TCRAP_Public/170120.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

           Friday, January 20, 2017, Vol. 20, No. 15

                            Headlines


A U S T R A L I A

B AND V: First Creditors' Meeting Scheduled for Jan. 30
BURWARD PTY: First Creditors' Meeting Scheduled for Jan. 30
ILLAWARRA 2011-1: Fitch Affirms 'BB' Rating on Class E Notes
PIE FACE: Owes Employees AUD1 Million as Receiver Seeks Buyer
SWIRE AND NOBLE: First Creditors' Meeting Set for Jan. 27


C H I N A

YUZHOU PROPERTIES: Fitch Assigns 'BB-' Rating to US$ Sr. Notes


H O N G  K O N G

LEHMAN BROTHERS: HK Scheme Claims Bar Date Set For Feb. 10


I N D I A

AAVISHKAAR SEP: Ind-Ra Assigns 'BB(SO)' Rating to INR21MM Loan
ABHIJIT REALTORS: CARE Hikes Rating on INR30cr LT Loan to BB-
ANAND CONSTRUWELL: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
ANDHRA CEMENTS: CARE Reaffirms 'D' Rating on INR877cr LT Loan
BABA BAIDHNATH: CRISIL Assigns 'B' Rating to INR3.54MM Term Loan

BACKBONE PROJECTS: CARE Assigns 'D' Rating to INR17.13cr Loan
BHARAT HATCHERIES: CRISIL Reaffirms B+ Rating on INR7MM Loan
BHUVANESWARI SAKTHI: CRISIL Assigns 'B' Rating to INR1.5MM Loan
BINDALS PAPERS: CARE Upgrades Rating on INR321.87cr Loan to BB-
CADCHEM LABORATORIES: CRISIL Reaffirms B+ Rating on INR7.25M Loan

CORONA BUS: CARE Cuts Rating on INR8.50cr Long Term Loan to B+
G V KNITS: CARE Assigns B+ Rating to INR7.30cr LT Loan
GOLDEN SHELTERS: CRISIL Hikes Rating on INR40MM Term Loan to BB-
GREENPIECE LANDSCAPES: Ind-Ra Affirms BB Long-Term Issuer Rating
HARAGOURI HIMGHAR: CARE Reaffirms 'B' Rating on INR9.22cr Loan

JAIN IRRIGATION: Fitch Publishes 'B+' LT Issuer Default Rating
JANKI AGRO: CARE Hikes Rating on INR17.15cr Long Term Loan to BB-
JAYPEE CEMENT: CARE Reaffirms 'D' Rating on INR2312.94cr LT Loan
JIYA EXIM: CARE Assigns B+ Rating to INR13.17cr Long Term Loan
JSB ENTRADE: Ind-Ra Raises Long-Term Issuer Rating to 'B+'

K.R. PADMANABHAN: CRISIL Reaffirms 'B' Rating on INR5.0MM Loan
M P ENTERTAINMENT: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
M. G. WADHWANI: CARE Assigns B+ Rating to INR2.50cr LT Loan
MASINA ALLOYS: CRISIL Cuts Rating on INR7.0MM Cash Loan to B+
METROPOLE TILES: CRISIL Hikes Rating on INR31.5MM LT Loan to BB-

MILLENIUM MARBLE: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
MUSALE CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR7.5MM Loan
NS MINT: Ind-Ra Raises Long-Term Issuer Rating to 'BB-'
OMKAR COTTON: CARE Reaffirms B+ Rating on INR6cr Long Term Loan
P. SRI RAMULU: CRISIL Reaffirms 'B' Rating on INR10MM Cash Loan

PRECIOUS TRADELINK: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
PRINCE SPINTEX: CARE Reaffirms B+ Rating on INR62.75cr LT Loan
RAJENDRA KUMAR: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
RIDHI AUTO: CRISIL Assigns B+ Rating to INR4.5MM Cash Loan
SELVARANI IMPEX: CRISIL Reaffirms B+ Rating on INR9MM Cash Loan

SHREE BALAJI: CARE Assigns B+ Rating to INR10.17cr Loan
SHREE JAGDAMBA: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
SHREE PARASHNATH: CARE Reaffirms 'B' Rating on INR172.83cr Loan
SHRI SAIPRASAD: CRISIL Hikes Rating on INR5.5MM Cash Loan to BB-
SRI ANJANI: CARE Assigns B+ Rating to INR7.50cr Long Term Loan

SRI SRIDEVI: CRISIL Assigns B+ Rating to INR9MM Cash Loan
SRI VEERESHWARA: CRISIL Assigns B+ Rating to INR5MM Cash Loan
STARSHINE ENGINEERING: Ind-Ra Assigns B+ Long-Term Issuer Rating
SUPER CRAFT: CRISIL Hikes Rating on INR10.25MM Term Loan to BB-
T.P.S. SEKAR: CRISIL Upgrades Rating on INR5.5MM Cash Loan to B+

TRIMURTY SPINNING: CARE Cuts Rating on INR16.02cr LT Loan to 'B'
V.P.K. AGRO: CRISIL Assigns 'B' Rating to INR11.7MM LT Loan
VARRON ALUMINIUM: CARE Lowers Rating on INR55cr ST Loan to 'D'
VARRON AUTO: CARE Cuts Rating on INR322cr Fund Based Loan to 'D'
VARRON INDUSTRIES: CARE Lowers Rating on INR142.80cr Loan to 'D'


I N D O N E S I A

BUKIT MAKMUR: Moody's Assigns Ba3 CFR, Outlook Stable


J A P A N

TAKATA CORP: Bidders Said to Favor Court-Mediated Bankruptcy
TOSHIBA CORP: Losses in Nuclear Business Could Top JPY500 Bil.


N E W  Z E A L A N D

SOUTH CANTERBURY: Investors' Legal Action May Start in Few Weeks


S O U T H  K O R E A

HANJIN SHIPPING: U.S. Court Okays $78MM Sale of Terminal Assets
SAMSUNG GROUP: Court Rejects Arrest Warrant for Samsung Boss


                            - - - - -


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


B AND V: First Creditors' Meeting Scheduled for Jan. 30
-------------------------------------------------------
A first meeting of the creditors in the proceedings of B And V
Holdings Pty Ltd, trading as Australia Wide Towing Pty Ltd, will
be held at the offices of Worrells Solvency & Forensic
Accountants, Suite 1, Level 15, 9 Castlereagh Street, in Sydney,
on Jan. 30, 2017, at 12:00 p.m.

Simon Cathro & Aaron Lucan of Worrells Solvency & Forensic
Accountants were appointed as administrators of B And V Holdings
on Jan. 17, 2017.


BURWARD PTY: First Creditors' Meeting Scheduled for Jan. 30
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Burward
Pty Ltd, trading as SPS Energy, will be held at the offices of
Worrells Solvency and Forensic Accountants, Suite 4, Level 3, 26
Duporth Avenue, in Maroochydore, Queensland, on Jan. 30, 2017, at
11:00 a.m.

John Cunningham and Paul Nogueira of Worrells Solvency were
appointed as administrators of Burward Pty on Jan. 18, 2017.


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

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

Note balances are as of the Dec. 19, 2016, payment date.

                         KEY RATING DRIVERS

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

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

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

                       RATING SENSITIVITIES

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

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

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


PIE FACE: Owes Employees AUD1 Million as Receiver Seeks Buyer
-------------------------------------------------------------
Kate Kachor at nine.com.au reports that dozens of employees of
fast-food chain Pie Face remain out of pocket more than AUD1
million in worker entitlements more than two years after the
company fell into financial difficulty.

Pie Face was one of Australia's most successful franchises until
it folded into voluntary receivership and then subsequent
liquidation in 2014, the report says.

While the company's debt has been widely reported as being
anywhere between AUD15 million to AUD20 million to AUD51 million,
a final figure is yet to be confirmed, nine.com.au says.

nine.com.au relates that the exact sum company workers are owed
appears to be another mystery, with claims at one point the
amount was as high as AUD2 million.

According to the latest liquidator's report available on
Australian Securities and Investments Commission, more than 500
employees were owed AUD864,216 as at October 2016. This figure
included more than AUD200,000 in unpaid superannuation.

To add to the confusion, O'Brien Palmer was appointed as a second
joint receiver to a number of Pie Face entities in October last
year by Pie Face backer, TCA Global, nine.com.au says.

O'Brien Palmer was called in after the troubled fast-food chain
defaulted on its financial obligations to TCA Global.

According to nine.com.au, during the course of the company's
first receivership in December 2014 at the hands of Jirsch
Sutherland, a payment of AUD1 million is believed to have been
paid back to workers through a deed of company arrangement.

Liam Bailey, partner O'Brien Palmer, one of the two joint
receivers and managers, told nine.com.au "there's still at least
AUD1 million" owed to workers.

Since his appointment as joint receiver late last year,
Mr. Bailey said Pie Face has undergone a significant restructure
that left about 100 people redundant and closed a number of "loss
making ventures," nine.com.au relays.

nine.com.au notes that after being knocked into shape, the Pie
Face company is now just weeks away from having a new owner. An
initial interested party list has been whittled down from 20 to a
crew of eight.

"We picked the eight we thought were serious contenders," he
said, adding that the parties were now at the due diligence
stage.

According to the report, O'Brien Palmer plans to take final
offers to TCA by the start of February with expectations a deal
will be signed by March.

"I think Pie Face will remain Pie Face," said Mr. Bailey in
answer to how he envisioned the sale process would play out,
nine.com.au relays.  "We've got the franchisees, there's an
international licensing agreement . . . I think the brand
recognition is strong. But it will really depend on who the
purchaser."

                        About Pie Face

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

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

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


SWIRE AND NOBLE: First Creditors' Meeting Set for Jan. 27
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Swire and
Noble Estates Pty Ltd will be held at the offices of BCR
Advisory, Level 2, 139 Frome St, in Adelaide, SA, on Jan. 27,
2017, at Jan. 27, 2017, at 12:30 p.m.

Geoff Davis of BCR Advisory was appointed as administrator of
Swire and Noble on Jan. 18, 2017.



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


YUZHOU PROPERTIES: Fitch Assigns 'BB-' Rating to US$ Sr. Notes
--------------------------------------------------------------
Fitch Ratings has assigned Yuzhou Properties Company Limited's
(Yuzhou; BB-/Stable) proposed US dollar senior notes an expected
'BB- (EXP)' rating.

The notes are rated at the same level as Yuzhou's senior
unsecured rating because they constitute direct and senior
unsecured obligations of the company.  The final rating is
subject to the receipt of final documentation conforming to
information already received.  The company's management says it
plans to use most of the net proceeds from the issue to refinance
existing indebtedness.

The China homebuilder's ratings are supported by its strong
contracted sales growth, regional diversification, and favorable
margin compared with its peers.  Its recent expansion into the
Yangtze River Delta will increase its leverage, but Fitch
believes a rise to around 40% of net debt-to-adjusted inventory
in the next 12 months will be reasonable as it has acquired good
quality sites and achieved a much larger operating scale.

                        KEY RATING DRIVERS

Expansion On Track: Fitch believes Yuzhou's recent expansion in
Shanghai, Nanjing and Hangzhou will help it set up core markets
in two regions - the West Strait Economic Zone and the Yangtze
River Delta - improve the company's inventory quality, and
diversify its portfolio.  Yuzhou is a leading property developer
in Fujian province and Hefei, but has acquired eight land parcels
in Shanghai and Nanjing since 2015.  Contracted sales in the
latter two cities reached CNY5.3 bil. in January-September 2016,
or 28% of total contracted sales, compared with CNY1bn, or 7% of
total contracted sales, in 2015.  Yuzhou also acquired sites in
Hangzhou through the purchase of a company for CNY4.1 bil. in
July 2016. Fitch expects the company's operating scale to
continue increasing in the Yangtze River Delta.

Leverage Increase to be Reasonable: Fitch expects Yuzhou's
leverage to have increased to 35%-40% by the end of 2016 (1H16:
35%).  The increase will be driven by the high land premiums as
the company expands.  The ratio of attributable land cost to
contract sales was over 65% in 1H16, which was higher than its
peers' average of 40%-50%.  However, a rise in leverage to about
40% by end-2016 would still be reasonable because of the good
quality of its recent land purchases and Yuzhou's enlarged scale.
Yuzhou's contracted sales jumped 116% yoy to CNY18.7 bil. in
January-September 2016.

Margin Under Pressure; Still Robust: Yuzhou's consistently high
EBITDA margin of over 30% is likely to come under pressure due to
the significant rise in land costs.  However, Fitch expects the
company to maintain a robust margin because most of the sites
purchased are in major cities in the Yangtze River Delta and have
high sales potential; the company has a record of achieving
higher-than-average selling prices, and it has low selling,
general and administrative expenses.  Yuzhou's margin has been
high mainly because of its low unit land costs, of about 22% of
average selling price in 2014.  However, this ratio quickly
increased to 30% in 2015 as land costs climbed, and it is likely
to rise further in 2016.

Healthy Liquidity: Yuzhou had total cash of CNY15.7 bil. at end-
1H16, which is more than enough to cover its short-term debt of
CNY5.7 bil., and support its planned expansion.  The company has
diversified funding channels to ensure the sustainability of its
liquidity.  Besides bank loans, it has established channels for
both onshore and offshore bond issuance, as well as equity
placement.

                             KEY ASSUMPTIONS

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

   -- Attributable contracted sales to have increased by around
      50% in 2016 as Yuzhou continued its expansion into the
      Yangtze River Delta and West Strait Economic Zone

   -- Higher average selling prices and unit land costs as Yuzhou
      increases exposure in Tier 1 and Tier 2 cities like
      Shanghai, Nanjing and Hangzhou

   -- Land acquisitions in line with contracted sales growth in
      2016, and account for around 60% of total contract sales

                      RATING SENSITIVITIES

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

   -- Net debt/adjusted inventory sustained above 45% (1H16: 35%)
   -- Contracted sales/net inventory sustained below 0.6x (1H16:
      0.8x)
   -- EBITDA margin sustained below 20% (1H16: 33%)
   -- Significant drop in contracted sales from current scale
     (9M16: CNY18.7 bil.)

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

   -- Sustaining a leading status in core markets of both the
      West
      Strait Economic Zone and the Yangtze River Delta
   -- Net debt/adjusted inventory sustained below 40%
   -- Contracted sales / net inventory sustained above 0.8x
   -- EBITDA margin sustained above 25%



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


LEHMAN BROTHERS: HK Scheme Claims Bar Date Set For Feb. 10
----------------------------------------------------------
The High Court of Hong Kong made an Order on Dec. 21, 2016,
sanctioning the Scheme of Arrangement between Lehman Brothers
Futures Asia Limited, Lehman Brothers Asia Limited, Lehman
Brothers Securities Asia Limited and their creditors.

The effective date of the Scheme is Jan. 10, 2017 and the Bar
Date is on Feb. 10, 2017.

As the Scheme is now effective, and a Bar Date is fixed, any
person who has, or believes that they have, a Claim against the
Scheme Company should immediately take action as:

1. Any Scheme Creditor who has not yet submitted a Proof of
    Debt in the liquidation of the Scheme Company (or otherwise
    given written particulars of their Non-Provable Claims or
    any other Scheme Claim to the Joint Liquidators), must
    complete and return a Claim Form along with such
    particulars and supporting evidence (as appropriate) to
    the Joint Liquidators before 5:00 p.m. (Hong Kong time)
    on the Bar Date, provided that no notification or Claim
    Form is required to be submitted in respect of any Claim
    for PLI Entitlement.

2. A Scheme Creditor who has already submitted (i) a Proof of
    Debt and/or other Scheme Claim to the Joint Liquidators;
    and/or (ii) a Claim Form in accordance with Clause 4
    (for the purposes of voting at a Scheme Class Meeting),
    does not need to submit a Claim Form in accordance with
    Clause 6.2(3), except insofar as they wish to notify the
    Joint Liquidators of any changes to their Claims or
    additional Claims (other than or in addition to PLI
    Entitlement) that they wish to assert. Any changes or
    Addition to Claims must be notified to the Joint Liquidators
    before 5:00 p.m. on the Bar Date.

3. Claim Forms received after 5:00 p.m. on the Bar Date shall
    be time barred and shall not be eligible for consideration
    or determination as an Accepted Scheme Claim. Therefore
    Scheme Creditors should take prompt action to file Claim
    Forms and any supporting evidence. In the absence of
    receiving a Claim Form (or further Claim Form as the case
    may be) from such Scheme Creditors, the Joint Liquidators
    will assess and determine only such Scheme Claims for which
    they have actual notice as at 5:00 p.m. on the Bar Date.

Any Person who have any questions relating to the Notice or the
Scheme should contact the company's Joint Liquidators:

         KMPG
         27/F Alexandra House
         18 Chater Road
         Central, Hong Kong
         Tel   : +852 2522 6022
         E-mail: lehman.hk@kmpg.com

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  The Chapter 11 plan for the Lehman companies other than
the broker was confirmed in December 2011.

                          *     *     *

According to a report by Wall Street Journal Pro Bankruptcy, the
team winding down Lehman Brothers Holdings Inc. was slated to pay
out $3.8 billion to creditors in October 2016.  This is the 11th
distribution since Lehman failed in 2008, and brings the total
payout to more than $113.6 billion.  The bulk of the cash --
$83.6 billion -- has gone to pay so-called third-party, or non-
Lehman claims, WSJ related.

Bondholders were projected to receive about 21 cents on the
dollar when Lehman's bankruptcy plan went into effect in early
2012. According to the WSJ report, Lehman said in a court filing
that the bondholders will have recovered more than 40 cents on
the dollar after the 11th distribution is completed; while
general unsecured creditors of Lehman's commodities unit will
have received nearly 79 cents on the dollar following the latest
distribution.



