMICALS: CRISIL Reaffirms 'B' Rating on INR45MM Loan
NANU RAM: ICRA Suspends B+ Rating on INR6cr Bank Loan
NUTECH APPLIANCES: CARE Assigns B+ Rating to INR3.77cr LT Loan

ONLINE PRINT: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
PALLICKAL AGRO: CRISIL Assigns B+ Rating to INR60MM Cash Loan
PHARMACHEM TRADERS: CRISIL Assigns B+ Rating to INR10MM Cash Loan
PRAHLAD ISPAT: CRISIL Assigns 'B+' Rating to INR77.5MM Cash Loan
R. L. AGRO: CRISIL Lowers Rating on INR105MM Whse Loan to 'D'

R.N. METALS: ICRA Suspends B+/A4 Rating on INR25cr Bank Loan
R.S.G. EXPORTS: ICRA Suspends B+ Rating on INR40cr LT Loan
RAJENDRA ENGINEERING: ICRA Suspends B+ Rating on INR6.5cr Loan
RAKESH MARBLE: CRISIL Puts B+ Rating on Notice of Withdrawal
RAM LAL: ICRA Suspends 'D' Rating on INR31cr Bank Loan

RESONANCE PAPER: CRISIL Hikes Rating on INR72MM Term Loan to B+
RISHABH ASSOCIATES: ICRA Suspends B+/A4 Rating on INR9cr Loan
SADHA EXPORTS: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
SARALA FOODS: ICRA Suspends B+ Rating on INR15cr Loan
SDS INFRATECH: CRISIL Reaffirms 'D' Rating on INR500MM Term Loan

SHAMJI KANGAD: CARE Assigns B+ Rating to INR6.75cr LT Loan
SHREE R.N.: ICRA Suspends B+/A4 Rating on INR11cr Bank Loan
SHRI DARSHNA: ICRA Suspends B+/A4 Rating on INR7cr Bank Loan
SILVERLINE ELECTRICALS: CRISIL Ups Rating on INR30MM Loan to BB
SOUTHERN PHARMA: CARE Assigns B+ Rating to INR15.80cr LT Loan

SRI NAGAMALLESWARA: ICRA Suspends 'B' Rating on INR21.71cr Loan
STARWOOD TECHNO: CRISIL Assigns 'B' Rating to INR47MM Cash Loan
THAKURDAS LOTWALA: CARE Assigns B+ Rating to INR7.5cr LT Loan
UMESH INDUSTRIES: CARE Reaffirms B+ Rating on INR9.17cr Loan
UNIVERSAL POWER: CRISIL Suspends 'D' Rating on INR660MM Loan

VETRIVEL EXPLOSIVES: CRISIL Cuts Rating on INR314.5MM Loan to 'B'


J A P A N

TAKATA CORP: May Settle U.S. Criminal Probe Early 2017
TOSHIBA CORP: Potential Impairment Losses Cause Shares Plunge
TOSHIBA CORP: Moody's Lowers CFR & Sr. Unsec. Rating to Caa1


                            - - - - -


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A U S T R A L I A
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ARTISAN DELICATESSEN: First Creditors' Meeting Set for Jan. 10
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Artisan
Delicatessen Belconnen Pty Ltd will be held at the offices of
RSM Australia Partners, Equinox Building 4, Level 2, 70 Kent
Street, in Deakin, ACT, on Jan. 10, 2017, at 3:00 p.m.

Frank Lo Pilato and Mitchell Herrett of RSM Australia Partners
were appointed as administrators of Artisan Delicatessen on
Dec. 28, 2016.


DOK TRANSPORT: First Creditors' Meeting Set for Jan. 9
------------------------------------------------------
A first meeting of the creditors in the proceedings of
Dok Transport Solutions Pty Limited will be held at Level 6, 55
Clarence Street, in Sydney, on Jan. 9, 2017, at 10:00 a.m.

Mark Hutchins and Alan Walker of Cor Cordis were appointed as
administrators of Dok Transport on Dec. 23, 2016.


MCALEESE LTD: Deal Lets Units Stay Afloat; Shareholders Wiped Out
-----------------------------------------------------------------
Daniel Palmer at The Australian reports that McAleese Ltd
shareholders won't be receiving anything despite creditors
reaching an agreement to keep the company's units in operation.

McAleese fell into administration in August and administrator
McGrath Nicol has been looking to salvage what remained of a
company that raised AUD166 million through a float just three
years ago, according to The Australian.

With the shares now worthless and the company to be officially
delisted next year, it represents one of the most disastrous IPOs
in recent memory, the report notes.

The Australian says a second meeting of McAleese creditors last
week saw a series of related deed of company arrangement proposals
from secured creditors SC Lowy, Remagen and BlackRock pass in
preference to the option of liquidation.

The agreements were formally entered into by the company late last
week, the report notes.

The Australian adds that the deal is expected to ensure all
McAleese employees will receive their entitlements should they not
be retained by the company.

The secured creditors will take control of all remaining business
units, putting in a combined AUD10 million to ensure operations
can continue as normal, the report discloses.

"The objectives of the DOCAs are to enable creditors to receive a
better return, facilitate the viable businesses of the McAleese
group of companies to continue as going concerns, enable as many
employees as possible to remain employed and facilitate the
efficient distribution of funds to creditors," The Australian
quotes McGrath Nicol as saying.

"There is no expectation that McAleese will resume trading on the
ASX or of a return being made to shareholders."

Unsecured trade creditors, like shareholders, will be left
shorthanded, with expectations they will "receive a small return,"
reports The Australian.

                      About McAleese Limited

McAleese Limited (ASX:MCS) is an Australia-based company that
provides heavy haulage and craneage, bulk haulage, liquid fuels
distribution, and transport and logistics services. The Company
operates in four segments: the Heavy Haulage & Lifting division,
which provides heavy haulage and lifting solutions for equipment
required in the construction, operation and maintenance of
resources, energy and infrastructure projects; the Bulk Haulage
division, which provides bulk commodities haulage across off-road
and on-road routes and ancillary onsite services in the mining
sector; the Oil & Gas division, which includes Cootes Transport, a
provider of liquid and gaseous fuel transportation services in
Australia for oil and gas companies and Refuel International,
which designs and manufactures of refueling and handling
equipment, and the Specialised Transport division, which includes
the operations of WA Freight Group, including the movement of less
than truck load freight.

McAleese fell into administration on Aug. 29, 2016, the same day a
planned extraordinary general meeting was set to oust chief
executive Mark Rowsthorn from the board.  Lead shareholder
Havenfresh had requested for an overhaul after opposing the
Company's proposed recapitalisation plan.

Joseph Hayes, Jason Preston, Jamie Harris and Keith Crawford of
McGrathNicol on Aug. 29, 2016, were appointed voluntary
administrators of McAleese Limited and each of its wholly owned
subsidiaries with the exception of Sunshine Refuellers Pty Ltd.

On Sept. 30, 2016, Mr. Rowsthorn vacated his board seat, along
with chairman Don Telford, leaving Gilberto Maggiolo - who also
serves as a director of Havenfresh - as the lone remaining board
member.


MESOBLAST LIMITED: Inks Equity Purchase Pact With Mallinckrodt
--------------------------------------------------------------
Mesoblast Limited said it has entered into an equity purchase
agreement with Mallinckrodt Pharmaceuticals and will exclusively
negotiate a commercial and development partnership for two of
Mesoblast's Tier 1 product candidates, MPC-06-ID in the treatment
or prevention of moderate/severe chronic low back pain (CLBP) due
to disc degeneration and MSC-100-IV in the treatment of acute
graft versus host disease (GVHD).

Under the terms of the agreement, Mallinckrodt will have an
exclusive period of up to nine months to conclude commercial and
development agreements for the two product candidates in all
territories outside of Japan and China.  As consideration,
Mallinckrodt will purchase approximately 20.04 million (4.99%) of
Mesoblast's ordinary shares at a price of AUD1.4761 per share.
Mallinckrodt is a global specialty pharmaceutical company with a
major focus within the hospital acute and critical care settings,
including pain management, autoimmune and rare diseases, and
specialty generic pharmaceuticals.  The company's key branded
products in these areas, generating multi-billion dollar revenues,
include H.P. Acthar Gel (repository corticotrophin injection) and
Therakos Immunotherapy platform, OFIRMEV (acetaminophen
injection), and INOMAX (nitric oxide) gas, for inhalation.
Recently, Mallinckrodt has entered the regenerative medicine field
with the acquisition of an investigational human keratinocyte-
based regenerative medicine platform to bolster its pipeline of
hospital products with an off-the-shelf skin substitute beginning
Phase 3 testing for partial thickness burns.

Mesoblast Chief Executive Silviu Itescu said, "We are pleased that
Mallinckrodt has chosen to make an investment in Mesoblast.
Mallinckrodt has a track record of success in commercializing
medicines for immune-mediated diseases and pain management, and we
believe that its major footprint in hospitals addressing acute
care needs can be leveraged to realize the full commercial and
clinical value of our innovative cellular medicines."

Steven Romano, M.D., executive vice president and chief scientific
officer of Mallinckrodt, commented, "This agreement provides
Mallinckrodt with a potential opportunity to extend our
regenerative medicine pipeline in areas of high unmet patient
need.  We see Mesoblast as a leader in developing innovative cell-
based medicines and look forward to establishing a fruitful
partnership."

Mesoblast's product candidate MPC-06-ID is currently being
evaluated in a 360-patient Phase 3 trial as a treatment for
moderate/severe CLBP due to disc degeneration in patients who have
failed other non-surgical options, including steroid injections
and opioids.  Data from 24-month follow up of 100 patients
participating in a randomized, placebo-controlled Phase 2 trial of
MPC-06-ID were presented in August 2016 at the 24th Annual
Scientific Meeting of the Spine Intervention Society.
Mesoblast's product candidate MSC-100-IV is currently being
evaluated in a 60-patient open label Phase 3 trial as a front-line
therapy for children with steroid-refractory acute GVHD. The trial
was recently successful in a pre-specified interim futility
analysis, and Mesoblast expects to fully read out trial results
during 2017.  Based on guidance from the United States Food and
Drug Administration (FDA), Mesoblast believes that positive data
from this Phase 3 trial may be sufficient for filing for
accelerated approval of MSC-100-IV in the United States. Mesoblast
plans to broaden the use of its therapy in adult patients with
high-risk 88 steroid-refractory acute GVHD.

                       About Mallinckrodt

Mallinckrodt -- http://www.mallinckrodt.com/-- is a global
business that develops, manufactures, markets and distributes
specialty pharmaceutical products and therapies, as well as
nuclear imaging products.  Areas of focus include autoimmune and
rare diseases in specialty areas like neurology, rheumatology,
nephrology, pulmonology and ophthalmology; immunotherapy and
neonatal respiratory critical care therapies; analgesics and
hemostasis products; and central nervous system drugs.  The
company's core strengths include the acquisition and management of
highly regulated raw materials and specialized chemistry,
formulation and manufacturing capabilities.  The company's
Specialty Brands segment includes branded medicines and its
Specialty Generics segment includes specialty generic drugs,
active pharmaceutical ingredients and external manufacturing.

                       About Mesoblast Ltd.

Melbourne, Australia-based Mesoblast Limited (ASX:MSB;
Nasdaq:MESO) develops cell-based medicines.  The Company has
leveraged its proprietary technology platform, which is based on
specialized cells known as mesenchymal lineage adult stem cells,
to establish a broad portfolio of late-stage product candidates.
Mesoblast's allogeneic, 'off-the-shelf' cell product candidates
target advanced stages of diseases with high, unmet medical needs
including cardiovascular diseases, immune-mediated and
inflammatory disorders, orthopedic disorders, and
oncologic/hematologic conditions.

Mesoblast reported a loss before income tax of AUD90.82 million
for the year ended June 30, 2016, compared with a loss before
income tax of AUD96.24 million for the year ended June 30, 2015.
As of Sept. 30, 2016, Mesoblast had AUD665.4 million in total
assets, AUD155.6 million in total liabilities and AUD509.9 million
in total equity.

PricewaterhouseCoopers, in Melbourne, Australia, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2016, citing that the Company has
suffered recurring losses from operations that raise substantial
doubt about its ability to continue as a going concern.


PAYLESS SHOES: Owes AUD51,000 to iPrimus, AUD29,000 to HR3
----------------------------------------------------------
Steven Kiernan at CRN reports that Payless Shoes, which is being
liquidated with the loss of up to 730 jobs, owes Melbourne-based
Primus Telecommunications (iPrimus) AUD51,000.

Vocus Communications-owned iPrimus is not the only tech company
facing a haircut from the insolvency: human resources software
vendor HR3 is owed AUD29,000, solution provider Fusion5 Business
Solutions is owed AUD7,000 and EFTPOS supplier Quest Payment
Systems is owed nearly AUD9,000, CRN discloses, citing a report to
creditors.

However, these debts are relatively minor amid a corporate
delinquency set to cost unsecured creditors tens of millions of
dollars, the report notes.

According to CRN, administrators Ferrier Hodgson have announced a
"disappointing outcome", with all 132 Payless Shoes stores in
Australia to be closed after the company failed to find a
successful bidder for the business as a whole.  All stores will be
closed or transferred by February 2017.

The largest debt is AUD42 million owed to PSS Holdings, says CRN.
The Australian retailer was acquired out of administration in 2013
by US-based Payless ShoeSource.

A report recently released by corporate regulator ASIC found that
unsecured creditors failed to recoup any return in more than 90
percent of corporate administrations, CRN discloses.

                       About Payless Shoes

Established in 1980, Payless Shoes Pty Ltd is one of Australia's
largest independent shoe retailers.

