TCRAP_Public/170118.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 18, 2017, Vol. 20, No. 13

                            Headlines


A U S T R A L I A

CORE INSURANCE: Licence Cancelled After Failure to File Reports
CULLEN GROUP: Coast Subcontractors Fear They'll Get Nothing
FLUSH FITNESS: First Creditors' Meeting Slated for Jan. 25
HATTONVALE CRANE: First Creditors' Meeting Set for Jan. 25
HAWKINS EQUIPMENT: First Creditors' Meeting Set for Jan. 24

ILLAWARRA 2011-1: Fitch Affirms 'BB' Rating on Class E Notes
MESOBLAST LIMITED: Gets AUD29.6 Million From Share Issuance
MESOBLAST LIMITED: Presented at 35th J.P. Morgan Conference
PIE FACE: Close to Profitability and Sale, Receiver Says
RIJAK INVESTMENTS: Clifton Hall Appointed as Liquidators

TOTAL TRANSPORT: First Creditors' Meeting Set for Jan. 25


B A N G L A D E S H

BANGLADESH: Fitch Affirms 'BB-' Issuer Default Ratings


C H I N A

GUANGZHOU R&F: Fitch Assigns 'BB' Rating to USD725MM Sr. Notes
HYDOO INTERNATIONAL: Fitch Affirms 'B-' IDR; Outlook Stable
TIMES PROPERTY: Fitch Assigns 'B+' Rating to Proposed US$ Notes
TIMES PROPERTY: Moody's Assigns B2 to Proposed USD Notes


H O N G  K O N G

CHINA SOUTH: S&P Affirms 'B' CCR & Removes from CreditWatch Neg.
CHINA SOUTH: Fitch Affirms 'B' IDR; Outlook Stable


I N D I A

AGARWAL RECLAIM: CARE Lowers Rating on INR11.50cr Loan to D
AGROW FOODS: CARE Reaffirms 'B' Rating on INR10cr LT Bank Loan
ALPNA VISUAL: CRISIL Assigns 'B' Rating to INR4.1MM Term Loan
BANSAL EXTRACTION: CARE Reaffirms B+ Rating on INR19.64cr Loan
BHILAI JAYPEE: CARE Reaffirms 'D' Rating on INR170cr LT Loan

BRISTOL TOURIST: CRISIL Lowers Rating on INR50MM Term Loan to D
CRAFT INT-DECOR: CRISIL Reaffirms B+ Rating on INR3.5MM LT Loan
DEEPMALA FISHERIES: CRISIL Hikes Rating on INR5.05MM Loan to BB-
FRESCO PLUS: CRISIL Reaffirms B Rating on INR2.25MM Cash Loan
FSD BUILDING: CRISIL Lowers Rating on INR30MM Overdraft to B+

GAURAV BHARTI: CRISIL Lowers Rating on INR10MM Loan to 'D'
GMP WEAVING: CRISIL Assigns B+ Rating to INR16.4MM LT Loan
GOLDSTAR POLYMERS: CRISIL Reaffirms B+ Rating on INR7MM Cash Loan
GONDWANA ENGINEERS: CARE Assigns 'B' Rating to INR42cr LT Loan
GOOD LUCK: CRISIL Assigns B- Rating to INR18MM Cash Loan

GROVER AGRO: CRISIL Assigns 'B' Rating to INR5.2MM Term Loan
HI-TEC ROCK: CARE Assigns B+ Rating to INR4.55cr Long Term Loan
MANGALAM TIMBER: CARE Reaffirms B+ Rating on INR12cr LT Loan
NIJAGUNA LAND: CRISIL Assigns 'D' Rating to INR9MM Cash Loan
OM GRAM: Ind-Ra Lowers Rating on INR24.74MM Bank Loans to 'D'

OMEGA PREMISES: CRISIL Reaffirms 'B' Rating on INR20.55MM Loan
ORIGIN MINERALS: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
PRAYAS STEELS: CRISIL Reaffirms 'B' Rating on INR9MM Cash Loan
PRITI SALES: CRISIL Assigns B+ Rating to INR5.0MM Cash Loan
PUNJ LLOYD: CARE Reaffirms 'D' Rating on INR300cr Loan

PUNJ LLOYD LIMITED: CARE Reaffirms D Rating on INR5,144.67cr Loan
QUALITY TEA: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
R K DAS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
R K VISION: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
RASIK VATIKA: CRISIL Reaffirms B+ Rating on INR14MM Cash Loan

RATHNA STORES: CRISIL Assigns B Rating to INR7.5MM Cash Loan
RIYA IMPEX: Ind-Ra Affirms 'B+' Long-Term Issuer Rating
ROHIT ENTERPRISES: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
SARA EXPORTS: CRISIL Raises Rating on INR32MM Cash Loan to BB
SB EQUIPMENTS: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating

SHIV SHAKTI: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
SIDDHI GANESH: CRISIL Lowers Rating on INR12MM e-DFS to B+
SPECTRUM COMPLEX: Ind-Ra Raises Long-Term Issuer Rating to 'BB-'
SREE KRISHNA: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
SRG SPINNING: CARE Assigns B+ Rating to INR5.58cr LT Loan

THAKARDHANI AGRO: CRISIL Ups Rating on INR11MM Cash Loan to BB-
TOP IN TOWN: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
UNNAT AGRO: CARE Assigns 'B' Rating to INR8.50cr Long Term Loan
V S METALLIC: Ind-Ra Assigns 'B' Long-Term Issuer Rating
VAMA INDUSTRIES: Ind-Ra Affirms 'BB' Long-Term Issuer Rating

VIKAS CHAIN: CRISIL Reaffirms B+ Rating on INR11.75MM Cash Loan
VINAYAK POLYMERS: CRISIL Reaffirms B+ Rating on INR20MM Loan
VINTAGE HOME: CARE Assigns B- Rating to INR7.50cr Long Term Loan
VISION ISPAT: CARE Assigns B+ Rating to INR5.0cr Long Term Loan


J A P A N

TAKATA CORP: Ford Expands Airbag Recall to 816,000 Vehicles


N E W  Z E A L A N D

SAE LTD: Goes Into Voluntary Liquidation


P H I L I P P I N E S

* Closure of 4 Insurance Firms Looms on Paid-Up Capital Rise


S I N G A P O R E

CHINA FISHERY: Ch. 11 Trustee Taps Quinn Emanuel as Counsel


S O U T H  K O R E A

DAEWOO SHIPBUILDING: Prosecutors Grills CEO Over Accounting Fraud


                            - - - - -


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


CORE INSURANCE: Licence Cancelled After Failure to File Reports
---------------------------------------------------------------
The Australian Securities and Investments Commission has
cancelled the Australian Financial Services (AFS) licence of
Sydney based company Core Insurance Pty Ltd for failing to lodge
financial statements and auditor reports for a period of two
years. This is in breach of both its legal obligations and
licence conditions.

ASIC Deputy Chair Peter Kell said, "Licencees are required to
lodge financial statements and auditor reports with ASIC to
demonstrate their capacity to provide financial services.

"Failure to comply with financial reporting obligations can be an
indicator of a poor compliance culture. ASIC won't hesitate to
act against licensees who do not meet these important
requirements."

The cancellation of Core Insurance's AFS licence is part of
ASIC's ongoing efforts to improve standards across the financial
services industry.

Core Insurance provides general advice in relation to general
insurance products and has held its AFS licence since October
2012.

The annual lodgment of financial statements and an auditor's
report is an important part of an AFS licensee demonstrating it
has adequate financial resources to provide the services covered
by its licence and to conduct its business in compliance with the
Corporations Act 2001.

ASIC will continue to contact AFS licensees who have not lodged
financial statements and an auditor's report and take appropriate
action if they continue to fail to lodge.


CULLEN GROUP: Coast Subcontractors Fear They'll Get Nothing
-----------------------------------------------------------
Paul Weston at Gold Coast Bulletin reports that Gold Coast
subbies owed more than $18 million after the collapse of the
Cullen Group fear they will receive no returns from the company's
liquidation and may not return to the Boheme Apartments building
site in Robina.

The Gold Coast Bulletin has learned that the Queensland Building
and Construction Commission had cancelled the builder's licence.

According to the Bulletin, the QBCC is being asked by Housing and
Public Works Minister Mick de Brenni to appoint an external
financial investigator to probe the collapse with 520 unsecured
creditors, most of them southeast Queensland subcontractors and
suppliers, owed AUD18.2 million.

Documents reveal there are 60 secured creditors and almost 50
priority unsecured creditors including the Australian Taxation
Office, says the report.

According to the Bulletin, liquidator Mark Pearce, from Pearce
and Heers, in a report to creditors before an initial meeting
planned for January 24, indicated: "I am currently uncertain
whether a dividend will be paid in the liquidation".

He said the factors influencing some return of funds to subbies
included the cost of liquidation, recovery of assets and the
total amount of claims by secured and priority creditors, the
Bulletin relates.

"I don't expect the dividend position will become clear for a
considerable period of time," the Bulletin quotes Mr. Pearce as
saying. "I will notify creditors in the event that sufficient
funds are recovered to enable payment of a dividend."

The Bulletin notes that the Cullen Group when it stopped trading
had 11 active worksites across southeast Queensland and northern
NSW with the AUD100 million Boheme high rise at Robina one of its
biggest uncompleted projects.

Net profits for the year ended 30 June 2016 for the company
exceeded AUD1.7 million but significantly dropped to AUD47,775
from July to November last year, the Bulletin discloses.

According to the Bulletin, company director Wayne Cullen, in a
statement to creditors, said the decision by the QBBC on
December 15 to suspend his company "totally blindsided me".

"I want to emphasise that Cullen Group Australia Pty Ltd were
trading solvently at the all times. We had debtors not pay AUD4.5
million in November which put a huge strain on the business and
our relationship with creditors," Mr. Cullen said, notes the
report.

The Bulletin notes that the Robina Group has appointed building
leader Hutchinson Builders to finish work on the Boheme
Apartments and its Coast management had indicated "a preference
will be to keep on the guys who were working on the site".

But Subcontractors Alliance spokesman Les Williams, who is in
contact with many subbies, said it was likely some contractors
would miss out on new contracts while others would be reluctant
to return, the Bulletin relays.

The creditor's report reveals Coast suppliers are among those
owed the most and include a Tweed air conditioning business
(AUD471,000), a Yatala window supplier (AUD383,000) and a Nerang
business (AUD324,000), adds the Bulletin.

As reported in Troubled Company Reporter-Asia Pacific on Dec. 28,
2016, the Gold Coast Bulletin said the building company behind
the two tower, resort-style units at Robina has collapsed
sparking fears about money owed to up to 300 subbies.  According
to the Bulletin, ASIC documents showed the Brisbane-based
construction company Cullen Group Australia is under external
administration.  The Bulletin related that Brisbane insolvency
accounting firm Pearce and Heers was appointed liquidator on
Dec. 22, 2016, in a voluntary winding up of the builder.


FLUSH FITNESS: First Creditors' Meeting Slated for Jan. 25
----------------------------------------------------------
A first meeting of the creditors in the proceedings of
Flush Fitness Pty Ltd will be held at the offices of Pitcher
Partners, Level 19, 15 William Street, in Melbourne, Victoria, on
Jan. 25, 2017, at 11:00 a.m.

Paul Gerard Weston of Pitcher Partners was appointed as
administrator of Flush Fitness on Jan. 13, 2017.


HATTONVALE CRANE: First Creditors' Meeting Set for Jan. 25
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Hattonvale
Crane Hire Pty Ltd will be held at the offices of Mackay Goodwin,
Level 10, 239 George Street, in Brisbane, Queensland, on Jan. 25,
2017, at 1:30 p.m.

Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of Hattonvale Crane on
Jan. 16, 2017.


HAWKINS EQUIPMENT: First Creditors' Meeting Set for Jan. 24
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Hawkins
Equipment Pty Ltd will be held at Level 11, 127 Creek Street, in
Brisbane Queensland, on Jan. 24, 2017, at 11:00 a.m.

Bradd William Morelli and Andrew John Spring of Jirsch Sutherland
were appointed as administrators of Hawkins Equipment on Jan. 13,
2017.


ILLAWARRA 2011-1: Fitch Affirms 'BB' Rating on Class E Notes
------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Illawarra Series 2011-1
CMBS Trust.  The transaction is a securitization of Australian
small-balance commercial mortgages originated by IMB Limited.
The rating actions are:

  AUD28.8 mil. Class A (ISIN AU3FN0014007) notes affirmed at
   'AAAsf'; Outlook Stable;
  AUD2.3 mil. Class B (ISIN AU3FN0014015) notes affirmed at
   'AAsf'; Outlook Stable;
  AUD3.7 mil. Class C (ISIN AU3FN0014023) notes affirmed at
'Asf';
   Outlook Stable;
  AUD4.3 mil. Class D (ISIN AU3FN0014031) notes affirmed at
   'BBBsf'; Outlook Stable; and
  AUD0.9 mil. Class E (ISIN AUSFN0014049) notes affirmed at
   'BBsf'; Outlook Stable.

Note balances are as of the 19 December 2016 payment date.

                          KEY RATING DRIVERS

The affirmations reflect Fitch's view that available credit
enhancement is sufficient to support the notes' current ratings
and can withstand a deterioration in Australia's economic
conditions in line with the agency's expectations. The credit
quality and performance of the loans in the collateral pool have
been better than Fitch expected.

At end-November 2016, 30+ days arrears were low at 0.08%.
Arrears have been consistently low, there have been no losses
since closing and excess spread has remained stable.

As the mortgage portfolio reduces in size, the correlation of
principal losses resulting from defaulted obligors becomes the
primary driver for Fitch's analysis.

                       RATING SENSITIVITIES

The transaction is currently paying down pro-rata and the ratings
of the notes are affected by the level of concentration in the
collateral pool.

The rated notes are sensitive to the concentration of obligors,
defaults and default timing.  Nevertheless, the transaction has
not experienced any defaults and commercial loans originated by
IMB Limited have a sound historical performance.

Negative rating actions may be considered if there is an
unexpected increase in losses resulting in a charge-off and
subsequent reduction in excess spread.


MESOBLAST LIMITED: Gets AUD29.6 Million From Share Issuance
-----------------------------------------------------------
Mesoblast Limited announced that it has received AUD29.6 million
(US$21.7 million) following issuance of 20.04 million shares to
Mallinckrodt Pharmaceuticals. The shares will be held in
voluntary escrow for a period of 12 months.

Under the terms of the equity purchase agreement signed on
Dec. 23, 2016, and in consideration for the share purchase,
Mallinckrodt has an exclusive period of up to nine months to
conclude commercial and development agreements for two of
Mesoblast's Tier 1 product candidates, MPC-06-ID in the treatment
or prevention of moderate/severe chronic low back pain due to
disc degeneration and MSC-100-IV in the treatment of acute graft
versus host disease, in all territories outside of Japan and
China.

                       About Mesoblast Ltd.

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

Mesoblast reported a loss before income tax of $90.82 million for
the year ended June 30, 2016, compared to a loss before income
tax of $96.24 million for the year ended June 30, 2015.

As of Sept. 30, 2016, Mesoblast had $665.4 million in total
assets, $155.6 million in total liabilities and $509.9 million in
total equity.

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


MESOBLAST LIMITED: Presented at 35th J.P. Morgan Conference
-----------------------------------------------------------
Mesoblast hosted a live audio webcast at the 35th Annual J.P.
Morgan Healthcare Conference on Jan. 12, 2017, at 7.30 a.m.
PST/2.30 a.m. Friday, Jan. 13, 2017 (AEDT).

The archived webcast will be available in the Events and
Presentations section of the Company's Web site at
http://www.mesoblast.com/

                       About Mesoblast Ltd.

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

Mesoblast reported a loss before income tax of $90.82 million for
the year ended June 30, 2016, compared to a loss before income
tax of $96.24 million for the year ended June 30, 2015.

As of Sept. 30, 2016, Mesoblast had $665.4 million in total
assets, $155.6 million in total liabilities and $509.9 million in
total equity.

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


PIE FACE: Close to Profitability and Sale, Receiver Says
--------------------------------------------------------
Madeleine Heffernan at The Sydney Morning Herald reports that Pie
Face Australia is heading towards profitability for the first
time in a long time, as its receiver flags the business will be
sold shortly.  But the one-time, high-flying, hot-pie business
has left behind a trail of destruction, the report says.

According to SMH, secured debt is AUD4 million and unsecured debt
is estimated to be under AUD5 million with employees alone owed
more than AUD1 million.

And the listed Retail Food Group, which owns Di Bella Coffee, has
made an application to wind up Pie Face Australia in the
Queensland Supreme Court over an unpaid debt, SMH relates.

But Liam Bailey, partner at insolvency firm O'Brien Palmer and
receiver of Pie Face trading entities, said many creditors were
unlikely to receive payment out of the receivership, relays SMH.

"I can't speak to what the liquidator may be able to recover and
pay them as a dividend. But it's unlikely that a surplus will be
generated on the sale of the business allowing the funds to flow
to unsecured creditors of the company," the report quotes Mr.
Bailey as saying.

Mr. Bailey is joint receiver of Pie Face Pty Ltd, which operates
a commercial kitchen and a wholesaling business, Pie Face
Holdings, which owns the intellectual property, and Pie Face
Franchising, which oversees franchised operations in Australia,
SMH discloses.

He got the job after Pie Face went into receivership for the
second time in two years in late 2016, the report notes.

SMH notes that Pie Face once said it had a "cult reputation" and
a "cool" and "edgy" brand. Founded in 2003 by couple Wayne
Homschek and Betty Fong, it had taken on Australia and the US,
and planned to open stores in the Middle East, Japan, Korea and
the Philippines.

According to SMH, Investors including retail entrepreneur Brett
Blundy, Fat Prophets founder Angus Geddes and Rothschild
Australia chairman Trevor Rowe had poured more than AUD35 million
into Pie Face since 2009 with hopes of a sharemarket listing.

But in 2014, Pie Face collapsed owing tens of millions of
dollars. The high-profile collapse sparked store closures, job
losses, lawsuits, board changes and bitterness among franchisees
who lost their livelihood, SMH says.

SMH notes that Pie Face then struck a deal with financier TCA
Global, which took over loans to major lender Macquarie.

Under a deed of company arrangement, unsecured creditors such as
food suppliers agreed to receive between 14 cents and 19 cents in
the dollar over several years, and Pie Face changed its focus to
wholesale and direct retail sales, according to SMH.

But the turnaround bid came unstuck and financier TCA Global
appointed insolvency firm O'Brien Palmer in late October, SMH
states.

SMH says the business was then restructured for sale: a new CEO
and CFO were appointed, 11 unprofitable stores were closed and
three franchised stores were opened, close to 100 staff members
lost their jobs, costs were cut.

Pie Face now has 30 franchised stores, only about 10 people in
head office and 60 to 70 people in the kitchen, and big plans to
expand overseas, especially in Japan and South Korea.

SMH adds that Mr. Bailey said there are seven or eight companies
conducting due diligence right now, and they had until the start
of next month to put forward binding offers.

"We were very much taken aback by the level of interest in the
business notwithstanding the bad press it had received over the
years," SMH quotes Mr. Bailey as saying. "There's a lot of
recognition of the growth potential, if properly managed."

                          About Pie Face

Pie Face offers premium handmade sweet and savoury pies,
pastries, cakes, muffins, coffee and other lunch options.
The Company launched in Sydney in 2003 and had 89 stores across
Australia, the United States and New Zealand.

Jirsch Sutherland partners Sule Arnautovic and Rod Sutherland
were appointed as Joint Administrators of Pie Face Holdings Pty
Ltd, Pie Face Franchising Pty Ltd and Pie Face Pty Ltd on
Nov. 21, 2014.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 2, 2014, SmartCompany said Macquarie Capital, one of Pie
Face's secured creditors, late in November appointed Ferrier
Hodgson partners Steve Sherman and Peter Gothard as receivers to
a number of key Pie Face assets.

The TCR-AP, citing The Australian, reported on Jan. 2, 2015, Pie
Face founder Wayne Homschek has stood down as chief executive of
the fast food chain a day after creditors agreed to a funding
deal that will see it rescued from administration.

The Australian said that following a meeting of the new Pie
Face board on December 31, Kevin Waite, who was head of
Australian operations, has been appointed chief executive of Pie
Face's entire group, replacing the sometimes controversial
Mr. Homschek.


RIJAK INVESTMENTS: Clifton Hall Appointed as Liquidators
--------------------------------------------------------
Rijak Investments Pty Ltd was placed into liquidation Jan. 10,
2017.

At a general meeting of the members of the Company held on Jan.
10, 2017, it was resolved that the Company be wound up and that
Timothy James Clifton and Simon Richard Miller of Clifton Hall be
appointed liquidators.


TOTAL TRANSPORT: First Creditors' Meeting Set for Jan. 25
---------------------------------------------------------
A first meeting of the creditors in the proceedings of TOTAL
TRANSPORT & MACHINERY REPAIRS PTY LTD will be held at the offices
of Mackay Goodwin, Level 10, 239 George Street, in Brisbane,
Queensland, on Jan. 25, 2017, at 2:00 p.m.

Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of Hattonvale Crane on
Jan. 16, 2017.



===================
B A N G L A D E S H
===================


BANGLADESH: Fitch Affirms 'BB-' Issuer Default Ratings
------------------------------------------------------
Fitch Ratings has affirmed Bangladesh's Long-Term Foreign- and
Local-Currency Issuer Default Ratings at 'BB-'.  The Outlooks on
the Long-Term IDRs are Stable.  The Country Ceiling has been
affirmed at 'BB-' and the Short-Term Foreign- and Local-Currency
IDRs at 'B'.

                          KEY RATING DRIVERS

Bangladesh's ratings balance strong foreign-currency earnings and
high and stable real GDP growth against weak structural
indicators, significant political risk and weak banking-sector
health.

Bangladesh's external finances are supported by comfortable and
gradually rising foreign-exchange reserves, amounting to
USD32.1 bil. in December 2016 (7.9 months of current external
payments, compared with 4.4 months for peers in the 'BB'
category).  Remittances have started to decline in mid-2016,
however, especially inflows from the Middle East, leading to an
11% drop in 2016 to USD13.6 bil.  Bangladeshi ready-made garment
exports continued to be strong, accounting for 81% of total
exports and earning the country USD26.1 bil. in the first 11
months of 2016 (USD24.6 bil. in 2015).  In 2017, this sector may
feel the pinch of further real effective exchange rate
appreciation, although Bangladeshi labor costs are still
relatively low.

Bangladesh's real GDP growth is high at a five-year average of
6.5% compared with the 'BB' category median of 3.5%.  Growth has
been remarkably stable over the years despite both political
turmoil and natural disasters.  In the financial year ended 30
June 2016 (FY16), GDP growth was 7.1%, supported by increased
purchasing power from public-sector wage hikes and monetary
policy loosening.  Fitch expects GDP growth to decline to 6.6% in
FY17 and 6.4% in FY18, in part due to lower consumer spending
resulting from falling remittances.  Inflation is relatively high
compared with peers, averaging 5.4% in the first half of FY17,
but below the authorities' target of 5.8% set for FY17.

Political and safety risks remain substantial in Bangladesh.
Security incidents or political turmoil could inflict long-term
economic harm if it deters foreign investors and buyers of
Bangladeshi goods, especially ready-made garments, from doing
business in Bangladesh.  Calm has returned after political
violence erupting in 2014 and 2015, but continued strong
political polarisation could again lead to widespread violence
and blockades, especially nearer to parliamentary elections,
which are to be held no later than January 2019.

The risk that the sovereign will need to provide considerable
additional support to the banking sector is substantial, although
the small size of private credit, at just 36.5% of GDP, would
moderate the impact.  The sector's health and governance
standards are generally weak, particularly in public-sector
banks.  The official non-performing loan ratio is high at 10.3%
in 3Q16, while the capital adequacy ratio (CAR) is low at 10.3%,
down from 10.6% in 1Q16.  The CAR for the six state-owned
commercial banks was just 5.6%.

Bangladesh's general government debt was 32.4% of GDP in FY16,
which compares well with the 'BB' median of 51.4%.  However, the
government's revenue intake of 9.9% of GDP is the second-lowest
of all sovereigns rated by Fitch after Nigeria, implying limited
fiscal space to boost badly needed infrastructure development.
Implementation of the new VAT has been postponed to July 2017.
The new VAT has the potential to significantly boost revenues,
but the impact will depend on the details, such as the final tax
rate and whether the rate will be uniform for all products.

Bangladesh scores poorly on a broad range of structural
indicators, such as the World Bank's governance indicator (22nd
percentile versus the 'BB' median of 50th percentile).  GDP per
capita of USD1,443 is well below the 'BB' peer category median of
USD5,325, although major improvements have taken place over the
past decade on a number of social metrics.  The difficult
business environment is illustrated by the country's position of
176th out of 190 countries in the World Bank's Ease of Doing
Business report, while a large infrastructure deficit also
hampers investment.  However, the government seems focused on
making progress on some big ongoing infrastructure projects,
including the Padma Multipurpose Bridge.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)
Fitch's proprietary SRM assigns Bangladesh a score equivalent to
a rating of 'BB' on the Long-Term Foreign-Currency IDR scale.

Fitch's sovereign rating committee adjusted the output from the
SRM to arrive at the final Long-Term Foreign-Currency IDR by
applying its QO, relative to rated peers, as follows:
- Structural Features: -1 notch, to reflect political risk
arising from a polarised political environment and domestic
security concerns, as well as weak banking-sector health and
governance.

Fitch's SRM is the agency's proprietary multiple regression
rating model that employs 18 variables based on three-year
centred averages, including one year of forecasts, to produce a
score equivalent to a Long-Term Foreign-Currency IDR.  Fitch's QO
is a forward-looking qualitative framework designed to allow for
adjustment to the SRM output to assign the final rating,
reflecting factors within our criteria that are not fully
quantifiable and/or not fully reflected in the SRM.

                       RATING SENSITIVITIES

The Stable Outlook reflects Fitch's assessment that upside and
downside risks to the rating are well-balanced.

The main factors that individually, or collectively, could
trigger positive rating action are:

   -- An improvement in governance, which would strengthen the
      business climate and could improve banking-sector health
   -- A reduction in political risk or domestic security concerns

The main factors that individually, or collectively, could
trigger negative rating action are:

   -- Protracted substantial economic disruption from
      materializing political risk or a deterioration in the
      security situation
   -- A significant rise in the government debt-to-GDP ratio, for
      example due to substantial government support for the
      banking sector

                          KEY ASSUMPTIONS

   -- The global economy performs broadly in line with forecasts
      in Fitch's latest Global Economic Outlook.



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


GUANGZHOU R&F: Fitch Assigns 'BB' Rating to USD725MM Sr. Notes
--------------------------------------------------------------
Fitch Ratings has assigned Guangzhou R&F Properties Co. Ltd's
(BB/Stable) USD725 mil. 5.75% senior notes due in 2022 a final
rating of 'BB'.

The notes are issued by Easy Tactic Limited, a subsidiary of
Guangzhou R&F, and are rated at the same level as Guangzhou R&F's
senior unsecured rating because they constitute its direct and
senior unsecured obligations.  The assignment of the final rating
follows the receipt of documents conforming to information
already received.  The final rating is in line with the expected
rating assigned on Dec. 30, 2016.

The ratings are supported by Guangzhou R&F's scale in terms of
land bank and contracted sales with margins that are comparable
to 'BB+' peers.  It also has the highest EBITDA margin among 'BB'
rating category peers.  Its recurring income to interest expense
at 0.16x also supports its rating.

                         KEY RATING DRIVERS

Leverage Still High: Fitch expects Guangzhou R&F's leverage to
stabilise at around 55%-60% in 2016-2017 after peaking at 61.3%
at end-2014 following aggressive land banking.  Its leverage of
57.4% at end-1H16, although high for its rating, was lower than
60.5% in end-2015.  The continued high leverage was partly a
result of the delay of its A-share listing.  The company expects
leverage to remain stable.  This high leverage is the key
weakness of its credit profile, but is sufficiently mitigated by
a strong business profile commensurate with a 'BB' to 'BB+'
rating.

Better Selection of Land: Guangzhou R&F has turned more selective
and careful on its criteria for buying land in 2014-2015.  It
focused in Tier 1 cities and Tier 2 cities around the Yangtze
River Delta and Beijing-Tianjin regions, and moved away from Tier
3 cities and over-supplied Tier 2 cities.  Fitch believes the
more carefully selected land purchased from 2014-2015 will
provide better margins and cash flows to the company in 2016-
2018.

The two plots acquired via redevelopment in Shenzhen in 1H16,
which had land cost of CNY7,300-8,300 per square metre
demonstrated the company's direction for land acquisitions.
Guangzhou R&F slowed down acquisitions in 2014 to 2015 following
the sharp rise in leverage that stemmed from its aggressive land
acquisitions in 2013.  Land premium dropped to CNY5.3 bil. and
CNY4.6 bil. in 2014 and 2015, respectively, from CNY43.4 bil. in
2013.

Superior EBITDA Margins: Guangzhou R&F's EBITDA margin exceeds
those of its 'BB' category peers, which ranged from 20% to 25%.
Guangzhou R&F's EBITDA margin widened to 31.1% in 1H16 from a low
of 26.11% in 2015, and compared with 33%-36% in 2011-2013. EBITDA
margin improved due to better market conditions in 2H15 and a
larger share of commercial property sales, which are more
profitable.  Margin shrank in 2014 because commercial property
sales accounted for just 6% of total revenue, compared with 33%
and 15% in 2013 and 2012, respectively.

Improving Recurring Income: Guangzhou R&F's recurring income
EBITDA (including hotel and rental income) increased to
CNY958 mil. in 2015, Fitch estimated.  This is a CAGR of 10.6%
since 2012.  Its recurring income interest expense coverage was
at 0.16x at end-2015, and Fitch expects this to improve to 0.20x
in the next two years.  This is due to an increase in gross
rentable floor area and the number of hotel rooms in operation,
and a likely decline in funding cost.  Its improving recurring
income interest expense coverage supports its 'BB' ratings.

Reducing Funding Costs: Guangzhou R&F is replacing its high-cost
borrowings, including its offshore notes, perpetual capital
securities and trust loans, which bear interest rates of around
10%, with lower-cost domestic borrowing.  It issued several
onshore bonds that raised CNY43.3 bil. in total at interest cost
of 3.48%-5.20% in July 2015 and 1H16.  It also repaid CNY23.2
bil. of its more expensive borrowings.  In 1H16, the weighted
average cost of financing was 6%-6.57% compared with 8.22% in
2014 and 7.83% in 2015.  Fitch expects the company to maintain
low interest costs in the next 12-24 months.  The company's plans
for a share sale in China have been delayed, but this is not
putting pressure on its ratings.

                           KEY ASSUMPTIONS

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

   -- Contracted sales to increase 9% in 2016
   -- Contracted sales by gross floor area to increase by 2%-3%
      over 2016-2018
   -- Average selling price for contracted sales to increase by
      2%-3% for 2016-2018
   -- EBITDA margin at 26%-27% in 2016-2018
   -- Slower land bank acquisition in 2016-2018 with land premium
      around CNY7 bil.- CNY10 bil. a year
   -- Net debt including perpetual securities to be around
      CNY65 bil. - CNY70 bil. in 2016-2018

                        RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

   -- EBITDA margin below 25% on a sustained basis. (2015: 26%,
      1H16: 31.1%)
   -- Net debt/adjusted inventory over 60% on a sustained basis.
      (2015: 60.5%, 1H16: 57.4%)
   -- Contracted sales/gross debt below 0.6x on a sustained
      basis. (2015: 0.6x)

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

   -- Net debt/adjusted inventory below 40% on a sustained basis.
   -- Contracted sales/gross debt above 0.8x on a sustained
      basis, while maintaining its current scale


HYDOO INTERNATIONAL: Fitch Affirms 'B-' IDR; Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating of
Hydoo International Holdings Limited at 'B-'.  The Outlook is
Stable.  The company's foreign-currency senior unsecured rating
and the rating on its outstanding USD160 mil. 13.75% senior
unsecured bond due 2018 have also been affirmed at 'B-', with a
Recovery Rating of 'RR4'.

The rating is supported by Hydoo's manageable leverage, achieved
through a controlled pace of construction and land acquisition,
slow sales strategy to protect margins and adequate liquidity.
The rating is constrained by weak sales performance amid sluggish
trade centre demand.

                         KEY RATING DRIVERS

Weak Trade Centre Demand: Contracted sales for trade centre and
logistic developers weakened further in 2016 due to small-to-
medium enterprises scaling down new investments, slower
relocation demand, delays in local governments completing
transport networks and lower investor appetite for commercial
properties.  Hydoo recorded CNY1.1 bil. in contracted sales for
1H16.

The developer's average selling price declined to around CNY4,700
per square metre (sq m), from CNY6,400 per sq m in 2015, due to a
larger portion of residential product sales coming from third-
and fourth-tier cities, which recorded average selling prices of
between CNY3,000-4,000 per sq m (1H16: 27% of total sales
compared with 2% in 2015).  Fitch expects Hydoo's contracted
sales to reach around CNY2.5 bil. in 2016 and 2017, as there are
no signs of recovery in the trade centre industry.

Lower-Tier Cities Riskier: Hydoo's trade centres are mainly in
tier-3 and tier-4 cities to tap relocation and urbanisation
demand.  Fitch believes sales are more volatile in these cities
than in more developed locations and demand may reach saturation
faster due to the smaller populations and GDP in these economies.
Sales for subsequent phases of Hydoo's large-scale integrated
trade centre projects - those greater than 400,000 sq m - hinge
on continued urbanisation, which may slow due to growing market
uncertainty.

Rising but Manageable Leverage: Hydoo's leverage deteriorated
quickly to 39% at end-1H16, from 25% at end-2015 and a net cash
position at end-2014, due to slower sales, continued capex and
increasing restricted cash pledged for bills payable.  However,
the company scaled down its construction pace, with completed
gross floor area falling by 43% yoy in 2016.  Land acquisition
also slowed, with a total land premium of CNY127m in 1H16,
compared with CNY857 mil. in 2015.  Fitch believes Hydoo's large
landbank of around 10 million sq m available for development
provides it with flexibility to reduce land purchases.  Fitch
expects leverage to be at around 30% in 2016 and remaining below
a manageable 40% in 2017 and 2018, supported by the controlled
construction pace and slower land acquisitions.

Liquidity Pressure Alleviated: Hydoo's liquidity was tight at
end-1H16, with an unrestricted cash balance of CNY794 mil. only
covering 44% of CNY1.2 bil. in short-term debt and the USD80 mil.
outstanding convertible bond with Pingan Real Estate Capital
Limited, which had early redemption starting in January 2016.
However, Hydoo's liquidity improved from mid-2016 following the
company's 2H16 offshore financing activities, including issuance
of two offshore bonds totaling USD120 mil. at 13.75% to repay the
convertible bond.  Fitch does not believe Hydoo faces any short-
term liquidity pressure given its proven refinancing ability.

Low Recurring Non-Development Income: Hydoo's business profile is
constrained by its focus on trade centre development and low
recurring non-development income, which contributed 3% of revenue
in the last 12 months to 1H16.  The lack of diversification
weakens cash flow quality and increases operation risk during
industry downturns.

                          KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Hydoo include:

   -- Contracted sales remaining weak at CNY2.4 bil.-2.8 bil.
      each year between 2016-2018.
   -- Construction expenditure at CNY1.6 bil.-1.8 bil. each year
      between 2016-2018.
   -- Land replenishment ratio (land acquired/gross floor area
      presold) at 0.8x-1.2x in 2016-2018.
   -- EBITDA margin at 25%-32% in 2016 and 2017 (2015: 34%).

                       RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
negative rating action include:

   -- deterioration in refinancing prospects that has a
      significant adverse effect on Hydoo's liquidity profile.

No positive rating action is expected in the next 12-18 months
given persisted weak industry demand.


TIMES PROPERTY: Fitch Assigns 'B+' Rating to Proposed US$ Notes
---------------------------------------------------------------
Fitch Ratings has assigned Times Property Holdings Limited's
(Times Property; B+/Positive) proposed US dollar senior notes a
'B+(EXP)' expected rating and Recovery Rating of 'RR4'.

The notes are rated at the same level as Times Property's senior
unsecured rating because they constitute direct and senior
unsecured obligations of the company.  The final rating is
subject to the receipt of final documentation conforming to
information already received.

The China homebuilder's ratings are supported by its good
execution track record but constrained by the need to
consistently replenish its land bank with quality sites, which
results in flucation in leverage.  Fitch may take further
positive rating action if Times Property is able to maintain
leverage, measured by net debt to adjusted inventory, below 45%
and keep its land bank sufficient for three years of development.

                        KEY RATING DRIVERS

Larger Scale, Strong Sales: Times Property's contracted sales
rose 50% in 2016 to CNY29.3 bil., beating its annual target of
CNY21.5 bil. by more than 35%. The average selling price (ASP)
for contracted sales climbed to CNY11,860/square metre (sq m) in
2016 from CNY9,010/sq m in 2015, mostly due to better market
performances in Foshan and Zhuhai.  Fitch estimates that Times
Property would have maintained high sales efficiency with
contracted sales/total debt at 1.4x at end-2016 (1.4x at end-June
2016).

Improving Land Bank: Times Property had 12 million sq m of land
as of end-June 2016, with 19% located in Guangzhou, 38% in
Guangdong's Tier-2 cities (Foshan, Zhuhai and Zhongshan), and the
rest in less-developed noncore cities - Qingyuan, Dongguan and
Changsha.  Fitch estimates the company increased its land bank in
its core markets (Guangzhou, Foshan and Zhuhai) to 2.9 years of
development activity at end-2016 from 2.3 years at end-2015.

High-Cost Acquisitions: Times Property started to acquire higher-
priced land parcels in its core markets from 2015 to expand the
share of products that appeal to upgraders and to solidify its
foothold in Guangzhou and core Tier 2 cities, such as Foshan and
Zhuhai.  It bought several land parcels in Foshan and Zhuhai at
above CNY12,000/sq m, resulting in an weighted average land
acquisition cost of more than CNY8,500/sq m in 2016, compared
with around CNY6,000/sq m in 2015 and less than CN3,000/sq m
before 2014.  However, Fitch expects Times Property to add two to
three projects from urban redevelopment sites annually, to
complement high-cost land acquisitions from public auctions.

Higher Leverage: As a result of higher-cost acquisitions,
leverage increased to 40% at end-June 2016 from 35% at end-2015.
Fitch expects leverage to fluctuate while Times Property expands,
particularly as the government has implemented a series of
policies since October 2016 to curb excessive increases in
housing prices.  The company's maintenance of sales at current
levels would be key to managing the fluctuations in leverage.
Fitch will consider taking positive rating action if Times
Property is able to maintain its leverage below 45%.

Concentration in Guangdong Province: Times Property is a regional
property developer focused on Guangdong Province in southern
China.  Guangzhou, Foshan and Zhuhai together accounted for more
than 85% of the total contracted sales in the past three years.
Fitch believes that Times Property will concentrate on expanding
within Guangdong Province and is unlikely to expand into other
provinces in the near term.

                           KEY ASSUMPTIONS

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

   -- Contracted sales sustained above CNY30bn in the next three
      years
   -- Gross profit margin (including capitalised interests)
      maintained at 20%-25% over 2017-2019
   -- Attributable land premium around 45% of total contracted
      sales in the next three years.

                       RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

   -- Net debt/adjusted inventory sustained below 45%
   -- Contracted sales/total debt sustained above 1.5x
   -- EBITDA margin sustained above 20%. (1H16: 20%)
   -- Land bank sufficient for 3 years of development

Negative: Future developments that may lead to the Outlook
reverting to Stable:

   -- Failing to maintain the positive guidelines


TIMES PROPERTY: Moody's Assigns B2 to Proposed USD Notes
--------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to the USD
senior unsecured notes proposed by Times Property Holdings
Limited.

At the same time, Moody's has affirmed Times Property's B1
corporate family rating and the B2 senior unsecured rating on its
existing rated notes, specifically, the RMB1.5 billion notes due
2017; $305 million notes due 2019; and $280 million notes due
2020.

The ratings outlook is stable.

Times Property plans to use the proposed note proceeds to
refinance some of its existing indebtedness.

RATINGS RATIONALE

"The proposed bonds, which will be used mainly for debt
refinancing, will have limited impact on Times Property's credit
metrics and improve the company's debt maturity profile," says
Kaven Tsang, a Moody's Vice President and Senior Credit Officer,
and also the International Lead Analyst for Times Property.

The proposed notes could also further reduce Times Property's
average financing cost, because the company will refinance its
high cost offshore notes with the proposed new notes. Moody's
points out that Times Property's borrowing cost fell to 8.6% in
1H 2016 from 9.6% in 2015.

Times Property's B1 corporate family rating reflects its growing
operating scale, strong liquidity, established brand and track
record in Guangdong Province.

These strengths are counterbalanced by its geographic
concentration in Guangdong Province, and the company's exposure
to the financing and execution risks associated with its fast
growth business strategy.

"The affirmation of Times Property's ratings considers the
company's strong contracted sales growth in 2016, and projected
credit metrics over the next 12 months," says Cindy Yang, a
Moody's Assistant Vice President and also the Local Market
Analyst for Times Property.

Times Property achieved contracted sales of around RMB29.3
billion in 2016, representing a year-on-year growth of 50% and
exceeding its full-year target of RMB21.5 billion.

Backed by strong contracted sales, the company purchased 12 plots
of land for a total cost of around RMB16.8 billion in 2016
compared to a total spending of RMB10.9 billion in 2015.

The company plans to cooperate with other property developers or
financial investors in a few projects, which will lower its
investment burden and reduce its risk exposure.

Over the next 6-12 months, Moody's expects that Times Property's
revenue to adjusted debt will stay at around 75%-80%, and EBIT
interest coverage at around 2.8x-3.0x. These ratios support its
B1 corporate family rating.