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


AAVISHKAAR SEP: Ind-Ra Assigns 'BB(SO)' Rating to INR21MM Loan
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Aavishkaar Sep
2016 Trust (an ABS transaction) these final ratings.

   -- INR350.1 mil. Series A1 pass through certificates due June
      2018, assigned 'IND A-(SO)/Stable' rating;

   -- INR21.0 mil. Second loss credit facility (SLCF) due June
      2018, assigned 'IND BB(SO)/Stable' rating

The microfinance loan pool assigned to the trust has been
originated by Arohan Financial Services Pvt Ltd. (AFSPL).

                        KEY RATING DRIVERS

The final ratings are based on AFSPL's origination, servicing,
collection and recovery expertise, the legal and financial
structure of the transaction and the credit enhancement (CE)
provided in the transaction.  The final rating of Series A1 PTCs
addresses the timely payment of interest and principal on monthly
payment dates by the final maturity date of June 2018, in
accordance with transaction documentation.

The transaction benefits from the internal CE on account of
excess interest spread.  The total excess cash flow or internal
CE available to Series A1 PTCs is 8.41% of the initial pool
principal outstanding (POS).  The transaction also benefits from
the external CE of 11.0% of the initial POS.  The total available
CE consists of a first loss credit facility of 5.00% and an SLCF
of 6.00%.  The first loss credit facility and SLCF are provided
in the form of fixed deposits with Yes Bank Ltd ('IND
AA+'/Stable) in the name of the originator with a lien marked in
favor of the trustee.  The collateral pool assigned to the trust
at par had an initial POS of INR350.1 million as of the pool
cutoff date of Aug. 31, 2016.

                       RATING SENSITIVITIES

As part of its analysis, Ind-Ra built a pool cash flow model
based on the transaction's financial structure.  The agency
analyzed historical data to determine the base values of key
variables that would influence the level of expected losses in
this transaction. The base values of the default rate, recovery
rate, time to recovery, collection efficiency, prepayment rate
and pool yield were stressed to assess whether the level of CE
was sufficient for the current rating levels.

Ind-Ra also conducted rating sensitivity tests. If the
assumptions of the base case default rate worsen by 30%, the
model-implied rating sensitivity suggests that the rating will be
downgraded by three notches.

COMPANY PROFILE

Founded in 2006, AFSPL is a registered NBFC-MFI headquartered in
Kolkata.  The company started microfinance operations in FY06-
FY07 by offering microloans in West Bengal.  It then expanded to
Jharkhand, Bihar, Assam and Odisha.  As of June 30, 2016, the
company operated 240 branches in 79 districts across 7 states,
catering to 649,827 customers.  It employed 1,987 individuals as
on June 30, 2016.

As of Aug.  31, 2016, AFSPL's gross loan portfolio stood at
INR8.86 billion (up 96.1% yoy).  The company classifies any loan
as NPA if it becomes overdue by more than 90 days.  Its net NPAs,
as a percentage of net advances, stood at 0.41% as on March 31,
2016, compared with 0.27% as on March 31, 2015.


ABHIJIT REALTORS: CARE Hikes Rating on INR30cr LT Loan to BB-
-------------------------------------------------------------
The revision in the ratings assigned to bank facilities of
Abhijit Realtors & Infraventures Private Limited (ARIPL) factors
the near completion of 'Jayanti Nagari V' (JN-V) project.


                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     30.00      CARE BB-; Stable
                                            Revised from CARE B-

   Short-term Bank Facilities     3.00      CARE A4 Assigned

The rating continues to be constrained by limited geographical
presence of the company coupled with competition from
other real estate players in the region, risk associated with
unsold units, inherent cyclicity associated with the real estate
sector and stabilization risk associated with the newly setup
radio station business.

The rating continues to derive strength from long experience of
the promoters in real estate development in Nagpur, receipt of
all approvals and clearances for the project and its strategic
location and comfortable booking status.

The ability of the company to sell the balance units at envisaged
prices and timely receipt of funds along with timely
stabilization of other business are the key rating sensitivities.

Detailed description of the key rating drivers

ARIPL is developing a real estate project in residential and
commercial space which is nearing completion resulting in low
project execution risk. The project has a strategic location
being situated in one of the established localities of Nagpur at
Besa Road which is around 10-11 kilometers from the center of
Nagpur city with easy access to basic civic amenities such as
schools, hospitals, colleges, malls are situated close by and has
close proximity to Nagpur Airport and NH7 which provides easy
access to Ring Road and MIHAN area of Nagpur.

The project has a healthy booking status thus funding majority of
the work for the project. However, considering the cyclical and
competitive nature of the industry the entity still faces
competition from other projects in the vicinity and also faces
risk of timely receipt of funds for booked units. However, the
same is mitigated to an extent with presence of all regulatory
approvals for the project thus providing credibility towards the
project. Further the entity has forayed into managing radio
station during FY17. Entity faces competition from other
established stations in the area and hence timely stabilization
of operations of the same and garnering revenues and audience as
envisaged is crucial.

ARIPL's operations are geographically diversified in and around
Nagpur (Maharashtra) with promoter possessing experience of more
than two decades in the industry.

Nagpur based, Abhijit Construction Company, is a proprietorship
firm formed in 1995 by Mr. Abhijit Joydebkumar Majumdar, for the
purpose of real estate development. However, the firm was
reconstituted as Abhijit Realtors and Infraventures Private
Limited (ARIPL) in September 2007, engaged into real estate
development and construction of residential and commercial
properties. ARIPL is promoted by three directors, viz. Mr.
Abhijit Joydebkumar Majumdar, Mr. Joydebkumar, and Mrs. Indu
Majumdar. The company has till date successfully completed 36
projects in Nagpur with total carpet area admeasuring
approximately 10.92 lsf (lakh square feet). Further, the company
has diversified its revenue stream and has set up a radio station
namely Radio Orange (91.9MHz) which will be aired in Akola and
Bilaspur. The project was completed and commercial operations
were started in August 2016.

Status of non-cooperation with previous CRA: CRISIL Limited has
suspended its rating vid press release dated September 30, 2016
on account of its inability to carry out a rating surveillance in
the absence of the requisite information from the Company.


ANAND CONSTRUWELL: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Anand
Construwell Pvt. Ltd.'s (ACP) Long-Term Issuer Rating at 'IND
BB+'.

                         KEY RATING DRIVERS

The affirmation reflects ACP's continued small scale of operation
and moderate credit profile.  ACPL reported revenue of
INR667 million in FY16 (FY15: INR830 million), interest coverage
(operating EBITDA/gross interest expense) of 2.4x (3.6x) and net
leverage (total adjusted net debt/operating EBITDAR) of negative
0.4x( negative 0.2x).

The ratings continue to be constrained by the company's high
geographical concentration risk as almost all of its contracts
are executed in and around Nashik.  Customer concentration risk
also persists as over 50% of the company's order book comes from
a single entity - Nashik Municipal Corporation (NMC).

The ratings factor in ACP's moderate liquidity profile as
reflected by its average maximum working capital utilisation of
44.8% during the 12 months ended December 2016.

The ratings, however, continue to be supported by over three-
decade-long experience of ACP's founders in the construction
sector, their technical know-how, and established track record of
executing road and civil construction contracts for state
government entities in Nashik.  Also, the company owns
machineries and equipment which, to a certain extent, helps it
secure contracts requiring local availability of equipment.  The
ratings also factor in the company's strong order book of
INR806.83 million which is 1.2 times of FY16 revenue.

                        RATING SENSITIVITIES

Negative - Any weakening of the liquidity position or a
substantial fall in the revenue could be negative for the
ratings.

Positive - A substantial increase in the revenue along with the
maintenance of the liquidity profile could be positive for the
ratings.

COMPANY PROFILE

ACP has been executing civil works, road works, water supply
projects, underground drainage work for the state government
bodies, mainly in Nashik, since 1996.  It was started as a
partnership firm and was converted into a private limited company
in 1996.

ACP is managed by Navinchandra Premchand Chokasi and his brother
Ramesh Premchand Chokasi and two sons of Navinchandra Chokasi.


ANDHRA CEMENTS: CARE Reaffirms 'D' Rating on INR877cr LT Loan
-------------------------------------------------------------
The ratings assigned to the bank facilities of Andhra Cements
Limited (ACL) continue to take into account delay in servicing of
debt obligations by the company due to its weak liquidity
position.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    877.00      CARE D Reaffirmed
   Short-term Bank Facilities    50.00      CARE D Reaffirmed

Detailed description of the key rating drivers

During FY16 (refers to the period April 1 to March 31), the
company's net loss stood at INR65.11 crore on total operating
income of INR293.05 crore as against net loss of INR98.89 crore
on total operating income of INR284.53 crore in FY15.

Due to weak financial risk profile of the group, low capacity
utilization as well as delay in commissioning of captive power
plant, the operating performance has been weak resulting in weak
liquidity in turn leading to delays in debt servicing by the
company.

ACL has cement manufacturing facilities at Dachepalli, Guntur
District (Durga Cement Works) with a split grinding unit at
Visakhapatnam, Andhra Pradesh (Visakha Cement Works). Jaypee
Group, through Jaypee Development Corporation Ltd (JDCL, a
wholly-owned subsidiary of Jaypee Infra Ventures) acquired
controlling stake in ACL in February 2012 from its earlier
promoters, Duncan Goenka Group. ACL, under its erstwhile
management, began a process of expanding its cement capacity from
1.42 mtpa (DCW - 0.8 mtpa and VCW - 0.62 mtpa) to 3.0 mtpa in
July 2007 but it witnessed significant cost and time over runs.
The Jaypee group, post acquisition of the company, has undertaken
renovation and augmentation of the existing capacity of 1.42 mtpa
to 2.61 mtpa, which was commissioned on December 01, 2014. The
company has also set up a captive power plant with 30 MW
capacity, which was commissioned in FY16.

During FY16, the company's net loss stood at INR65.11 crore on
total operating income of INR293.05 crore as against net
loss of INR98.89 crore on total operating income of INR284.53
crore in FY15.


BABA BAIDHNATH: CRISIL Assigns 'B' Rating to INR3.54MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Baba Baidhnath Agro Cold Storage Private
Limited (BBACSP).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               3.54      CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility      0.48      CRISIL B/Stable

   Cash Credit             2.88      CRISIL B/Stable

   Overdraft               0.29      CRISIL A4

The ratings reflect a modest scale of operations and a weak
financial risk profile due to low debt protection metrics. The
ratings also factor in working capital intensive operations.
These rating weaknesses are partially offset by the extensive
experience of the promoters in the cold storage industry.

Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations: Revenue was just Rs.2.06 crore
during 2016, indicating a small scale of operations in the
fragmented cold storage industry.

* Weak financial risk profile: The gearing was high and networth
modest, at 2.50 times and INR2.75 crore, respectively, as on
March 31, 2016. Furthermore, the interest coverage ratio was low
in fiscal 2016.

* Working capital-intensive nature of operations: Gross current
assets were 610 days as on March 31, 2016, due to high inventory
days.

Strengths
* Extensive industry experience of the promoters: The promoters
have been engaged in this industry for over a decade through
various group companies. Their extensive experience has enabled
the company to establish a strong relationship with farmers and
traders, and develop a sound understanding of the industry.
Outlook: Stable

CRISIL believes BBACSP will continue to benefit from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' in case of significant and sustained
improvement in revenue while the margins and capital structure
are sustained. The outlook may be revised to 'Negative' in case
of lower-than-expected revenue or margins, a stretched working
capital cycle, or larger-than-expected debt-funded capital
expenditure, resulting in deterioration in the financial risk
profile.

BBACSP was incorporated in December 2010, promoted by Mr Rakesh
Kumar, Mr Mahesh Prasad Singh, and Mr Surender Singh. The
company, based in Vaishali, Bihar, is engaged in trading,
storage, and preservation of potatoes.

In fiscal 2016, net loss was 60 lakh on operating income of
INR2.06 crore, against net loss of INR1.8 crore on operating
income of INR99 lakh in the previous fiscal.


BACKBONE PROJECTS: CARE Assigns 'D' Rating to INR17.13cr Loan
-------------------------------------------------------------
The ratings assigned to the bank facilities of Backbone Projects
Limited (BPL) take into account recent delays in servicing
of its debt obligations, resulting from weak liquidity on account
of cash losses and stretched operating cycle.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     17.13      CARE D Assigned
   Short-term Bank Facilities     1.02      CARE D Assigned

Detailed description of key rating driver
Debt servicing of BPL is irregular as reflected by delays in
servicing of its term loan principal and interest. Liquidity
position of the company is stressed due to cash losses on account
of decline in scale of operations leading to high operating
leverage and high working capital requirements.

With slower execution of projects in hand, Total operating income
(TOI) of BPL declined from INR36.74 crore in FY15 (refers to the
period April 01 to March 31) to INR15.78 crore in FY16. The
decline in TOI and higher interest cost resulted in net loss of
INR3.01 crore during FY16 as compared with net profit of INR0.30
crore during FY15.

Backbone Projects Limited (BPL) was initially constituted as a
partnership firm Backbone Construction Company in 1987 by Mr.
Jayantibhai M Jakasania and subsequently converted into public
limited company in 1995. The company is in the business of
construction of canals, dams, roads and bridges. BPL mainly
executes projects for government and semigovernment authorities.

During FY16 (Audited), BPL reported TOI of INR15.78 crore (FY15:
INR36.74 crore) with net loss of INR3.01 crore (FY15: Profit
after tax INR0.30 crore).


BHARAT HATCHERIES: CRISIL Reaffirms B+ Rating on INR7MM Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Bharat Hatcheries (BH) at 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              7       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       1       CRISIL B+/Stable (Reaffirmed)

   Term Loan                2       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the BH's modest scale of
operations in the highly competitive poultry industry and its
highly leveraged capital structure. These weaknesses are
partially offset by the extensive industry experience of the
firm's partners.

Analytical Approach

CRISIL has changed its analytical approach and has considered
BH's business and financial risk profiles on a standalone basis.
CRISIL had earlier combined them with the firm's group concern,
Vijay Breeding Farm & Hatcheries (VBFH). The change in approach
is because of change in management in VBFH and thus, there are no
business and financial linkages.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations and exposure to intense competition:
With revenue of INR27.6 crore in fiscal 2016, the firm remains a
small player in the poultry industry that has many organised and
unorganised players catering to regional demand due to
transportation constraints and perishable nature of the product.

* Highly leveraged capital structure: Gearing (2.13 times as on
March 31, 2016) is expected to remain around 2 times in the near
term due to low cash accruals.

Strength
* Extensive experience of promoters: Longstanding presence has
enabled the promoters to understand market dynamics, establish
strong relationship with suppliers and customers.
Outlook: Stable

CRISIL believes BH will continue to benefit over the medium term
from the extensive experience of its promoters in the poultry
industry and established relationship with customers and
suppliers. The outlook may be revised to 'Positive' in case of
substantial increase in scale of operations, while improving
profitability and capital structure. The outlook may be revised
to 'Negative' if decline in revenue or profitability or large,
debt-funded capex further weakens financial risk profile.

Set up as a partnership firm in 2002 by Haryana-based Mr. Rajvir
Singh Jaglan and his daughter Ms. Variappa Jaglan, BH is engaged
in poultry breeding and hatching. It has day-old-chick breeder
farms in Panipat, Haryana.


BHUVANESWARI SAKTHI: CRISIL Assigns 'B' Rating to INR1.5MM Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Bhuvaneswari Sakthi Saw Mill & Timber Depot
(BSSMTD) and assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the facilities. CRISIL had suspended the ratings on June 02,
2016, as BSSMTD had not provided the necessary information
required to maintain a valid rating. The firm has now shared the
requisite information, enabling CRISIL to assign the rating.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             1.5       CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

   Letter of Credit        4.0       CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Proposed Letter of      1.5       CRISIL A4 (Assigned;
   Credit                             Suspension Revoked)

The ratings reflect BSSMTD's modest scale of operations in the
competitive timber industry and its below-average financial
profile marked by a high total outside liabilities to tangible
net worth ratio. These rating weaknesses are partially offset by
the extensive experience of BSSMTD's promoters in the timber
trading business.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: The firm's small scale, reflected
in turnover of INR16 crore in fiscal 2016, limits its resilience
to external shocks. The modest scale of operations is on account
of intense competition in the highly fragmented timber industry.

* Below average financial risk profile: The firm has a modest
networth at INR2.2 crs and a high total outside liabilities to
tangible networth (TOLTNW) ratio of 4.15 times in fiscal 2016.
This is primarily due to high LC imports and modest net worth.

Strength
* Extensive experience of promoters in the timber trading
industry: The promoter's extensive experience of over 3 decades
in the timber trading business has helped the firm establish
healthy relationships with key suppliers.
Outlook: Stable

CRISIL believes that BSSMTD will continue to benefit over the
medium term from its promoters' extensive experience in the
timber trading business. The outlook may be revised to 'Positive'
if the firm significantly scales up its operations and operating
profitability, or improves its working capital management,
resulting in improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if BSSMTD's
profitability declines or if the firm has significantly large
working capital requirements, resulting in deterioration in its
financial risk profile.

BSSMTD, set up in 1980 and based in Chennai, trades in timber. It
is promoted and managed by Mr. Jayanthilal Patel and Mr. Dinesh
Patel.

The firm reported Net profit of Rs.4.27 lakhs on Net sales of
INR15.99 crores for fiscal 2016 against Net profit of INR4.14
lakhs on sales of 12.13 crores for fiscal 2015.


