TCRAP_Public/170104.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Wednesday, January 4, 2017, Vol. 20, No. 3

                            Headlines


A U S T R A L I A

MACAZ PTY: Faces Debts of More Than AUD3.6 Million
WELLARD LTD: In Talks with Bankers After Debt Breach

* AUSTRALIA: Corporate Insolvencies Hit Eight Year Low, FTI Says


C H I N A

CHINA COMMERCIAL: Stockholders Elect Five Directors
KWG PROPERTY: S&P Assigns 'B+' Rating to Proposed US$ Sr. Notes
SICHUAN COAL: Defaults on Bond for the Second Time


I N D I A

AB&CO GLOBAL: ICRA Reaffirms 'D' Rating on INR50cr LOC
ABHINANDAN INTEREXIM: Ind-Ra Withdraws D Long-Term Issuer Rating
AGGARSAIN FIBRES: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
ALLAHABAD BYPASS: ICRA Reassigns 'D' Rating to INR78.5cr Loan
ALPINE PANELS: ICRA Assigns 'B' Rating to INR0.75cr Loan

AWADH ENTERPRISES: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
BAKSON DRUGS: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
BERK AUTO: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
BHARAT AGRICULTURE: ICRA Suspends B- Rating on INR10cr Term Loan
BHASKAR FERTILIZERS: ICRA Suspends B/A4 Rating on INR20cr Loan

BRAKEWEL AUTOMOTIVE: Ind-Ra Withdraws BB Long-Term Issuer Rating
CHAUDHRY INDUSTRIES: Ind-Ra Withdraws 'BB-' Issuer Rating
CHENNAI WATER: Ind-Ra Affirms 'D' Rating on INR3.78BB Bank Loans
CORNISH ALUMINIUM: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
DAINIK SAVERA: ICRA Suspends 'D' Rating on INR10.60cr Loan

DHANALAKSHMI SRINIVASAN: Ind-Ra Withdraws 'D' LT Issuer Rating
DHANLAXMI AGROMILLS: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
DIRCO POLYMERS: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
DWARIKA INDUSTRIES: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
EN VOGUE: ICRA Suspends B+/A4 Rating on INR18cr Bank Loan

FIREPRO SYSTEMS: ICRA Suspends B+/A4 Rating on INR290cr Loan
FRIENDS TIMBER: CARE Reaffirms B+ Rating on INR6cr Long Term Loan
GLOBAL ENGINEERS: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
GLOBAL JEWELLERY: CARE Hikes Rating on INR9.50cr Loan to B+
GOLDEN TOBACCO: ICRA Reaffirms 'D' Rating on INR44.30cr Loan

GRIPWELL FORGING: ICRA Suspends B+ Rating on INR7cr Bank Loan
GS DISTRIBUTORS: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
HARDAYAL INFRA: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
HIMGHAR UDYOG: ICRA Suspends B- Rating on INR3.50cr Loan
IMPERIAL FROZEN: ICRA Suspends 'B' Rating on INR11.74cr Loan

INDIAN TREAT: ICRA Suspends 'D' Rating on INR25cr Loan
INDICA OVESEAS: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
INSCOL HEALTHCARE: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
IVR HOTELS: Ind-Ra Affirms 'D' Long-Term Issuer Rating
IVRCL LIMITED: Ind-Ra Affirms 'D' Long-Term Issuer Rating

JAI BHARAT: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
JALAN CON: ICRA Suspends B+ Rating on INR11cr Loan
JP RICE: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
KAILASH TRADING: ICRA Assigns 'B' Rating to INR4.0cr Cash Loan
KALOL STEEL: ICRA Reaffirms B+ Rating on INR4.0cr Cash Loan

KANODIA CEMENT: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
KARAIKAL PORT: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
KAYEM FOOD: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
KUMAR & COMPANY: CARE Upgrades Rating on INR11.83cr Loan to BB-
MAYAR HEALTH: CARE Reaffirms B+ Rating on INR3.03cr LT Loan

MULTICHEM SPECIALITIES: ICRA Reaffirms B+ Rating on INR4cr Loan
NINE GLOBE: ICRA Suspends 'D' Rating on INR13.75cr Loan
PRAJA MECHANICALS: CARE Lowers Rating on INR2.31cr Loan to B+
RANI SATI: CARE Assigns B+ Rating to INR2.0cr Long Term Loan
RASHI STEEL: ICRA Lowers Rating on INR82cr Term Loan to 'D'

RUCHI WORLDWIDE: CARE Cuts Rating on INR1,200cr Loan to 'D'
SAFAR POLYFIBRE: ICRA Assigns 'B' Rating to INR25.25cr Loan
SATISH CHAND: ICRA Reaffirms B+ Rating on INR1.0cr Loan
SHIVA SATYA: CARE Raises Rating on INR30.88cr LT Loan to BB-
SHIVAM SYNCOTEX: ICRA Suspends B+ Rating on INR21cr Bank Loan

SHREE HAZARILAL: ICRA Suspends 'B' Rating on INR4.15cr Loan
SRI VIGNESWARA: ICRA Suspends B+ Rating on INR6cr Cash Loan
SRI SWETHARKA: ICRA Reaffirms B+ Rating on INR6cr Cash Loan
ST. JOHN'S: ICRA Reaffirms B+ Rating on INR10cr LT Loan
SUJANA TOWERS: CARE Reaffirms 'D' Rating on INR1420.24cr LT Loan

SUJANA UNIVERSAL: CARE Reaffirms 'D' Rating on INR475.97cr Loan
TREE HOUSE: CARE Lowers Rating on INR102.80cr LT Loan to 'D'
TRIDENT TECHLABS: ICRA Suspends B+/A4 Rating on INR17.50cr Loan
UNDAVALLI CONSTRUCTIONS: ICRA Suspends B+ Term Loan Rating
UNIVERSAL POLYSACK: CARE Reaffirms 'B' Rating on INR10.2cr Loan

VAISHALI EXPORT: ICRA Suspends B+/A4 Rating on INR7.69cr Loan
VISURA TRADING: ICRA Reaffirms B+ Rating on INR9.0cr Loan


J A P A N

TOSHIBA CORP: S&P Lowers LT Corporate Credit Rating to 'B-'


P H I L I P P I N E S

RURAL BANK OF CLAVERIA: PDIC to Continue Processing Claims


S I N G A P O R E

TANDERRA SINGAPORE: Family Club Shuts Doors Due to Losses


S O U T H  K O R E A

HYUNDAI MERCHANT: Forms Alliance with Two Smaller Local Rivals


                            - - - - -


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


MACAZ PTY: Faces Debts of More Than AUD3.6 Million
--------------------------------------------------
Northern Star reports that struggling macadamia roasting and
salting company Macaz Pty Ltd could face debts of more than
AUD3.6 million including unpaid factory rent, creditors of the
Northern Rivers business have heard.

The report relates that Condon Associates Group managing
principal Schon Condon delivered the update to a room of around
30 creditors, including at least one employee, lawyers and media
at the Lismore Workers Club on Dec. 20.

According to the report, Mr. Condon said he would do everything
within his power "to preserve what value there is for everyone"
and "to preserve jobs and industry in the area" but the future of
the company would be unclear until at least January 16, when
creditors could expect a report.

Northern Star relates that investigations were preliminary and he
was yet to see a finished report from directors but Mr. Condon
said a lack of funding and commercial judgment as well as
"broadly poor advice along the way" seemed to have led the
company to financial disarray.

"I've been fed a whole lot of information . . . but whether that
information is valid and responsible, I've yet to determine," the
report quotes Mr. Condon as saying.  "If any creditor is aware of
any information . . . I implore you to advise administrators as
early as possible."

All submissions would be investigated but Mr. Condon said
anonymous submissions tended to be "rubbish" and he urged
creditors to include names under the assurance privacy would be
protected, relays Northern Star.

Creditors voted not to form a committee but could decide to form
one later and are expected to meet again with company directors
around January 24, the report notes.

Northern Star says the Alstonville-based company went into
voluntary administration after one of its creditors applied to
the Australian Securities and Investment Commission in November
for the business to be wound up.

Schon Gregory Condon RFD of Condon Associates Group was appointed
as administrator of Macaz Pty on Dec. 8, 2016.


WELLARD LTD: In Talks with Bankers After Debt Breach
----------------------------------------------------
Sarah Danckert at The Sydney Morning Herald reports that Wellard
Ltd is in talks with its lenders after breaching the covenants of
its working capital facility.

The company is hoping to secure its third waiver of the covenants
for its working capital facility in the past six months, SMH
relates.

According to the report, the company's banker, CBA, agreed to
waive the breaches on June 30 and September 30 after Wellard
included a number of its overseas subsidiaries as obligors under
the working capital facility.

At June 30, the facility was AUD17.5 million. It also has AUD186
million in debts underpinning its vessels, the report discloses.

"Wellard is working productively with its finance providers to
address the issue by way of a waiver or amendment of the relevant
financial covenants," the company said in a statement to the
Australian Securities Exchange on Jan. 3, SMH relays.

SMH says the breaches come after a slew of profit downgrades and
warnings from the company that listed on the ASX in December
2015.

Since its listing, its shares have withered from AUD1.39 to just
22 cents, with the company putting its poor performance down to
unexpected conditions in the export markets and two vessel
breakdowns, the report states.

According to the report, Wellard chief executive and founder
Mauro Balzarini said that "while the foreshadowed subdued trading
conditions in the first half of full-year 2017 will result in a
loss, improving trading conditions are expected to produce a
profit in the second half".

Wellard had warned the market in early December about its
impending covenant breach, the report adds.


Wellard Limited (ASX:WLD) -- http://www.wellard.com.au/-- is
engaged in agribusiness that connects primary producers of
cattle, sheep and other livestock to customers across the globe
through a vertically integrated supply chain. Its segments
include Livestock Marketing, Export and Transportation, and Other
Segments.


* AUSTRALIA: Corporate Insolvencies Hit Eight Year Low, FTI Says
----------------------------------------------------------------
Australian Associated Press reports that the number of Australian
companies collapsing into insolvency has eased compared to a year
ago.

In the first 10 months of 2016, 7,365 companies slipped into
voluntary administration, liquidation or receivership -- 1,300
fewer insolvencies compared to the same period a year ago, AAP
discloses citing new figures from FTI Consulting.

In October, 677 companies went into external administration, a
five per cent drop on September's figures, FTI's analysis of
insolvency statistics from the Australian Securities and
Investments Commission found, relays AAP.

The number of Australian companies to fall into insolvency this
year has declined to an eight-year low, in a positive sign for
the economy.

In the first 10 months of 2016, 7,365 companies slipped into
voluntary administration, liquidation or receivership - 1,300
fewer insolvencies compared to the same period a year ago, new
figures from FTI Consulting show, according to AAP.

AAP says the count is the lowest since 2008, FTI's analysis of
insolvency statistics from the Australian Securities and
Investments Commission has found.

In October, 677 companies went into external administration, a
five per cent drop on September's figures, relates AAP.

According to the report, FTI Consulting head of corporate finance
John Park said the downward trend in insolvencies reflected
better economic conditions, which are expected to continue in
early 2017 despite the country's negative gross domestic product
growth in the September quarter.

"Declining receivership appointments, as well as anecdotal
evidence, suggests a continued reluctance by the banks to
appoint," AAP quotes Mr. Park as saying.  "Banks are working
closely with their clients when problems are identified, as
formal engagements are no longer a preferred option when defaults
come into play."

He said the retail and mining sectors continue to suffer, with
high-profile retailers Pumpkin Patch, Payles Shoes and Howards
Storage World all recently failing financially, AAP relays.



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


CHINA COMMERCIAL: Stockholders Elect Five Directors
---------------------------------------------------
China Commercial Credit, Inc., held its 2016 annual meeting of
stockholders on Dec. 30, 2016, at which the stockholders:

   1. elected Mr. Mingjie Zhao, Mr. Teck Chuan Yeo,
      Mr. Weiliang Jie, Ms. Boling Liu, and Mr. Long Yi to serve
      on the Company's Board of Directors until the 2017 annual
      meeting of stockholders of the Company; and

   2. ratified the selection of Marcum Bernstein & Pinchuk LLP as
      the Company's independent registered public accounting firm
      for fiscal year ending Dec. 31, 2016.

                 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 AUD23.37 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.


