TCRAP_Public/170119.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

          Thursday, January 19, 2017, Vol. 20, No. 14

                            Headlines


A U S T R A L I A

CAMEO (QLD): First Creditors' Meeting Slated for Jan. 30
HOME AUSTRALIA: Taxpayers Foot the Bill For 25 Homebuyers
MIJOC PTY: First Creditors' Meeting Set for Jan. 25
PORT MACQUARIE: First Creditors' Meeting Set for Jan. 31
RMS FABRICATIONS: First Creditors' Meeting Set for Jan. 27

SOFTLINE AUSTRALIA: Inability to Pay Debts Prompts Liquidation


C H I N A

CHINA BAK: Reports $12.6 Million Net Loss for Fiscal 2016
CHINA EVERGRANDE: HK Court Rejects Short Seller's Appeal Bid
DALIAN MACHINE: Cross-Defaults on Short-Term Bills


I N D I A

ABHI S.K.: ICRA Upgrades Rating on INR6.32cr LT Loan From 'B'
ATR WAREHOUSING: ICRA Reaffirms 'D' Rating on INR38.75cr Loan
B.V.L EXPORTS: ICRA Reaffirms B Rating on INR75cr Packing Loan
BHUMIKA EGG: CARE Assigns B- Rating to INR6.06cr Long Term Loan
BONZA VITRIFIED: ICRA Assigns 'B' Rating to INR13cr Loan

BRIGHT BROTHERS: ICRA Reaffirms MB+ Rating on INR1.86cr Loan
CHINTAMANI GEMS: ICRA Lowers Rating on INR20cr Loan to 'D'
CLASSICAL NATURAL: CARE Reaffirms B+ Rating on INR3.20cr LT Loan
DAAJ HOTELS: ICRA Reaffirms 'D' Rating on INR79.50cr Term Loan
DHANDA BREEDING: CARE Assigns 'B+' Rating to INR6.64cr LT Loan

ETAWAH-CHAKERI: CARE Cuts Rating on INR1544.72cr Loan to 'D'
EVAN MULTI: ICRA Reaffirms 'B' Rating on INR20cr Term Loan
EVERGREEN VENEERS: ICRA Reaffirms 'B' Rating on INR12cr Loan
FORTUNE BELLA: ICRA Hikes Rating on INR15cr Term Loan to B-
GURUKRUPA COTTON: ICRA Reaffirms 'B' Rating on INR9.5cr LT Loan

GVK GAUTAMI: CARE Reaffirms 'D' Rating on INR1,009.75cr LT Loan
GVK INDUSTRIES: CARE Reaffirms 'D' Rating on INR520.07cr LT Loan
HI-ROCK CONSTRUCTION: ICRA Withdraws B+ Term Loan Rating
INDUS MEGA: ICRA Cuts Rating on INR15cr LT Loan to D
J.K. SAGAR: CARE Assigns 'B+' Rating to INR9.90cr Long Term Loan

K.R.S. & JAIN: ICRA Lowers Rating on INR3.0cr Loan to 'B'
KAVERI GINNING: CARE Hikes Rating on INR19.48cr LT Loan to BB-
KHEDUT COTEX: CARE Assigns B+ Rating to INR8.40cr Long Term Loan
LUCKNOW SITAPUR: ICRA Lowers Rating on INR142cr Term Loan to 'D'
MBM ENGINEERING: ICRA Lowers Rating on INR6.50cr LT Loan to B

NOBLE EDUCATIONAL: ICRA Assigns 'B+' Rating to INR14.26cr Loan
RAMKUMAR TEXTILE: ICRA Reaffirms 'B+' Rating on INR11.5cr Loan
RELIABLE AGENCIES: ICRA Reaffirms B+ Rating on INR5.21cr Loan
SAHU HYDRO: ICRA Reaffirms 'B+' Rating on INR18.45cr Term Loan
SAINOR PHARMA: ICRA Reaffirms 'B+' Rating on INR5.5cr LT Loan

SHREE NAKODA: ICRA Reaffirms 'B' Rating on INR1.0cr Cash Loan
SHREE NAKODA ISPAT: ICRA Reaffirms 'B+' Rating on INR218.5cr Loan
SHRI BALAJI: ICRA Reaffirms B+ Rating on INR9cr Fund Based Loan
SHRI GIRIJA: CARE Reaffirms B+ Rating on INR4cr LT Bank Loan
SHRIRAMKRUPA FIBRES: ICRA Assigns B+ Rating to INR7.75cr Loan

SRI LAKSHMI: ICRA Reaffirms B+ Rating on INR9.25cr Cash Loan
SURYANSH METAL: ICRA Reaffirms 'B' Rating on INR2.20cr Loan
TEEKAY MARINES: ICRA Assigns 'B' Rating to INR14.50cr Loan
TEESTA RANGIT: ICRA Reaffirms 'D' Rating on INR40cr Term Loan
TOPLINE LAMINATION: ICRA Reaffirms 'B' Rating on INR5.75cr Loan

VAISHNAVI LIFE: ICRA Reassigns C+ Rating to INR6.34cr Term Loan
VASISTA EDUCATIONAL: ICRA Reaffirms 'D' Rating on INR8.2cr Loan
VISHWAS BUILDERS: ICRA Reaffirms 'B+' Rating on INR33cr Loan
ZEBRON SOLAR: Weak Financial Strength Cues ICRA 'SP 3D' Grading
ZETATEK INDUSTRIES: ICRA Reaffirms B+ Rating on INR10cr Loan


J A P A N

TOSHIBA CORP: Mulls Spinning Off Flash-Memory Unit to Raise Funds


M A L A Y S I A

EKA NOODLES: To Close Flagship Vermicelli Plant in Baling


S O U T H  K O R E A

SONG-IN BOOKS: Korea to Infuse KRW3 Billion to Help Publishers


                            - - - - -


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A U S T R A L I A
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CAMEO (QLD): First Creditors' Meeting Slated for Jan. 30
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Cameo
(QLD) Pty Ltd will be held at Regus, Northbank Plaza, 22F/69 Ann
Street, in Brisbane, Queensland, on Jan. 30, 2017, at 11:00 a.m.

Clifford John Sanderson of Dissolve Pty Ltd was appointed as
administrator of Cameo (QLD) on Jan. 18, 2017.


HOME AUSTRALIA: Taxpayers Foot the Bill For 25 Homebuyers
---------------------------------------------------------
Daniel Wills at The Advertiser reports that taxpayers have footed
the bill for 25 homebuyers stranded by the collapse of former
Family First senator Bob Day's construction empire, at a total
State Budget cost of about AUD100,000.

According to the report, treasurer Tom Koutsantonis said the
"trail of destruction" left by Mr. Day's Homestead Homes had
grown, creating costs for both taxpayers and homebuyers hit by
last year's implosion. But an angry Mr. Day hit back strongly on
Jan. 15, accusing the Government of playing politics and telling
The Advertiser his company had paid millions in insurance
premiums over decades.

In SA - unlike Queensland, NSW, Victoria and WA, it is legal for
a builder to take a deposit without insurance - but insurance is
mandatory once construction starts. A creditors' meeting in
November heard that Homestead Homes had not insured more than
AUD320,000 in deposits, The Advertiser says.

The Advertiser relates that Mr. Koutsantonis said 25 homebuyers
who lost their deposits had sought refunds, with a majority
already receiving the payments. Other homebuyers who signed
contracts had been alerted to the ability for them to seek
refunds for deposits they paid to Homestead Homes, he said.

The State Government was reimbursing the full amount of each
deposit paid by homebuyers, Mr. Koutsantonis said, The Advertiser
relays.

"The trail of destruction from the collapse of former senator Bob
Day's companies has now grown, with taxpayers, as well as
homebuyers, put in a very unfortunate situation," The Advertiser
quotes Mr. Koutsantonis as saying.

"These families put everything on the line to build their own
homes, and the State Government could not stand by and see these
South Australians left out of pocket . . . I hope that by
covering the cost of these lost deposits we can relieve some of
that stress so that the homebuyers can get on with the
construction of their homes and put this period behind them."

Homestead Homes, along with other companies in the Home Australia
Group owned by Mr. Day, went into liquidation in October. About
70 homebuyers in SA were left with incomplete homes at various
stages of construction, and subcontractors feared their debts
would not be met.

                     About Home Australia

Home Australia is a residential new home building group operating
in five Australian States under the brands Homestead Homes;
Collier Homes; Newstart Homes; Ashford Homes; and Huxley Homes.

On Oct. 17, 2016, Mathew Caddy and Barry Kogan of McGrathNicol
were appointed as joint and several Liquidators of Home Australia
Pty Ltd and wholly owned subsidiaries:

     -- Homestead Homes Pty Ltd
     -- Collier Homes Pty Ltd
     -- Newstart Homes (SE QLD) Pty Ltd
     -- Ashford Homes Pty Ltd
     -- Huxley Homes Pty Ltd
     -- Nationwide Australian Investments Pty Ltd
     -- Smart Road Property Rentals Pty Ltd


MIJOC PTY: First Creditors' Meeting Set for Jan. 25
---------------------------------------------------
A first meeting of the creditors in the proceedings of
Mijoc Pty Ltd, trading as Matrix Structural Engineers, will be
held at the offices of PPB Advisory, Level 7, 8-12 Chifley
Square, in Sydney, NSW, on Jan. 25, 2017, at 12:00 noon.

Andrew Scott and Mark Robinson of PPB Advisory were appointed as
administrators of Mijoc Pty on Jan. 16, 2017.


PORT MACQUARIE: First Creditors' Meeting Set for Jan. 31
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Port
Macquarie Removals & Storage Pty Ltd will be held at the offices
of Shaw Gidley, Suite 1, Level 1, 65 Lord Street, in Port
Macquarie, NSW, on Jan. 31, 2017, at 10:30 a.m.

Benjamin Ismay and Scott Newton of Shaw Gidley were appointed as
administrators of Port Macquarie on Jan. 18, 2017.


RMS FABRICATIONS: First Creditors' Meeting Set for Jan. 27
----------------------------------------------------------
A first meeting of the creditors in the proceedings of RMS
Fabrications Pty Ltd will be held at the offices of Jones
Partners Insolvency & Business Recovery, Level 13, 189 Kent
Street, in Sydney, NSW, on Jan. 27, 2017, at 10:00 a.m.

Bruce Gleeson and Daniel Robert Soire of Jones Partners
Insolvency & Business Recovery were appointed as administrators
of RMS Fabrications on Jan. 16, 2017.


SOFTLINE AUSTRALIA: Inability to Pay Debts Prompts Liquidation
--------------------------------------------------------------
Michael Jenkin at CRN reports that Softline Australia
Distribution has entered liquidation after being unable to pay
debts in excess of AUD200,000.

Domenico Calabretta and Grahame Ward of Mackay Goodwin were
appointed liquidators on Dec. 20, 2016.

CRN relates that documents lodged with corporate regular ASIC
revealed the company sank among a number of debts, including
account of more than AUD10,000 with Avnet, Leader Computers owed
AUD9182, Taiwanese PC case and parts resellers Gigazone
International and Casecom Technology, owed AUD57,000 and
AUD56,000, respectively, and Perth-based PC and parts reseller
Storm Computers owed AUD240.

The company's director, Casey Lin, is also owed an undisclosed
amount, CRN discloses.

According to CRN, Minutes of an extraordinary general meeting of
Softline, chaired by Lin, reveal the company resolved to be wound
up voluntarily and that a committee of inspection would be
appointed.

A valuation of assets initially presented to a creditors meeting
estimate there was AUD18,000 in estimated realisable value, CRN
adds.

Founded in 2002, Softline bills itself as a computer distribution
and wholesale business. The company offered a product lineup
including most of the traditional PC components such as
motherboards, CPUs, monitors, memory, graphics cards and
accessories, as well as pre-built systems.



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C H I N A
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CHINA BAK: Reports $12.6 Million Net Loss for Fiscal 2016
---------------------------------------------------------
China BAK Battery, Inc., filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss
of US$12.65 million on US$10.36 million of net revenues for the
year ended Sept. 30, 2016, compared to net profit of US$15.87
million on US$13.90 million of net revenues for the year ended
Sept. 30, 2015.

As of Sept. 30, 2016, China BAK had US$93.31 million in total
assets, US$78.22 million in total liabilities and US$15.08
million in total shareholders' equity.

Centurion ZD CPA Limited, in Hong Kong, China, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Sept. 30, 2016, citing that the Company has a
working capital deficiency, accumulated deficit from recurring
net losses and significant short-term debt obligations maturing
in less than one year as of Sept. 30, 2016. All these factors
raise substantial doubt about its ability to continue as a going
concern, the auditors said.

A full-text copy of the Form 10-K is available for free at:

                      https://is.gd/vE17yy

                          About China BAK

China BAK Battery conducted business through BAK International
Limited and its subsidiaries that produced prismatic cells,
cylindrical cells, lithium polymer cells and high power lithium
batters. The BAK International business was foreclosed on
June 30, 2014. Consequently, China BAK is looking to develop,
manufacture and sell energy high power lithium batteries
primarily for electric vehicles when its Dalian, China
manufacturing facilities start to operate in the first quarter of
2015.


CHINA EVERGRANDE: HK Court Rejects Short Seller's Appeal Bid
------------------------------------------------------------
Reuters reports that Hong Kong's Court of Appeal on Jan. 13
rejected activist short seller Andrew Left's bid to appeal a
tribunal ruling that found him culpable of market misconduct over
a research report involving China Evergrande Group, his lawyer
said.

On Nov. 16, Mr. Left, founder of U.S.-based short-seller Citron
Research, filed an appeal to reverse "findings of law" and a
separate application to appeal "findings of fact", both made by
Hong Kong's Market Misconduct Tribunal, Reuters recalls.

Reuters relates that the appeal followed an August verdict by the
tribunal that said Mr. Left engaged in market misconduct by
spreading false or misleading information. In October, the
tribunal banned Mr. Left for five years from the Hong Kong
market.

On Jan. 13, the court refused to allow Mr. Left to appeal based
on the findings of fact, said Timothy Loh, managing partner at
Timothy Loh LLP law firm in Hong Kong, according to Reuters.

"Mr. Left is currently considering the possibility of appealing
this decision to refuse leave to the Court of Final Appeal,"
Reuters quotes Mr. Loh as saying in an emailed statement.  "Mr.
Left believes that the decision of the Market Misconduct Tribunal
is patently wrong and, unless it is overturned on appeal, will
deter the investing public in Hong Kong from engaging in the
robust discussion necessary to police listed company
disclosures."

Reuters says the tribunal had found Mr. Left culpable of market
manipulation in connection with the publication of a research
report on Hong Kong-listed Evergrande in 2012 alleging the
Chinese property developer was insolvent and had engaged in
fraud.

It also ordered him to repay HK$1.6 million ($206,324) of profits
made while shorting the stock, Reuters relates.

Hong Kong's Securities and Futures Commission said in December
2014 that Mr. Left profited after publication of the research
report knocked nearly 20 percent off Evergrande's share price,
adds Reuters.

                      About China Evergrande

Guangzo, China-based China Evergrande Real Estate Group Limited
is principally engaged in property development. The Company
operates its business through four segments: Property
Development, Property Investment, Property Management and Other
Businesses. The Other Businesses segment is engaged in property
construction, the provision of hotel and other property
development related services, insurance and fast consuming
products business. Through its subsidiaries, the Company is also
engaged in mineral water production and food production.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 6, 2017, Moody's Investors Service said China Evergrande
Group's (B2 negative) proposed equity issuance, if successful, is
credit positive, because it will help Evergrande control its debt
growth. Nevertheless, the proposed issuance will not immediately
affect its B2 corporate family rating and B3 senior unsecured
rating.

On Jan. 2, 2017, Evergrande announced that it entered into
investment agreements with eight investors, who agreed to
subscribe for new equity capital in Hengda Real Estate Company
Limited (unrated) -- a subsidiary of Evergrande -- for an
aggregate amount totaling RMB30 billion, in return for
approximately 13.16% of the enlarged equity interest in Hengda.
The proposed issuance is subject to a number of approvals from
various shareholders.


DALIAN MACHINE: Cross-Defaults on Short-Term Bills
--------------------------------------------------
Reuters reports that Dalian Machine Tool Group Corp said on
Jan. 13 that it had cross-defaulted on short-term bills issued
last October, after failing to remedy defaults on a separate debt
agreement.

Under a cross-default provision, a borrower would be in default
on a bond agreement if it cannot honor another obligation,
Reuters notes.

Reuters says Dalian made the statement on the website of China's
interbank market, marking the latest in a series of defaults by
Chinese companies in industries struggling with overcapacity and
weaker demand such as machinery, coal and steel.

On Dec. 29, Dalian Machine Tool defaulted on the fourth batch of
short-term bills issued in 2015, but was given a grace period of
10 working days to address the issue, so that it can avoid a
cross-default, according to the report.

However, as of Jan. 14, the company still had not raised enough
money to remedy the defaults, triggering the cross-default, it
said in the statement, Reuters reports.

Dalian Machine Tool Group Corporation manufactures machine tools
and components. I



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ABHI S.K.: ICRA Upgrades Rating on INR6.32cr LT Loan From 'B'
-------------------------------------------------------------
ICRA has upgraded the long-term rating for the INR6.32 crore term
loans and the INR4.93 crore unallocated long-term facilities of
Abhi S.K. Hospital Private Limited from [ICRA]B to [ICRA]B+. The
outlook of the long-term rating is 'Stable'.

                     Amount
  Facilities       (INR crore)     Ratings
  ----------       -----------     -------
  Long term: Fund      6.32        Upgraded from [ICRA]B
  Based Limits-                    to [ICRA]B+ (Stable)
  Term Loan

  Long term:           4.93        Upgraded from [ICRA]B
  Unallocated                      to [ICRA]B+ (Stable)

Rationale
The rating revision takes into account the improved financial
flexibility with improved gearing and debt-protection indicators
aided by consistent debt repayment over the last two years. The
rating further takes into consideration the robust increase in
revenue over last two fiscals, following stabilisation of
operations and regular in-patients admissions (IPD), and higher
pharmacy income. The ratings continue to draw comfort from the
considerable experience of the promoters of over four decades in
healthcare business; their established reputation in
Gobichettipalayam and Erode regions of Tamil Nadu. ICRA also
takes cognisance of the limited availability of alternative
multi-specialty healthcare infrastructure in the region and the
strong technical capabilities backed by state-of-the-art
equipments of the Hospital.

The ratings are however constrained by ASKHPL's small scale of
operations and vulnerability of profit margins to fluctuations in
employee costs driven by higher variable component. The ratings
continue to be constrained by the high revenue concentration
risks inherent to a single location hospital. This apart, the
company is exposed to inherent regulatory risk in healthcare
industry as it is subjected to interventions by State & Central
government and other regulatory councils. Going forward, the
ability of the Company to enhance its scale without leveraging
the capital structure and to maintain profitability will remain
the key rating sensitivities

Key rating drivers
Credit Strengths
* Experience of the promoters in healthcare business and
   established reputation in Gobi - Erode region.
* Strong growth in operating income in the last two years due to
   healthy bed occupancy levels, IP admissions, and OP
   consultations
* Moderate financial profile characterised by improvement in
   coverage indicators and gearing levels due to positive
   accretion to reserves
* Superior technical capabilities backed by state-of-the-art
   equipment and experienced consultants
* The limited availability of alternative multi-specialty
   healthcare infrastructure in the region

Credit Weakness
* Small scale of current operations although the business has
   witnessed consistent growth over the past few years
* High revenue concentration risks inherent to a single location
   hospital
* Volatile margins on account of fluctuating employee costs
* Inherent regulatory risk in healthcare industry as it is
   subjected to interventions by State & Central government and
   other relevant regulatory councils

Description of key rating drivers highlighted:

ASKHPL's high reputation in the Erode region as an established
healthcare provider coupled with robust growth in operations
supported by higher in-patients admissions (IPD), and the
associated pharmacy revenues generated over the last two years
has resulted in healthy revenue growth. The reputation of the
hospital and the superior technical capabilities of the doctors/
consultants backed by state-of-the-art equipment has further
supported the growth of the company.

The healthy accretion to reserves over the past two fiscals aided
in the improvement in the capital structure indicated by moderate
gearing and debt-protection indicators. ICRA expects the revenues
of ASKHPL to witness stable growth over the near to medium term,
driven by the consistent increase in higher in-patients
admissions and revenue per bed day.

The operating income of the company stood at INR14.7 crore in
FY2016 as against INR12.2 crore in FY2015. ASKHPL generates
around 36% of its revenues from the In-patients division, 36%
from Pharmacy division and the remaining from Out-patient
division and Lab division.