BINDALS PAPERS: CARE Upgrades Rating on INR321.87cr Loan to BB-
---------------------------------------------------------------
The revision in the ratings of Bindals Papers Mills Limited
(BPML) takes into account improvement in financial performance of
the company marked by growth in turnover and improved
profitability margins in FY16 (refer to period April 1 to
March 31). The ratings continue to be constrained by BPML's
working capital intensive nature of business operations, high
overall gearing and susceptibility of BPML's profitability to
volatility in the raw material prices. The ratings weaknesses are
partially offset by the promoters experience and established
marketing & distribution network of the company.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    321.87      CARE BB-; Stable
                                            Revised from CARE C

   Short-term Bank Facilities   121.20      CARE A4 Reaffirmed

Going forward, BPML's ability to improve profitability and
improvement in gearing levels would be the key rating
sensitivities.

Detailed description of the key rating drivers

The overall financial risk profile of the company has shown
improvements over the years as reflected by increased total
operating income with y-o-y growth of 8.36% on account of higher
sales both in terms of volume and average price.

Moreover, the overall gearing though still high has improved from
3.86x as on 31st March, 2015 to 3.65x as on 31st March, 2016 due
to lower working capital utilizations and scheduled repayment of
debt.

BPML's have working capital intensive nature of operations marked
by high receivables and inventory holding period. This has also
resulted in stressed liquidity as reflected by current ratio of
0.99x in FY16 (PY: 0.96x). Moreover, the average working capital
utilization remains high at above 94% indicating working capital
intensive nature of operations.  The margins of the company are
suspectible to raw material prices which are highly volatile.
Moreover, the paper industry in India is highly fragmented in
nature with stiff competition from large number of organized as
well as unorganized players. Given the fact that the entry
barriers in this industry are low, the players in these
industries do not have pricing power and are exposed to
competition induced pressures on profitability.

BPML is a promoter-driven company with promoter group holding
100% of the equity. The directors of the company: Mr. Rakesh
Bindal, Mr. Mayank Bindal, Mr. Sachin Agarwal and Mr. Neeraj Goel
have vast experience in the field of paper manufacturing and
trading. Bindal group has a well-established marketing and
distribution network of more than 150 dealers and agents.

Incorporated in 2006, BPML is a closely-held company engaged in
manufacturing of writing & printing paper (WPP). BPML has been
promoted by the Bindal and Goel families having vast experience
and deep understanding of the paper manufacturing and trading
industry along with installation, erection and commissioning of
paper plants and captive power plants.

BPML has waste paper and agro-based WPP manufacturing facilities
located in Muzaffarnagar, Uttar Pradesh with total installed
capacity of 90,000 Metric Tonne Per Annum (MTPA) as on March 31,
2016.


CADCHEM LABORATORIES: CRISIL Reaffirms B+ Rating on INR7.25M Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Cadchem Laboratories Limited (CLL) at 'CRISIL B+/Stable', and
assigned its 'CRISIL A4' rating to the company's short-term
facility.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            7.25      CRISIL B+/Stable (Reaffirmed)
   Long Term Loan         4.3       CRISIL B+/Stable (Reaffirmed)
   Non-Fund Based Limit   3.25      CRISIL A4 (Reassigned)

CRISIL had earlier on December 30, 2016 assigned its 'CRISIL
B+/Stable' rating on the long term facilities of CLL.

The ratings reflect the company's weak business and financial
risk profiles. The business risk profile is constrained by small
scale of operations and large working capital requirement.
Operating margin fell 250 basis point in fiscal 2016 because of
limited pricing power due to small scale and intense competition.
Subdued operating performance and limited fund support will lead
to increase in working capital debt, thereby constraining
liquidity and weakening the financial risk profile.

Key Rating Drivers & Detailed Description
Strength
* Established clientele and extensive experience of promoters in
the bulk drugs industry
Experience of over 30 years in the bulk drugs segment has helped
the promoters establish a strong clientele comprising brand like
Cadila, Cipla, and Ranbaxy and diversify product profile to
include different types of active pharmaceutical ingredients
(APIs). This has helped the company to scale up operations and
achieve moderate growth.

Weaknesses
* Small scale of operations and limited pricing power due to
intense competition:
The API industry is intensely competitive which, along with
rising input prices, leads to pricing pressure. Also, CLL's scale
remains modest, reflected in turnover of INR23.5 crore for fiscal
2016. Scale will remain subdued over the medium term.

* Large working capital requirement and stretched liquidity
Gross current assets were 242 days as on March 31, 2016, due to
high receivables and sizeable inventory. Hence, bank limit was
fully utilised in the 18 months through September 2016, with
instances of overdrawn limit. With low cash accrual and working
capital-intensive operations, liquidity will remain under
pressure over the medium term.

* Weak financial risk profile
Total outside liabilities to adjusted networth ratio was high at
3.8 times as on March 31, 2016, while debt protection metrics
were muted, with interest coverage and net cash accrual to
adjusted debt ratios of 1.7 times and 9%, respectively, for
fiscal 2016. Financial risk profile will remain weak over the
medium term because of small accretion, moderate debt-funded
capital expenditure (capex), and no major fund infusion by
promoters.
Outlook: Stable

CRISIL believes CLL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if there is a substantial and sustained increase in
profitability and continued healthy revenue growth, or if working
capital management improves. The outlook may be revised to
'Negative' if revenue or profitability declines steeply, or if
capital structure weakens significantly on account of large
working capital requirement or debt-funded capital expenditure.

Incorporated in 1985 as Chandigarh Drugs Pvt Ltd, CLL began
commercial production in 1988 and got its current name in 1995.
It manufactures APIs for use in pain killers and blood thinning
agents. The company's facility is in Chandigarh. Operations are
managed by Mr Navneet Gupta.

The company has reported profit after tax (PAT) of INR0.20 crore
on net sales of INR23.453 Crore for fiscal 2016, against INR0.26
crore and INR17.04 crore, respectively, for fiscal 2015.

Status of non-cooperation with previous CRA: India Ratings and
Research Private Limited had suspended the rating dated Feb. 22,
2016 and further withdrawn it dated October 18, 2016 due to lack
of adequate information.


CORONA BUS: CARE Cuts Rating on INR8.50cr Long Term Loan to B+
--------------------------------------------------------------
The revision in the long-term rating assigned to the bank
facilities of Corona Bus Manufacturers Private Limited (CBMPL)
factors in the deterioration in profitability and capital
structure owing to net loss during FY16 (refers to the period
April 1 to March 31).

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8.50      CARE B+; Stable
                                            Revised from CARE BB
   Short-term Bank Facilities     3.00      CARE A4 Reaffirmed

The ratings, continue to be constrained on account on account of
the relatively small scale of operations, working capital
intensive nature of operations with high inventory holding and
susceptibility of profitability to volatility in the raw
material prices.

However, the ratings derive strength from the experienced and
resourceful promoters providing support by way of infusion of
funds, healthy order book position with CBMPL being an approved
supplier of buses under Jawaharlal Nehru National Urban Renewal
Mission (JNNURM).

The ability of the company to increase its scale of operations
and improvement in its profitability and capital structure along
with improvement in liquidity position with efficient management
of its working capital requirement are the key rating
sensitivities.

Detailed description of the key rating drivers

The total operating income (TOI) of the company has been
increasing at a CAGR of 74% during last three years ending
FY16 on account of high number of orders intake by the company
along with execution of the same. Despite growth in the income
from operations, the company continues to register operating
losses. The company registered net losses owing to its inability
to pass on the increase in prices of raw material. Owing to
losses the capital structure of the entity has remained leveraged
despite infusion of funds by the promoters to support the
operations.

However, CBML is qualified as an approved OEM for supply of buses
under JNNURM scheme of Ministry of Urban Development, Government
of India and has major customers including various state
transport corporations in its client list. The company has a
healthy order book position providing revenue visibility for the
company in medium term.  However, as the process of designing the
vehicles takes around 12-15 months the entity has to maintain
high level of
inventory resulting in high working capital intensity. The
promoters have wide experience of more than three decades in
various fields including automobile and are also associated with
other companies.

CBML was incorporated in the year 2003 by Mr. Shridhar Kalmadi.
The company is engaged in the manufacturing of buses based on
monocoque space frame technology. The company has two
manufacturing units located at Lonikand (Dist-Pune) and has an
installed capacity of producing 200 buses per annum. In the year
2011, CBML qualified as an approved OEM for supply of buses under
JNNURM scheme of Ministry of Urban Development, Government of
India. Major customers of CBML include various state transport
corporations such as North Western Karnataka Road Transport
Corporation, Ahmadabad Janmarg Limited, Atal Indore City
Transport Services Limited, Andhra Pradesh State Road Transport
Corporation, etc. In FY14, Mr. Motaparti Prasad of Volta Group
took 51% stake in CBML. The Volta group has its presence in
various businesses, viz, steel, cement, foundry, project
engineering & services, apparel, chemicals, exports, IT services,
railways, real estate & construction and others.

In FY16 (refers to the period April 1 to March 31), the company
registered a total operating income of INR25.54 crore and
net loss of INR17.27 crore.


G V KNITS: CARE Assigns B+ Rating to INR7.30cr LT Loan
------------------------------------------------------
The ratings assigned to G V Knits Private Limited (GVK) are
primarily constrained by small scale of operations along with
weak financial risk profile as characterised by low profitability
margins, leveraged capital structure and weak coverage
indicators.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.30      CARE B+; Stable
                                            Assigned

   Short-term Bank Facilities     0.20      CARE A4 Assigned

The ratings are further constrained by susceptibility to
fluctuations in raw material prices coupled with presence in
highly competitive industry. The ratings, however, draw comfort
from experienced promoters and moderate operating cycle.

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

Detailed description of the key rating drivers

In FY16 (refers to the period April 1 to March 31), TOI grew by
24% over FY15, however, still remained low. The small scale
limits the company's flexibility in times of stress and deprives
it from scale benefits.

The PBILDT margin of the company improved substantially and stood
at 10.95% in FY16 on account of change in nature of business from
trading to manufacturing of fabrics. Despite moderate PBILDT
margin, PAT margin was restricted at 0.57% for FY16 on account of
high interest and deprecation cost.

Capital structure remained leveraged due to low net worth base
and high dependence on external borrowings to support the working
capital requirement and debt-funded capex undertaken by company
in recent past.

Coverage indicators as marked by interest coverage and total debt
to GCA stood at 3.46x and 9.99x, respectively, in FY16 The
textile-related products industry is characterized by numerous
small players and is concentrated in the northern part of India.
Low entry barriers and low investment requirement makes the
industry highly lucrative and thus competitive.

The company is exposed to the raw material price volatility risk
due to the volatility experienced in the prices of yarn.

They constitute a major component of the raw material and hence
any volatility in their prices has a direct impact on the
profitability margins of the company.

Mr Deepak Kamboj and Mrs Sarika Kamboj are promoter of GVK has
experience of around 20 yaers and 5 years, respectively, through
their association with GVK and other companies.

Noida-based GVK, a private limited company, was incorporated in
2011 by Mr. Deepak Kamboj and Mrs Sarita Kamboj. GVK is engaged
in the manufacturing of fabrics (Blended & knitted). The company
has an installed capacity to manufacture 23,241 kgs of fabric per
annum as on March 31, 2016. The primary raw material is yarn
which is procured domestically from traders, commissioning agents
and manufacturers. The company sells the product on Pan India
basis
through its own marketing network to companies engaged in
manufacturing of garments.

In FY16, GVK has achieved a total operating income (TOI) of
INR11.91 crore with PAT of INR0.07 crore as against total
operating income (TOI) of INR9.57 crore and PAT of INR0.07 crore
in FY15. The company has achieved a total operating of INR9.53
crore in 7MFY17 (refers to the period April 1 to October 31,
based on provisional results).


GOLDEN SHELTERS: CRISIL Hikes Rating on INR40MM Term Loan to BB-
----------------------------------------------------------------
CRISIL has upgraded its long-term rating on the long-term bank
facilities of Golden Shelters Private Limited (GSPL, part of the
GS group) to 'CRISIL BB-/Stable' from 'CRISIL B+/Stable' and has
assigned its short-term rating of 'CRISIL A4+' for the short-term
bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft                10       CRISIL A4+ (Reassigned)

   Term Loan                40       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The rating upgrade centrally factors in the change in CRISIL's
analytical approach for arriving at the ratings of GSPL's bank
facilities. The ratings upgrade also reflects GS group's steady
revenue growth and healthy profitability metrics driven by the
increasing occupancy of its health and wellness programs. The
rating also factors in the ring-fenced structure of the lease
rental discounting (LRD) facility which provides higher priority
to debt repayment and the moderate debt service coverage ratio of
the LRD debt. CRISIL believes that GS group's overall liquidity
will be supported over the medium term by the steady cash flows
from the health and wellness segment. Any significant increase in
funding support to associate entities will remain a key rating
sensitivity factor.

Analytical Approach

For arriving at the ratings, CRISIL has consolidated the business
and financial risk profiles of GSPL and its group entity, Prajit
Foundation Pvt Ltd (PFPL), collectively known as the GS group, as
both the entities are in the same line of business and have
common promoters. Earlier, CRISIL had considered the business and
financial risk profile of GSPL and PFPL on a standalone basis
because of limited operational and financial linkages among the
companies. The change in analytical approach factors in fresh
information provided by the management regarding operational
linkages.

Key Rating Drivers & Detailed Description
Strengths
* Established presence in the wellness industry: GS group has an
established presence in the wellness industry as reflected by the
healthy revenues of INR125 crores in fiscal 2016. The promoters
have extensive experience in the industry for over 1.5 decades.

* Above-average financial risk profile marked by low gearing: The
group had a low gearing of 0.60 time as on March 31, 2016 due to
low level of debt and comfortable networth.

Weakness
* Intense competition in the wellness industry: GS group is a
moderate player in the industry. The wellness industry has low
entry barriers and hence the industry has intense competition
from small players.

*Significant customer concentration risk in the real estate
segment: GS group also runs a commercial real estate space in
Bangalore where it has three customers at present. Hence it is
exposed to significant customer concentration risks.

* Exposure to associate concerns: The GS group's financial risk
profile and liquidity will remain susceptible to significant
exposure to associate companies. The group has extended
significant fund support to the extent of around 55% of its
capital employed to associate concerns. Incremental fund support
and its impact on GS group's liquidity will remain a key rating
sensitivity factor.
Outlook: Stable

CRISIL believes that GS group will continue to benefit from the
established presence in the industry and the promoter's extensive
experience. The outlook may be revised to 'Positive' if GS group
is able to sustain the revenue growth over the medium term while
maintaining its profitability and improving its working capital
management. Conversely the outlook may be revised to 'Negative'
if the revenues or profits drop, leading to lower cash accruals
or if the group extends further support to related parties or if
it undertakes a large debt-funded capital expenditure program,
leading to weakening of its liquidity profile.

Incorporated in 2002, GSPL conducts wellness courses in its
center located in Chittor district, Andhra. The company started
leasing out commercial real estate space in fiscal 2013.

PFPL, incorporated in 2001, conducts yoga, meditation, and
wellness courses. It started operations in 2008.


GREENPIECE LANDSCAPES: Ind-Ra Affirms BB Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Greenpiece
Landscapes India Private Limited's (GLIPL) Long-Term Issuer
Rating at 'IND BB'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect GLIPL's continued small scale of operations
and moderate credit profile.  In FY16, revenue was INR252 million
(FY15:INR202 million), net leverage (total adjusted net
debt/operating EBITDAR) was 2.4x (3.4x), interest coverage
(operating EBITDA/gross interest expenses) was 2.7x (2.5x) and
EBITDA margins were 8.1% (6.1%).

The company has indicated revenue of INR160 million during
9MFY17. Profitability improvement in FY16 was due to higher
margins on projects executed during the period.  Ind-Ra expects
an improvement in GLIPL's profitability and revenue growth going
forward, underpinned by its outstanding order book of INR263
million (1.04x FY16 revenue).

The ratings, however, derive support from around three decades of
experience of its promoter in the landscaping design and
contracting business.  The ratings are further supported by
GLIPL's revenue visibility till June 2018 from the outstanding
order book.  Liquidity of GLIPL was comfortable, with average
working capital utilization of around 87% over the 12 months
ended December 2016.

                       RATING SENSITIVITIES

Positive: A positive rating action could result from substantial
improvement in revenue and order-book position while maintaining
operating profitability leading to sustained improvement in the
credit metrics.

Negative: A negative rating action could result from lower
visibility of growth underpinned by weak order-book position or
decline in operating profitability resulting in sustained
deterioration in credit metrics.

COMPANY PROFILE

Established in 2008, Bangalore-based GLIPL executes landscaping
design and contracting projects.  The scope of operations include
providing design and consultancy services in the field of
landscape architecture, hard landscaping, soft landscaping,
irrigation, lighting and other allied activities.  The company
also undertakes annual maintenance contracts which comprise
activities related to the maintenance of various landscape
installations.


HARAGOURI HIMGHAR: CARE Reaffirms 'B' Rating on INR9.22cr Loan
--------------------------------------------------------------
The rating assigned to the bank facilities of Haragouri Himghar
Private Ltd. (HHPL) continues to remain constrained by its small
scale of operations with low profit margins, regulated nature of
business, seasonality of business with susceptibility to vagaries
of nature, risk of delinquency in loans extended to farmers,
competition from other local players and working capital
intensive nature of business resulting in leveraged capital
structure with weak debt service coverage indicators. The rating,
however, derives strength from its experienced promoters and
proximity to potato-growing area.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     9.22       CARE B; Stable
                                            Reaffirmed

Going forward, the ability to scale up the level of operation
with improvement in profitability margins and ability to manage
working capital effectively will be the key rating sensitivities.