KWG PROPERTY: S&P Assigns 'B+' Rating to Proposed US$ Sr. Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issue rating to a
proposed issue of U.S. dollar-denominated senior notes by KWG
Property Holding Ltd. (BB-/Stable/--; cnBB+/--).  S&P also
assigned its 'cnBB' Greater China regional scale rating to the
proposed notes.

KWG will use the issue proceeds to refinance certain offshore
debt.  The issue rating is one notch lower than the corporate
credit rating on KWG due to structural subordination.  The
ratings on the notes are subject to S&P's review of the final
issuance documentation.

The corporate credit rating on KWG reflects the quality of the
company's project portfolio in prime cities, above-average
profitability, and improving funding cost and debt maturity
profile.  The significant cash flow contribution from KWG's
jointly controlled entities (JCEs) and abundant cash holdings
also support the rating.  However, KWG's weaker leverage than
that of similarly rated companies, more aggressive growth
appetite than before, and execution risk in new cities temper
these strengths.

S&P expects KWG's significant capital requirements for
construction and increased land acquisitions in 2016 to keep its
leverage high.  The company's total debt rose to Chinese renminbi
(RMB) 35 billion as of June 30, 2016, compared with RMB33 billion
at end-2015.  S&P anticipates that KWG's debt-to-EBITDA ratio
(not adjusted for JCEs) should stay at 10x-11x for the next 12
months. The ratio for the rolling 12 months is 10.4x as of June
30, 2016, compared with 11.3x at end-2015. However, we estimate
that KWG's see-through leverage -- a measurement that
proportionately consolidates the JCEs -- will be 5.0x-5.5x over
the same period.

S&P could lower the ratings if KWG's liquidity weakens or its
leverage deteriorates materially in the next 12 months.  This
could happen if: (1) the company's cash balance reduces
substantially from RMB12 billion as of end-2015; (2) its total
contracted sales in 2016 are significantly weaker than
RMB22 billion; (3) its EBITDA interest coverage on a non-JCE
consolidated basis remains below 1.5x; or (4) its debt-to-EBITDA
ratio on a proportionate consolidation basis does not improve
toward 5x.

The rating upside is limited in the next 12 months because of
KWG's relatively small operating scale and high financial
leverage.  However, S&P may raise the ratings if KWG achieves
strong sales and reduces leverage, such that its debt-to-EBITDA
ratio on a proportionate consolidation basis remains below 4x.


SICHUAN COAL: Defaults on Bond for the Second Time
--------------------------------------------------
Seeking Alpha reports that state-owned Sichuan Coal Industry
Group missed a bond payment on Dec. 25, 2016.  A total of
CNY1 billion ($150 million) in principal plus interest was due,
the report says.

Seeking Alpha relates that it was the second default for the coal
company in 2016.  According to the report, Sichuan Coal also
missed an interest payment in June but that default was
ultimately resolved after the Sichuan government stepped in. Bond
investors were paid at the end of July with loans from state-
owned Sichuan Provincial Investment Group and a consortium of
local and national banks, the report relates.

Sichuan Coal Industry Group operates coal mining, production,
processing, and sales businesses. The company also operates
gangue and gas power generation, building materials, and
machinery manufacturing businesses. Sichuan Coal is wholly owned
by the State-Owned Assets Supervision and Administration
Commission of Sichuan Province.



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


AB&CO GLOBAL: ICRA Reaffirms 'D' Rating on INR50cr LOC
------------------------------------------------------
ICRA has re-affirmed the rating of [ICRA]D for the INR10.001
crore long-term fund based sub-limit (Cash Credit) within INR50
crore non-fund based limit of AB&Co Global Private Limited. ICRA
has also re-affirmed the rating of [ICRA]D for the INR50.00 crore
short-term non-fund based limit (Letter of Credit). The short-
term non-fund based facilities of INR25 crore (Buyers credit) and
INR10 crore (bank guarantee) have been rated at [ICRA]D by ICRA.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long-term Fund Based
   Limit-Cash Credit        (10.00)     [ICRA]D; re-affirmed

   Short-term Fund
   Based Limit-Buyers
   Credit                   (25.00)     [ICRA]D; re-affirmed

   Non- Fund Based Limit-
   Letter of Credit          50.00      [ICRA]D; re-affirmed

   Non-Fund Based Limit-
   Bank guarantee           (10.00)     [ICRA]D; re-affirmed

The re-affirmation of the rating continues to factor AB&Co's
delays in debt servicing arising out of a stretched liquidity
position.

AB&Co Global Private Limited (AB&Co) was initially incorporated
in the name of Navib Constrade Pvt. Ltd. in the year 1997. In
2001, its name was changed to AB&Co Advisors Pvt. Ltd. In 2011,
the company was renamed as 'AB&Co Global Private Limited'. AB&Co
trades in various products such as raw cotton, mild steel ingots,
angles, plates, rounds, chemicals, IT products and copper,
depending upon the demand scenario. The company sells its
products primarily in the domestic market. The major customers of
AB&Co are domestic textile, engineering and chemical companies.
From FY13 onwards, the company diversified into civil
construction business to reduce its dependence on trading
operations. AB&Co has won civil construction contracts from
reputed builders like Kumar Builders, Lodha Group and Poddar
Builders among others.


ABHINANDAN INTEREXIM: Ind-Ra Withdraws D Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Abhinandan
Interexim Private Limited's (AIPL) 'IND D' Long-Term Issuer
Rating.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for the company.

AIPL's ratings:

   -- Long-Term Issuer Rating: 'IND D'; rating withdrawn
   -- INR50 million fund-based limits: 'IND D'; rating withdrawn
   -- INR203.8 million non-fund-based limits: 'IND D'; rating
      withdrawn


AGGARSAIN FIBRES: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Aggarsain
Fibres Limited's Long-Term Issuer Rating of 'IND BB'.  The
Outlook was Stable.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for the company.

The company's ratings are:

   -- Long-Term Issuer rating: 'IND BB'/Stable; rating withdrawn
   -- INR4.8 million term loan: 'IND BB'/Stable; rating withdrawn
   -- INR20 million term loan: 'IND BB'/Stable; rating withdrawn
   -- INR160 million fund-based limits: 'IND BB'/Stable/'IND
      A4+'; ratings withdrawn
   -- INR16.1 million non-fund-based limits: 'IND A4+'; rating
      withdrawn


ALLAHABAD BYPASS: ICRA Reassigns 'D' Rating to INR78.5cr Loan
-------------------------------------------------------------
ICRA has re-assigned the long-term rating of [ICRA]D to the
INR78.50 crore term loans and INR48.60 crore non fund based
limits of Allahabad Bypass Pathways Private Limited. Ratings have
been removed from rating watch with developing implications.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loans              78.50        [ICRA]D; re-assigned
                                        from [ICRA]BBB(SO);
                                        rating watch with
                                        developing implications
                                        removed

   Non-fund Based          48.60        [ICRA]D; re-assigned
   Facilities                           from [ICRA]BBB(SO);
                                        rating watch with
                                        developing implications
                                        removed

ICRA's earlier rating of [ICRA]BBB(SO) was based on the strength
of an unconditional and irrevocable corporate guarantee issued by
Prakash Asphaltings and Toll Highways Limited (PATH-rated
[ICRA]BBB (Stable outlook)/[ICRA]A3+). ICRA notes that the lender
did not invoke the guarantee, leading to delays in debt servicing
in the recent past. Since the structured payment mechanism
involving timely invocation of the guarantee has not functioned,
the existing rating on the bank loans is not meaningful.

ICRA notes that the recent delay in debt servicing is on account
of liquidity constraints post the announcement by National
Highway Authority of India (NHAI) exempting tolling on national
highways, starting from November 8 till December 02, 2016,
following the ban on high denomination (500 and 1000 rupee
notes). The loss of revenue for the 24-day period resulted in
stretched liquidity position for the company. Consequently, there
has been a delay in servicing of debt obligation for the month of
November 2016. Going forward, timely servicing of debt
obligations will be a key sensitivity.

ABPPL is a SPV incorporated in July 2013 by Prakash Asphaltings &
Toll Highways Limited (PATH) for undertaking an Operations and
Maintenance (OMT) based toll road project on Allahabad Bypass,
National Highway-2 from 158.00 km to 242.71 km. The shareholding
in the SPV is 100% held by PATH which is involved in the
construction and maintenance of various infrastructure projects
as a Developer, Contractor and on Joint Venture basis.

The Concession Agreement (CA) for the project was signed in
December 2013, however due to certain operational problems with
NHAI, the Appointed Date for the project was fixed at April 25,
2014 and the company started the toll collection on the same day.
The construction of the road has already been completed and hence
all the necessary approvals and clearances are in place.

The scope of the project work largely involves construction of 5
toll plaza, 3 medical aid and 3 traffic aid post, creation of the
green belt, completion of the metal crash barrier work on 8 km
road stretch, resurfacing of service with bituminous concrete,
provide for road signage and undertake the operation and
maintenance including toll collection.

The financial closure for the project has been achieved and
project work commenced in April 2014. The scheduled construction
period is 24 months with scheduled COD being March 2016. The
project involves a planned capital outlay of INR105.98 crore
proposed to be funded by debt of INR78.50 crore and promoter's
contribution of INR27.48 crore.

In FY2016, ABBPL reported a net profit of INR4.35 crore on toll
collections of INR158.89 crore compared to a net loss of INR2.63
crore on toll collections of INR114 crore a year ago.


ALPINE PANELS: ICRA Assigns 'B' Rating to INR0.75cr Loan
--------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR0.75
crore fund based limits and a short-term rating of [ICRA]A4 to
the INR10.00 crore non-fund based limits of Alpine Panels Private
Limited. ICRA has also assigned the ratings of [ICRA]B/[ICRA]A4
to the INR3.25 crore unallocated limits of APPL.


                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits        0.75       [ICRA]B assigned
   Non Fund Based Limits   10.00       [ICRA]A4 assigned
   Unallocated Limits       3.25       [ICRA]B/[ICRA]A4 assigned

The assigned ratings are constrained by the small scale of
operations of the company in the timber and plywood industry with
revenues of ~INR18-20 crore over the past five years; thin
operating profit margins at ~1-2% over the past five years owing
to limited value addition; and weak coverage metrics with
interest coverage ratio of 2.22 times and Debt/OPBITDA of 10.06
times for FY2016 due to low operating profitability. The ratings
are further constrained by the company's presence in a highly
competitive and fragmented industry with numerous players in the
organized and unorganized markets; threat from substitutes like
Medium Density Fiber (MDF) and particle boards for which there is
a rising preference; and vulnerability of profit margins to raw
material and foreign exchange price fluctuations due to entire
raw material requirements imported coupled with absence of formal
hedging mechanism. ICRA also notes that the company faces high
client concentration risk with entire sales made to five
associate concerns over the past three years. The ratings,
however, favourably factor in the vast experience of the
promoters for over two decades in the plywood industry along with
established relationships with various overseas suppliers; and
proximity of the manufacturing unit to Visakhapatnam port
resulting in in easy access to imported timber.

Going forward, the ability of the company to increase scale of
operations, improve financial profile and effectively manage its
working capital requirements remain the key credit rating drivers
from credit perspective.

Alpine Panels Private Limited was incorporated in 2005 and is
engaged in the manufacturing of veneer and cutting and processing
of timber (sawn timber and wooden plates). The manufacturing unit
is located in Visakhapatnam with an installed capacity of 24,000
Cubic meters per annum. The company is part of the Deccan Group,
which has a history of about two decades in the plywood business.
All the associate concerns including Maxworth Plywoods Private
Limited (rated [ICRA]B+/[ICRA]A4), Truwoods Private Limited
(rated rated [ICRA]B+/[ICRA]A4), Anant Promoters and Fincon
Private Limited (rated ICRA]A4) and Deccan Ispat Limited (rated
[ICRA]A4) are engaged in similar line of business.

Recent Results
As per the audited results for FY2016, the company reported
operating profit of INR0.22 crore on turnover of INR20.00 crore
as against profit after tax of INR0.26 crore on turnover of
INR17.41 crore during FY2015.


AWADH ENTERPRISES: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Awadh
Enterprises' 'IND B' Long-Term Issuer Rating.  The Outlook was
Stable.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for Awadh.