ASKHPL was promoted in December 2010 by Dr. Senthilnathan and his
wife Dr. Suseela. The Company currently operates a 110 bed multi-
specialty hospital. The hospital offers specialized treatment in
Gynecology, Neurosurgery, Plastic surgery, Trauma care,
Obstetrics, Neonatology, and General medicine, among others. The
hospital has a 25-bed intensive care unit, including an 8 bed
newborn intensive care unit, and 5 operation theatres. The
hospital is well equipped with a digital X-ray unit, 3D
ultrasound and Color Doppler Echo, fully automated computerized
laboratory, and CT-scan. The Company has tie-ups with corporate,
major insurance Companies, third party administrators (TPAs) and
State and Central government agencies to offer cashless
treatment.

ASKHPL reported a net profit of INR3.1 crore on an operating
income of INR14.7 crore in FY2016 as against a net profit of
INR12.2 crore on an operating income of INR12.2 crore in FY2015.


ATR WAREHOUSING: ICRA Reaffirms 'D' Rating on INR38.75cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]D for the
INR25.75 crore term loan limits and INR12.50 crore cash credit
facility of ATR Warehousing Private Limited. ICRA has also
reaffirmed the long term rating at [ICRA]D to the unallocated
limits of INR38.75 crore of AWPL.

                     Amount
  Facilities       (INR crore)      Ratings
  ----------       -----------      -------
  Term loan            25.75        Reaffirmed at [ICRA] D
  Cash Credit          12.50        Reaffirmed at [ICRA] D
  Unallocated          38.75        Reaffirmed at [ICRA] D

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with AWPL, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the rating, but
despite repeated requests by ICRA, the company's management has
remained non-cooperative. In the absence of requisite
information, ICRA's Rating Committee has taken a rating view
based on best available information. In line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated Nov. 1, 2016, the
company's rating is now denoted as: "[ICRA] D NON COOPERATION ON
INFORMATION and FEE". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

ATR Warehousing Pvt. Ltd was established in 1972. However, it
forayed into full fledged client centric warehousing in the year
2000. The company is having a fleet of transport vehicles and
other facilities for material handling and transportation. AWPL
has warehouses at Visakhapatnam, Vijayawada, Kakinada,
Rajahmundry, Raipur, Haldiya and Nellore in 2 states, Andhra
Pradesh and Madhya Pradesh, covering 2.2 million sqft. ATR Group
was founded by Mr. A.T Rayudu, and currently managed by Mr.
Avinash Anumolu. ATR Warehousing Pvt Ltd is the flagship Company
of the group and controls all other group companies through
direct or indirect holdings. The group controls over 4 million
square feet of covered warehousing and open space in strategic
locations across Southern India.


B.V.L EXPORTS: ICRA Reaffirms B Rating on INR75cr Packing Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B for the
INR75.00 crore packing credit limits and INR50.00 crore cash
credit limits of B.V.L Exports Private Limited (BVL). The outlook
on the long term rating is 'Negative'.

                     Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Packing Credit        75.00     [ICRA] B (Negative) Reaffirmed
  Cash Credit           50.00     [ICRA] B (Negative) Reaffirmed

Rationale
ICRA has assigned a negative outlook owing to high inventory
levels and weak export orders for tobacco business and volatility
in tobacco prices. The reaffirmation of rating takes into account
the weak financial profile of the company characterized by high
gearing of 3.39 times as on March 31, 2016 and low interest
coverage ratio of 1.16 times for FY2016. The rating also
considers the stretched liquidity position of the company as
reflected by high utilization of working capital limits in the
past 20 months owing to high inventory levels; low value additive
nature of business with intense competition from domestic and
international players which limits the pricing power of the
company; and susceptibility of margins to foreign exchange
fluctuation due to absence of hedging arrangements. The rating,
however, draws comfort from over two decades of experience of the
promoters in the tobacco trading business and established
relationship with suppliers and customers thereby providing ready
market for its tobacco trading business. The rating also factors
in strong growth in operating income by 154% from INR56.60 crore
in FY2015 to INR143.51 crore in FY2016 owing to increase in
volumes from 4,779 MT in FY2015 to 11,555 MT in FY2016.

Going forward the ability of the company to maintain the
profitability of its tobacco trading business while managing its
working capital requirements will remain the key rating drivers.

Key rating drivers

Credit Strengths
* Long standing experience of promoters in tobacco trading
   business and in granite mining business
* Strong growth in operating income from INR56.60 crore in
   FY2015 to INR143.51 crore in FY2016 owing to increase in sale
   volumes
* Established relationship with suppliers and customers provides
   ready market for the company for its tobacco business

Credit Weakness
* Weak financial profile characterized by high gearing at 3.39
   times as at March 31, 2016 and weak interest coverage ratio of
   1.16 times in FY2016
* Stretched liquidity position as reflected by high utilization
   of working capital limits in the past 20 months
* Working capital intensive nature of the business on account of
   high inventory due to seasonality associated with tobacco
   availability
* Susceptibility of margins to foreign exchange fluctuations due
   to absence of hedging arrangements
* Low value additive nature of the business with intense
   competition from domestic and international players

Description of key rating drivers highlighted:

The company is part of Bellam Kotaiah group of industries which
has diversified presence in tobacco, granite and real estate etc.
The raw material procurement is usually not order-backed, which
exposes it to price fluctuations on the existing inventory. BVL
generates around 5% of its revenues through export sales and
purchases are mainly domestic exposing it to foreign exchange
fluctuations risk.

B.V.L. Exports Private Limited was incorporated in 2000 and is
engaged in the trading of tobacco. The company continued to
operate as a tobacco exporter till 2004 when it transferred its
entire tobacco export business to Indian Tobacco Traders. The
company then ventured into granite mining by buying granite
quarry in Ongole District of Andhra Pradesh. The company mines
black galaxy variety of granite. From December 2014, the company
has restarted trading of tobacco. Mr. Bellam Jayanth Babu is the
Managing Director of BVL and he has more than 20 years of
experience in tobacco industry.


BHUMIKA EGG: CARE Assigns B- Rating to INR6.06cr Long Term Loan
---------------------------------------------------------------
The rating assigned to the bank facilities of Bhumika Egg Educing
Valley (BEEV) is constrained by limited experience of the
promoter, small scale of operations with low net worth base, low
PAT margins, leveraged capital structure along with working
capital intensive nature of operations. The rating is further
constrained by the susceptibility of the firm to fluctuation in
raw material prices, inherent risk associated with poultry
industry coupled with high competition from local players and
proprietorship nature of the constitution. The rating, however,
derives strength from the positive demand outlook for the poultry
sector.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.06      CARE B-; Stable
                                            Assigned

Going forward, the ability of the firm to scale up its operations
while improving its profitability margins and overall solvency
position along with efficient management of working capital
requirements would remain the key rating sensitivities.

The proprietor has a limited industry experience of around six
years through her association with BEEV and other entities
engaged in the same business. Additionally, the firm's scale of
operations has remained small marked by Total Operating Income
(TOI) of INR7.04 crore in FY16 (refers to the period April 1 to
March 31). The small scale limits the firm's financial
flexibility in times of stress and deprives it of scale benefits.
The PBILDT margin of BEEV stood healthy at 19.10% in FY16.
However, the PAT margin remained below unity during the last
three financial years on account of high depreciation and
interest costs. The capital structure of the firm is leveraged
with debt equity ratio and overall gearing ratio of 3.28x and
4.18x respectively as on March 31, 2016 due to firm's high
dependence upon external borrowings to meet various business
requirements. Also, the average operating cycle of the firm stood
elongated at 170 days for FY16.

BEEV's profitability is vulnerable to the volatility associated
with key raw material prices. As the poultry industry is
virtually a buyers' market, producers may not be able to pass on
any sharp increase in raw material prices, as the egg prices are
controlled by their own demand-supply dynamics. The Poultry
industry is driven by regional demand and supply because of
transportation constraints and perishable nature of the products.
Also, low capital intensity and low entry barriers facilitate
easy entry of players leading to a large unorganized sector.
Furthermore, BEEV's constitution as a proprietorship firm has the
inherent risk of possibility of withdrawal of the proprietor's
capital at the time of personal contingency and firm being
dissolved upon the death/retirement/insolvency of proprietor.

However, as per APEDA research report, poultry is one of the
fastest growing segments of the agricultural sector in India.
The potential in the poultry sector is increasing due to a
combination of factors - growth in per capita income, growing
urban population, changing eating habits and falling poultry
prices.

Bhumika Egg Educing Valley (BEEV) was established in 2012 as a
proprietorship firm by Mrs Sarita Chowdhary. However,
the commercial operations commenced from April, 2013. BEEV is
engaged in poultry farming business at its poultry farm
located in Bhiwani, Haryana. The firm has total installed
capacity of about 8,40,000 layer birds per batch as on March 31,
2016. The firm sells eggs mainly to retailers located in Haryana
and Punjab.

The main raw materials for feeding the chicken are maize,
soyabean and defatted rice bran which are procured majorly from
suppliers based in Uttar Pradesh, Bihar and Haryana while the 1
day old chicks are procured from Skylark Hatcheries
Private Limited.

In FY16, BEEV has achieved a total operating income (TOI) of
INR7.04 crore with PAT of INR0.04 crore as against total
operating income of INR7.71 crore with PAT of INR0.07 crore in
FY15. In 7MFY17, the firm has achieved total sales of INR2.25
crore.

Status of non-cooperation with previous CRA: BEEV's non-
cooperation with CRISIL has led to suspension of its rating with
CRISIL, in December, 2016.


BONZA VITRIFIED: ICRA Assigns 'B' Rating to INR13cr Loan
--------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR13.00
crore term loan facility of Bonza Vitrified Private Limited. The
outlook on the long term rating is 'Stable'.

                         Amount
  Facilities          (INR crore)     Ratings
  ----------          -----------     -------
  Fund Based Limits       13.00       [ICRA]B (Stable) Assigned

Rationale
The assigned rating is constrained by the BVPL's start up nature
of operations as the same is still in the project phase and the
risk associated with stabilisation of the plant as per the
expected operating parameters. The rating also remains
constrained by the highly fragmented nature of the tiles
industry, resulting in intense competitive pressures; the
cyclical nature of the real estate industry which is the main
consuming sector; and the exposure of the company's profitability
to volatility in raw material and gas prices as well as to
adverse foreign exchange fluctuations. Further, the assigned
rating takes into account the company's financial profile, which
is expected to remain stretched in the near term given the debt-
funded nature of the project and impending debt repayment.

The assigned rating, however, favorably factors in the experience
of the promoters in the ceramic industry, the location advantage
of the company for raw material procurement by virtue of its
presence in Morbi (Gujarat) and the benefits derived from its
group concerns in terms of marketing and distribution.
Going forward, the timely commissioning of operations within the
estimated cost will remain important from the credit perspective.
The ability of the company to establish a market for its
products; scale up its operations in a profitable manner amidst
intense competition and maintain a healthy financial risk profile
will be some of the key rating sensitivities.

Key rating drivers

Credit Strengths
* Extensive experience of the promoters in the ceramic industry
* Proximity to raw material sources
* Marketing and operational support from associate concerns

Credit Weakness
* Risks associated with stabilisation and successful scale up of
   operations as per expected operating parameters
* Significant debt repayments coupled with long gestation period
   likely to keep the credit profile constrained over the near
   term
* High competitive intensity in the industry
* Profitability to remain susceptible to volatility in raw
   material and fuel prices

Bonza Vitrified Private Limited (BVPL) plans to manufacture
medium and large sized glazed vitrified tiles in the sizes-
600mmx600mm, 1000mmx1000mm, 800mmx800mm and 800mmx1200mm. The
unit has an estimated installed capacity of producing 87,000
metric tonnes of tiles per annum. The project cost is INR48.54
crore. The land has been acquired & developed and the building
construction work is completed. The majority of machineries has
been received and is under installation which is scheduled to get
completed by Jan 2017 and the commercial operations are expected
to commence from April 2017. Timely completion of the project
without any cost overrun and scaling up of operation remains
critical from the credit perspective. The aggressive D/E ratio
for the project and significant debt repayments coupled with long
gestation period is likely to keep the credit profile constrained
over the near term. The company's ability to compete with number
of organised and unorganised players in ceramic industry with
maintaining adequate profitability despite volatility in raw
material and fuel prices remains the key rating sensitivities.
Nevertheless, the extensive experience of promoter through their
association with group entity along with established marketing
and distribution network is expected to support the operations of
the company.

Bonza Vitrified Private Limited (BVPL), incorporated in January
2016, is setting up a greenfield project at Morbi in Gujarat to
manufacture medium and large sized glazed vitrified tiles. The
unit has an estimated installed capacity of producing 87,000
metric tonnes of tiles per annum. The commercial operations are
expected to commission from April 2017. The promoters have proven
experience in the ceramic industry by virtue of their association
with other ceramic units as partners or directors namely Big Tile
and Racy Sanitary Wares.


BRIGHT BROTHERS: ICRA Reaffirms MB+ Rating on INR1.86cr Loan
------------------------------------------------------------
ICRA has reaffirmed the medium-term rating of MB+ for the INR1.86
crore Fixed Deposits Programme of Bright Brothers Limited. ICRA
has also assigned a 'Stable' outlook to the medium term rating.

                        Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Medium Term Fixed       1.86        MB+ Reaffirmed; 'Stable'
  Deposits Programme                  outlook assigned

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

Incorporated in 1947, Bright Brothers Limited (BBL) is engaged in
manufacturing injection-molded plastic products. The company
caters primarily to white goods manufacturing companies such as
Whirlpool of India Limited, Aqua Mall Water Solutions (Eureka
Forbes), and Carrier Midea India Pvt. Ltd., among others. BBL
also manufactures toothbrush handles for Procter & Gamble on a
job-work basis. Furthermore, the company also manufactures and
markets material handling plastic crates under its own brand
name, and is engaged in trading hair care and beauty products
procured from China and Taiwan. BBL currently has four
manufacturing units - two in Puducherry, and one each in
Faridabad (Haryana) and Bhimtal (Uttarakhand). The company has
further leased a new manufacturing facility at Dehradun in
Uttarakhand.

BBL reported a net profit of INR0.53 crore on an operating income
of INR96.64 crore during H1 FY2017 (as per provisional estimates)
as compared to a net loss of INR5.89 crore on an operating income
of INR170.43 crore for the year ending March 31, 2016.


CHINTAMANI GEMS: ICRA Lowers Rating on INR20cr Loan to 'D'
----------------------------------------------------------
ICRA has revised the long term rating from [ICRA]B+ to [ICRA]D
for the INR20.00 crore cash credit facility of Chintamani Gems &
Jewellery Pvt. Ltd. on account of delays in debt servicing.

                     Amount
  Facilities       (INR crore)      Ratings
  ----------       -----------      -------
  Fund Based Limit      20.00       [ICRA]D Revised from [ICRA]B+

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

Analytical approach: To arrive at the ratings ICRA has taken into
account the recent debt servicing record of CGJPL.

Incorporated up in Sept-2012, Chintamani Gems & Jewellery Private
Limited (CGJPL) is a closely held company with 100% holding with
the promoter family. The day-to-day operations are managed by Mr.
Balasaheb Kadam who has almost three decades of experience in the
industry. CGJPL is engaged in trading of gold jewellery in the
domestic market. The manufacturing is outsourced to job workers
in Zaveri Bazaar, Mumbai. The company has also set up a
manufacturing facility in Surat SEZ for manufacturing of gold
jewellery (bangles, chains, rings etc.). However, the facility is
not operational at present.


CLASSICAL NATURAL: CARE Reaffirms B+ Rating on INR3.20cr LT Loan
----------------------------------------------------------------
The ratings assigned to the bank facilities of Classical Natural
Stones (CNS) continue to remain constrained on account of
vulnerability of margins to fluctuation in the raw material
prices and foreign exchange rates, easy availability of
substitute products in the competitive industry with fortunes
linked to cyclical real estate sector and its constitution as a
partnership concern. The ratings, further, constrained on account
of weak solvency position and moderate liquidity position.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      3.20      CARE B+; Stable
                                            Reaffirmed

   Short-term Bank Facilities     8.85      CARE A4 Reaffirmed

The ratings, however, continue to derive strength from the
experienced partners with established presence in the natural
stone business and strategic location of manufacturing units with
close proximity to raw material sources. The ratings, further,
derive strength from its moderate profitability.

The ability of the firm to increase its scale of operations with
maintaining of profitability margins and improvement in solvency
position with better management of working capital is the key
rating sensitivity.

The firm completed its project in July 2015 for setting up a
plant for manufacturing of natural stone products at Jaipur
(Rajasthan). The firm stabilized its operations and within nine
month of operations of FY16 (refers to the period April 1 to
March 31), the company has registered total operating income
(TOI) of INR16.33 crore with moderate PBLIDT margin and PAT
margin of 6.71% and 0.97%, respectively. Furthermore, in 8MFY17,
the firm has achieved TOI of INR12.00 crore.

The capital structure of the firm stood leveraged with an overall
gearing ratio of 6.90 times as on March 31, 2016. Furthermore,
debt coverage indicators of the firm stood weak with total debt
to GCA of 28.28 times as on March 31, 2016. However, interest
coverage ratio stood moderate of 1.75 times in FY16.

It maintains inventory for 2-3 months due to export. The current
ratio stood weak at 1.06 times as on March 31, 2016.

Analytical Approach: Standalone

Jaipur-based (Rajasthan) CNS was formed in October 2014 as a
partnership concern by Mr. Hari Shankar Kanchhal along with his
family members with an objective to establish a unit for
manufacturing and export of natural stones based products (like
granite, marble, veneer tiles, decorative stones). CNS has
completed its project and started commercial production from July
2015.  The firm incurred total cost of INR7.32 crore towards the
project funded through debt equity ratio of 1:1.09.

The unit of the firm has well equipped in-house processing
facility to deliver optimum variety of products and finishing
according to customer specifications. The products of the firm
find applications in real estate as well as various allied
activities. It exports its product mainly to UK and Norway.

As per result of FY16, CNS has reported a total operating income
of INR16.33 crore against PAT of INR0.16 crore.


DAAJ HOTELS: ICRA Reaffirms 'D' Rating on INR79.50cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]D for the
INR79.50 crore term loan limits of Daaj Hotels and Resorts
Private Limited.

                     Amount
  Facilities       (INR crore)      Ratings
  ----------       -----------      -------
  Term loans           79.50        Reaffirmed at [ICRA] D

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with DHRPL, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the rating, but
despite repeated requests by ICRA, the company's management has
remained non-cooperative. In the absence of requisite
information, ICRA's Rating Committee has taken a rating view
based on best available information. In line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated Nov. 1, 2016, the
company's rating is now denoted as: "[ICRA] D NON COOPERATION ON
INFORMATION AND FEE". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

Daaj Hotels and Resorts Private Limited was incorporated in 1998
and is promoted by Mr. B.S. Sahney and family for the
development, operation and maintenance of a 5-star deluxe hotel
at Banjara Hills, Hyderabad. The operation of the 157 room hotel
is currently being carried out by M/s Carlson Hotels Asia Pacific
Pvt. Limited under the brand name Radisson Blu Plaza.


DHANDA BREEDING: CARE Assigns 'B+' Rating to INR6.64cr LT Loan
--------------------------------------------------------------
The rating assigned to the bank facilities of Dhanda Breeding
Farm Private Limited (DBF) is constrained by its small &
fluctuating scale of operations and leveraged capital structure.
The rating is further constrained by the company's working
capital intensive nature of operations, susceptibility of margins
to fluctuations in raw material prices and inherent risk
associated with the poultry industry coupled with high
competition from local players. The rating, however, derives
strength from the experienced promoters along with established
track record of the entity, moderate profitability margins & debt
coverage indicators along with positive demand outlook for the
poultry sector.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.64      CARE B+; Stable
                                            Assigned

Going forward, the ability of the company to scale-up its
operations while improving its solvency position along with
efficient management of the working capital requirements would
remain the key rating sensitivities.

Despite being operational for more than one decade, the company's
scale of operations has remained small marked by Total Operating
Income (TOI) of INR14.95 crore in FY16 and net-worth base of
INR3.10 crore as on March 31, 2016. The capital structure of the
company stood leveraged with overall gearing ratio of 2.60x as on
March 31, 2016 mainly on account of company's high reliance on
borrowings to fund various business requirements. Furthermore,
DBF has to maintain high level of inventory owing to long
breeding period of 26 weeks before chicken start laying eggs
coupled with maintenance of large stocks of poultry feed which
resulted in a high average inventory period leading to working
capital intensive nature of operations.