Detailed description of the key rating drivers

The total operating income (TOI) declined by 40.77% during FY16
vis-Ö-vis FY15 and the same remained relatively low at INR3.08
crore. The total capital employed was INR10.43 crore as on March
31, 2016. The PBILDT margin increased during FY16 over FY15 and
remained at 46.88% during FY16. However, HHPL incurred net loss
during FY16 although it did not incur cash loss during the
period.

In West Bengal, the basic rental rate for cold storage operations
is regulated by the state government through West Bengal State
Marketing Board.

HHPL's operation is seasonal in nature as potato is a winter
season crop with its harvesting period commencing in March. The
loading of potatoes in cold storages begins by the end of
February and lasts till March. Furthermore, lower agricultural
output may have an adverse impact on the rental collections as
the cold storage units collect rent on the basis of quantity
stored and the production of potato is highly dependent on
vagaries of nature.

Against the pledge of cold storage receipts, HHPL provides
interest bearing advances to the farmers & traders. Before the
closure of the season in November, the farmers & traders are
required to clear their outstanding dues with the interest. In
view of this, there exists a risk of delinquency in loans
extended, in case of downward correction in potato or other
stored goods prices, as all such goods are agro commodities.

In spite of being capital intensive, the entry barrier for new
cold storage is low, backed by capital subsidy schemes of the
government resulting in intense competition.

The average utilization of the cash credit limit remained at
about 98% during the last 12 months ended December 31, 2016.
Furthermore, the capital structure of HHPL deteriorated as on
March 31, 2016 as against March 31, 2015 with both the long term
debt equity ratio and the overall gearing ratio deteriorated to
6.43x and 9.57x as on March 31, 2016. The interest coverage ratio
declined marginally during FY16 over FY15 and remained moderately
low at 1.27x during FY16. The total debt to GCA also deteriorated
and remained high at 31.10x during FY16.

The main promoter of HHPL, Mr. Haradhan Samanta (M.D, aged about
61 years) has more than three decades of experience in similar
line of business and is involved in the strategic planning and
running the day to day operations of the company.

HHPL's storing facility is situated in the Hooghly district of
West Bengal which is one of the major potato growing regions of
the state.

Haragouri Himghar Private Ltd., incorporated on September 19,
2012, was initially established as a partnership firm named M/s
Hara Gouri Himghar in 2008 by Mr. Haradhan Samanta and Ms
Tapasi Samanta of Hooghly, West Bengal. The partnership firm was
converted to Private Limited Company on September 19, 2012. HHPL
is currently engaged in the business of providing cold storage
facility at Mukhtarpur village of Hooghly, West Bengal, primarily
for potatoes and is operating with a storage capacity of 1,43,470
quintals. Besides providing cold storage facility the unit also
works as a mediator between the farmers and marketers of potato,
to facilitate sale of potatoes stored and it also provides
interest free advances to farmers for farming purposes of potato
against potato stored.

Furthermore, HHPL is also engaged in trading of potatoes and the
same accounted for around 20% of the total income in FY16.

Mr Haradhan Samanta is the main promoter and he looks after the
day to day operations of the unit.

During FY16, the company reported a total operating income of
INR3.08 crore (FY15: INR5.20 crore) and net loss of INR0.36 crore
(in FY15: net loss of INR0.26 crore).


JAIN IRRIGATION: Fitch Publishes 'B+' LT Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has published India-based diversified manufacturer
Jain Irrigation Systems Limited's (JISL) 'B+' Long-Term Issuer
Default Rating.  The Outlook is Positive.

The agency has also assigned the proposed senior unsecured US
dollar notes of up to USD250 mil. issued by Jain International
Trading B.V. an expected rating of 'B+(EXP)' and a Recovery
Rating of 'RR4'.  The notes will be guaranteed by JISL and Jain
International.  JISL expects to use up to USD192m of the proceeds
to repay existing secured debt, and the balance for general
operating purposes.

The notes are rated at the same level as JISL's senior unsecured
rating as they represent unconditional, unsecured and
unsubordinated obligations of the company.  The Recovery Rating
of 'RR4' reflects Fitch's expectation that JISL's senior
unsecured creditors are likely to recover between 31%-50% in the
hypothetical event of a default, after considering prior ranking
claims by secured creditors within the group, as well as claims
of unsecured creditors across JISL's subsidiaries that do not
guarantee the proposed notes.  The final rating on the notes is
contingent upon the receipt of final documents conforming to
information already received.

                        KEY RATING DRIVERS

High Leverage, Strong Business Profile: JISL's rating reflects
its high leverage, which is balanced by its strong business
profile as a top manufacturer of micro irrigation systems (MIS).
JISL is the market leader in India by sales and number two in the
world.  It is also a leading processor of fruits and vegetables -
the world's largest in mango processing, and third largest in
dehydrated onions.  The company is also one of the largest
manufacturers in India of plastic pipes used for industrial and
residential purposes.

JISL's high leverage is partly due to high working capital, and
expansionary capex.  However the company's working capital cycle
has improved since the financial year ended March 31, 2013,
(FY13), because it reduced its exposure to MIS sales financed by
government subsidies, which are subject to protracted cash
collection periods.

Positive Outlook on Expected Deleveraging: The Positive Outlook
is driven by our expectations that JISL's Long-Term IDR may be
upgraded in the next 24 months as its leverage (defined as lease
adjusted debt net of seasonally adjusted cash/operating EBITDAR)
is likely to improve to less than 3.5x over this period (FY16:
5.1x).  However, a change in weather patterns, in particular the
Indian monsoon, may affect sales and its plans for high
expansionary capex through FY20 may delay its deleveraging.

Cash-Flow Seasonality: JISL's sales are slower during the first
half of the fiscal year than the second half, which results in
higher cash balance at the fiscal year-end.  This is primarily
because sales of MIS in India depend on the performance of the
monsoon rains, which usually occur between June and September.
Fitch deducts INR2bn from JISL's year-end cash balance when
calculating the leverage ratio, in order to account for this
seasonal variance in cash balances.

Vertical Integration, Diversified Cash-Flows: JISL's business is
vertically integrated as farmers are both its customers and
suppliers.  Revenue is also diversified across products and
geographies, with sales outside India accounting for 46% of
revenue in FY16, while MIS, pipes and food processing accounted
for 45%, 22%, and 24% of revenue, respectively.

Robust Long-Term Growth Prospects: India's low irrigation
coverage and high dependence on erratic rainfall underpin the
growth potential for JISL's irrigation products.  MIS enable
famers to switch from flood irrigation to more water- and energy-
efficient systems that offer water savings of more than 50% on
average and yield improvement of 40%-50% over traditional surface
irrigation systems.  According to the Indian government's
National Water Policy of 2012, the country has around 18% of the
world's population but only 4% of the world's water resources.
Total irrigation potential in India is around 140 million
hectares (ha) and MIS may be applied to around 69.5 million ha,
but only about 5.5% of this area is covered by MIS.  The Indian
government's increasing focus on developing infrastructure also
supports the prospects for JISL's plastic pipes business.

Supportive Government Policies: Government subsidies are a major
driver of MIS sales in India.  For example, farmers working on
less than 5 ha of land receive a 50% subsidy to purchase MIS
equipment. Further, local governments in India are pushing to
improve farm efficiency, including the Maharashtra state
government's commitment to bring its entire sugarcane cultivation
area under drip irrigation and the Andhra Pradesh government's
plans to bring its entire farming area under irrigation.  JISL's
pipes business also benefits from large government infrastructure
projects.  In 2015, the Indian government approved total
expenditure of around INR10bn for the Smart Cities Mission and
the Atal Mission for Rejuvenation and Urban Transformation
projects.

Strong Brand in Food Processing: JISL's business-to-business
sales are increasing given India's status as a leading global
fruit and vegetable producer and are supported by strong
relationships with farmers.  The company is also working to
increase its business-to-consumer sales.  Most of JISL's medium-
term growth capex is for its food processing business because it
expects demand for processed food to increase due to lifestyle
changes and storage advantages in its key end markets in India
and overseas.

                        DERIVATION SUMMARY

Fitch does not rate any of JISL's direct competitors.  However
JISL's rating is well placed compared to companies in the
diversified manufacturing segment, which are rated at 'B+'.
JISL's business risk profile is stronger than peers such as China
XD Plastics Co Ltd (B+/Stable) and Yingde Gases Group Company
Limited (B+/Negative), underpinned by JISL's globally competitive
manufacturing operations and geographically diverse cash flows.
However JISL's leverage is considerably higher than these peers,
driven by the company's more onerous working capital requirements
and ongoing capacity expansion across most of its business
segments.  The Positive Outlook on JISL's rating is supported by
our expectation that the company will deleverage to around 3.5x
in the next 24 months.

No country-ceiling, parent/subsidiary linkage or operating
environment aspects impacts the rating.

                         KEY ASSUMPTIONS

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

   -- High single-digit revenue growth in FY17-FY19, supported by
      an increasing contribution from the defensive food
      processing business
   -- EBITDA margin to be maintained at between 13%-14%
   -- Annual capex to remain at around 3.5%-5% of revenue in the
      next few years
   -- JISL to generate neutral free cash flow after FY17

                       RATING SENSITIVITIES

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

   -- Lease adjusted debt net of seasonally adjusted
      cash/operating EBITDAR sustained below 3.5x

   -- Ability to generate sustained neutral free cash flow

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

   -- Not meeting the positive rating sensitivities for an
      extended period will result in the Outlook being revised to
      Stable

                              LIQUIDITY

Manageable Refinancing Risk: At FYE16 JISL had total borrowings
of INR44.2 bil., including INR4.5 bil. in compulsorily
convertible debentures (CCD).  INR21.2 bil. of this debt consists
of short-term working capital facilities, while the balance
consisted of term loans and CCDs.  Fitch expects JISL to be able
to roll-over its working capital facilities in the normal course
of business.

FULL LIST OF RATING ACTIONS

Jain Irrigation Systems Limited

   -- Long Term Issuer Default Rating published at 'B+'; Outlook
      Positive

Jain International Trading B.V.

   -- Expected rating on senior unsecured US dollar notes
      guaranteed by JISL assigned 'B+(EXP)' rating with Recovery
      Rating of 'RR4'


JANKI AGRO: CARE Hikes Rating on INR17.15cr Long Term Loan to BB-
-----------------------------------------------------------------
The revision in the long-term rating assigned to the bank
facilities of Janki Agro Industries (JAI) is on account of
significant improvement in its total operating income (TOI),
improvement in profitability, debt coverage indicators and
operating cycle during FY16 (refers to the period April 01 to
March 31).

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      17.15     CARE BB-; Stable
                                            Revised from
                                            CARE B+

   Short-term Bank Facilities      0.41     CARE A4 Reaffirmed

The ratings continue to derive benefit from experienced partners
having over three decades of experience into rice processing and
other agro commodity trading business and its presence in
paddy-growing region of Gujarat.

However, the ratings continue to remain constrained on account of
its moderate scale of operations, moderately leveraged capital
structure coupled with working capital intensive nature of
operations.

The ratings are also constrained on account of its presence in
highly fragmented and competitive nature of the industry coupled
with susceptibility of profit margins to volatility in prices of
raw material.

JAI's ability to increase its scale of operations along with
improvement in its overall financial risk profile and efficient
management of its working capital requirement would be the key
rating sensitivities.

Detailed description of the key rating driver

Partners of JAI, Mr. Tarachand Ramvani and Mr. MadanKumar Ramvani
holds experience of over three decades in rice milling and agro
commodity trading and they are actively involved in managing the
day-to-day operations of the firm.

On the back of stabilization of operations post installation of
new machineries, JAI's total operating income grew significantly
from INR4.35 crore in FY15 to INR72.76 crore in FY16.
Consequently, PBILDT and PAT also registered healthy growth and
stood at INR3.68 crore and INR0.77 crore, respectively, against
that of INR0.20 crore and INR0.01 crore in FY15.

Overall gearing stood at 1.80x as on March 31, 2016, compared
with 1.44x as on March 31, 2015, due to increased debt level
primarily working capital bank borrowing to support incremental
business operations. However, with improved GCA level from
INR0.03 crore to INR2.16 crore, total debt to GCA improved and
stood at 7.48x as on March 31, 2016, while interest coverage
remained at 2.41x in FY16.

Operating cycle of JAI improved by 81 days and remained at 45
days during FY16 on account of improvement in collection and
inventory holding period. However, overall operations of JAI
continue to remain working capital intensive marked by high
utilization of its working capital limit (i.e.75%) for trailing
12-month period ended November 2016.

JAI is part of 'Janki Group' based out at Sanand (Ahmedabad). JAI
was established as a partnership firm in 1999 by the Ramvani
family consisting of five partners. The firm is primarily engaged
in the milling and processing of basmati and non-basmati rice.
Partners are engaged in similar line of business through their
other entities - Siddhi Vinayak Agro Industries (SVAI; rated
'CARE B+/CARE A4'), Janki Rice & Solvent Private Limited and Jay
Shiv Agro Industries (JSAI; rated 'CARE B+/CARE A4'). During
FY15, JAI had replaced all the machineries and modernize its
plant and commenced operation from May 2015. JAI is operating
from its sole manufacturing plant located in Sanand (Ahmedabad)
having installed capacity of 43,200 MTPA as on March 31, 2016.

During FY16 (A), JAI reported PAT of INR0.77 crore on a TOI of
INR 72.76 crore as against PAT of INR0.01 crore on a TOI of
INR4.35 crore during FY15. During H1FY17 (Provisional), JAI has
achieved TOI of INR49.16 crore and PBT of INR0.40 crore.


JAYPEE CEMENT: CARE Reaffirms 'D' Rating on INR2312.94cr LT Loan
----------------------------------------------------------------
The ratings assigned to the bank facilities of Jaypee Cement
Corporation Limited (JCCL) continue to take into account
delay in servicing of debt obligations by the company due to its
weak liquidity position.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    2312.94     CARE D Reaffirmed
   Short-term Bank Facilities     50.00     CARE D Reaffirmed

Detailed description of the key rating drivers
During FY16 (refers to the period April 1 to March 31), the
company's net loss stood at INR122.05 crore (excluding net loss
from discontinuing operations of Balaji cement plan of INR13.65
crore) on total operating income of INR196.77 crore (excluding
income from discontinuing operations of Balaji Cement plant of
INR832.12 crore) as against net loss of INR290.48 crore on total
operating income of INR976.21 crore in FY15.

Due to weak financial risk profile of the group as well as JCCL's
weak operating performance, the liquidity position continued to
remain weak leading to delays in debt servicing by the company.

JCCL, a wholly-owned subsidiary of Jaiprakash Associates Ltd
(JAL, rated CARE D), has a 5 million tonne per annum (MTPA)
cement plant located at Krishna District in Andhra Pradesh
(Balaji cement plant) and a 3 MTPA cement plant at Shahabad,
Karnataka (1.14 MTPA capacity of Shahabad is operational as on
March 31, 2016). Balaji Cement plant, along with asbestos sheet,
heavy engineering work shop and hi-tech casting centre businesses
were transferred from JAL to the company pursuant to the demerger
scheme approved by the high court with effect from April 1, 2011.
The company's 1.14 MTPA cement capacity at Shahabad, Karnataka
became operational in March 2015. JAL has entered into an MOU
with Ultratech Cement Ltd (rated CARE AAA; under credit watch) to
sell a significant part of its cement capacity including JCCL's
Balaji cement plant. However the transaction is yet to be
completed.

During FY16 (refers to the period April 1 to March 31), the
company's net loss stood at INR122.05 crore on total operating
income of INR196.77 crore as against net loss of INR290.48 crore
on total operating income of INR976.21 crore in FY15.


JIYA EXIM: CARE Assigns B+ Rating to INR13.17cr Long Term Loan
--------------------------------------------------------------
The ratings assigned to the bank facilities of Jiya Exim Private
Limited (JEPL) are constrained by its small scale of operations
with thin profit margins, project risk, its exposure to
volatility in raw material prices, foreign exchange fluctuation
risk, working capital intensive nature of operations, moderate
capital structure with moderate debt coverage indicators and its
presence in an intensely competitive industry. The rating,
however, derives strength from the experience of the promoters,
its satisfactory track record of operations and its strategic
location of the plant with proximity to raw material sources and
cheap labour.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     13.17      CARE B+; Stable
                                            Assigned

   Short-term Bank Facilities     0.27      CARE A4 Assigned

Going forward, the ability of JEPL to increase its scale of
operations with improvement in profit margins, timely completion
of ongoing project and derive benefit as envisaged and effective
management of working capital will be the key rating
sensitivities.

Detailed description of the key rating drivers:

In FY16 (refers to the period April 1 to March 31), the company
has achieved a total operating income of INR15.78 crore and a PAT
of INR 0.10 crore. The total capital employed stood at INR7.85
crore as on March 31, 2016. Furthermore, during 8MFY17, JEPL has
reported PAT of INR0.41 crore on a total operating income of
INR9.68 crore.

The profit margins of the company were thin marked by operating
profit margin of 4.96% and PAT margin of 0.0.61% in FY16.
Moreover during 8MFY17, the operating margin and PAT margin stood
at 10.34% and 4.24% respectively.

JEPL is currently setting up an additional plant with aggregate
project cost of INR12.97 crore out of this only INR1.32 crore
has been spend and the project is estimated to complete by March
2017.

During FY16, raw material cost remained the major cost driver for
JEPL at 57.6% of the total cost. Accordingly, any adverse
movement in prices of raw materials with no corresponding change
in final goods prices can have an adverse impact on the profit
margins of the company.

JEPL's gross sales in FY16 were mostly export sales (around 87%
of TOI) and majority of its raw materials requirement was met
through domestic purchases. Hence, its foreign exchange exposure
has no natural hedging. However, the company sometimes adopts
forward contracts for mitigating foreign exchange fluctuations
and hence the foreign exchange fluctuation is mitigated to some
extent.