Awadh's ratings:

   -- Long-Term Issuer Rating: 'IND B'; Outlook Stable; rating
      withdrawn
   -- INR62.5 million fund-based working capital limits:
      'IND B+';
      Outlook Stable and 'IND A4'; ratings withdrawn
   -- INR50 million non-fund-based working capital limits:
      'IND A4'; rating withdrawn


BAKSON DRUGS: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Bakson Drugs &
Pharmaceuticals Private Limited's (BDPPL) 'IND BB+' Long-Term
Issuer Rating.  The Outlook was Stable.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for BDPPL.

BDDPL's ratings:

   -- Long-Term Issuer Rating: 'IND BB+'; Outlook Stable; rating
      withdrawn
   -- INR100 million fund-based limits: 'IND BB+'; Outlook Stable
      and 'IND A4+'; ratings withdrawn
   -- INR10 million non- fund-based working capital limits:
      'IND A4+'; rating withdrawn
   -- INR43.5 million term loan (o/s) limits: 'IND BB+'; Outlook
      Stable; rating withdrawn


BERK AUTO: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Berk Auto
Limited Liability Partnership's (BALLP) Long-Term Issuer Rating
of 'IND BB-'.  The Outlook was Stable.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for BALLP.

BALLP's rating:

   -- Long-Term Issuer Rating: 'IND BB-'; Outlook Stable; rating
      withdrawn
   -- INR 295 million fund-based working capital limits:
      'IND BB-'; Outlook Stable and 'IND A4+'; ratings withdrawn
   -- INR 100 million term loan limits: 'IND BB-'; Outlook
      Stable; rating withdrawn


BHARAT AGRICULTURE: ICRA Suspends B- Rating on INR10cr Term Loan
----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- assigned to
the INR10.00 crore term loan facility of Bharat Agriculture
Export Import Co. Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


BHASKAR FERTILIZERS: ICRA Suspends B/A4 Rating on INR20cr Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]B/[ICRA]A4 ratings assigned to the
INR20.00 crore bank facilities of Bhaskar Fertilizers Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the Company.


BRAKEWEL AUTOMOTIVE: Ind-Ra Withdraws BB Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Brakewel
Automotive Components (India) Private Limited's (BACPL) 'IND BB'
Long-Term Issuer Rating.  The Outlook was Stable.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for BACPL.

BACPL's ratings:

   -- Long-Term Issuer Rating: 'IND BB'; Outlook Stable; rating
      withdrawn
   -- INR55 million fund-based working capital limits: 'IND BB';
      Outlook Stable and 'IND A4+'; ratings withdrawn
   -- INR7.5 million non-fund-based working capital limits:
      'IND A4+'; rating withdrawn
   -- INR5 million term loan: 'IND BB'; Outlook Stable; rating
      withdrawn


CHAUDHRY INDUSTRIES: Ind-Ra Withdraws 'BB-' Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Chaudhry
Industries' (CI) 'IND BB-' Long-Term Issuer Rating.  The Outlook
was Stable.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for CI.

CI's ratings:

   -- Long-Term Issuer Rating: 'IND BB-'; Outlook Stable; rating
      withdrawn
   -- INR120 million fund-based facilities: 'IND BB-'; Outlook
      Stable and 'IND A4+'; ratings withdrawn
   -- INR880 million non-fund-based limits: 'IND A4+'; rating
      withdrawn


CHENNAI WATER: Ind-Ra Affirms 'D' Rating on INR3.78BB Bank Loans
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Chennai Water
Desalination Ltd's (CWDL) INR3.78 billion senior project bank
loans and INR50 million performance security (executed in the
form of a bank guarantee) at Long-term 'IND D'.

On Dec. 21, 2016, INR1025.63 million rupee term loans and
EUR4.22 million foreign currency loans were outstanding.

                        KEY RATING DRIVERS

The affirmation reflects CWDL's continued delays in the debt
servicing since October 2015, as reported in the management's
certificate, due to tight liquidity.  Revenue from operations in
FY16 was INR1,979 million (FY15: INR1,783 million) with an EBITDA
of INR555 million (FY15: INR995 million).  EBITDA debt service
cover was 0.97x in FY16.

                       RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months will
be positive for the ratings.

COMPANY PROFILE

CWDL is an SPV incorporated to design, construct, operate and
maintain a 100MLD seawater desalination plant at Minjur, about
35km north of Chennai.  At end-FY16, IVRCL Ltd owned 90% equity
in CWDL, of which 15% was the beneficial interest of Abengoa
Water and its entities.  The remaining 10% equity in CWDL was
owned by Abengoa Water and its entities.


CORNISH ALUMINIUM: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Cornish
Aluminium India Private Limited's Long-Term Issuer Rating of
'IND D'.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for the company.

The company's ratings:

   -- Long-Term Issuer Rating: 'IND D'; rating withdrawn
   -- INR140 million long-term loan limits: 'IND D'; rating
      Withdrawn


DAINIK SAVERA: ICRA Suspends 'D' Rating on INR10.60cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]D rating for the INR10.60 Crore bank
facilities of Dainik Savera News Media Network. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


DHANALAKSHMI SRINIVASAN: Ind-Ra Withdraws 'D' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Dhanalakshmi
Srinivasan Hotels Pvt Ltd's (DSHPL) 'IND D' Long-Term Issuer
Rating.  The agency has also withdrawn the company's INR420
million term loan's Long term 'IND D' rating.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for the company.


DHANLAXMI AGROMILLS: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Dhanlaxmi
Agromills India Limited's (DAIL) 'IND B' Long-Term Issuer Rating.
The Outlook was Stable.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for DAIL.

DAIL's ratings:

   -- Long-Term Issuer Rating: 'IND B'; Outlook Stable; rating
      withdrawn
   -- INR45 million fund-based working capital limits: 'IND B';
      Outlook Stable and 'IND A4'; ratings withdrawn
   -- INR50 million term loan limits: 'IND B'; Outlook Stable;
      rating withdrawn


DIRCO POLYMERS: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Dirco Polymers
Private Limited's (DPPL) 'IND BB-' Long-Term Issuer Rating.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for the company.

DPPL's ratings:

   -- Long-Term Issuer Rating: 'IND BB-'; rating withdrawn
   -- INR100 million fund-based working capital limits:
      'IND BB-'; and 'IND A4+'; ratings withdrawn
   -- INR20 million proposed fund-based working capital limits:
      'Provisional IND BB-'; and 'Provisional IND A4+'; ratings
      withdrawn
   -- INR70 million non-fund-based working capital limits:
      'IND A4+'; rating withdrawn
   -- INR20 million proposed term loan: 'Provisional IND BB-';
      rating withdrawn


DWARIKA INDUSTRIES: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Dwarika
Industries Limited's 'IND B+' Long-Term Issuer Rating.  The
Outlook was Stable.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for the company.

The company's ratings are:

   -- Long-Term Issuer Rating: 'IND B+'; Outlook Stable; rating
      withdrawn
   -- INR15 million fund-based working capital limits: 'IND B+';
      Outlook Stable; rating withdrawn
   -- INR36.9 million term loan: 'IND B+'; Outlook Stable; rating
      withdrawn


EN VOGUE: ICRA Suspends B+/A4 Rating on INR18cr Bank Loan
---------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ and short
term rating of [ICRA]A4 assigned to the INR18 crore bank
facilities of En Vogue Wood Working (P) Ltd. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


FIREPRO SYSTEMS: ICRA Suspends B+/A4 Rating on INR290cr Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B+/[ICRA]A4 ratings assigned to
INR290.00 crore bank facilities of Firepro Systems Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of 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.


FRIENDS TIMBER: CARE Reaffirms B+ Rating on INR6cr Long Term Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Friends Timber Private Limited.

                              Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities     6.00      CARE B+; Stable
                                           Reaffirmed

   Short-term Bank Facilities   16.25      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Friends Timber
Private Limited (FTPL) continue to remain constrained by
weak financial risk profile marked by fluctuating income and thin
profitability levels owing to trading nature of business
and weak capital structure and weak debt coverage indicators,
exposure to fluctuation in raw material prices along with
foreign exchange fluctuation risk, competitive nature of the
industry, working capital intensive nature of business and
high dependence on imports for procurement of timber along with
exposure to change in government policies.

However, the ratings continue to factor in experience of the
promoters and long track record of the entity with
geographically diversified revenue stream along with diversified
customer base.

The ability of the company to increase its scale of operations,
improve its solvency position and profitability margins along
with efficient management of working capital requirements remain
the key rating sensitivity.

Nagpur-based (Maharashtra) FTPL was established as partnership
concern named 'Friends Timber' in the year 1974 by Mr. Anand
Kohli, Mr. Satish Jaiswal and Mr. Santosh Jaiswal. The
partnership concern was later reconstituted into private limited
company in 1999 with Mr.  Anand Kohli, as its Managing Director
(MD). Mr. Anand Kohli has experience of around four decades with
this entity and is handling all the day-to-day activities.

FTPL has a saw mill in Nagpur, spread over an area of 2.5 acres.
The saw mill comprises thirteen machines with total installed
capacity to process 5,500 cubic metric tonnes (CMT) per annum of
wood, as on March 31, 2016. FTPL imports majority of its timber
(~60% of teak round log) requirement from Yangon, Myanmar. The
imported timber is supplied to wholesalers of timber majorly
belonging to the state of Maharashtra and then exported (~65%) to
countries such as Belgium, United States of America and
Netherlands, etc. FTPL also undertakes trading of timber logs
(contributed ~8% of the total operating income during FY16
[refers to the period April 1 to March 31]).

In FY16, FTPL has reported a total operating income of INR48.09
crore and a profit after tax of INR0.54 crore as compared
with the total operating income and net loss of INR53.72 crore
and INR3.30 crore, respectively, in FY15.


GLOBAL ENGINEERS: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Global
Engineers Limited's (GEL) 'IND BB+' Long-Term Issuer Rating.  The
Outlook was Stable.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for GEL.

GEL's ratings:

   -- Long-Term Issuer Rating: 'IND BB+'; Outlook Stable; rating
      withdrawn
   -- INR200 million non-fund-based working capital limit:
      'IND A4+'; rating withdrawn
   -- INR50 million non-fund-based working capital limit:
      'Provisional IND A4+'; rating withdrawn


GLOBAL JEWELLERY: CARE Hikes Rating on INR9.50cr Loan to B+
-----------------------------------------------------------
CARE revises/reaffirms the rating assigned to the bank facilities
of Global Jewellery Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      9.50      CARE B+; Stable
                                            Revised from CARE B

   Short-term Bank Facilities     0.50      CARE A4 Reaffirmed

Rating Rationale

The revision in the rating assigned to Global Jewellery Private
Limited (GJPL), is primarily on account of improvement in total
operating income and profit margins and debt coverage indicators
during FY16 (refers to the period April 1 to March 31).

The ratings assigned to the bank facilities of Global Jewellery
Private Limited (GJPL) continue to be constrained by the
relatively small scale of operations with thin and fluctuating
profitability, stretched operating cycle resulting in weak
liquidity position and weak debt coverage indicators and
significant financial support provided to group companies. The
ratings further continue to be constrained by foreign exchange
fluctuation risk and susceptibility of profit margins to volatile
raw material prices.

The aforesaid constraints far outweigh the strength derived from
experience of the promoters in the gems & jewellery business and
comfortable capital structure.

Ability of GJPL to scale up its operations and improve its
profitability amidst the intense competition along with efficient
management of working capital requirement are the key rating
sensitivities.

Global Jewellery Private Limited (GJPL) [erstwhile Suashish
Jewellery Exports Limited (SJEL) incorporated by Mr.  Rameshkumar
Goenka & Mr. Ashish Goenka in the year 1992] is engaged in
manufacturing of order based gold and diamond studded jewellery.
In the year 1996, SJEL was acquired by Mr. Sanjiv Shah (holds
9.28%) and the Mumbai based holding company namely Troika
Securities Private Limited (holds 90.72% stake) and the company's
name was changed to Global Jewellery Limited (GJL), subsequently
being reconstituted to a private limited company in 2002. GJPL is
a 100% exports oriented unit with manufacturing facility
admeasuring 9,000 sq. feet located in Santacruz Electronics
Exports Processing Zone (SEEPZ), at Andheri (East), Mumbai.