The PBILDT margin of the company stood moderate during the last
three financial years. However, the high interest and
depreciation expenses resulted into net losses in FY15. However,
DBF registered net profit of 1.10% in FY16 due to decline in
interest and depreciation expenses.

DBF's profitability is vulnerable to the volatility associated
with feed prices. Furthermore, the poultry industry is highly
fragmented and competitive marked by the presence of numerous
players in India. DBF is engaged in the business of poultry
farming since the last 13 years which has resulted in established
relationship with both suppliers and customers.

Both the directors have adequate acumen about various aspects of
business which is likely to benefit DBF in the long run.

The potential in the poultry sector is increasing due to a
combination of factors - growth in per capita income, growing
urban population and falling poultry prices. Currently, India is
the world's fifth largest egg producer and the eighteenth
largest producer of broilers.

Analytical approach: Standalone

Dhanda Breeding Farm Private Limited (DBF) was incorporated in
2003 as a private limited company by Mr. Devvert Dhanda and his
wife, Mrs Raj Bala. DBF is engaged in poultry farming business
which involves growing of 1 day chick into egg laying birds and
then their eggs are incubated till the chicks are produced
(incubation time is 21 days), at its poultry farm located in
Jind, Haryana. The company sells one day old chicks as well as
eggs to various broiler farmers and poultry farmers respectively,
located in Punjab, Haryana, Uttar Pradesh, Bhopal, Rajasthan etc.
The company has total breeding capacity of about 1,00,000 layer
birds per batch as on September 30, 2016. The main feed for the
chicken are maize, soyabean and defatted rice bran which are
procured from its associate firm, Vishal Feed Mill (VFM) and
Uttara Foods and Feeds Private Limited (CARE D) while feed
supplements (medicines) are procured from Venky's India Limited
(rated 'CARE A-', 'CARE A2+'). The 1 day old chicks are procured
from Venco Research and Breeding Farm Private Limited. DBF has
three group concerns namely D M Poultry Research & Breeding Farm
which is engaged in poultry farming business since 2000; Vishal
Fed Mill, which is engaged in the business of processing of
poultry feed since 2002 and Kisan Filling Station, a petrol
filling station established in 2002.

In FY16 (refers to the period April 1 to March 31), DBF has
achieved a total operating income of INR14.95 crore with PAT
of INR0.16 crore, as against the total operating income of
INR16.52 crore with net loss of INR0.37 crore in FY15.
Furthermore, the company has archived total operating income of
INR10.08 crore in 8MFY17 (Provisional).

Status of non-cooperation with previous CRA: DBF's non-
cooperation with CRISIL has led to suspension of its rating with
CRISIL, in November-2016.


ETAWAH-CHAKERI: CARE Cuts Rating on INR1544.72cr Loan to 'D'
------------------------------------------------------------
The revision in the rating assigned to the bank facilities of
Etawah-Chakeri (Kanpur) Highway Private Limited (ECPL) takes
into account delay in servicing of debt obligations by the
company.

                                 Amount
   Facilities                 (INR crore)   Ratings
   ----------                 -----------   -------
   Long-term Bank Facilities-   1,544.72    CARE D Revised from
   Term Loans                               CARE BBB-

Detailed description of the key rating drivers:

In FY16 (refers to the period April 01 to March 31), ECPL's toll
income increased by 14.73% y-o-y to INR240.98 crore (Rs.210.05
crore in FY15). In H1FY17, toll income increased by 19.89% y-o-y
to INR135.76 crore. However, due to government order pursuant to
ban on high denomination currency notes in November 2016, toll
collection was halted on all National Highways including this
project between November 9, 2016 till December 2, 2016, leading
to mismatch in cash flows which led to delay in debt servicing.

The project was awarded to OSE based on competitive bidding
process with highest bid for premium payment to NHAI of INR91.89
crore per annum with yearly escalation of 5%. However, in August
2015, NHAI approved deferment of part of the premium payable,
therefore premium payment liability of the company has come down
during FY16-FY25.

The financial progress of the project was 96.78% as on September
2016 as against planned progress of 100% till September 2015. The
company has received Right-of-Way (RoW) for 99.36% of the land.
Accordingly, the company is yet to achieve final COD as land for
part of services is not yet made available.

Analytical approach: Standalone

ECPL is a Special Purpose Vehicle (SPV) promoted by Oriental
Structural Engineers Private Limited (OSE, rated 'CARE A-
/CARE A2+', having 51% stake) and Oriental Tollways Private
Limited (OTPL, wholly-owned subsidiary of OSEPL, having
49% stake) to undertake augmentation and operation of 4-lane
carriageway of the existing section of NH-2 to 6-laning of
Etawah - Chakeri from km 323.475 to km 483.687 in the state of
Uttar Pradesh (aggregate length of 160.21 km) under NHDP Phase V
on DBFOT (Toll) basis. As per the concession agreement (CA)
signed between NHAI and ECPL on March 5, 2012, the concession
period is 16 years (including a construction period of 2.5 years)
from the appointed date (which is March 13, 2013). The company
has considered completion of work on September 10, 2015 for
preparation of financial statements. However, the company is yet
to achieve final COD as the land for approximately 43 km of
service road is not yet made available by the NHAI. The toll
collection had already commenced from the appointed date of the
project.

The project cost is estimated at INR2,251 crore and is proposed
to be financed through a term debt of INR1,550 crore, sponsor's
equity of INR475 crore and internal accruals (toll collection) of
INR226 crore.

For FY16 (refers to the period April 1 to March 31), ECPL
reported a net loss ofINR29.57 crore on a total operating income
of INR250.40 crore.


EVAN MULTI: ICRA Reaffirms 'B' Rating on INR20cr Term Loan
----------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B on the INR20-
crore, fund-based bank facilities of  Evan Multi Speciality
Hospital and Research Centre Private Limited (EHRPL). The outlook
on the long term rating is stable.

                         Amount
  Facilities          (INR crore)    Ratings
  ----------          -----------    -------
  Long-Term Fund-
  based Term Loans        20.00      [ICRA]B (stable); Reaffirmed

Detailed Rationale

ICRA's rating reaffirmation factors in the weak financial profile
of the hospital and the low number of operational beds in FY2016
as it is in the nascent stage of operations. The rating also
takes into account the substantial increase in the project cost
because of inclusion of additional medical equipment to the
project scope. The cost increase is primarily funded through
debt, resulting in higher-than-expected leverage. ICRA expects
the liquidity of the company to remain under stress in the near
term as the company is still in the nascent stage of operations.
The rating is constrained by the concentration risk inherent in
single-asset companies and the long gestation period typical of
new hospital projects. ICRA's rating derives some comfort from
the quarter-wise revenue growth of the hospital in H1 FY2017. The
rating also takes into consideration the presence of experienced
promoters from diverse medical fields and the favourable demand-
supply scenario -- there are no major multi-specialty hospitals
in the vicinity. ICRA draws comfort from the favourable maturity
profile of the debt, with ballooning repayments spread over seven
years.

The company's ability to increase its number of operational beds
and occupancy levels and the promoter's willingness to infuse
capital and unsecured loans for supporting loan repayment are the
key rating sensitivities.

Key Rating Drivers
Credit Strengths
* Presence of experienced promoters, with established track
   record in different medical fields; risk of attrition of key
   doctors is partially mitigated as they are also the
   shareholders of the company
* Located at the heart of the city, the hospital benefits from
   the proximity to residential and commercial areas

Credit Weakness
* Few operational beds despite one year of operations
* Nascent stages of operations and low occupancy levels
* Single-asset concentration risk, as the entire revenues of the
   company is dependent on a single hospital
* Low debt coverage indicators and stretched liquidity profile
   given the long gestation period; dependence on promoters to
   meet the funding gap

Description of Key Rating Drivers Highlighted:

EHRL is promoted by eight doctors, specializing in different
medical fields, thereby reducing the attrition risk at the top
level. There are no other hospitals in the surrounding radius of
Evan Multi Specialty Hospital, making it a sole hospital in the
area.

The hospital has booked a net loss of INR4.05 crore on an
operating income of INR5.01 crore in FY2015-16. Out of 140 beds
only 55 beds have been pressed into service after one year of
operations. The occupancy level has been low; however, the level
is expected to increase gradually. There has been an increase in
the project cost as additional medical equipment was procured.
The cost increase is being funded primarily through debt,
resulting in higher-than-expected leverage and low debt coverage
indicators.

Incorporated in December 2012, EHRPL is a closely-held company,
operating a 140-bed multi-specialty hospital in Muzaffarnagar,
Uttar Pradesh. Among the ten promoters of the company, eight are
qualified doctors, with specialization in different medical
fields. The hospital commenced commercial operations from July
2015. The project cost of the hospital increased from the initial
estimate of INR29.7 crore to INR43.07 crore, on account of
additional medical equipments and labs.

In FY2016, the company reported a net loss of INR4.05 crore on an
operating income of INR5.01 crore.


EVERGREEN VENEERS: ICRA Reaffirms 'B' Rating on INR12cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
INR12.00 crore fund based limits and also reaffirmed the short
term rating of [ICRA] A4 assigned to INR16.05 crore non fund
based limits of Evergreen Veneers Private Limited. The outlook on
the long term rating is stable.

                          Amount
  Facilities            (INR crore)   Ratings
  ----------            -----------   -------
  Fund Based Limits         12.00     [ICRA]B (Stable) Reaffirmed
  Non Fund Based Limits     16.05     [ICRA]A4 Reaffirmed

Rationale
The reaffirmation of the ratings is constrained by the
substantial decline in revenues of EVPL from INR74.81 crore in
FY2015 to INR46.36 crore in FY2016 and the expected decline in
revenues in FY2017 due to shortage of quality timber; and weak
coverage metrics with interest coverage ratio of 1.08 times and
NCA/Debt of 3.71% for FY2016 due to thin profitability. The
ratings are further constrained by the increased working capital
intensity due to higher credit period being offered to customers
following weak demand for timber products in the market; and
vulnerability of the profitability to raw material and foreign
exchange price fluctuations in the absence of hedging. ICRA also
notes the company's presence in a highly competitive timber and
plywood industry with numerous reputed and unorganized players
and the threat from upcoming substitutes such as like Medium
Density Fibre (MDF) and particle boards.

The ratings, however, favourably factor in the vast experience of
the promoter in the timber plywood industry; proximity to the
Visakhapatnam port which results in the easy access of imported
timber; and improved operating profitability in FY2016 at 5.02%
and 9% in 8m FY2017 due to decreased share of low margin veneer
manufacturing as compared to plywood manufacturing.

Going forward, the ability of the company to increase its scale
of operations and managing its receivables position will be the
key rating sensitivities from credit perspective.

Key rating drivers
Credit Strengths
* Vast experience of the promoters of over two decades in the
   plywood industry
* Proximity to Visakhapatnam port results in ease of access to
   imported timber
* Improved operating profitability in FY2016 at 5.02% and
   further to 9% in 8m FY2017 due to decrease in less profitable
   veneer manufacturing

Credit Weakness
* Substantial decline in turnover from INR74.81 crore in FY2015
   to INR46.36 crore in FY2016 and to INR15.77 crore in 8mFY2017
   due to lower raw material availability
* Weak coverage metrics with interest coverage ratio of 1.08
   times and NCA/Debt of 3.71% for FY2016 due to low profit
   levels
* Significant increase in net working capital intensity to 49%
   from 20% in FY2015 due to higher credit period offered to
   customer on account of weak demand in the plywood market
* Highly competitive and fragmented nature of plywood industry
   with presence of numerous players in both the organized and
   the unorganized markets
* Exposure of the products of the company to competition from
   substitutes like MDF and particle boards
* Vulnerability of profitability margins to raw material and
   foreign exchange price fluctuations

Description of key rating drivers highlighted:

EVPL has been in the business of manufacturing and trading of
timber, veneer, and plywood for almost two decades. The company
markets their plywood and face veneer with brand names such Du'k,
Mount, and Montek. EVPL has its manufacturing plant in
Anandapuram mandal in Vishakhapatnam district resulting in easy
access to raw material procurement due to proximity to the port
as majority of the raw material requirements are imported.

The company has stopped the manufacturing of Veneer in FY2017
with increased restrictions on import of Myanmar timber besides
lower demand for the weaker quality logs and veneer of other
countries. Though, this has resulted in better profitability over
the past 18 months, the scale of operations has decreased
significantly. In FY2016, the sales across all timber products
have reduced significantly due to lower availability of quality
timber. Gurjan timbers - the most popular and widely used timber
in the manufacture of face and core veneer, was imported
completely from Myanmar. Further, with the Myanmar government
imposing ten year logging and timber extraction ban, and strict
implementation of the law, the imports from Myanmar has reduced
significantly during FY2016. The relatively poor quality of wood
sourced from other countries has resulted in weak demand in the
market leading to higher credit period being offered to
customers.

Evergreen Veneers Private Limited (EVPL) is a private limited
company incorporated in 1992. It is involved in manufacturing of
plywood, face veneer, core veneer, and trading of timber and mild
steel products. The promoters Mr. Vijay Gupta and Mr. Ashok Kumar
Aggarwal have extensive industry experience. The company imports
variety of timber from countries such as Singapore, Myanmar,
Indonesia and other countries and sells veneers and plywood in
various regions in India and Nepal.


FORTUNE BELLA: ICRA Hikes Rating on INR15cr Term Loan to B-
-----------------------------------------------------------
ICRA has upgraded its long-term rating assigned to the INR15.00-
crore term loan facilities of Fortune Bella Casa (Unit of Bardiya
Construction Co. Pvt Ltd) to [ICRA]B- from [ICRA]D. The outlook
on the long-term rating is 'Stable'.

                    Amount
  Facilities      (INR crore)     Ratings
  ----------      -----------     -------
  Term Loan           15.00       [ICRA]B-(Stable) from [ICRA]D

Rationale
The rating revision primarily factors in the improvement in debt
servicing by the company. The rating also factors in the
company's association with the Welcome group and the 'Fortune'
brand, which imparts visibility in the Jaipur market.
Furthermore, the proximity of the property to the International
airport and key upcoming commercial areas of the city is a credit
positive.

However, the rating is constrained by the modest occupancy
witnessed in the company's hotel, which is under pressure due to
high competition in the Jaipur market. The company continued to
post net losses in FY2016, owing to the limited ramp up in the
operating scale and the high interest outgo. The rating also
factors in the modest scale of operations and the company's
exposure to concentration risks as the company has a single
property.

Going forward, the company's ability to ramp up its operating
scale and improve its profitability indicators will be the key
rating sensitivity.

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

Key rating drivers
Credit Strengths
* Prime location of the property
* Improvement in debt servicing track record
Credit Weakness
* Continued net losses due to high interest and depreciation
   expenses
* Intense competition in the Jaipur market; seasonality of
   business
* Concentration risks owing to single property

Fortune Bella Casa (Unit of Bardiya Construction Co. Pvt Ltd)
operates a 5-star equivalent hotel under the name Hotel Fortune
Park Bella Casa in the city of Jaipur. The hotel has been
operational since 2006-07. The company is promoted by the Jaipur-
based Garg and Bardiya families, who also have interests in gems
and jewellery, construction and education businesses. It is a
mixed-use development property, occupied primarily by the hotel,
followed by the retail space and a two-screen multiplex on a
lease basis.

In FY2016, the company reported an operating income of INR15.95
crore with a net loss of INR0.47 crore, as compared to an
operating income of INR12.49 crore with a net loss of INR2.44
crore in the previous year.


GURUKRUPA COTTON: ICRA Reaffirms 'B' Rating on INR9.5cr LT Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B on the
INR9.50 crore fund-based limit of Gurukrupa Cotton & Oil
Industries.  The outlook on the long-term rating is 'stable'.

                     Amount
  Facilities       (INR crore)      Ratings
  ----------       -----------      -------
  Long-term Fund
  Based Limit          9.50         [ICRA]B(Stable) Reaffirmed

Rationale
The rating reaffirmation factors in GCOI's weak financial risk
profile characterised by low profitability, weak debt coverage
indicators and high gearing levels. ICRA also notes the modest
scale of operations along with the revenue decline in the last
three years. The rating continues to take into account the highly
competitive and fragmented industry structure, owing to low-entry
barriers. ICRA also notes that GCOI is a partnership firm,
wherein any significant withdrawals from the capital account by
the partners could adversely affect its net-worth, and thereby
its capital structure.

The rating, however, continues to positively factor in the
longstanding experience of the promoters in the cotton industry,
and the favourable location of the firm's plant with respect to
raw material procurement.

Going forward, GCOI's revenue is expected to witness moderate
growth, although the profitability will remain exposed to any
adverse fluctuations in raw materials prices. The firm's ability
to scale up operations would be largely contingent on the
improvement in international demand, given the seasonality in the
business, volatility in prices of cotton, degree of competition
and regulatory changes. Furthermore, the firm's ability to infuse
funds to support its capital structure and efficiently manage its
working capital would be the key rating sensitivity.

Key rating drivers
Credit Strengths
* Long standing experience of promoters in the cotton ginning
business
* Location of the plant in a cotton producing belt of India,
giving it easy access to raw cotton

Credit Weakness
* Modest scale of operations; decline in operating income owing
   to slowdown in demand
* Financial profile of the firm characterised by low
   profitability along with moderate gearing level and coverage
   indicators
* Limited value-adding operations and high competition result in
   low operating and net margins
* Risks associated with partnership nature of firm, wherein any
   substantial withdrawal from capital accounts could impact the
   net worth and thereby the gearing levels.

Description of key rating drivers highlighted:

GCOI's financial profile is characterised by modest scale of
operations with continous decline in revenues, stretched
liquidity position arising from high inventory levels. The firm
had piled up inventory as on March 31, 2016, in anticipation of
higher prices. Owing to a low net-worth base, the company funds
its working capital requirements largely by availing external
borrowings. Consequently, GCOI's capital structure remains highly
leveraged. Furthermore, the firm's profitability remains thin,
leading to weak debt protection metrics.

The profitability continues to remain exposed to adverse
fluctuations in raw material prices. Also high competition and
fragmented industry structure due to low-entry barriers results
in low operating and net margins.

Nevertheless, the long standing experience of promoters in the
cotton ginning business and the strategic location of the plant
in the cotton producing belt of India i.e. Saurashtra region
(giving it easy access to raw cotton) help in better management
of the firm's operations.

Analytical approach:
For arriving at the ratings, ICRA has taken into account the debt
servicing track record of GCOI, its business risk profile,
financial risk drivers and the management profile.

Established in 2008, Gurukrupa Cotton & Oil Industries (GCOI) is
a partnership firm managed by Mr. Rajesh and six other partners.
The firm is engaged in ginning and pressing of raw cotton for the
production of cotton bales and cottonseeds. It also crushes
cotton seeds to produce cotton seed oil and cotton seed oil cake.
GCOI's manufacturing facility is located at Tankara in the Rajkot
District of Gujarat. The firm is currently equipped with 24
ginning machines, one pressing machine and five expellers that
produce 4574 MTPA of cotton bales.

GCOI reported a net profit after tax and depreciation of INR0.02
crore on an operating income of INR23.12 crore for the year-
ending March 31, 2016.


GVK GAUTAMI: CARE Reaffirms 'D' Rating on INR1,009.75cr LT Loan
---------------------------------------------------------------
The rating assigned to the bank facilities of GVK Gautami Power
Limited (GGPL) continues to be constrained by the strained
liquidity position at the back of the plant being non-operational
during FY16 (refers to the period April 01 to March 31) resulting
in delays in debt servicing.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities   1,009.75     CARE D Reaffirmed

During FY16, liquidity position of the company continued to
remain stretched on account of the plant being non-operational
during FY16 resulting in delays in debt servicing.

The plant operated for around 22 days in April 2015 using Re
Gasified Liquefied Natural Gas (RLNG) arranged by Andhra Pradesh
Power Coordinating Committee (APPCC) to meet the summer demand.
Plant Load Factor (PLF) for the FY16 was 2.60% as against NIL%
achieved in FY15.

GGPL is a part of the Hyderabad-based GVK group, which is one of
the first Independent Power Plant developers in the country.

Analytical Approach Followed - Standalone

GGPL is a subsidiary of GVK Energy Limited (GEL), which in turn
is the subsidiary of GVK Power & Infrastructure Limited the
flagship company of the GVK group. The company operates a 464 MW
gasbased Combined Cycle Power Plant (CCPP), located in East
Godavari District of Andhra Pradesh, comprising two gas turbine
generators and one steam turbine generator.