In September 2012, Payless Shoes, then with 230 stores, went into
administration and emerged from administration in 2013 after being
acquired by global shoe retailer Payless ShoeSource.  Deloitte
partners David Lombe and Vaughan Strawbridge handled the
administration.

In November 2016, Payless Shoes, with 132 stores, again collapsed
into voluntary administration.  Ferrier Hodgson partners Jim
Sarantinos, James Stewart, and Peter Gothard were appointed
voluntary administrators by the company's board of directors on
Nov. 22, 2016.

On Dec. 14, 2016, the Administrators announced the planned closure
of all 132 Payless Shoes stores by February 2017.


ROCCA'S AUTO: In Liquidation; First Meeting Set for Jan. 6
----------------------------------------------------------
Timothy Clifton and Simon Miller of Clifton Hall were appointed as
Joint and Several Liquidators of Rocca's Auto Electrical Pty Ltd
on Dec. 22, 2016.

A meeting of creditors will be held at 10:00 a.m. on Jan. 6, 2017,
at Clifton Hall, Level 3, 431 King William Street, in Adelaide.



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CHINA COMMERCIAL: John Levy Quits From Board of Directors
---------------------------------------------------------
Mr. John Levy notified China Commercial Credit, Inc., of his
resignation from the board of directors of the Company effective
Dec. 19, 2016.  Mr. Levy's decision to resign did not result from
any disagreement with the Company on any matter relating to the
Company's operations, policies or practices, according to a Form
8-K report filed by the Company with the U.S. Securities and
Exchange Commission.

                    Appointment of Teck Chuan Yeo

On the same day, the Board appointed Mr. Teck Chuan Yeo to serve
as the chairman of the Board's Audit Committees, effective
immediately and Mr. Yeo will no longer serve as the chairman of
the Board's Nominating and Corporate Governance Committee.

                      Appointment of Boling Liu

On Dec. 22, 2016, the Board appointed Ms. Boling Liu to fill the
vacancy created by the resignation of Mr. John Levy, effective
immediately. In addition to serving on the Board, Ms. Liu will
serve on the Board's Audit, Nominating and Corporate Governance
and Compensation committees.  Ms. Liu will also serve as the
chairwoman of the Board's Nominating and Corporate Governance
Committee.

Ms. Liu, age 30, has been the vice president of Shenzhen Tianhe
E-Commerce Limited Company since August 2010.  From January 2010
to August 2010, Ms. Liu served as a manager of the sales
department of Shenzhen Guantian Aeronautics.  From April 2005 to
January 2010, Ms. Liu served as the manager of customer service of
Shanxi Datang Air Service Limited Company. Ms. Liu obtained a
bachelor degree of Shanxi Normal University, computer information
college.

Ms. Liu does not have any family relationship with any director or
executive officer of the Company and has not been involved in any
transaction with the Company during the past two years that would
require disclosure under Item 404(a) of Regulation S-K.

Ms. Liu has entered into an independent director agreement with
the Company, which sets her annual compensation at $20,000 per
year and establishes other terms and conditions governing her
service on the Company's Board.

                  About China Commercial Credit

China Commercial Credit, Inc., offers financial services in China.
It provides direct loans, loan guarantees and financial leasing
services to small-to-medium sized businesses, farmers and
individuals in the city of Wujiang, Jiangsu Province.

China Commercial reported a net loss of $55.83 million in 2015
following a net loss of $23.37 million in 2014.

As of Sept. 30, 2016, China Commercial had $22.45 million in total
assets, $19.74 million in total liabilities and $2.70 million in
total shareholders' equity.

Marcum Bernstein & Pinchuk LLP, in New York, New York, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2015, citing that the
Company has accumulated deficit that raises substantial doubt
about its ability to continue as a going concern.


SPI ENERGY: 2015 Report Includes Going Concern Qualification
------------------------------------------------------------
SPI Energy Co., Ltd., filed with the U.S. Securities and Exchange
Commission its amended annual report on Form 20-F/A, disclosing a
net loss of $185.08 million on $190.51 million of net sales for
the year ended December 31, 2015, compared with a net loss of
$5.20 million on $91.64 million of net sales for the year ended
December 31, 2014.

KPMG Huazhen LLP in Shanghai, China, issued a "going concern"
qualification on the consolidated financial statements, stating
that the Group has suffered significant losses from operations and
has a negative working capital as of December 31, 2015. In
addition, the Group has substantial amounts of debt that will
become due for repayment in 2016.

The Company's balance sheet at Dec. 31, 2015, showed total
assets of $709.57 million, total liabilities of $493.01 million,
and a stockholders' equity of $216.56 million.

A full-text copy of the Company's Form 20-F/A is available at:
https://is.gd/0Wp85f

SPI Energy Co., Ltd., and its subsidiaries provide photovoltaic
("PV") solutions for business, residential, government and utility
customers and investors.  SPI provides engineering, procurement
and construction services ("EPC") to third party project
developers, as well as develop, own and operate solar PV projects
that sell electricity to the grid in multiple countries in Asia,
North America and Europe.


YUZHOU PROPERTIES: Moody's Affirms 'B1' CFR; Outlook Now Positive
-----------------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
rating outlook of Yuzhou Properties Company Limited.

Moody's has also affirmed the company's B1 corporate family rating
and the senior unsecured ratings on its issued bonds -- USD250
million bonds due 2019; USD300 million bonds due 2019; and USD250
million bonds due 2023.

RATINGS RATIONALE

"The change in outlook reflects Yuzhou's strong sales execution,
which could in turn improve its debt leverage," says Franco Leung,
a Moody's Vice President and Senior Credit Officer and also the
International Lead Analyst for Yuzhou.

Yuzhou achieved strong contracted sales year-on-year growth of 77%
to RMB21.6 billion in the period of January to November 2016 and
it will fulfill its full-year target of RMB22 billion. This level
is comparable to some of the company's Ba3-rated Chinese property
peers.

The strong contracted sales growth has been supported by the
company's successful geographic expansion. It is expanding its
footprint to Hefei, Shanghai, Nanjing and Fuzhou. The proportion
of its saleable land bank held and contracted sales contribution
outside of its home market -- Xiamen - rose to 80% and 66% at end-
June 2016 from 50% and 34% at end-2010. In 2H 2016, the company
further expanded to Hangzhou, Wuhan and Suzhou.

Moody's expects the company's revenue in 2016 to reach RMB14-RMB15
billion, or approximately year-on-year growth of 40%. With the
strong contracted sales seen in 2016, revenue is expected to grow
by 20%-30% in 2017. This trend of growing revenue will help to
improve debt leverage.

Moody's estimates that the company's debt leverage -- as measured
by revenue/adjusted debt (including adjustments for guarantees
covering third parties) -- will be moderately high at around 55%
at end-2016, or 60%, if excluding around RMB2 billion in debt
raised for prefunding the redemption of its offshore notes in
January 2017.

But Moody's expects debt leverage to improve to 70%-75% over the
next 12 months. This is based upon the expectation that the
company can contain debt growth, slow land acquisitions, and keep
growing sales in the next 2 years. Such a level could be
comparable to that of some Ba3 rated Chinese property peers.

Yuzhou's B1 corporate family rating reflects its growing operating
scale, increasing geographic diversification, robust
profitability, and strong liquidity position.

Yuzhou's gross profit margin was 36% in 2015. Moody's expects the
margin to fall to around 32% which is still higher than the
average of 26% for the rated portfolio. The high gross margins
benefit the company with high EBIT interest coverage which was
3.3x in 2015. Moody's expects the company to actively manage down
its operating and borrowing costs. Accordingly, its EBIT interest
coverage will likely improve to 3.5x in 2016 which is strong
compared with its B1 rated peers.

Yuzhou B1 rating is also supported by its strong liquidity
position. Yuzhou had a large cash balance of RMB15.7 billion at
end-June 2016 and cash/short-term debt was high at 2.73x.

Moreover, the company has established a track record of securing
offshore financing. It concluded a USD400 million syndicated loan
and issued USD250 million in bonds in 2H 2016.

However, Yuzhou's B1 corporate family rating is constrained by its
moderately high debt leverage - as measured by revenue/adjusted
debt.

Moody's notes that Yuzhou has increased onshore financing which
could raise in turn the subordination risk for offshore investors
of debt securities and lenders at the holding company level.

Moody's will continue to monitor the company's funding strategy
and assess the risk of subordination. Its senior unsecured bond
rating could be under downgrade pressure if the level of priority
debt at the subsidiary level does not trend downwards for the
fiscal year ending 31 December 2016.

Rating upgrade pressure could emerge if Yuzhou can grow in scale,
improve its debt leverage, and maintain strong contracted sales,
high profit margins, and strong liquidity and interest cover.

The credit metrics indicating upgrade pressure would include
revenue/adjusted debt above 70%-75% and EBIT interest coverage
above 3.0x-3.5x on a sustained basis.

On the other hand, the rating outlook could return to stable if
Yuzhou shows (1) slower-than-expected growth in contracted sales
and revenue, (2) a strong land acquisition appetite, or (3) its
credit metrics are unlikely to reach upgrade levels over the
medium term. In such a situation, EBIT interest coverage will fall
below 3.0x and/or revenue/adjusted debt will remain below 65%-70%.

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

Yuzhou Properties Company Limited is a property developer that
focuses on residential housing in the West Strait Economic Zone
and Yangtze River Delta. The company recently moved its
headquarters to Shanghai from Xiamen. At end-June 2016, it had a
land bank of over 9.04 million square meters in terms of total
saleable gross floor area. Of this land bank, 53% were in the
Yangtze River Delta, 44% in the West Strait Economic Zone, and 3%
in the Pan-Bohai Rim.



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AADARSH EXTRUSION: ICRA Assigns 'B' Rating to INR3.40cr Term Loan
-----------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the INR2.50-
crore fund based cash credit facility and to the INR3.40 crore
term loan facility of Aadarsh Extrusion Private Limited.  ICRA has
further assigned an [ICRA]B/[ICRA]A4 rating to the INR1.05 crore
unallocated limits of AEPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limit-
   Cash Credit             2.50        [ICRA]B; Assigned

   Fund Based Limit-
   Term Loan               3.40        [ICRA]B; Assigned

   Unallocated Limits      1.05        [ICRA]B/[ICRA]A4; Assigned

The assigned ratings are constrained by AEPL's nascent stage of
operations, with its financial profile characterised by losses at
the net level and modest return indicators, as reflected by RoCE
of 3.4% by the end of FY2016.  The ratings also take into account
the company's stretched capital structure owing to high reliance
on debt, resulting into high gearing of 4.7 times as on March 31,
2016. Low profitability has also resulted into modest coverage
indicators, as reflected by interest coverage, NCA/TD and Debt
Service Coverage Ratio (DSCR) remaining at 1.8 times, 4% and 0.8
time respectively by the end of FY2016. ICRA also notes AEPL's
stretched liquidity position because of consistently higher
receivable days, causing net working capital intensity to remain
high at 41% as on March 31, 2106.  The company witnessed intense
competition from several local, unorganised players as well
organised players in the industry.

The ratings, however, draw comfort from the significant experience
of the promoter in the field of aluminium extrusion. The ratings
also take into account AEPL's diversified product portfolio,
reducing sales concentration risks.

Going forward, AEPL is expected to report a marginal growth on
account of the stable demand outlook for its end-user industries,
especially that of home interiors.  Furthermore, the company's
operations are vulnerable to fluctuation in raw material prices
and slowdown in end-user industries.  The ability of the company
to scale up its operations, while improving its profitability and
efficiently managing its working capital requirements, and thereby
improving its capital structure and coverage indicators, would
remain important from a credit perspective.

Incorporated in 2012, Aadarsh Extrusion Private Limited (AEPL) is
engaged in manufacturing aluminium extrusion products.  Commercial
operations of the company started from October 2014.  AEPL's
manufacturing unit is located at Manjusar in Gujarat, which is
equipped with a production capacity of 12 metric tonnes per day.
The product portfolio of the company comprises hardware and
architectural utilities such as window frames and sections,
rectangular tubes, handles, inter-locks, and square bars, among
others.

It is presently managed by Mr. Himmatmal Jain and his sons, Mr.
Dharmesh Jain and Mr. Pravin Jain. Mr. Himmatmal Jain has more
than two decades of experience in the field of aluminium
extrusion; while his have experience of related businesses.

                          Recent Results

During FY2016, the firm registered a net loss of INR0.1 crore on
an operating income of INR14.3 crore.


ALIZ CERAMIC: CRISIL Suspends 'B' Rating on INR30MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Aliz
Ceramic.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20        CRISIL B/Stable
   Term Loan               30        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by ALC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ALC is yet to
provide adequate information to enable CRISIL to assess ALC's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL views information availability risk as a key
factor in its assessment of credit risk.

ALC is a partnership firm set up in May 2014. The firm is promoted
by Mr. Milan and his family members. The firm has capacity to
produce 90,000 tones of ceramic tiles per annum and commenced
commercial productions in May 2015.


ALP NON: CARE Assigns 'D' Rating to INR6.41cr Long Term Loan
------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of ALP Non
Woven Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.41      CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of ALP Non Woven
Private Limited is constrained on account of ongoing delays in its
debt servicing due to weak liquidity position.

Establishing a clear track record of timely servicing its debt
obligations along with improvement in the liquidity position
remain the key rating sensitivities.

Modasa-based (Gujarat) ANWPL was incorporated in 2012, by Mr.
Hareshkumar Dahyabhai Patel and is currently managed by Mr.
Mahendrakumar Hansarajbhai Patel and Mr. Jagdish Ratilal Patel.
The company manufactures non-woven technical fabrics with a
product range from 10gsm-150 gsm, from April 2014 onwards.  While
the raw materials like Polypropylene (PP), Polyethelene (PE) and
Poly Vinyl Chloride (PVC) granules are procured from the domestic
market, it sells its finished products to various states of India
like Gujarat, Maharashtra, Delhi and Tamilnadu.