The entity's working capital intensity has been high over the
past period. The average fund-based working capital utilization
remained around 70% during last 12 months ending on December 31,
2016.

The capital structure of the company remained moderate as on
March 31, 2016 marked by overall gearing of 1.79 times. Moreover,
the same has improved to 1.75x as on November 30, 2016.

The debt protection metrics of JEPL remained moderate marked by
moderately high total debt to GCA of 15.35x and moderate interest
coverage ratio of 2.21x in FY16. The total debt to GCA improved
in 8MFY17 to 6.13x. Furthermore, interest coverage also improved
and the same remained at 3.34x in 8MFY17.

The leather industry is essentially dominated by small scale
firms with a few medium and large sized firms.

JEPL has a track record of more than two decades of operations.
Mr. Vineet Agarwal (Managing Director) is associated with the
leather industry since 2002 and accordingly has experience of
more than 14 years in the same line of business.

The manufacturing facility of JEPL has close proximity to the
tannery situated at Kolkata Leather Complex for sourcing of
finished leather, the main raw material for manufacturing of
leather goods. Accordingly, the availability of raw materials
is not an issue. Furthermore, the manufacturing plant has ample
supply of cheap labour.

JEPL was incorporated in January 1994 in the name of Sanyam
Vyapaar Private Ltd. The name of the company was changed to Fort
Exports Private Ltd in March 1996 and finally the company got its
current name (Jiya Exim Private Ltd) in July 2008. JEPL has been
engaged in manufacturing and exports of leather goods like Ladies
Wallet, Card Case /Holder, Coin Purse, Key Case /Ring/Holder,
Mobile Pouch, Pencil Pouch, Security Neck Bag, ladies & Men Bag
etc. The major export destinations of JEPL are Spain, Poland,
Belgium, Germany, USA, UK, Australia, Canada, France and Middle
East.

JEPL is recognized as a "Star Export House" by the Ministry of
Commerce & Industry, Government of India, and has SA 8000:2008
certifications from Social Accountability International.

During FY16 (Audited; refers to the period April 01 to March 31),
JEPL reported PAT of INR0.10 crore (net loss INR0.02 crore in
FY15) on total operating income of INR15.78 crore (Rs.13.65 crore
in FY15). Furthermore during 8MFY17, the JEPL has achieved PAT of
INR0.41 crore on a total operating income of INR9.68 crore.


JSB ENTRADE: Ind-Ra Raises Long-Term Issuer Rating to 'B+'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded JSB Entrade
Private Limited's (JSB) Long-Term Issuer Rating to 'IND B+' from
'IND B'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The upgrade reflects improvement in JSB's credit metrics during
FY16.  Interest coverage improved to 1.5x in FY16 (FY15: 1.4x)
and net financial leverage decreased to 6.3x (9.7x), due to an
improvement in operating margin to 5.8% (3.2%).  The ratings
include the agency's expectation of a further improvement in the
operating margin, as the company diversified its business profile
by entering into various manufacturing activities such as
winterisation of rice bran oil, manufacturing of tin cans and
fractionation of palmolein oil.

However, the ratings are constrained by JSB's continued small
scale of operations, despite a strong improvement in revenue to
INR139 million in FY16 (FY15: INR94 million), owing to rise in
rice sales volume.  The ratings are also constrained by the
company's tight liquidity position as reflected by almost 100%
utilization of its fund-based limits during the 12 months ended
December 2016.

                       RATING SENSITIVITIES

Positive - A substantial improvement in the scale of operations
will be positive for the ratings.

Negative - Any deterioration in the liquidity position will be
negative for the ratings.

COMPANY PROFILE

JSB was incorporated in 2011, but commenced operations from 2013.
The company is engaged in trading of rice (accounted for 87% of
total revenue in FY16), cement and oil seeds.  Its operations are
limited to north-eastern states such as Assam, Arunachal Pradesh
and Meghalaya.


K.R. PADMANABHAN: CRISIL Reaffirms 'B' Rating on INR5.0MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed the ratings on the bank facilities of
K.R. Padmanabhan and Sons (KRP; part of the KRP group) at 'CRISIL
B/Stable'. The ratings continue to reflect the KRP group's modest
scale of operations and below-average financial risk profile,
marked by high external indebtedness. These rating weaknesses are
partially offset by the extensive experience of the group's
promoters in the rice industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              5       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       0.5     CRISIL B/Stable (Reaffirmed)

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KRP and P. Sri Ramulu (PRS). This is
because both the entities, together referred to as the KRP group,
are engaged in the same business and have significant financial
fungibility.

Key Rating Drivers & Detailed Description
Weaknesses
* Below average financial risk profile: The group's financial
risk profile is below average marked by, net worth and total
outstanding liabilities to tangible net worth (TOL/TNW) of
INR1.55 crore and 27.2 times respectively for fiscal 2016. The
group's debt protection metrics is modest with interest coverage
and net cash accruals to total debt ratios of 1.3 times and 0.03
times respectively for fiscal 2016.

* Working capital intensive operations: The group's operations
are working capital intensive due to large inventory which led to
high Gross Current Asset (GCA) days of 158 as on March 31, 2016.

Strength
* Long standing presence in rice trading industry: The vast
experience of promoters has helped the group in establishing
relationship with key suppliers and customers.
Outlook: Stable

CRISIL believes that the KRP group will benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the group reports
substantial improvement in revenue and margins, while improving
its capital structure. Conversely, the outlook may be revised to
'Negative' if the group reports low revenue and margins or if its
working capital cycle lengthens, leading to deterioration in its
financial risk profile.

The KRP group is engaged in rice trading. The group is based in
Chennai and is managed by Mr. P Sri Ramulu, Mr. P Damodaran, and
Mr. P Venkatesan.


M P ENTERTAINMENT: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed M P
Entertainment and Developers Private Limited's (MPEDPL) Long-Term
Issuer Rating at 'IND BB'.  The Outlook is Stable.

                       KEY RATING DRIVERS

The affirmation reflects the continued marginal difference
between MPEDPL's annual debt income and its annual debt repayment
commitments.  The ratings also reflect MPEDPL's moderate scale of
operations along with weak credit profile.  During FY16, the
company achieved revenue of INR125.1 million (FY15: INR116.9
million), interest coverage of 1.3x (1.6x), net financial
leverage of 7.6x (7.4x) and EBITDA margins of 63% (70.7%).  The
revenue improved in FY16 because of an increase in rental income
and the operating margin decreased in FY16 on account of an
increase in its operating cost.  The debt service coverage ratio
(DSCR) is likely to remain moderate at around 1.06x over the
medium term.

The ratings are supported by the fact the company's Malhar Mega
Mall in Indore is almost 100% occupied.  Also, the entire rent
collected is deposited in an escrow bank account and the residual
cash is available to the company only after the debt obligations
have been serviced.

The ratings are further supported by the company's over two
decades of experience in the real estate and development
business.

                        RATING SENSITIVITIES

Negative: A fall in the occupancy level and/or a decline in the
average rental rates/sf resulting in deterioration of the debt
service coverage ratio below 1x will be negative for the ratings.

Positive: A substantial improvement in the credit profile will be
positive for the ratings.

COMPANY PROFILE

MPEDPL was incorporated in 2006 by Mr. Gurjeet Singh Chhabra and
Mrs. Prabjot Kaur Chhabra.  Its registered office is located in
Indore, Madhya Pradesh.  The company's Malhar Mega Mall has a
total constructed area of 3,50,000 sf and a gross leasable area
2,50,000 sf.


M. G. WADHWANI: CARE Assigns B+ Rating to INR2.50cr LT Loan
-----------------------------------------------------------
The ratings assigned to the bank facilities of M. G. Wadhwani
(MGW) are constrained by small scale of operations with
low capitalization, susceptibility of margins to volatile raw
material prices, concentration of government contracts along
with exposure to the tender driven process, working capital
intensive nature of operations, intense competition in the
construction industry and proprietorship nature of constitution.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      2.50      CARE B+; Stable
                                            Assigned

   Short-term Bank Facilities     4.00      CARE A4 Assigned

The ratings, however, derive strength from the extensive
experience of promoters, long track record of the firm,
operational synergies from its integrated business operations
with the stone quarry segment and healthy order book position.
Furthermore, the ratings take into consideration the growing
scale of operations, modest profit margins and moderate capital
structure and debt coverage indicators.

The ability of the entity to increase its scale of operations
while strengthening order book and timely execution of the
same, improve profit margins and managing the working capital
requirement efficiently are the key rating sensitivities
Detailed description of the key rating drivers The income from
operations grew at a CAGR of approximately 31% during FY14-FY16
(refers to the period April 1 to March 31) with a y-o-y growth of
15.82% in FY16 owing to increase in orders executed for Nagpur
Improvement Trust (NIT) during the years. The PBILDT margin of
the firm has remained at moderate level in the range of 7%-9%
during last three years ending FY16.

However, the scale of operations of the entity remained modest
with low networth base. Furthermore, owing to high credit period
received from its suppliers, the entity's reliance on external
borrowings remained low resulting in moderate capital structure.

However, the entity is generating large amount of revenue by
undertaking government projects (either NIT or Central Railway).
The high concentration on government contracts makes the firm
susceptible to any drop in government spending and changes
pertaining to government policy delays in recovery of funds from
the government are likely to deteriorate the working capital
cycle of the firm. The firm leverages on the integrated
operations by supplying ballast (gravel or coarse stone used to
form the bed of a railway track) to the central railways.
Furthermore, the firm's
construction activity benefits with the operational synergies
associated with respect to cost and availability of raw
material (stone gravel).

The construction and stone quarrying industry is characterised by
intense competition due to entry of new players and increasing
number of bidders for projects.  The long track record of the
firm in the industry has fostered a long-standing relation with
key customers and suppliers.

Nagpur-based MGW was established in the year 1985 by Mr. M.G.
Wadhwani, first-generation entrepreneur of the firm.

MGW is mainly engaged in crushing of granite boulders (stone
crushing). Furthermore, the firm is also engaged in construction
of roads for the Nagpur Improvement Trust (NIT) and supply of
ballast. The firm is registered as a 'Class A' contractor with
NIT and procures orders through a tender based process. The major
raw material required for the process is granite boulders that
the firm procures from stone quarrying. MGW has six crushers with
a cumulative installed crushing capacity of 200 TPH as on
March 31, 2016.

During FY16 (refers to the period April 1 to March 31), MGW has
reported a PAT of INR0.38 crore on a total operating income of
INR13.77 crore as against a PAT of INR0.33 crore on a total
operating income of INR11.89 crore in FY15.


MASINA ALLOYS: CRISIL Cuts Rating on INR7.0MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Masina Alloys Pvt Ltd (MAPL) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          1.1       CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Cash Credit             7.0       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Proposed Working        1.0       CRISIL B+/Stable (Downgraded
   Capital Facility                  from 'CRISIL BB-/Stable')

The downgrade reflects CRISIL's belief that MAPL's operating
performance will be weaker than earlier expected owing to muted
demand in steel industry. Revenue and profitability witnessed
muted growth in fiscal 2016 owing to weak demand in end user
industry and fall in realisations in steel. Lower than expected
sales and profitability lead to sharp fall in net cash accruals
and hence deterioration in debt protection measures. This has
resulted in deterioration in credit risk profile, CRISIL believes
credit risk profile will remain weak due to amidst weak offtake
scenario. The revenue is likely to decline over the medium term
on account of subdued demand which will also lead to pressure on
operating margin.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations and operating losses in fiscal 2016:
Revenue was stagnant at INR42.29 crore in fiscal 2016 against
INR42.26 crore in the previous fiscal, and the pressure on
revenue will continue on account of muted demand from customers,
primarily in the steel industry. Furthermore, MAPL reported
operating losses for fiscal 2016 against operating margin of 3.3%
in the previous fiscal. As a result, accrual was negative at
INR4.6 crore in fiscal 2016 as against INR0.56 crore in fiscal
2015.

* Working capital-intensive operations: Operations are working
capital intensive as reflected in gross current assets of 109-140
days over the three years through March 31, 2016, due to high
inventory and working capital requirement.

* Average financial risk profile: With negative cash accrual in
fiscal 2016 causing deterioration in networth, financial risk
profile remained average, with total outside liabilities to
tangible networth ratio of 3.29 times and gearing of 1.73 times
as on March 31, 2016. The debt protection metrics have also been
below average for fiscal 2017.

Strength
* Established track record in manufacturing special-purpose
machinery, and healthy customer relations: Promoter Mr Mohammed
Hood Khan and his family have extensive experience in the steel
industry resulting strong relationships with customers and
suppliers, and should continue to support the business risk
profile over the medium term.
Outlook: Stable

CRISIL believes MAPL will continue to benefit from the extensive
experience of its promoters and healthy customer relationships.
The outlook may be revised to 'Positive' if a substantial and
sustained increase in net cash accruals strengthens the financial
risk profile. The outlook may be revised to 'Negative' if
profitability remains weak, or the capital structure weakens
significantly most likely because of large, debt-funded capital
expenditure or a stretched working capital cycle.

Incorporated in March 2008, MAPL, promoted by Mr Mohammed Hood
Khan and his family, manufactures mild-steel ingots and alloy-
steel ingots at its manufacturing facility in Sinnar, Nashik
(Maharashtra).


METROPOLE TILES: CRISIL Hikes Rating on INR31.5MM LT Loan to BB-
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Metropole Tiles Private Limited (MTPL) to 'CRISIL BB-
/Stable/CRISIL A4+' from 'CRISIL B+/Stable/ CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           5        CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Cash Credit              8.5      CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Long Term Loan          31.5      CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The rating upgrade is driven by expected improvement in MRPL's
business risk profile on account of timely stabilization of
operations. MTPL is expected to achieve a turnover of INR65
crore, and healthy operating profitability margin of 12-14% in
fiscal 2017. The upgrade also factors in MTPL's moderate
financial risk profile marked by healthy networth, comfortable
gearing, and robust debt protection metrics. The upgrade also
factors the comfort MTPL derives from the infusion of unsecured
loans by the promoters; unsecured loans is at INR2.17 crore as on
March 31, 2016 which is expected to increase to Rs.6.9 crore as
on March 31, 2017.

Analytical Approach

CRISIL has treated unsecured loans from promoters as neither debt
nor equity. This is because these loans are expected to remain in
the business and is subordinated to bank borrowings.
Key Rating Drivers & Detailed Description
Strengths
* Promoters' extensive experience in the ceramics industry:
MTPL's promoters, Mr. Nilesh Makadia and Mr. Viral Ghodasia have
experience of more than 2 decade in the ceramic tiles business.
Backed by the promoter's experience, the company is expected to
register a healthy growth in its revenues over the medium term.
Established relationship with major suppliers and customers
further strengthen the market position

* Proximity of its manufacturing facilities to raw material and
labor sources.
MTPL benefits from the strategic location of the unit in Morbi,
which is the hub of India's ceramics industry. MTPL's presence in
Morbi facilitates easy access to raw material, contractors and
skilled labourers. Other critical infrastructure such as gas and
power are readily, while, transportation costs are also low,
given proximity to major ports, Kandla and Mundra.

* Moderate financial risk profile, marked by healthy gearing and
robust debt protection metrics.
Capital structure is expected to remain healthy, while, debt
protection metrics is expected to be robust over the medium term.
The networth is moderate at INR17.8 crore as on March 31, 2016
while total outside liabilities to adjusted networth (TOLANW) is
moderate at 2 times as on March 31, 2016; the same is further
expected to improve over the medium term with expected
improvement in profitability.

Weaknesses
* Modest scale of operations
The company had begun commercial production in April 2016; hence
it has modest scale of operation. Its revenues are expected to be
at INR65 crore in fiscal 2017. Modest scale of operations also
restricts the ability to negotiate with customers or suppliers
since ceramic business is highly fragmented with several small
players operating within the country.

* Large working capital requirements
The operations of the company is expected to be working capital
intensive on account of moderate inventory and debtor days.
Outlook: Stable

CRISIL believes that MTPL will benefit over the medium term from
its promoters' extensive experience in the ceramic industry. The
outlook may be revised to 'Positive' if the company significantly
increases its scale of operations and profitability, leading to
larger-than-expected cash accruals. Conversely, the outlook may
be revised to 'Negative' if MTPL records lower than expected
revenues or accruals due to reduced profitability, or if it's
financial risk profile deteriorates, most likely because of a
stretch in its working capital cycle.

Incorporated in 2015, MTPL is a Morbi, Gujarat based company
engaged in manufacturing of Glazed Vitrified Tiles (GVT) and
Polished Vitrified tiles (PVT). The key promoters of the company
are Mr. Nilesh Makadia and Mr. Viral Ghodasia. The commenced
commercial operations from April 2016.


MILLENIUM MARBLE: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Millenium Marble
Private Limited (MMPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect MMPL's small scale of operations and weak
credit metrics.  Revenue was INR416 million (FY15: INR412
million), gross interest cover (operating EBITDA/gross interest
expense) was 1.2x (1.3x) and net leverage (total Ind-Ra adjusted
net debt/operating EBITDAR) was 14x (7.8x).  The rise in net
leverage was on account of an increase in short-term borrowings
to meet its working capital requirements.  EBITDA margins were
thin at 2% in FY16 and remained volatile between 2%-3.3% during
FY13-FY16 due to the trading nature of the business.

MMPL has a current order book of INR140 million as of November
2016, which will be executed by the end of September 2017.  The
firm has indicated revenue of INR350 million in 8MFY17.