During FY16, GGPL reported total income of INR88.35 crore
(INR17.62 crore in FY15) and net loss of INR219.68 crore (net
loss of INR204.74 crore in FY15).


GVK INDUSTRIES: CARE Reaffirms 'D' Rating on INR520.07cr LT Loan
----------------------------------------------------------------
The reaffirmation in the ratings assigned to the bank facilities
of GVK Industries Limited (GIL) is on account of continued delays
in debt servicing owing to the stretched liquidity position of
the company at the back of low availability of gas.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    520.07      CARE D Reaffirmed
   Short-term Bank Facilities    19.60      CARE D Reaffirmed

There have been continued delays in servicing of interest and
principle on account of cash flow mismatch position of the
company led by subdued operational performance of the company
owing to low/non-availability of gas and shut down of Phase II of
the plant.

GIL, incorporated in June, 1992, is a wholly-owned subsidiary of
GVK Energy Limited (GEL), which in turn is the subsidiary of GVK
Power & Infrastructure Limited, the flagship company of the GVK
group.

GIL is engaged in generation of electricity at its mixed fuel
combined cycle power plants situated in Jegurupadu in Andhra
Pradesh (AP). Total installed capacity of the company is 437 MW,
which was set up in two stages of 217 MW (Phase I) and 220 MW
(Phase II).

The company has signed Purchase Power Agreement (PPA) with Andhra
Pradesh Transmission Corporation Limited (APTRANSCO) and
Telangana Transmission Corporation Limited (TGTRANSCO) for both
the Phases. PPA for Phase-I has completed the 18 years of PPA
agreement with AP government, the same was valid till June 2015.
Phase II PPA is valid for 15 years from the date of commercial
operation i.e. upto April 13, 2024.

AP Transco has exercised its option to buy out the phase-1 plant
in terms of the provision specified under the PPA, and the
company had also received the notice for the same from the AP
government.

The power utility had defended its decision stating that the
buyout was the least expensive alternative as compared to the
high refurbishment costs proposed for the extension of the plant
life.


HI-ROCK CONSTRUCTION: ICRA Withdraws B+ Term Loan Rating
--------------------------------------------------------
ICRA has withdrawn the rating for Hi-Rock Construction Private
Limited.

                     Amount
  Facilities       (INR crore)      Ratings
  ----------       -----------      -------
  Fund based-Term
  Loans                20.00        [ICRA]B+; Withdrawn

Rationale
The company has fully repaid the bank facility. There is no
amount outstanding against the rated instruments.


INDUS MEGA: ICRA Cuts Rating on INR15cr LT Loan to D
------------------------------------------------------
ICRA has downgraded the long term rating assigned to the INR15.00
crore unallocated limits of Indus Mega Food Park Private Limited
from [ICRA]B+ to [ICRA]D.

                     Amount
  Facilities       (INR crore)      Ratings
  ----------       -----------      -------
  Long term-           15.00        Downgraded from [ICRA]B+
  Unallocated                       to [ICRA]D

The rating action is based on the best available information,
wherein there have been delays in interest and principal payments
owing to delays in project commissioning and liquidity
constraints. As part of its process and in accordance with its
rating agreement with IMFPL, ICRA had sent reminders to the
company for payment of surveillance fee that became overdue;
however despite requests; the company's management has remained
non-cooperative. ICRA's Rating Committee has taken a rating view
based on best available information. In line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated Nov. 1, 2016, the
company's rating is now denoted as: "[ICRA]D ISSUER NOT
COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

Indus Mega Food Park Private Limited is a special purpose
vehicle, incorporated in 2011, for setting up a mega food park in
Panwa village of Madhya Pradesh under the mega food park scheme
of MoFPI. IMFPl is being promoted by Ananda Enterprises India
Private Limited, Ananda Aqua Exports Private Limited, Ananda
Bhagavathi Foods Pvt. Ltd., ARGM Agro Foods Pvt. Ltd., Devi Sea
Foods Limited, Him Kailash Hydro Power Private Limited, Vasistha
Holdings Limited, and HES Infra Pvt. Limited.

The company reported an operating income of INR11.5 crore and
profit after tax of INR2.5 crore in FY2016 as against the
operating income of INR12.5 crore and net loss of INR3.0 crore in
FY2015.


J.K. SAGAR: CARE Assigns 'B+' Rating to INR9.90cr Long Term Loan
----------------------------------------------------------------
The rating assigned to the bank facilities of J.K. Sagar
Developers (JKSD) are primarily constrained on account of low
advances received against booked units, low booking numbers, high
dependence on external funding for project implementation and
risk associated with timely receipt of remaining advances. The
rating also factors in the inherent risk associated with the
cyclical and fragmented real estate industry coupled with
partnership nature of its business operations.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      9.90      CARE B+; Stable
                                            Assigned

The rating, however, takes comfort from the vast experience of
the partners in the real estate development business along with
moderate project implementation risk.

The ability of JKSD to complete its on-going project on time
without any cost overrun and sale of its units at envisaged
prices along with timely realization of sales proceeds is the key
rating sensitivity.

The project implementation commenced in May, 2014 and is expected
to finish by March, 2017 instead of projected at December, 2017.
Till November 30, 2016, JKSD had incurred a total cost of
INR23.95 crore (95% of total project cost) out of the total cost
of INR25.10 crore and rest is expected to be incurred by the end
of March, 2017.

J.K.Sagar Developers was promoted by seven partners namely Mr.
Hitesh Sakhiya, Mr. Tushar Undhad, Mr. Pankaj Undhad, Mr. Kishan
Undhad, Mr. Ramjibhai Patel, Mr. Govindbhai Undhad and Mr
Madhavbhai Patel with an unequal profit and loss sharing
proportion. Mr. Madhavjibhai Patel, aged 56 years has an
experience of a decade in same line of business. And also all
other partners have reasonable years of experience in similar
line of business.

Rajkot-based (Gujarat), J.K.Sagar Developers (JKSD) was
established as a partnership firm in 2014 by seven partners. JKSD
is currently executing a residential project with flats at Rajkot
named 'J.K.Sagar Vatika" which comprises of 189 flats of 4 BHK
involving a total saleable area of 153746 square feet.

The project implementation commenced in May, 2014 and is expected
to finish by March, 2017 instead of projected at December, 2017.
Till November 30, 2016, JKSD had incurred a total cost of
INR23.95 crore (95% of total project cost) out of the total cost
of INR25.10 crore and rest is expected to be incurred by the end
of March, 2017.


K.R.S. & JAIN: ICRA Lowers Rating on INR3.0cr Loan to 'B'
---------------------------------------------------------
ICRA has downgraded the long term rating from [ICRA]BB- to
[ICRA]B for the INR3.00 crore cash credit facility of K.R.S. &
Jain Associates (KRS). ICRA has reaffirmed the short term rating
at [ICRA]A4 for the INR5.00 crore non-fund based bank facility of
KRS. ICRA has also downgraded the ratings from [ICRA]BB-/[ICRA]A4
to [ICRA]B/[ICRA]A4 for the unallocated amount of INR1.50 crore.
The outlook on the long term rating is 'Stable'.

                         Amount
  Facilities          (INR crore)      Ratings
  ----------          -----------      -------
  Non-Fund Based Limit     5.50        [ICRA]A4 Reaffirmed

  Fund Based Limit         3.00        [ICRA]B(Stable) Downgraded
                                       from [ICRA]BB-(Stable)

  Unallocated Amount       1.50        [ICRA]B(Stable)/[ICRA]A4
                                       Downgraded from [ICRA]BB-
                                       (Stable)/[ICRA]A4 to

Rationale
The revision in rating takes into account the relatively slow
execution of orders in the current year and delay in release of
payment from its government clients, which has led to limited
revenue booking till December 15, 2016. There has been no fresh
work-order won by the firm in the current year, till November
2016 which blocks the revenue visibility in the near term. ICRA
also notes the modest scale of the firm's operations, which
remain geographically concentrated in the Mumbai region. The
ratings are also constrained by the high reliance on creditors
for funding its working capital requirements, which has resulted
in a high TOL/TNW of 3.45 times as on March 31, 2016. The firm
witnesses intense competition by virtue of the highly fragmented
industry structure in which it operates, given the low complexity
of the work involved and the low entry barriers which exert
pressure on its margins. Further, KRS is a proprietorship concern
and any significant withdrawal from the capital account can erode
the net worth base and impact the capital structure.

The ratings however, favorably take into account the long
experience of the promoters in the construction sector; the
firm's status as a 'AA class' contractor with MCGM, which helps
it in meeting the technical criteria. ICRA also considers the
firm's customer base, consisting entirely of government entities,
which limits the counter-party risk to an extent.

The ability of the firm to speed up the execution, complete the
current orders within the specific time-frame along with timely
recovery of revenue from its clients will remain the key rating
monitorables. The profits of the firm will remain vulnerable to
adverse movements in prices of key input materials like pipes,
steel, cement, asphalt etc in the absence of the price escalation
clause in most of its contracts.

Key rating drivers

Credit Strengths
* Long track record of the promoters in executing civil
   construction contracts; 'AA' class registration with
   government departments help in meeting the technical
   qualification criteria
* Client portfolio consists of government entities, which limits
   counter-party risk to an extent
Credit Weakness
* Slow execution of orders and delay in release of payment from
   its customers, leading to limited revenue booked till Dec. 15,
   2016; no fresh orders won by the firm in the current year,
   till November 2016
* Modest scale of operations, concentrated in the Mumbai region
* Reliance on creditors for funding its working capital
   requirements resulting in high TOL/TNW of 3.45 times in FY2016
* High competitive intensity in the construction segment given
   the low complexity of work involved and low entry barriers
* Proprietorship concern; significant withdrawals from capital
   account may impact the net worth and thereby the gearing level
Sensitivities
* Ability to maintain a healthy order book in the face of high
   competition and execute the orders in hand within the
   stipulated time
* Efficient management of working capital requirements

Description of key rating drivers highlighted:

Even though the firm executed construction work in the current
year, limited revenue was recognized as there was delay in
release of funds from the government authorities. KRS
participated in bidding of three orders in the current year till
November 2016, but was unable to win any order leading to a zero
bid-success ratio. There has been strict vigilance on work
execution by the clients as well as drop in rates, because of
which there was low bidding by the players like KRS.

The firm is exposed to geographical concentration risk on account
of the presence of all its projects in Mumbai since inception;
the same was done keeping in mind the available opportunities in
Mumbai and its limited resources to undertake projects outside
Mumbai.

KRS has to maintain significant deposits with its clients for the
work orders, which was majorly funded by stretching the creditors
which were at 248 days as on March 31, 2016. Consequently, the
increase in creditors has resulted in high TOL/TNW of 3.45 times
as on March 31, 2016.

Relatively less stringent technical qualification criteria in
small and medium-sized government civil construction projects
leads to low entry barriers, which allows a large number of
players to enter this sector. Thus, the competition is intense in
the sector.

Analytical approach
For arriving at the ratings ICRA has considered the standalone
financial performance of KRS, along with recent operational
developments. The company doesn't have any subsidiary and
operates as a standalone entity.

K.R.S. & Jain Associates (KRS) was established as a
proprietorship firm in 2005. The firm constructs petty roads
(such as stone pavements, cement concrete pavements, paver blocks
and asphalt roads), lays sewerage pipelines and culverts, and
repairs gardens, roads and buildings for government clients like
Municipal Corporation of Greater Mumbai (MCGM) and Mumbai
Metropolitan Region Development Authority (MMRDA), being a
registered 'AA Class' contractor with the MCGM. Apart from this,
KRS is also involved in job-work, which comprises sub-contract
work and leasing of machinery and labour. The operations of the
firm are managed by its proprietor Mr. Ritesh Jain and KRS has
its registered office in Mumbai.

KRS has a group entity, Manisha Construction Co. (Rated
[ICRA]B+/[ICRA]A4), which is also involved in the same line of
business. Manisha Construction Co. is a partnership firm
established in 1985 and operates in the Mumbai region.
KRs recorded a net profit of INR2.20 crore on an operating income
of INR36.44 crore for the year ending March 31, 2016.


KAVERI GINNING: CARE Hikes Rating on INR19.48cr LT Loan to BB-
--------------------------------------------------------------
The revision in the rating assigned to the bank facilities of
Kaveri Ginning Industries Private Limited (KGIPL) takes into
account substantial increase in total operating income in the
first full year operation i.e. FY16 (refers to the period April 1
to March 31) along with comfortable operating cycle. Furthermore,
the rating continues to derive benefits from experience of the
promoters for more than two decades in the cotton ginning
industry, location advantage coupled with operational synergies
with established group companies.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    19.48       CARE BB-; Stable
                                            Revised from CARE B+

The rating is, however, constrained by leveraged capital
structure, weak debt coverage indicators, presence in the highly
fragmented industry, seasonal nature of business and
profitability margins are susceptible to fluctuation in cotton
prices.

Going forward, the ability of the company to improve the
profitability margins, capital structure, debt coverage
indicators and managing the working capital requirement
efficiently will be the key rating sensitivities.

During the first full year of operations (FY16), the company has
achieved total operating income of INR132.62 crore due to
stabilization of operations resulting in catering to the demands
of customers.

Furthermore, the company has achieved total sales of INR91.83
crore during 9MFY17 (Provisional). The PBILDT and PAT margin of
the company stood thin at 2.34% and 0.69% respectively in FY16.
The overall gearing of the company stood high at 3.79x as on
March 31, 2016 due to availing adhoc cash credit limit of INR6
crore. To meet the increase in scale of operations along with
seasonal nature of business operations, the company availed adhoc
limit during February 2016 and the same was cleared in April
2016.

The operating cycle of the company remained comfortable at 49
days in FY16. The company receives the payment within 30-45 days
from customers and makes the payment to suppliers (farmers and
traders) within 10-15 days during the season (September to May)
and off season (June to August) around 30-45 days. Apart, due to
seasonal availability of raw cotton, the company holds the
average inventory of around 90 days which results in high
dependence on working capital bank borrowings.

The average utilisation of working capital bank borrowings was
90% for the last 12 month ended December 31, 2016.

Incorporated in 2014, Nalgonda- based (Telangana) KGIPL was
promoted by Mr. K Ramesh and Mr. J Srinivas. The company has
successfully completed the project in scheduled time and started
its commercial operations from January 2015. The company
purchases the raw material (raw cotton) from local farmers (90%)
and traders (10%) located in and around Nalgonda. The company
sells products like cotton bales and seeds to spinning mills
located in Tamil Nadu, Andhra Pradesh, Telangana and Bangladesh
In FY16, KGIPL reported a Profit after Tax (PAT) of INR 0.91
crore on a total operating income of INR132.61 crore, as against
a PAT and TOI of INR0.40 crore and INR17.98 crore respectively in
3MFY15.


KHEDUT COTEX: CARE Assigns B+ Rating to INR8.40cr Long Term Loan
----------------------------------------------------------------
The ratings assigned to the bank facilities of Khedut Cotex
Private Limited (KCPL) are primarily constrained on account of
thin profitability, moderately leveraged capital structure, and
moderate debt coverage indicators and liquidity position during
FY16 (refers to the period of April 1 to March 31). Furthermore,
the ratings are also constrained on account of its presence in
highly fragmented industry with short track record of the company
coupled with seasonality associated with cotton availability and
susceptibility of margins to cotton price fluctuations and prices
and supply for cotton are highly regulated by government.


                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8.40      CARE B+; Stable
                                            Assigned

The ratings, however, derive comfort from experience of the
promoters and proximity to cotton growing area of Gujarat.
The ability of KCPL's ability to increase its scale of operations
with improvement in profitability, capital structure, and debt
coverage indicators along with better working capital management
will be the key rating sensitivity.

FY16 was the first full year of operations for KCPL. KCPL's
reported a total operating income (TOI) of INR10.36 crore during
FY16, while PBILDT margin stood low at 3.09%. KCPL reported a net
loss of INR0.20 crore during FY16 on account of higher
depreciation and finance cost. The gross cash accruals of the
company stood low at INR0.21 crore.

KCPL's capital structure stood moderately leveraged marked by an
overall gearing ratio of 1.30x as on March 31, 2016. Debt
coverage indicators of the company also stood moderate at total
debt to GCA
of 5.69 years in FY16. Debt coverage indicators remained moderate
marked by an interest coverage ratio of 2.11 times in FY16.

KCPL's current ratio stood moderate at 1.38 times as on March 31,
2016 owing to high working capital borrowings. Working capital
cycle remained comfortable and stood at 25 days during FY16.
The company has to maintain high inventory holding period due to
seasonal nature of business. The working capital limits remained
utilized at 70% during past 10 months ended November 2016.

Analytical Approach: Standalone

Gondal-based (Rajkot) KCPL was established in August 2015 by Mr.
Amit Maganbhai Damasiya and Mr. Kanubhai Vashrambhai Padshala as
a private limited company which is engaged in cotton ginning and
pressing. The manufacturing unit of the company is located in
Amreli, Gujarat, which has an installed capacity of 216 tonnes
per day as on March 31, 2016. KCPL sells the manufactured product
to local traders.

During FY16 (A), KCPL reported net loss of INR0.20 crore on a TOI
of INR10.36 crore. During 8MFY17 (provisional), KCPL has reported
TOI of INR18 crore.


LUCKNOW SITAPUR: ICRA Lowers Rating on INR142cr Term Loan to 'D'
----------------------------------------------------------------
ICRA has downgraded the long-term rating for the INR142.0-crore
(earlier INR175.0 crore) bank facilities of Lucknow Sitapur
Expressways Ltd. from [ICRA]BB to [ICRA]D.  The earlier rating
suspension dated May 12, 2016 stands revoked.

                     Amount
  Facilities       (INR crore)      Ratings
  ----------       -----------      -------
  Term Loan             142         [ICRA]D Rating Downgraded
                                    from [ICRA]BB(Stable)/
                                    Suspension Revoked
Rationale

The revision of the rating takes into account delays in debt
servicing by the company. The toll collection in the project have
witnessed decline over the last one year which has constrained
the liquidity of the company.

Going forward, regularization of debt servicing, and improvement
in toll collection, will be the key rating sensitivities.

Key rating drivers

* Weak liquidity position of the company resulting in delays in
   debt servicing
* Weak toll collections in the project
* Like any toll road project, risk of traffic leakage and
   deviation of traffic to alternate route remains
* Non-maintenance of Debt Servicing Reserve and Major
Maintenance
   Reserve in the project
* Operational status of the project with track record of toll
   collections
* Availability of long tail period provides financial
flexibility
   for debt refinancing

Description of key rating drivers highlighted:

The project achieved provisional COD in Oct-2011 and final COD in
Aug-2012. Toll collection on the project stretch have commenced
from Oct-2011. The project has more than 5 years of operational
track record and had not been able to successfully operate,
maintain the stretch and collect toll from users.
Lower toll revenues along with interest and increasing principal
servicing requirement had resulted in inadequate cash flow from
operations to service the debt. This along with lack of funded
Debt Service Reserve Account (DSRA) had resulted in delays in
debt servicing by the company.


MBM ENGINEERING: ICRA Lowers Rating on INR6.50cr LT Loan to B
-------------------------------------------------------------
ICRA has downgraded the long-term rating from [ICRA]B+ to [ICRA]B
for the INR6.50 crore long-term fund based facility and INR0.80
crore long-term term loans. ICRA has reaffirmed the short term
rating of [ICRA]A4 for the INR0.25 crore short term non fund
based facility. ICRA has also assigned [ICRA]B and [ICRA]A4 for
the INR2.45 crore unallocated facilities of MBM Engineering
Infotech Limited. The outlook on the long term rating is stable.

                         Amount
  Facilities          (INR crore)     Ratings
  ----------          -----------     -------
  Long-term-Fund          6.50        Downgraded from [ICRA]B+
  based facility                      to [ICRA]B (Stable)

  Long-term-Term          0.80        Downgraded from [ICRA]B+
  Loans                               to [ICRA]B (Stable)

  Short-term Non-         0.25        [ICRA]A4/reaffirmed
  fund based facilities

  Long term/Short         2.45        [ICRA]B (Stable)/[ICRA]A4
  Term-Unallocated                    /Assigned

Rationale

The downward revision of the ratings considers the weakening of
financial profile of MEIL characterized by drop in income in
FY2016 and net loss incurred by the firm in both FY2015 and
FY2016. Ratings also takes into account the modest scale of
operations restricting financial flexibility, high working
capital intensity due to stretched receivable and inventory
position; high competition in the bearing component manufacturing
restricting its bargaining power with customers; weak coverage
and indicators and debt protection metrics due to low
profitability. Additionally, ICRA also notes that the factory
premise bought in a distressed sale in 2010 remains non-
operational since purchase, thereby impacting the return
indicators of MEIL.