The fabrics manufactured by ANWPL find application in the
technical textile industry for manufacturing of medical masks,
shopping bags, crop protection covers and other hygiene products.
ANWPL operates from its sole manufacturing facility located in
Modasa (Gujarat) with an installed capacity of 2400 tons per
annum.

During the fiscal year ended March 31, 2016, ANWPL reported a
total operating income (TOI) of INR2.05 crore with a net loss of
INR1.65 crore as against TOI of INR3.85 crore with a net loss of
INR2.26 crore in FY15 for its eleven months of operations.
Furthermore, during 8MFY17 (Provisional), ANWPL reported a TOI of
INR1.20 crore.


ALVI TECH: ICRA Suspends 'B' Rating on INR10.63cr LT Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]B and [ICRA]A4 rating assigned to the
INR20.001 crore bank facilities of Alvi Tech Services Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of requisite information from
the company.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   LT Scale-Fund Based
   Limits                  10.63      [ICRA]B, Suspended

   ST Scale-Non Fund
   Based Limits             6.00      [ICRA]A4, Suspended

   LT & ST Scale-Untied
   Limits                   3.37      [ICRA]B/[ICRA]A4; Suspended

ATSPL was incorporated in 2006 as a private limited company and is
engaged in the business of engineering, erection, commissioning
and construction of electrical, mechanical and instrumentation
components of offshore projects in oil and gas fields.
It also undertakes system integration in the field of fire and gas
detection, process automation, power generation and power
management system on a turnkey basis in addition to the
maintenance of mechanical, electrical and instrumentation systems.
The company has its works unit in MIDC, Dombivli and
administrative office at Kalyan.


AMODH CERAMIC: CRISIL Suspends 'B+' Rating on INR30MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Amodh
Ceramic Pvt. Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          10        CRISIL A4
   Cash Credit             20        CRISIL B+/Stable
   Term Loan               30        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by ACPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ACPL is yet to
provide adequate information to enable CRISIL to assess ACPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL views information availability risk as a key
factor in its assessment of credit risk.

ACPL was incorporated in June 2014. The company is setting up a
facility to manufacture ceramic wall tiles. ACPL is promoted by
Mr. Dharmesh Chhatrola and others.


ARUNACHALA SPINNING: CARE Reaffirms B+ Rating on INR11.25cr Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of
Arunachala Spinning Mills India Private Limited.

                              Amount
   Facilities              (INR crore)   Ratings
   ----------              -----------   -------
   Long term Bank Facilities   11.25     CARE B+; Stable
                                         Reaffirmed

   Long/Short term Bank         2.00     CARE B+/CARE A4
   Facilities                            Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Arunachala Spinning
Mills India Private Limited continue to be constrained by the
modest scale and working capital intensive nature of operations,
thin and declining profitability margins and susceptibility of
margins to volatility in raw material prices. The ratings are
further constrained by a large proportion of sales from a single
client and its presence in the highly fragmented cotton yarn
industry.

The ratings continue to draw strength from the wide experience of
the promoters and the moderate capital structure and debt
protection metrics of the company. The ability of ASMIPL to grow
its operations, improve its profitability and efficiently manage
its working capital cycle is the key rating sensitivities.

Arunachala Spinning Mills India Private Limited was incorporated
in 2004 by Mr. M N Natarajan to manufacture cotton yarn. The
company mainly produces cotton yarn of 40's count mainly used in
the hosiery industry. Occasionally, the company produces yarn of
30's and 34's count also (which accounts to around 30% of the
total sales). The manufacturing unit of ASMIPL is located at
Dharapuram, Tamil Nadu and has an installed capacity of 16,800
spindles as on October 31, 2016.

ASMIPL has five associate companies namely Bagyalakshmi Dyeing
(not operational), Everking Garments, Superking Knitters, Veeyem
Tex and Naga Sai Agency. All the associate concerns are engaged in
the business of dyeing fabrics and manufacturing garments.

As per audited results, ASMIPL achieved a PAT of INR 0.29 crore on
a total operating income of INR56.95 crore in FY16 (refers to the
period April 1 to March 31) as compared with PAT of INR0.65 crore
on a total operating income of INR 57.17 crore. crore in FY15. In
H1FY17 (refers to the period April 1 to September 30), the company
achieved sales of INR24 crore.


AZICO BIOPHORE: CRISIL Hikes Rating on INR124MM LT Loan to 'B'
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Azico
Biophore India Private Limited to 'CRISIL B/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             27        CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Letter of Credit        10        CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Long Term Loan         123.9      CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long Term       8.1      CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

The rating upgrade follows timely servicing of debt by the Azico
for a period of last twelve months ended November 30 2016. This
was supported by need based fund support from its promoters. The
upgrade also factors in CRISIL's belief that the Azico will
continue to service its debt in a timely manner over the medium
term, marked by improvement in revenue and sustainability of
operating profitability resulting in sufficient cash accruals to
meet its maturing debt obligations.

The ratings reflect the Azico small scale of operations, its
below-average financial risk profile marked by weak debt
protection measures and its exposure to fluctuations in raw
material prices and intense competition in the pharmaceuticals
industry. The rating weaknesses are partially offset by the
promoter's extensive industry experience and its customer
relationships.
Outlook: Stable

CRISIL believes that the Azico will benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the group reports substantial revenue
and profitability, resulting in large cash accruals, and if its
capital structure improves with significant equity infusion.
Conversely, the outlook may be revised to 'Negative' in case of
large debt-funded capital expenditure leading to deterioration of
capital structure, or low cash accruals or large working capital
requirements leading to pressure on liquidity.

Azico, incorporated in 2009 by Mr. AP Rameswara Rao and based in
Hyderabad, manufactures active pharmaceutical ingredients for
supply to the regulated market.

In 2015-16 (refers to financial year, April 1 to March 31), Azico
reported net loss of INR15.22 million on net turnover of INR88.97
million, vis-a-vis net loss of INR51.89 million on net turnover of
INR12.74 million in 2014-15.


BATRA LOGISTICS: ICRA Suspends B+ Rating on INR7.55cr Bank Loan
---------------------------------------------------------------
ICRA has suspended rating of [ICRA]B+ assigned to the INR7.55
crore bank facilities of Batra Logistics Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

BLPL was incorporated as a private limited company in April 2011,
by the merger of three firms owned by the Batra family, headed by
Mr. Vinay Batra. The Batra family, through its various firms, has
been engaged in the transportation of molasses for the last 5
decades. BLPL is engaged in transportation of molasses mainly
within Uttar Pradesh.


BHARTI FARMS: ICRA Suspends 'D' Rating on INR12.24cr Bank Loan
--------------------------------------------------------------
ICRA has suspended its rating of [ICRA]D assigned to the INR12.24
crore bank facilities of Bharti Farms India (P) Limited.  The
suspension follows continued non-cooperation from the company and
is in line with ICRA's policy on withdrawal and suspension.


BHAURAO CHAVAN: ICRA Raises Rating on INR92MM Loan to B+
--------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the term loans
and fund based limits of Bhaurao Chavan Sahakari Sakhar Karkhana
Limited aggregating to INR146.00 crore from [ICRA]B+ to [ICRA]BB-
The outlook on the rating is 'Stable'.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loans              45.00       Upgraded from [ICRA]B+
                                       to [ICRA]BB- (stable)

   Fund Based Limits       92.00       Upgraded from [ICRA]B+
                                       to [ICRA]BB- (stable)

   Basal Dose Loan          9.00       Upgraded from [ICRA]B+
                                       to [ICRA]BB- (stable)

The upgrade of rating takes into account the improvement in the
sugar contribution levels of the company, driven by firm sugar
prices which have benefitted from the decline in all-India sugar
production levels in SY2016, which ICRA expects to further decline
in SY2017 following lower sugarcane cultivation in key sugar
producing states, viz.  Maharashtra and Karnataka. The company's
contribution levels from sugar business have also strengthened on
account of the increase in recovery rates (11.5% in SY2016 as
against 11.3% in SY2015).

The rating favorably takes into account the existing forward
integration of one sugar plant into distillery operations which
negates sugar cyclicality to some extent and provides support to
overall profitability levels of the company.  The rating also
factors in the relatively flexible FRP (Fair & Remunerative Price)
based cane pricing regime in Maharashtra which offers some hedging
during times of supply induced pressures on sugar prices as well
as the limited competition from other sugar factories reducing
pressures on sugarcane supply.

The rating, however, continues to remain constrained by the high
working capital intensity inherent in the business which results
in high reliance on working capital borrowings.  The rating
continues to take into account the inherent cyclicality and agro-
climatic risks in sugar operations and vulnerability to Government
regulations. ICRA further notes that the company's net
profitability is expected to remain subdued in the long term given
the co-operative structure of the company, wherein profits from
sugar business are largely distributed amongst the farmers who are
also equity holders in the company, through increase in cane
costs. The company's capital structure continues to remain highly
leveraged owing to the debt availed for purchase of sugar factory
and the high reliance on working capital borrowings.

Bhaurao Chavan Sahakari Sakhar Karkhana Limited (BCSSKL) was
incorporated in 1990.  It is a co-operative sugar factory with
about 10,000 farmers as members.  BCSSKL has four sugar factories
(Unit-1: 3,500 TCD, Unit-2: 1,800 TCD, Unit-3: 1,250 TCD & Unit-4:
3,500 TCD). The chief promoter (and currently a member) of the
company was Mr. Ashok Chavan, the ex-Chief Minister of
Maharashtra.

The company initially setup its first sugar unit of 2500 TCD
crushing capacity which commenced crushing operations from SY1997.
Subsequently, due to higher cane availability and limited crushing
capacity of its own plant, the company purchased two additional
sugar factories, i.e. Unit-2 and Unit-3, which commenced crushing
operations from SY2007.  Further, the company setup a 30 KLPD
distillery unit which also started operations from SY2007, to
utilize the molasses available from crushing operations of Unit-1.
The company purchased another sugar factory in Nanded district of
2500 TCD crushing capacity which commenced operations from SY
2014.

For FY2015, BCSSKL reported net loss of INR17.77 crore on an
operating income of INR427.23 crore. For FY2016, BCSSKL has
reported Profit after Tax (PAT) of INR0.57 crore on an operating
income of INR450.12 crore..


BLUESTAR COTTSPIN: CARE Revises Rating on INR15.89cr Loan to B+
---------------------------------------------------------------
CARE revises the LT rating and reaffirms the ST rating assigned to
the bank facilities of Bluestar Cottspin Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     15.89      CARE B+; Stable
                                            Revised from CARE B

   Short-term Bank Facilities     1.00      CARE A4 Reaffirmed

Rating Rationale

The revision in long-term rating assigned to the bank facilities
of Bluestar Cottspin Private Limited was on account of increase in
its scale of operations during 7MFY17 (refers to the period April
1 to October 31) on the back of stabilization of overall
operations. Furthermore, the ratings continue to drive comfort
from strategic location of its manufacturing facilities to the
cotton-producing region of Gujarat with easy availability of raw
material, power and fuel along with availability of various fiscal
benefits from the government.

However, the ratings continue to remain constrained on account of
relatively limited experience of management into cotton yarn
business coupled with susceptibility of profit margins to
volatility in cotton prices along with inherent cyclicality and
high competitive intensity associated with the cotton yarn
industry. The ratings also take into consideration leveraged
capital structure and weak debt coverage indicators during FY16.

The ability of BCPL to increase its scale of operations and
improvement in profitability coupled with improvement in
solvency position, debt protection metrics and better working
capital management are the key rating sensitivities.

Rajkot-based (Gujarat) BCPL was incorporated during February 17,
2014 by Mr. Piyush Dadhaniya, Mr. Jamnadas Padalia, Mr. Ankit
Butani, Mr. Anki Dadhaniya, Mr. Suketu Sagaparia, Ms Ilaben
Padalia and Mr. Ravi Dadhaniya. BCPL has set up a manufacturing
facility of cotton spinning with 1380 rotors with an installed
production capacity of 3481.85 MTPA for counts ranging from 12s to
16s. Commercial production of the plant commenced from December
2015.

As per the audited results for FY16 (refers to the period April 1
to March 31), BCPL reported Total income of INR4.25 crore and
PBILDT of INR0.39 crore however, after tax loss if INR0.38 was
reported.


BRIJ LAL: ICRA Suspends 'B' Rating on INR14.98cr Bank Loan
----------------------------------------------------------
ICRA has suspended rating of [ICRA]B assigned to the INR14.98
crore bank facilities of Brij Lal Hospital and Research Centre
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance due to client non-cooperation.

Incorporated in June 2007, BLHRC is a part of Haldwani-based Pal
group of companies. Owned and managed by Mr. Ramesh Pal and his
two sons -- Dr. Ajay Pal and Mr. Ashok Pal, the company owns and
operates a 230-bedded multi-specialty hospital and a nursing
college in Haldwani, Nainital (Uttarakhand).  While the hospital
commenced operations in 2007-08, the nursing college was launched
in September 2011.


CITY'S KITCHEN: ICRA Suspends 'D' Rating on INR5.05cr Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR5.05 crore fund based facility of City's Kitchen. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite fees and information
from the company.

Incorporated in the year 2009, the firm is engaged in providing
catering services to various corporate, public agencies and
educational institutions as well as taking party and wedding
orders. The firm is based out of Kharadi, Pune and caters to the
various corporate offices in the IT parks in and around the
Kharadi - Magarpatta - Viman nagar area. Mr. Srinivas Mekala, the
proprietor of the firm has a long standing experience in the
catering and hospitality business.