Times Property has maintained a strong liquidity position and has
well managed its debt maturity profile. For example, its cash
balance of RMB9.35 billion at end-June 2016 well covered its
short-term debt of RMB369 million.

The stable ratings outlook reflects Moody's expectation that the
company will maintain adequate liquidity levels and grow sales in
a prudent manner, without materially altering its current
financial profile, product focus and geographic coverage.

Upward ratings pressure could emerge over the medium term, if
Times Property establishes a track record of: (1) achieving
planned sales and improving the efficiency of its revenue
recognition; (2) maintaining a reasonable cash balance exceeding
150% of debt maturing in 12 months; and (3) maintaining strong
financial discipline, such that revenue/adjusted debt exceeds
75%-80%, and adjusted EBIT coverage of interest exceeds 3.0x on a
sustained basis.

On the other hand, downward ratings pressure could emerge if: (1)
Times Property's liquidity and operating cash flow generation
deteriorate, because of weak contracted sales, aggressive land
acquisitions, or the emergence of more severe regulatory controls
on China's property sector; (2) revenue recognition is slower
than Moody's expects, or profit margins fall, negatively
affecting interest coverage and/or financial flexibility, or (3)
the company engages in material debt-funded acquisitions.

Specific indicators of downward ratings pressure include balance-
sheet cash -- specifically, restricted and unrestricted cash --
representing less than 100% of debt maturing in 12 months, and/or
if revenue/adjusted debt falls below 65%-70% or adjusted EBIT
coverage of interest drops below 2.0x-2.5x.

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

Times Property Holdings Limited is a small- to mid-sized property
developer based in Guangdong Province. It focuses on meeting end-
user demand for mass-market housing.

At end-June 2016, it had 45 property projects across six cities
in Guangdong Province and Changsha city in Hunan Province. Its
land bank totaled around 12.1 million square meters as of the
same date.



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


CHINA SOUTH: S&P Affirms 'B' CCR & Removes from CreditWatch Neg.
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term corporate credit
rating on China South City Holdings Ltd. (CSC).  The outlook is
negative.  S&P also affirmed its 'cnB+' long-term Greater China
regional scale rating on the company.  At the same time, S&P
affirmed its 'B-' long-term issue rating and 'cnB' long-term
Greater China regional scale rating on CSC's senior unsecured
notes.

S&P removed all the ratings from CreditWatch, where it had placed
them with negative implications on Oct. 31, 2016.  CSC is a
China-based trade center developer.

"We affirmed the rating and resolved the CreditWatch status to
reflect our view that CSC will not face imminent liquidity
pressure following the sale of Co-Chairman Mr. Cheng Chung Hing's
shares in CSC to Shenzhen Centralcon Investment Holding Co.
Ltd.," said S&P Global Ratings credit analyst Dennis Lee.  Upon
completion of the transaction, Centralcon will hold approximately
23.2% of CSC and become the company's largest shareholder.

In the view of CSC's legal counsel (Linklaters), the purchaser,
Best Wisdom, a wholly owned subsidiary of Centralcon, will be
deemed an "affiliate" of Mr. Cheng and a "permitted holder" under
the indenture of the company's offshore 2021 and 2019 U.S.-
dollar-denominated notes.  S&P therefore views the risk of a
change-of-control triggering event as being mitigated and an
ensuing liquidity squeeze caused by bond redemption as unlikely
to materialize.

According to CSC's announcement, Mr. Cheng will be appointed as
the general manager of Best Wisdom and will continue to serve as
CSC's co-chairman and executive director for at least the next
three years and be eligible for re-election as director of CSC.
In addition, Mr. Cheng intends to invest in Centralcon Holding to
become its significant shareholder in the foreseeable future,
including but not limited to participating in the potential A-
share private placement of Centralcon Holding.

S&P therefore do not expect major changes to CSC's strategy,
management stability, or operations in the near term.  S&P
expects the company's access to funding and its ability to
refinance short-term debt to remain intact.

"The negative outlook reflects our view that company's operations
will remain weak amid a challenging operating environment for
trade centers," Mr. Lee said.

CSC is on track to reach its fiscal 2017 (ending March 31, 2017,)
contracted sales target of HK$7.5 billion to HK$8.5 billion given
the third-quarter cumulative figure has already reached
HK$6.7 billion.  However, the sustainability of a gradual sales
recovery remains uncertain, in S&P's view, as most recent sales
are from residential development, which is not a core business
segment of the company.

S&P also anticipates CSC's operating cash flow to remain negative
over the next year, given its large construction expenditure and
interest expenses.  Weak operating cash flows coupled with
sizable refinancing needs (over HK$7 billion in short-term debt
as of Sept. 30, 2016) will continue to weigh on the company's
liquidity. However, S&P believes CSC's good access to capital
markets and bank credit could largely mitigate the refinancing
risk.  The company also continues to lower its financing costs,
including through a plan to redeem US$200 million of its 8.25%
senior notes on Feb. 9, 2017.

After the transaction is completed, Centralcon will nominate two
directors, one of them an executive director, to CSC's board.
This may help CSC enhance its residential development capability
and create opportunities for more substantial collaborations or
synergies.  Nonetheless, such positive developments will take
time to manifest, in S&P's view.

The negative outlook reflects S&P's view that the operating
environment for CSC will remain tough in the next 12 months amid
weakness in trade center sales in China.  S&P expects a mild
recovery in the company's contracted sales in the period.  CSC's
recurring income is also likely to moderately increase while some
of its projects mature.  S&P also expects the company to curb its
capital expenditure and improve its leverage in fiscals 2017 and
2018.

S&P could lower the rating if CSC's operating performance and
leverage do not improve, such that its debt-to-EBITDA ratio is
weaker than S&P's forecast of about 15x, and EBITDA interest
coverage does not strengthen above S&P's projection of 1x.

S&P could also lower the rating if it believes that CSC faces
difficulty refinancing its debt.  An indication of this could be
rising financing costs.

S&P could revise the outlook to stable in the coming 12 months if
CSC materially improves its contracted sales and financial
performance resulting in EBITDA interest coverage remaining above
1.0x on a sustained basis and debt-to-EBITDA ratio improving
significantly from current level.


CHINA SOUTH: Fitch Affirms 'B' IDR; Outlook Stable
--------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating of
China South City Holdings Limited (CSC) at 'B'.  The Outlook is
Stable.  The company's senior unsecured rating and the rating on
its outstanding US dollar senior notes have also been affirmed at
'B' with a Recovery Rating of 'RR4'.

CSC's ratings are supported by well-located projects, growing
non-development income, close collaboration with local
governments, a long record in integrated trade centre development
and sufficient liquidity.  The ratings are constrained by CSC's
rising leverage and weak industry outlook.

                        KEY RATING DRIVERS

Rising Non-Development Income: Income from CSC's non-development
business increased by 22% yoy in the first half of the financial
year ending March 2017 (FY17) to HKD736 mil., driven by growth
across the rental, property management, logistics and warehousing
segments as well as outlets and e-commerce.  Fitch believes CSC's
diversification will enhance internal cash flow and smooth sales
volatility, and expects non-development income/interest coverage
to exceed 1.0x in the next year or two (last 12 months (LTM) to
1H17: 0.8x).

Higher Leverage: CSC's leverage, measured by net debt/adjusted
inventory, rose to 48% at end-September 2016, from 38% at end-
March 2015, due to increasing construction activities for
saleable residential products and investment property.  The
company has 15.4 million square metres (sq m) properties under
development and unsold completed properties, including investment
properties as at end-September 2016, compared with 13.3 million
sq m a year earlier.

Fitch expects leverage to be around 50% in FY17 then remain
between 50%-60% for the next two to three years if CSC continues
with capex of HKD8.5-9 bil. each year in our estimate,
considering its continuing construction expenditure to build up
saleable residential resources and strong emphasis on the
recurring business segment.  Fitch believes the developer's
rising leverage is mitigated by its growing recurring income.
However, CSC's ratings will come under pressure if the non-
development segment fails to grow despite continuous investment.

Residential Sales Support Performance: Contracted sales recorded
14% yoy growth in 1HFY17, reaching HKD4.3 bil., as the
residential market in three second-tier cities - Nanchang, Hefei
and Naning - heated up.  Residential sales contributed 74% of
total contracted value in 1HFY17, while trade centres only
accounted for 11%. Average selling prices decreased by 16% yoy,
to HKD8,100 per sq m, due to product-mix changes.  Fitch expects
contracted sales to reach HKD7.5 bil.-8.0 bil. in FY17,
considering the still-strong residential markets in the above-
mentioned three cities and the company's 4.5 million sq m of
saleable resources as at end-September 2016.

Weak Industry Demand: Demand in the trade and logistics centre
sector has been weak since late 2014 due to poor sentiment of
small-to-medium enterprises towards investment amid weaker
economic growth, slower relocation demand, delays in local
governments completing transportation networks and lower investor
appetite.  Fitch does not see any signs of recovery in the
industry in the next 12-18 months.

Sustained EBITDA Margin: CSC's EBITDA margin remained
satisfactory at 33.6% in the 12 months to September 2016, given
low weighted-average land costs of CNY301 (HKD350) per sq m in
1HFY17, increasing government grants due to the market downturn,
which totaled HKD741m (FY16: HKD1bn), and larger recurring EBITDA
from the non-development segment.  CSC also has the flexibility
of cutting selling, general and administrative expenses to
maintain a healthy margin.  Fitch expects CSC's EBITDA margin to
remain above 30% in the next year or two, providing a buffer to
absorb average selling price volatility.

Early Redemption Not Triggered: Fitch does not expect the
proposed transfer of shares by CSC's largest shareholder, Mr
Cheng Chung Hing, to Centralcon Holdings to trigger change of
control provisions in the company's two outstanding US dollar
notes.
Mr. Cheng will be appointed CEO and general manager of the entity
that Centralcon will use to acquire the CSC stake, and will
continue to have control over CSC, the company said recently.
Fitch does not expect a potential early redemption of the notes
to have any impact on CSC's liquidity.

                          KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for CSC include:

   -- Contracted sales to remain weak, at HKD7.5 bil. - 8.0 bil.
      in FY17-FY19.
   -- Non-development income to increase to HKD1.8 bil. in FY17
      and HKD2 bil. in FY18.
   -- Capital expenditure at HKD8.5-9.0 bil. per year in FY17-
      FY19.
   -- Land replenishment ratio (land acquired/gross floor area
      presold) at 2x in FY17-FY19 (FY16: 2.2x)

                       RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
negative rating action include:

   -- EBITDA margin sustained below 20% (FY16: 32.5%; LTM1H17:
      33.6%);
   -- net debt/adjusted inventory sustained above 50% (FY16:
      48.3%; 1HFY17: 48%) if non- development income/interest is
      below 1.0x (FY16: 0.8x; LTM1HFY17: 0.8x); and
   -- net debt/adjusted inventory sustained above 60% if non-
      development income/interest is above 1.0x.

No positive rating action is expected in the next 12-18 months
given persistent weak industry demand.

                             LIQUIDITY

CSC had cash and cash equivalents, including restricted cash, of
around HKD8.3 bil. and unutilized banking facilities of HKD5.4
bil. as at end-September 2016, covering short-term debt of
HKD7.3 bil.  CSC's issuance in the onshore bond market has also
alleviated refinancing pressure and lowered its average borrowing
cost to 6.2% at end-September 2016, from 6.8% at FYE15.

FULL LIST OF RATING ACTIONS

China South City Holdings Limited

  Long-Term Foreign-Currency Issuer Default Rating affirmed at
   'B'; Outlook Stable
  Foreign-currency senior unsecured rating affirmed at 'B';
   Recovery Rating of 'RR4'
  Rating on USD400 mil. 8.25% senior unsecured bond due 2019
   affirmed at 'B'; Recovery Rating of 'RR4'
  Rating on USD350m 6.75% senior unsecured bond due 2021 affirmed
   at 'B'; Recovery Rating of 'RR4'



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


AGARWAL RECLAIM: CARE Lowers Rating on INR11.50cr Loan to D
-----------------------------------------------------------
The revision in the rating assigned to the bank facilities of
Agarwal Reclaim Rubber Products Private Limited (ARR) takes into
account stretched operating cycle resulting in stressed liquidity
position and consequently leading to delays in servicing of debt
obligations. Improvement in the liquidity profile with subsequent
regularization of debt servicing is the key rating sensitivity.
The liquidity position of the ARR has deteriorated on account of
stretched operating cycle on account of which the company has
been facing stressed liquidity leading to cash flow mismatches.
Accordingly, there have been delays in meeting its debt
obligations.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     11.50      CARE D Revised from
                                            CARE BB-

ARR has commenced its operations in July 2014, and it is set up
as backward integration to supply the raw material requirement of
the group company; Agarwal Rubber Limited. Almost 90-95% of the
reclaim rubber produced by ARR is sold to ARL, and rest is sold
to other players in the domestic market. ARL mostly caters to the
replacement market.

ARR is promoted by Mr. Amit Kumar Agarwal and Mr. Sachin Agarwal,
who have more than two decades of experience in automobile tyre &
tube production and marketing. Mr. Amit Kumar Agarwal, also
serves as the managing director of ARL, associate company, which
is in the same line of industry for more than three decades. The
plant capacity of ARR is 9000 M.T of rubber reclaim per annum.
The promoters of the company have been resourceful and infusing
funds as and when it was required.

Incorporated in 2011, Agarwal Reclaim and Rubber Products Private
Limited (ARR) was promoted by Mr. Sachin Agarwal and Mr. Amit
Kumar Agarwal. ARR has commenced its operations in July 2014 at
its plant situated at Sadashivpet, Medak district near Hyderabad.
The company is engaged in producing reclaim rubber from scrap of
whole tyres, natural rubber tubes, butyl tubes, moulded
rubber products etc for use in both tyre and non-tyre rubber
products. The reclaim rubber produced by the company would be
used as raw material in the automobile trye and tube industry.
The main objective for setting up of the ARR is to cater to the
raw material requirement of Agarwal Rubber Limited its associate
concern.

During FY16 (refers to the period April 01 to March 31), the
company has reported PAT of INR0.02 crore as against net loss of
INR1.84 crore on a total operating income of INR27.79 crore in
FY16 as against INR10.12 crore in FY15.


AGROW FOODS: CARE Reaffirms 'B' Rating on INR10cr LT Bank Loan
--------------------------------------------------------------
The rating assigned to the bank facilities of Agrow Foods (AF),
continues to remain constrained by short track record and modest
scale of operations, weak financial risk profile marked by thin
profitability owing to trading nature of business. The rating is
further constrained by leveraged capital structure, weak debt
coverage indicators, exposure of profitability to fluctuation in
raw material price, competitive nature of the industry and nature
of constitution of entity being proprietorship.  However, the
rating continues to factor in experience of promoter and
favorable industry scenario.

                               Amount
   Facilities               (INR crore)   Ratings
   ----------               -----------   -------
   Long-term Bank Facilities     10       CARE B; Stable
                                          Reaffirmed

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

AF's scale of operations remained at modest level with total
operating income of INR31.92 crore and PAT of INR0.12 crore as
FY16 (refers to the period April 1 to March 31) was the first
year of operations. The PBILDT margin of the entity stood low on
account of trading nature of business.

Owing to low networth base and high dependence on external
borrowings, the capital structure of the entity remained
leveraged. Furthermore, the operations of the entity remained
working capital intensive with high investment in inventory owing
to seasonality associated with availability of traded good i.e.
pulses.

The food industry is characterised by a high degree of
fragmentation and competition, and is further subjected to
Government regulation.

AF was established in the year 2015 by Mr. Swapnil Munde and is
engaged in the trading and processing of food grains (pulses) at
Nagpur, Maharashtra. The commercial operations of the entity
started in September 2015. The entity currently has a network of
six suppliers.

In FY16 (refers to the period April 1 to March 31), the entity
registered a total operating income of INR31.92 crore and profit
after tax of INR0.12 crore.


ALPNA VISUAL: CRISIL Assigns 'B' Rating to INR4.1MM Term Loan
-------------------------------------------------------------
CRISIL has assigned 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Alpna Visual Packaging Aids (AVPA).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               4.1       CRISIL B/Stable
   Overdraft               1.0       CRISIL A4
   Proposed Fund-
   Based Bank Limits       0.9       CRISIL B/Stable

The rating reflects the small scale and working capital intensive
operations of the company and a weak financial risk profile.
These rating weaknesses are partially offset by the long standing
experience of the promoters in the industry.

Key Rating Drivers & Detailed Description

Weaknesses
* Small scale of operations in highly competitive industry:
AVPA's scale of operation remained small with turnover of
INR11.46 crores for fiscal 2016. Also the frim faces competition
from various large players which reduces its pricing power and
affects its working capital management.

* Working-capital-intensive operations: AVPA's working capital
requirements are high as reflected in its estimated GCA days of
150 days as on 31, March, 2016 which is driven by its high
inventory and debtor levels. Large working capital requirements
are offset to an extent by a high credit period offered by its
suppliers.

* Weak Financial Risk profile : AVPA's financial risk profile is
weak marked by low net worth of INR2.82 crores, moderated gearing
of 1.61 times and weak debt protection indicators i.e. interest
coverage and net cash accruals to debt(NCATD) ratios of 1.61
times and 0.07 times respectively as on March 31, 2016

Strength
* Long standing experience of promoters in the engineering
industry leading to established customer and supplier relations:
AVPA's management has been in the engineering industry for almost
14 years now. The proprietor and the management have been
associated with many of the printing companies enabling the firm
to maintain longstanding relationships with some of its major
customers due to which risk of bad debts stands low for the firm.
In addition to this, AVPA has also been able to avail high credit
period from its suppliers for the same reason vis a vis the
credit period offered to its customers.
Outlook: Stable

CRISIL believes that AVPA will maintain its business risk profile
over the medium term on the back of its promoters' experience in
engineering industry. The outlook may be revised to 'Positive' if
AVPA improves its profitability with increase in scale of
operations leading to higher than expected accruals. Conversely,
the outlook may be revised to 'Negative', if the firm's
profitability declines or company's financial risk profile
deteriorates more than expected due to more than expected debt
funded capex or stretch in working capital.

Alpna Visual Packaging Aids (AVPA) is a Delhi, based sole
proprietorship firm established and promoted in 2002 by Mr. Vijay
Kumar Aggarwal. The firm is engaged in manufacturing of packaged
machines and supplying the same within both the local and foreign
geographies.


BANSAL EXTRACTION: CARE Reaffirms B+ Rating on INR19.64cr Loan
--------------------------------------------------------------
The ratings assigned to the bank facilities of Bansal Extraction
and Exports Private Limited (BEEPL) continue to remain
constrained on account of its thin profitability, high leverage
and weak debt coverage indicators. The ratings are further
constrained by BEEPL's working capital intensive operations, its
presence in a highly fragmented and competitive domestic edible
oil industry and vulnerability of its profitability to volatile
agro-commodity prices.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     19.64      CARE B+; Stable
                                            Reaffirmed

   Short-term Bank Facilities     3.00      CARE A4 Reaffirmed

   Long-term/ Short-term Bank    45.00      CARE B+; Stable/
   Facilities                               CARE A4 Reaffirmed

The ratings, however, derive strength from the experience of the
promoter group in diverse businesses, growth in its total
operating income (TOI) during FY16 (refers to the period April 1
to March 31) and steady growth prospects for the edible oil
industry in India.

BEEPL's ability to improve its profitability by increasing the
share of value-added products in its sales mix and efficiently
manage the volatile raw material prices along with improvement in
the capital structure would be the key rating sensitivities.
BEEPL is a part of Bansal Group of Bhopal; having presence in
diversified businesses like construction, education, health, iron
& steel manufacturing, road BOT project, and media through
various group entities.

BEEPL has reported substantial growth in TOI during FY16 on the
back of higher sales volume. This was largely attributable to
overall industry demand scenario and increased geographical
spread. However, the leverage marked by overall gearing continued
to remain high with weak debt coverage indicators.

BEEPL's profitability is highly susceptible to the movement in
prices of soybean seeds, soya refined oil and other substitute
edible oils. Hence, any increase in the seed prices without a
corresponding increase in refined oil prices will adversely
impact BEEPL's profitability margins.

Incorporated in May 2009, BEEPL is a part of Bansal Group of
Bhopal which has diversified business operation across sectors
like construction, iron and steel, media, education and solvent
extraction & refining (soybean). BEEPL is engaged in the business
of soya oil extraction and refining. BEEPL's manufacturing
facility, located in Bhopal, has an installed capacity of 750
Tonnes per Day (TPD) for solvent extraction and 125 TPD for
refining and processing. BEEPL's key products include soya
deoiled cake (DOC) and oil, soya nuggets, soya flour, lecithin
and acid oil. The company sells its soya products under the brand
name of 'Bansal'.

As per the audited result for FY16, BEEPL reported a PAT of
INR0.46 crore on a TOI of INR310.50 crore as against a PAT of
INR0.14 crore on a TOI of INR219.46 crore in FY15. Moreover,
during H1FY17, the company reported a PBT of INR0.26 crore on TOI
of INR87.78 crore.