GJPL has earned 85.99% of revenue from export markets in FY16
(vis-Ö-vis 78.71% in FY15) mainly UK, USA, Canada, Australia,
Dubai & Hong Kong and the balance from the domestic market (sale
of rough diamond).  GJPL's key raw material viz. cut & polished
diamond are primarily sourced from USA (imports constituted
75.60% of the total raw material requirement during FY16 (vis-Ö-
vis 52.53% in FY15).

GJPL have operational synergies with group companies namely Ideal
Jewellery Pvt. Ltd. Infinity Jewellery Pvt. Ltd. Landmark
Jewellery Pvt. Ltd. Global Gems Yugen Kaisha (Japan), Global Gems
DMCC (Dubai), Global Gems Pvt. Ltd. House of Code (India) Pvt.
Ltd. and Estrella Jewels LLP in the form of providing raw
material and also engaging as sales agents or distributors for
GJPL.


GOLDEN TOBACCO: ICRA Reaffirms 'D' Rating on INR44.30cr Loan
------------------------------------------------------------
ICRA has re-affirmed the [ICRA]D rating assigned to the INR6.50
crore long term loans & INR44.30 crore working capital facilities
of Golden Tobacco Ltd. ICRA has also re-affirmed the [ICRA]D
rating assigned to the INR3.00 crore short term, non fund based
facilities of the company.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits
   (Cash Credit)           44.30       [ICRA]D re-affirmed

   Fund Based Limits
   (Term Loan)              6.50       [ICRA]D re-affirmed

   Non Fund Based Limit     3.00       [ICRA]D re-affirmed

The rating reaffirmation takes into account the stretched
liquidity position of the company due to continued business
losses, leading to recent instances of delays in debt servicing.
The financial profile continues to remain weak characterised by
de-growth in revenues in the past two financial years, an adverse
capital structure and poor coverage indicators.
Going forward, the ability of the firm to improve its financial
position and service its debt obligations in time will be the key
rating sensitivities.

Golden Tobacco Limited (GTL) was established by the late Shri
Narsee Monjee in the year 1930 in Mumbai (Maharashtra) as a
proprietary firm, and later went public in the year 1955. The
company was set up as an integrated tobacco processing, cigarette
rolling and packaging unit, and has its manufacturing operations
located at Vadodara (Gujarat) set up in 1972 apart from the
original unit in Mumbai (now being used for real estate
development), and a tobacco processing unit in Guntur (Andhra
Pradesh). In 1979, the company was taken over by "Dalmia Group",
led by Mr. Sanjay Dalmia. The major brand & brand extensions
being manufactured are Panama, Chancellor, CHL, Panama Premium
Filter and Panama Mini King.

Recent results
In FY2016, the company reported a net loss of INR36.57 crore on
an operating income of INR44.73 crore. On a provisional basis,
the company reported revenues of INR23.26 crore during H1 of
FY2017.


GRIPWELL FORGING: ICRA Suspends B+ Rating on INR7cr Bank Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating for the INR7.0 Crore bank
facilities of Gripwell Forging & Tools. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


GS DISTRIBUTORS: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn GS Distributors
Limited's (GSDL) Long-Term Issuer Rating of 'IND BB-'.  The
Outlook was Stable.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for GSDL.

GSDL's ratings:

   -- Long-Term Issuer Rating: 'IND BB-'; Outlook Stable; rating
      withdrawn
   -- INR190 million fund-based working capital limits:
      'IND BB-'; Outlook Stable and 'IND A4+'; ratings withdrawn
   -- INR40 million working capital term loan: 'IND BB-'; Outlook
      Stable; rating withdrawn


HARDAYAL INFRA: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Hardayal Infra
Projects Private Limited's (HIPL) Long-Term Issuer Rating of
'IND BB'.  The Outlook was Stable.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for HIPL.

HIPL's ratings:

   -- Long-Term Issuer Rating: 'IND BB'; Outlook Stable; rating
      withdrawn
   -- INR30 million fund-based working capital limits: 'IND BB';
      Outlook Stable and 'IND A4+'; ratings withdrawn
   -- INR100 million non-fund-based working capital limits:
      'IND A4+'; rating withdrawn
   -- INR8.79 million term loan limits: 'IND BB'; Outlook Stable;
      rating withdrawn


HIMGHAR UDYOG: ICRA Suspends B- Rating on INR3.50cr Loan
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- assigned to
the INR3.50 crore seasonal cash credit, INR0.27 crore working
capital term loan, INR0.75 crore working capital loan and INR1.50
crore term loan facilities of Himghar 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.


IMPERIAL FROZEN: ICRA Suspends 'B' Rating on INR11.74cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B rating for the INR11.74 Crore bank
facilities of Imperial Frozen Food Products. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


INDIAN TREAT: ICRA Suspends 'D' Rating on INR25cr Loan
------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR25.00 crore
Short Term fund based facilities of Indian Treat Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

The Navi Mumbai-based Indian Treat Pvt. Ltd. was set up by third
generation entrepreneurs, Mr. Hitesh Mittal, Mr. Neeraj Mittal,
and Mr. Sahil Mittal in 2010 which was subsequently converted to
a public limited company in November 2013; and has been engaged
in the business of trading (export) agricultural products -- such
as rice, pulses, spices and flour. The shareholders of the
company consists of the Mittal family, who hold 93.75% of the
company; while the remaining 6.25% is held by private limited
companies that are promoted by friends of the promoters of ITL.
ITL sources rice from mills located across India, and exports the
same to clients based in the US, EMEA, Australia and South East
Asian countries.


INDICA OVESEAS: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Indica Overseas
Private Limited's (IOPL) Long-Term Issuer Rating of 'IND B'.  The
Outlook was Stable.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for the company.

IOPL's ratings are:

   -- Long-Term Issuer rating: 'IND B'/Stable; rating withdrawn
   -- INR55.96 million proposed term loan: 'Provisional IND
      B'/Stable; rating withdrawn
   -- INR15 million proposed fund-based limits: 'Provisional IND
      B'/Stable; rating withdrawn


INSCOL HEALTHCARE: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Inscol
Healthcare Private Limited's (IHPL) 'IND BB' Long-Term Issuer
Rating.  The Outlook was Stable.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for IHPL.

IHPL's ratings:

   -- Long-Term Issuer Rating: 'IND BB'; Outlook Stable; rating
      withdrawn
   -- INR12.5 million fund-based working capital limit: 'IND BB';
      Outlook Stable and 'IND A4+'; ratings withdrawn
   -- INR2.2 million term loans: 'IND BB'; Outlook Stable; rating
      withdrawn
   -- INR120 million revolving short-term loans: 'IND BB';
Outlook
      Stable; rating withdrawn


IVR HOTELS: Ind-Ra Affirms 'D' Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed IVR Hotels and
Resorts Limited's (IVRHRL) Long-Term Issuer Rating at 'IND D'.
The agency has also affirmed the Long-term 'IND D' rating on
IVRHRL's INR450 million term loans.

                         KEY RATING DRIVERS

The affirmation reflects the continued delays in the servicing of
interest on IVRHRL's term loans from October 2015 to September
2016, as well as non-payment of the interest due in October and
November 2016 and the principal instalment due in September 2016,
owing to low sales and cash flow.

                       RATING SENSITIVITIES

Timely debt servicing for three consecutive months will be
positive for the ratings.

COMPANY PROFILE

IVRHRL is a subsidiary of IVRCL Limited ('IND D').  It is
developing a golf township project in Sriperumbudur, Chennai.


IVRCL LIMITED: Ind-Ra Affirms 'D' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed IVRCL Limited's
Long-Term Issuer Rating at 'IND D'.

                        KEY RATING DRIVERS

The affirmation reflects the company's continued weak financial
performance, with EBITDA losses reported in FY16 and 1HFY17
indicating insufficient cash generation to service its debt.
IVRCL was placed under a strategic debt restructuring in November
2016, following its inability to meet its debt servicing
obligations under the corporate debt restructuring package.
Subsequent to this, the company has not been servicing its loans.
The lenders to two of the company's subsidiaries have also
invoked the corporate guarantee extended by IVRCL to the
subsidiaries' debt.

                     RATING SENSITIVITIES

Timely debt servicing for three consecutive months would be
positive for the ratings.

                         COMPANY PROFILE

IVRCL is based in Hyderabad and provides engineering, procurement
and construction services to the sectors of irrigation, water
supply, transportation, buildings and industrial structures.  It
is listed on the National Stock Exchange and Bombay Stock
Exchange.

According to the provisional results for 1HFY17, the company
reported revenue of INR9.49 billion (1HFY16: INR12.61 billion),
operating EBITDA loss of INR1.54 billion (INR1.92 billion) and
net loss of INR5.06 billion (INR4.97 billion).

IVRCL's ratings are:

   -- Long-Term Issuer Rating: affirmed at 'IND D'
   -- INR16.8 billion consortium fund-based limits: affirmed at
      Long-term 'IND D'
   -- INR19.46 billion long-term loans: affirmed at Long-term
      'IND D'
   -- INR2 billion non-convertible debentures: affirmed at Long-
      term 'IND D'
   -- INR48.5 billion consortium non-fund based limits: affirmed
      at Long-term and Short-term 'IND D'


JAI BHARAT: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Jai Bharat Rice
Mills' (JBRM) 'IND B+' Long-Term Issuer Rating.  The Outlook was
Stable.  The agency has also withdrawn the company's INR170.50
million fund-based working capital limits 'IND B+', which had a
Stable Outlook, and 'IND A4'ratings.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for JBRM.


JALAN CON: ICRA Suspends B+ Rating on INR11cr Loan
--------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR11.00 crore fund based limits of Jalan Con Cast Limited.
The suspension follows ICRA's inability to carry out rating
surveillance in the absence of requisite information from the
company.


JP RICE: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn J.P. Rice
Exports Private Limited's Long-Term Issuer Rating of 'IND B+'.
The Outlook was Stable.  The agency has also withdrawn the
company's INR60 million fund-based working capital limits'
'IND B+' rating, which had a Stable Outlook, and 'IND A4' rating.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for the company.


KAILASH TRADING: ICRA Assigns 'B' Rating to INR4.0cr Cash Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR4.00
crore long-term fund based (CC) facilities and the INR0.27 crore
term loan facilities of Kailash Trading Corporation. ICRA has
also assigned a short-term rating of [ICRA]A4 to the INR0.13
crore short-term fund based facilities and to the INR6.10 crore
short-term non-fund based facilities of the firm. The long-
term/short-term- INR4.50 crore unallocated limits have been
assigned [ICRA]B/[ICRA]A4 ratings.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term-Fund based
   Facilities-CC            4.00        [ICRA]B; assigned

   Long-term-Fund based
   Facilities-Term Loan     0.27        [ICRA]B; assigned

   Short-term-Fund
   based facilities         0.13        [ICRA]A4; assigned

   Short-term-Non-fund
   based faculties          6.10        [ICRA]A4; assigned

   Long-term/Short-term
   unallocated limits       4.50        [ICRA]B/A4; assigned

The assigned ratings factor in the small scale of operations of
the firm limiting the economies of scale, the financial profile
characterised by thin margins due to the trading nature of
business, moderate capital structure and coverage indicators, and
exposure of the margins to volatility in raw material prices and
currency fluctuations. The ratings also consider the high working
capital intensity of the company due to the stretched receivable
days and the intensely competitive and fragmented nature of
trading business.

The ratings, however, favorably factor in the qualified
experience of the key management personnel in the chemical
industry, established operations with a strong network of
suppliers and customers and healthy demand forecast for all types
of polymers and chemicals in India.

Established in 2001, Kailash Trading Corporation is primarily
engaged in trading of engineering polymers such as polyacetal,
polycarbonate and hostaform of different grades which find
application in automobiles, electronic devices, consumer
appliances, ATM machines, printers etc. KTC sources its products
in bulk, majorly from the international markets including USA,
Germany and China and sells them in the South Indian market.
Apart from engineering polymers, KTC also undertakes consignment
sale of commodity polymers for its principal - LG Polymers India
Private Limited, Vishakapatanam.

KTC is a part of the KTC Group which includes KLN Motor Agencies
Private Limited, KLN Automobiles Private Limited and Sri
Vijayalakshmi Automobiles Private Limited, operating dealerships
for G.M.Motors, Tata Motors Limited and Bajaj Auto Limited. The
group was promoted by Shri. K. Lakshmi Narayana and is currently
headed by his son Mr. K Chandrasekhar.