D.V. EXPORT: CRISIL Assigns B+ Rating to INR190MM Packing Loan
--------------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable' rating to the long-term
bank facility of D.V. Export.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Export Packing Credit     190       CRISIL B+/Stable

The rating reflects the firm's modest scale of operations in an
intensely competitive industry, and low operating margin and cash
accrual leading to average debt protection metrics. These
weaknesses are partially offset by the extensive experience of
promoters in the cotton trading business and efficient working
capital management leading to moderate capital structure.
Outlook: Stable

CRISIL believes DVE will continue to benefit from the experience
of its promoters and established relationships with customers and
suppliers. The outlook may be revised to 'Positive' if revenues
increase and capital structure remains unchanged. The outlook may
be revised to 'Negative' if decline in revenue or profitability
weakens liquidity.

Established in 2007, DVE is engaged in trading of cotton bales,
seeds and hull. The firm is based in based in Sendhwa, district
Barwani (Madhya Pradesh) with offices in Indore, Aurangabad and
Adilabad.  It is owned and managed by Mr. Sanchit Rajpal and
belongs to Manjeet group.


DAVENDRA FEEDS: ICRA Suspends 'D' Rating on INR13.45cr Bank Loan
----------------------------------------------------------------
ICRA has suspended its rating of [ICRA]D assigned to the INR13.45
crore bank facilities of Davendra Feeds India (P) Limited. The
suspension follows continued non-cooperation from the company and
is in line with ICRA's policy on withdrawal and suspension.


DIGITAL CERAMICS: CRISIL Lowers Rating on INR40MM Cash Loan to B
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of Digital Ceramics Private Limited to 'CRISIL
B/Stable' from 'CRISIL B+/Stable' and reaffirmed the company's
short-term bank loan facility at 'CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          20        CRISIL A4 (Reaffirmed)

   Cash Credit             40        CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Term Loan               20        CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The downgrade reflects the deterioration in the company's business
risk profile impacting its liquidity.  Topline declined to INR61.4
million in 2016 from INR144 million in fiscal 2015 due to decline
in demand for the company's product.  Also, the working capital
cycle stretched as receivables and inventory increased to 132 and
215 days, respectively, as on March 31, 2016, from 74 and 107
days, respectively, a year earlier.  Consequently, the company
stretched payables to meet working capital requirement. Cash
accrual was insufficient to meet term debt obligation in 2016 and
will remain so in 2017. The company has served its term debt on
time through unsecured loans and by managing its working capital.

The ratings reflect the company's large working capital
requirement and small scale of operations in the highly
competitive ceramic tiles industry.  These weaknesses are
partially offset by its promoters' extensive industry experience.
Outlook: Stable

CRISIL believes DCPL will continue to benefit from its promoters'
extensive industry experience.  The outlook may be revised to
'Positive' if there is a significant increase in revenue and
profitability, leading to sizeable cash accrual, and if capital
structure improves on account of reduction in working capital
cycle or because of equity infusion.  The outlook may be revised
to 'Negative' if the financial risk profile, particularly
liquidity, weaken on account of fall in profitability, stretch in
working capital cycle, or sizeable debt-funded capital
expenditure.

DCPL, incorporated in 2003, is promoted by Mr. Kalpesh Patel and
his family.  The company manufactures ceramic wall and floor tiles
at its facility in Morbi, Gujarat.


DINDAYAL INDUSTRIES: CARE Assigns B+ Rating to INR6cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' stable the ratings assigned to the bank
facilities of Dindayal Industries Limited.

                              Amount
   Facilities              (INR crore)   Ratings
   ----------              -----------   -------
   Long-term Bank Facilities     6       CARE B+; Stable Assigned

Rating Rationale

The rating assigned to the bank facilities of Dindayal Industries
Limited is primarily constrained on account of moderate
profitability, leveraged capital structure, weak debt coverage
indicators and stressed liquidity profile.  The rating is,
further, constrained on account of its presence in the highly
fragmented and competitive segment of the pharmaceutical industry.

The rating, however, derives strength from the experienced
management in the pharmaceutical industry and established
marketing and distribution network.  The rating, further, derives
strength from wide range of products and its ultramodern
manufacturing facility.

The ability of the company to improvement in overall financial
risk profile with improvement in overall solvency position
is the key rating sensitivities.

Gwalior-based (Madhya Pradesh) DDIL was initially incorporated as
Dindayal Aushadhi Private Limited by Chhaparwal in 1992. DDIL is
engaged in the business of manufacturing and trading of Ayurvedic
Vitalizers.  The company is located in Gwalior with total
installed capacity of 610 Tonnes Per Annum (TPA) as on March 31,
2016. The company has marketing team in Madhya Pradesh, Rajasthan,
Delhi, Maharashtra, Gujarat and other states.

DDIL manufactures capsules for vitality commonly known as '303
Gold' and '303 Original' and other brand name is 'Shoot'. DDIL use
44 precious herbs and minerals activated with extracts of 20
exotic herbs in highly purified form.  Furthermore, the company
manufactures capsules for diabetes commonly known as Diabegon pure
herbal diabetic medicine and also manufactures medicines for
liver, cough & cold, chyawanprash, health supplements, natural
health drinks, ayurvedic classical medicines and personal care
products. The company met out its raw material requirement from
local dealers near to the Pohani and Shivpuri forest area and
other chemical from the importers located in Mumbai and
Delhi. DDIL utilized 70% of its installed capacity as on
March 31, 2016, in its facility area spread in over 21000 square
feet.
During FY16, Audited (refers to the period April 1 to March 31),
DDIL reported a total operating income of INR25.03 crore
(FY15: INR18.80 crore) with a PAT of INR0.24 crore (FY15: INR0.03
crore).


DUVET INDUSTRIES: CRISIL Assigns 'B+' Rating to INR30MM Cash Loan
-----------------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Duvet Industries.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               28        CRISIL B+/Stable
   Bank Guarantee           2        CRISIL A4
   Cash Credit             30        CRISIL B+/Stable

The ratings reflect the firm's start-up nature of operations,
significant demand risks, and exposure to intense competition in
the home textiles industry. These weaknesses are partially offset
by the extensive industry experience of its partners.
Outlook: Stable

CRISIL believes Duvet will continue to benefit from the extensive
experience of its promoters in the home textile industry.  The
outlook may be revised to 'Positive' if operations stabilize and
there is significant growth in revenue and profitability.  The
outlook may be revised to 'Negative' if delay in stabilization of
operations or any debt-funded capital expenditure weakens
financial risk profile.

Set up in January 2016, as a partnership concern, Duvet
manufactures mink blankets. The firm started commercial operations
in September, 2016.


EASTERN MATTRESSES: CRISIL Suspends B+ Rating on INR65MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Eastern
Mattresses Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             65       CRISIL B+/Stable
   Long Term Loan          15       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by EMPL
with CRISIL's efforts to undertake a review of the ratings
outstanding.  Despite repeated requests by CRISIL, EMPL is yet to
provide adequate information to enable CRISIL to assess EMPL's
ability to service its debt.  The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL views information availability risk as a key
factor in its assessment of credit risk.

Incorporated in 1999, EMPL manufactures and sells rubberised coir
mattresses, spring mattresses and polyurethane foam mattresses
under its own brand, Sunidra. EMPL is based in Thodupuzha, Kerala
and the day to day operations of the company are managed by Mr.
Firoz Meeran and Mr. Nawas Meeran.


EVERON CASTINGS: ICRA Suspends B+ Rating on INR8.09cr Term Loan
---------------------------------------------------------------
ICRA has suspended the long-term rating of to [ICRA]B+ (pronounced
ICRA B plus) for the INR8.09 crore term loan facilities, INR18.00
crore fund based of Everon Castings Private Limited from.  ICRA
has also suspended the short term rating of [ICRA]A4 for the
INR13.00 crore fund based facilities (sub limit) and INR3.00 crore
non-fund based facilities of the Company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


EXODUS ISPAT: CRISIL Reaffirms B+ Rating on INR35MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Exodus Ispat Pvt Ltd
continues to reflect Exodus' modest scale of operations and its
working capital intensive operation; the ratings also factor in
exposure to intense competition in the building material industry
and to cyclicality in end-user industries.  These rating
weaknesses are partially offset by the promoters' extensive
industry experience.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             35       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        20       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that Exodus will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' in case of higher-than-expected
revenues and accruals or if the working capital management
improves, leading to a much better financial risk profile and
liquidity. Conversely, the outlook may be revised to 'Negative' if
revenue and accrual are lower than expected, the working capital
cycle is stretched, or if there is large debt-funded capital
expenditure, resulting in weakening of financial risk profile and
liquidity.

Update
Revenue dipped 4% in fiscal 2016 on account of decline in demand
and increase in competition. Turnover is expected to be maintained
at INR250 million in fiscal 2017, with sales already touching
INR14 million in the eight months ended November 2016.

Profit after tax (PAT) margin was low at 0.05% in fiscal 2016 due
to intense competition and is expected to continue to remain at
similar level over the medium term. Operations are working
capital-intensive with gross current assets (GCA) of 122 days as
on March 31, 2016 on account of inventory days of 50 days and
debtor days of 70 days. The GCAs will remain at around 120 days as
on March 31, 2017.

Financial risk profile remains average, with modest networth of
INR51 million, low total outside liabilities to tangible networth
ratio of 1.5 times and average interest coverage ratio of 1.6
times as on March 31, 2016. Liquidity is constrained by almost
full utilization of bank limits in 12 months ended November 2016.
Financial risk profile will remain steady over the medium term.

Incorporated in 2002, Exodus is engaged in manufacturing of multi-
colour steel roofing, tiles designing and zed purlins and
accessories for use in factories, warehouses, malls and other
buildings. The company has recently started manufacturing Pre
Engineered Building (PEB). Exodus is part of Exodus group and is
promoted by Mr. Rohit Lohia, Mr. Manish Lohia and Mr.  Bagaria.
Its manufacturing facility is located at Bishnupur (West Bengal).


FIL SEP: ICRA Reaffirms B+ Rating on INR4.0cr Cash Loan
-------------------------------------------------------
ICRA has reaffirmed [ICRA]B+ rating assigned to the INR4.51 crore1
long term fund based facilities of FIL SEP Equipments Private
Limited. ICRA has also reaffirmed [ICRA]A4 rating assigned to the
INR7.00 crore (enhanced from INR3.50 crore) short term non fund
facilities of FSEPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loans               0.51       [ICRA]B+ reaffirmed
   Cash Credit              4.00       [ICRA]B+ reaffirmed
   Bank Guarantee           6.00       [ICRA]A4 reaffirmed
   Letter of Credit         1.00       [ICRA]A4 reaffirmed

The reaffirmation of the ratings takes into account the relatively
small scale of operations of the company; the high competitive
intensity in the filtration and lubrication systems business on
account of high fragmentation and the working capital intensive
nature of operations. The ratings continue to take into account
the project based nature of the company's business, leaving it
vulnerable to down cycles in its end-user industries;
vulnerability of its profitability to unfavourable variations in
prices of key raw materials and its limited ability to pass on
cost increases to customers due to fixed price nature of
contracts. The ratings also take into account the high contingent
liabilities in case of non-performance on its contracts.
The ratings however, continue to positively consider the past
experience of the promoter in the filtration and lubrication
industry; reputed clientele comprising of leading MNC's and PSU's
and favourable long term demand prospects for the end-user
sectors.

FIL SEP Equipments Pvt. Ltd. started as a proprietorship concern
in 1996 promoted by Mr. Aalap Shirishbhai Derasary and was engaged
in trading of filter cartridges. It later ventured into
manufacturing of filtration vessels and lubrication skids. In
2009, FSEPL was incorporated as a private limited company to take
over the business of the proprietorship. FSEPL has its
manufacturing facility at GIDC, Vadodara and is engaged in design,
engineering, manufacturing, fabrication and supply of Lubrication
& Fluid Systems and Filtration & Separation Systems.

Recent Results
During FY 2016, FSEPL reported an operating income of INR13.7
crore and profit after tax of INR0.6 crore as against operating
income of INR11.1 crore and profit after tax of INR0.4 crore in FY
2015.


GR8 CONSTRUCTIONS: CRISIL Assigns 'B' Rating to INR50MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of GR8 Constructions Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan           50       CRISIL B/Stable

The rating reflects exposure to risks related to completion and
saleability of ongoing projects, and susceptibility to risks
inherent in the real estate industry. These rating weaknesses are
partially offset by the extensive experience of the promoter in
real estate development.
Outlook: Stable

CRISIL believes GCPL will continue to benefit from the extensive
experience of its promoter in the real estate market of
Vishakhapatnam, Andhra Pradesh. The outlook may be revised to
'Positive' in case of a substantial increase in cash flow, most
likely due to earlier-than-expected completion of, or
significantly higher realisations for, upcoming projects. The
outlook may be revised to 'Negative' in case of any delay in
project completion or in receipt of payments from customers,
inability to sell units in the upcoming projects, or any large,
debt-funded projects undertaken.

GCPL was established in 2005, promoted by Mr. Pathapati Venkata
Srinivasa Raju, who also manages operations. The company
undertakes residential real estate construction at Bhimavaram in
Visakhapatnam. It has one ongoing project.


GURUTEK INDIA: ICRA Suspends 'B' Rating on INR5cr Fund Based Loan
-----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the INR5.00 crore fund based facilities of Gurutek India Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


HOTEL GANESH: CRISIL Reaffirms 'B' Rating on INR100MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Hotel Ganesh
Private Limited continues to reflect HGPL's weak liquidity, modest
scale of operations, and exposure to risk related to its ongoing
renovation project. These rating weaknesses are partially offset
by the extensive experience of HGPL's promoters in the hospitality
industry and the favorable location of its hotel.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Rupee
   Term Loan               100       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that HGPL will benefit over the medium term from
the favourable location of its hotel and its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
the company completes its ongoing renovation project as per
schedule and ramps up operations earlier than expected. On the
other hand, the outlook may be revised to 'Negative' in case of
cost or time overrun in the project or if ramp-up in operations is
not as expected.