BHILAI JAYPEE: CARE Reaffirms 'D' Rating on INR170cr LT Loan
------------------------------------------------------------
The ratings assigned to the bank facilities of Bhilai Jaypee
Cement Limited (BJCL) continue to take into account delay in
servicing of debt obligations by the company due to its weak
liquidity.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      170       CARE D Reaffirmed
   Short-term Bank Facilities     135       CARE D Reaffirmed

During FY16 (refers to the period April 1 to March 31), the
company's net loss widened to INR79.90 crore on total operating
income of INR401.55 crore as against net loss of INR20.14 crore
on total operating income of INR612.71 crore in FY15. Low
capacity utilization and higher cost led to decline in operating
performance of the company.

On account of deterioration in the company's financial
performance, the liquidity position of the company has continued
to remain weak leading to delays in debt servicing.

Bhilai Jaypee Cement Limited (BJCL), incorporated in April 2007,
is a joint venture (JV) between Jaiprakash Associates Limited
(JAL, rated 'CARE D') and Steel Authority of India Limited (SAIL,
rated 'CARE AA; Negative', 'CARE A1+') with ratio of shareholding
of 74:26. The company has set up a splitlocation cement project,
with a 1.09 million tonne per annum (MTPA) clinker unit at Satna
in Madhya Pradesh and a 2.20 MTPA grinding unit at Bhilai in
Chhattisgarh. The clinker unit of the company is operational
since December 2009 and grinding unit since June 2010.

During FY16 (refers to the period April 1 to March 31), the
company reported a net loss of INR79.90 crore on total operating
income of INR401.55 crore as against net loss of INR20.14 crore
on a total operating income of INR612.71 crore in FY15.


BRISTOL TOURIST: CRISIL Lowers Rating on INR50MM Term Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Bristol Tourist Complex (BTC) to 'CRISIL D' from 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                50       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The downgrade reflects significant delays by BTC in servicing its
debt, because of deterioration in its business risk profile, as
reflected in significant operating loss in fiscal 2016.

Key Rating Drivers & Detailed Description

Weakness
* High geographical concentration in revenue:
Operating revenue has remained modest, at INR20.56 crore on
account of geographical concentration in revenue, as all firm has
only one hotel in Zirakpur, Chandigarh. Any location-specific
demand constraints or force majeure event can adversely impact
the business risk profile.

* Exposure to intense competition and cyclicality in the hotel
industry
BTC is exposed to increasing competition in the hotel industry in
Chandigarh, and is susceptible to cyclicality. Its hotel has
occupancy of 70%.

* Weak financial risk profile
Continued loss has led to a negative networth, which will remain
so in the absence of equity infusion and because of loss over the
medium term.

Strength
* Extensive experience of promoter in the hotel industry
BTC will benefit from the experience of 16 years of its promoter,
Mr. Gurpreet Singh, in the hospitality business. The promoters
are likely to infuse equity if required, in line with past
trends.

BTC was set up by Mr. Gurpreet Singh and his mother, Ms Sharanjit
Kaur. The firm operates a five-star hotel in Zirakpur, a
satellite town near Chandigarh. BTC has tied up with Park Plaza
to manage its hotel.


CRAFT INT-DECOR: CRISIL Reaffirms B+ Rating on INR3.5MM LT Loan
---------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Craft
Int-Decor Pvt Ltd (CIPL) at 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           5       CRISIL A4 (Reaffirmed)
   Cash Credit              3       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       3.5     CRISIL B+/Stable (Reaffirmed)

Turnover increased 28% year-on-year to INR46.1 crore in fiscal
2016 from INR36 crore due to additional orders received in the
last quarter. Sustained operating margin at 3.7% is in line with
expectation. Sales were INR19 crore till September 2016, with
order book of INR14 crore to be executed by March 2017. Business
risk profile will remain steady over the medium term.

Financial risk profile continues to be moderate, with modest
networth of INR8.5 crore and healthy gearing of 0.39 time as on
March 31, 2016. Debt protection metrics were comfortable, with
interest coverage and net cash accrual to total debt ratios of 3
times and 0.26 time, respectively, in fiscal 2016. Liquidity
remains stretched due to fully utilised bank limits. The net cash
accruals are expected to be around INR90 lakh against debt
obligation of INR3 lakh in fiscal 2017. The company has mutual
fund holdings of INR1.05 crore as on March 31, 2016.

Key Rating Drivers & Detailed Description

Weaknesses
* Modest scale of operations: Sales were INR31.7 crore in fiscal
2016. The small scale of operations will restrict pricing
flexibility and ability to bid for bigger contracts directly.

* Working capital-intensive operations: Gross current assets were
112 days as on March 31, 2016, on account of deposits in the form
retention money with clients and other advances. Large working
capital requirement will continue to constrain financial
flexibility over the medium term.

Strengths
* Industry experience of promoters: The company's promoters have
been in the interior decoration business for over eight years and
have established strong relationship with key customers.

* Moderate financial risk profile: The company has modest
networth with healthy gearing and debt protection metrics.
Outlook: Stable

CRISIL believes CIPL will continue to benefit over the medium
term from the experience of its promoters. The outlook may be
revised to 'Positive' if a significant improvement in scale of
operations and profitability leads to higher-than-expected cash
accrual, and if working capital management is efficient. The
outlook may be revised to 'Negative' if lower-than-expected cash
accrual or sizeable working capital requirement weakens financial
risk profile.

Incorporated in 2003 in Bengaluru and promoted by Mr. Naresh
Sudra and his wife, Ms. Usha Sudra, CIPL undertakes interior
decoration work on the basis of drawings and designs provided by
customers. Entire business is based on tenders floated by private
companies for decoration of commercial office spaces.


DEEPMALA FISHERIES: CRISIL Hikes Rating on INR5.05MM Loan to BB-
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Deepmala Fisheries (DF) to 'CRISIL BB-/Stable/CRISIL A4+' from
'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Packing Credit           4        CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Proposed Long Term       5.05     CRISIL BB-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan                2.95     CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects earlier-than-expected stabilisation of
operations. Sales were INR23.9 crores in fiscal 2016 as against
INR2.04 crore in fiscal 2015, while the operating margin remained
stable. Hence, debt protection metrics were healthy: interest
coverage ratio was 2.7 times and net cash accrual to total debt
ratio 0.21 times in fiscal 2016.

Key Rating Drivers & Detailed Description
Strengths
* Extensive experience of the proprietor: The proprietor, Mr.
Kishor Fofandi has extensive experience in the marine export
industry. This helped to scale up operations earlier than
expected. Moreover, established relationship with customers and
suppliers has strengthened the market position.

* Efficient working capital management: Debtors were at 22 days
and inventory at 27 days as on March 31, 2016, due to advance
payments received from customers for most of the sales. Thus,
reliance on external debt is low and there is sufficient cushion
in the bank limit.

Weaknesses
* Modest scale of operations: Net sales were INR23.89 crore in
fiscal 2016. The low sales restrict the ability to negotiate with
customers or suppliers as the seafood export business is highly
fragmented with several small players operating within India.

* Volatility in availability and prices of raw material:
Profitability is susceptible to availability of raw material,
which accounts for over 90% of operating cost. The seafood
processing industry is intensely competitive, thus constraining
the ability of players to pass on any cost increase to customers.
Any sharp fluctuation is likely to impact the operating margin.
Outlook: Stable

CRISIL believes DF will continue to benefit from the extensive
industry experience of its proprietor. The outlook may be revised
to 'Positive' in case of significant improvement in the scale of
operations with sustained profitability, leading to a substantial
increase in cash accrual. The outlook may be revised to
'Negative' if the financial risk profile, particularly liquidity,
weakens on account of lower-than-expected cash accrual,
substantial debt-funded expansion, or a stretched working capital
cycle.

Established in 2013, DF is a proprietorship firm owned and
managed by Mr. Kishore Fofandi. The firm, based in Veraval,
Gujarat, processes and exports marine products.

On a provisional basis, profit after tax (PAT) was INR0.022 crore
on net sales of INR23.9 crore in fiscal 2016 as against PAT of
INR0.05 crore on net sales of INR2.04 crore in fiscal 2015.


FRESCO PLUS: CRISIL Reaffirms B Rating on INR2.25MM Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Fresco Plus Ceramic Private Limited (FPCPL) at 'CRISIL
B/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         0.5       CRISIL A4 (Reaffirmed)

   Cash Credit           2.25       CRISIL B/Stable (Reaffirmed)

   Proposed Term Loan    3.75       CRISIL B/Stable (Reaffirmed)

   Term Loan             6.00       CRISIL B/Stable (Reaffirmed)

For the fiscal 2016 FPCPL has registered sales of around INR6.61
Cr. on account of moderate off-take of the newly started
operations. CRISIL expects healthy sales growth over the medium
term in the range of 15-20%. In 2015-16 the company's operating
profitability remained healthy at around 25.45 per cent and is
expected to be at similar levels going forward.
The gearing is expected to be around 2.50 times on account of
high reliance on bank limits to fund incremental working capital
requirements and the debt protection metrics expected to remain
weak with the interest coverage and NCATD in the range of 1.60 to
1.90 times and 0.15 to 0.15 times respectively. The company's
liquidity continues to be stretched due to tightly matched
accruals against term debt obligation, limited financial
flexibility, however supported through funding from the
promoters.

Analytical Approach

For arriving at theratings, CRISIL has treated unsecured loans
extended to the company by its promoters as neither debt nor
equity as these loans carry an interest rate lower than the
market interest rate and will remain in business.

Key Rating Drivers & Detailed Description

Weakness
* Nascent stage and small scale of operations in
competitivesegment: FPCPL reported an operating income of Rs6.60
Cr.in fiscal 2016, its first full year of operations. Scale is
likely to remain modest given small production capacity and
exposure to intense competition.

* Large working capital requirement: Gross current assets were
402 days as on March 31, 2016.

Strengths
* Extensive experience of promoters in the ceramic tiles
industry: With presence of over a decade in the ceramic tiles
industry, the promoters have established healthy relationship
with suppliers and customers,which will help maintain revenue
growth over the medium term.

* Strategic location ensuring availability of raw materials and
labour: Manufacturing facility is in Morbi, which accounts for
about 70%of total ceramic production in India. Hence, the company
has easy access to clay (main rawmaterial), contractors, and
skilled labour, and to other criticalinfrastructure such as gas
and power.
Outlook: Stable

CRISIL believes FPCPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if significant increase in scale of
operations,while sustaining profitability, leadsto higher-than-
expected cash accrual, and if capital structure improves because
of substantial equity infusion. The outlook may be revised to
'Negative' if liquidity weakens because of decline in
profitability, stretched working capital cycle, or any large,
debt-funded capital expenditure.

Incorporated in 2013 and promoted by Mr. GhanshyamMaganDhoriyani
and others, FPCPL manufactures wall tiles and started commercial
operations in May 2014. Promoters have been in the ceramic tiles
industry for more than 10 years.
In fiscal2016, net losswas Rs0.72Cr.on operating income of Rs6.66
Cr., against a net loss of Rs0.95 Cr.on an operating income of
Rs3.82 Cr. in fiscal2015.


FSD BUILDING: CRISIL Lowers Rating on INR30MM Overdraft to B+
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of FSD Building Materials Private Limited (FSD) to 'CRISIL
B+/Stable' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft                30       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Proposed Long Term        5       CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

The downgrade reflects a weaker-than-anticipated financial risk
profile due to a longer-than-expected working capital cycle,
which coupled with the growth in turnover has resulted in large
working capital requirement that has been partly debt-funded. The
debt funding of these incremental working capital requirements
has resulted in a higher-than-expected total outside liabilities
to tangible networth (TOLTNW) ratio. The pressure on the
financial risk profile is further accentuated by the corporate
guarantee of INR63 crore extended by FSD to its wholly owned
subsidiary, Kingdome Resource DMCC (KRD), based in the Middle
East. KRD has been sanctioned bank limits backed by this
guarantee. The quantum of corporate guarantee is significant
compared to FSD's networth of INR22.8 crore as on March 31, 2016.
Including the contingent liabilities, the TOLTNW ratio was high
at over 4 times as on
March 31, 2016. This, coupled with large working capital
requirement, constrains FSD's financial flexibility in case of
any exigencies.

Key Rating Drivers & Detailed Description
Weaknesses
* Below-average financial risk profile: Networth was at INR22.80
crore and TOLTNW ratio 1.59 times as on March 31, 2016. Interest
coverage ratio was weak at 1.9 times in fiscal 2016. The
financial risk profile is further constrained by high corporate
guarantee of around INR63 crore (USD 1 crore) provided by FDS to
its wholly owned subsidiary, KRD.

* Working capital-intensive operations: Operations are working
capital intensive because of high advances and receivables. This
is reflected in gross current assets of 403 days as on March 31,
2016. Large working capital requirement will continue to
constrain financial flexibility over the medium term.

* Modest scale of operations with susceptibility to changes in
regulatory policies: FSD has a small scale of operations, with
revenue of INR36.08 crore in fiscal 2016. It relies heavily on
timber imports from Myanmar and other countries so any sudden
change in the export regulations of these countries can have
significant impact on the scale of operations.

Strengths
* Promoters' extensive experience: The promoters have been in the
timber trading industry for more than 30 years, over which period
they have established strong relationships with customers and
suppliers. The promoters thus have a sound understanding of the
dynamics of the timber industry.

* Moderately diversified revenue: FSD trades in timber, medium-
density fibreboard, and a large array of wood chemicals which
renders diversity to its revenue and eliminates dependence on a
single product to some extent.
Outlook: Stable

CRISIL believes FSD will benefit over the medium term from its
promoters' extensive experience and established relationships
with customers and suppliers. The outlook may be revised to
'Positive' if working capital management improves significantly
strengthening the capital structure. The outlook may be revised
to 'Negative' if the financial risk profile, especially
liquidity, deteriorates, most likely because of a stretch in the
working capital cycle or low cash accrual or additional
investments in group entities.

FSD, incorporated in 2010, is promoted by Mr. Yahya Farouk
Darvesh, Ms Hanifa Farouk Darvesh, and Mr. Zakaria Farouk Darvesh
based in Mumbai. The family has been engaged in the timber
industry for over 100 years. The company trades in timber,
medium-density fibreboard, and wood-based chemicals, and is
managed by Ms Hanifa Farouk Darvesh and Mr. Zakaria Farouk
Darvesh.


GAURAV BHARTI: CRISIL Lowers Rating on INR10MM Loan to 'D'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Gaurav Bharti Shiksha Sansthan (GBSS) to 'CRISIL D' from
'CRISIL C'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                10       CRISIL D (Downgraded from
                                     'CRISIL C')

The rating downgrade reflects the delay by GBSS in servicing its
term debt; the delay was caused by the society's weak liquidity,
driven by weak demand of the newly added engineering courses.

Key Rating Drivers & Detailed Description

Weaknesses
* Small scale of operations and exposure to regulatory risks
associated with educational institutions: GBSS has small scale of
operations as reflected in the operating revenues of Rs9.5 crore
in 2015-16. The trust's revenue has remained stagnant over the
past few years despite of healthy intake of students and addition
of new courses, due to its limited intake capacity and cap on the
fee charged by the governing authorities in most of the courses
offered by it.

* Deterioration in financial risk profile on account of large
debt-funded capital expenditure (capex): Trust had low gearing
till 2011-12 due to trust's very low reliance on debt. However
currently, due to large capital expenditure to develop
infrastructure for the new engineering institute, gearing levels
have gone up and stood around 1 time as on 31 March 2016.

Strength
* Extensive experience of trustees in the education sector: Over
the years, there has been thrust on education by the governments
at both the central and state levels. To facilitate the doubling
of student intake into the system, the National Knowledge
Commission has recommended setting up 1500 universities. The
private sector is playing a significant role in education sector,
especially professional education, in the country.

GBSS was established in 1994 by Mr. S Gurcharan Singh. The trust
runs the Sardar Bhagwan Singh (PG) Institute of Biomedical
Sciences & Research. The institute, recognized by the All India
Council of Technical Education, is located at Balawala, Dehradun
(Uttarakhand). The trust has also opened an engineering college
in FY16.


GMP WEAVING: CRISIL Assigns B+ Rating to INR16.4MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of GMP Weaving Mills Private Limited (GMP).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             1         CRISIL B+/Stable
   Long Term Loan         16.4       CRISIL B+/Stable

The rating reflects the company's start-up phase of operations
(revenue of INR4.5 crore till November 2016) and modest financial
risk profile because of small networth and average debt
protection metrics. The rating also reflects the benefits the
company derives from the extensive experience of its promoters in
the textile industry.

Key Rating Drivers & Detailed Description

Weakness
* Modest scale of operations due to start-up phase and intense
competition in the textile industry: Small scale of operations in
the competitive textile industry prevents the company from
deriving benefits of economies of scale.  Further the textile
industry is largely unorganised, marked by the presence of
several large and medium sized players resulting in limited
pricing flexibility.

* Modest financial risk profile: Networth was small at INR3.2
crore as of March 2016 due to limited accretion to reserves.
Also, debt protection metrics are likely to be average, with
interest coverage and net cash accrual to total debt ratios
expected at 2.5 times and 23%, respectively, in fiscal 2017.

Strength
* Extensive experience of promoter
Presence of over three decades in the textile industry has
enabled promoter to establish strong relationship with customers
and suppliers.

Outlook: Stable

CRISIL believes GMP will continue to benefit over the medium term
from the extensive experience of its promoter. The outlook may be
revised to 'Positive' if significant increase in revenue and
profitability leads to better cash accrual, and if capital
structure improves. The outlook may be revised to 'Negative' if
low cash accrual due to longer-than-expected stabilisation of
capacities, large, debt-funded capital expenditure, or stretch in
working capital cycle further weakens financial risk profile.

Established in 2015 in Pallipayam, Tamil Nadu, by Mr. GM
Palaniswamy, GMP manufactures grey fabric on jobwork basis.


GOLDSTAR POLYMERS: CRISIL Reaffirms B+ Rating on INR7MM Cash Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of
Goldstar Polymers Limited (GPL) at 'CRISIL B+/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         0.25      CRISIL A4 (Reaffirmed)
   Cash Credit            7.00      CRISIL B+/Stable (Reaffirmed)
   Proposed Bank
   Guarantee              2.00      CRISIL B+/Stable (Reaffirmed)
   Proposed Cash
   Credit Limit           2.00      CRISIL B+/Stable (Reaffirmed)

The ratings reflect CRISIL's expectations of a stable business
risk profile with moderate revenue growth and stable operating
margin. The working capital management is expected to remain
intensive. The ratings also reflect GPL's modest net worth, its
leveraged capital structure and subdued debt protection metrics.

Key Rating Drivers & Detailed Description

Weakness
* Modest scale of operations: GPL has modest scale of operations
due to the unorganized nature of industry with various players
having small capacity and low entry barriers on account of low
capital and technology intensity and low differentiation in end
product.

* Below average financial risk profile: GPL's financial risk
profile is below average marked by a modest net worth, moderate
gearing and subdued debt protection metrics. The company had a
modest net worth leading to a high gearing of 1.8 times as on
March 31, 2016. GPL's debt protection metrics have been moderate
reflected in interest coverage of 2.1 times and net cash accruals
to total debt of 0.11 times during 2015-16.

* Working capital intensive operations: GPL's high working
capital intensive nature of operations is reflected in Gross
Current Assets (GCA) of 171 days as on March 31, 2016 driven by
moderate inventory and receivables.

Strength
* Promoters' extensive experience in the industry and its
established customer base: GPL's promoters have been in the HDPE
container manufacturing industry since 1975. They have extensive
experience of more than 3 decades in the industry. The company
has established relationships with its suppliers and customers on
account of its promoters' extensive experience in the industry.
Outlook: Stable

CRISIL believes that GPL will continue to benefit over the medium
term from the extensive industry experience of the promoters and
its established customer relationships. The outlook may be
revised to 'Positive' if the company witnesses significant and
sustained improvement in revenues and margins leading to overall
improvement in financial risk profile. Conversely, the outlook
may be revised to 'Negative 'in case there is significant decline
in GPL's revenues or profitability or if it undertakes any large
debt funded capex or faces any significant working capital
stretch leading to deterioration in financial risk profile.

GPL was incorporated in 1999 by Mr. Prem Saraogi and his family
members. The company is engaged in manufacturing of high density
polyethylene (HDPE) containers used in pharmaceutical, and
petroleum industry. GPL's manufacturing facility is located in
Daman.


GONDWANA ENGINEERS: CARE Assigns 'B' Rating to INR42cr LT Loan
--------------------------------------------------------------
The ratings assigned to the bank facilities of Gondwana Engineers
Limited (GEL) are constrained by its weak liquidity, geographical
concentration risk and stiff competition in the sector. The above
weaknesses are partially offset by promoters' long-standing
experience in the industry and past track record of operations
along with established relationship with its clients.

                               Amount
   Facilities               (INR crore)   Ratings
   ----------               -----------   -------
   Long-term Bank Facilities    42.00     CARE B; Stable Assigned
   Short-term Bank Facilities   54.00     CARE A4 Assigned

Going forward, the ability of the company to manage its working
capital efficiently along with timely completion of the contracts
and reduced geographic concentration would be the key rating
sensitivities.