However, the rating factors in the extensive experience of the
promoters in the business of bearing component manufacture
spanning over three decades; comfortable capital structure;
diversified and reputed clientele offering stability to the
accruals to an extent. The ratings also take into account the
stable revenues from wind generation business which aids the
overall profitability of the company.

Going forward, the company's ability to increase the operating
income, while improving the margins and optimized utilization of
its assets would be key rating considerations.

Key rating drivers

Credit Strengths
* Experience of the promoter in the business spanning over three
   decades
* Comfortable capital structure
* Diversified and reputed clientele and revenues from wind power
   generation offers stability to the accruals to an extent.

Credit Challenges
* Modest scale of operations restricting financial flexibility
* High working capital intensity, with stretched receivable and
   inventory position
* Decline in operating income and profitability indicators owing
   to slowdown in end user industries
* Weak coverage indicators and debt protection metrics due to
   low profitability.

Description of key rating drivers highlighted:

The promoter has an established track record in the business
spanning over three decades. The company is in the premium
segment of the market; it makes precision components where the
tolerance for variation is minimal. The company has a reputed
clientele, with the top players of various sectors being
company's clients.
The company has a comfortable capital structure and it has
prepaid part of term loan using the maturity amount of keyman
insurance policy positively affecting the ratings. The operating
income decreased owing to decrease in orders following the
slowdown in end user industries. The company reported a net loss
of INR3.0 core in FY2016 and owing to weak profitability, the
coverage indicators and debt protection metrics remained weak.

MEIL is characterized with high working capital intensity due to
high receivable days on account of high competition and the raw
material holding period has been in the range of 3-4 months.
Overall, the scale of operations is modest restricting financial
flexibility of the company.

MEIL was started as a proprietorship entity in 1974 and later
converted to a public limited company in 2000. The company is
primarily engaged in the manufacturing of bearing components such
as bearing sleeves, locknuts, washers, plummer blocks, locking
assemblies, drawing items etc. of various dimensions according to
the customer requirements. The company has a manufacturing
facility located at Red hills, Chennai. Apart from manufacturing
bearing components, the company owns two windmills in Karnataka
and one in Tamil Nadu, with a cumulative capacity of 2.4 MW. MEIL
is promoted by Mr.VMS Midha, who has academic qualifications
and professional experience in the field of bearings spanning
over four decades. The company is an ISO 9001:2008 certified
entity.

In FY2016, the company reported a net loss of INR3.0 crore on an
operating income of INR13.95 crore as against a net loss of
INR0.44 crore on an operating income of INR18.08 crore in FY2015.


NOBLE EDUCATIONAL: ICRA Assigns 'B+' Rating to INR14.26cr Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ and a short term
rating of [ICRA]A4  to the INR15.00 crore bank facilities of
Noble Educational and Charitable Trust. The outlook on the long
term rating is 'Stable'

                     Amount
  Facilities       (INR crore)      Ratings
  ----------       -----------      -------
  Fund Based Limit      14.26       [ICRA]B+ (Stable)/ Assigned
  Unallocated            0.74       [ICRA]B+ (Stable)/[ICRA]A4
                                     Assigned
Rationale
The ratings are constrained by small scale of operations and
leveraged capital structure of the trust. The ratings also take
into consideration the drop in student intake levels in the
academic year 2016-17 owing to change of university with which
the college was previously affiliated. The ratings are further
constrained by the high regulatory norms in the education sector
exposing the trust to any regulatory changes in the future and
the high competitive intensity in the sector given the large
number of engineering colleges in the state.

The assigned ratings, however, draw comfort from the established
and long standing presence of the trustee members in the
education sector which supports growth prospects. The ratings
take into account the healthy profit margins of the trust
supported by favorable fee structure for engineering courses. The
ratings also positively factor in the adequate infrastructure
facilities in the institute and the quality and experience of its
faculty members.

Going forward, the trust's ability to scale up its operations by
improving its student occupancy levels given the competitive
environment, and maintain its profitability will be the key
rating sensitivities.


RAMKUMAR TEXTILE: ICRA Reaffirms 'B+' Rating on INR11.5cr Loan
--------------------------------------------------------------
Rating Action: ICRA has reaffirmed its [ICRA]B+ rating on the
INR11.50-crore fund-based limits of Ramkumar Textile Private
Limited. ICRA has also re-affirmed its [ICRA]A4 rating on the
INR0.50-crore short-term non fund-based limits of RTPL. The
outlook on the long-term rating is 'Stable'

                        Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limits      11.50      [ICRA]B+(Stable) Reaffirmed
  Non Fund-based Limits   0.50      [ICRA]A4 Reaffirmed

Rationale
ICRA's ratings continue to take into account RTPL's modest scale
of operations and the highly competitive and fragmented nature of
the fabric exports industry in which it operates. High
competition limits the pricing flexibility of the company and
results in thin margins, as evident from its weak return
indicators. Furthermore, the company's profitability remains
exposed to adverse fluctuations in foreign exchange rates, given
the significant contribution of exports to its overall revenues.
The ratings also take into account the company's high working
capital intensity due to high inventory and receivable days
(NWC/OI3 of 60.87% in FY2016), and the dependence on bank
borrowings for funding the working capital requirements. The
company's thin margins, coupled with high debt levels, have
resulted in modest coverage indicators; the OPBDITA4/Interest
ratio was 1.31x and the Total Debt/OPBDITA ratio was 11.48x in
FY2016. However, the ratings continue to draw comfort from the
longstanding experience of the promoters in the fabric business
and the benefits it derives from its location in Bhilwara,
Rajasthan, which provides easy access to raw material, skilled
labor and fabric processors. ICRA also takes note of the
company's established relationships with its customers and
suppliers.

Going forward, the company's ability to improve its revenue
growth, achieve higher profitability and reduce its working
capital requirements will be the key rating sensitivity.
The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with RTPL, ICRA had sent repeated reminders to the company for
payment of surveillance fee that became overdue; however, despite
multiple requests, the company's management has remained non-
cooperative. ICRA's Rating Committee has taken a rating view
based on the best available information. In line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated Nov. 1, 2016, the
company's rating is now denoted as: "[ICRA] B+(Stable)/A4 ISSUER
NOT COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

Key rating drivers
Credit Strengths
* Longstanding experience of the promoters in the fabric
business
* Favourable location, as Bhilwara provides easy access to raw
   material, skilled labor and fabric processors

Credit Weakness
* Moderate scale of operations
* High working capital intensity of business, largely funded by
   existing working capital limits
* High client and geographic concentration risk
* Presence in highly competitive and fragmented fabric export
   business
* Exposure to exchange rate fluctuations

Description of key rating drivers highlighted:

RTPL's promoters have been in the fabric business since 1996 and
thus have established a good base of customers and suppliers.
Furthermore, the company benefits from its favorable location, as
Bhilwara provides RTPL easy access to raw material, skilled labor
and fabric processors. The fabric exports industry is highly
competitive and fragmented, which limits the pricing flexibility
of the company and also results in modest scale of operations.
This is evident from thin margins (operating and net
profitability of 3.35% and 0.64% in FY2016 respectively) and also
weak return indicators (ROCE of 4.84%). RTPL generates around 90%
of its revenues through export sales (purchasing of raw material
is done domestically), exposing it to foreign exchange
fluctuations risk. RTPL's working capital cycle has remained high
due to high inventory and receivable days (NWC/OI5 of 60.87% in
FY2016). Moreover, dependence on bank borrowings for funding the
working capital requirement has resulted in modest debt coverage
indicators.

RTPL, incorporated in 1996, is a Bhilwara-based exporter of
synthetic fabrics. It is promoted by the Somani family, which has
been engaged in the synthetic fabrics business for more than a
decade. RTPL does not have its own manufacturing unit and
outsources production of fabric to weavers in Bhilwara on a job-
work basis. RTPL sells suiting fabric for men and women in poly
viscose, poly wool, 100% wool, poly cotton, and lycra in various
weaves such as plain, twill, and satin. The company also deals in
fabric for traditional Arabian clothing and spun polyester high
twist voile plain dyed and printed fabric.

In FY2016, RTPL reported an operating income of INR27.56 crore
with a net profit of INR0.18 crore, as compared to an operating
income of INR25.49 crore with a net profit of INR0.11 crore in
the previous year.


RELIABLE AGENCIES: ICRA Reaffirms B+ Rating on INR5.21cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
INR5.21 crore cash credit limits and INR0.30 crore term loans of
Reliable Agencies. ICRA has also reaffirmed the long-term/short-
term rating of [ICRA]B+/[ICRA]A4 to the INR4.49 crore unallocated
limits of RA. The outlook on the long term ratings is 'Stable'.

                     Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Cash Credit           5.21      [ICRA]B+ (Stable) Reaffirmed
  Term Loan             0.30      [ICRA]B+ (Stable) Reaffirmed
  Unallocated Limits    4.49      [ICRA]B+(Stable)/[ICRA]A4
                                  Reaffirmed

Rationale
The rating reaffirmation continues to be constrained by the weak
financial profile of the firm, characterized by low
profitability, high gearing of 3.40 times as on March 31, 2016
and weak coverage indicators with interest coverage ratio of 1.30
times as on March 31, 2016. The ratings are further constrained
by the stretched liquidity profile of the firm as evidenced by
high working capital utilization in the wake of increased debtors
and inventory. The ratings also take into account small scale of
operations of the entity limiting financial flexibility, and the
risks arising from its proprietorship nature. The rating is
further constrained by the volatile nature of the industry
largely dependent on the construction/fabrication sector further
affecting operating margins.

The ratings draw comfort from the long standing experience of the
proprietor in the business, as well as the firm's established
relationship with its highly reputed clientele, who are
established brands in the business. Moreover, a favorable demand
outlook for welding equipments in the near-term augurs well for
the firm.

Key rating drivers

Credit Strengths
* Over three decades of experience of the promoters in
   distribution of welding equipments and products
* Established and long standing relationships with reputed
   brands like Ador, D&H Secheron, Lincoln and Schutz Carbon.
* Favourable demand outlook for welding equipments in the long
   term, though the demand has seen some slowdown due to overall
   economic slowdown in the recent past.

Credit Weakness
* Small scale of operations limiting financial flexibility
* Financial profile characterized by thin margins, stretched
   capital structure and high working capital intensity
* Any economic downturns may adversely impact the revenues and
   profitability due to higher fixed costs
* Risks associated with proprietorship nature of business

Description of key rating drivers highlighted:

The firm is the sole distributor to the leading welding
equipments and consumables brands in Hyderabad. It operates
through a store in Secunderabad (Telangana) and caters to major
towns in Southern India. The firm is associated with leading
manufacturers of welding equipments namely Ador, D&H Secheron and
Schutz Carbon amongst others. Welding Electrodes and Equipments
form the major share of revenues for Reliable Agencies. The Firm
enjoys established relationship with its customers and has been
receiving repeat orders from existing customers with their
established presence in this sector over the past 35 years.

Going forward, revenue growth of the firm is expected to be
supported by demand from growth in domestic consumption. The
firm's ability to cater to this demand, while maintaining its
profitability levels and managing its working capital
requirements effectively will be the key rating sensitivities.

Reliable Agencies was established in the year 1972 by Mr.
M.Venkataraman with the objective of engaging in the business of
distributing welding equipments and consumables. Over the years
the entity has expanded its business into distribution of all the
reputed brands of welding equipments and consumables. The firm
currently has exclusive distribution rights for the products of
Ador, D&H Secheron and Schutz Carbon in the Hyderabad region of
Telangana.


SAHU HYDRO: ICRA Reaffirms 'B+' Rating on INR18.45cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR18.45
crore term loan facilities of Sahu Hydro Power Private Limited.
The outlook on the long term rating is Stable.

                     Amount
  Facilities       (INR crore)     Ratings
  ----------       -----------     -------
  Term Loan            18.45       [ICRA]B+(Stable) reaffirmed

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

Sahu Hydro Power Private Limited (referred as SHPPL) is a Private
company promoted by Indus group to develop, own and operate a 5
MW small hydro power (SHP) projects (referred as Kurtha) in
Chamba District of Himachal Pradesh (HP). The project is backed
by MOU with Govt of Himachal Pradesh (GoHP) for implementing of
the 5 MW SHP on Kundi Nallah and Saredi Nallah.

The company reported an operating income of INR0.56 crore and net
loss of INR8.78 crore in FY2015.


SAINOR PHARMA: ICRA Reaffirms 'B+' Rating on INR5.5cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR5.50
crore (revised from INR3.60 crore) fund based limits and INR2.50
crore (revised from INR4.40 crore) unallocated limits of Sainor
Pharma Pvt. Ltd. at [ICRA]B+. ICRA has also reaffirmed the short
term rating assigned to the INR2.00 crore fund based and INR2.00
crore non-fund based limits of SPPL at [ICRA]A4. The outlook on
the long term rating is Stable.

                        Amount
  Facilities          (INR crore)    Ratings
  ----------          -----------    -------
  Long Term Fund
  Based Limits            5.50       [ICRA]B+ (Stable) Reaffirmed

  Short Term Fund
  Based Limits            2.00       [ICRA]A4 Reaffirmed

  Short Term Non-
  Fund Based Limits       2.00       [ICRA]A4 Reaffirmed

  Long Term
  Unallocated Limits      2.50       [ICRA]B+ (Stable) Reaffirmed

Rationale
The rating reaffirmation continues to be constrained by small
scale of SPPL's operations in the pharmaceutical industry with
revenues of INR47.68 crore for FY2016; and high product
concentration with ~90% of revenues being contributed by single
product, Omeprazole, during FY2016. With new products being
manufactured coupled with enhanced capacity, the revenues from
new products have increased during H1, FY2017 resulting in drop
in Omeprazole share to ~82% during this period. The ratings are
further constrained by high exposure of the company to mature
anti-ulcerative therapeutic segment resulting in limited pricing
power and thereby constraining the margins, high exposure to
foreign exchange fluctuations in the absence of hedging policy
and with more than 50% of revenues by way of exports during last
4 years; and high customer concentration with top 10 customers
contributing 50% of total sales in FY2016. The ratings however
positively takes into account long standing experience of the
promoters in the pharmaceutical industry; established
relationships with customers resulting in repeat orders; and low
gearing of 0.84 times as on March 31, 2016 with moderate coverage
indicators of interest coverage of 1.95 times and Total
Debt/OPBDIT at 3.42 times for FY2016.

Going forward, ability of the company to increase its scale of
operations, diversify its product portfolio and improve
profitability by introduction of new products will be the key
rating sensitivities from credit perspective.

Key rating drivers
Credit Strengths
* Long standing experience of promoters and top-management in
   the pharmaceutical industry
* Healthy gearing of 0.84 times as on March 2016 with moderate
   coverage indicators
* Established relations with repetition of orders from
   customers;
   diversification into anti-obese segment and increase in
   installed capacity provides revenue visibility in the near
   term

Credit Weakness
* Small scale of operations with revenues of INR47.68 crore for
   FY2016
* High product concentration of Omeprazole with ~90% of revenues
   in FY2016; however with new products being manufactured
   coupled with enhanced capacity, the revenues from new products
   have increased over the last 2 years
* High exposure to mature anti-ulcerative therapeutic segment
   resulting in limited pricing power and thin margins
* Exposure to foreign exchange fluctuations in the absence of a
   formal hedging policy and more than 50% of revenues from
   exports
* Moderate customer concentration with top 10 customers
   contributing 50% of total sales in FY2016

Description of key rating drivers highlighted:

The scale of operations of the company remained low at INR47.68
crore during FY2016 which is marginally lower than INR48.07 crore
of revenues in FY2015 due to ongoing capex work for expansion
which affected the production during Q4, FY2016. The company has
been diversifying its product portfolio and during 6m, FY2017
there was increase in sales from other products like Itraconzole,
Esomeprazole and Lansaprazole Pellets which contributed ~Rs. 5
crore sales during 6m, FY2017. Also with increase in capacity
from 1000 MTPA to 1200 MTPA from November 2016, the sales from
other products is further expected to increase in the near term
as company will be using the enhanced manufacturing capacities
for new products.

Sainor Pharma Private Limited (SPPL), was incorporated in March
2004 by Mr. U Tata Rao who is the Chairman and Managing Director
having vast experience in the pharmaceutical industry. The
company is involved in the manufacture of drug loaded pellets
(Semi formulation/Pelletisation) of anti-ulcer drugs like
Omeprazole, Lansoprazole, Itraconzole, etc. The company's
manufacturing facility is located in Jeedimetala, Hyderabad and
is CGMP (Current Good Manufacturing Practice) and WHO GMP
certified.

As per audited financials for FY2016, SPPL reported an operating
income of INR47.68 crore with profit after tax of INR0.30 crore
as against INR48.07 crore of operating income with profit after
tax of INR0.40 crore in FY2015. As per provisional no's for
6mFY2017, SLPL reported an operating income of INR27.63 crore
with profit before tax of INR0.84 crore (unaudited).


SHREE NAKODA: ICRA Reaffirms 'B' Rating on INR1.0cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
the INR1.00 crore fund-based bank facilities of Shree Nakoda
Global Ltd. The outlook assigned to the long-term rating is
Stable. Also, ICRA has reaffirmed the short-term rating of
[ICRA]A4 assigned to the INR14.00 crore non-fund based bank
facilities of SNGL.

                       Amount
  Facilities        (INR crore)     Ratings
  ----------        -----------     -------
  Fund-Based Limits      1.00       [ICRA]B; reaffirmed,
  (Cash Credit)                     Stable outlook assigned

  Non-Fund Based
  Limits                14.00       [ICRA]A4; reaffirmed

Rationale
The ratings take into consideration the long track record of
SNGL's promoters in the steel sector, which helps secure business
for the company and an increase in the turnover of the company
during FY2016, though profitability remained at nominal levels.
However, the ratings are constrained by SNGL's weak financial
risk profile as reflected by a high gearing and depressed levels
of debt coverage indicators, SNGL's relatively small size of
operations at present, the ongoing slowdown in the steel industry
and the cyclicality associated with the steel industry, which is
likely to keep its profitability and cash flows volatile in
future.

Key rating drivers and description
Credit Strengths
* Long track record of the promoters in the steel sector, helps
   secure business for the company.
* Increase in the turnover of the company during FY2016, though
   profitability remained at nominal levels

Credit Weakness
* SNGL's weak financial risk profile as reflected by a high
   gearing and depressed levels of debt coverage indicators
* Relatively small size of operations at present
* Ongoing slowdown in the steel industry
* SNIL's exposure to the cyclicality associated with the steel
   industry is likely to keep its profitability and cash flows
   volatile in future

Description of key rating drivers highlighted:

The promoters of the company have been in the steel business
since more than a decade. Due to the long experience of the
promoters in the business the company has well established
contacts with suppliers and customers. The company's business has
grown in FY2016 on account of an increase in orders from its
customers, including its own group company. However, on account
of a highly competitive market, the profitability of the company
has remained nominal.

Analytical approach:
For arriving at the ratings, ICRA has taken into account the
standalone business and financial risk profile of SNGL.

The company was incorporated in January 1993 by the Raipur,
Chattisgarh based Shree Nakoda Group, promoted by Mr. Virendra
Goel. The operations of the company are being managed by his
younger brother, Mr. Surendra Goel and Mr. R. K. Agarwal. The
company is involved in trading of various steel products such as
plates, sheets etc. and minerals.

In FY2016, as per the audited financial statements, SNGL reported
an operating income of INR175.06 crore and net profits of INR0.35
crore, as against an operating income of INR100.41 crore and a
net profit of INR0.29 crore in FY2015.


SHREE NAKODA ISPAT: ICRA Reaffirms 'B+' Rating on INR218.5cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR218.50 crore1 term loan and INR48.19 crore fund-based bank
facilities of Shree Nakoda Ispat Limited. The outlook assigned to
the long-term rating is Stable. Also, ICRA has reaffirmed the
short-term rating of [ICRA]A4  assigned to the INR59.52 crore
non-fund based bank facilities of SNIL.