HGPL, incorporated in 2006, owns a 90-room hotel at Nungambakkam
in Chennai. The hotel is currently under renovation and is
expected to resume operations in January 2016. HGPL is promoted by
Mr. M. Raj Pradeep and his family members.


JEEVAN SAAR: ICRA Suspends 'D' Rating on INR19cr Bank Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] D assigned to
the INR19 crore fund based limits of Jeevan Saar Educational
Society.  The suspension follows ICRA's inability to carry out
rating surveillance in the absence of requisite information from
the company.


K. MANOHARAN: CRISIL Assigns B+ Rating to INR32.5MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of K. Manoharan.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         50         CRISIL A4
   Cash Credit            32.5       CRISIL B+/Stable

The ratings reflect a small scale of operations and large working
capital requirement.  These rating weaknesses are partially offset
by the extensive experience of the promoters in the civil
construction industry.

Outlook: Stable

CRISIL believes KM will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of a significant increase in scale of
operations coupled with sustained profitability, while the working
capital cycle improves. The outlook may be revised to 'Negative'
in case of delays in execution of projects or in collecting
payment from customers, leading to weak liquidity.

KM, set up as a proprietorship firm, constructs roads for the
Public Works Department, Kerela.


KAMADANATHJI TEXTILE: ICRA Suspends B Rating on INR8.38cr Loan
--------------------------------------------------------------
ICRA has suspended rating of [ICRA]B assigned to the INR8.38 crore
bank facilities of Kamadanathji Textile Private Limited (KTPL).
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

KTPL was incorporated in April 2012 and is a part of the Gorakhpur
based Kamadgiri group which is involved in the manufacturing of
grey fabric and trading of yarn.  KTPL's facility is based in
Bhilwara, Rajasthan and the company's entire sales are to group
company, Kamadgiri Fabrics, which is also engaged in manufacturing
of grey fabric. Kamadgiri Fabrics markets and sells the fabric to
readymade garment players.


KAMADGIRI FABRICS: ICRA Suspends B- Rating on INR8cr Bank Loan
--------------------------------------------------------------
ICRA has suspended rating of [ICRA]B- assigned to the INR8.00
crore bank facilities of Kamadgiri Fabrics.  The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Kamadgiri Fabrics is a proprietorship firm, which was promoted by
Mr. Subrat Jalan in 2000, to undertake manufacturing and trading
in synthetic fabrics.  The firm primarily manufactures grey and
finished fabric for readymade garment players at its unit in
Gorakhpur, Uttar Pradesh.  At present, the firm has CIMCO looms
which cater to in-house production and rest of the production is
done on job work basis from various Bhilwara based fabric
manufacturers.


KANKANI ENTERPRISES: CARE Assigns B+ Rating to INR8.75cr Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Kankani
Enterprises Private Limited.

                             Amount
   Facilities              (INR crore)   Ratings
   ----------              -----------   -------
   Long-term bank facilities   8.75      CARE B+; Stable Assigned

Rating Rationale

The rating assigned to the bank facilities of Kankani Enterprises
Private Limited is primarily constrained on account of its
relatively small scale of operations in the highly competitive
textile industry and stabilization risk associated with recently
completed debt funded green field project for manufacturing of
grey fabrics. The rating is, further, constrained on account of
KEPL's moderate profitability coupled with moderate debt coverage
indicators and liquidity position.

The rating, however, favourably takes into account the experience
of the promoters with long track record of operations in the
textile industry coupled with comfortable capital structure. The
rating, further, considers location advantage by virtue of being
situated in textile cluster of Bhilwara.

The ability of the company to successfully stabilize its
operations and achieve envisaged level of Total Operating Income
(TOI) and profitability would be the key rating sensitivities.

Bhilwara (Rajasthan) based, KEPL was incorporated in September,
1992 by Mr. Om Prakash Kankani along with his family members with
an objective of trading of yarns in Mumbai.  Later, KEPL changed
its business of trading yarn to trading of synthetic and cotton
fabrics. The company procures yarn from local market and gets
manufactured finished fabrics on job work basis from weaving and
processing units located in local market.  The company sells
fabrics in the states of Rajasthan, Maharashtra, Madhya Pradesh,
Andhra Pradesh and Gujarat through dealers and agents.

Further, in July 2015 the company undertook a project for setting
up a weaving unit at Bhilwara (Rajasthan) with installed capacity
of 34.53 Lakh Meters Per Annum (LMPA).  It has completed its
project in November 2016 with commercial operations will start
from February 2017.

During FY16 (FY refers to the period April 1 to March 31), KEPL
has reported a total operating income of INR6.14 crore
(FY15: INR5.40 crore) with a PAT of INR0.07 crore (FY15: INR0.04
crore).


KEEN AND CORE: CRISIL Assigns 'B-' Rating to INR60MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Keen and Core Developers.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         100        CRISIL A4
   Cash Credit             60        CRISIL B-/Stable

The ratings reflect the weakened financial risk profile,
particularly liquidity, high geographic concentration in revenue
profile, modest scale of operations and tender-driven business.
These weaknesses are partially offset by the extensive experience
of KCD's proprietor and moderate order book.
Outlook: Stable

CRISIL believes KCD will continue to benefit over the medium term
from the extensive experience of its proprietor and revenue
visibility due to moderate order book. The outlook may be revised
to 'Positive' in case of a significant and sustained improvement
in cash accrual and increase in networth following fund infusion.
The outlook may be revised to 'Negative' if any stretch in working
capital cycle or weakening of margin affects liquidity.

Set up as a proprietorship firm in June 2008 by Mr. Satyabeer
Singh, KCD undertakes civil, building, and road construction
projects in Uttar Pradesh and Madhya Pradesh.


KUNAL STEEL: CRISIL Assigns 'B' Rating to INR100MM Cash Loan
------------------------------------------------------------
CRISIL has assigned 'CRISIL B/Stable' rating to the long-term bank
facility of Kunal Steel.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             100       CRISIL B/Stable

The rating reflects KS's modest scale of operations in the highly
fragmented steel products trading industry. The rating also
factors in below-average financial risk profile marked by weak
capital structure, weak debt protection metrics and capital
withdrawals.  These weaknesses are partially offset by the
promoter's extensive experience in the steel industry.
Outlook: Stable

CRISIL believes KS will continue to benefit from the extensive
experience of its promoters in the iron and steel products trading
business. The outlook may be revised to 'Positive' if revenues and
profitability increase and capital structure improves.  The
outlook may be revised to 'Negative' if decline in accrual,
higher-than-expected capital withdrawal or stretch in working
capital cycle weakens financial risk profile.

Established in 2005 as a partnership firm, KS trades in steel
products, which includes HR coil, steel wires, CR coil, angles,
and beams. Mr. Nimesh Chitalia, Mr. Mukesh Mehta, Mr. Hiren Mehta
and Mr. Mayur Bhayani are the partners in this Mumbai-based firm.


KUFRI FUN: ICRA Suspends 'D' Rating on INR9.0cr Loan
----------------------------------------------------
ICRA has suspended the long term rating of [ICRA] D assigned to
the INR9.0 crore fund based limits of Kufri Fun Campus Private
Limited. The suspension follows ICRA's inability to carry out
rating surveillance in the absence of requisite information from
the company.


LML LIMITED: ICRA Reaffirms 'D' Rating on INR125cr Loan
-------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]D on the
INR125.001 crore Preference Share Capital Programme of LML
Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Preference Share
   Capital                 125.00       [ICRA]D; Reaffirmed

The rating reaffirmation takes into account LML's continued
default on both its principal as well as interest obligations
related to its debt.  The company had become a sick industrial
unit due to erosion of its net worth and its current liabilities
exceeded its current assets by INR701.31 Crore as on March 31,
2016, as compared to INR632.69 Crore as on March 31, 2015.  LML
was referred to the Board for Industrial and Financial
Reconstruction (BIFR) in September 2006 and continues to remain
under the latter's purview as on date.

LML Limited (LML) was promoted in 1972 as Lohia Machines Limited
by the Singhania family to manufacture machinery for the synthetic
fibres industry.  Later, it diversified into production of 100 cc
scooters, in technical collaboration with Piaggio Vespa, of Italy
in 1984.  Piaggio later took up 23.5% equity stake, which it later
divested in favour of the Indian promoters pursuant to the
settlement reached following certain legal disputes, which were
settled out-of court.  Subsequently, the company entered into
technical collaboration with Daelim Motor Company, South Korea
(DMC) to set up a small capacity for manufacturing of four-stroke
motorcycles.  Following a strike by the workers, LML had declared
a lock-out at its factory in Kanpur with effect from March 7,
2006. The lock-out remained in place for over a year and the same
was lifted only in April 2007 pursuant to a tripartite agreement
reached between the company, the Trade Union and the Labour
Department of Government of Uttar Pradesh.  Since then, although
production has been regular, it is currently at much lower levels
of around 1,052 units per month.

Recent Results

For FY2016, LML reported Operating Income of INR155.8 Crore with a
Net Loss of INR78.4 Crore as compared to an Operating Income of
INR204.2 crore with a Net Loss of INR81.3 crore for the previous
financial year.


MAHARAJA RESOURCES: CRISIL Assigns 'B' Rating to INR70MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Maharaja Resources Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             27        CRISIL B/Stable
   Term Loan               70        CRISIL B/Stable

The rating reflects MRPL's modest scale of operations in the
highly-fragmented industry and subdued financial risk profile.
These rating weaknesses are partially offset by the benefits the
company derives from its promoters' extensive experience.
Outlook: Stable

CRISIL believes that MRPL will improve its business risk profile
over the medium term backed by its promoters' extensive
experience.  The outlook may be revised to 'Positive' if
significant improvement in scale of operations, profitability and
working capital management lead to a considerably stronger
liquidity for MRPL. Conversely, the outlook may be revised to
'Negative' if low cash accruals or any large additional debt-
funded capex or stretch in working capital requirements lead to a
weaker financial risk profile, particularly liquidity, for MRPL.

Set up in 2010, the Jalpur (Orissa) based MRPL promoted by Mr.
Sambhu Kalyan Das, manufactures primarily SS Pipes/Bars/Tubes and
Railings.


MAHAVIR FOUNDATION: ICRA Suspends 'D' Rating on INR27cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] D assigned to
the INR27.0 crore fund based limits of Mahavir Foundation for
Educational Research & Development.  The suspension follows ICRA's
inability to carry out rating surveillance in the absence of
requisite information from the company.


MARKWELL SPINNING: ICRA Suspends B+ Rating on INR46.12cr Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating reaffirmed to the INR53.12
crore long term fund based facilities & [ICRA]A4 rating reaffirmed
to the INR2.25 crore short term non fund based facilities of
Markwell Spinning Private Limited. The suspension follows ICRAs
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan               46.12        [ICRA]B+; Suspended
   Cash Credit              7.00        [ICRA]B+; Suspended
   Bank Guarantee           2.25        [ICRA]A4; Suspended
   Foreign/Inland LC      (39.40)       [ICRA]A4; Suspended

Markwell Spinning Private Limited has been incorporated in June'13
as a Private Limited Company and is promoted by Mr. Divyesh
Saparia along with other family members and relatives. The
promoters are associated with other group concerns namely Kishan
Cotton Ginning & Pressing Factory, Jaykishn Fibre Pvt Ltd and
Mayur Enterprise involved in cotton ginning, crushing as well as
trading/processing of agro commodities. The company's
manufacturing plant is located in Rajkot, Gujarat - a hub for
cotton textile industries with easy availability of raw cotton.
The spinning unit is equipped with 21,216 spindles with an input
capacity of processing 5294 MTs of ginned cotton to produce 2898
MT of combed yarn and 1159 MT of carded yarn. The trial runs and
commercial production of the company commenced from October 2014.


MARUTI CHEMICALS: CRISIL Reaffirms 'B' Rating on INR45MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Maruti Chemicals
Company continue to reflect the firm's below-average financial
risk profile, because of high total outside liabilities to
tangible networth (TOLTNW) ratio, large working capital
requirement, and modest scale of operations.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             45.0      CRISIL B/Stable (Reaffirmed)

   Inland/Import
   Letter of Credit         7.5      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       1.0      CRISIL B/Stable (Reaffirmed)

   Term Loan               11.5      CRISIL B/Stable (Reaffirmed)

These weaknesses are partially offset by the promoter's extensive
experience in the chemicals industry, diversified product
portfolio, and stabilisation of manufacturing operations.
Outlook: Stable

CRISIL believes MCC will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook may
be revised to 'Positive' if the firm significantly scales up
operations while improving working capital management. Conversely,
the outlook may be revised to 'Negative' if significant decline in
revenue and profitability, sizeable capital withdrawals, or
stretch in working capital cycle weakens liquidity.

MCC, set up in 1995 as a proprietorship firm by Ms Vibha Bhatti
and based in Ahmedabad (Gujarat), trades in industrial chemicals.
In fiscal 2015, it commenced manufacturing chemicals used in the
pharmaceuticals industry, mainly for bulk drug manufacturing.


NANU RAM: ICRA Suspends B+ Rating on INR6cr Bank Loan
-----------------------------------------------------
ICRA has suspended rating of [ICRA]B+ assigned to the INR6.00
crore bank facilities of Nanu Ram Jindal Gum and Chemicals Private
Limited (NPL). The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

NPL was incorporated in April 2012 and is promoted by Mrs.
Shankuntla Devi & Mr. Neeraj Jindal.  The company is a
manufacturer and trader of guar gum and associated products. Its
manufacturing plant is located in Siwani Mandi.  The company
supplies guar gum split to the manufacturers of guar gum powder.