GEL has over three decades of track record in building and
development of infrastructure projects in areas such as water
treatment and supply system, sewage treatment system and effluent
treatment projects. The promoter, Mr. Ashit Doshi has 30 years of
experience and he is assisted by other promoters and experienced
team of professionals with considerable experience in the
industry. The clientele of the company includes state government
bodies, municipal corporations/councils and public undertakings.

The total income of the company has grown at a compounded annual
growth rate (CAGR) of 8% during the period FY14-FY16 (refers to
the period April 1 to March 31) supported by the growth in the
order book. The company has achieved PBILDT margin and PAT margin
of 8.87% & 3.66% in FY16, respectively. The overall gearing of
the company increased to 1.38 times as on March 31, 2016, as
compared with 1.18 times as on March 31, 2015.

The company has an elongated working capital cycle on account of
high collection period (78 days in FY16) due to delay in payments
from its clients. However, in FY16, the company was able to
reduce the working capital cycle to 29 days from 48 days in FY15
supported by its ability to avail higher credit period from its
suppliers. Nonetheless, the liquidity position of the company
remains weak with the fund-based limits remaining fully utilized
over 12-month period ended October, 2016.

The current work orders of the company are geographically
concentrated with majority of the projects located in Madhya
Pradesh and Maharashtra. As on September 30, 2016, of the total
order book of INR111.83 crore, Maharashtra accounted for 44% of
the orders followed by Madhya Pradesh (38%), Karnataka (11%) and
Punjab (7%).

GEL, incorporated in May 1982, is engaged in building and
development of infrastructure projects in areas such as water
treatment and supply system, sewage treatment system and effluent
treatment projects on turnkey basis from design stage to
operations and maintenance stage. Its clientele includes state
government bodies, municipal corporations/councils and public
undertakings. The company is a wholly-owned subsidiary of Doshion
Veolia Water Solutions Pvt Ltd (DVWS) which provides water and
waste management solutions to industry and public. GEL was
acquired by DVWS from Kirloskar Brothers Limited in the year
2010.

During FY16, GEL has reported a PAT of INR5.44 crore on a total
operating income of INR148.56 crore as against a PAT of INR6.29
crore on a total operating income of INR137.47 crore in FY15.
During H1FY17 (refers to the period April 1 to September 30), the
company has reported a PAT of INR1.83 crore on a total operating
income of INR58.36 crore.


GOOD LUCK: CRISIL Assigns B- Rating to INR18MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Good Luck Capital Pvt Ltd (GLC).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Non Fund
   based limits             2        CRISIL A4

   Cash Credit             18        CRISIL B-/Stable

   Overdraft               10        CRISIL A4

The ratings reflect the weak financial risk profile marked by
weak debt protection metrics, low operating profitability and
susceptibility to intense competition in the steel trading
business. These weaknesses are partially offset by the promoter's
extensive experience in trading business and funding support from
promoters.

Analytical Approach

For arriving at its ratings, CRISIL has treated unsecured loans
of INR14.2 crore extended by the promoters as neither debt nor
equity as these have no interest and will be retained in the
business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses
* Weak financial risk profile
The financial risk profile is below average, with low interest
coverage ratio of 1.11 times in fiscal 2016.

* Low operating profitability and susceptibility to intense
competition in the steel trading business
Scale of operations is modest as reflected in revenue of INR75
crore in fiscal 2016 which has declined from INR224 crore in
fiscal 2013. It is expected to achieve sales of INR80 crore in
fiscal 2017. Operating margin was low at 0.4% in fiscal 2016.

Strengths
* Promoters' extensive experience in trading business
The promoters have over four decades of experience in the trading
business leading to established relationships with suppliers and
customers.

* Funding support from promoters
The promoters have infused large unsecured loans to support the
business. Unsecured loans stood at INR14.2 crore as on March 31,
2016, which increased from INR6.5 crore in the previous year.
Outlook: Stable

CRISIL believes GLC will continue to benefit over the medium term
from its promoters' extensive experience. The outlook may be
revised to 'Positive' in case of higher cash accrual, most likely
driven by significant improvement in its operating profitability
or scale of operations. Conversely, the outlook may be revised to
'Negative' if the financial risk profile deteriorates owing to a
decline in cash accrual or poor working capital management, or
any large, debt-funded, capital expenditure.

Established in 2004 by the Garg family, GLC, based in Ghaziabad
(Uttar Pradesh) trades in steel products such as ingots, billets,
and scrap. It also trades in coal. The promoters have been in the
business since 1972 through Good Luck Traders which was merged
with GLC in 2004.


GROVER AGRO: CRISIL Assigns 'B' Rating to INR5.2MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Grover Agro Food Private Limited (GAFPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               5.2       CRISIL B/Stable

The rating reflects the GAFPL's start-up phase of operations and
below average financial risk profile because of small networth
and average debt protection metrics. The rating also reflects the
benefits which company derives from the extensive experience of
its promoters in the industry and their funding support.

Key Rating Drivers & Detailed Description
Weaknesses
* Small scale because of start-up phase of operations: GAFPL's
full commercial operations are expected to start from January 15,
2017 and revenue should remain modest at INR15-17 crore in fiscal
2018, because of the start-up nature of operations in the
intensively competitive fruit juice industry.

* Below-average financial risk profile: Gearing and debt
protection indicators may remain average due to initial phase of
operations. The gearing is expected to be above 1.7 times as on
March 31, 2018.

Strengths
* Promoters' extensive industry experience and funding support:
The promoters, Mr. Surender Mohan Grover and his wife Ms Sucheta
Mani Grover have extensive and diverse experience of more than
two decades through group entities. They have also infused
capital infusion over the past two years to implement the capital
expenditure on time.
Outlook: Stable

CRISIL believes GAFPL will continue to benefit from the
promoters' extensive experience and funding support. The outlook
may be revised to 'Positive' if significantly higher sales,
profitability, and cash accrual, and efficient working capital
management strengthen financial metrics. Conversely, the outlook
may be revised to 'Negative' in case of low cash accrual, or
large working capital requirements constrain financial risk
profile.

GAFPL, incorporated in October 2015 by Mr. Surender Mohan Grover
and his wife Ms Sucheta Mani Grover, processes and markets fruit
juices under its own brand Fruit Heart, Fruit Link and Fal Ras.
The processing plant is at Hisar, Haryana. Commercial operations
are set to start on January 15, 2017.


HI-TEC ROCK: CARE Assigns B+ Rating to INR4.55cr Long Term Loan
---------------------------------------------------------------
The rating assigned to the bank facilities of Hi-Tec Rock Fibre
Pvt. Ltd. (HTRFPL) is constrained by its small scale of
operation, short track record, moderate capacity utilization,
working capital intensive nature of business and high competition
amidst fragmented industry scenario. The rating is supported by
HTRFPL's experienced promoters and reputed clientele. The ability
of the company to increase its scale of operation, improve
profitability margins and manage its working capital effectively
would be the key rating sensitivities.

                              Amount
   Facilities              (INR crore)   Ratings
   ----------              -----------   -------
   Long term Bank Facilities    4.55     CARE B+; Stable Assigned

The scale of operations of HTRFPL has remained small marked by
total operating income of INR15.47 crore with a PAT of INR0.16
crore in FY16. The company has a low net worth base of INR2.52
crore as on March 31, 2016. The small size restricts the
financial flexibility of the company in times of stress and
deprives it from the benefits of economies of scale.

HTRFPL is engaged in rock wool manufacturing and has a relatively
short track record of operations of around five years. The
directors of the company, however, have a long experience in this
line of business. Due to their long presence in the industry, the
company has an established client base which includes reputed
names like BHEL, NTPC, etc. The total operating income of the
company declined in FY16 over FY15 on account of lower demand
of rock wool in the market. However, PBILDT improved in FY16 on
account of lower operating expenses during the period. HTRFPL's
overall gearing remained high on last three account closing
dates on account of higher level of term loan and high
utilization of working capital borrowings.

Interest coverage ratio, although deteriorated in FY16 over FY15
due to higher interest cost, was satisfactory.

HTRFPL has an experienced management team including its
directors. The overall management of the company is looked after
by its directors Mr. Mohan Lal Patel, Mr. Hira Lal Patel, Mr.
Dhansukh Patel and Mr. Vikash Patel. Mr. Mohan Lal Patel (20
years of experience), Mr. Hira Lal Patel (25 years'), Mr.
Dhansukh Patel (20 years') and Mr. Vikash Patel (3 years') along
with the team of professionals have rich experience in the same
line of business.

Hi-Tec Rock Fibre Pvt. Ltd. (HTRFPL) was incorporated in 2012 by
Mr. Mohan Lal Patel and Mr. Hira Lal Patel. Since its
incorporation the company is engaged in the business of
manufacturing of rock wool at Rajnandgaon, Chhattisgarh. Mr.
Mohan Lal Patel (aged 49 years) has around two decades of
experience in the same line of business, and looks after the day
to day operations of the company. He is supported by other
director Mr. Hira Lal Patel (aged 54 years), Mr. Dhansukh Patel
(20 years) and Mr. Vikash Patel (3 years) and a team of
experienced professionals.

During FY16 (refers to the period April 1 to March 31), the
company reported a total operating income of INR15.47 crore
(FY15: INR18.82 crore) and a PAT of INR0.16 crore (in FY15:
INR0.29 crore).  Furthermore, the company has achieved a total
operating income of INR11.00 crore during 8MFY17 (refers to the
period April 1 to November 30).


MANGALAM TIMBER: CARE Reaffirms B+ Rating on INR12cr LT Loan
------------------------------------------------------------
The ratings of the bank facilities of Mangalam Timber Products
Ltd (MTPL) continue to be constrained by continuous losses,
volatile raw material prices with low bargaining power, and
exposure to the industry cycle. The ratings, however, draw
strength from long track record and experience of the promoters,
along with regular financial support from the group companies.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     12.00      CARE B+ Stable
                                            Reaffirmed

   Short-term Bank Facilities     6.08      CARE A4 Reaffirmed

The ability to improve its realizations and profitability in the
wake of increasing raw material prices and to derive benefit from
the captive power plant would be the key rating sensitivities.

In FY16, the net sales declined (by 8.55%) from FY15, due to
decline in capacity utilization (from 40% in FY15 to 33% in FY16)
leading to lower production). The company incurred operational
losses in FY16, due to under absorption of fixed overheads and
inability to pass on raw material price increase to customers. In
FY16 MTPL has installed its own 3MW captive thermal power plant
to mitigate shortage of power, achieve better production
efficiency.The operating cycle of MTPL declined in FY16 and stood
at 97 days vis-a-vis 137 days in FY15, primarily on account of
reduction in average inventory days which stood at 157 days in
FY16 vis-a-vis 215 days in FY15.

Mangalam Timber Products Ltd. (MTPL), incorporated in 1982,
belongs to the B K Birla group of companies, a diversified
industrial group having a major interest in tea, chemicals &
fertilizers, cement, tyres, textiles, vegetables oils, etc. MTPL
is engaged in manufacturing of Medium Density Fibre Boards (MDF),
plain boards and pre-laminated boards of varied thickness, from
low-grade hard woods with an installed capacity of 30,000 MT per
annum. The product of the company finds its usage in door &
window panels, decorative furniture, veneer, plywood, board, etc.
The manufacturing facility of the company is located in
Nabarangpur, Odisha. The company sells its product under the
brand name of Duratuff.

During FY16 (refers to period April 1 to March 31), MTPL a net
loss of INR12.65 crore (Rs.10.08crore in FY15) on total operating
income of INR39.20 crore (Rs.42.87 crore in FY15). As per the
unaudited H1FY17 results, MTPL incurred a net loss of INR2.66
crore on a total operating income of INR16.32 crore.


NIJAGUNA LAND: CRISIL Assigns 'D' Rating to INR9MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating on the long-term bank
facilities of Nijaguna Land Developers and Builders (NLDB). The
rating reflects NLDB's stretch liquidity caused due to elongated
working capital cycle.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit               9       CRISIL D

These weaknesses are partially offset by the extensive industry
experience of the promoter.

Key Rating Drivers & Detailed Description

Weakness
* Stretch liquidity caused to elongated working capital cycle:
Due to stretch receivable there are delay in repayment of term
loan and overutilization in cash credit

Strength
* Extensive industry experience of the promoter: NLDB benefits
from the extensive experience of its promoter in the civil
construction industry. The firm is promoted by Mr. Gowada who has
been associated with the civil construction industry for more
than a decade. The promoter has a proven track record of
execution for projects for various public entities on account of
which it derives benefits during the future tendering process of
the project. The firm is expected to continue to benefit from the
extensive industry experience of its promoter.

NLDB is a proprietorship firm involved in civil construction
works like construction of roads, bridges and construction and
maintenance for irrigation facilities in   Karnataka. The firm is
being managed by Mr. Gowda.


OM GRAM: Ind-Ra Lowers Rating on INR24.74MM Bank Loans to 'D'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded the ratings on
Om Gram Udyog Samiti's (OGUS) INR24.74 million bank loans to
'IND D' from 'IND B+(suspended).

                        KEY RATING DRIVERS

The ratings reflect on-going delays in debt servicing (monthly
delays in repayment of its interest and principal obligations) by
the company due to lack of available funds and tight liquidity.

                      RATING SENSITIVITIES

Positive: The rating could be upgraded if the loan's interest and
principal obligations are serviced in a timely manner for at
least one quarter.

COMPANY PROFILE

OGUS was registered under the Registrar of Societies in May 2001.
The promoters are looking to set up a par boiled rice unit of two
ton capacity at Village Ramgarh Sanduan, Punjab.


OMEGA PREMISES: CRISIL Reaffirms 'B' Rating on INR20.55MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Omega Premises Private Limited (OPPL) at 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             0.25      CRISIL B/Stable (Reaffirmed)

   Lease Rental
   Discounting Loan        8.10      CRISIL B/Stable (Reaffirmed)

   Long Term Loan         16.50      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     20.55      CRISIL B/Stable (Reaffirmed)

   Overdraft               4.60      CRISIL B/Stable (Reaffirmed)

CRISIL's rating on long term bank facilities of OPPL continue to
reflect exposure to execution and offtake risks associated with
its upcoming residential and commercial projects and stretched
liquidity. These weaknesses are partially offset by promoter's
extensive experience in the real estate business.

Key Rating Drivers & Detailed Description

Weaknesses
* Risk pertaining to execution and offtake for upcoming and
Stretched liquidity: OPPL remains exposed to timely execution and
offtake related risks for its various projects, including
upcoming projects. OPPL's Liquidity is stretched, marked by
tightly matched cash flows vis-a-vis repayments. The stretched
liquidity is on account of muted profitability levels for its
various projects amid subdued demand conditions.

Strengths:
* Extensive industry experience of promoters: OPPL's promoters
have extensive experience and have completed residential and
commercial projects, under separate entities which are part of
the Suhas Mantri group. Benefit from the extensive experience of
the promoters continues to support business risk profile.
Outlook: Stable

CRISIL believes OPPL will continue to benefit over the medium
term from its promoters' extensive experience. The outlook may be
revised to 'Positive' if substantial bookings, realisations, and
customer advances, lead to sizeable cash inflows. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
liquidity either because of delays in receipt of customer
advances, or time or cost overruns on projects.

OPPL is part of the Suhas Mantri group, which was set up in the
early 1990s. The company undertakes commercial and residential
real estate projects, mainly in Pune.


ORIGIN MINERALS: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Origin Minerals
Private Limited (OMPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect OMPL's moderate scale of operations and
credit profile.  FY16 was the company's first full year of
operations. Revenue was INR941 million in FY16 (FY15: INR42
million), EBITDA margins were 0.9% (0.6%), EBITDA interest cover
was 1.5x (129x).  Net leverage was negative in FY16 (-2.2x, 3.1x)
aided by equity injection of INR100 million which was primarily
used for funding the working capital requirement.

The company has indicated revenue of around INR900 million in
1HFY17.  OMPL has an order book of INR6,600 million as of
Nov. 30, 2016, which it expects to complete in mid-FY18.  The
company has proposed INR600 million of facilities to support the
order book execution.

The company's liquidity was moderate as reflected by its average
use of fund-based facilities of 96% over the 12 months ended
October 2016.

However, the ratings are supported by OMPL's promoters' more than
a decade of operating experience in the international trading
business.

                        RATING SENSITIVITIES

Positive: An improvement in profitability and liquidity, leading
to a sustained improvement in the credit metrics could be
positive for the ratings.

Negative: A substantial decline in the profitability, resulting
in a sustained deterioration in the overall credit metrics could
be negative for the ratings.

COMPANY PROFILE

Incorporated on April 11, 2013, OMPL is engaged in trading of
coal, bitumen and its products, iron ore, rock phosphate and
fertilizers, base oil used in manufacturing of lubricants and
lubricant oils, other oils, chemical and polymers including
polyvinyl chloride and polypropylene, and agricultural
commodities.


PRAYAS STEELS: CRISIL Reaffirms 'B' Rating on INR9MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of Prayas Steels Private Limited (PSPL) at 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              9        CRISIL B/Stable (Reaffirmed)

The rating reflects modest scale of operations in the intensely
competitive steel trading business leading to low profitability
and modest financial risk profile. These weaknesses are partially
offset by promoters' experience in steel trading business and
efficient working capital management.

Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations in the intensely competitive steel
trading business leading to low profitability: In fiscal 2016,
operating income was INR 66 crore while operating margin was 2.1-
2.3% over the three years ended fiscal 2016.

* Modest financial risk profile:  Both interest coverage and
total outside liabilities to tangible networth ratio (TOLTNW)
were modest and are expected to remain modest over the medium
term. In fiscal 2016, interest coverage ratio was 1.3 times in
fiscal 2016 (1.2 times in fiscal 2015) and TOLTNW was around 3.2
times as on March 31, 2016 (3.1 times as on March 31, 2015).

Strengths
* Promoters' experience in steel trading business: PSPL's
promoters have experience of more than a decade in the steel
trading industry.

* Efficient working capital management: Operations are managed
efficiently as reflected in gross current asset days of 121-146
days over the 3 years ended March 31, 2016 and the efficient
management of the same will remain key sensitivity factor over
the medium term.
Outlook: Stable

CRISIL believes that PSPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company registers
significant growth in revenue and profitability, leading to
improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if PSPL's financial risk
profile weakens because of lengthening of its working capital
cycle or if the company registers low revenue and profitability
margins.

Set up in 2005, PSPL is promoted by Mr. Dev Dutt and his family
members. The company trades in iron and steel products. It sells
its products mainly to clients manufacturing automotive
components.

PSPL reported a profit after tax (PAT) of INR0.2 crore on net
sales of INR66 crore for fiscal 2016 as against a PAT of INR0.1
crore on net sales of around INR 49 crore for fiscal 2015.


PRITI SALES: CRISIL Assigns B+ Rating to INR5.0MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its ratings of 'CRISIL B+/Stable/CRISIL A4'
for the bank facilities of Priti Sales Corporation (Priti).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             5         CRISIL B+/Stable
   Letter of Credit        1.5       CRISIL A4

The ratings reflect the firm's modest scale of operations in an
intensely competitive leather industry and its below-average
financial risk profile marked by modest networth and high
gearing. The above mentioned weaknesses are partially offset by
the promoter's extensive experience in the industry.

Key Rating Drivers & Detailed Description

Weakness
* Modest scale of operations in an intensely competitive leather
industry: Priti reported modest revenues of INR 12.2 crores in
fiscal 2016 primarily on account of its limited capacities.
Further, Priti operates in an intensely competitive industry
characterized by presence of large number of small and mid-size
regional players, constraining the pricing flexibility.

* Below-average financial risk profile marked by modest networth
and high gearing: The financial risk profile of the firm was
below-average due to modest net worth and high debt levels
leading to high gearing of 2.5 times as on March 31, 2016. The
high debt is primarily on account of working capital intensive
nature of operations.

Strength
* Promoter's extensive experience in the industry: The promoters
have nearly a decade of experience in the industry. The
promoters' healthy business relationships with various players in
the leather industry have been built on their extensive
experience in the business, which has enabled them to develop a
keen insight and market knowledge of the industry. This market
intelligence enables Priti to anticipate price trends and
calibrate purchasing and stocking decisions.
Outlook: Stable

CRISIL believes that Priti will continue to benefit from the
promoters extensive experience over the medium term. The outlook
may be revised to 'Positive' if improvement in cash accruals and
working capital management leads to a better business risk
profile. Conversely the outlook may be revised to 'Negative' if
revenues or profits decline or a stretch in the working capital
management leads to weakening of the financial risk profile,
particularly its liquidity.

Chennai based, Priti was incorporated in 2007 by Mr. Ankit N Vasu
and is engaged in importing and sale of finishing materials used
in the leather products, particularly shoes.


PUNJ LLOYD: CARE Reaffirms 'D' Rating on INR300cr Loan
------------------------------------------------------
The ratings assigned to the Non-Convertible Debentures of Punj
Lloyd Ltd (PLL) continue to factor in delays in debt servicing by
the company due to its weak liquidity.