                     Amount
  Facilities       (INR crore)      Ratings
  ----------       -----------      -------
  Term Loan           218.50        [ICRA]B+ ; reaffirmed, Stable
                                    outlook assigned

  Fund-Based Limits    48.19        [ICRA]B+; reaffirmed, Stable
  (Cash Credit)                      outlook assigned

  Non-Fund Based
  Limits               59.52        [ICRA]A4; reaffirmed

Rationale
The ratings continue to take into account the long track record
of the company in the steel business, which helps SNIL in
securing fresh business, and the company's vertically integrated
nature of operations in steel making, which support its operating
profitability to an extent. The ratings are, however, constrained
by the losses reported by the company during FY2016, though the
loss levels reduced during the year as compared to FY2014, SNIL's
weak financial risk profile as reflected by the aggressive
capital structure and depressed debt coverage indicators, the
ongoing slowdown in the steel industry, and SNIL's working
capital intensive nature of operations, which adversely impacts
its liquidity position. Additionally, SNIL's exposure to the
cyclicality associated with the steel industry is likely to keep
its profitability and cash flows volatile in future. ICRA notes
that the debt of the company has been restructured with
favourable repayment schedule, which could provide comfort to the
stretched liquidity position of the company to an extent.
However, improvement in SNIL's profitability and cash accruals
would remain a concern going forward.

Key rating drivers and description
Credit Strengths
* Long track record of the company in the steel business, which
   helps in securing business
* Vertically integrated nature of operations in steel making,
   supports SNIL's operating profitability to an extent
* Improvement in the profitability of the company during FY2016
   at operating level and in the first half of FY2017 at net
   level

Credit Weakness
* Weak financial risk profile of SNIL as reflected by an
   aggressive capital structure and weak debt coverage indicators
* Working capital intensive nature of SNIL's operations that
   adversely impacts SNIL's liquidity position, significant
   creditor funding increases financial risk
* Large long term debt scheduled for repayment in the coming
   years, any shortfall in required cash accruals could impact
   debt servicing
* Exposure to cyclicality associated with the steel industry,
   which is likely to keep profitability and cash flows volatile

Description of key rating drivers highlighted:

The company have been in the steel business since more than a
decade. Due to the long experience of the company as well as the
promoters in the business, the company has well established
contacts with suppliers and customers. Over the years, the
company has added various facilities to strengthen its operations
and currently it has fully integrated operations in steel
manufacturing, which supports its profitability to an extent.
However, on account of lower capacity utilisations, high costs of
operations and high interest burden, the company has reported
losses in the past year. From FY2017 onwards, the company
estimates profits at operational as well as net level as
reflected by reducing losses till FY2016. The repayment of
principal towards the existing term loans is scheduled to start
from January 2017 onwards. Improvement in SNIL's profitability
and cash accruals would remain a concern going forward.

Analytical approach:
For arriving at the ratings, ICRA has taken into account the
standalone business and financial risk profile of SNIL.

SNIL is closely held by the Raipur based Shree Nakoda Group
promoted by Mr. Virendra Goel. The company has facilities at
Raipur for manufacturing sponge iron, billets, thermo
mechanically treated (TMT) bars, ferro alloys and power with
annual capacities of 165,000 MT, 120,000 MT, 120,000 MT, 20,000
MT and 26 MW respectively. The plant also has a coal washery with
a washing capacity of 36,000 MT. The TMT bars produced by the
company are sold under the brand 'Nakoda TMT'.

In FY2016, as per the audited financial statements, SNIL reported
an operating income of INR364.23 crore and a net loss of INR3.00
crore, against an operating income of INR566.38 crore and a net
loss of INR11.88 crore in FY2015.


SHRI BALAJI: ICRA Reaffirms B+ Rating on INR9cr Fund Based Loan
---------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR9.00 crore long
term bank facilities of Shri Balaji Ginning Factory.  The outlook
on the long term rating is stable.

                         Amount
  Facilities          (INR crore)    Ratings
  ----------          -----------    -------
  Fund Based Limits        9.00      [ICRA]B+/Stable reaffirmed
Rationale
The rating reaffirmation takes into account easy availability of
raw cotton on back of favourable location and substantial
experience of the promoters in the cotton ginning industry. The
rating is however constrained by leveraged capital structure of
the Company due to working capital intensive operations and low
profit margins in line with low value add nature of business.
ICRA also takes note of moderate scale of operations and
vulnerability associated with agro climatic conditions and
regulatory environment which has direct bearing on capacity
utilization and profitability of the Company. Going forward,
scaling up operations along with managing working capital
efficiently will remain key rating sensitivity factors.

Key rating drivers
Credit Strengths
* Substantial experience of promoters in ginning industry with
   established relations with customers
* Proximity to cotton producing belt of Maharashtra resulting in
   favourable access to raw cotton
Credit Weakness
* Low margins in line with low value addition nature of ginning
   business
* Leveraged gearing and stretched debt coverage indicators
* Profitability is vulnerable to movements of raw material
   prices, which are subject to seasonality and dynamic
   regulatory environment
* Highly working capital intensive nature of the business
   resulting in stretched cash flows
* Moderate scale of operations in an intensely competitive and
   fragmented industry

Description of key rating drivers highlighted:

The company has low margins which are in line with the low value
addition nature of business. Limited accruals which along with
working capital intensive nature of business has resulted into
strained liquidity profile of the company. Also the company has
leveraged capital structure with a gearing of 1.65x and weak
coverage indicators such as OPBDIT/Interest of 3.67x in FY2016
and TD/OPBDIT of 7.42x in FY2016.

Established in 2004, SBGF is a proprietorship concern promoted by
Mr. Aditya Goyanka. The Company is engaged in ginning and
pressing of cotton and crushing of cotton seeds. Ginning facility
of the Company is located in Hinganghat in Wardha district of
Maharashtra. The plant has 36 gins with an annual capacity of
60000 bales.

SBGF has recorded a net profit of INR0.71 crore on an operating
income of INR90.18 crore for the year ending on March 31, 2016.


SHRI GIRIJA: CARE Reaffirms B+ Rating on INR4cr LT Bank Loan
------------------------------------------------------------
The ratings assigned to the bank facilities of Shri Girija
Smelters Limited (SGSL) continue to be constrained by its weak
financial risk profile marked by deteriorated financial
performance in FY16 (refers to the period April 1 to March 31),
absence of captive source of power, lack of backward integration
for raw materials, low capacity utilisation, exposure to forex
fluctuation risk, significant exposure to its group companies and
complete dependence of ferro alloys industry on the cyclical
steel sector. Such ratings, however, derive strength from rich
experience of its promoters with long track record of the
company, established clientele and satisfactory capital
structure.

                              Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities      4        CARE B+; Stable
                                           Reaffirmed

   Short-term Bank Facilities    23        CARE A4 Reaffirmed

The ability of the company to improve its scale of operations
with improvement in profitability, sustain the capital structure
and effective management of working capital would remain the key
rating sensitivities.

Detailed description of the key rating drivers

The financial performance of SGSL deteriorated further in FY16
and the company continued to post operating loss, net loss and
cash loss in FY16. However, the capital structure of the company
continued to remain satisfactory as on March 31, 2016, with the
overall gearing ratio at 0.89x as on March 31, 2016.

The effective capacity utilisation continued to remain low at 51%
in FY16. The company does not have any captive source for its
major raw material i.e. Manganese ore and captive power
arrangements to meet its power requirements and accordingly is
vulnerable to volatility in the raw material prices and any
revision in electricity tariff rates.

The company is also exposed to foreign exchange fluctuation risks
due to high dependency on imported raw-material and no fixed
hedging policy.

SGSL has significant exposure to its group/associate companies in
view of its investments, unsecured loans/advances extended and
extended corporate guarantee. SGSL's promoters have more about
six decades of experience in the silico-manganese and
ferromanganese segments. The client profile of the company
includes large steel players with whom SGSL has relationship
since long.

SGSL, incorporated in 1987, is promoted by Mr. C.S. Raju of
Raipur (Chhattisgarh). SGSL is involved in the production of
Ferro Manganese and Silico Mangasene in its manufacturing units
located in Urla Industrial Area of Raipur with an installed
capacity of 36,000 MT. SGSL is a part of the Shri Girija group of
companies, promoted and headed by Mr. C.S. Raju. Mr. Raju has
extensive experience of about six decades in the ferro alloy
space. Other companies of Shri Girija group are Shri Girija Power
& Alloy Private Limited (SGPAPL), Shri Gayatri Minerals Private
Limited (SGMPL) and Srinivasa Ferro Alloys Limited (SFAL).

In FY16, SGSL reported net loss of INR7.78 crore (net loss of
INR1.80 crore in FY15) on operating income of INR83.26 crore
(INR90.98 crore in FY15). During H1FY17 (Provisional) (refers to
the period April 1 to September 30), SGSL reported a PBT of
INR1.10 crore on a total operating income of INR33.41 crore.

Status of non-cooperation with previous CRA:

CRISIL has suspended its ratings on the bank facilities of Shri
Girija Smelters Ltd (SGSL) vide its press release dated Dec. 17,
2015 on account of non-cooperation by SGSL with CRISIL's efforts
to undertake a review of the ratings outstanding.


SHRIRAMKRUPA FIBRES: ICRA Assigns B+ Rating to INR7.75cr Loan
-------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ for the
INR5.00 crore (enhanced from INR2.00 crore) cash credit facility
and INR2.75 crore (reduced from INR4.00 crore) term loans of
Shriramkrupa Fibres (SF). The outlook on the long term rating is
'Stable'.

                         Amount
  Facilities          (INR crore)     Ratings
  ----------          -----------     -------
  Fund Based Limit         7.75       [ICRA]B+ (Stable)
                                       Assigned/Outstanding
Rationale
The rating takes into account SF's small scale and limited track
record of operations and weak financial profile as evident from
highly leveraged capital structure, modest debt coverage
indicators and low profitability. The rating is further
constrained by highly competitive and fragmented industry
structure owing to low entry barriers, and vulnerability of
profitability to raw material prices, which are subject to
seasonality, crop harvest and regulatory risks. ICRA also notes
that SF is a proprietorship firm and any significant withdrawals
from the capital account would affect its net worth and thereby
its capital structure.

Nevertheless the rating favourably factors in the prior
experience of proprietor in in trading of raw cotton, cotton
bales & other agro commodities, favourable location of the firm's
manufacturing facility in Wardha (Maharashtra) giving easy access
quality raw cotton.

Key rating drivers
Credit Strengths
* Prior experience of the proprietor in trading of raw cotton,
   cotton bales & other agro commodities
* Proximity to cotton producing belt of Maharashtra resulting in
   favorable access to raw cotton

Credit Weakness

* Weak financial profile characterized by thin profitability,
   leveraged capital structure and modest debt coverage
   indicators
* Low profitability on account of limited value addition and
   highly competitive and fragmented industry structure given the
   low entry barriers
* Small scale and limited track record of operations
* Vulnerability of profitability to adverse movements in raw
   cotton prices, which are subject to seasonality and crop
   harvest
* Exposure to regulatory risks with regards to Minimum Support
   price (MSP) for raw cotton as well as imposition of any
   restriction on cotton exports by Govt. of India (GOI)
* Proprietorship firm; any substantial withdrawals from capital
   account would adversely impact the capital structure

Description of key rating drivers highlighted:

The firm has recently set up a new cotton ginning and pressing
unit in Wardha district of Maharashtra and the same was
commissioned on January 21, 2015. Sales mix of the firm comprises
of cotton bales and cotton seeds, cotton bales being the major
contributor to the total sales. The operating income of the firm
stood at INR32.14 crore in FY2016 which was its first full year
of operations. The operating profit margins however remained
modest at 5.10% for FY2016 on account of limited value additive
nature of operations and strong competitive intensity in the
fragmented cotton ginning industry. The firm's profitability
remains vulnerable to fluctuations in raw cotton prices which are
subject to seasonality and crop harvest. The industry prospects
also exposed to regulatory risks with the government imposing a
Minimum Support Price (MSP) for purchase of cotton during over
supply in the market and restricting export of cotton in order to
save the related domestic cotton textile industry.

As of March 31,2016, the total debt of the firm stood at INR9.29
crore translating into a high gearing ratio of 3.01 times owing
to low networth position. The coverage indicators remained modest
on account of weak profitability, as reflected by interest
coverage of 2.16 times and NCA/Debt of 10% for FY2016.

Analytical approach: To arrive at the ratings ICRA has taken into
account the debt servicing record of SF, its business risk
profile, financial risk drivers and management profile. The firm
operates as a standalone entity and doesn't have any subsidiary
in place.

Shriramkrupa Fibers (SKF) was incorporated in June 2013 by
proprietor Mr. Sachin Sharma and is involved in the business of
ginning and pressing of raw cotton. The firm has set up a
Greenfield cotton ginning plant in Wardha district of Maharashtra
having production capacity of 200 bales per day, commercial
production from which has commenced from January 21, 2015.


SRI LAKSHMI: ICRA Reaffirms B+ Rating on INR9.25cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B+ to the
INR9.25 crore fund based limits of Sri Lakshmi Venkateswara
Modern Rice Industry. ICRA has also reaffirmed the short term
rating at [ICRA]A4 to the INR0.50 crore non fund based facilities
of SLVMRI. ICRA has also reaffirmed the ratings of [ICRA]B+/A4 to
the INR0.25 crore (revised from INR0.55 crore) unallocated limits
of SLVMRI. The outlook on the long term rating is Stable.

                        Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Cash Credit            9.25       [ICRA]B+(Stable) Re-affirmed

  Long-term/short term
  Unallocated Limits     0.25       [ICRA]B+/A4 (Stable)
                                    Re-affirmed

  Bank Guarantee         0.50       [ICRA]A4 Re-affirmed

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

Sri Lakshmi Venkateswara Modern Rice Industry (SLVMRI) was
incorporated as a partnership firm in the year 2007. The firm had
setup a rice mill with production capacity of 57600 TPA (Tonnes
per Annum) to produce raw & boiled rice. The unit is located at
Nellore district of Andhra Pradesh. The firm's operations are
overseen by managing partner Mr. K. Mallikarjuna Naidu, who has
more than 21 years of experience in rice milling business.
The company reported an operating income of INR40.72 crore and
profit after tax of INR0.13 crore in FY2016 as against the
operating income of INR39.07 crore and profit after tax of
INR0.11 crore in FY2015.


SURYANSH METAL: ICRA Reaffirms 'B' Rating on INR2.20cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B on the
INR2.20-crore fund-based facility of Suryansh Metal & Alloys
(SMA). ICRA has also reaffirmed the short-term rating of [ICRA]A4
on the INR5.70-crore (Enhanced from 5 crore) non fund-based bank
facilities. ICRA also reaffirms the long-term/short-term rating
of [ICRA]B/A4 on the INR2.10-crore3 (Reduced from 2.80 crore)
unallocated limits. The outlook on the long-term rating is
'Stable'.

                     Amount
  Facilities       (INR crore)      Ratings
  ----------       -----------      -------
  Non Fund-Based
  Limits                5.70        [ICRA]A4; reaffirmed

  Fund-Based Limits     2.20        [ICRA]B reaffirmed; Stable
                                    outlook assigned

  Unallocated Limits    2.10        [ICRA]B A4reaffirmed; Stable
                                    outlook assigned

Rationale
ICRA's rating reaffirmation takes into account healthy growth in
operating income, however accompanied by decline in company's
operating profitability and increased leverage in capital
structure.

ICRA's ratings continue to take into account the high competition
prevailing in the metal trading industry, which result in low
bargaining power and subdued margins. The ratings also continue
to factor in the limited value addition of the firm's business
and the vulnerability of the firm's profitability to raw material
price and foreign exchange fluctuations (forex transactions are
not fully hedged). The ratings are also constrained by the firm's
concentrated customer base as majority of the sales are made to
its sister concern. ICRA also takes note of the firm's modest
scale of operations, high gearing and weak debt coverage
indicators, as well as risks associated with the proprietorship
constitution of the firm, which exposes it to risks of
dissolution, withdrawal of capital etc. However, the ratings
continue to derive comfort from the extensive experience of the
promoters and SMA's established relationships with its key
customers, enabling it to procure repeat orders.
Going forward, the firm's ability to improve its scale in a
profitable manner, enhance its capital structure and maintain
optimal working capital intensity will be the key rating
sensitivity.

Key rating drivers
Credit Strengths
* Established track record of promoters in metal trading,
   distribution and processing industry
* Healthy growth in the FY2016 operating income backed by
   increased order flow

Credit Weakness
* Weak financial profile characterised by limited value
addition,
   high gearing, weak debt protection metrics and low cash
   accruals
* Concentrated customer base as majority of the sales are made
   to the sister concern
* Exposure to commodity price risk given that the procurement is
   not always order backed
* Vulnerability of margins to any adverse movement in foreign
   exchange rates; however, partial hedging mitigates the risk to
   some extent.
* Competitive and fragmented industry structure continues to
   exert pressures on the company's revenue growth and
   profitability

Description of key rating drivers highlighted:

The operational profile of SMA is weak because of its modest
scale of operations, which restricts its economies of scale and
bargaining power with customers. In addition, low value-adding
business also constrains the margins of the company. Moreover, as
the raw material procurement is mostly order backed, any increase
in inventory days exposes the company to the risk of high-cost
inventory in a fluctuating market. Low-entry barriers in terms of
capital expenditure and technical knowhow have resulted in the
presence of a large number of players in the market, further
constraining the margins of the company.

Furthermore, elongated receivables in FY2016 increased the
working capital requirements, resulting in a highly leveraged
capital structure as most of the working capital requirement were
funded through bank borrowings.

SMA was incorporated in 2008 as a proprietorship concern by Mr.
Akash Gupta. SMA trades in silicon steel strips, aluminium,
copper alloys etc. SMA has a group company, Topline Lamination
Private Limited (TLPL), which manufactures transformer lamination
cores and strips.

SMA recorded a net profit of INR0.17 crore on an operating income
of INR35.11 crore in FY2016 as against a net profit of INR0.10
crore on an operating income of INR22.27 crore in the previous
year.


TEEKAY MARINES: ICRA Assigns 'B' Rating to INR14.50cr Loan
----------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the INR14.5-
crore1 fund-based bank facilities of Teekay Marines Private
Limited. The outlook on the long-term rating is stable. ICRA has
also reaffirmed the short-term rating assigned to the INR0.30-
crore non-fund based bank facility of the company at [ICRA]A4.

                        Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Fund Based Limits       14.50       [ICRA]B (Stable) assigned
  Non Fund Based Limit     0.30       [ICRA]A4 reaffirmed

Rationale
The ratings take into account the company's established track
record in the seafood export business and its long relationship
with key customers as well as agents, which fetch repeat orders.
The ratings, however, continue to be constrained by the company's
stretched financial profile as reflected by low profitability,
highly leveraged capital structure and depressed coverage
indicators. The high working capital intensity of the company led
to persistent full utilisation of the working capital limits,
reflecting its stretched liquidity position and limited financial
flexibility. The ratings also factor in the company's exposure to
foreign exchange rate fluctuation risks as the entire revenue is
derived from exports, and its vulnerability to the risks inherent
in the seafood industry in relation to the factors like disease
outbreaks, agro-climatic conditions and Government policies both
in India and in the importing countries. ICRA notes that during
FY2016, the company's turnover fell sharply due to reduced
availability of raw materials and drop in export realisation,
which are continuing in the current fiscal. A major portion of
the company's revenue is derived from a few large clients based
in Europe, which gives rise to client and geographical
concentration risks. Moreover, the fragmented nature of the
industry with low entry barriers and high competition in the
international market from other countries keep the margins under
check due to limited pricing flexibility, notwithstanding export
incentives received from the Government.

TMPL's ability to improve its scale of operations, while
increasing profitability and managing the working capital
requirements efficiently, would remain the key rating
sensitivities, going forward.

Key rating drivers
Credit Strengths
* Established track record in the seafood export business
* Long relationship with key customers and agents, ensuring
   repeat orders
Credit Weaknesses
* Significant decline in turnover in FY2016 and H1FY2017 on
   account of reduced availability of raw materials and drop in
   realization

Weak financial risk profile characterised by low profitability,
high gearing, depressed coverage indicators and high working
capital intensity which reduces financial flexibility, as also
reflected by the persistent full utilisation of working capital
limits

* Highly fragmented nature of the industry with low entry
   barriers as well as high competition in the international
   market lead to limited pricing flexibility
* Susceptibility to foreign exchange rate fluctuation risks as
   the entire revenue is generated from exports
* Vulnerability to factors like disease outbreaks, agro-climatic
   conditions and Government policies in India and importing
   markets, which could impact the business profile of all
   players in the seafood industry.