NUTECH APPLIANCES: CARE Assigns B+ Rating to INR3.77cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' rating to the bank facilities of
Nutech Appliances.

                              Amount
   Facilities               (INR crore)   Ratings
   ----------               -----------   -------
   Long-term Bank Facilities     3.77     CARE B+; Stable
                                          Assigned
   Short-term Bank Facilities    3.00     CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Nutech Appliances
are primarily constrained by its small scale of operations with
low networth base, low profitability margins and leveraged capital
structure. The rating is further constrained by working capital
intensive nature of operations, concentrated customer base and
competitive nature of industry. The ratings however, draw comfort
from experienced promoters along with growing scale of operations.

Going forward, the ability of the company to increase its scale of
operations while improving its profitability margins and capital
structure shall be the key rating sensitivities.

Nutech Appliances (NA) was incorporated in 2009 as a partnership
firm. The company is currently being managed by Mr. Ajay Mathur,
Mr. Varun Suri, Mr. Raman Suri and Ms Richa Chaddha. The firm is
engaged in the manufacturing of the electrical appliances such as
iron, mixers, gyser, emission rods, cords etc. The company has a
combined installed capacity to manufacture 23 crores units per
annum as on March 31, 2016 from its manufacturing unit located at
Baddi, Salon (Himachal Pradesh).  The raw materials used in
manufacturing are mainly metal such as iron & copper, electrical
wire, coils and other electric components which are procured
domestically. The company primarily manufactures for Tosiba
Appliances Co Pvt Ltd. (TAC).  Additionally, it also caters to
wholesalers and retailers located Delhi and near regions.

During FY16 (refers to the period April 1 to March 31), Nu tech
appliances has achieved a total operating income (TOI) of INR23.96
crore with PAT of INR0.78 crore, respectively, as against TOI of
INR 8.90 crore with PAT of INR 0.24 crore, respectively in FY15.
The company has achieved total TOI of INR11.10 crore till H1FY17
(refers to the period April 1 to November 30) (as per unaudited
results).


ONLINE PRINT: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Online Print and Pack
Pvt Ltd (Online) continue to reflect the company's modest scale of
operations amid intense competition, aggressive capital structure,
and working-capital-intensive operations.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            60        CRISIL B+/Stable (Reaffirmed)
   Term Loan              20        CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by Online's established
market position, diversified end-user industries and reputed
customer base and the extensive experience of its promoters in the
printing and packaging industry
Outlook: Stable

CRISIL believes Online will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if increase in profitability and scale of
operations, leads to higher-than-expected cash accrual, or if
efficient working capital cycle, improves capital structure.  The
outlook may be revised to 'Negative' if low cash accrual or
increase in working capital requirement, or large debt-funded
capital expenditure weakens financial risk profile.

Incorporated in 1995, Online is promoted by Ahmedabad-based Mr.
P.C. Kothawala and family.  The company is engaged in the printing
and packaging industry.

Online reported profit after tax of INR10.2 million on net sales
of INR153.4 million for fiscal 2016 against INR1 million and
INR152.9 million the previous year.


PALLICKAL AGRO: CRISIL Assigns B+ Rating to INR60MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank loan facilities of Pallickal Agro Mills (PAM).

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Standby Line of Credit    7.5       CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility        2.5       CRISIL B+/Stable

   Bank Guarantee           30.0       CRISIL A4

   Cash Credit              60.0       CRISIL B+/Stable

The ratings reflect the firm's modest scale of operations in the
intensely competitive rice milling industry, and susceptibility of
its profitability margin to changes in regulations and paddy
prices. The ratings also factor in a below-average financial risk
profile marked by modest networth, moderate gearing, and weak debt
protection metrics. These weaknesses are partially offset by the
extensive experience of the partners in the rice milling industry.
Outlook: Stable

CRISIL believes PAM will continue to benefit from the extensive
industry experience of its partners.  The outlook may be revised
to 'Positive' if backed by expansion in scale of operations or
profitability margin, cash generation increases and working
capital cycle is maintained.  The outlook may be revised to
'Negative' if stretch in working capital cycle, lower-than-
anticipated cash generation, or capital withdrawal weakens
liquidity.

Established in 1999 as a partnership firm by Mr. P E Martin and
Viji Martin, PAM processes paddy into non-basmati raw and
parboiled rice.  The firm has its manufacturing facility at
Mattoor in the Kalady district of Kerala.


PHARMACHEM TRADERS: CRISIL Assigns B+ Rating to INR10MM Cash Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Pharmachem Traders Private Limited (PTPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility       5        CRISIL B+/Stable

   Letter of Credit        70        CRISIL A4

   Bank Guarantee          15        CRISIL A4

   Cash Credit             10        CRISIL B+/Stable

The ratings reflect the PTPL's small scale, exposure to intense
competition, and low and volatile profitability. These rating
weaknesses are partially offset by extensive experience of
promoters in chemical distributorship and trading business, its
comfortable liquidity with significant unencumbered cash and cash
equivalents, and almost nil utilisation of funded bank limits.
Outlook: Stable

CRISIL believes PTPL will maintain its business risk profile over
the medium term, backed by its promoters' extensive experience and
established relationships with principals and customers.  The
outlook may be revised to 'Positive' if substantial and sustained
growth in revenue and accrual, while maintaining its working
capital management and capital structure, strengthens the business
risk profile. The outlook may be revised to 'Negative' if decline
in revenue or accrual, stretch in working capital cycle or
significant capital expenditure plans weaken the financial risk
profile, particularly liquidity.

PTPL, incorporated in February 2000, trades in industrial
chemicals such as melamine, caustic soda flakes, hydrogen
peroxide, and caustic potash, among others.  It is also an
authorised distributor for Gujarat Alkalies and Chemicals Ltd
(GACL), Gujarat State Fertiliser & Chemicals Ltd (GSFC), DCM
Shriram Industries Ltd, and Andhra Sugars Ltd among others.  The
company is promoted and managed by Kolkata-based Mr. Sachin Pal
and his daughter Ms Sucharita Pal.


PRAHLAD ISPAT: CRISIL Assigns 'B+' Rating to INR77.5MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable' to the long-term bank
facility of Prahlad Ispat Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            77.5       CRISIL B+/Stable

The rating reflects modest scale, and working capital intensity,
of operations in the highly fragmented steel manufacturing
industry and below-average financial risk profile because of weak
debt protection metrics.  These weaknesses are partially offset by
the promoters' experience.

Outlook: Stable

CRISIL believes PIPL will benefit over the medium term from the
promoters' experience.  The outlook may be revised to 'Positive'
if sustainable increase in scale of operations and operating
profitability with sizeable cash accrual strengthen financial risk
profile.  Conversely, the outlook may be revised to 'Negative' if
decline in cash accrual, scale of operations, and profitability
along with large, debt-funded capital expenditure weaken financial
risk profile.

PIPL, incorporated in 2003 and acquired by Mr. Ritesh Mittal and
family in 2009, manufactures mild steel (MS) bars and rolls. The
manufacturing unit in Firozabad has installed capacity of 43,200
metric tonne per annum. MS bars are sold under the registered
brand, Shri Krishna TMT.


R. L. AGRO: CRISIL Lowers Rating on INR105MM Whse Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of R. L. Agro Industries to 'CRISIL D' from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             70.0       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Long Term Loan          11.3      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Term Loan      23.7      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Warehouse Financing    105.0      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The downgrade reflects instances of delay by the firm in servicing
debt because of its stretched liquidity on account of large
working capital requirement.

RLAI has a weak financial risk profile driven by a subdued capital
structure, and has large working capital requirement and small
scale of operations. However, it benefits from its promoters'
extensive experience in the rice industry.
About the Firm

RLAI, a partnership firm set up by Mr. Krishan Gopal and Mr.
Chanchal Kumar in 2010, mills and processes basmati and non-
basmati rice, which it sells in the domestic market. Its plant is
in Gurdaspur, Punjab.


R.N. METALS: ICRA Suspends B+/A4 Rating on INR25cr Bank Loan
------------------------------------------------------------
ICRA has suspended ratings of [ICRA]B+/ A4 assigned to the
INR25.00 crore bank facilities of R.N. Metals (RNM). The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

RNM was established by Mr. Roop Narayan Sharma in 1997 and is
engaged in the manufacturing of hi chrome, hyper steel and forged
steel grinding media balls, bull ring segments and jaw plates. The
company's manufacturing facilities are located near Jaipur,
Rajasthan. The products find application in varied industries
including mining, cement, power, fertilizer and refining.


R.S.G. EXPORTS: ICRA Suspends B+ Rating on INR40cr LT Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR40.001 crore fund based bank facilities of R.S.G. Exports
Private Limited.  The ratings were suspended due to lack of
cooperation by the client to provide any further information.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-
   Long Term               40.00        [ICRA]B+; Suspended

RSGPL was incorporated in 2013 and has been promoted by Mr. Amit
Kumar and Mr. Kamal Kishore. The company is involved in milling,
sorting and grading of basmati as well as non basmati rice. The
company sells processed and semi processed basmati/non basmati
rice in the domestic as well as export markets. The promoters of
the company are well experienced and have past experience in
managing similar line of businesses. Its manufacturing facility
located in Ferozpur, Punjab has a milling capacity of 18 metric
tonnes per hour (MTPH) and a sorting capacity of 10 MTPH. The
plant was recently established and commenced operations from
March 10, 2015.


RAJENDRA ENGINEERING: ICRA Suspends B+ Rating on INR6.5cr Loan
--------------------------------------------------------------
ICRA has suspended rating of [ICRA]B+ assigned to the INR6.50
crore bank facilities of Rajendra Engineering Udyog Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

REUL was established by Mr. Rakesh Kumar Jain, Mrs Pushpa Jain and
Mr. Rajeev Kishore Jain, who operated the company till 2001. In
2001, the ownership as well as the management of the company
changed hands and the directorship was transferred to Mr. Gulshan
Kumar Luthra, Mr. Kshitij Kumar Luthra and Mr. Gautam Kumar
Luthra.

The company is currently into dyeing and processing of grey
fabric. Further, the Luthra family also operates another company,
Anupam Synthetics Private Limited, which operates in three
different lines of business: supplying cotton and polyester
fabrics for suiting and shirting to garment exporters; selling
fabric for furniture products/ work station fabric to IT companies
and garment manufacturing on job work basis.


RAKESH MARBLE: CRISIL Puts B+ Rating on Notice of Withdrawal
------------------------------------------------------------
CRISIL has placed its ratings on the bank facilities of Rakesh
Marble and Granites (RMG) on 'Notice of Withdrawal' for a period
of 60 days on RMG's request. The ratings will be withdrawn at the
end of the notice period. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             15       CRISIL B+/Stable (Notice of
                                    Withdrawal)
   Proposed Working
   Capital Facility        35       CRISIL B+/Stable (Withdrawal)

Furthermore, CRISIL has withdrawn its rating on proposed long-term
bank facility of INR35 million at the company's request; there is
no amount outstanding against the facility.
Outlook: Stable

CRISIL believes RMG will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook may
be revised to 'Positive' in case of significant increase in
revenue and profitability, or substantial equity infusion, leading
to a better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if cash accrual declines, or if the firm
undertakes a large debt-funded capital expenditure programme, or
if its working capital management deteriorates, resulting in
weakening of financial risk profile.

RMG, set up in 2005, is a Palakkad (Kerala)-based proprietorship
firm. It trades in ceramic tiles, granite, marble tiles, sanitary
ware, and tap fittings. The proprietor of the firm is Mrs. V
Hemalatha.


RAM LAL: ICRA Suspends 'D' Rating on INR31cr Bank Loan
------------------------------------------------------
ICRA has suspended the [ICRA] D rating for the INR31.00 Crore bank
facilities of Ram Lal Kamal Raj Jewellers Private Limited. The
suspension follows lack of co-operation from the company.


RESONANCE PAPER: CRISIL Hikes Rating on INR72MM Term Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Resonance Paper Mill Private Limited to 'CRISIL B+/Stable' from
'CRISIL B/Stable' while reaffirming its short term rating at
'CRISIL A4'.

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

   Cash Credit             40        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Term Loan               72        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects the gradual improvement in business and
financial risk profiles, due to more than expected ramp up in
revenue within short span of time and moderate operating margin.
The company is estimated to report revenues of INR450 million and
operating margins of 14.0 per cent in fiscal 2017, its first year
of operations, post commencement of operations in June 2016.
Furthermore, financial risk profile is expected to remain moderate
marked by low gearing of 1.31 times and comfortable debt
protection metric with interest coverage of 5.84 times and net
cash accruals to total debt of 0.32 times for fiscal 2017. The
sufficient net cash accrual of around INR37.7 million and INR47.9
million in FY17 and FY18 against small maturing debt obligations
of around INR0.73 million and INR11.0 million is expected to
support working capital requirement despite high bank limit
utilisation.

The ratings reflect RPMPL's start-up nature operations in the
highly fragmented and competitive paper industry, and
susceptibility of operating margins to fluctuations in waste paper
prices. These weaknesses are partially offset by the extensive
experience of promoters in the industry, advantageous location of
plant because of proximity to packaging industry and an average
financial risk profile.
Outlook: Stable

CRISIL believes RPMPL will benefit over the medium term from the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of more than expected revenue and
profitability, leading to substantial cash accrual, while managing
working capital requirements efficiently. Conversely, the outlook
may be revised to 'Negative' if revenues or operating
profitability is lower than expected, or cash accrual is lower
than expected during the initial phase, resulting in pressure on
financial risk profile and liquidity.