                             Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Non-Convertible
   Debenture I               135.00      CARE D Reaffirmed
   Non-Convertible
   Debenture III             300.00      CARE D Reaffirmed

With slower order inflows and relatively slower execution,
operating income of PLL declined from INR5103 crore in FY15
(refers to the period April 1 to March 31) to INR3494 crore in
FY16 at a standalone level and from INRINR7280 crore in FY15 to
INR4415 crore in FY16 at the consolidated level.

The decline in operating income and increase in interest cost
resulted in net loss of INR1650 crore at a standalone level
(FY15: INR 507 crore) and INR2245 crore at a consolidated level
in FY16 (FY15: INR 1141 crore).

Weak financial performance continued in H1FY17 (unaudited) though
the operating income increased marginally to INR1958.5 crore
(from INR 1666.24 crore in H1FY16) and net loss also declined to
INR437.19 crore at a standalone level (net loss of INR881.04
crore in H1FY16). On account of weak financial performance, the
liquidity position of the company has been impacted, leading to
delays in debt servicing.

Punj Lloyd Ltd (PLL), promoted by Mr. Atul Punj in 1988, is an
engineering & construction company in India, providing integrated
design, engineering, procurement, construction (EPC) and project
management services for oil & gas, process industry and
infrastructure sector projects. PLL has various subsidiaries
operating in multiple geographies and engaged in EPC in the field
of oil and gas and infrastructure sector.

The company's consolidated order book as on September 30, 2016
stood at INR 20,474 crore.


PUNJ LLOYD LIMITED: CARE Reaffirms D Rating on INR5,144.67cr Loan
-----------------------------------------------------------------
The ratings assigned to the bank facilities of Punj Lloyd Ltd
(PLL) continue to factor in delays in debt servicing by the
company due to its weak liquidity.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities   5,144.67     CARE D Reaffirmed
   Long-term/Short-term Bank   7,937.19     CARE D/CARE D
   Facilities                               Reaffirmed

With slower order inflows and relatively slower execution,
operating income of PLL declined from INR5103 crore in FY15
(refers to the period April 1 to March 31) to INR3494 crore in
FY16 at a standalone level and from INRINR7280 crore in FY15 to
INR4415 crore in FY16 at the consolidated level.

The decline in operating income and increase in interest cost
resulted in net loss of INR1650 crore at a standalone level
(FY15: INR507 crore) and INR2245 crore at a consolidated level in
FY16 (FY15: INR 1141 crore).

Weak financial performance continued in H1FY17 (unaudited) though
the operating income increased marginally to INR1958.5 crore
(from INR 1666.24 crore in H1FY16) and net loss also declined
to INR437.19 crore at a standalone level (net loss of INR881.04
crore in H1FY16). On account of weak financial performance, the
liquidity position of the company has been impacted, leading to
delays in debt servicing.

Punj Lloyd Ltd (PLL), promoted by Mr. Atul Punj in 1988, is an
engineering & construction company in India, providing integrated
design, engineering, procurement, construction (EPC) and project
management services for oil & gas, process industry and
infrastructure sector projects. PLL has various subsidiaries
operating in multiple geographies and engaged in EPC in the field
of oil and gas and infrastructure sector.

The company's consolidated order book as on September 30, 2016
stood at INR 20,474 crore.


QUALITY TEA: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Quality Tea
Plantations Private Limited's (QTPPL) Long-Term Issuer Rating at
'IND BB-'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The affirmation reflects QTPPL's continued moderate credit
profile with interest coverage (operating EBITDA/gross interest
expense) of 1.9x in FY16 (FY15: 1.4x) and net financial leverage
(total adjusted net debt/operating EBITDAR) of 4.8x (6.7x).

Moreover, the liquidity profile of the company remains weak with
average utilization of the working capital limits being around
96% during the 12 months ended November 2016.  The scale of
operations is also small as reflected from its revenue of INR274
million in FY16 (FY15: INR225 million).  However, the revenue has
been increasing year-on-year due to the higher number of orders
executed.

The ratings are however supported by the year-on-year increase in
the company's operating margins (FY16: 13%; FY15: 10.5%; FY14:
9.3%) and its directors' more than two decades of experience in
the tea business.

                        RATING SENSITIVITIES

Positive:  An improvement in the overall credit profile could be
positive for the ratings.

Negative: A decline in the operating EBITDA margins leading to
deterioration in the entire credit profile could be negative for
the ratings.

COMPANY PROFILE

QTPPL was incorporated in 1989 and has a tea garden in the
Jalpaiguri district of West Bengal.  The company primarily
produces CTC variety of tea and sells in the domestic market.
QTPPL is managed by Mr. Balkrishna Dalmia and Rajat Dalmia and
has its registered office in Kolkata.


R K DAS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned R. K. Das
Jewellers (RKDJ) a Long-Term Issuer Rating of 'IND B+'.  The
Outlook is Stable.

                        KEY RATING DRIVERS

Ind-Ra has taken a consolidated view of RKDJ and its group
company R. K. Vision ('IND B+'/Stable) together referred to as R.
K. Group, for arriving at the ratings. Both the entities share
the same proprietor and have moderate legal and operational
interlinkages and strong strategic interlinkages.  Also, both
entities are in the same line of business i.e. trading.  Ind-Ra
has therefore applied its 'Parent Subsidiary Rating Linkage'
criteria while assigning the ratings.

The ratings reflect R. K. Group's moderate scale of operations
and weak credit metrics.  Revenue was INR817.88 million in FY16
(FY15: INR1,204.32 million), net financial leverage (total
adjusted net debt/operating EBITDAR) was 7.07x (6.87x) and
interest coverage (operating EBITDA/gross interest expense) was
1.24x (1.27x).  The ratings also factor in the proprietorship
structure of business.

The ratings are, however, supported by around three decades of
the company's promoter's experience in trading jewellery and
electronic appliances.  R. K. Group has an authorized Tanishq
showroom and distributorship of Samsung India Electronics Private
Limited, both of which have strong brand recall.  The ratings are
further supported by RKDJ's comfortable liquidity position as
evident from its average cash credit utilization of 91.59% during
the 12 months ended November 2016.

                       RATING SENSITIVITIES

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

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

COMPANY PROFILE

RKDJ is a proprietorship unit started in 1999 and is engaged in
trading gold and diamond jewellery.  RKDJ has an authorized
Tanishq showroom in Varanasi (Uttar Pradesh).  R. K. Vision has a
distributorship of Samsung India Electronics for eastern Uttar
Pradesh.


R K VISION: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned R. K. Vision
(RKV) a Long-Term Issuer Rating of 'IND B+'.  The Outlook is
Stable.

                        KEY RATING DRIVERS

Ind-Ra has taken a consolidated view of RKV and its group company
R. K. Das Jewellers ('IND B+'/Stable) together referred to as R.
K. Group, for arriving at the ratings.  Both the entities share
the same proprietor and have moderate legal and operational
interlinkages and strong strategic interlinkages.  Also, both
entities are in the same line of business i.e. trading.  Ind-Ra
has therefore applied its 'Parent Subsidiary Rating Linkage'
criteria while assigning the ratings.

The ratings reflect R. K. Group's moderate scale of operations
and weak credit metrics.  Revenue was INR817.88 million in FY16
(FY15: INR1,204.32 million), net financial leverage (total
adjusted net debt/operating EBITDAR) was 7.07x (6.87x) and
interest coverage (operating EBITDA/gross interest expense) was
1.24x (1.27x).  The ratings also factor in the proprietorship
structure of business.

The ratings are, however, supported by around three decades of
the company's promoter's experience in trading jewellery and
electronic appliances. R. K. Group has an authorized Tanishq
showroom and a distributorship of Samsung India Electronics
Private Limited, both of which have strong brand recall.  The
ratings are further supported by RKV's comfortable liquidity
position as evident from its average cash credit utilization of
93.56% during the 12 months ended November 2016.

                       RATING SENSITIVITIES

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

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

COMPANY PROFILE

RKV is a proprietorship unit, started in 1995. It is engaged in
the trading of large electronic appliances.  RKV has a
distributorship of Samsung India Electronics for eastern Uttar
Pradesh. The office is located in Varanasi (Uttar Pradesh).  R.
K. Das Jewellers has an authorized Tanishq showroom in Varanasi
(Uttar Pradesh).


RASIK VATIKA: CRISIL Reaffirms B+ Rating on INR14MM Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the bank
facilities of Rasik Vatika Silk Mills Private Limited (RVSM).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             14       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect RVSM's modest financial risk
profile, marked by modest gearing and weak debt protection
metrics. These rating weaknesses are mitigated by the promoters'
extensive experience in the textiles industry.

Key Rating Drivers & Detailed Description

Weakness
* Modest financial risk profile: The company had a modest
financial risk profile marked by gearing at 1.53 times and
interest coverage at 1.1 times as on March 2016. CRISIL expects
the same to remain at similar levels over the medium term.

Strength
* Extensive experience of the promoters: The promoters have
extensive experience in the textile industry backed by their
established customer and supplier relationship. CRISIL believes
that the extensive experience of RVSM's promoters will help it
maintain its business risk profile over the medium term.
Outlook: Stable

CRISIL believes RVSM will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the net worth improves
significantly backed by equity infusion and the scale of
operations increases significantly with sustained profitability,
leading to higher-than-expected cash accrual. Conversely, the
outlook may be revised to 'Negative' if the capital structure
weakens on account of incremental working capital requirements or
if RVSM undertakes any large, debt-funded capital expenditure
(capex) programme.

RVSM was set up in 1993 as a proprietorship firm named Rasik
Vatika Silk Mills; it is based in Surat (Gujarat) and was
reconstituted as a private limited company in 2010. It is
promoted by Mr. Harbans Lal Arora and Mr. Kapil Arora. RVSPL dyes
and processes grey fabric on a job-work basis and has also
started trading in garments.


RATHNA STORES: CRISIL Assigns B Rating to INR7.5MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Rathna Stores Firm Purasai (RSFP).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            7.5        CRISIL B/Stable
   Term Loan              2.5        CRISIL B/Stable

The rating reflects the below average financial risk profile of
the firm marked by modest net worth and high gearing and modest
scale of operations intensely competitive trading business.
These weaknesses are partially offset by its partner's extensive
industry experience and established brand image of 'Rathna
Stores' in Chennai.

Key Rating Drivers & Detailed Description

Weaknesses
* Modest scale of operations intensely competitive trading
business:
The firm has a modest scale of operations as estimated in the
revenues of INR 36 crore in fiscal 2017. The firm operates in an
intensely competitive consumer durables and home alliances
trading segment.

* Below average financial risk profile marked by modest net worth
and high gearing
The firm has a below average financial risk profile, marked by
modest net worth estimated at INR 3.6 crore as on March 31, 2017
and high gearing estimated at 2.4 times as on the same date.

Strengths
* Extensive industry experience of partners' and established
brand image of 'Rathna Stores' in Chennai
The RSFP store at Purasawalkam (Chennai) is being managed by Mr.
S Siva Shankar, who has been in the same line of business for
more than 2 decades. The partner is personally involved in the
day-to-day operations of the frim. His vast experience has helped
the frim in having established relationship with all their major
suppliers. Further firm has an established presence and a strong
brand recall in the Chennai market.
Outlook: Stable

CRISIL believes RSFP will continue to benefit from the promoter's
extensive industry experience and established brand image in
Chennai. The outlook may be revised to positive if the firm's
profitability and working capital cycle improves leading to
better financial and liquidity profile. The outlook may by
revised to negative if the profitability declines or working
capital cycle deteriorates weakening the financial risk profile.

Established in 2014 by Mr. P.S. Siva Kumar, RSPF trades in home
appliances and consumer durables. Located in Puraswalkam,
Chennai, the store is spread 60,000 sq. feet. The day to day
operations of RSF are currently managed by Mr. S Siva Shankar.


RIYA IMPEX: Ind-Ra Affirms 'B+' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Riya Impex's
(RI) Long-Term Issuer Rating at 'IND B+'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The affirmation reflects RI's continued weak credit profile.  Its
EBITDA interest coverage (operating EBITDA/gross interest
expense) was 1.1x in FY16 (FY15: 1.2x), net financial leverage
was 1x and operating EBITDA margin was 1.1% (1.5%) owing to the
trading nature of its business.

Moreover, the liquidity profile of RI is tight, indicated by an
average utilization of 98%, with an instance of over utilization,
which was regularized within a day, over the past 12 months ended
December 2016.

The ratings are further constrained by the proprietorship nature
of the company's business.

However, the ratings factor in the proprietors' 20-year-long
experience in the trading business.

                       RATING SENSITIVITIES

Positive: A positive rating action could result from an
improvement in EBITDA interest coverage.

Negative:  A deterioration in EBITDA interest coverage will be
negative for the ratings.

COMPANY PROFILE

Incorporated in 2010, RI is a proprietorship business engaged in
the import and export of steam coal, cashews, teak wood and raw
diamonds.  It is managed by Mr. King Kakkar, and its registered
office is in New Delhi.  RI registered INR560 million in revenue
for 9MFY17.


ROHIT ENTERPRISES: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rohit
Enterprises (RE) a Long-Term Issuer Rating of 'IND BB-'.  The
Outlook is Stable.

                         KEY RATING DRIVERS

The ratings reflect RE's tight liquidity position and moderate
credit profile.  The firm reported two instances of
overutilization of up to six days of its working capital
facilities during the three months ended November 2016.  Revenue
was INR1,542 million in FY16 (FY15: INR1,385 million), net
leverage (total adjusted net debt/operating EBITDAR) was 6x
(4.8x) and EBITDA interest coverage (operating EBITDA/gross
interest expense) was 1.5x (1.4x).  EBITDA margins were in the
range of 3.9%-5% during FY13-FY16.  Management expects margins of
4%-5% in FY17 on account of established strong relationship with
counterparties.  According to FY17 provisional financials, RE has
recorded revenue of INR999 million until October 2016.

The ratings are also constrained by high regulatory control over
the liquor industry.

However, the ratings draw comfort from RE's founders' more than a
decade experience in the liquor trading business and the benefits
derived from an established association with leading companies
such as SABMiller India Ltd., Allied Blenders and Distillers
Private Limited, Bacardi India Private Limited, Diageo India
Private Limited and Sula Vineyards Pvt. Ltd.

                       RATING SENSITIVITIES

Positive: A significant improvement in the operating margins and
the consequent improvement in the interest coverage will be
positive for the ratings.

Negative: Deterioration in the operating margins leading to
deterioration in the interest coverage will be negative for the
ratings.

COMPANY PROFILE

Incorporated in 1997, RE is a wholesale liquor distributor.  The
company is mainly involved in trading of United Spirits Limited's
Indian-made foreign liquor brands such as Bacardi, Bagpiper,
Black Dog, Cannon Beer, Deccan Port and McDowell's in Satara.


SARA EXPORTS: CRISIL Raises Rating on INR32MM Cash Loan to BB
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Sara Exports Limited (SE, part of the Sara group) to 'CRISIL
BB/Stable' from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             32        CRISIL BB/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term      12.5      CRISIL BB/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

The business risk profile is likely to improve, with healthy
revenue growth of around 70% expected in fiscal 2017, aided by
diversification in the product portfolio and incremental order
inflow. Net cash accrual of INR5'6 Crore per annum, expected over
the next couple of years, should support the incremental working
capital requirement and moderate capital expenditure (capex)
needs, in the absence of any term debt obligation. This is likely
to lower the dependence on bank debt.

Analytical Approach

The rating upgrade follows a change in CRISIL's analytical
approach for the rating. For arriving at the rating, CRISIL has
now combined the business and financial risk profiles of SE and
Para Products Pvt Ltd (PPPL). This is because both the companies,
together referred to as the Sara group, are in the same line of
business, have significant operational linkages, and common
promoters. Better operational linkages between the two entities
and centralised procurement of raw material have improved
economies of scale and profitability for the group.

Key Rating Drivers & Detailed Description

Strengths
* Extensive experience of the promoters in the pharmaceutical
industry and their funding support
The Sara group leverages on the extensive industry experience of
over 30 years of its promoters and established relationship with
customers, which include both small and large pharmaceutical
players. Also, the group has expanded its product portfolio to
include active pharmaceutical ingredients (APIs) and painkillers;
this has helped in improving the operating margin. The promoters'
extensive experience and established relationship with suppliers
and customers will continue to benefit the group as it ventures
into new product lines. The promoters have also supported the
group through unsecured loans, which stood at INR25.32 crore as
on March 31, 2016.

* Moderate total outside liabilities to tangible networth
(TOLTNW) ratio
The TOLTNW ratio was 1.34 times as on March 31, 2016. This was
largely on account of an adequate net worth. Debt is mainly
short-term, and is expected to remain at a similar level over the
medium term.

Weaknesses
* Product concentration in revenue:
Till fiscal 2016, paracetamol and its derivatives, which are low-
priced products, contributed the majority share of total revenue.
This resulted in a moderate scale of operations, as reflected in
revenue of INR76.70 crore in fiscal 2016. However, the business
risk profile is likely to improve, with healthy revenue growth of
around 70% expected in fiscal 2017, aided by diversification in
the product portfolio, as pharmaceutical APIs and painkillers
have been added.

* Large working capital requirement
Operations are highly working capital intensive as evident from
high gross current assets (GCAs) of 400 days as on March 31,
2016, driven by high debtors and inventory of 190 days and 152
days, respectively. Operations are likely to remain working
capital intensive over the medium term, with GCAs expected at
around 320 days, thereby constraining financial flexibility.
Outlook: Stable

CRISIL believes the Sara group will continue to benefit from the
extensive industry experience of its promoters and their funding
support. The outlook may be revised to 'Positive' if higher-than-
expected cash accrual and better working capital management
strengthen the financial risk profile. The outlook may be revised
to 'Negative' if lower-than-expected cash accrual, a stretched
working capital cycle, or withdrawal of unsecured loans by the
promoters and their acquaintances, weakens the financial risk
profile, especially liquidity.

Sara Exports, incorporated in 1998, manufactures paracetamol and
its derivatives, as well as dye intermediaries and chemicals. The
company has its manufacturing facility in Ghaziabad, Uttar
Pradesh.

PPPL, incorporated in 1998, manufactures paracetamol. The company
also has its manufacturing facility in Ghaziabad.

SE, on a standalone basis, had a profit after tax (PAT) of
INR0.71 crore on net sales of INR57.02 crore in fiscal 2016,
vis-a vis INR0.79 crore and INR62.33 crore, respectively, in
fiscal 2015.


SB EQUIPMENTS: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned S.B. Equipments
(SBE) a Long-Term Issuer Rating of 'IND BB-'.  The Outlook is
Stable.

                         KEY RATING DRIVERS

The ratings reflect SBE's small scale of operations and moderate
credit metrics.  Revenue was INR157.97 million in FY16
(FY15: INR188.28 million), EBITDA margins were 8.74% (8.44%),
interest coverage (operating EBITDA/gross interest expense) was
1.5x (1.52x) and net leverage (adjusted net debt/operating
EBITDA) was 2.3x (1.05x).

The ratings also factor in the firm's exposure to customer
concentration risk as the Ministry of Defence accounts more than
90% of SBE's revenue.

However, the ratings are supported by SBE's comfortable liquidity
position as indicated by around 89% utilization of its fund-based
working capital limits during the 12 months ended December 2016.

The ratings are also supported by SBE's promoters' almost a
decade-long experience in the defence technology industry, and
the firm's decade-long operational history.

                       RATING SENSITIVITIES

Negative: Deterioration in margins leading to a sustained decline
in the credit metrics would be negative for the ratings.

Positive: A significant improvement in the top line, along with
an improvement in the credit metrics will be positive for the
ratings.

COMPANY PROFILE

SBE was established in 2000 as a partnership firm ,with Mr. S. K.
Goel, Mr. Kamal Goel, Mr. Manish Srivastav and Ms. Rekha Kejriwal
as partners.  The firm undertakes development and supply of
sensitive technological products for the armed forces and all
allied services.  The firm has four factories at Bahadurgarh,
Haryana.


SHIV SHAKTI: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shiv Shakti
Thermo Private Limited (SST) a Long-Term Issuer Rating of
'IND BB'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings are constrained by the company's short operating
track record and its stagnant revenue.  The company began
operations in 2011 and earned revenue of around INR140 million
during FY14-FY16.

The ratings are also constrained by SST's elongated operating
cycle (FY16: 112 days; FY15: 95 days).

The ratings are supported by SST's strong operating margins and
moderate-to-comfortable credit metrics.  In FY16, EBITDA margins
were 11.07% (FY15: 11.84%), leverage ratio (total adjusted net
debt/operating EBITDAR) was 1.68x (3.59x) and interest coverage
ratio (operating EBITDA/gross interest expense) was 30.13x
(49.87x).

The ratings also factor in SST's comfortable liquidity position
as evident from its 61.91% average utilization of the working
capital limits for the eight months ended November 2016.

                        RATING SENSITIVITIES

Negative: A dip in the revenue and margins and sustained
deterioration in the credit metrics shall lead to a negative
rating action.

Positive: A significant improvement in the revenue while
maintaining or improving the credit profile will be positive for
the ratings.