Recent Results
As per the provisional financials for FY2016, the firm achieved a
net profit of INR0.2 crore on a total operating income of INR23.6
crore compared to the net profit of INR0.4 crore on a total
operating income of INR20.1 crore during the previous fiscal.


KALOL STEEL: ICRA Reaffirms B+ Rating on INR4.0cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR4.00-
crore1 cash credit facility and the INR0.56 crore term loan
facility of Kalol Steel & Alloys Private Limited at [ICRA]B+.
ICRA has also reaffirmed the short-term rating assigned to the
INR2.00-crore non-fund based facility Kalol Steel & Alloys
Private Limited at [ICRA]A4.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund-based-Cash
   Credit                   4.00        [ICRA]B+ re-affirmed

   Fund-based-Term
   Loan                     0.56        [ICRA]B+ re-affirmed

   Non-fund based
   ILC/FLC/BG               2.00        [ICRA]A4 re-affirmed

The ratings are constrained by KSAPL's stretched financial
position characterised by continuously declining sales since
FY2014, owing to fall in steel prices and reduced sales volume.
The ratings are further constrained by weak profitability,
stretched capital structure and weak debt coverage indicators.
The ratings also take into account the highly competitive and
fragmented nature of the industry with competition from both
unorganised and established players resulting in price
competitiveness. The ratings also factor in the vulnerability of
the company's profit margins to raw material fluctuations and
finished goods prices; the risk is further augmented by high
inventory holding and the company's exposure to foreign currency
risk as it imports raw materials.

The ratings, however, favorably consider KSAPL's experienced
management with long track record in iron and steel business. The
rating also favorably considers the operational support from the
group concern in terms of easy access of raw material at a
competitive price, resulting in freight cost saving.
Going forward, company's ability to effectively manage the
working capital cycle and scale up the operations would be a key
rating concern.

Incorporated in 2010 as a private limited company, Kalol Steel &
Alloys Private Limited was promoted by Mr. Satyapal Singhal and
family members. The company manufactures Mild Steel Ingots
through induction furnace route with an installed capacity of
12500MTPA.  The company is also involved in the trading of
machinery parts. The manufacturing facility is located at Kalol
and the registered office is located in Bhavnagar.

Recent Results
In FY2016, KSAPL reported an operating income of INR33.10 crore
with a net profit of INR0.04 crore.


KANODIA CEMENT: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Kanodia Cement
Limited's (KCL) 'IND BB' Long-Term Issuer Rating.  The Outlook
was Stable.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for KCL.

KCL's ratings:

   -- Long-Term Issuer Rating: 'IND BB'; Outlook Stable; rating
      withdrawn
   -- INR48 million fund-based working capital limit: 'IND BB';
      Outlook Stable; rating withdrawn
   -- INR39.42 million term loan: 'IND BB'; Outlook Stable;
      rating withdrawn


KARAIKAL PORT: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Karaikal Port
Private Limited's Long-Term Issuer Rating of 'IND D'.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for the company.

The company's ratings are:

   -- INR13.98 billion term loan: 'IND D'; rating withdrawn
   -- INR910 million funded interest term loan: 'IND D'; rating
      withdrawn
   -- INR2.77 billion Phase 2A (extension) project bank loans:
      'IND D'; rating withdrawn
   -- INR250 million working capital facility: 'IND D'; rating
      withdrawn


KAYEM FOOD: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Kayem Food
Industries Private Limited's (KFIPL) Long-Term Issuer Rating of
'IND BB+'.  The Outlook was Stable.  The agency has also
withdrawn the rating of 'IND BB+' with a Stable Outlook on the
company's INR2,142 million term loan.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for KFIPL.


KUMAR & COMPANY: CARE Upgrades Rating on INR11.83cr Loan to BB-
---------------------------------------------------------------
CARE revises rating assigned to bank facilities of Kumar &
Company.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     11.83      CARE BB- Revised from
                                            CARE B+

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Kumar & Company (KCO) takes into account the
improvement in total operating income, PAT margin and debt
coverage indicators in FY16 (refers to the period April 01 to
March 31). The rating, however, continues to be constrained by
the small scale of operation and leveraged capital structure of
the firm. The rating is further constrained by its working
capital intensive nature of operations and firm's presence in
highly competitive industry.

The rating, however, draws strength from the experienced partners
in trading of pharmaceutical products and association with
reputed pharmaceuticals companies.

Going forward, KCO's ability to scale-up its operations while
improving its overall solvency position would be the key rating
sensitivities.

Kumar KCO was established as partnership firm in December 2010.
The firm is currently being managed by Mr. Vinod Kumar Singla and
Mr. Karan Singla as its partners with equal profit and loss
sharing ratio. KCO is engaged in retail and wholesale trading of
pharmaceutical products such as medicines, surgical equipment,
cosmetics and other related items.

The products are procured through distribution contracts with
pharmaceutical companies which are renewed annually. Apart from,
across the counter sales (retail), the firm also supplies
medicines to private as well as government hospitals and commando
hospitals. Currently, KOC operates through its two outlets
located in Chandigarh and New Delhi. Besides KOC, the partners
are also engaged in another group concern, namely, Rameshwara
Emporium Private Limited (REPL) which is a private limited
company engaged in retail trading of fabric and readymade
garments since 2000.

In FY16, KCO has achieved a total operating income (TOI) of
INR36.63 crore with PAT of INR0.99 crore, as against the total
operating income of INR4.69 crore with PAT of INR0.05 crore in
FY15. In H1FY17 (Provisional), firm achieved TOI of INR28.00
crore.


MAYAR HEALTH: CARE Reaffirms B+ Rating on INR3.03cr LT Loan
-----------------------------------------------------------
CARE reaffirms the ratingassigned to the bank facility of Mayar
Health Resorts Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      3.03      CARE B+/Stable
                                            Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Mayar Health
Resorts Limited (MHR) continues to be constrained by
deterioration in the financial risk profile marked by significant
decline in profitability, operating parameters and coverage
indicators. The rating is further constrained by small scale of
operations, geographic concentration risk and stiff competition
from the unorganized as well as the organized players in the
industry.

The rating, however, derives strength from the experience of the
company in the wellness industry.

Going forward, the ability of the company to scale-up its
operations and improve its profitability shall be the key rating
sensitivities.

Incorporated in 2003, as a public limited company, MHR is the
healthcare arm of the Mayar group. The Mayar group has
diversified business interests in the trading of timber,
publication paper, infrastructure/real estate hospitality and
shipping sector with presence in Asia and Europe. MHR is engaged
in the wellness business and provides services through its two
brands: "Amatra Spa" and "Three Graces".

Post the launch of 'Amatrra' brand in October 2004 in New Delhi,
the company has increased its presence and visibility by
launching a new brand, 'Three Graces'. The brand was launched in
2010, and offers various services like: Weight Loss Treatments,
Salon Services, Spa, Fitness Centre, Cosmetic Dermatology, etc.

MHR reported losses at PAT level of INR3.38 crore on a total
income of INR14.69 crore for FY16 (refers to the period April 1
to March 31) as compared with a PAT of INR8.15 crore on a total
income of INR20.29 crore for FY15. For H1FY17 (provisional), MHR
has reported a total operating income of INR6.02 crore.


MULTICHEM SPECIALITIES: ICRA Reaffirms B+ Rating on INR4cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR4.00 crore long term fund based limits which are a
sublimit of the Short term non fund based limits, and has also
reaffirmed the short term rating of [ICRA]A4 assigned to the
INR19.00 crore (enhanced from INR15.00 crore) non fund based
facilities and assigned for INR1.00 crore (increased from INR0.00
crore) unallocated limits of Multichem Specialities Pvt. Ltd.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long-term, fund-
   based facilities          (4.00)      [ICRA]B+; Reaffirmed

   Short-term, non
   fund-based facilities     19.00       [ICRA]A4; Reaffirmed

   Short-term, unallocated    1.00       [ICRA]A4; assigned

The rating reaffirmation takes into account the long and
established track record of the promoters in the chemical trading
business and MSPL's diversified set of customers and suppliers
leading to a low customer and supplier concentration risk.
The ratings are, however, constrained by MSPL's stretched
financial risk profile indicated by high gearing levels, weak
debt protection metrics and high utilization of working capital
limits. The ratings are further constrained by vulnerability of
the profitability margins to foreign currency fluctuations on
account of high proportion of imports which is compounded by
exposure to foreign currency financing. The ratings continue to
factor in the high competitive intensity in the fragmented
chemical trading business and thin margins in business because of
limited value addition.

Incorporated in 2007, Multichem Specialities Private Limited is a
family managed business, promoted by Mr. Manish Karnani and is
engaged in the business of trading in speciality chemicals which
are primarily used in the pharmaceutical industry and for waste
water treatment purposes. Till 2004, the company carried out
trading by procuring the chemicals primarily from the domestic
market. As of today the company sources a significant portion of
its supplies from USA and China. The company sells the chemicals
in smaller quantities to various pharmaceutical and chemical
companies, stockiest and traders.

Recent Results
The company reported a profit after tax (PAT) of INR0.26 crore on
an operating income of INR48.64 crore in FY2016, as against a PAT
of INR0.16 crore on an operating income of INR55.76 crore in
FY2015.


NINE GLOBE: ICRA Suspends 'D' Rating on INR13.75cr Loan
-------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR13.75 crore
Long Term fund based facilities Nine Globe Industries Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Incorporated in 2008, Nine Globe Industries Private Limited is a
closely held company promoted by Mr. Virendra Mehta. Mr. Mehta
along with his sons, Mr. Ashish Mehta and Mr. Pranav Mehta, are
engaged in the trading of various commodities like fashion
fabric, cut and polished diamonds, agricultural products like
wheat and rice, metal products like stainless steel patta, heavy
metal scrap, cast iron, copper, brass etc. The company also
proposes to undertake construction of a housing project in
Jodhpur, Rajasthan, under the affordable housing scheme with the
Government of Rajasthan.


PRAJA MECHANICALS: CARE Lowers Rating on INR2.31cr Loan to B+
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Praja Mechanicals Private Limited.

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long-term Bank Facilities      2.31     CARE B+ Revised from
                                           CARE BB-

   Long-term/Short-term Bank      5.00     CARE B+/CARE A4
   Facilities                              Revised from CARE BB-/
                                           Reaffirmed CARE A4

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Praja Mechanicals Private Limited (PML) factors in
subdued performance during FY16 (refers to the period of April 1
to March 31) marked by decline in scale of operations,
profitability margins and debt service coverage indicators. The
ratings further continue to be constrained by its working
capital intensive nature of operations, exposure to volatility in
raw material prices and presence in the competitive nature
of industry.

The ratings, however, continue to derive strength from the
experienced promoters coupled with the long track record of
operations and association with reputed customer base with
comfortable capital structure.

Going forward, PML's ability to scale up its scale of operations
while improving its profitability margins, capital structure
along with effective management of its working capital
requirements shall be the key rating sensitivities.

Incorporated in 1982, PMPL is promoted by Mr. Jai Narayan Rungta,
Mr. Pradip Kumar Rungta and Mr. Rajesh Kumar Rungta. The company
is engaged in the manufacturing of conveyors, material handling
equipment and allied parts at its manufacturing units located in
Haryana and Uttar Pradesh. The company caters directly to
original equipment manufacturers (OEM's) in the automobile
industry. The main raw material and semi-finished products
includes steel and electrical components which are procured
domestically as well as imported from USA, Taiwan and China. The
group associates of PMPL include Praja Control & System Private
Limited, Vialle Alternative Fuel System Private Limited and Praja
Securities Limited are engaged in the manufacturing of control
panels, propane conversion equipment and trading of securities,
respectively.

During FY16 (refers to the period April 01 to March 31), PMPL has
achieved a total operating income (TOI) of INR8.58 crore with PAT
of INR -1.38 crore, respectively, as against TOI of INR12.18
crore with PAT of INR0.32 crore in FY15. Moreover, the company
has achieved total TOI of INR3.75 crore till 8MFY17 (refers to
the period April 1 to November 30) (as per the unaudited
results).


RANI SATI: CARE Assigns B+ Rating to INR2.0cr Long Term Loan
------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank
facilities of Rani Sati Agro Food Private Limited.