However, the ratings draw support from the promoter's more than
two-decade-long experience in the marble trading business.  The
ratings also factor in the firm's comfortable liquidity position
as indicated by its average utilization of fund-based facilities
of 70.5% over the 12 months ended November 2016.

                       RATING SENSITIVITIES

Positive: A significant increase in the scale of operations and
profitability margins, leading to a sustained improvement in the
credit metrics would be positive for the ratings.

Negative: Any deterioration in the EBITDA margins and credit
metrics would be negative for the ratings.

COMPANY PROFILE

Incorporated in 1999, MMPL is a marble supplier.  The firm
imports 47% of polished marble from Europe and the Middle East,
while the remainder is sourced from domestic suppliers.


MUSALE CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR7.5MM Loan
----------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Musale Construction (Musale) at 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          8        CRISIL A4 (Reaffirmed)
   Cash Credit             7.5      CRISIL B+/Stable (Reaffirmed)

The ratings reflect Musale's modest scale of operations, limited
revenue diversity, susceptibility to intense competition in the
civil construction industry, and large working capital
requirement. These weaknesses are partially offset by an above-
average financial risk profile, with low gearing and robust debt
protection metrics, and the extensive experience of promoters in
the civil construction business.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: Scale of operations is modest
within the highly competitive construction business. It recorded
a turnover of INR38.7 crore on a provisional basis for fiscal
2016, supported by moderate work orders and receipt of dues from
government departments, the same remains modest.

* Limited revenue diversity and susceptibility to intense
competition in the construction industry: Musale has limited
diversity in its revenue, with irrigation-related projects
accounting for over 70% of its revenue over the past three years,
with the balance coming from road projects. Thus, any adverse
change in government policy, leading to lower investments in the
irrigation sector could hamper revenue.

* Large working capital requirement: The construction industry is
inherently working capital-intensive as reflected in gross
current assets of 193 days as on March 31, 2016, owing to high
debtors and large security deposits with customers.

Strengths
* Above-average financial risk profile: It has a moderate
networth, and comfortable capital structure and debt protection
metrics. Networth was INR14.15 crore and gearing was 0.97 time as
on March 31, 2016. Interest coverage ratio was 3.05 times in
fiscal 2016, while net cash accrual to total debt ratio remained
healthy at 0.20 time.

* Extensive experience of partners in the construction business:
The partners have experience of over two decades. Mr Sonba Musale
was employed in the irrigation department of the Government of
Maharashtra, where he supervised irrigation and dam construction
projects.
Outlook: Stable

CRISIL believes Musale will continue to benefit over the medium
term from its promoters' extensive experience and its above-
average financial risk profile. The outlook may be revised to
'Positive' if the firm scales up operations, diversifies its
revenue, and improves its working capital cycle, while
maintaining its profitability and capital structure. Conversely,
the outlook may be revised to 'Negative' if significant cost and
time overruns in its projects, or delayed receivables leads to
decline in revenue or weakening of liquidity, or in case of
capital withdrawal.

Established in 1990 as a partnership between Mr Sonba Gulabrao
Musale and his brother Mr Rambhau Gulabrao Musale, Musale
undertakes civil and infrastructure construction works, primarily
in the irrigation and road segments.


NS MINT: Ind-Ra Raises Long-Term Issuer Rating to 'BB-'
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded NS Mint Products
Private Limited's (NS Mint) Long-Term Issuer Rating to 'IND BB-'
from 'IND B+'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The upgrade reflects the substantial growth in NS Mint's top line
in FY16 to INR336.15 million (FY15: INR275.46 million).
According to the provisional eight months financials for FY17, NS
Mint has already booked revenue of INR545 million.  The revenue
has mainly been driven by increasing exports.  Furthermore, the
EBITDA margins have been stable in the range of 6%-7% during
FY15-FY16.

Liquidity also remains comfortable with nearly 89% average
working capital utilization during the 12 months ended December
2016.

The ratings, however, continue to reflect the company's weak
credit metrics due to high debt levels.  In FY16, interest
coverage (operating EBITDAR/gross interest expense) was 1.82x in
FY16 (FY15: 1.63x) and net financial leverage was 6.85x (6.05x).

                        RATING SENSITIVITIES

Positive: An improvement in the top line along with improvement
in the current credit metrics will be positive for the ratings.

Negative: A dip in the operating EBITDA margins leading to
deterioration in the credit metrics will be negative for the
ratings.

COMPANY PROFILE

NS Mint was incorporated in May 2013.  The company manufactures
menthol, menthol crystals, essential oils, aromatic chemicals,
mint oils etc.  The company has a 600mtpa manufacturing facility
in Sambhal, Uttar Pradesh.


OMKAR COTTON: CARE Reaffirms B+ Rating on INR6cr Long Term Loan
---------------------------------------------------------------
The reaffirmation in the rating is driven by stable financial
risk profile of Omkar Cotton Industries (OCI) during FY16 (refers
to the period from April 1 to March 31).

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

The rating continues to derive strength from experienced partners
and location advantage of OCI in terms of proximity to cotton
growing regions of Gujarat. The rating is, however, constrained
by declining turnover, thin profit margins, leveraged capital
structure and weak debt coverage indicators coupled with
susceptibility to volatility in the raw material prices and
inherent risks associated with the cotton industry such as high
degree of fragmentation, seasonality and impact of the government
policies. Improvement in the scale of operations, profit margins,
debt coverage indicators as well as better working capital
management would remain the key rating sensitivities.

Detailed description of key rating drivers:

During FY16, TOI remained at similar level with marginal decline
of 5.63% y-o-y to INR26.42 crore as against INR28 crore during
FY15. PBILDT margin stood at 2.05%. (FY15: 3.07%) Overall gearing
ratio stood moderate at 1.61 times as on March 31, 2016, as
against 1.55 times as on March 31, 2015.

With thin profitability and deterioration in capital structure,
debt coverage indicators also declined to weak level. Overall
operations remained working capital intensive in nature marked by
high utilization (65%) of working capital bank borrowing for last
12-month period ended November 2016.

Among all the partners, Mr. Vipul Patel and Mr. Vasant Patel have
around 10 years of experience in cotton the industry. The other
active partners, Mr. Arvind Patel, Mr. Jitendra Patel and Mr.
Ambalal Patel are associated with the cotton processing
activities since 2006.

Vijapur-based (Gujarat) OCI is a partnership firm formed in
January 2007. OCI currently has 17 partners with an unequal
profit and loss sharing agreement among them. OCI is engaged in
cotton ginning & pressing activities with an installed
capacity of 66,000 bales per annum and cottonseed crushing
capacity of 840 MTPA as on March 31, 2016 at its sole
manufacturing facility located at Vijapur in Mehsana district of
Gujarat. OCI generates its entire revenue from domestic market
only. It has 24 ginning machine, 5 oil expeller machines for
crushing cottonseed, one semi-automated pressing machine and one
belt conveyer.

During FY16 (A), OCI reported PAT of INR0.04 crore on a TOI of
INR26.42 crore as against PAT of INR0.04 crore on a TOI of
Rs.28 crore during FY15. Till 9MFY17 (Prov.), OCI has achieved a
turnover of INR14 crore.


P. SRI RAMULU: CRISIL Reaffirms 'B' Rating on INR10MM Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed the ratings on the bank facilities of P.
Sri Ramulu (PSR; part of the KRP group) at 'CRISIL B/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           10        CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect the KRP group's modest scale of
operations and below-average financial risk profile, marked by
high external indebtedness. These rating weaknesses are partially
offset by the extensive experience of the group's promoters in
the rice industry.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of K.R. Padmanabhan and Sons (KRP) and
PSR. This is because both the entities, together referred to as
the KRP group, are engaged in the same business and have
significant financial fungibility.

Key Rating Drivers & Detailed Description
Weakness
* Below average financial risk profile: The group's financial
risk profile is below average marked by, net worth and total
outstanding liabilities to tangible net worth (TOL/TNW) of
INR1.55 crore and 27.2 times respectively for fiscal 2016. The
group's debt protection metrics is modest with interest coverage
and net cash accruals to total debt ratios of 1.3 times and 0.03
times respectively for fiscal 2016.

* Working capital intensive operations: The group's operations
are working capital intensive due to large inventory which led to
high Gross Current Asset (GCA) days of 158 as on March 31, 2016.

Strengths
* Long standing presence in rice trading industry: The vast
experience of promoters has helped the group in establishing
relationship with key suppliers and customers.
Outlook: Stable

CRISIL believes that the KRP group will benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the group reports
substantial improvement in revenue and margins, while improving
its capital structure. Conversely, the outlook may be revised to
'Negative' if the group reports low revenue and margins or if its
working capital cycle lengthens, leading to deterioration in its
financial risk profile.

The KRP group is engaged in rice trading. The group is based in
Chennai and is managed by Mr. P Sri Ramulu, Mr. P Damodaran, and
Mr. P Venkatesan.


PRECIOUS TRADELINK: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Precious
Tradelink Private Limited a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect the company's moderate scale of operations as
reflected from its revenue of INR837 million in FY16 (FY15:
INR476 million).  Also, the operating EBITDA margins have been
weak (FY16: 0.06%; FY15: 0.2%) owing to its trading nature of
business.

The ratings, however, are supported by the company's directors'
over two decades of experience in the iron & steel trading
business and its short working capital cycle (FY16: 1 day).
Also, the company does not have any external debt at present.

                       RATING SENSITIVITIES

Positive: An improvement in the profitability margins and overall
credit metrics will be positive for the ratings.

Negative: Further deterioration in the profitability margins will
be negative for the ratings.

COMPANY PROFILE

Incorporated in 2008, Precious Tradelink is engaged in the
trading of iron and steel.  The company started its commercial
operations in 2013.  It is managed by Jagdish Prasad Kachhwal and
Vijay Ladhania.


PRINCE SPINTEX: CARE Reaffirms B+ Rating on INR62.75cr LT Loan
--------------------------------------------------------------
The ratings of Prince Spintex Private Limited (PSPL) continue to
remain constrained on account of project implementation &
stabilization risk associated with predominantly debt-funded
project (for setting up the cotton yarn manufacturing facility).
The ratings are further constrained by susceptibility of PSPL's
profit margin to volatile cotton and cotton yarn prices and
presence in the highly competitive cotton yarn segment.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     62.75      CARE B+; Stable
                                            Reaffirmed

   Long-term/Short-term Bank      5.00      CARE B+; Stable/
   Facilities                               CARE A4 Reaffirmed


The ratings, however, derive strength from the promoter's
experience in various cotton value chain businesses and likely
availability of various government benefits apart from favourable
location of PSPL's manufacturing facility.

PSPL's ability to complete the project within the envisaged time
and cost parameters as well as its ability to achieve the
envisaged levels of scale of operations and profitability would
be the key rating sensitivities.

Detailed description of the key rating drivers

The promoters of PSPL have extensive experience of undertaking
business associated with the cotton value chain through other
business entities. Furthermore, Prince Group already has a
cumulative operational capacity of over 45,000 spindles under its
varied group entities.

PSPL is setting up a predominantly debt funded green field
project of cotton spinning with a capacity of around 4,888
spindles. The total cost of the project is estimated to be around
INR96.15 crore which is proposed to be funded in debt to equity
ratio of 2.84:1.

Incorporated in June 2016, PSPL is a project-phase company. PSPL
is in process of setting up a cotton spinning project in Bagodara
near the city of Ahmedabad in Gujarat wherein it will install
25,536 spindles with a capacity to produce 4,888 Metric Tonnes
Per Annum (MTPA) of cotton yarn of count 40.

The total cost of project is envisaged to be INR96.15 crore which
is proposed to be funded through debt and equity in the
proportion of 2.84:1, respectively. The financial closure for the
debt portion is yet to be achieved while the project is under
execution. The commencement of commercial operation is expected
by the end of September 2017.

PSPL is a part of "Prince Group" which has a total capacity of
more than 45,000 spindles under the companies, Prince Spinners
Private Limited (rated: CARE BB/ CARE A4) and Real Spintex
Private
Limited (rated: CARE BB-/ CARE A4). Furthermore, the promoters of
PSPL also have diverse experience in ginning, dyeing, knitting,
cotton & cotton seed trading, and FMCG industries.


RAJENDRA KUMAR: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Rajendra Kumar
Kalal's Long-Term Issuer Rating at 'IND BB'.  The Outlook is
Stable.

* Assigned final from provisional rating

                         KEY RATING DRIVERS

The ratings continue to reflect Rajendra's moderate scale of
operations.  Its revenue declined to INR694 million in FY16 from
INR836 million in FY15 due to a decline in order book size.  The
ratings are constrained by low revenue visibility on account of a
low order book size of INR144 million (unexecuted value) at end-
December 2016.

The ratings continued to be constrained by the proprietorship
nature of the organization and a tight liquidity profile,
indicated by a working capital utilization of about 91% over the
six months ended-December 2016.

The ratings continued to benefit from Rajendra's strong credit
metrics due to a comfortable EBITDA margin of 10% (6.8%).  In
FY16, its interest coverage (operating EBITDAR/gross interest
expense) was 5x (FY14: 5.3x) and leverage (total adjusted net
debt/operating EBITDAR) was 0.8x (1.4x).  The ratings are
supported by the proprietor's two-decade-long experience in the
construction business.

                       RATING SENSITIVITIES

Negative: Any deterioration in credit metrics will be negative
for the ratings.

Positive: An improvement in the scale of operations, while
maintaining credit metrics, will be positive for the ratings.

COMPANY PROFILE

Rajendra executes civil contracts in Rajasthan.  It primarily
executes orders issued by the Public Works Department, a state-
level enterprise.  Rajendra operates in several locations across
Rajasthan.


RIDHI AUTO: CRISIL Assigns B+ Rating to INR4.5MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Ridhi Auto Industries Private Limited
(RAIPL). The ratings reflects RAIPL's small scale of operations
in the intensely competitive auto component industry, and large
working capital requirement. These weakness are partially offset
by the promoters' extensive experience.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               1.5       CRISIL B+/Stable
   Cash Credit             4.5       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      4.0       CRISIL B+/Stable

Analytical Approach

CRISIL has treated as neither debt nor equity, unsecured loans of
INR2.49 crore that RAIPL has received from its promoters as on
March 31, 2016. That is because these loans are likely to remain
in the business over the medium term.

Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations and intense competition: Scale of
operations'net sales aggregated INR11.6 crore in fiscal
2016'continues to be small on account of intense competition,
limiting bargaining power and benefits from economies of scale.

* Working-capital-intensive operations: Operations are working
capital intensive, with gross current assets, debtors and
inventory of 235, 120, and 117 days, respectively, as on
March 31, 2016.

Strength
* Extensive experience of the promoters: Benefits from the
promoters' experience'they have been in the auto component
industry since 2004'should continue to support business risk
profile.
Outlook: Stable

CRISIL believes RAIPL will continue to benefit over the medium
term from the promoters' extensive experience in the bearings
industry. The outlook may be revised to 'Positive' if
substantially higher revenue and profitability strengthen
financial risk profile. Conversely, weakening in the financial
metrics, especially liquidity, on account of low revenue,
profitability and cash accrual, or stretch in working capital
cycle, may result in the outlook being revised to 'Negative'.

Incorporated in 2011, RAIPL manufactures engineering components
such as sprockets, automotive gears, industrial automotive gears,
rollers, shafts, and hydraulic pipes. The company is promoted by
the Haryana-based Jain family.


SELVARANI IMPEX: CRISIL Reaffirms B+ Rating on INR9MM Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Selvarani Impex (SI) at 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             9        CRISIL B+/Stable (Reaffirmed)
   Short Term Loan         1        CRISIL A4 (Reaffirmed)

The rating reflects SI's modest scale of operations in a highly
fragmented rice mill industry and below-average financial risk
profile marked by moderate gearing and below average debt
protection metrics. These rating weaknesses are partially offset
by extensive industry experience and its vast customer base.
Analytical Approach

For arriving at the rating, CRISIL has considered the business
and financial risk profiles of SI on a standalone basis.

Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations: Scale of operations is small as
reflected in revenue of INR61.5 crore in fiscal 2016 though it
improved from INR26.8 crores in fiscal 2015 due to successful
ramping up of operations. Operating profitability improved to
1.9% from 1.2%. Operating performance is likely to remain stable
at 2% over the medium term supported by trading nature of
operations.

* Below-average financial risk profile: The financial risk
profile is below average, with networth estimated at INR7.3 crore
and gearing at 2.82 times, as on March 31, 2016. Interest
coverage and net cash accrual to total debt ratios are estimated
at 1.3 times and 0.01 time, respectively, for fiscal 2016. There
are no major debt-funded capital expenditure planned for the
medium term. The financial risk profile is expected to improve
but remain below-average due to low accretion to reserves.

Strengths
* Extensive experience of partners: Partners have experience of
over three decades in trading in and processing pulses. Before
setting up SI, the partners were engaged in the same line of
business through Shree Saravana Traders (rated 'CRISIL
BB/Stable'). Moreover, they have developed strong relationships
with customers and suppliers.
Outlook: Stable

CRISIL believes SI will continue to benefit over the medium term
from its promoters' extensive experience and its vast customer
base. The outlook may be revised to 'Positive' if significant
increase in revenue and profitability strengthens the financial
risk profile. Conversely, the outlook may be revised to
'Negative' if aggressive, debt-funded capital expenditure, or
capital withdrawals leads to deterioration in the financial risk
profile.

Established in 2013 as a partnership firm SI derives 85 % of its
revenues from trading of pulses. It also mills and processes
paddy into rice, rice bran, broken rice, and husk. The operations
are managed by Mr. S Siva and Mr. S Surulivel.

SI booked a net profit of INR26 lakh on revenue of INR61.47 crore
in fiscal 2016 as against a net profit of INR16 lakh on revenue
of INR26.8 crore in fiscal 2015.