COMPANY PROFILE

SST was incorporated in 2010 and is promoted by Mr. Santosh Kumar
Agrawal, Ms. Sunita Agrawal and Mr. Aman Kumar Agrawal.  SST
began its commercial operations in 2011.  The company
manufactures disposable expanded polystyrene foam (EPS) plates,
bowls, square plates and round plates.  It has two manufacturing
units in Sant Kabir Nagar (Uttar Pradesh).  SST has achieved
revenue of
INR93.2 million during April-November 2016.


SIDDHI GANESH: CRISIL Lowers Rating on INR12MM e-DFS to B+
----------------------------------------------------------
CRISIL has downgraded its rating on the INR17 crore long-term
bank loan facilities of Siddhi Ganesh Metal Private Limited
(SGMPL) to 'CRISIL B+/Stable' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              5        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Electronic Dealer       12        CRISIL B+/Stable (Downgraded
   Financing Scheme                  from 'CRISIL BB-/Stable')
   (e-DFS)

The downgrade reflects SGMPL's stretched working capital cycle:
gross current assets increased to 189 days as on March 31, 2016,
from 137 days a year ago, led by higher receivables and delayed
payments by customers. Total outside liabilities to tangible
networth ratio, therefore, increased to 4.5 times from 3.5 times
over this period. Increase in  working capital requirement has
led to higher reliance on debt: bank limit utilisation averaged
98% in the 6 months through November 2016. Working capital cycle
may continue to be stretched, constraining financial risk profile
and liquidity over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses
* Exposure to intense competition, resulting in low profitability
Profitability continues to be constrained by intense competition
among steel traders due to low value addition involved in
trading.

* Below-average financial risk profile
The financial risk profile is weak, with modest networth of
INR7.8 crore, high total outside liabilities to tangible networth
(TOLTNW) ratio of 4.5 times, and average debt protection metrics
as reflected in interest coverage and net cash accrual to total
debt (NCATD) ratios at around 1.3 times and 2% in fiscal 2016.

Strengths
* Extensive experience of the promoters in the steel trading
industry
Benefits from the promoters' experience of more than a decade,
and their established relationships with key customers and
suppliers, especially with principal, Jindal Stainless Ltd (JSL),
should continue to support business risk profile.
Outlook: Stable

CRISIL believes SGMPL will continue to benefit over the medium
term from the extensive industry experience of promoters and
their established relations with customers. The outlook may be
revised to 'Positive' in case of a substantial and sustained
improvement in revenue and profitability margin, efficient
working capital management, or sizeable equity infusion by the
promoters. Conversely, the outlook may be revised to 'Negative'
in case of a steep decline in profitability margin, or
significant deterioration in capital structure caused most likely
by a stretched working capital cycle.

SGMPL was set up in 2003 as a partnership between Mr. Sudhershan
Singh Rathore and his family; it was reconstituted as a private
limited company in 2006. The company trades in stainless steel
products in the form of sheets, plates, and coils. It is based in
Secunderabad, Telangana.


SPECTRUM COMPLEX: Ind-Ra Raises Long-Term Issuer Rating to 'BB-'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Spectrum Complex
Private Limited's (SCPL) Long-Term Issuer Rating to 'IND BB-'
from 'IND B+'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The upgrade reflects the timely execution of its ongoing project,
Arch Square.  SCPL expects the construction of the project to
complete by December 2017.

The upgrade is supported by the fact that SCPL had sold 20.49% of
the total project area and received customer advances totalzing
INR40.47 million as of October 2016.

The rating is supported by the promoters' experience in
completing several projects in Kolkata in the last decade.

The rating continues to be constrained by the moderate scale of
the project and risks associated with time and cost overruns as
the project is ongoing, with over 80% of the project area yet to
be sold.

                        RATING SENSITIVITIES

Positive: Timely project execution within the projected cost
outlay would be positive for the ratings.

Negative: Any delays or cost overruns would lead to a negative
rating action.

COMPANY PROFILE

SCPL was incorporated in 2007 for the development of Arch Square.
Lalit Kumar Jain and Surendra Kumar Sarogi are the promoters of
the company.  The company has a registered office at Park Street,
Kolkata, and a corporate office in AJC Bose Road, Kolkata.

The directors belong to Arch Group, which was established in
2005. The promoters of Arch Group are Rajendra Kumar Sarogi,
Rabindra Bacchawat, Lalit Kumar Jain and Rajesh Osatwal, who have
successfully completed several residential and commercial
projects, particularly corporate and professional office centres
in Kolkata.


SREE KRISHNA: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sree Krishna
Automotives Hyderabad Private Limited (SKAH) a Long-Term Issuer
Rating of 'IND BB-'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect SKAH's credit profile that displayed
volatility over a period of FY12-FY16.  The interest coverage
(operating EBITDA/gross interest expense) was 1.4x in FY16 (FY15:
1.7x) and net leverage (adjusted net debt/operating EBITDA) was
7.3x (5.9x).

Leverage continued to remain high in FY16 driven by an increase
in working capital borrowings to support the new business scale
and company availed of additional term loans for its capex
requirements.  Total debt outstanding increased in FY16 to
INR1,117 million from INR605 million in FY15.

Ind-Ra expects the company to register 7% CAGR in revenue over
the next two years with significant rise in the competition.  The
ratings reflect the bleak growth in future for SKAH's revenue and
geographical expansion of its operations.  In FY16, SKAH reported
revenue of INR 4,035 million, up 35% yoy. The ratings reflect low
EBITDAR margins of 3.1% in FY16 (FY15: 3.1%), mainly on account
of the nature of the dealership business.

The company, however, is adding one new showroom- for Jaguar and
Land Rover.  This, in turn, shall support similar absolute EBITDA
growth, enabling improvement in the overall credit metrics with
interest coverage and net leverage expected to improve over the
next two years.

                        RATING SENSITIVITIES

Positive:  Sustained improvement in EBITDAR fixed charge coverage
above 2x could result in a positive rating action

Negative: Stressed liquidity profile or deterioration in the
credit metrics could result in a negative rating action.

COMPANY PROFILE

SKAH is a dealer for M/s. Honda Cars India Ltd., in  Hyderabad,
Telangana.  The promoters are M.Suresh Reddy, M.Rajitha Reddy and
M.Sudarshan Reddy as directors.  SKAH started commercial
operations in October 2007 in Hyderabad.  Apart from Hyderabad,
the company has been appointed as the New Honda car dealer for
Nizamabad, Madinaguda and Nalgonda districts.  The company is
also a dealer for M/s.Jaguar and Land Rover India.

The showroom and workshop is at Miryalguda and administrative
office is at Hyderabad.  The partners are M.Sudarshan Reddy,
M.Suresh Reddy, M.Rajitha Reddy, M Lakshmi Reddy, M.Shruthi
Reddy, M.Vanishnavi Reddy  and M.Ramanuja Reddy.  The partners
have been in the automobile business for the last 23 years.


SRG SPINNING: CARE Assigns B+ Rating to INR5.58cr LT Loan
---------------------------------------------------------
The ratings assigned to the bank facilities of SRG Spinning &
Weaving Mills Private Limited (SRGS) are primarily constrained on
account of its nascent stage of operations with low
profitability, leveraged capital structure and weak liquidity
position. The ratings are also constrained due to vulnerability
of margins to fluctuation in raw material prices and its presence
in the highly fragmented and competitive industry.

                              Amount
   Facilities              (INR crore)   Ratings
   ----------              -----------   -------
   Long-term Bank Facilities    5.58     CARE B+; Stable Assigned
   Short-term Bank Facilities   5.00     CARE A4 Assigned

The ratings, however, derive strength from the experienced
management and proximity to the textile cluster of Bhilwara with
ease of access of raw material and labour.

The ability of the company to increase its scale of operations
while improving profitability along with improvement in the
solvency position and efficient management of working capital
would be the key rating sensitivities.

SRGS is managed by promoter directors namely Mr. Sanjay Kumar
Garg, Mr. Rajesh Kamdar and Mr. Sudhir Lakhotia. Mr. Sanjay Kumar
Garg has more than 15 years of experience in the textile industry
whereas Mr. Rajesh Kamdar and Mr. Sudhir Lakhotia have about 5
years of experience in the textile industry.

The main raw material of the company is polyester yarn. The
manufacturing facility of the company is located nearby Bhilwara
(Rajasthan) which is one of the largest textile clusters in India
and majority of these industries are engaged in the manufacturing
synthetic yarn accounting for nearly 40% of India's total
synthetic yarn production and nearly 50% of India's total
polyester fabrics and suiting production.

SRGS has commenced its commercial operations from May, 2014 and
hence, FY16 is the first full year of operations of the company.
As per the audited result of FY16, TOI has increased by 104.32%
over FY15 due to higher demand of its products.

Profitability has declined with PBILDT margin has deteriorated by
128 bps over FY15 mainly due to increase in material cost.

The capital structure of the firm stood moderately leveraged with
an overall gearing of 2.53 times as on March 31, 2016,
deteriorated from 1.88 times as on March 31, 2015 mainly on
account of increase in working capital bank borrowings.
Furthermore, debt service coverage indicators stood weak
marked by total debt to GCA of 23.03 times as on March 31, 2016,
deteriorated marginally from 21.00 times as on March 31, 2015 due
to higher utilization of working capital bank borrowing. The
operating cycle stood moderate at 61 days in FY16. The current
ratio stood moderate at 1.05 times as on March 31, 2016 as
against 1.12 times as on March 31, 2015.

Bhilwara-based (Rajasthan) SRGS was incorporated in February 2013
with an objective to set up a greenfield plant for the
manufacturing of grey fabrics from synthetics and cotton yarn.
SRGS has completed its project and started commercial operations
from May, 2014. The plant was set up at a total cost of INR5.89
crore which was funded through debt-equity ratio of 1.68:1 times.
Further, in FY16, the company undertook an expansion project to
install additional 10 second hand airjet looms of INR0.18 crore
which was completely funded through internal accruals and it lead
to an increase in installed capacity from 20 to 35 LMPA as on
March 31, 2016.

During FY16 (refers to the period April 1 to March 31), SRGS
reported a total operating income of INR26.42 crore with a PAT of
INR0.03 crore.


THAKARDHANI AGRO: CRISIL Ups Rating on INR11MM Cash Loan to BB-
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Thakardhani Agro Product Private Limited (TAPL) to 'CRISIL BB-
/Stable' from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             11        CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Term Loan                7.5      CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The upgrade reflects expected stabilisation of operations and
improving financial risk profile. Ramping up scale and sustaining
moderate operating margin will help stabilise operations in the
company's first full year of operations in FY 17. Revenue was
INR80 crore till the third quarter of fiscal 2017, against INR20
crore in fiscal 2016 while operating margin is expected to remain
over 3.5% in the medium term. Also, with increase in scale,
working capital facility was enhanced to INR11 crore from INR6
crore.

Financial risk profile is expected to improve with gearing likely
to be at less than 2.0 times in the medium term, supported by
equity infusion of INR1.5 crore in fiscal 2017. Cash accrual is
likely to be INR2.4-3.0 crore per annum against annual debt
obligation of INR1.35-1.6 crore over the medium term.

Analytical Approach

For arriving at the rating, unsecured loans have been treated as
neither debt nor equity as they are interest-free and expected to
remain in business.

Key Rating Drivers & Detailed Description
Strengths
* Extensive experience of promoters in the edible oil industry:
Key promoter, Mr. Sangram Mewada, has longstanding presence in
the edible oil industry through group firms (Mevada Industries
and Mevada Oil Mill). Hence, he has developed a keen insight into
market dynamics and established strong relationship with
customers and suppliers.

* Moderate financial risk profile: Gearing is expected to improve
to 2 times as on March 31, 2017, from 2.36 times as on March 31,
2016, due to equity infusion and term debt repayment. Gearing is
likely to remain less than 2.0 times in the medium term. Debt
protection metrics are also expected to remain above average,
with interest coverage and net cash accrual to total debt ratios
of 2.3 times and 0.14 time, respectively, over the medium term.

Weaknesses
* Susceptibility of operating margin to volatility in raw
material prices: Prices of key raw materials, RBD palm oil and
crude palm oil, are volatile, resulting in a fluctuating
operating profitability. Despite order-backed purchase, operating
margin is expected to remain vulnerable to sharp changes in raw
material prices and small scale of operations.

* Large working capital requirement: Gross current assets were
226 days as on March 31, 2016, due to sizeable inventory of about
210 days following year-end high sea purchases. Operations will
remain working capital-intensive despite expected improvement in
inventory.
Outlook: Stable

CRISIL believes TAPL will continue to benefit over the medium
term from the experience of its promoters. The outlook may be
revised to 'Positive' in case of larger-than-expected cash
accrual due to substantial profitability or topline, and if
working capital cycle improves. The outlook may be revised to
'Negative' if accrual is lower than expected on account of weak
order flow or profitability, or if financial risk profile weakens
because of further stretch in working capital cycle or
significant debt-funded capital expenditure.

Incorporated in 2013 and promoted by Surendranagar (Gujarat)-
based Mewada family, TAPL is setting up a unit to extract and
refine groundnut and cotton seed oil.


TOP IN TOWN: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Top In Town
(TOPIN) a Long-Term Issuer Rating of 'IND B+'.  The Outlook is
Stable.

                         KEY RATING DRIVERS

The ratings reflect TOPIN's small scale of operations and small
size revenue of INR305.50 million in FY16 (FY15: INR295.83
million).  In addition, it had a weak EBITDA margin, as inherent
in the trading business, and weak credit metrics in FY16.
According to FY16 financials, TOPIN's EBITDA margin was 2.75%
(FY15: 3.19%), net financial leverage (total adjusted net
debt/operating EBITDAR) was 10.73x (FY15: 6.87x) and interest
coverage (operating EBITDA/gross interest expense) was 1.29x
(FY15: 1.22x).  The ratings are constrained by the proprietorship
structure of the business.

However, the ratings are supported by the promoter's experience
of about three decades in the trading industry and the company's
moderate liquidity position, indicated by an average cash credit
utilization of 91.46% over the last 12 months ended November
2016.

                       RATING SENSITIVITIES

Negative: A decline in EBITDA margin leading to a deterioration
in credit metrics could result in a negative rating action.

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

COMPANY PROFILE

TOPIN was established in 1999 as a proprietorship unit.  It is
engaged in the trading of large appliances and Titan watches.
TOPIN has 12 retail stores across eastern Uttar Pradesh.  Its
registered office is located in Varanasi (Uttar Pradesh).


UNNAT AGRO: CARE Assigns 'B' Rating to INR8.50cr Long Term Loan
---------------------------------------------------------------
The rating assigned to the bank facilities of Unnat Agro
Industries (UAI) is constrained by its implementation risk
associated with the ongoing project and competitive & fragmented
nature of the edible oil industry. The rating is further
constrained by the prospects of the sector being subject to
vagaries of nature. The rating, however, derives strength from
experienced partners, relevant approvals being in place and
favourable location of the manufacturing facility.

                               Amount
   Facilities               (INR crore)   Ratings
   ----------               -----------   -------
   Long-term Bank Facilities     8.50     CARE B; Stable Assigned

Going forward, the ability of the firm to implement the project
without time and cost overruns and achieving envisaged sales of
its products at projected sales price would remain the key rating
sensitivities.

As on December 10, 2016, UAI has incurred an expenditure of
INR1.57 crore towards the project which has a total cost of
INR9.27 crore. The same has been funded through partners'
contribution. The project is at a nascent stage and is exposed
to project execution risk. Furthermore, the term loan of INR3
crore is sanctioned but not disbursed yet. Furthermore, low
barrier to entry has resulted in highly fragmented nature of the
edible oil industry. Most of the manufacturers offer similar
products with little difference which competes with each other
resulting in lower margins for most of the players.

Also, rice bran, the major input for rice bran oil is obtained
from paddy, an agri produce. Given the lack of adequate
irrigation facilities, the cultivated amount of paddy highly
depends upon monsoons and thus, is subjected to the vagaries of
nature. As a result, raw material availability is uncertain.

The plant of the firm is located in Fatehgarh Sahib, Punjab,
which is surrounded by various rice millers and processors which
gives easy access to the firm for availability of rice bran at
competitive rates and also reduces the freight costs.

The firm is currently being managed by Mr. Jaininder Kumar and
Mr. Sanjeev Kumar. Both the partners have an industry experience
of about three decades and two decades respectively through their
association with the group concerns. Furthermore, all the major
approvals required to start project have already been obtained by
the firm.

Unnat Agro Industries (UAI) was established in 2016 as a
partnership firm by Mr. Jaininder Kumar and Mr. Sanjeev Kumar
as its partners sharing profit and loss equally. The firm is
established with an aim to set up a manufacturing facility for
extraction of rice bran oil at Fatehgarh Sahib, Punjab. The
proposed installed capacity at its manufacturing facility will be
of 300 tonnes per day (TPD). The commercial operations are
expected to commence from September, 2017.

The product line of UAI would consist of rice bran oil. The
residual product of the process is de-oiled rice bran cake. UAI
will sell rice bran oil to various edible oil refineries across
India through an extensive network of 15 brokers. Furthermore,
the de- oiled rice bran cake which is used as cattle fodder will
be sold to cattle feed manufacturing units based in Punjab.
Key raw materials required by the firm will be rice bran and
hexane which will be procured from rice mills and farmers
located locally.


V S METALLIC: Ind-Ra Assigns 'B' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned V. S. Metallic
Private Limited (VSMPL) a Long-Term Issuer Rating of 'IND B'.
The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings are constrained by VSMPL's weak credit profile and
weak liquidity position owing to the trading nature of
operations. In FY16, EBITDA margin was 2.47% (FY15: 2.64%),
interest coverage (operating EBITDA/gross interest expense) was
1.1x (FY15: 1x) and financial leverage (total adjusted
debt/operating EBITDAR) was 7.25x (7.31x).  There have been few
instances of overutilization of the working capital facilities by
the company during the 12 months ended October 2016.

The ratings, however, are supported by the year-on-year
improvement in the company's overall revenue to INR803.71 million
in FY16 (FY15: INR758.49 million; FY14: INR558.21 million).  The
ratings also benefit from the promoter's experience of over three
decades in the iron trading business.

                       RATING SENSITIVITIES

Negative: Deterioration in the profitability margins leading to
deterioration in the credit metrics could be negative for the
ratings.

Positive: An improvement in the liquidity position and credit
profile will be positive for the ratings.

COMPANY PROFILE

Incorporated in 2011, VSMPL is engaged in the trading of pig
iron, cast iron and scrap iron.  The company started its
commercial operations in FY13 by obtaining an authorized
dealership of Tata Metallic Limited and Vedanta Limited in Delhi.
VSMPL's customer base comprises auto parts manufacturers and
consumer durables manufacturers, located mainly in Delhi, Haryana
and Uttar Pradesh.


VAMA INDUSTRIES: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Vama Industries
Limited's Long-Term Issuer Rating at 'IND BB'.  The Outlook is
Stable.

                         KEY RATING DRIVERS

The affirmation reflects Ind-Ra expectation of a sustainable
improvement in Vama's credit profile in FY17 on substantial
revenue growth and margin expansion.  As of January beginning
2016, it has an order book of around INR838 million out of which
around INR630 million worth orders have to be executed by end-
FY17.  Ind-Ra believes the margins will improve from FY17 onwards
as the present order comprises about 40% of the more profitable
segments of data centre engineering, IT infrastructure and system
integration.

In FY16 the company generated revenue of INR458.5 million
(FY15:485.3 million), EBITDA margin was 3.5% (3.7%); interest
coverage (EBITDA/interest expenses) was 1.4x (2.7x) and net
leverage (net debt/EBITDA) was 3.1x (1.5x) due to increase in
total debt.  The ratings continue to be constrained by Vama's
tight liquidity position due to inherent working capital
intensity as indicated by its almost full use of the cash credit
account for the 12 months ended December 2016.  Intense industry
competition and low entry barriers due to the primarily trading
nature of business also moderate the ratings.

The ratings, however, continue to benefit from the Vama's long
standing customer relationships and its founders' experience of
around two decades in the engineering design and hardware trading
business.

                        RATING SENSITIVITIES

Positive: A sustained improvement in the revenue and liquidity
while maintaining or improving profitability and credit metrics
will be positive for the ratings.

Negative: A sustained decline in the revenue, rise in margin
pressures or deterioration in credit metrics and liquidity will
be negative for the ratings.

COMPANY PROFILE

Vama, a BSE listed company, was formed in 2003.  Vama supplies
computers, servers, peripherals, etc. to public sector
undertakings, central and state government organizations and some
private companies.  The company is also engaged in data centre
engineering and provides engineering designing solutions to
clients in the US.  In 1HFY17 Vama generated revenue of
INR161.3 million and operating EBITDA of INR12.8 million.


VIKAS CHAIN: CRISIL Reaffirms B+ Rating on INR11.75MM Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of Vikas Chain and Jewellery Pvt Ltd (VCJL) at 'CRISIL
B+/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          11.75      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect VCJL's geographical concentration
in revenue and exposure to intense competition, large working
capital requirement and modest financial risk profile.  These
rating weaknesses are partially offset by the promoters'
experience in jewellery business.

Analytical Approach

The rating is based on available information and limited
interaction with the management during the surveillance process.