Description of key rating drivers highlighted:

TMPL is primarily involved in the processing and export of
different varieties of shrimp, as well as other seafood in
smaller volumes. In June 2007, the company had set up its own
processing facility, spread over 70,000 sq. ft. at the Chandaka
Industrial Estate in Bhubaneswar. Before that, small units
located in Bhubaneswar, Odisha, used to process raw materials on
a job-work basis for TMPL. The company's processing unit is
located in proximity to raw material sources. However, it does
not have any captive aqua-culture farm. The company sources
shrimp and other marine products from the landing centres in
coastal areas and aqua-culture farms in Odisha, West Bengal, and
Andhra Pradesh. During FY2016, reduced availability of raw
materials led to a decline in the company's scale of operation,
which is continuing in the current fiscal.

The average realisation of shrimp exported by the company also
declined by 18-19% in FY2016 and H1 FY2017. The company sells
products under its own brand, 'Teekay', in the international
markets. TMPL's revenue is entirely derived from exports, which
exposes it to the risks of foreign exchange rate fluctuations. A
major portion of the company's revenue is generated from a few
large clients, primarily retail chains, operating in the European
countries, which makes TMPL susceptible to geographical and
client concentration risks. During FY2016, around 60% of the
company's total export was generated from the European countries,
and the top 10 clients contributed around 85% of the company's
revenues. Nevertheless, TMPL's established relationships with its
key clients and agents fetch repeat orders, mitigating off-take
risks to some extent. TMPL remains exposed to the risks inherent
in the seafood industry relating to disease outbreak, agro-
climatic conditions and Government policies, both in India and
importing countries. The company also enjoys export incentives
from the Government. However, the fragmented nature of the
industry with low entry barriers and the competitive intensity in
the export market limit its bargaining power and pricing
flexibility.

The company's operating income (OI) declined by 48.5% in FY2016
due to reduced sales volume and average realisation. During the
first half of the current fiscal (H1 FY2017), the company's OI
continued to decline by around 36% compared to the corresponding
period of the previous year. TMPL's operating margin increased to
6% in FY2016 from 4.19% in the previous year, though the same
still stood at a modest level due to limited pricing flexibility.
During H1 FY2017, the company's operating margin declined again
to 3.73%. Despite improved operating margin, the company's
OPBDITA declined to INR2.99 crore in FY2016 from INR4.05 crore in
FY2015 on account of a steep decline in turnover. TMPL's net
profit remained low at INR0.07 crore in FY2016 (Rs. 0.18 crore in
FY2015). The company's high stocking requirement adversely
impacted its liquidity, leading to full utilisation of the
working capital facilities persistently, which also limits its
financial flexibility. Its NWC/OI stood at a high level of 58% in
H1 FY2017 vis-a-vis 40% in FY2016. ICRA also notes that in
FY2016, the company had to incur an additional power cost of
INR1.33 crore relating to prior period, which negatively impacted
its cash flow. TMPL's high working capital borrowings continued
to keep its capital structure leveraged, as reflected by the high
gearing of 2.02 times as on March 31, 2016. The coverage
indicators of TMPL remained at a depressed level due to low
profitability and leveraged capital structure, with an interest
coverage of 1.73 times (1.26 times in FY2016), net cash accrual
relative to total debt of 3% (3% in FY2016), and total debt
relative to OPBDITA of 13.75 times (5.94 times in FY2016) in H1
FY2017.

TMPL was incorporated in April, 2001 and is involved in the
processing and export of different varieties of shrimp and other
seafood. The company's processing facility is located at the
Chandaka Industrial Estate in Bhubaneswar, Odisha, and is spread
over an area of 70,000 sq. ft. TMPL is promoted by Mr. T. K.
Narayanan and his family.


TEESTA RANGIT: ICRA Reaffirms 'D' Rating on INR40cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the [ICRA]D rating assigned to the INR40.00
crore1 term loan of Teesta Rangit Private Limited.

                        Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Fund Based Limits
  (Term Loan)             40.00       [ICRA]D reaffirmed

Rationale
The reaffirmation of the rating primarily takes into account
persistent delay in servicing of debt obligations by the company
due to its stretched liquidity position, leading to overdue of
principal and interest on term loans. The rating is also
constrained by the small scale of current operations on account
of a single property based in Gangtok, intensely competitive
nature of the hospitality market in the region marked by the
presence of several renowned international and domestic players,
and losses incurred at net level over the past two years.
However, some improvement was witnessed in FY2016 over the
previous fiscal on the back of significant rise in income
generated from its casino division. The rating, however,
favorably factors in the experience of the promoters in the hotel
business and its association with the Sarovar Group, which
imparts management expertise and brand recognition. The ability
of the company to achieve revenue growth, while improving its
profitability and capital structure as well as liquidity position
would remain the key rating sensitivities.

Key rating drivers
Credit Strengths
* Experience of the promoters in the hotel business
* Tie-up with Sarovar Hotels & Resorts Private Limited, which
   imparts management expertise and brand recognition

Credit Weakness
* Persistent delay in timely servicing of debt obligations
   leading to overdue of principal and interest on term loans
* Small scale of current operations primarily on account of a
   single property in Gangtok
* Losses incurred at the net level over the past two years;
   however, some improvement witnessed in FY2016
* Intense competition in Gangtok hospitality market with
   presence of a large number of hotels

Description of key rating drivers highlighted:

Currently, TRPL operates a four star hotel "The Royal Plaza",
having eighty-one rooms, a dining cum restaurant, tea & coffee
shop, banquet hall and a bar located at Gangtok, Sikkim. The
company has a tie-up with Sarovar Hotels & Resorts Private
Limited for its premium category "Sarovar Premiere", which
provides brand recognition and efficient management of the hotel.
By virtue of its location, the hotel primarily caters to the
leisure travelers. However, ICRA notes that the hospitality
landscape in the city is marked by the presence of several
domestic and international hotels across different star
categories, which along with addition of new properties during
the past few years kept the market intensely competitive and also
put pressure on the occupancy levels of the players in this
industry including TRPL. The average occupancy level of the hotel
was recorded at around 50% in FY2016 as against 43% in FY2015.
The revenue per available room (RevPAR) was around INR2,045 in
FY2016 as against INR1,793 in FY2015. ICRA also notes that
revenue generated from a single property located in the city
exposes the company to high geographical concentration risk. The
company also operates a casino "Casino Sikkim" in the hotel
premises, which ensures steady revenue and provides stability to
the cash flows of the company to an extent.

The operating income of TRPL has remained volatile during the
past years. However, the same has witnessed a growth of 33% in
FY2016 over the previous fiscal on account of significant income
generated from the casino division. Accordingly, the operating
profit margin of the company has witnessed an improvement from
21% in FY2015 to 33% in FY2016. However, high depreciation and
interest expenses have led to a net loss of 16.46% in FY2016.
Consequently, ROCE of the company has also remained at a low
level. Historically, profits and cash accruals from the business
have remained low on account of its small scale of operations,
against the sizeable debt servicing commitments, which led to
delay in debt servicing. TRPL's total debt as on March 31, 2016
comprises term loan of INR27.80 crore and unsecured loan of
INR19.93 crore from group companies/ directors (interest free).

The capital structure of the company has remained leveraged
during the past years. The coverage indicators have remained
depressed as reflected by an interest coverage of 1.88 times, net
cash accruals relative to total debt of 7% and Total Debt/
OPBDITA of 6.66 times during FY2016.

Analytical approach: For arriving at the ratings, ICRA has taken
into account the debt servicing track record of TRPL, its
business risk profile, financial risk drivers and management
profile.

Incorporated in 1991, TRPL owns and operates a four-star hotel --
"The Royal Plaza" in Gangtok, Sikkim. The company has a tie-up
with Sarovar Hotels & Resorts Private Limited for managing the
property and also handling sales and marketing functions of the
hotel business. The hotel has eighty-one rooms with a dining cum
restaurant, tea and coffee shop, banquet hall, and a bar. In
addition, the company operates a casino "Casino Sikkim" in the
same premises.

TRPL recorded a net loss of INR3.54 crore on an operating income
of INR21.50 crore for the year ending March 31, 2016.


TOPLINE LAMINATION: ICRA Reaffirms 'B' Rating on INR5.75cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA] on the
INR5.75-crore fund-based facility of Topline Lamination Pvt. Ltd.
ICRA has also reaffirmed the short-term rating of [ICRA]A4 on the
INR9.00-crore2 non fund-based bank facilities. It has also
reaffirmed the long-term/short-term rating of [ICRA]B/A4 on the
INR0.25-crore3 unallocated limits. The outlook on the long-term
rating is 'Stable'.

                           Amount
  Facilities            (INR crore)     Ratings
  ----------            -----------     -------
  Non-Fund Based Limits      9.00       [ICRA]A4; reaffirmed

  Fund Based Limits          5.75       [ICRA]B reaffirmed;
                                        Stable outlook assigned

  Unallocated Limits         0.25       [ICRA]B /A4 reaffirmed;
                                        Stable outlook assigned

Rationale
ICRA's rating reaffirmation takes into account healthy growth in
operating income, however accompanied by decline in company's
operating profitability and increased leverage in capital
structure.

ICRA's ratings continue to take into account the high competition
in the transformer parts industry which limits TLPL's bargaining
power and results in subdued margins. The ratings also continue
to factor in the vulnerability of the company's profitability to
raw material price fluctuations, as well as adverse foreign
exchange fluctuations, as the forex transactions are not fully
hedged. The ratings further continue to be subdued on account of
the company's modest scale of operations, its high gearing and
weak coverage indicators. However, the ratings continue to derive
comfort from the extensive experience of the promoters and the
company's established relationships with its key customers
enabling it to procure repeat orders.

Going forward, the company's ability to attain a sustained
improvement in scale in a profitable manner, while maintaining an
optimal capital structure and optimal working capital intensity,
will be the key rating sensitivities.

Key rating drivers
Credit Strengths
* Established track record of promoters in metal trading,
   distribution and processing industry
* Diversified client base with established customer relationship
   as evident from the repeat orders

Credit Weakness
* Weak financial profile characterized by high gearing, weak
   debt protection metrics and low cash accruals
* Working capital-intensive operations mainly on account of
   stretched receivables
* Vulnerability of margins to any adverse movements in foreign
   exchange rates; however, partial hedging mitigates the risk to
   some extent
* Exposure to commodity price risk given that the procurement is
   not always order backed.
* Competitive and fragmented industry structure continues to
   exert pressures on the company's revenue growth and
   profitability.

Description of key rating drivers highlighted:

The operational profile of TLPL is weak because of its modest
scale of operations, which restricts it's economies of scale and
also limits is bargaining power with respect to its customers. In
addition, low value additive nature of business also constrains
the margins of the company. Although the management has stated
that their raw material procurement is mostly order backed, an
increase in inventory days exposes the company to risk of a high
cost inventory in a fluctuating market conditions. Low-entry
barriers in terms of capital expenditure and technical knowhow
required has resulted in the presence of a large number of
players in the market which further constrains the margins of the
company.
Furthermore, elongated receivables have led to consistently high
working capital requirements over the past few years. The working
capital requirement has primarily been funded by bank borrowings,
leading to leveraged capital structure.

Incorporated in 2004, TLPL is a closely held private limited
company; it is operated and managed by the Gupta family. TLPL is
the proprietor of T.I. Industries, under whose name the business
operations are carried out. The company primarily manufactures
transformer lamination cores and strips using C.R.G.O. (Cold-
rolled grain oriented) steel.

TLPL recorded a net profit of INR0.44 crore on an operating
income of INR44.29 crore in FY2016 as against a net profit of
INR0.05 crore on an operating income of INR37.04 crore in the
previous year.


VAISHNAVI LIFE: ICRA Reassigns C+ Rating to INR6.34cr Term Loan
---------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR6.59
crore term loan and fund based limits of Vaishnavi Life Care
Private Limited from [ICRA]B to [ICRA]D and has simultaneously
reassigned the rating to [ICRA]C+. ICRA has also revised the
long-term and short-term rating assigned to the INR0.01 crore
unallocated limits of the company from [ICRA]B and [ICRA]A4  to
[ICRA]D and has simultaneously reassigned the rating to [ICRA]C+
and [ICRA]A4.

                     Amount
  Facilities       (INR crore)      Ratings
  ----------       -----------      -------
  Term Loan             6.34        Revised from [ICRA]B to
                                    [ICRA]D and simultaneously
                                    reassigned to [ICRA]C+

  Fund Based Limits     0.25        Revised from [ICRA]B to
                                    [ICRA]D and simultaneously
                                    reassigned to [ICRA]C+

  Unallocated Limits    0.01        Revised from [ICRA]A4 to
                                    [ICRA]D and simultaneously
                                    reassigned to [ICRA]A4

Rationale
The revision in the ratings takes into account the delay in
repayment of term loans for August 2016 and September 2016.
However, the ratings reassigned factor in no delays in meeting
debt obligations since October 2016. The ratings factor in the
company's substantial debt-servicing obligations in the near to
medium term, which are likely to keep its cash flows under
pressure. The capital expenditure plan to be implemented during
early 2017 will create additional burden on the company's cash
flows and would necessitate additional funding from the
promoters. Besides, the company has a weak financial profile
characterised by a highly leveraged capital structure and subdued
level of coverage indicators. The ratings also take into account
the nascent stage of the company's operations with a single
diagnostic centre, which leads to stiff competition and restricts
operational and financial flexibility.

The ratings, however, derive comfort from the strong promoters'
profile with more than two decades of experience in the
healthcare industry, and comprehensive range of diagnostic
services including radio diagnosis, cardiology, gastroenterology,
nephrology, oncology, dermatology being provided at the centre.
The ratings also consider the sound infrastructure and advanced
equipments deployed by the company which are likely to aid it in
developing its position as a renowned diagnostic centre. The
ratings also take into account the company's proposed tie-ups
with few hospitals, corporate and government bodies and proposed
certification by NABL which is likely to support its business
prospects in the medium term.

Going forward, the ability of the company to scale up its
operations and generate adequate cash accruals from the business
to service its debt obligations in a timely manner, while
improving its capital structure and liquidity position would
remain the key rating sensitivities.

Key rating drivers
Credit Strengths
* Strong promoter background with more than two decades of
   presence in the healthcare industry
* Comprehensive range of diagnostic tests in the areas of radio
   diagnosis, cardiology, gastroenterology, nephrology, oncology,
   dermatology etc along with sound infrastructure facility with
   advanced equipments being put to use, supports business
   prospects
* NABL accreditation and proposed tie-ups with hospitals,
   corporate and government bodies to support business prospects

Credit Weakness

Delays observed in debt servicing pertaining to term loan availed

* Net loss incurred during H2 FY2016 partly due to delay in
   arrival of MRI machine, nevertheless the company has reported
   higher revenues and profit before tax in 7M FY2017
   (provisional figures)
* Substantial debt-servicing obligations in the near to medium
   term, which is likely to keep its cash flows under pressure,
   repayment obligations would increase on undertaking further
   debt funded capital expenditure
* Highly leveraged capital structure along with inadequate debt
   protection metrics
* Nascent stage of operations and single diagnostic centre
   restricts operational and financial flexibility
* High competition marked by fragmented nature of diagnostics
   Industry

Description of key rating drivers highlighted:

The project cost of the diagnostic centre established by VLCPL
was INR11.37 crore which was funded through term loan of INR7.20
crore and balance through promoter's contribtuion. Debt funding
has translated into large repayment obligations in the near to
medium term. Given the company's nascent scale of operations,
infusion of funds from the promoters will be critical to fund
working capital requirements and to support impending debt
repayments which would increase when the company undertakes its
planned debt funded capital expenditure of INR0.80 crore in early
2017.

The company is expected to report y-o-y growth in operating
income with new tie-up's with hospitals, corporate and planned
marketing activities to increase revenues. Further, expected
receipt of NABL certification by the company in early 2017 will
offer scope for being an empanelled diagnostic centre for
government organizations.

Incorporated in December, 2014, Vaishnavi Life Care Private
Limited runs a diagnostic centre under the brand name, Image
Diagnostics in Bangalore, Karnataka. It started its commercial
operations in October 2015. It is promoted by its directors, Mr.
Sriram Gowda and Mr. Siddalingappa Shivakumar, who have been
involved in the health care industry for more than 2 decades.
VLCPL recorded a net loss of INR1.17 crore on an operating income
of INR0.93 crore for the year ending March 31, 2016. It generated
a profit before tax of INR0.09 crore on an operating income of
INR3.77 crore during April-October 2016.


VASISTA EDUCATIONAL: ICRA Reaffirms 'D' Rating on INR8.2cr Loan
---------------------------------------------------------------
ICRA has re-affirmed the long term rating of [ICRA]D to the
INR2.00 crore cash credit facility, INR8.20 crore term loans and
the long term/short term rating of [ICRA]D/[ICRA]D to INR11.80
unallocated facilities of The Vasista Educational Society.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Cash Credit             2.00       [ICRA]D; re-affirmed
  Term Loan               8.20       [ICRA]D; re-affirmed
  Unallocated Amount     11.80       [ICRA]D/[ICRA]D; re-affirmed

Rationale
The revision in ratings takes into account the delays in debt
servicing and the consistent overutilization of its bank
facilities by the Society owing to its tight liquidity position
on account of stretched receivables from the government. The
rating action also factors in the increased competition from new
and existing engineering colleges, and weak profit margins during
the year. However, the ratings favourably factor in the wide
range of courses offered by the engineering colleges run by the
Society, increase in occupancy levels for the key courses offered
by the Society in FY2016 and its established presence in West
Godavari District of Andhra Pradesh.

Key rating drivers
Credit Strengths
* The society has a good presence in West Godavari District of
   Andhra Pradesh
* Diversified presence across various streams viz., Diploma,
   B.Tech, M.Tech, M.B.A & MCA programs lends stability to
   Revenues

Credit Weakness
* Delays in repayment of term loans over the past 6 months and
   consistent overutilization of working capital limits.
* Around 65% of the students are eligible for fee reimbursement;
   hence significant delays in receiving fees from government
   under the AP fee reimbursement scheme have impacted the
   liquidity of the society.
* Increasing competition from existing and new engineering
   colleges.
* Fee fixation by A. P. Government and approvals from AICTE for
   seat additions limits the growth potential.
Description of key rating drivers highlighted:

The society runs two engineering colleges Swarnandhra College of
Engineering & Technology (SCET) and Swarnandhra Institute of
Engineering & Technology (SIET) offering Diploma, B.Tech, M.Tech,
MBA and MCA. The colleges are affiliated to JNTU, Kakinada,
Andhra Pradesh.

Around 65% of the students are eligible for fee reimbursement and
debtors have been high on account of delays in receiving fees
from the government under the fee reimbursement scheme, which has
impacted the liquidity of the society. As on 30th November 2016,
the society has receivables amounting to INR11.00 crore against
fee reimbursement scheme from AP government.

Going forward, the ability of the society to regularize its debt
obligations, improve the profitability levels and manage its
liquidity position would be key sensitivities.

The Vasista Educational Society was established in August 2000 at
Seetharampuram village, West Godavari District of Andhra Pradesh
by Mr. K.V. Satyanarayana & Mr. S. Ramesh Babu to promote
technical education. The Society runs two engineering colleges
Swarnandhra College of Engineering & Technology (SCET) and
Swarnandhra Institute of Engineering & Technology (SIET) offering
Diploma, B. Tech, M. Tech, MBA and MCA courses.
The group recorded net profit of INR0.79 crore on an operating
income of INR25.79 crore for FY2016 compared to a net loss of
INR0.28 crore on an operating income of INR23.12 crore in FY2015.


VISHWAS BUILDERS: ICRA Reaffirms 'B+' Rating on INR33cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ for the
INR33.00 crore2 bank facility of Vishwas Builders.  The outlook
on the long term rating is 'Stable'.

                        Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Fund Based Limit       33.00        [ICRA]B+(Stable) Reaffirmed

Rationale
The rating re-affirmation is constrained by VB's exposure to
sales risk, given that ~54% of the flats are unsold by the firm.
The rating also takes into account the exposure of the firm's
operations to the cyclicality inherent in the real estate sector,
as well as the risks of capital withdrawals associated with the
partnership nature of the firm.

The rating, however, continues to derive comfort from the
promoters' extensive experience in the development of real estate
within Surat through its associate concerns. The rating also
favourably considers the fact that VB has received healthy
collections from its customers, which it has utilised to prepay
around 41% of the term loan.

With 46% of the project being booked as on September 30, 2016,
the pace of future bookings and timely receipt of customer
advances will remain critical for the firm's debt servicing which
is scheduled to commence from April 2017.

Key rating drivers

Credit Strengths
* Long experience of the promoters in the field of real estate
   development;
* Prepayment of INR11.59 crore (41%) of the term loan disbursed
   till date, backed by healthy collections from customers.