                              Amount
   Facilities              (INR crore)   Ratings
   ----------              -----------   -------
   Long term Bank Facilities    2.00     CARE B+; Stable Assigned
   Short term Bank Facilities   9.00     CARE A4 Assigned

Rating Rationale

The rating assigned to the bank facilities of Rani Sati Agro Food
Private Limited (RAF) is constrained by its small scale of
operations, low profitability margin, leveraged capital structure
with moderate debt coverage indicators, highly competitive and
fragmented industry, regulated nature of the industry, high
working capital intensity and exposure to vagaries of nature. The
aforesaid constraints are partially offset by the experienced
management, proximity to raw material sources and favourable
industry scenario.

Ability of the company to increase scale of operations and
profitability margins and ability to manage working capital
effecitively would be the key rating sensitivities.

Incorporated in February 2005, Rani Sati Agro Food Private
Limited (RAF) is engaged in the business of rice milling and
processing with its facility located at Durg, Chhattisgarh with
an aggregate installed capacity of 7,30,000 Quintals Per Annum.
The company is also engaged in the trading of cattle feed which
comprises of 24.85% of the company's total operating income in
FY16.

Mr. Girish Kumar Agrawal (aged, 40 years), having around 22 years
of experience in rice milling industry, looks after the day to
day operations of the company. He is supported by other director
Mr. Lalit Agrawal (aged, 32 years) and a team of experienced
professionals.

As per the FY16, RAF reported a PBILDT of INR1.11 crore (PBILDT
of INR1.05 crore in FY15) and net loss of INR0.13 crore (net loss
of INR0.33 crore in FY15), on a total operating income of
INR28.33 crore (total operating income of INR25.98 crore in
FY15). The company has achieved total operating income of INR10
crore during 8MFY17.


RASHI STEEL: ICRA Lowers Rating on INR82cr Term Loan to 'D'
-----------------------------------------------------------
ICRA has revised downward the rating of the INR82.0-crore term
loan of Rashi Steel & Power Limited from [ICRA]BB- to [ICRA]D.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan                82.0        Downgraded to [ICRA]D
                                        from [ICRA]BB-(Negative)

The rating action primarily takes into account the delays made by
the company in servicing its debt in a timely manner.

Rashi Steel & Power Limited, promoted by Mr. Amar Agarwal, Mr.
Rakesh Jindal and other promoters in 2009, has set up a 0.4
million tonnes per annum pelletization cum-beneficiation plant at
Bilaspur. The pellet plant is being set up using the Grate-Kiln
technology and will be operated on a merchant basis in the
initial years. The company has also set up a producer gas plant
to replace the usage of furnace oil, saving power and fuel costs
substantially.

Recent Results
During FY2016, RSPL recorded a Loss after Tax of INR17.69 crore
on an operating income of INR147.80 crore against Profit after
Tax of INR0.71 crore on an operating income of INR52.60 crore.


RUCHI WORLDWIDE: CARE Cuts Rating on INR1,200cr Loan to 'D'
-----------------------------------------------------------
CARE revises the rating for the bank facilities of Ruchi
Worldwide Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long Term/Short Term Bank   1,200.00     CARE D/CARE D
   Facilities                               Revised from
                                            CARE B (SO)/
                                            CARE A4(SO)

Rating Rationale

The revision in the rating for the bank facilities of Ruchi
Worldwide Ltd. (RWL) takes into account recent delays in
servicing of debt obligations on account of stress on its
liquidity mainly due to delays in receipt of payments from
customers.

Ruchi Worldwide Ltd. is a subsidiary of Ruchi Soya Industries
Ltd. and a part of the Indore, Madhya Pradesh based Ruchi Group.
RWL is an international trading arm of the group and is involved
in trading of various agricommodities including edible oil, raw
cotton, castor seeds and oil, coffee, grain and pulses. As on
March 31, 2016, RSIL held 52.48% equity in RWL and the balance
was with the Shahra family, the promoters of RSIL.

RWL registered a net loss of INR55 crore on a total operating
income of INR2,685 crore in FY16 (refers to the period from
April 1 to March 31), compared with a net profit of INR2 crore on
a total operating income of INR2,414 crore in FY15.


SAFAR POLYFIBRE: ICRA Assigns 'B' Rating to INR25.25cr Loan
-----------------------------------------------------------
ICRA has assigned ratings of [ICRA]B to the INR10.00 crore cash
credit facility and INR25.25 crore term loan facility of Safar
Polyfibre Private Limited. ICRA has also assigned an [ICRA]A4
rating to the INR1.09 crore short term non-fund based facilities
of SPPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term-Cash
   Credit Limits           10.00       [ICRA]B; Assigned

   Long Term-Term
   Loans                   25.25       [ICRA]B; Assigned

   Long Term-EPC/FBD       (1.00)      [ICRA]B; Assigned

   Short Term-Bank
   Guarantee                1.00       [ICRA]A4; Assigned

   Short Term-CEL for
   forward Contract         0.09       [ICRA]A4; Assigned

   Short Term-LC
   (Capital Goods)        (20.90)      [ICRA]A4; Assigned

The ratings are constrained by the project implementation and
execution risks associated with the Greenfield project of Safar
Polyfibre Private Limited. The project is still at its nascent
stage and is expected to commence operations from July 2017.
Although funding is adequate, ICRA notes that the financial
profile will remain stretched, given the debt-funded nature of
the project's capex and high-debt repayment scheduled from
January 2018. The ratings are also constrained by SPPL's presence
in the highly competitive technical textile industry. Moreover,
the company is expected to face stiff competition from
established players.

The ratings, however, positively factors in the experience of the
promoters in plastics and related businesses. ICRA notes the
favorable demand prospects for RPSF, driven by its varied
applications and cost competitiveness. The locational advantages
accruing to the company for raw material procurement as well as
marketing its final product are other rating comforts.
With SPPL yet to set up its manufacturing facility, ICRA expects
SPPL to increase its debt within the next 7-8 months as the
commercial production is expected to commence from Q2 FY2018. The
credit metrics are stretched - the projected gearing ratio is 4.7
times - and they are expected to remain the same in the near-to-
medium term due to the large debt-funded capex. SPPL's ability to
execute the project on time and achieve optimum capacity
utilisation will be crucial to ensure timely servicing of its
debt obligations. Furthermore, the ratings also consider the
susceptibility of SPPL's profitability, post commissioning, to
volatility in VPSF prices. This expected particularly in a
declining price scenario, wherein RPSF realisations are at a
discount to VPSF prices (which are driven by crude oil and cotton
prices). Moreover, SPPL's raw material (PET waste) cost would be
driven by its own demand-supply dynamics.

Safar Polyfibre Private Limited was incorporated in February
2016. Currently, it is setting up a Greenfield project that would
manufacture Recycled Polyster Stable Fibres (RPSF) using waste
polyethylene terephthalate (PET) bottles as raw material at
Village Kuchiyadad in Rajkot, Gujarat. The proposed installed
production capacity of the unit is 50 tonnes per day.
SPPL is promoted by Mr. Hitesh Bhalodiya, Mr. Nilesh Bhalodiya
and Mr. Paresh Bhalodiya, along with seven other directors. The
promoters have two decades of experience in manufacturing various
plastics products from virgin material and scrap. With industry
knowledge and an existing network of plastic scrap & PET waste
suppliers, the promoters have ventured into SPPL to diversify
into the business of RPSF manufacturing. The promoters also have
a vast experience of other sectors such as construction, trading
of grit, stones, pesticides and manufacturing of wall tiles,
among others.


SATISH CHAND: ICRA Reaffirms B+ Rating on INR1.0cr Loan
-------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ and short-
term rating of [ICRA]A4 on the INR9-crore bank limits of
Satish Chand Rajesh Kumar Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund-based Limits        1.00       [ICRA]B+; Reaffirmed
   Non-Fund based Limits    8.00       [ICRA]A4; Reaffirmed

ICRA's ratings reaffirmation takes into account SCRKPL's 18%
revenue growth in FY2016 as well as the company's outstanding
order book, which provides revenue visibility for the future. The
ratings, however, is constrained by the geographic concentration
of SCRKPL's projects in Delhi, rendering its revenues vulnerable
to order inflow from public sector clients in the region. The
rating also takes into consideration the decline in the company's
operating margins in FY2016 due to the increase in labour costs.

The ratings, however, factor in the extensive experience of the
promoters in the construction industry as well as its reputed
client base, consisting of various public sector entities such as
Public Works Department (PWD), Central Public Works Department
(CPWD) and Department of Social Welfare, thereby reducing counter
party risk in receivables.

The ability of the company to continuously bid for projects,
build its order book and improve its profitability while
maintaining its working capital cycle and capital structure will
be the key rating sensitivity.

Established in 1985 as a private limited company, SRPL executes
civil engineering and infrastructure works, including
construction of buildings, community halls, residential blocks,
hospital blocks, and schools; builds streets, drainages,
footpaths; and undertakes day-to-day maintenance. The company
also undertakes electrical and water supply installation related
work while executing the contracts. The company is registered as
a Class-I contractor with the Department of Social Welfare and is
eligible to bid for tenders up to INR20 crore.

Financial Results
In FY2016, the company reported a net profit of INR1.17 crore on
an operating income of INR33.41 crore, as compared to a net
profit of INR0.98 crore on an operating income of INR28.39 crore
in the previous year.


SHIVA SATYA: CARE Raises Rating on INR30.88cr LT Loan to BB-
------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Shiva
Satya Hotels Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     30.88      CARE BB-; Stable
                                            Revised from CARE B

Rating Rationale

The revision in the rating of Shiva Satya Hotels Private Limited
(SSHPL) takes into account improvement in the operating
performance on the back of successful tie-up with Inter-
Continental Hotels Group (IHG) for management of hotel
operations marked by significant improvement in scale of
operation, operating margins and debt coverage indicators.

The rating further derives strength from extensive experience of
the promoters in hospitality business; tie-up with corporate
clients provides large size bookings and low gearing levels.

The rating, however, remained constrained on account of modest
scale of operations, continued loss making operations at PAT
level, revenue concentration risk arising out of single property
and presence in highly cyclical hotel industry and intense
competition from many global and local brands in the same segment
and geography.

SSHPL was incorporated during October 2007 with the intent to set
up a five-star hotel at Ahmedabad. SSHPL is a 100% subsidiary of
Mauritius-based holding company Shiva Hotels (Mauritius) Ltd.
Earlier, SSHPL had entered into an agreement with Inter-
Continental Hotels Group (IHG) for the management of hotel
property under "Crowne Plaza".

However, due to some dispute with regard to the terms of the
contract, SSHPL decided to go ahead with its own brand "Hotel
Shiva" till the time an amicable solution is worked out between
SSHPL and IHG. SSHPL operated the property under the brand of
'Hotel Shiva' from April 2014 to October 2014. In the intervening
period, IHG and SSHPL arrived at amicable solution and hence,
management of hotel property is being handled by IHG under their
brand of "Crowne Plaza, Ahmedabad City Centre" since November
2014.

Based on the audited results for FY16 (refers to the period April
1 to March 31), SSHPL has reported a total operating income of
INR33.80 crore with a net loss of INR7.66 crore and cash profit
of INR3.63 crore as against a total operating income of INR12.33
crore with a net loss of INR15.86 crore and cash loss of INR6.30
crore in FY15. As per the provisional results for H1FY17, SSHPL
earned TOI of INR18.06 crore with net loss of INR3.52 crore and
cash profit of INR2.13 crore.


SHIVAM SYNCOTEX: ICRA Suspends B+ Rating on INR21cr Bank Loan
-------------------------------------------------------------
ICRA has suspended the rating of [ICRA]B+ assigned to the
INR21.00 crore bank facilities of Shivam Syncotex Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance due to client non-cooperation.


SHREE HAZARILAL: ICRA Suspends 'B' Rating on INR4.15cr Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR4.15 crore seasonal cash credit, INR0.60 crore working
capital loan and INR0.50 crore working capital term loan of Shree
Hazarilal Cold Storage Private Limited. The suspension follows
lack of co-operation from the company.