Incorporated in 2015 and promoted by Mundadiya and Agarwal
families, RPMPL has set up a plant to manufacture Kraft paper in
Morbi (Gujarat). The commercial operations of the company started
in June 2016.


RISHABH ASSOCIATES: ICRA Suspends B+/A4 Rating on INR9cr Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B+ and [ICRA]A4 ratings assigned to
the INR9.00 crore bank facilities of Rishabh Associates. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Rishabh Associates is a partnership firm established in the year
2006 and registered as a class "1A" contractor with Public Works
Department PWD (Maharashtra) and class "AA" contractor with
Municipal Corporation of Greater Mumbai (MCGM) for civil
construction works which comprises of construction of petty roads
such as stone pavements, cement concrete pavements, paver blocks,
asphalt roads, etc. The firm also undertakes other civil works
such as the construction of sewerage lines, compound wall and
repairing of roads, government buildings, culverts, trenches and
other mass earth work from BMC (Brihanmumbai Municipal
Corporation), MCGM (Municipal Corporation of Greater Mumbai), PWD
(Public Work Department), Maharashtra, etc. The firm has its
registered office in Mumbai, Maharashtra.


SADHA EXPORTS: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sadha Exports
(SE) continues to reflect the firm's modest scale of operations in
the intensely competitive cashew processing industry, and its
below-average financial risk profile. These rating weaknesses are
partially offset by promoter's extensive experience in the cashew
processing industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             50       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SE will continue to benefit from the promoter's
extensive industry experience. The outlook may be revised to
'Positive', if scaling up of revenue and profitability improves
the financial risk profile. Conversely, the outlook may be revised
to 'Negative' in case of lower-than-expected accrual, or any
larger-than-expected, debt-funded capital expenditure, or a
stretch in the working capital cycle, leading to deterioration in
liquidity.

Set up in 2003, SE processes raw cashew nuts and sells cashew
kernels. The operations are managed by the promoter, Mr. Santosh
Kumar.


SARALA FOODS: ICRA Suspends B+ Rating on INR15cr Loan
-----------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to INR15.00 crore fund
based facilities of Sarala Foods Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Sarala Foods Private Limited is incorporated in the year 2005,
which is engaged in the trade and export of raw, boiled rice and
maize. The company has godowns located in Sarpavaram and
Peddapuram (East Godavari District), Andhra Pradesh. The firm
procures nonbasmati rice of the IR64 & MTU-1001 variety for export
purpose.


SDS INFRATECH: CRISIL Reaffirms 'D' Rating on INR500MM Term Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of SDS Infratech
Private Limited continues to reflect delays by SIPL in servicing
its term debt driven by stretched liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      375       CRISIL D (Reaffirmed)

   Term Loan               500       CRISIL D (Reaffirmed)

Weak liquidity is because of delays in payments by customers for
residential projects in Noida and Greater Noida (both in Uttar
Pradesh) due to SIPL's delay in handing over possession on account
of non-receipt of completion certificate. The projects' proximity
to the Okhla Bird Sanctuary (Noida, Uttar Pradesh) has led to
clearance issues from the National Green Tribunal since mid-2015.

SIPL is also exposed to risks related to completion of projects
and geographical concentration in revenue, and is susceptible to
cyclicality in the real estate sector. However, it benefits from
promoter's experience and financial support, and low demand risk
for ongoing projects.

SIPL, formed in 2008 and based in Delhi, undertakes real estate
development. The company is promoted by Mr. Deepak Bansal. It is
developing two residential projects, both under NRI residency, at
Noida and Greater Noida.

SIPL, on a provisional basis, reported a profit after tax of
INR33.6 million and sales of INR789.9 million for fiscal 2016,
against a profit after tax of INR6.2 million on sales of INR795.0
million for fiscal 2015.


SHAMJI KANGAD: CARE Assigns B+ Rating to INR6.75cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shamji
Kangad & Co.

                              Amount
   Facilities              (INR crore)   Ratings
   ----------              -----------   -------
   Long-term Bank Facilities    6.75     CARE B+; Stable Assigned

Rating Rationale
The rating assigned to the bank facilities of Shamji Kangad &
Company is constrained on account of its very small scale of
operations, its constitution as a proprietorship firm, presence in
the highly fragmented and competitive salt trading industry which
is highly susceptible to adverse weather conditions and instance
of any natural calamities.

The rating, however, derives benefits from experience of the
promoter into salt trading industry, established presence of
group and location advantage.

SKC's ability to increase its scale of operations with improvement
in profitability and capital structure along with better working
capital management would remain the key rating sensitivities.

Shamji Kangad& Company is part of Gandhidham-based Neelkanth group
which was established in 2008 by Mrs Jashumatiben Kangad. SKC
commenced business operations from April 2015 and was engaged into
trading of construction material. However from July 2016, it has
discontinued the same business and is now engaged into trading of
salt.

Neelkanth group has a presence in various businesses such as salt
manufacturing, civil construction, water supply, transportation
and low ash meteorological (LAM) coke manufacturing. The overall
operations of SKC are managed by Mr. Tejabhai Kangad.

During FY16 (refers to the period April 1 to March 31), SKC
reported a PAT of INR0.03 crore on a TOI of INR0.42 crore
During H1FY17 (Provisional), SKC reported TOI of INR6.71 crore.


SHREE R.N.: ICRA Suspends B+/A4 Rating on INR11cr Bank Loan
-----------------------------------------------------------
ICRA has suspended ratings of [ICRA]B+/ A4 assigned to the
INR11.00 crore bank facilities of Shree R.N. Metals (India)
Private Limited (SRNM).  The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.

SRNM was established by Mr. Roop Narayan Sharma in 1997 and it is
engaged in the manufacturing of steel grinding media balls.  The
company's manufacturing facilities are located in Jaipur,
Rajasthan.  The products find application in varied industries
including mining, cement, power, fertilizer and refining.


SHRI DARSHNA: ICRA Suspends B+/A4 Rating on INR7cr Bank Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ (pronounced
ICRA B plus) and short term rating of [ICRA]A4 outstanding on the
INR7.00 crore bank facilities of Shri Darshna Industries. The
suspension follows ICRA's inability to carry out a rating
surveillance due to non cooperation from the company.

Shri Darshna Industries was formed as a partnership firm in the
year 2010.  The firm is engaged in ginning; pressing & trading of
cotton lint.  It operates in 3 shifts during the season. The plant
is located in Adilabad district of Andhra Pradesh and it commenced
operations from November 2010.


SILVERLINE ELECTRICALS: CRISIL Ups Rating on INR30MM Loan to BB
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Silverline Electricals Private Limited (SEPL) to 'CRISIL
BB/Stable/CRISIL A4+' from 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          10        CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Letter of Credit        10        CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Term Loan               30        CRISIL BB/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The upgrade reflects CRISIL's belief that SEPL will sustain its
improved business risk profile over the medium term, led by
healthy revenue growth and efficient working capital management.
Revenue, at INR480 million in fiscal 2016, increased 97% over the
previous fiscal, and is expected to grow 30-40% in fiscal 2017.
Operating margin rose to 5.7% in fiscal 2016 from 5.1% in fiscal
2015, supported by improved operating efficiency on account of
better capacity utilisation. Moreover, working capital cycle
reduced significantly, led by decline in inventory to 50 days as
on March 31, 2016, from 129 days earlier. Consequently, gross
current assets fell to 132 days from 233 days. The improvement in
working capital cycle is likely to sustain over the medium term
because of better management of inventory and receivables.
Increase in scale of operations and efficient working capital
management resulted in improved debt protection metrics and return
on capital employed (RoCE). Interest coverage ratio improved to
2.6 times while RoCE improved to 19.7% in fiscal 2016 from 1.5
times and 9.7%, respectively, in the previous fiscal. This has
also resulted in increase in net cash accrual to INR12.8 million
in fiscal 2016 from INR3.8 million earlier. Liquidity is expected
to remain adequate over the medium term, supported by efficient
working capital management, which will remain a key monitorable.

The ratings reflect the extensive experience of SEPL's promoters
in the transformer industry, its efficient working capital
management, and comfortable debt protection metrics. These
strengths are partially offset by its small scale of operations in
a fragmented industry, high geographical concentration in revenue,
and exposure to intense competition.
Outlook: Stable

CRISIL believes SEPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if there is a significant and sustainable growth in
scale of operations while maintaining the profitability and
working capital cycle, resulting in sizeable net cash accrual, or
if a substantial fund infusion by the promoters leads to a
significant increase in networth. The outlook may be revised to
'Negative' if the liquidity weakens because of a stretch in
working capital cycle or large, debt funded capital expenditure.

SEPL, based in Maharashtra, was incorporated in January 2012. The
company is promoted by Mr. Milind Mahajan, Mr. Santosh
Vishwakarma, and Mr. Sachin Hivarkar. SEPL had, in March 2012,
taken over the assets of Haphen Transformers India Pvt Ltd for
INR40 million. SEPL manufactures transformers (of 100 kilovolt
amperes [kVA] to 5000 kVA), feeder pillars, and distribution
boxes. Its manufacturing unit in Maharashtra has capacity to
manufacture 90,000 kVA of transformers per month.


SOUTHERN PHARMA: CARE Assigns B+ Rating to INR15.80cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+; Stable' rating to the bank facilities of
Southern Pharma India Private Limited.

                              Amount
   Facilities              (INR crore)   Ratings
   ----------              -----------   -------
   Long-term Bank Facilities   15.80     CARE B+; stable Assigned

Rating Rationale

The rating assigned to the bank facilities of Southern Pharma
India Private Limited is constrained by project implementation
risk and highly regulated nature of the pharmaceutical industry.
However, the rating is underpinned by the experience of the
promoters for a decade in pharmaceutical industry and achievement
of financial closure for the project.

The ability of the company to complete the project without any
cost and time overrun, apart stabilize the operations and generate
the revenue and profit levels as envisaged are key rating
sensitivities.

SPIPL, incorporated on April 22, 2015, is promoted by Mr. Venkat
Raju and Mr. Rakesh. The company has proposed to setup a
manufacturing unit of Active Pharmaceutical Ingredients (API) and
intermediaries with a proposed installed capacity of 700 metric
tonnes per annum (MTPA). The manufacturing unit of the company is
located at Visakhapatnam in Andhra Pradesh.

SPIPL has proposed to set-up a manufacturing unit of manufacturing
unit of API and intermediaries. The project was started in July
2015 and likely to start the commercial operations by June 2017.
The total proposed cost of project is INR18.90 crore which is
proposed to be funded through bank term loan of INR10.80 crore and
equity share capital of INR8.10 crore.


SRI NAGAMALLESWARA: ICRA Suspends 'B' Rating on INR21.71cr Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B to the INR21.71
crore long term fund based limits. ICRA has also suspended rating
of [ICRA]B/[ICRA]A4 to the INR5.29 crore unallocated limits of Sri
Nagamalleswara Spintex (India) Pvt. Ltd. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.

Sri Nagamalleswara Spintex (India) Private Limited, incorporated
as a private limited company on May 17, 2010, by Mr. S. B.
Suryanarayana and Mr. K. S Rao, has set up a plant to manufacture
cotton yarn with 12,960 spindles capacity at Rajupalem mandal of
Guntur in Andhra Pradesh.


STARWOOD TECHNO: CRISIL Assigns 'B' Rating to INR47MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned 'CRISIL B/Stable' rating to the long term bank
facilities of Starwood Techno Industries Private Limited. The
rating reflects STIPL's expected below-average financial risk
profile marked by a small networth and high gearing, working
capital intensive operations and susceptibility to initial phase
of manufacturing operations. These weaknesses are partially offset
by the extensive experience of its promoters in the consumer
durable segment.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                40       CRISIL B/Stable
   Cash Credit              47       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility        3       CRISIL B/Stable

Outlook: Stable

CRISIL believes STIPL will benefit over the medium term, on the
back of extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if operations scale-up on
time and revenues increase as anticipated leading to higher cash
accruals. The outlook may be revised to 'Negative' if delays in
scaling up of operations, low cash accrual or stretch in working
capital cycle leads to deterioration in financial risk profile and
liquidity.

Incorporated in 2016, STIPL has set up a project in Nanded
(Maharashtra) to manufacture LED (light emitting diode) and CRT
(cathode ray tube) televisions (TV). The project will start
commercial operations in December 2016. The promoters'Mr
Kanhaiyalal Rangani, Mr. Dilip Rangani, Mrs Vimla Devi Rangani and
Mrs Komal Rangani'had two other proprietorship firms, Parisons
Electronics (PE) and Kings Electronics (KE) which were importing
LED and CRT TVs from China and selling it under its own brand
'Starwood'. Both firms ceased operations in March 2016 and the
business was taken over by STIPL. STIPL plans to stop trading
operations once its manufacturing operations stabilises.


THAKURDAS LOTWALA: CARE Assigns B+ Rating to INR7.5cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of Thakurdas
Lotwala.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.50      CARE B+ Assigned

Rating Rationale

The rating assigned to Thakurdas Lotwala is primarily constrained
by small scale of operations, low profitability margins, weak debt
service coverage indicators and working capital intensive nature
of operations. The ratings are further constrained by constitution
of the entity being a proprietorship firm and competitive nature
of the industry.  The ratings, however, draws comfort from the
experienced proprietor with long track record of operations,
growing scale of operations, comfortable capital structure and
long standing relations with the suppliers and customers through
group associates.

Going forward, the ability of the company to increase its scale of
operations while improving its profitability margins and effective
management of working capital requirements shall be the key rating
sensitivities.

Kanpur-based, Thakurdas Lotwala (TDLW), is a proprietorship
concern established in 1972 by Mr. Kishan Chand Jhamtani.