Credit Weakness
* Exposure to sales risks with 54% of the flats remain to be
   sold by the firm;
* Exposure to the cyclicality of the real estate sector;
* Risk of capital withdrawals inherent in the partnership firm.

Sensitivities
* Timely receipt of cash inflows will remain critical for
   servicing of debt.

Description of key rating drivers highlighted above:
Out of the total sale proceeds of INR124.58 crore, VB has
received INR20.93 crore till September 30, 2016. The advance
inflow has remained healthy in the project. VB has also commenced
recognition of sales. Of the total term loan of INR33.00 crore,
the firm has received the disbursement of INR28.43 crore, as on
September 30, 2016. Furthermore, INR11.59 crore of the loan has
been prepaid by the firm from the sales proceeds generated till
September 30, 2016. Consequently, the management has infused
INR28.64 crore as against the projected INR33.23 crore till
September 30, 2016 and has also availed lower disbursement.

The rating also factors in the cyclicality inherent in the real
estate sector and the intense competition because of the robust
supply in the residential apartment space, coupled with the
ongoing slowdown in the real estate industry. The promoters of VB
are developing three projects - Opera Prince, Opera Palm and
Opera Royale adjacent to the current project location. There are
also other upcoming residential projects at a distance of 2 kms.
from Opera Palace's project location, which are being developed
by other players.

Since VB is a partnership firm, any substantial withdrawals of
the partners' capital can deteriorate the capital structure.

Analytical approach
For arriving at the ratings ICRA has considered the standalone
financial performance of VB, along with recent operational
developments. The company doesn't have any subsidiary and
operates as a standalone entity.

Established in 2014 as a partnership firm, Vishwas Builders (VB)
is engaged in the construction of residential apartments. The
firm is based out of Surat and it currently completed its first
residential project, 'Opera Palace, Phase I', at Kholwad in
Surat. The project consists of 53 towers comprising 914
apartments with a total saleable area of 7,32,844 sq. ft. The
construction of the project, which is targeted at consumers from
the middle income segment commenced in February 2014 and was
completed in December 2016.

The partners of the firm have executed several projects in the
past under different partnership concerns. The firm has four
group concerns -- Vishwas Corporation, Vishwas Buildcon (rated
[ICRA]B+), Anjani Infra and Vishwas Hi-tech Infra Project Private
Limited.

VB recorded a net profit of INR0.96 crore on an operating income
of INR14.79 crore for the half year ending September 30, 2016
(Provisional numbers) and a net profit of INR5.14 crore on an
operating income of INR8.89 crore for the half year ending
Sept. 30, 2016.


ZEBRON SOLAR: Weak Financial Strength Cues ICRA 'SP 3D' Grading
---------------------------------------------------------------
ICRA has assigned an 'SP 3D' grading to Zebron Solar Power
Solutions (ZSPS), indicating the 'Moderate Performance
Capability' and 'Weak Financial Strength' of the channel partner
to undertake solar projects. The grading is valid till Jan. 5,
2019 after which it will be kept under surveillance.

Grading Drivers
Strengths
* Reputed clientele resulting in lower counter party risk

Risk Factors
* Nascent stage of firm's operations in the solar segment
* Weak financial risk profile characterized by small scale of
   firm's operations, low profitability and weak coverage
   indicators
* Large number of organized/unorganized players in the solar
   industry indicating high level of competition which may lead
   to difficulties in getting client contracts and may pressurize
   margins
* Vulnerability of the profitability to the fluctuations in the
   raw material prices

Fact Sheet

Year of Establishment
2013

Office Address
8/787, Mahalaxmi Industrial Estate, B/H, Raj granite, Nr. Gota
Railway crossing, Gota, Ahmedabad-382481

Partners
Mr. Pravin Patel
Mr. Sandip Patel

Zebron Solar Power Solutions was established in 2013 as a
partnership firm of Mr. Pravin Patel and Bhavesh Patel and is
engaged in EPC contracting and/or installation and commissioning
of the solar power plants, solar street lights and solar water
heaters. In August 2014, Mr. Bhavesh Patel left the partnership
firm and Mr. Sandip Patel was introduced as partner. The firm
started its commercial operations from October 2013 with its
registered office located at Banaskantha district and operations
carried out from its office located at Ahmedabad. The firm has
successfully supplied and installed ~2 MW of solar projects since
inception. The clientele of firm consists of various reputed
entities such as private entities such as Tata Solar Power, NKG
Infrastructure Limited, Firmenich Aromatics Prod. (I) Private
Limited etc.

SI Related Business - Moderate Performance Capability

* Promoter Track Record: Established in 2013, Zebron Solar Power
Solutions (ZSPS) is an EPC contractor/ installation and
commissioning service provider for solar power plants, solar
street lights and solar water pumps. The entity has installed and
commissioned ~2 MW of projects since inception of the operations
in 2013. The key promoter of the business- Mr. Pravin Patel has
an 5 years working experience in the solar industry. Prior to
formation of ZSPS, he has worked as site incharge for
installation of the solar power plant in PPS Enviro Power Private
Limited for 2 years. Apart from the solar industry, he has also
worked as electrical engineer for 3 years in Anupam Rasayan India
Limited and Kanoria Chemical & Industries Limited He handles
marketing and purchase related activities of ZSPS, while Mr.
Sandip Patel is involved in the site handling activities.

* Technical competence and adequacy of manpower: The firm has
received ISO 9001:2008 (for quality management systems for
supplying and installations of the solar power plants and
operation and maintenance services) in December 2015. ZSPS have
trained its personnel to install and commission the solar power
projects. Moreover, the partners remain involved in day-to-day
activities of the firm. The total permanent personnel strength of
ZSPS at present stands at 20, out of which ~5 are Diploma/
Degrees from I.T.I's and B.Tech (Electrical) and remaining are
administrative staff and laborers, which seems adequate for its
present nature and size of the firm considering the jobs
undertaken. The firm has order book in hand amounting to about
INR1.01 crore (~603 kw) as on December 31, 2016 to be executed by
February 2017.

* Quality of suppliers and tie ups: ZSPS procures solar panels,
cables, junction boxes and other raw material from the domestic
market. The firm procures solar panels from MNRE Accredited
companies such as Shivam Photovoltic Private Limited in
Ahmedabad, Topsun Energy Limited of Gandhinagar, Green Brilliance
Energy Private Limited of Vadodara etc. ZSPS enjoys healthy
working relationship with most of these suppliers. The firm
shortlists the vendors based on product certifications, quality
parameters and the service levels which suppliers can provide;
resulting in minimal hindrances caused due to faulty supplies and
increasing product credibility.

* Customer and O&M Network: ZSPS has executed several solar
installations totaling to ~2 MW since commencement of solar
operations in October 2013. The clientele of firm consists of
various reputed private entities. The firm currently provides
installation and commissioning services on sub-contracting basis
for various solar companies such as Tata Solar Power, Amplus
Energy Solutions Private Limited etc. and on contract basis for
other companies such as Godrej & Boyce Manufacturing Co. Ltd. The
firm also does EPC contracting work for various entities though
the proportion of such contracts remains low. The firm provided
quality deliverables; timely execution and prompt after sales
service for the projects. The firm provides operation and
maintenance through its existing team of installation
technicians.

Financial Strength - Weak

Revenues
INR1.41 Cr. for FY2016

Return on Capital Employed (RoCE)
19.43%

Total Outside Liabilities / Tangible Net Worth
7.28 times

Interest Coverage Ratio
1.84 times

Net Worth
The net-worth of the firm is INR0.17 Cr. (31st March 2016)

Current Ratio
1.14 times

Relationship with Bankers
The firm has current account and cash credit facility with Dena
Bank. The banker is satisfied with the performance of the
account.
The overall financial profile of the company is weak.


ZETATEK INDUSTRIES: ICRA Reaffirms B+ Rating on INR10cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
INR5.50 crore cash credit limits, INR10.00 crore Bank Guarantee
limits (revised from INR14.00 crore) and INR5.50 crore
unallocated limits (revised from INR1.50 crore) of Zetatek
Industries Limited. ICRA has also reaffirmed the short-term
rating of [ICRA]A4 to the INR2.00 crore LC limits of ZIL. The
outlook on the long term ratings is 'Stable'.

                     Amount
  Facilities       (INR crore)      Ratings
  ----------       -----------      -------
  Credit                5.50        [ICRA]B+(Stable) Reaffirmed
  Bank Guarantee       10.00        [ICRA]B+(Stable) Reaffirmed
  Unallocated Limits    5.50        [ICRA]B+(Stable) Reaffirmed
  LC                    2.00        [ICRA]A4 Reaffirmed

Rationale
The rating reaffirmation continues to be constrained by the weak
financial profile of the company with muted growth in revenues in
FY2016 owing to delay in execution of order from its largest
customer on the back of changes in product specifications by the
end customer. The ratings is also constrained by the stretched
liquidity position as indicated in high utilization of working
capital limits on account of significant increase in working
capital intensity owing to longer collection periods and higher
inventory. The rating continues to be constrained by the high
sector concentration with the aerospace and defence industries
being its primary end user industries. ICRA also notes the high
order book concentration with about 48% of the outstanding order
book from a single customer. The rating, however, favourably
factors in the indigenous product development capabilities of the
company backed by focused Research and Development as well as its
established track record and experience in the testing equipment
industry. ICRA also draws comfort from the prequalified vendor
status of the company with leading government research
organizations indicating product acceptability and conformance to
quality standards. ICRA also notes that the high entry barriers
in the industry in terms of technological capability, initial
capital and due approvals from clients protects it from increased
competition.

Key rating drivers

Credit Strengths
* Indigenous product development capabilities backed by focused
   R&D and established track record and experience of the company
   in the testing equipment industry
* Prequalified vendor status with leading government research
   organizations indicates product acceptability and conformance
   to quality standards and high entry barriers in the industry
   in terms of technological capability, initial capital and
   approvals/affiliation from clients

Credit Weakness
* Modest scale of operations with an operating income of INR8.63
   crores in FY2016
* Significant revenue de-growth in FY2015 and muted growth in
   FY2016 owing to slow movement in orders from its top customer
   with change in product specification by end client
* High utilization of working capital limits. Long lead time of
   manufacturing and installation, and stretched receivables from
   its top customer result in elongated cash conversion cycle,
   high working capital intensity and constrained liquidity
   position
* High sector concentration with the aerospace & defence being
   the primary end user industry

Description of key rating drivers highlighted:

The company is an approved vendor with all the 52 DRDO (Defence
Research and Development Organization) labs apart from
ISRO(Indian Space Research Organization) as well as HAL(Hindustan
Aeronautics Limited), which provides credibility to its products.
ZIL has employee strength of about 135 people with over 28
technical personnel. The company's clientele includes reputed
agencies like various government based research bodies including
IGCAR which is a division of Department of Atomic Energy (DAE,
Chennai), Research Centre Imarat (RCI) (DRDO body involved in
Navigation, Control & Guidance, and Environmental and EMI/EMC1
test facilities for Qualification and Acceptance testing of the
mechanical and electrical airborne hardware).

The operating income witnessed a muted growth in FY2016 on
account of continued delays in the execution of order of its top
client due to change in technical specifications by the end user
who delayed the final order till the changes are finalized at
their end. The installation of equipments like environment test
chambers, vibration systems, rate tables etc takes about 2 to 3
months and any delays on part of clients can further elongate the
process, resulting in stretched receivables and elongated cash
conversion cycles.

Going forward, ability of the company to scale up its operations
by timely execution of current orders, improve profitability,
capital structure and effectively manage its working capital
requirements will be the key rating sensitivity from credit
perspective.

Incorporated in 1990, ZIL is a closely held public limited
company founded and managed by Mr. R Siva Kumar. ZIL is engaged
in the manufacture of various kinds of testing equipments
primarily used for performance testing in the aerospace & defence
industry. The company's product offerings include "environmental
test chambers", "vibration test systems" and "rate tables". Apart
from this, the company also supplies navigation subsystems to
GAPL which is engaged in the manufacture of "Inertial Navigation
Systems" used for navigation purposes in ships, aircrafts and
guided missiles.



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


TOSHIBA CORP: Mulls Spinning Off Flash-Memory Unit to Raise Funds
-----------------------------------------------------------------
Bloomberg News reports that Toshiba Corp., facing billions of
dollars of writeoffs in its nuclear business, is considering
spinning off its well-performing flash-memory unit to raise
funds.

Toshiba is considering an infusion of cash as part of the
spinoff, said Kaori Hiraki, a spokeswoman for the Tokyo-based
company, Bloomberg relates. While a spinoff is one of the
options, nothing has been decided at the moment, Toshiba said in
a statement on Jan. 18. Toshiba may sell a 20 percent stake in
the chip operations for as much as JPY300 billion ($2.7 billion),
the Nikkei newspaper reported earlier, citing unidentified people
familiar with the matter, Bloomberg relays.

Bloomberg says the company's shares jumped as much as 4.9 percent
in Tokyo, paring a decline of more than 30 percent since mid-
December, when it surprised investors with the disclosure that a
U.S. nuclear construction unit may result in billions of dollars
in losses. The unexpected writedown follows a profit-padding
scandal in 2015 that led to record losses and prompted the
company to cut staff and sell off businesses.

Flash memory used in smartphones and solid state disk drives is
one of the few bright spots in Toshiba's sprawling business
portfolio that also includes personal computers, TVs, railway
systems and elevators, Bloomberg notes. Memory chips generated
JPY50.1 billion in profit in the fiscal first half, accounting
for more than half of total operating profit in the period. The
company has shared investments in the business with Western
Digital Corp.

A partial sale to Western Digital and possible stock listing are
also on table, Bloomberg relates citing Nikkei.

Earlier this month, Toshiba's main banks agreed to maintain
financing for the Japanese company through February, even though
recent credit downgrades may make it ineligible to receive loans,
according to people with knowledge of the matter, Bloomberg
recalls.

Bloomberg says the potential writedown is related to the purchase
of CB&I Stone & Webster Inc., a U.S. construction firm that
specializes in building nuclear plants. Toshiba's energy
subsidiary Westinghouse Electric bought the firm from CB&I as
part of a deal to settle disputes over cost overruns and project
delays.

According to Bloomberg, Toshiba originally estimated the
acquisition would cost $87 million, but after a detailed
accounting review said that figure may swell to several billions
of dollars. Bank of America Corp. analysts estimated the deal may
result in losses of $4.7 billion, potentially wiping out its
shareholder equity. Toshiba said it will present more details
after completing a review in the coming weeks, Bloomberg reports.

                           About Toshiba

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

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 30, 2016, Moody's Japan K.K. downgraded Toshiba
Corporation's corporate family rating (CFR) and senior unsecured
rating to Caa1 from B3.  Moody's has also downgraded Toshiba's
subordinated debt rating to Ca from Caa3, and affirmed its
commercial paper rating of Not Prime. At the same time, Moody's
has placed Toshiba's Caa1 CFR and long-term senior unsecured bond
rating, as well as its Ca subordinated debt rating under review
for further downgrade.

The TCR-AP reported on Jan. 4, 2017, that S&P Global Ratings said
it has lowered its long-term corporate credit and senior
unsecured debt ratings on Toshiba Corp. one notch each, to
'B-' from 'B' and 'B+' from 'BB-', respectively, and has placed
the ratings on CreditWatch with negative implications.  At the
same time, S&P has placed its 'B' short-term corporate credit and
commercial paper program ratings on Toshiba on CreditWatch
negative.



===============
M A L A Y S I A
===============


EKA NOODLES: To Close Flagship Vermicelli Plant in Baling
---------------------------------------------------------
The Star reports that EKA Noodles Bhd has decided to close its
flagship rice and sago sticks (vermicelli) manufacturing plant in
Baling, Kedah, and cease its operations by the middle of next
week.

The Star relates that the company told Bursa Malaysia that this
cessation of the operations of Kilang Bihun Bersatu Sdn Bhd
(KBBSB) and EKA Foodstuff Sdn Bhd (EFSB) from Jan. 18 would
entail an asset disposal.

According to the Star, EKA noted that it now had eight months to
submit its regularisation plan and said the proposed asset
disposal was an opportunity to unlock the value of these assets
to repay the liabilities of KBBSB and EFSB, which have suffered
losses for the past several years and are not expected to turn
around in the near future.

However, EKA added that there was no guarantee that the group
would be able to realise a higher value of these assets to be
disposed of, the report says.

The Star notes that the net book value of the assets as at
Nov. 30, 2016, totalled MYR35.7 milllion.  Its original cost of
investment in KBBSB was MYR31.66 million, while the cost of
investment in marketer EFSB was MYR2.

According to the report, the company said the proposed cessation
is expected to result in cost savings (in terms of salaries and
wages, utilities, etc) of up to MYR200,000 per month and interest
savings of about MYR8.4 million per annum.

KBBSB, which is a major subsidiary, posted a net loss before tax
of MYR3.37 million for the 18-month financial period ended
Dec. 31, 2015, the report discloses.  For the financial year
ended June 30, 2014 (FY14), its net loss was larger at MYR13.9
million.

This was mainly due to a higher production cost incurred such as
in the price of raw materials (broken rice and sago starch), an
increase in the electricity tariff and the implementation of the
minimum wage of MYR900.

The Star relates that EKA also attributed the loss to an
allowance of impairment losses of trade debtors totalling about
MYR5.39 million.

The proposed cessation of operations will affect 96 employees (49
at KBBSB and 47 at EFSB), who will be made redundant, adds The
Star.

EKA pointed out that the proposed cessation would not result in
the complete cessation of the group's manufacturing and marketing
activities, the report says.

EKA Noodles Berhad (KLSE:EKA) -- http://www.ekanoodles.com/-- is
an investment holding company. The Company is engaged in the
manufacturing and marketing of various types of rice, sago sticks
(vermicelli), sago starch and related products in Malaysia. The
Company's product categories include Bihun, Bihun Siam, Instant
Bihun, Laksa, Instant Noodles and Others. The Company's brands
include Bihun EKA, Laksa EKA and Instant Noodle EKA. The Company,
through its subsidiaries, is engaged in manufacturing and trading
of beehoon and beehoon laksa, and manufacturing and trading of
noodles and its related products. The Company sells its products
primarily to small wholesalers and retailers. The Company's
subsidiaries include Kilang Bihun Bersatu Sdn. Bhd., Rasayang
Food Industries Sdn. Bhd., Bersatu Noodles Industries Sdn. Bhd.,
EKA Foodstuff Sdn. Bhd. and Kilang Bihun Bersatu (East Malaysia)
Sdn. Bhd.

EKA Noodles Berhad has been considered a PN17 Company pursuant to
Paragraph 8.04 and Paragraph 2.1 (a) of Practice Note 17 (PN17).

The PN17 criteria was triggered as EKA's shareholders' equity on
a consolidated basis is 25% or less of the issued and paid-up
capital of EKA and such shareholders' equity is less than
MYR40.0 million in EKA's unaudited interim financial results for
the 2nd quarter ended June 30, 2016.



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


SONG-IN BOOKS: Korea to Infuse KRW3 Billion to Help Publishers
--------------------------------------------------------------
The Korea Herald reports that the South Korean government said on
Jan. 15 it will spend KRW3 billion ($2.6 million) to support
publishers related to Song-In Books, as part of measures to
minimize the fallout from the bankruptcy of the country's No. 2
book distributor.

Song-In Books filed for bankruptcy on Jan. 3, sparking concerns
over the possible impact on the some 2,000 smaller publishers
that it had ongoing business deals with. The direct financial
loss, such as nonpayment, is estimated to be around KRW30
billion, according to the Korea Herald.

The report relates that as part of the new plans, the Ministry of
Culture, Sports and Tourism said it will pump KRW2 billion into
helping pay for writers' fees and the costs of design and
editing, to ensure the affected companies continue publishing
books. The financial support amounts to KRW8 million for each
book title.

According to the Korea Herald, the ministry said it will also buy
KRW1 billion worth of books from the publishing companies to
compensate for their lost sales with Song-In Books. The
publishers will have priority in the government's book
acquisition projects, such as for military barracks and for
promoting Korean books overseas.

In addition, the ministry has created a task force on a
KRW50 million budget to track the damage caused by Song-In Books'
bankruptcy and other repercussions, the report relates.

On Jan. 6, the government announced plans to grant KRW5 billion
in emergency loans with a 1 percent interest rate to publishers
hit by the bankruptcy of Song-In Books, the Korea Herald adds.

Song-In, which was established in 1959, announced on its website
on Jan. 3, that "due to worsening business management, we
concluded that we cannot revive the company and decided to begin
the liquidation process," according to Korea Joongang Daily.



                             *********

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

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

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


                            *********


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

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

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

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

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



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