SRI VIGNESWARA: ICRA Suspends B+ Rating on INR6cr Cash Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
INR6.00 crore cash credit, INR1.75 crore unallocated limits and
the short term rating of [ICRA]A4 to INR0.25 crore fund based
limits of Sri Vigneswara Raw & Boiled Rice Mill. 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 SWETHARKA: ICRA Reaffirms B+ Rating on INR6cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR6.00 crore cash credit and short term rating of [ICRA]A4 to
INR3.00 crore bank guarantee facilities of Sri Swetharka
Constructions Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             6.00        [ICRA]B+ re-affirmed
   Bank Guarantee          3.00        [ICRA]A4 re-affirmed

The rating reaffirmation continues to remain constrained by the
modest scale of operations of the company in a highly fragmented
industry with intense competition from other players and its
exposure to high client concentration risk with top 3 clients
accounting for 86% of the total order book; high geographic
concentration with presence only in the state of Telangana. The
rating is further constrained by high sectoral concentration as
the company carries out only irrigation works and stretched
liquidity profile of the company on account of high working
capital utilization which stood at around 91% for past 1 year.

The rating, however, draws comfort from the decade long
experience of the promoters in irrigation infrastructure works
and the modest order book of INR89.50 Cr as on 31st March, 2016
which provides revenue visibility in the medium term. The rating
is further comforted by the repeat work orders from government
departments which reflects good work quality and timeliness of
completion.

Going forward, the ability of the company to maintain its scale
of operations, profitability and coverage indicators, and
effectively manage its working capital requirements, remains the
key rating sensitivity from credit perspective.
Sri Swetharka Constructions Private Limited has started its
operations in 2006 as a partnership firm named "Sri Lakshmi
Constructions". It was converted into a private limited company
in 2014 and renamed to Sri Swetharka Constructions Private
Limited.

The company specializes in carrying out civil works for the
irrigation department. The company initially started as a sub-
contractor for companies such as IVRCL Limited, GVPR Engineers
Private Limited, BPR Infrastructure (P) Ltd., Sarala Project
Works (P) Ltd., Irrigation Department, etc. The company is
currently a designated special class contractor for the Telangana
government.

Recent results
SSCPL has reported an operating income of INR42.85 crore and net
profit of INR1.91 crore in FY2016 as against an operating income
of INR35.33 crore and net profit of INR1.64 crore in FY2015.


ST. JOHN'S: ICRA Reaffirms B+ Rating on INR10cr LT Loan
-------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ on the
INR10.00-crore fund-based bank facilities of St. John's Orthodox
Church Society (Regd.).

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term fund based    10.00        [ICRA]B+; Reaffirmed

ICRA's rating factors in the school's nascent stage of operations
and the uncertainty regarding timely infusion of interest-free
unsecured loans by the members to fund the scheduled repayment of
term loan and the biannual lease payment for the land acquired
from Greater Noida Industrial Development Authority. Furthermore,
the ability of the school to attract students in the near term
will depend on the development and possession of apartments in
proximity to the school.

The rating favorably factors in the extensive experience of the
society in the field of education as reflected in the high
occupancy in its existing school in Mayur Vihar, Delhi, as well
as its high margins, despite its limited scale operations.
Furthermore, the rating draws comfort from the financial standing
of the members and fellow societies coming under 'The Malankara
Orthodox Syrian Church'.

Going forward, the ability of the society's members to timely
infusion the funds to finance the cash flow mismatch and complete
the project will be a key rating sensitivity. The occupancy
levels in the Greater Noida School will also be monitored
closely.

St. John's Orthodox Church Society is a charitable society
registered under the society registration act, Delhi. The society
commenced operations of St. John's Model School in 2003.
Currently, the society runs the school (Nursery-VIII),
kindergarten and a church located in Mayur Vihar, New Delhi. St.
John's Model School is a coeducational, English medium school and
follows the CBSE curriculum. The school is spread over an area of
836 square metres and has 1250 students from LKG to class VIII.
The society has also taken up the new school project in Greater
Noida, Uttar Pradesh. The school will be constructed in four
phases with four blocks and will be spread over an area of 10,000
square metres. The cost of the project is estimated at INR29.68
crore, which will be financed through terms loans of INR8.00
crore and the remaining through unsecured loans from members and
other Orthodox Church societies. The new school commenced
operations of the first phase in FY2016 and has enrolled 30
students.

Recent Results

The society, on a provisional basis, registered revenue receipts
of INR3.72 crore and a net surplus of INR0.76 crore in FY2016, as
against the revenue receipts of INR3.25 crore and a net surplus
of INR1.15 crore in the previous year.


SUJANA TOWERS: CARE Reaffirms 'D' Rating on INR1420.24cr LT Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Sujana Towers Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities   1,420.24     CARE D Reaffirmed
   Short-term Bank Facilities    200.02     CARE D Reaffirmed

Rating Rationale

The ratings of the bank facilities of Sujana Towers Limited (STL)
continue to remain constrained by the stretched liquidity
position resulting in delays in debt servicing.

STL was established in April 2006 after demerger of Towers
Division of Sujana Metal Products Limited, pursuant to the scheme
of arrangement and amalgamation as approved by the High Court of
Andhra Pradesh. STL is engaged in the manufacturing of galvanized
steel towers used in the power transmission and telecom tower
sector.

STL is a part of the Sujana group. The group has diversified
business activity with presence in construction & structural
steel, power transmission & telecom towers and allied services,
energy (generation, distribution, green energy consulting and
manufacture of energy saving LEDs), basic and urban
infrastructure development, precision engineering components,
domestic appliances and international trade.

In FY16 (refers to the period April 01 to March 31), STL reported
PBILDT of INR235.72 crore (as against INR259.25 crore in FY15)
and loss of INR145.56 crore (as against PAT of INR3.83 crore in
FY15) on a total operating income of INR1,398.90 crore (as
against INR2,119.06 crore in FY15).


SUJANA UNIVERSAL: CARE Reaffirms 'D' Rating on INR475.97cr Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Sujana Universal Industries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    475.97      CARE D Reaffirmed
   Short-term Bank Facilities   363.00      CARE D Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Sujana Universal
Industries Limited (SUIL) takes into account the ongoing delays
in servicing of debt obligations owing to the stretched liquidity
position of the company.

SUIL was incorporated in August 1986 and is a part of the Sujana
Group. The company is engaged mainly in trading and processing of
steel products and also derives income from manufacture and sale
of bearings, electrical appliances and castings.

SUIL is part of the Sujana group. The Sujana group has
diversified business activities with its presence in construction
& structural steel, power transmission & telecom towers and
allied services, energy (generation, distribution, green energy
consulting and manufacture of energy saving LEDs), basic and
urban infrastructure
development, precision engineering components, domestic
appliances and international trade. SUIL also has presence in
Singapore, Dubai, Hong Kong, Cayman Island and Mauritius through
its subsidiaries (viz. Pac Ventures Pvt. Ltd., Sujana Holdings
Ltd., Nuance Holdings Ltd., Sun Trading Ltd., and Hestia Holdings
Ltd.), all of which are engaged in trading activity.

During FY16 (refers to the period April 1 to March 31), SUIL
reported total operating income of INR3,152.32 crore (Rs.3,260.16
crore in FY15) with PBILDT of INR131.89 crore (Rs.113.12 crore in
FY15) and net loss of Rs.15.18 crore (net loss of INR11.94 crore
in FY15).


TREE HOUSE: CARE Lowers Rating on INR102.80cr LT Loan to 'D'
------------------------------------------------------------
CARE revises the rating assigned to the lt fund based facilities
of Tree House Education & Accessories Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term fund based          102.80     CARE D Revised from
   Bank facilities                          CARE BB

CARE removes "credit watch" assigned to the bank facilities of
Tree House Education & Accessories Limited (TEAL) in view
of withdrawal of merger process with Zee Learn Limited (ZLL).
The rating action is based on the basis of best available
information in the public domain.

Rating Rationale
CARE revises the long-term rating assigned to bank facilities of
TEAL on account of ongoing delays in debt serving of the
company due to weakening of liquidity profile of the company.
Ability of the company to regularize the debt servicing by
improving overall liquidity profile of the company remains key
rating sensitivity.

TEAL incorporated on July 10, 2006 as a private limited company
by Mr. Rajesh Bhatia and his wife Ms. Geeta Bhatia, is primarily
engaged in pre-school education across various locations in
India. As on June 30, 2016 there were 575 preschool centres. TEAL
also operates in K12 segment with 24 schools under its
management.

The company reported Profit After Tax (PAT) of INR 6.78 crore on
Total Operating Income (TOI) of INR 209.33 crore in FY16 (refers
to period April 01, to March 31) as compared to PAT of INR 60.88
crore on TOI of INR 207.45 crore in FY15. Further, the company
reported loss of INR 93.12 crore on TOI of INR 38.20 crore in
H1FY17 (April 01 to September 30,) as compared to PAT of INR30.76
crore on TOI of INR 126.28 crore in H1FY16.


TRIDENT TECHLABS: ICRA Suspends B+/A4 Rating on INR17.50cr Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ and the
short-term rating of [ICRA] A4 assigned to the INR17.50 crore
bank facilities of Trident Techlabs Pvt. Ltd. The suspension
follows ICRA's inability to carry out rating surveillance in the
absence of 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.


UNDAVALLI CONSTRUCTIONS: ICRA Suspends B+ Term Loan Rating
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
INR6.15 crore term loan and INR2.85 crore unallocated limits of
Undavalli Constructions. 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.


UNIVERSAL POLYSACK: CARE Reaffirms 'B' Rating on INR10.2cr Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Universal Polysack (India) Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      10.20     CARE B; Stable
                                            Reaffirmed
Rating Rationale

The rating of Universal Polysack (India) Private Limited (UPPL)
continues to remain constrained on account of its modest scale of
operations coupled with continuous net losses and cash losses in
the highly fragmented and competitive woven sacks industry, its
high dependence on the prospects of the cement industry and
vulnerability of margins to fluctuation in the raw material
prices. The rating further, continues to remain constrained on
account of its weak solvency position and stressed liquidity
position.

The rating, however, continues to derive strength from
experienced promoters with financial support provided by them.
The rating, further, continues to derive strength from its
location advantage being situated near to user industries with
reputed customer base.

The ability of UPPL to increase its scale of operations while
improving profitability in light of the volatile raw material
prices and improvement in the solvency position as well as
efficient management of working capital shall be the key rating
sensitivities.

Beawar-based (Rajasthan) UPPL, incorporated in February 2010, and
was promoted by Mr. Govind Goyal along with Mr. Hitesh Goyal.
UPPL was incorporated with an objective to set up a greenfield
plant for manufacturing of woven sack bags at its sole
manufacturing facility located at Beawar (Rajasthan). The company
completed its project and started commercial operations from July
29, 2013 with FY15 (refers to the period April 1 to March 31)
being the first full year of operation for the company.

The company operates from its sole manufacturing facility located
at Beawar having an installed capacity of 4,752 Metric Tonnes Per
Annum (MTPA) as on March 31, 2016. Woven sack bags are
manufactured from Polypropylene (PP) or High Density Polyethylene
(HDPE) and find their application in packaging salt, cement,
rice, seeds and cattle feed, etc. The company mainly sells woven
sack bags to cement manufacturing companies and its clientele
includes Wonder Cement Limited, Shree Cement Limited and Ambuja
Cement Limited.

As per the audited result of FY16 (refers to the period April 01
to March 31), UPPL reported a total operating income of
Rs.32.49 crore (FY15: INR29.45 crore) with negative PAT of
INR2.28 crore (FY15: INR2.06 crore).


VAISHALI EXPORT: ICRA Suspends B+/A4 Rating on INR7.69cr Loan
-------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ and short
term rating of [ICRA]A4 assigned to the INR7.69 crore bank
facilities of Vaishali Export House. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


VISURA TRADING: ICRA Reaffirms B+ Rating on INR9.0cr Loan
---------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ assigned to
INR9.00 crore fund based limits and reaffirmed the ratings of
[ICRA]B+/[ICRA]A4 to INR3.00 crore unallocated limits of Visura
Trading & Investment (India) Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits        9.00      [ICRA]B+ reaffirmed
   Unallocated Limits       3.00      [ICRA]B+/ICRA]A4 reaffirmed

The reaffirmation of rating continues to be constrained by VTIL's
modest scale of operations in DCA/CS (Del Credere
agency/Consignment stockiest) business and weak capital structure
as reflected by gearing of 4.06 times as on 31st March 2016 due
to low net worth and high working capital borrowings. The ratings
are also constrained by exposure to counter party credit risk
with default on payments is borne by VTIL and dependence on a
single supplier & product for its revenue being the DCA/CS agent
for GAIL and. The ratings however positively factor in the long
track record of the management in the polymer industry;
relationship with GAIL as the sole distributor of HDPE/LLDPE/PP
in Andhra Pradesh (AP) and Telangana states and established
relationships with key customers in the industry.