As on March 31, 2016, unsecured loan from promoters stood at
INR17 crore. CRISIL has treated the unsecured loan as neither
debt nor equity as the loan is subordinated to bank debt and is
expected to remain in the business over the medium term.

Key Rating Drivers & Detailed Description
Weakness
* Geographical concentration in revenue and exposure to intense
competition: Entire revenue from Delhi/NCR.
* Large working capital requirement: The operations are working
capital intensive on account of high inventory holding as
reflected in inventory days of 180-260 days over the 3 years
ended March 31, 2016 and will remain working capital intensive
over the medium term.
* Modest financial risk profile:  Both interest coverage and
networth were modest and are expected to remain modest over the
medium term. In fiscal 2016, interest coverage ratio was 1.4
times in fiscal 2016 (1.2 times in fiscal 2015) and networth was
around INR5 crore as on March 31, 2016 (around INR4 crore as on
March 31, 2015).

Strengths
* Promoters' experience in jewellery business: VCJL is promoted
by Mr. Dinesh Verma who has over two decades of experience in
jewellery business.
Outlook: Stable

CRISIL believes VCJL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if the financial risk profile improves
significantly, driven by equity infusion, or a significant
increase in operating income and margin resulting in a
substantial rise in cash accrual. The outlook may be revised to
'Negative' if profitability declines due to volatility in gold
prices, or if the company undertakes large, debt-funded capital
expenditure, leading to deterioration in its financial risk
profile.

VCJL, incorporated in 1994, is promoted by Mr. Dinesh Verma, his
father Mr. Ram Avtar Verma, and Ms Savita Devi. Mr. Dinesh Verma
manages the company's operations with his brothers Mr. Vinod
Verma and Mr. Sulish Verma. The company is a wholesaler of gold
and diamond-studded jewellery to shops/showrooms based in the
National Capital Region.

VCPL reported a profit after tax (PAT) of INR0.31 crore on net
sales of INR63 crore for fiscal 2016 as against a PAT of
INR0.31crore on net sales of INR 53 crore for fiscal 2015.


VINAYAK POLYMERS: CRISIL Reaffirms B+ Rating on INR20MM Loan
------------------------------------------------------------
CRISIL's rating on the bank facilities of Vinayak Polymers Inc.
(VPI) continues to reflect the firm's weak financial risk
profile, marked by a high leverage and weak debt protection
metrics. The rating is also constrained by the firm's exposure to
volatility in raw material prices, and its working-capital-
intensive operations.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             20       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit         5       CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by extensive
experience of VPI's promoters in the petrochemical trading
industry, its moderate scale of operations and diversified
customer base

CRISIL had downgraded its ratings on the bank facilities of (VPI)
to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL
A4+' as on July 11, 2016.

Analytical Approach

Unsecured loans have been treated as neither debt nor equity as
these are interest free and are expected to remain in the
business over the medium term.

Key Rating Drivers & Detailed Description
Weaknesses
* Weak financial risk profile: Low profitability and sizeable
working capital borrowings continue to keep financial risk
profile weak. Gearing is high and debt protection metrics are
below average.

* Volatility in raw material prices, and working capital
intensity in operations: Absence of any price agreement with
suppliers and customers exposes profitability to volatility in
raw material prices. Operations are also working capital
intensive, with sizeable debtors.

Strengths
* Extensive experience of the promoters: The promoters, with
their experience of over three decades in the petrochemical
trading industry, should continue to help ramp up scale of
operations over the medium term.

* Diversified product and customer base: Expansion in product
portfolio and customer base may continue to help strengthen
business risk profile over the medium term.
Outlook: Stable

CRISIL believes VPI will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if there is substantial and
sustained improvement in financial risk profile, most likely
through fresh capital infusion or higher-than-expected cash
accrual. Conversely, the outlook may be revised to 'Negative' if
stretch in working capital cycle, low cash accrual, or any large
capital expenditure, weakens financial metrics, including
liquidity.

Set up in 2007 by Mr. Rahul Agarwal and his family members, VPI
trades in polymers such as polypropylene (PP), high-density
polyethylene (HDP) etc. The firm, based in Delhi, caters to
customers in Uttar Pradesh, Hyderabad and Delhi-NCR. It has also
started dealership of Indorama Ventures Public Co Ltd (Micro
Polypet Pvt Ltd) in Jan 2016 in South Maharashtra, Karnataka,
Telangana and Andhra Pradesh.


VINTAGE HOME: CARE Assigns B- Rating to INR7.50cr Long Term Loan
----------------------------------------------------------------
The rating assigned to the bank facilities of Vintage Home
Fashions (VHF) is constrained by its small and fluctuating scale
of operations, low profitability margins, leveraged capital
structure and weak debt coverage indicators. The rating is
further constrained by the firm's elongated operating cycle,
concentrated customer base, the firm's presence in highly
competitive industry and proprietorship nature of constitution.
The rating, however, derives strength from experienced
proprietor, location advantage and reputed clientele.

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

Going forward, the ability of the firm to increase its scale of
operations while improving its profitability margins and overall
solvency position shall remain the key rating sensitivities.
Despite being in operations for more than one and a half decades,
the firm's scale of operations has remained small marked by TOI
of INR21.79 crore in FY16 (refers to the period April 1 to March
31).
Also, the PBILDT margin and PAT margin of the firm stood low at
4.63% and 0.69%, respectively in FY16. VHF has highly leveraged
capital structure with overall gearing ratio of 21.49x as on
March 31, 2016. Furthermore, the debt coverage indicators stood
weak marked by interest coverage ratio of 1.30x in FY16 and total
debt to GCA of 35.10x for FY16. Additionally, the average
operating cycle of the firm stood elongated at 148 days for FY16.

The home furnishing products industry is characterized by
numerous small players and is concentrated in the northern part
of India. Low investment requirement makes the industry highly
competitive. VHF's constitution as a proprietorship firm has the
inherent risk of possibility of withdrawal of the proprietors'
capital at the time of personal contingency and firm being
dissolved upon the death/retirement/insolvency of proprietor.

The proprietor of VHF is experienced. Mr. Puneet Chugh has a
total work experience of more than one and a half decades.
Furthermore, the firm benefits from the location advantage in
terms of easy accessibility to large customer base located in
Haryana. The firm supplies its home furnishing products to
various online portals and other reputed players. The sales to
top 5 customers constituted 65% of total operating income in
FY16. Thus, the firm is exposed to customer concentration risk.

VHF was established in April, 1999 as a proprietorship firm by
Mr. Puneet Chugh. The firm is engaged in the manufacturing of
textile home furnishing products which includes bed sheets,
curtains, quilts, blankets, carpets, etc, at its manufacturing
unit located in Panipat, Haryana. The firm has an installed
capacity of 85 lakh units per annum as on March 31, 2016. VHF
procures its key raw materials i.e. acrylic fabric, cotton fabric
and polyester fabric from companies such as Trident Limited
(rated 'CARE A/CAREA1'), Polylon Fabrics Private Limited as well
as from various traders located in nearby regions.

VHF sells its finished products under its own brand name 'Blanc'
to the online sales portals including Naaptol Online, Star CJ,
Best Deal TV, Snapdeal etc. and also to wholesalers including
reputed customers like Welspun India Limited (rated 'CARE AA-;
Stable/ CARE A1+'), Metro Cash and Carry, Pantaloons Fashion and
Retail Limited, Max Hypermarket India private limited. The firm
has in house facility of printing, dyeing and designing of
furnishing products.

In FY16, VHF has achieved a total operating income of INR21.79
crore with PAT of INR0.15 crore, as against the total operating
income of INR29.90 crore with PAT of INR0.09 crore in FY15. In
8MFY17 (Provisional), the firm has achieved total operating
income of INR27.00 crore.


VISION ISPAT: CARE Assigns B+ Rating to INR5.0cr Long Term Loan
---------------------------------------------------------------
The rating assigned to the bank facilities of Vision Ispat Pvt.
Ltd. (VIPL) is constrained by its relatively small scale of
operation with low profitability margin, susceptibility to
fluctuation in raw material price, cyclical nature of the iron &
steel industry, working capital intensive nature of business and
high competition amidst fragmented industry scenario. The
aforesaid constraints are partially offset by its experienced
promoters with long track record of operation, strategic location
of the plant and comfortable capital structure. The ability of
the company to increase its scale of operation, improve
profitability margins and ability to manage its working capital
effectively would be the key rating sensitivities.

                              Amount
   Facilities              (INR crore)   Ratings
   ----------              -----------   -------
   Long-term Bank Facilities    5.00     CARE B+; Stable Assigned

The scale of operations of VIPL remained small marked by total
operating income of about INR43 crore with a net loss of INR0.19
crore in FY16. Further, the company had a low networth base of
INR5.81 crore as on March 31, 2016. The small size restricts the
financial flexibility of the company in times of stress and
deprives it from the benefits of economies of scale.

The profit margins of VIPL remained very low (PBIDT margin below
1.5%) due to limited value addition in the product coupled with
its presence in an intensely competitive industry. The company
largely relies on bank limits to support its working capital
needs, resulting in high utilization of its fund based limits
(~98%) during last twelve month ended November 2016.

The capital structure of the company has remained comfortable as
at the end of the last three fiscals (FY14-FY16) marked by an
overall gearing below 1 times as on March 31, 2016. However, due
to modest profitability and cash accruals, its debt coverage
indicators remained stressed marked by interest coverage of under
1.4 times and total debt to GCA (TDGCA) at over 20 times in FY16.
VIPL has a fairly long track record in the steel manufacturing
industry, operating since 2005, which has culminated in an
established client base. VIPL's plant is located at Tinsukia,
Assam which is in the vicinity of steel manufacturing companies
from where VIPL procures its raw materials. The proximity to the
raw material sources reduces the transportation cost to the
company.

VIPL does not have its own captive mine and neither does it have
any long-term tie-up for supply of raw materials with any
company. Since, raw material is the major cost driver for the
company, VIPL's profitability remains susceptible to fluctuations
in raw material as well as finished goods prices.

The segment of the steel industry in which the company operates
is highly fragmented and competitive marked by the presence of
numerous players in India owing to relatively low entry
barriers. Hence, the players in the industry do not have pricing
power and are exposed to competition induced pressures on
profitability.

Vision Ispat Private Limited (VIPL), incorporated in June 2005,
was set up to carry on steel manufacturing business. The
manufacturing facility is located at Borguri industrial area,
Assam. Since its incorporation, VIPL has been engaged in
manufacturing of TMT bars & rods. The commercial operation
started from June 2005 with an installed capacity of around 24000
metric tonnes per annum (MTPA). The day to day affairs of the
company are looked after by Mrs Navina Jain, with adequate
support from other directors and a team of experienced personnel.

During FY16 (refers to the period from April 1 to March 31), the
company reported a total operating income of INR42.68 crore
(FY15: INR49.02 crore) and a net loss of INR0.19 crore (FY15: net
loss of INR0.45 crore).



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


TAKATA CORP: Ford Expands Airbag Recall to 816,000 Vehicles
-----------------------------------------------------------
Japan Today reports that Ford Motor Company said Jan. 12 it was
expanding its safety recall of some defective airbag inflators
from Japanese parts maker Takata.

Japan Today says the action extends the recall to about 816,000
Ford, Lincoln and Mercury brand vehicles built in North America
and sold in the United States and Canada for various model years
between 2005 and 2012.

"This action represents primarily a planned expansion of
previously recalled vehicles to new geographic regions," the
company said in a statement, says the report.

Ford said the latest recall concerned certain frontal airbag
inflators on the passenger side of the vehicles but the company
was not aware of any injuries tied to them, Japan Today relates.

                         About Takata Corp

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

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

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

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

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

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



====================
N E W  Z E A L A N D
====================


SAE LTD: Goes Into Voluntary Liquidation
----------------------------------------
New Zealand Herald reports that a 32-year-old Napier company has
gone into voluntary liquidation with the loss of 10 jobs, missing
out on a dramatic recovery in the Hawke's Bay construction
sector.

The Herald relates that John Managh & Associates' first
liquidators report for SAE Ltd said the breakdown of the working
relationship between directors "had an unfortunate effect on the
company's performance".

According to the Herald, the report said leading up to the
liquidation many creditors withdrew credit with many of its
suppliers, making work on hand difficult to complete.

The Herald says SAE's data and telecommunications division
partnered with the Ministry of Education to provide upgrades to
schools around the North Island, completing 44 projects.

According to the Herald, director Warren Foulds said before the
company went into decline more than 20 people worked for SAE.  He
said the 10 remaining employees all had new jobs.

The Herald relates that Mr. Foulds said he bought the business,
founded in 1981, 11 years ago along with Craig Duffill when they
both worked for Scott Applegate Electrical.  He said difficulties
started several years ago following the death of a third
director/shareholder.

The Herald adds that former director Craig Duffill said he
resigned in September "and Warren made the decision to carry on".

Mr. Duffill said there were cash-flow problems through clients
deferring payments, however, his resignation lowered overheads,
the Herald reports.

SAE Ltd is a New Zealand-based industrial electrical company.



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


* Closure of 4 Insurance Firms Looms on Paid-Up Capital Rise
------------------------------------------------------------
Ben O. de Vera at the Philippine Daily Inquirer reports that the
mandated increase in paid-up capital at end-2016 has taken its
toll on insurance firms, resulting in the looming closure of four
companies as well as mergers among at least eight non-life
players, the Insurance Commission said.

The Inquirer relates that Insurance Commissioner Dennis B. Funa
disclosed that one life insurance firm on top of three non-life
insurers had expressed intention to voluntary cease their
operations, as they cannot comply with the minimum net worth of
PHP550 million under Republic Act No. 10607 or the Amended
Insurance Code.

Mr. Funa did not disclose the names of these companies, the
report says.

Under the Amended Insurance Code, the paid-up capital of all
domestic life and non-life insurance firms must have had more
than doubled at end-2016 from the 2013 requirement of PHP250
million, the Inquirer notes.

The Inquirer relates that the capitalization requirement must
again increase to PHP900 million in 2019, and further jump to
PHP1.3 billion by end-2022.

Also, four pairs of non-life insurance firms plan to undergo
mergers and acquisitions (M&As), while two non-life companies
"manifested their intention of bringing in new investors who will
acquire control over their company," Mr. Funa, as cited by the
Inquirer, said.

"We are now reviewing their formal proposals. However, we can
only reveal their identities upon approval of their application
for voluntary cessation or plan for merger/consolidation," the
report quotes Mr. Funa as saying.

According to the Inquirer, the Insurance Commission chief also
said that a number of companies were "looking into bringing in
new investors in order to comply with the mandatory increase in
capitalization requirements."

"In fact, there are some companies who are now in the process of
conducting due diligence," Mr. Funa said, notes the report.

The Inquirer adds that Mr. Funa said an Insurance Commission
audit of the 2015 financial statements of industry players showed
that all companies with composite license, 24 life insurance
firms as well as 13 non-life insurance players were compliant
with the end-2016 requirement, while only less than 10 non-life
firms needed "a negligible amount to comply with the existing
capitalization requirement."

At end-2016, licensed with the Insurance Commission were 27 life
insurers, 66 non-life insurers and four with composite license to
engage in both life and non-life business, the report relays.

Moving forward, "the compliance of all insurance companies to the
statutory capitalization requirement will be verified and
determined based on the 2016 financial statements to be submitted
to the Insurance Commission," Mr. Funa said, notes the Inquirer.

"The imposition of higher capitalization requirement would be
beneficial to the insuring public and enable our country's
insurance industry to compete with Asean counterparts as well,"
the report quotes Mr. Funa as saying.  "In light of the increased
financial stability in the insurance industry, better protection
for and strengthened confidence from the insuring public is
expected. Furthermore, with the increase in the required minimum
capitalization requirement, the continued phenomenal growth of
our country's insurance industry is likewise expected."

Even as the number of firms will decline, the mandatory hike in
capitalization will sustain growth in assets, according to
Mr. Funa. As of end-September last year, total industry assets
stood at PHP1.32 trillion, up by over a fifth from PHP1.08
trillion in the first nine months of 2015, says the report.



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


CHINA FISHERY: Ch. 11 Trustee Taps Quinn Emanuel as Counsel
-----------------------------------------------------------
William A. Brandt, Jr., the Chapter 11 Trustee of China Fishery
Group Limited (Cayman), et al., seeks authority from the U.S.
Bankruptcy Court for the Southern District of New York to employ
Quinn Emanuel Urquhart & Sullivan, LLP as special litigation
counsel to the Trustee.

The Trustee requires Quinn Emanuel to provide independent legal
advice relating to:

    (a) any and all aspects of the Debtors' relationship with the
        Hongkong Shanghai Banking Corporation and its affiliates
        and any related matters, including in connection
        with potential defenses to HSBC's claims against the
        Debtors and potential affirmative estate claims; and

    (b) any additional matters that the Trustee specifically
        instructs Quinn Emanuel to handle which, to the extent
        practicable will be disclosed to the Court.

Quinn Emanuel will be paid at these hourly rates:

     Susheel Kirpalani, Partner      $1,125
     James C. Tecce, Partner         $1,035
     Jordan Harap, Associate         $610
     Partners                        $915-$1,350
     Counsel                         $560-$1,055
     Law Clerks/
     Legal Assistants                $310-$375

Quinn Emanuel will also be reimbursed for reasonable out-of-
pocket expenses incurred.

Susheel Kirpalani, partner of Quinn Emanuel, assured the Court
that the firm is a "disinterested person" as the term is defined
in Section 101(14) of the Bankruptcy Code and does not represent
any interest adverse to the Debtors and their estates.

In accordance with Appendix B-Guidelines for Reviewing
Applications for Compensation and Reimbursement of Expenses Filed
under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11
Cases, the following is provided in response to the request for
additional information:

   -- Quinn Emanuel will follow the Amended Guidelines for Fees
      and Disbursements for Professionals in Southern District of
      New York (the "S.D.N.Y. Guidelines"). Quinn Emanuel has
      reduced its standard photocopy charge from $0.24 per page
      to the lesser of $0.10 per page or cost. Where possible,
      all other expenses (e.g., legal research charges, outside
      photocopying, long distance telephone charges,
      reimbursement for travel, multi-party conference calls,
      color or other specialized copies) will be billed at actual
      cost. Quinn Emanuel also will comply with the Appendix B
      Guidelines with respect to billing for non-working travel
      time.

   -- Quinn Emanuel and the Trustee intend to discuss a budget
      and staffing plan (the "Plan") prior to the hearing to
      consider this Application. If determined to be feasible,
      Quinn Emanuel and the Trustee will develop the Plan.
      However, recognizing that unforeseeable fees and expenses
      may arise in large chapter 11 cases, Quinn Emanuel and the
      Trustee may need to amend the Plan as necessary to reflect
      changed circumstances or unanticipated events.

Quinn Emanuel can be reached at:

        Susheel Kirpalani, Esq.
        QUINN EMANUEL URQUHART & SULLIVAN, LLP
        51 Madison Avenue, 22nd Floor
        New York, NY 10010-1601
        Tel: (212) 849-7200
        E-mail: susheelkirpalani@quinnemanuel.com

                     About China Fishery Group

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Case No. 16-11895) on June 30, 2016. The petition was
signed by Ng Puay Yee, chief executive officer.

The case is assigned to Judge James L. Garrity Jr.

At the time of the filing, the Debtor estimated its assets at
$500 million to $1 billion and debts at $10 million to $50
million.

Howard B. Kleinberg, Esq., Edward J. LoBello, Esq. and Jil
Mazer-Marino, Esq. of Meyer, Suozzi, English & Klein, P.C. serve
as legal counsel. The Debtor has tapped Goldin Associates, LLC,
as financial advisor and RSR Consulting LLC as restructuring
consultant.

On November 10, 2016, William Brandt, Jr. was appointed as
Chapter 11 trustee of CFG Peru Investments Pte. Limited
(Singapore).



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


DAEWOO SHIPBUILDING: Prosecutors Grills CEO Over Accounting Fraud
-----------------------------------------------------------------
The Korea Herald reports that the head of Daewoo Shipbuilding &
Marine Engineering Co. was questioned by prosecutors on Jan. 17
over allegations the company cooked the books to cover up its
losses.

Jung Sung-leep, 66, appeared before the Seoul Central District
Prosecutors' Office as a suspect on charges of violating the Act
on External Audit of Stock Companies, the Korea Herald says.

According to the report, Jung, who took office in May 2015, is
suspected of ordering the company to underreport some KRW120
billion ($101 million) in business losses that year, despite his
original pledge to break away from the past and to run the
company transparently.

Ko Jae-ho, who headed the company from 2012 to 2015, is awaiting
a court ruling today, Jan. 18, over allegations he overreported
some KRW5.7 trillion in net assets between 2012 and 2014, the
report relates.

Ko's predecessor Nam Sang-tae is also standing trial on bribery
charges, the Korea Herald notes.

Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures.  Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.

The shipyard, along with two other major South Korean
shipbuilders, are currently undergoing self-created debt-
restructuring plans in the face of a decrease in new orders
caused by the protracted global economic slump, according to
Yonhap News.


                             *********

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.



                 *** End of Transmission ***