SHREE BALAJI: CARE Assigns B+ Rating to INR10.17cr Loan
-------------------------------------------------------
The rating assigned to the bank facilities of Shree Balaji
Agrotech (SBAT) remain constrained on account of short track
record and modest scale of operations, weak financial risk
profile marked by leveraged capital structure and low
profitability margins owing to limited value addition nature of
business and weak debt coverage indicators. The rating is further
consrained by working capital intensive nature of operations,
exposure of profit margins to fluctuation in raw material price,
presence in the highly competitive industry and partnership
nature of constitution.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.17      CARE B+; Stable
                                            Assigned

However, the rating derives strength from experience of the
promoters in the cotton industry and established group and
location advantage emanating from close proximity to raw material
source.

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

Detailed description of the key rating drivers

SBAT started is commercial operations from September 2015 and
with networth base of INR2.28 crore as on March 31, 2016 the
scale of the entity remained small depriving it of scale
benefits.

Owing to limited value addition nature of business and high
degree of competition and fragmentation the profit margin
remained low. Furthermore, the same are susceptible to
fluctuation in raw material prices i.e; raw cotton as the entity
has to stock high level of inventory owing to seasonal
availability of the same. The same has led to higher working
capital intensity. Furthermore,
with low tangible networth and high dependence on external
borrowings resulted in leveraged capital structure.

However the entity benefits from it being located in cotton
producing belt of Nanded (Maharashtra) resulting to lower
logistic expenditure and proximity to clients as well. The entity
is spearheaded by Mr. Dinesh Mandhani, Mr. Tushar Rathod, Ms
Anita Mandhani and Ms Jyotsna Rathod, second generation
entrepreneurs, each with one and half decade of experience in the
cotton
industry,through association with group entities engaged in a
similar segment. The wide experience of the promoters aids the
entity in day to day decision making activities.

Shree Balaji Agro Tech (SBAT) established in October 2013, is
Nanded-based (Maharashtra) entity engaged in cotton ginning and
pressing business. The entity is promoted by Mandhani and Rathod
family of Nanded and belongs to the Balaji Group. The group was
established in the year 1961 with Sri Balaji Commercial Company
(SBCC) being the flagship entity of the group. The group is
currently managing five companies including SBAT namely SBCC, Sri
Sai Cotton Ginning & Pressing Factory (SCGF), Sri Onkar Cotton
Agro Industries (SCAI) and Sri Balaji Cotton Agro Industries
(SBCAI). The group is engaged in the business of cotton ginning
and pressing.

SBAT procures its raw material i.e. raw cotton from local farmers
and brokers in the Nanded, Maharashtra. The finished products
i.e. cotton bales are sold to the customers located in domestic
market (Maharashtra, Tamil Nadu, and Gujarat) and international
market (Pakistan).

SBAT was operational for seven months (September 2015 to March
2016) in FY16 and registered an income from operations of
INR26.13 crore with PBILDT and PAT margin of 3.64% and 0.75%,
respectively. Till date for 9MFY17, SBAT has achieved total sales
amounting to INR35 crore.


SHREE JAGDAMBA: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shree Jagdamba
Construction Company (SJCC) a Long-Term Issuer Rating of
'IND BB+'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect SJCC's low scale of operations and moderate
credit metrics.  In FY16, revenue was INR213 million (FY15:
INR181 million), net leverage (Ind-Ra adjusted net debt/operating
EBITDAR) was 3.8x (6.2x) and interest coverage (operating
EBITDA/gross interest expense) was 2.9x (4x).

SJCC's liquidity profile remains comfortable with an average
utilization of fund-based facilities of 84.34% over the 12 months
ended December 2016.

The ratings, however, are supported by the partners' over a
decade-long operating experience in the construction business.

                        RATING SENSITIVITIES

Positive: An improvement in the scale of operations, along with
an overall improvement in the credit metrics could be positive
for the ratings.

Negative: A further deterioration in the credit profile could be
negative for the ratings.

COMPANY PROFILE

Incorporated on June 18, 2007, SJCC is a Chhattisgarh-based
partnership firm engaged in the civil construction business.

The firm is managed by Mr. Shankar Lal Agrawal and Mr. Sandeep
Kumar Agrawal.


SHREE PARASHNATH: CARE Reaffirms 'B' Rating on INR172.83cr Loan
---------------------------------------------------------------
The ratings of the bank facilities of Shree Parashnath Re-
Roolling Mills Ltd (SPRML) continue to be constrained by the low
capacity utilisation impacting profitability, deterioration in
dismal financial performance in FY16 (refers to the period April
1 to March 31), increased working capital intensity due to
elongation of operating cycle, volatility in raw material prices
with lack of backward integration and intense competition. The
ratings, however, take into account the infusion of funds by the
promoters and diversified clientele.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     172.83     CARE B; Stable
                                            Reaffirmed

   Short-term Bank Facilities     57.75     CARE A4 Reaffirmed

Effective management of working capital and ability to improve
profitability amidst intense competition and volatile input
prices would remain the key rating sensitivities.

Detailed description of the key rating drivers

Though the capacity utilisation of billet unit high for SPRML in
view of automated nature of the plant as well as negligible level
of breakdown and shut down for repairs, however, the capacity
utilisation of wire rod and structural products continued to
remain low in FY16.

Net sales showed a y-o-y decline of 8% in FY16 due to decline in
sales quantity as well as realisation of wire rods and structural
products. PBILDT margin improved marginally due to decrease in
the cost of raw material and other manufacturing expenses
marginally. SPRML incurred cash loss in FY16.

Raw material expense is the major cost driver for SPRML forming
about 77% of the total cost of sales for FY16 (as against 80% in
FY15). The raw materials required are ingots, billets and blooms
for Wire rod, TMT and Structural division and pig iron, sponge
iron and scrap for the billet division.

The promoters of SPRML have demonstrated financial support to the
company by continuous infusion of funds in the form of equity and
unsecured loans in order to meet incremental working capital
requirements and financing of capex.

SPRML supplies structural products, wire rods & billets to
leading developers, pipe manufacturers and steel manufacturers
operating in Eastern region.

SPRML, incorporated in 2002, was promoted by two brothers, Mr.
Anil Kumar Jain and Mr. Vipin Kumar Jain, of Durgapur. The
company commenced operation by setting up TMT bars manufacturing
facility in June 2003 in Durgapur. Over the years, the company
undertook various capex plans. The company is presently engaged
in manufacturing of billets (69,100 TPA), wire rods (1,20,000
TPA), TMT bars (30,000 TPA) and structural products (2,20,000
TPA) like angles, channels, joints, H Beam, MS flat, MS round and
MS scrap at its manufacturing facility located in Durgapur. The
products are sold under "PARAS" brand.  SPRML is also involved in
small scale trading of TMT Bars, wire rods and structural
products.

In November 2014, Corporate Debt Restructuring cell approved the
restructuring package of the company from the cut-off date of
July 1, 2014.

During FY16, SPRML earned a PBILDT of INR18.12 crore (Rs.17.51
crore in FY15) and incurred a net loss of INR11.29 crore (net
loss of INR15.78 crore in FY15) on total operating income of
INR484.73 crore (Rs.526.86 crore in FY15).


SHRI SAIPRASAD: CRISIL Hikes Rating on INR5.5MM Cash Loan to BB-
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Shri Saiprasad Rice Mill (SSRM; part of the Urade group) to
'CRISIL BB-/Stable' from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              5.5      CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The upgrade reflects expected improvement in the group's business
risk profile on account of improvement in revenue led by healthy
demand and established brand presence. Despite registering a
year-on-year growth of 31% in revenue in fiscal 2016, revenue is
expected to grow 10% over the medium term. This, coupled with
stable profitability, is expected to result in stronger
liquidity, with expected cash accrual of INR0.5-0.6 crore over
the medium term. The upgrade also factors in partners' continuous
support in the form of unsecured loans which increased to INR4.99
crore as on March 31, 2016, from INR2.12 crore as on March 31,
2013. Continuous funding support from partners will support the
liquidity and working capital management.

Analytical Approach

For arriving at the rating, CRISIL has combined the financial and
business risk profiles of SSRM and Bhaskar Urade and Brothers
(BUB). This is because the two entities, together referred to as
the Urade group, are in the same business, have common promoters,
and sell under the same brands.

CRISIL has treated interest-bearing unsecured loans of INR4.99
crore from promoters as on March 31, 2016, as neither debt nor
equity. This is because these loans are expected to remain in the
business over the medium term.

Key Rating Drivers & Detailed Description
Strengths
* Partners' extensive experience in the rice industry, and
funding support: The Urade group is founded and promoted by the
Urade family, which has been engaged in rice milling for over 40
years in the region. The partners have established their brands
Real Gold, Only Today, and Gold Coin, supporting continuous
improvement in scale of operations. The partners have supported
the business through infusion of unsecured loans which increased
to INR4.99 crore as on March 31, 2016.

* Established relationships with customers: The partners'
extensive experience and focus on quality products have helped
them develop cordial relations with customers, resulting in
healthy growth in scale of operations and expansion of
geographical reach to Maharashtra, Karnataka, Tamil Nadu, Kerala,
and Gujarat.

Weakness
* Modest scale of operations: Though the group witnessed healthy
growth in revenue, the scale remains modest owing to intense
competition and small processing capacity.

* Below-average financial risk profile: The financial risk
profile is below average because of modest networth, average
capital structure, and subdued debt protection metrics.
Outlook: Stable

CRISIL believes the Urade group will continue to benefit over the
medium term from its partners' extensive experience. The outlook
may be revised to 'Positive' in case of a substantial increase in
revenue and profitability, resulting in sizeable cash accrual,
and improvement in debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if the financial risk
profile, particularly liquidity, weakens, because of lower-than-
expected cash accrual resulting from a decline in revenue or
profitability, or a stretch in the working capital cycle.

The Urade group was established in 1977 by the Urade family in
Bramhapuri (Maharashtra) with the setting up of BUB; SSRM was set
up in 2004. The group mills non-basmati rice; it has a
consolidated processing capacity of 28 tonne per hour. The group
sells under its own brands Real Gold, Only Today, and Gold Coin.


SRI ANJANI: CARE Assigns B+ Rating to INR7.50cr Long Term Loan
--------------------------------------------------------------
The rating assigned to the bank facilities of Sri Anjani Pipes
Industries (SAPI) is constrained by small scale and short track
record of operations, elongated operating cycle leading to
working capital intensive nature of operations, susceptibility of
profit margins to fluctuation in raw material prices, highly
fragmented industry with presence of large number of players and
constitution of the entity as a partnership firm. However, the
rating is underpinned by experienced partners with more than one
decade of experience in plastic product industry and satisfactory
total operating income, profit margins and capital structure in
the first 6 months (ended March 31, 2016) of commercial
operations.

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

Going forward, the ability of the firm to increase scale of
operations, maintain profitability margins and capital structure
and improve operating cycle is the key rating sensitivities.

Detailed description of the key rating drivers

SAPI's scale of operations remained low at INR2.89 crore compared
with other peer firms and low net worth base of INR5.49 crore as
on March 31, 2016. However, the firm with only six months of
operation in FY16 has achieved a reasonable total operating
income with comfortable PBILDT margin of 28.22%. The PAT margin
of the firm has also remained marginally satisfactory at 2.01%.

The main raw-materials, ie, like Polyethylene, Resins, and
Ethylene are the largest cost components of SAPI, accounting for
around 75% of the total cost of sales. These raw materials are
produced from petrochemical sources. Any movement in oil prices
results in fluctuation in prices of Polyethylene, Resins and
Ethylene.

The operating cycle of the firm was elongated at 100 days in FY16
due to high inventory levels along with debtors pending
realisation and delay in realisation of subsidy (under Micro
Irrigation System Scheme from the Government of Telangana) as on
balance sheet date.

The capital structure of the firm is at below unity level marked
by debt equity and overall gearing ratio of 0.88x and 0.96x,
respectively, as on March 31, 2016. The debt coverage indicators
of the firm is moderate marked by total debt/GCA and PBILDT
interest coverage of 8.10x and 4.95x respectively in FY16 on
account of moderate total debt, profit levels and cash accruals
considering size of operations.

Partnership nature of business has an inherent risk of withdrawal
of capital and limited access to funding.

Sri Anjani Pipes Industries (SAPI) was established in the year
2013 as a partnership firm, by Mr. G Sanjeeva Reddy and Mrs G
Madhavi. The firm achieved commercial operations during October
2015. The firm is engaged in the manufacturing of various types
of pipes i.e. High-density polyethylene (HDPE) pipes of sizes
ranging between 63 mm and 315 mm, Polyvinyl chloride (PVC) pipes
ranging from 25 mm to 350 mm and Linear low-density polyethylene
(LLDPE) pipes ranging from 12 mm to 16 mm, at its facility
located at Mahabubnagar district of Telangana state. These pipes
are mainly used for irrigation works (micro and drip), water
supply, gas supply, drainage works and covering telephone cables.
The firm has total installed capacity of manufacturing 1465
tonnes of pipes per annum. The firm produced 700 tonnes of pipes
during 6 months of operations in FY16 (refers to the period
April 1 to March 31). The firm is also empaneled with Telangana
government scheme named micro irrigation system for supply of
pipes.

During FY16, the company reported PBILDT of INR0.82 crore and net
profit of INR0.06 crore on a total operating income of INR2.89
crore. In H1FY17 (Provisional), SAPI achieved INR7.13 crore of
total operating income and PBT of INR0.40 crore.


SRI SRIDEVI: CRISIL Assigns B+ Rating to INR9MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Sri Sridevi Raw and Boiled Rice Mill.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              9        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       1        CRISIL B+/Stable

The rating reflects a modest scale of operations in the intensely
competitive rice-milling industry, and susceptibility of
operating profitability to volatility in raw material prices and
to any unfavourable impact of a change in government regulations.
The rating also factors in a below-average financial risk profile
because of a modest networth and weak debt protection metrics,
though the capital structure is comfortable. These weaknesses are
partially offset by the extensive industry experience of the
partners and established customer and supplier relationship.

Key Rating Drivers & Detailed Description
Weaknesses
Modest scale of operations in a competitive industry: With
revenue of INR41.7 crore in fiscal 2016, the scale remains small
while the industry is intensely competitive.

Susceptibility of operating profitability to volatility in raw
material prices and to any unfavourable impact of a change in
government regulations: Cost of paddy accounts for 85-90% of the
cost of producing rice and hence the operating profitability is
highly susceptible to any volatility in paddy prices. Moreover,
the government periodically introduces regulations such as a
change in the policy pertaining to rice procurement; this may
affect profitability.

Weak financial risk profile: Networth was modest at INR3.9 crore
against total debt of INR6.1 crore, resulting in a gearing of
1.54 times, as on March 31, 2016. Debt protection metrics were
below average because of low cash accrual. The financial risk
profile is expected to remain below average over the medium term.

Strength
* Extensive industry experience of the partners: This has
resulted in establishment of a strong relationship with customers
and suppliers, which will continue to benefit the firm over the
medium term.
Outlook: Stable

CRISIL believes SSRBRM will continue to benefit from the
extensive industry experience of its partners. The outlook may be
revised to 'Positive' if revenue and profitability are sizeable,
thus improving the financial risk profile. The outlook may be
revised to 'Negative' if the financial risk profile deteriorates
because of low revenue or profitability, weakening of working
capital management, or large, debt-funded capital expenditure.

SSRBRM was established as a partnership firm in 1986 by Mr V
Kishore Kumar, Mr V Srinivas Rao, Mr V Subbarao, and Ms V
Vijayalakshmi. The firm mills and processes paddy into rice at
its plant in Nellore, Andhra Pradesh.

Profit after tax was INR0.28 crore on revenue of INR41.7 crore in
fiscal 2016, vis-a-vis INR0.28 crore and INR42.4 crore,
respectively, in fiscal 2015.


SRI VEERESHWARA: CRISIL Assigns B+ Rating to INR5MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Sri Veereshwara Agro Agencies (SVAA).

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

The rating reflects SVAA's modest scale of operations in a
highly-fragmented agro-chemical industry and below-average
financial risk profile. These weaknesses are partially offset by
the extensive experience of promoters in the agro-chemical
industry.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations and low operating margin in the
competitive agro-chemical industry:
The business risk profile is constrained by small scale as
reflected in revenue of INR26.12 crore in fiscal 2016. Operating
margin was 3.46% owing to limited value addition, low bargaining
power with buyers, and competition from other players in the
region. The revenue is expected to grow 10% over the medium term
backed by incremental revenue from trading in paddy from January
2017 onwards.

* Below-average financial risk profile:
The financial risk profile is constrained by a modest networth of
INR2.34 crore as on March 31, 2016. The networth is expected to
remain modest over the medium term due to limited accretion to
reserves. Gearing which stood at 2.44 times as on March 31, 2016,
primarily due to high reliance on debt for meeting working
capital requirement, is expected to reduce to 1.5-2.0 times over
the medium term backed by steady growth in networth and absence
of term debt.

Strength
* Extensive experience of partners:
The experience of partners, Mr Bheemana Gouda and Mr Devendra
Gouda, who have been involved with agriculture and related
activities for over 20 years, has helped build an established
regional presence.
Outlook: Stable

CRISIL believes SVAA will benefit over the medium term from its
promoters' extensive experience and proximity to paddy-growing
belt in Karnataka. The outlook may be revised to 'Positive' in
case of substantial revenue while improving its profitability and
capital structure. Conversely, the outlook may be revised to
'Negative' in case of considerable decline in revenue and
profitability, or deterioration in working capital management
impacting its liquidity, or large, debt-funded capital
expenditure, weakening the financial risk profile.