Going forward, the company's ability to maintain the
profitability while managing working capital requirement will
remain key rating sensitivities from credit perspective.

Visura Trading & Investment (India) Limited is incorporated in
the year 1985 and is involved in trading of polymer products. The
company is a DCA cum CS of GAIL (India) Limited for state of
Andhra Pradesh and Telangana for polymer raw materials such as
HDPE/LLDPE/PP from 1998-99. The company has its godowns located
at Guntur, Vishakapatnam for Andhra Pradesh region and in
Hyderabad for Telangana Region.

Recent Results
The company reported an operating income and net profit of
INR1.76 crore and INR0.14 crore respectively in FY2016 as against
an operating income and net profit of INR1.87 crore and INR0.15
crore respectively in FY2015.



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


TOSHIBA CORP: S&P Lowers LT Corporate Credit Rating to 'B-'
-----------------------------------------------------------
S&P Global Ratings said it has lowered its long-term corporate
credit and senior unsecured debt ratings on Japan-based
diversified electronics company Toshiba Corp. one notch each, to
'B-' from 'B' and 'B+' from 'BB-', respectively, and has placed
the ratings on CreditWatch with negative implications.  At the
same time, S&P has placed its 'B' short-term corporate credit and
commercial paper program ratings on Toshiba on CreditWatch
negative.

The downgrades and CreditWatch placements are in response to
Toshiba's announcement Tuesday it might recognize several
JPY100 billion in impairment losses related to its U.S. nuclear
energy business.  Toshiba said that as a result of evaluating the
value of the U.S. nuclear energy business it acquired through
Westinghouse Electric Co. LLC in 2015, it assessed goodwill on
the assets to be several JPY100 billion, far exceeding its
initial estimates.  Therefore, Toshiba is likely to suffer
impairment losses on all or part of the goodwill in fiscal 2016
(ending March 31, 2017).

Toshiba, thanks to strong sales of flash memory devices in its
main storage (semiconductor) business, had expected to recover
its consolidated operating income to a robust profit level in
fiscal 2016 compared with its JPY708.7 billion loss in fiscal
2015. However, profitability in the flash memory business is
highly volatile, owing to the market's variable nature, in S&P's
view.  In addition, S&P believes earnings from Toshiba's energy
systems business and infrastructure systems business have become
less stable.  In particular, Westinghouse Electric, the core of
Toshiba's energy systems business, has lost competitiveness, and
its ability to generate earnings has slipped to levels far below
our initial assumptions, which S&P believes shows in Toshiba's
likely booking of impairment losses.  Because of these factors,
S&P sees a heightened likelihood that Toshiba's overall
competitiveness and EBITDA margin will deteriorate considerably
more than S&P had expected and will take longer to recover.
Accordingly, S&P has revised its assessment of Toshiba's business
risk profile to weak from S&P's previous assessment of fair.

Significantly dimmer prospects of a recovery in Toshiba's
profitability has heightened the likelihood that key cash flow
and leverage measures, such as funds from operations to debt and
debt to EBITDA, will hover at very weak levels in the next one to
two years.  S&P also expects its shareholders' equity to
drastically shrink from the JPY363.2 billion as of the end of
September 2016, further eroding its resilience to changes in its
business conditions and constraining its ability to invest in
growth fields, mainly 3D NAND-type flash memory devices.  In
S&P's opinion, free cash flow will likely be materially more
negative than S&P had previously expected, due to a potential
increase in working capital, among other factors.

S&P currently believe Toshiba's funding is unlikely to suffer a
severe blow, because of the company's strong ties with its main
creditor banks.  However, any developments in its relationships
with main creditor banks will warrant closer attention than
before.  Accordingly, S&P has revised its assessment of Toshiba's
financial risk profile to highly leveraged from S&P's previous
assessment of aggressive.

The combination of a weak business risk profile and highly
leveraged financial risk profile lead to two possible anchor
outcomes: 'b' or 'b-'.  S&P selects a 'b' anchor this time
because it believes its strong ties with its main creditor banks
will continue to support a sound level of interest coverage.
Still, the company is likely to continue to face constraints on
funding from financial markets, and its heavy debt burden and
extremely weak shareholders' equity weigh on its credit quality.
Therefore, S&P adjusts the anchor down a notch to derive our
stand-alone credit profile of 'b-'.

S&P continues to assess Toshiba's liquidity as less than
adequate. S&P expects Toshiba's liquidity sources to be less than
1.2x uses over the next 12 months because of its heavy burden of
debt repayments and investments.  Its continued heavy reliance on
bank borrowings for funding will continue to constrain its
financial flexibility, in S&P's view.  S&P believes cash outflow
in the next 12 months as a result of its recent announcement that
it might incur massive impairment losses is not large.
Nevertheless, because working capital management and any
additional expenses could expand its financial burden, S&P
believes its liquidity conditions warrant closer attention than
before.

S&P's long-term senior unsecured debt rating on Toshiba remains
two notches higher than S&P's long-term corporate credit rating
on the company.  This reflects S&P's view that the probability of
default in Toshiba's long-term senior unsecured bonds is lower
than that in its bank borrowings because any default is somewhat
likely to take the form of debt forgiveness by banks.  S&P bases
this view on its expectation that Toshiba's main creditor banks
will maintain their supportive stance toward Toshiba.

"We have placed all our ratings on Toshiba on CreditWatch
negative because details and causes of the impairment losses, as
well as the impact on its business performance, are undetermined.
We intend to resolve the CreditWatch placements after examining
details of how the impairment is treated and Toshiba's third-
quarter business performance (ending Dec. 31, 2016); its overall
risk management regime, including other deals; the support of its
main creditor banks and its liquidity; and after reassessing the
degree of damage to Toshiba's business and financial standing.
Persistently tough business conditions have heightened
uncertainties for Toshiba's prospects to swiftly recover profit
levels, in our view.  Toshiba's ability to enhance its
shareholders' equity is likely to continue to be difficult for
the foreseeable future because its debt burden will remain very
heavy and the Tokyo Stock Exchange has kept its stock on its list
of securities on alert.  Under these conditions, we will consider
downgrading Toshiba if we see a heightened likelihood that
Toshiba will restructure its debt in a manner we define as
selective default," S&P said.

RATINGS LIST

Downgraded; CreditWatch/Outlook Action
                                      To               From
Toshiba Corp.
Corporate Credit Rating              B-/Watch Neg/B   B/Neg./B

Downgraded; CreditWatch/Outlook Action
                                      To               From
Toshiba Corp.
Senior Unsecured                     B+/Watch Neg.    BB-

CreditWatch/Outlook Action
                                      To               From
Toshiba Corp.
Short-Term Corporate Credit Rating   B/Watch Neg      B
Commercial Paper                     B/Watch Neg      B



=====================
P H I L I P P I N E S
=====================


RURAL BANK OF CLAVERIA: PDIC to Continue Processing Claims
----------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) announced
that deposit insurance claims from depositors of the closed Rural
Bank of Claveria (Cagayan), Inc. who have not filed their claims
may be filed at the PDIC Public Assistance Center, 3rd Floor, SSS
Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, in Makati
City. Claims for deposit insurance may be filed until Aug. 20,
2018. Claims may also be filed by mail.

When filing deposit insurance claims at the PDIC Public
Assistance Center, depositors are required to submit their
original evidence of deposit and present two (2) valid photo-
bearing IDs with signature of the depositor directly to PDIC.
Depositors may also file their claims through mail and enclose
their original evidence of deposit and photocopy of two (2) valid
photo-bearing IDs with signature together with a duly
accomplished Claim Form which can be downloaded from the PDIC
website, www.pdic.gov.ph. PDIC reminds depositors to deal only
with PDIC authorized officers.

Depositors who are below 18 years old should submit either a
photocopy of their Birth Certificate issued by the National
Statistics Office (NSO) or a duly certified copy issued by the
Local Civil Registrar as an additional requirement, with the
Claim Form signed by the parent. Claimants who are not the
signatories in the bank records are required to submit an
original copy of a notarized Special Power of Attorney. In the
case of a minor depositor, the Special Power of Attorney must be
executed by the parent. The format of the Special Power of
Attorney may be downloaded from the PDIC website.

In addition, all depositors who have outstanding loans or
payables to the bank have to coordinate with the duly authorized
PDIC Loans officer prior to the settlement of their deposit
insurance claim.

The procedures and requirements for filing deposit insurance
claims are likewise posted in the PDIC website.

Rural Bank of Claveria was ordered closed by the Monetary Board
through Resolution No. 1464.A dated Aug. 18, 2016. It is a
single-unit rural bank with head office located at #43, Gen.
Claveria St., Brgy. Centro III, Claveria, in Cagayan.

For more information, depositors may contact the Public
Assistance Department at telephone numbers (02) 841-4630 to 31,
or e-mail PDIC at pad@pdic.gov.ph. Depositors outside Metro
Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC
(7342).



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


TANDERRA SINGAPORE: Family Club Shuts Doors Due to Losses
---------------------------------------------------------
Tan Tam Mei at The Strait Times reports that boutique family club
Tanderra Singapore shuttered its doors suddenly on Dec. 28, 2016,
after less than two years of operation.

In a post on Tanderra's Facebook page, it thanked members for
their support and said it would be going through compulsory
liquidation, the report says.

The club, which catered mostly to expatriates, was located at the
Loewen Cluster in Dempsey Hill.

It opened in March 2015 and marketed itself as a retreat for
families, with activities like swimming lessons, holiday
enrichment programmes and spa sessions.

The Strait Times relates that in a Facebook message to club
members on Dec. 28, 2016, one of the club's shareholders, Ms
Anjuli Parker, said the club had been facing large losses since
it opened and had become "unsustainable".

She wrote: "While we've been making progress at reducing the
month-on-month loss, we have not been able to close the gap as
quickly as we needed to and have found that especially in the
last quarter of 2016, a significant proportion of existing
members are leaving Singapore."

She said shareholders had voted to wind up the company as
Tanderra was unable to pay its debts. She also reassured members
that pre-payments and deposits made by members since 2015
had been set aside and the club would ensure that all monies
would be returned "as the legal process runs its course," relays
The Strait Times.

The club also called for members who have yet to settle their
bills for November to do so, as the amount would allow Tanderra
to pay its employees' salaries.

The Strait Times says Tanderra is also in the process of
collecting members' belongings as it had informed its landlord of
its closure and would arrange for members to collect the items.

A member of the club, who declined to be named, told The Straits
Times: "As a family, we are very sad that Tanderra has closed
. . . It was a really lovely place for young children and
families, and the staff worked very hard."



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


HYUNDAI MERCHANT: Forms Alliance with Two Smaller Local Rivals
--------------------------------------------------------------
Yonhap News Agency reports that Hyundai Merchant Marine Co. said
Jan. 3 that it has agreed to forge an alliance with two local
rivals, a move apparently aimed at overcoming the downturn
swarming the entire industry.

Yonhap relates that under the strategic alliance, the three firms
will create a joint consortium, named HMM+K2, that will allow the
shipping firms to share ships under a code-sharing scheme, as
well as separate assets, ranging from containers to storage, they
said.

A memorandum of understanding for cooperation was signed, while
an official contract is expected to be inked next month before
the consortium sets sail in March, they added, says the report.

The two other shipping firms are Sinokor Merchant Marine Co.,
which specializes in shipments between South Korea and China, and
Heung-A Shipping Co., which has a well established shipping line
to and from Japan, according to Yonhap.

Under the local alliance, Hyundai Merchant may freely use the
shipping lines to China and Japan currently owned by its two new
partners, while the alliance is expected to allow the two smaller
shipping lines to improve the overall quality of their services,
the report says.

The three companies are also expected to jointly develop new
shipping lines to other countries, adds Yonhap.

Hyundai Merchant Marine Co., Ltd., is a Korea-based company
specializing in the provision of shipping services.  The Company
provides its services under two main segments: container and
bulk.

Hyundai Merchant Marine is currently under a creditor-led
restructuring scheme.


                             *********

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

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

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


                            *********


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

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

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

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

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



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