The firm is engaged in trading of branded garments for ladies and
men. The firm is a wholesale supplier of suiting brands such as
Raymond, Linen Club, Digjam, Reid & Taylor, etc. Furthermore, the
firm is an institutional supplier of police uniform and other big
institutions. TDLW mainly sells its products to retail outlets
around the country in the state of Uttar Pradesh, Bihar, Madhya
Pradesh, Assam, Sikkim Delhi etc. The firm has associate concerns
i.e. T.L. Fashions, Dakshinam Sarees and Linen Club EBO engaged in
trading of fabric.

In FY16 (refers to the period April 1 to March 31), the firm
achieved a total operating income (TOI) of INR27.15 crore with
PAT of INR0.20 crore as against TOI of INR26.73 crore with PAT of
INR0.18 crore respectively in FY15.


UMESH INDUSTRIES: CARE Reaffirms B+ Rating on INR9.17cr Loan
------------------------------------------------------------
CARE reaffirms rating assigned to bank facilities of Umesh
Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      9.17      CARE B+; Stable
                                            Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Umesh Industries
Private Limited continues to remain constrained on account of its
leveraged capital structure, weak debt coverage indicators and
modest liquidity position.  The rating further continues to remain
constrained on account of its presence in lowest segment of
textile value chain, highly fragmented industry with low entry
barriers, seasonality of business with susceptibility of margins
to price fluctuations and supply and prices of cotton regulated by
government.

The rating continues to derive strength from the wide experience
of the promoters, strategic location of the entity.  The ability
of UIPL to increase its scale of operations, improve profit
margins and capital structure via efficient management of its
working capital requirements remain the key rating sensitivities.

Harij-based (Gujarat) UIPL was incorporated in November 2004 as
Umesh Cotton Ginning and Pressing Pvt. Ltd. (UCGPPL) and
subsequently the name of the company was changed to UIPL in August
2010. UIPL is promoted by Mr. Babulal Ishwarlal Thakkar and is
engaged in manufacturing as well as trading of cotton bales and
cotton seeds since its inception.

UIPL deals in 'Shankar 6' type of cotton which is being sourced
through local farmers and also from agriculture marketing yards
from Gujarat. UIPL operates through its sole ginning and pressing
unit located in Harij which has an installed capacity to process
3,130 MTPA (Metric Tonnes per Annum) of cotton bales and 5,723
MTPA of cotton seeds as on March 31, 2016.

UIPL reported a PAT of INR0.11 crore on a total operating income
(TOI) of INR61.12 crore during FY16 (Audited; refers to the period
April 1 to March 31) as against a net profit of INR0.06 crore on a
TOI of INR58.82 crore during FY15.  The firm clocked a turnover of
INR25.48 crore till November 30, 2016.


UNIVERSAL POWER: CRISIL Suspends 'D' Rating on INR660MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Universal Power Transformer Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           80       CRISIL D
   Cash Credit             120       CRISIL D
   Foreign Bill
   Discounting              30       CRISIL D
   Letter of Credit         50       CRISIL D
   Proposed Long Term
   Bank Loan Facility      660       CRISIL D

The suspension of ratings is on account of non-cooperation by
UPTPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, UPTPL is yet to
provide adequate information to enable CRISIL to assess UPTPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL views information availability risk as a key
factor in its assessment of credit risk.

Universal Transformers (UT), a proprietorship firm established in
1978, was acquired by Magnum Electric Machine Manufacturers Pvt
Ltd (Magnum) in June 2003. Magnum changed its name to UPTPL in
August 2003. UPTPL manufactures power transformers and executes
turnkey projects.


VETRIVEL EXPLOSIVES: CRISIL Cuts Rating on INR314.5MM Loan to 'B'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Vetrivel Explosives Pvt Ltd to 'CRISIL B/CRISIL A4' from 'CRISIL
BB-/Stable/CRISIL A4+' and placed its ratings on 'Watch with
Negative Implications'.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        40       CRISIL A4/Watch Negative
                                  (Downgraded from 'CRISIL A4+';
                                  Placed on 'Rating Watch with
                                  Negative Implications')

   Cash Credit          150       CRISIL B/Watch Negative
                                  (Downgraded from 'CRISIL BB-
                                  /Stable'; Placed on 'Rating
                                  Watch with Negative
                                  Implications')

   Letter of Credit      40       CRISIL A4/Watch Negative
                                  (Downgraded from 'CRISIL A4+';
                                  Placed on 'Rating Watch with
                                  Negative Implications')

   Term Loan            314.5     CRISIL B/Watch Negative
                                  (Downgraded from 'CRISIL BB-
                                  /Stable'; Placed on 'Rating
                                  Watch with Negative
                                  Implications')

The rating action follows a temporary suspension of the company's
license by the chief controller of Explosives (CCE) from the
Petroleum and Explosives Safety Organisation (PESO) following an
accident in the factory premises of the company on December 1,
2016.  The rating downgrade reflects CRISIL's belief that VEPL's
financial risk profile, especially liquidity, would weaken
significantly,  on account of temporary shut-down in operations
and seizure of inventory leading to  decline in the revenues and
operating profitability leading to lower cash accruals.

The rating has been placed on 'Watch with Negative Implications'
because of expected further deterioration in the company's
liquidity position given its scheduled debt repayment obligations
and  the lack of clarity in the timeline for restarting of
operations and stabilization of operating performance. CRISIL is
in discussion with the management team of the company to ascertain
the impact, on the credit risk profile of the company. CRISIL
shall remove the ratings from 'Watch' and take a final rating
action once there is clarity on these aspects.

The ratings reflect the subdued financial risk profile because of
high gearing and weak debt protection metrics, and modest scale of
operations in the intensely competitive civil explosives and hotel
segments. These rating weaknesses are partially offset by the
extensive experience of VEPL's promoters and the company's
established regional position in the explosives industry.
About the Company

VEPL was set up as a partnership firm in Salem, Tamil Nadu, in
1999, and was reconstituted as a closely held private limited
company in 2000. Till 2012-13, VEPL only manufactured civil
explosives. Since 2013-14, post-merger with Sivasakthi Hotels, it
has been operating a 4-star hotel in Salem.



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


TAKATA CORP: May Settle U.S. Criminal Probe Early 2017
------------------------------------------------------
Mike Spector and Aruna Viswanatha at The Wall Street Journal
report that Takata Corp. is nearing a settlement with federal
prosecutors to resolve allegations of criminal wrongdoing in
Takata's handling of rupture-prone air bags linked to numerous
deaths and injuries, said people familiar with the discussions,
with an agreement expected early next year.

Takata's lawyers and U.S. Justice Department officials are
discussing the prospect of the company pleading guilty to criminal
misconduct as part of the settlement, the people said, the Journal
relates.  Resolution of a criminal case could come as soon as
January, though the timing could slip, the people said.

According to the Journal, the people said Takata is expected to
pay a financial penalty in the range of the high hundreds of
millions of dollars to at most about $1 billion to settle the case
developed by federal prosecutors.  The company, which faces
significant financial pressures from an onslaught of recalled air
bags, would pay some of the penalty up front and the rest over a
number of years, the people, as cited by the Journal, said.

Citing an October report by Bloomberg News, the Troubled Company
Reporter-Asia Pacific said Takata reportedly hired law firm Weil
Gotshal & Manges LLP to help it weigh options that could include
bankruptcy or a sale, according to people with knowledge of the
matter.  Bloomberg said Takata is evaluating at least five bids.

                        About Takata Corp

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles.  The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts.  The Company
has subsidiaries located in Japan, the United States, Brazil,
Germany, Thailand, Philippines, Romania, Singapore, Korea, China
and other countries.

In May 1995, a voluntary recall in the U.S. affecting 8 million
predominantly Japanese built vehicles made from 1986 to 1991 with
seat belts manufactured by the Takata was conducted.

Large recalls of vehicles due to faulty Takata-made airbags began
in 2013.

Takata is presently facing massive costs of recalling 100 million
defective airbag inflators worldwide and lawsuits tied to at least
16 deaths and numerous injuries.

As of May 19, 2015, Takata has already recalled 40 million
vehicles across 12 vehicle brands for defective airbags.

In November 2015, Takata was fined $200 million by U.S. federal
regulators for mishandling the way it recalled its air bag
inflators.  The fine is the largest civil penalty in NHTSA
history.


TOSHIBA CORP: Potential Impairment Losses Cause Shares Plunge
-------------------------------------------------------------
Nikkei Asian Review reports that early trading on Dec. 28, 2016,
saw Toshiba shares plunge 20.4%, or JPY80, to JPY311.60, the
biggest fall allowed in a single day, after the company announced
it may post significant impairment losses over its U.S. nuclear
business.

After trading on Dec. 27, Toshiba officially announced that
potential losses could run to hundreds of billions of yen, Nikkei
says.  The company did not disclose the exact figure, saying that
it needs to be carefully examined, Nikkei relates.

According to Nikkei, Toshiba President Satoshi Tsunakawa said at a
press conference that the company intends to confirm the extent of
the losses "by next February, when our financial results for
October-December are released."

Sell orders have flooded in as fears mount over the impact on the
company's business results, Nikkei notes.

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
Nov. 23, 2016, S&P Global Ratings said it has affirmed its 'B'
long-term corporate credit and 'BB-' senior unsecured debt ratings
on Japan-based diversified electronics company Toshiba Corp.  S&P
also affirmed its 'B' short-term corporate credit and commercial
paper ratings on Toshiba.  The outlook on the long-term ratings
remains negative.


TOSHIBA CORP: Moody's Lowers CFR & Sr. Unsec. Rating to Caa1
------------------------------------------------------------
Moody's Japan K.K. has downgraded Toshiba Corporation's corporate
family rating (CFR) and senior unsecured rating to Caa1 from B3.

Moody's has also downgraded Toshiba's subordinated debt rating to
Ca from Caa3, and affirmed its commercial paper rating of Not
Prime.

At the same time, Moody's has placed Toshiba's Caa1 CFR and long-
term senior unsecured bond rating, as well as its Ca subordinated
debt rating under review for further downgrade.

RATINGS RATIONALE

"The downgrade of Toshiba's ratings principally reflects Moody's
deepening concerns over the sustainability of Toshiba's near-term
liquidity, as well as the substantive and rapid erosion of its
equity base," says Masako Kuwahara, a Moody's Vice President and
Senior Analyst.

The downgrade comes after the company's announcement of a likely
material impairment loss related to the acquisition of a nuclear
construction and services provider in the United States, for the
fiscal year ending March 31, 2017.

"Although Toshiba is still assessing the exact amount of the
impairment loss, its financial metrics will likely deteriorate
further, potentially resulting in a negative equity position,"
adds Kuwahara, who is also Moody's Lead Analyst for Toshiba.

Moody's explains that the impairment loss could further lead to a
breach of Toshiba's bank debt financial covenants.

Moody's says that should this eventuate, Toshiba's ability to
maintain its solvency would depend on whether its relationship
banks are willing to provide ongoing support. The availability of
such support in such a situation, is currently uncertain.

Moody's points out that prior to placing Toshiba's ratings on
review for downgrade, the ratings carried a negative outlook.

The downgrade of Toshiba's ratings also reflects Moody's mounting
concerns over the company's implementation of its corporate
governance framework, especially in relation to its due diligence
process for acquisitions.

Moody's has placed Toshiba's ratings under review for a further
downgrade, because of Moody's continued concerns over the
potential for a further deterioration in Toshiba's operating and
financial performance, as well as the high level of uncertainty
over the ongoing availability of liquidity support from its
relationship banks -- over the near term -- to continue its core
businesses.

On December 27, 2016, Toshiba announced that it would post several
hundred billion yen (several billion US dollars) as additional
goodwill related to the acquisition of CB&I Stone & Webster Inc.
(unrated) by Westinghouse Electric Corporation (unrated), a
subsidiary of Toshiba.  The transaction completed at end-2015.

According to Toshiba, all or part of the goodwill -- as a result
of a large amount of provisions for additional project costs and
is far in excess of the USD87 million initially estimated by
Toshiba -- will be written down as part of Toshiba's impairment
test during FYE3/2017.

Prior to the announcement on December 27, 2016, Toshiba's balance
sheet had already been deteriorating, due to its large-scale
restructuring and write down of deferred tax assets; both of which
reduced its equity capital to around JPY328.9 billion as of
FYE3/2016. Moody's believes that -- depending on the amount of
impairment charges -- Toshiba's net assets could decline
significantly.

Toshiba plans to determine the amount of goodwill by the time it
announces its 3Q results in mid-February 2017.

Moody's says that it is unclear as to whether or not Toshiba acted
in accordance with its new corporate governance framework in the
acquisition of CB&I Stone and Webster Inc. In particular, it is
unclear as to whether or not Toshiba had made an appropriate
investment decision, as defined under its corporate governance
framework.

Moody's review of Toshiba's ratings will focus on: (1) Toshiba's
ability to maintain adequate near-term liquidity; (2) the
relationship between the company and its main banks; and (3) the
magnitude of potential impairment losses related to goodwill along
with the extent of erosion in its balance sheet.

Evidence of a worsening liquidity position or a non-curable breach
in its bank debt covenants will likely place immediate pressure on
the ratings.

The principal methodology used in these ratings was Global
Manufacturing Companies (Japanese) published in August 2014.

Toshiba Corporation, headquartered in Tokyo and founded in 1875,
is one of the largest integrated electronics companies in Japan.
Its businesses range from electronic devices and digital products
to home appliances and electric power generating facilities.


                             *********

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

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

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


                            *********


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

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

Copyright 2016.  All rights reserved.  ISSN: 1520-9482.

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-362-8552.



                 *** End of Transmission ***