Established in 2004 and based in Raichur (Karnataka), SVAA, a
partnership between Mr Bheemana Gouda and Mr Devendra Gouda,
trades in chemical fertilisers and pesticides.


STARSHINE ENGINEERING: Ind-Ra Assigns B+ Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Starshine
Engineering (India) Private Limited (SEIPL) a Long-Term Issuer
Rating of 'IND B+'.  The Outlook is Stable.

*The ratings are provisional and shall be confirmed upon the
sanction and execution of loan documents for the proposed
facilities by SEIPL to the satisfaction of Ind-Ra.

                         KEY RATING DRIVERS

The ratings reflect the company's small scale of operations as
reflected from its revenue of INR93 million in FY16 (FY15:INR279
million).  The operating EBITDA margins had been low at around
0.6% in FY16 (FY15: 0.3%) owing to its trading nature of
business. The company does not have any external debt at present.

The ratings, however, derive support from more than two decades
of experience of the directors in the iron and steel trading
business and its negative working capital cycle of 2 days during
FY16 ( FY15: negative 3 days)

                       RATING SENSITIVITIES

Positive: Improvement in the scale of operations along with
improvement in the profitability could be positive for the
ratings

Negative: Further deterioration in the revenue and profitability
could lead to negative rating action.

COMPANY PROFILE

Incorporated in 2008, SEIPL is engaged in trading of iron and
steel.  The company also manufactures machinery parts on orders,
which accounts for only 5%-10% of the entire revenue earned.

The company is managed by Mr Staish ladhania and Jagdish Prasad
Kachhwal


SUPER CRAFT: CRISIL Hikes Rating on INR10.25MM Term Loan to BB-
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Super
Craft Foundry (SCF; part of the SCF group) to 'CRISIL BB-
/Stable/CRISIL A4+' from 'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           1        CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Cash Credit              6.3      CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term       6.44     CRISIL BB-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Rupee Term Loan         10.25     CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Working Capital          1.01     CRISIL BB-/Stable (Upgraded
   Term Loan                         from 'CRISIL B/Stable')

The upgrade reflects improvement in financial risk profile,
particularly liquidity, due to healthy operating performance.
Cash accrual was higher than expected at about INR10.9 crore for
fiscal 2016, increasing from INR3.3 crore in fiscal 2015 because
of better revenue with revival in demand from key customers; and
improving operating margin with softening of raw material prices
and better absorption of fixed costs. These, coupled with
sustained working capital management, led to controlled debt
level and hence improvement in gearing and interest coverage
ratio to 0.99 time and over 4 times, respectively, for fiscal
2016 from 1.53 times and 1.8 times, respectively, in the previous
fiscal. With stable operating performance likely for fiscal 2017,
accrual will support improvement in financial risk profile and
more than adequate to service debt. Also, efficient working
capital management will lead to moderate bank limit utilisation
and hence adequate liquidity.

The ratings reflect the group's moderate scale of operations
supported by the extensive experience of its promoters, and
moderate financial risk profile. These strengths are partially
offset by susceptibility of profitability to volatile raw
material prices, customer concentration in revenue profile, and
to intense competition.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SCF and Swift Enterprise Pvt Ltd
(SEPL). This is because the two entities, together referred to as
the SCF group, are in the same business and owned by common
promoters, and have significant business and financial linkages.

Key Rating Drivers & Detailed Description
Strengths
* Moderate scale of operation supported by promoters' extensive
experience in the auto ancillary industry: SCF group's scale of
operation remained moderate with revenues at INR118 crore for
fiscal 2016. Presence of over three decades in the auto ancillary
industry has enabled the promoters to establish strong
relationship with reputed customers; this will continue to
support the group to maintain its scale of operation.

* Moderate financial risk profile: SCF group has moderate capital
structure marked by marked by gearing of 0.99 times as on March
31, 2016 supported by moderate networth of INR24.3 crore. Also,
interest coverage ratio was adequate at 4 times for fiscal 2016.
Financial risk profile will remain steady over the medium term
supported by moderate profitability and controlled working
capital debt.

Weakness
* Susceptibility of profitability to volatile raw material
prices, customer concentration in revenue profile and exposure to
intense competition: Profitability remains exposed to
fluctuations in raw material prices, which are passed on to
customers with certain time lag. Also, majority of revenue comes
from Tata Motors Ltd (rated 'CRISIL AA/Positive/CRISIL A1+'),
which exposes the group to the fortunes of its client. Moreover,
intense industry competition limits the group's bargaining power
with customers.

Outlook: Stable

CRISIL believes the SCF group will continue to benefit over the
medium term from the extensive experience of its promoters. The
outlook may be revised to 'Positive' if significant improvement
in revenue and sustained profitability lead to higher-than-
expected cash accrual, thereby strengthening financial risk
profile. The outlook may be revised to 'Negative' if financial
risk profile, particularly liquidity, weakens because of low cash
accrual, stretched working capital cycle, time or cost overrun in
ongoing capital expenditure, or any major capital withdrawal.

While SEPL was set up in 1988, SCF was established as a
partnership firm in 1994. Both the entities are based in
Kolhapur, Maharashtra, and promoted by Mr. Ratnakar Kulkarni and
his son, Mr. Ranjeet Kulkarni. SCF manufactures iron castings for
automotive industry, including brake drums, gear box covers,
engine covers, and other cast iron parts. SEPL undertakes
machining and assembling of auto components for SCF.


T.P.S. SEKAR: CRISIL Upgrades Rating on INR5.5MM Cash Loan to B+
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of T.P.S.
Sekar (TPSS) to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           1        CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Cash Credit              5.5      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL D')

   Long Term Loan           0.9      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL D')

The upgrade reflects the improvement in TPSS's liquidity leading
to timely debt servicing since September 2016. Cash accrual is
expected at INR1.7 crore, against debt obligation of INR0.86
crore in fiscal 2017. CRISIL believes the firm's liquidity will
remain adequate over the medium term.

Key Rating Drivers & Detailed Description
Weaknesses
* Exposure to intense competition in a highly fragmented
industry: TPSS operates in the highly fragmented civil
construction industry, which is dominated by a few large players
such as Larsen & Toubro Ltd, and several small regional players.

* Modest scale of operations: The firm's small scale, reflected
in turnover of INR36 crore in fiscal 2016, limits its resilience
to external shocks.

* Concentrated order book: Outstanding orders of INR17 crore are
all from state highways of Tamil Nadu for laying new roads,
rendering revenue vulnerable to progress on projects and exposing
the firm to high counterparty risks.

Strength
* Extensive experience of proprietor and established relationship
with clients: The promoter's experience of over two decades in
the civil construction industry, has led to established
relationships with customers and high success rate when bidding
for tenders.
Outlook: Stable

CRISIL believes TPSS will continue to benefit from the extensive
industry experience of its promoter. The outlook may be revised
to 'Positive' if there is a significant increase in revenue and
profitability, leading to a better financial risk profile. The
outlook may be revised to 'Negative' if working capital
management weakens, constraining liquidity, or if the firm
undertakes large, debt-funded capital expenditure, weakening its
capital structure.

TPSS, established by Mr T P S Sekar as a proprietorship concern
in 1998, undertakes civil construction work in Tamil Nadu. The
firm is primarily a contractor for Tamil Nadu State Highways and
lays roads and constructs bridges. It also owns a Bharath
Petroleum petrol bunk, which is primarily utilised to fuel own
tippers, lorries, and rollers required for civil construction.

TPS booked net profit of INR2.12 crore on revenue of INR36.6
crore for fiscal 2016, against a net profit of INR1.0 crore on
revenue of INR23.6 crore for fiscal 2015.


TRIMURTY SPINNING: CARE Cuts Rating on INR16.02cr LT Loan to 'B'
----------------------------------------------------------------
The long term rating assigned to the bank facilities of Trimurty
Spinning Mills Private Limited (TSPL) has been revised mainly on
account of decline in total operating income and net loss during
FY16 (refers to the period April 1 to March 31) resulting in
deterioration in capital structure.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     16.02      CARE B; Stable
                                            Suspension revoked
                                            and rating revised
                                            from CARE B+

   Short-term Bank Facilities     1.25      CARE A4 Suspension
                                            revoked and rating
                                            reaffirmed to CARE A4

The ratings, however, continue to be constrained by modest scale
of operations, weak financial risk profile marked by highly
leveraged capital structure, weak solvency position and thin
profitability margins. The ratings are further constrained by
weak debt coverage indicators, exposure of profitability margins
to fluctuation in raw material price and presence in highly
competitive textile industry. However, the ratings continues to
factor in experience of the promoters in the cotton industry and
location advantage.

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

Detailed description of the key rating drivers

The scale of operations of the entity has remained moderate with
fluctuating total operating income and cash accruals during the
last three years ending FY16. Furthermore, net loss in last three
years has eroded the net worth and resulted in leveraged capital
structure and weak liquidity position. The cotton industry is
characterized by a high degree of fragmentation and high
competition and is further subjected to Government regulations.
The manufacturing facility of TSPL is located at Ichalkaranji
which comes under the cotton producing belt i.e Prabhani region
of Maharashtra. Hence, TSPL gains the location advantage in terms
of timely and easy availability of raw material for spinning.
Prices of raw material i.e. raw cotton are highly volatile in
nature and depend upon factors like, area under production, yield
for the year, international demand supply scenario, export quota
decided by government and inventory carried forward of previous
year. However, the existing promoters have over one and half
decade of experience in the industry and thus have established
relations with their customers and suppliers.

Trimurty Spinning Mills Private Limited (TSPL) was incorporated
in August, 2010. Located in Ichalkaranji, Maharashtra, the
company is promoted by Mr. Suryawanshi, Mr. Mhetre and Mr. Naik.
Spread over land of 5.75 acres, the plant has been set up with an
aim to manufacture long strand cotton yarn i.e. cotton yarn of
high counts mainly - 40s, 41s and 42s combed hosiery compact type
yarn and has manufacturing capacity for processing 17.57 lakh kg
of cotton yarn/annum.

The manufactured yarns are used in cotton hosiery and are
produced using long strand BT cotton i.e. genetically modified
cotton. The company procures raw cotton from Gujarat and
Maharashtra while the cotton yarn is sold through dealers to
weavers and knitters in Ichalkaranji, Bhiwandi and Vita.

Having imported plant and machinery under the EPCG scheme, TSPL
has an obligation to export cotton yarn worth INR21 crore in the
next 8 years. In FY15, and FY16, the company earned an operating
income of INR41.96 crore with capacity utilisation of 75% and
INR35.94 crore with capacity utilization of 80% respectively.


V.P.K. AGRO: CRISIL Assigns 'B' Rating to INR11.7MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' ratings to the bank
facilities of V.P.K. Agro Food Product Private Limited (VPK).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      0.3       CRISIL B/Stable
   Cash Credit             5.0       CRISIL B/Stable
   Long Term Loan         11.7       CRISIL B/Stable

The rating reflects VPK's risks associated with stabilisation of
the plant. This rating weakness is partially offset by the
benefits that VPK derives from the extensive experience of its
promoters in the sugar industry.

Key Rating Drivers & Detailed Description
Weakness
* Risks pertaining to stabilisation of the plant and cyclicality
in the sugar industry: The company started its operations in
December 2016 for khandsari sugar manufacturing along with
Jaggery powder plant and is exposed to risk pertaining to
stabilisation of its plant. The sugar industry is cyclical and
highly fragmented. Cyclicality inter-alia results from preference
of farmers to cultivate other crops following years of high
sugarcane production, which results in problems in selling
sugarcane and delays in payment by sugar mills. Also, the sugar
industry is seasonal, as sugarcane is usually produced only
between November and March.

Strength
* Extensive experience of the promoter in the sugar industry:
VPK's business risk profile is strengthened by promoter's
extensive experience in the sugarcane business.  The promoters
have a track record of almost a decade which will help the
company build established relations with the suppliers and
customers.
Outlook: Stable

CRISIL believes that VPK will continue to benefit over the medium
term from the extensive experience of the promoter in the sugar
and allied industries. The outlook may be revised to 'Positive'
in case of stabilisation of its plant, resulting in higher-than-
expected cash flows for the company. Conversely, the outlook may
be revised to 'Negative' if VPK faces delays in ramp-up of its
operations along with low utilization, negatively impacting its
cash flows.

VPK, a private limited company was incorporated in 2013 by Mr.
Marutirao Kawale and his family with an objective of installing
and commissioning a khandsari sugar manufacturing unit along with
jaggery powder at Nanded, Maharashtra. The company has commenced
its operations from Dec 2016.


VARRON ALUMINIUM: CARE Lowers Rating on INR55cr ST Loan to 'D'
--------------------------------------------------------------
The revision in the ratings assigned to the bank facilities of
Varron Aluminium Private Limited (VAPL) takes into account
the on-going delays in the interest and debt servicing of the
long term facilities along with the overdrawals in the cash
credit (CC) facilities to the tune of over 30 days.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     40.00      CARE D Revised from
                                            CARE BBB-

   Long term/Short-term Bank     50.00      CARE D Revised from
   Facilities                               CARE BBB-/A3

   Short-term Bank Facilities    55.00      CARE D Revised from
   (Non fund-based)                         CARE A3

The ratings also factor in the established track record of over a
century of the company in the heavy engineering industry,
experienced and resourceful promoters, proven execution
capabilities with strong technical tie-ups and diversified
revenue source across segments.

Going forward, the ability of the company to honor its debt
obligation on time, and establish a track record of regular
debt servicing, improvement in financial position on the back of
cost rationalization measures undertaken by the management
resulting in decline in leverage are the key rating
sensitivities.

Analytical approach: CARE has based its assessment on the
combined financial risk profile of VAPL and VIPL due to same
management and similar business lines. Furthermore, both the
companies have extended joint and several, irrevocable
and unconditional corporate guarantee to the bank facilities of
the group company, Varron Auto Kast Private Limited.

Varron Aluminium Private Limited, flagship company of Pune based
Varron Group, is engaged in the manufacturing and selling of
aluminium based alloys and ingots. The company has its
manufacturing plant located at Ratnagiri, Maharashtra with an
installed capacity enhanced to 9,000 MT (FY14: 7800 MT) of
aluminum ingots per month and spread over an area of 6 acres of
land with large storage area and the plant is accredited with ISO
9001:2000 certification.


VARRON AUTO: CARE Cuts Rating on INR322cr Fund Based Loan to 'D'
----------------------------------------------------------------
The revision in the ratings assigned to the bank facilities of
Varron Auto Kast Limited (VAKL) takes into account the ongoing
delays in the interest and debt servicing of the long term
facilities.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      155       CARE D Revised from
                                            CARE BBB-

   Long term/Short-term Bank      322       CARE D Revised from
   Facilities (Fund Based)                  CARE BBB-/A3

The ratings also factor in the established track record of over a
century of the company in the heavy engineering industry,
experienced and resourceful promoters, proven execution
capabilities with strong technical tie-ups and diversified
revenue source across segments.

Going forward, the ability of the company to honor its debt
obligation on time, and establish a track record of regular
debt servicing, improvement in financial position on the back of
cost rationalization measures undertaken by the management
resulting in decline in leverage are the key rating
sensitivities.

Analytical Approach: CARE has based its assessment on the
combined financial risk profile of VAPL and VIPL due to same
management and similar business lines. Furthermore, both the
companies have extended joint and several, irrevocable and
unconditional corporate guarantee to the bank facilities of the
group company, Varron Auto Kast Private Limited.

Varron Autokast Limited is a new venture of Pune based Varron
Group, incorporated by Mr. Shrikaant Sawaiikar in August 2011.
The company is formed as a closely held public limited company.
The same is in the project stage and is in the process of setting
up of auto component manufacturing operations in Nagpur. The
company is setting up a plant in Nagpur for manufacturing of
aluminium, copper and steel ingots, aluminium extrusions and Mild
Steel (MS) forging and machining.


VARRON INDUSTRIES: CARE Lowers Rating on INR142.80cr Loan to 'D'
----------------------------------------------------------------
The revision in the ratings assigned to the bank facilities of
Varron Industries Private Limited (VIPL) takes into account the
on-going delays in the interest and debt servicing of the long
term facilities along with the overdrawals in the cash credit
(CC) facilities to the tune of over 30 days.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     17.94      CARE D Revised from
                                            CARE BBB-

   Long term/Short-term Bank    109.10      CARE D Revised from
   Facilities                               CARE BBB-/A3

   Short-term Bank Facilities   142.80      CARE D Revised from
   (Non fund-based)                         CARE A3

The ratings also factor in the established track record of over a
century of the company in the heavy engineering industry,
experienced and resourceful promoters, proven execution
capabilities with strong technical tie-ups and diversified
revenue source across segments.

Going forward, the ability of the company to honor its debt
obligation on time, and establish a track record of regular debt
servicing, improvement in financial position on the back of cost
rationalization measures undertaken by the management resulting
in decline in leverage are the key rating sensitivities.

Analytical approach: CARE has based its assessment on the
combined financial risk profile of VAPL and VIPL due to same
management and similar business lines. Furthermore, both the
companies have extended joint and several, irrevocable and
unconditional corporate guarantee to the bank facilities of the
group company, Varron Auto Kast Private Limited.

Varron Industries Private Limited (formally known as Varron
Industries Limited; VIL), flagship company of Pune based
Varron Group, is engaged in the manufacturing and selling of
aluminium based alloys and ingots. The company has its
manufacturing plant located at Ratnagiri, Maharashtra with an
installed capacity enhanced to 9,000 MT (FY14: 7800 MT)
of aluminum ingots per month and spread over an area of 6 acres
of land with large storage area and the plant is accredited with
ISO 9001:2000 certification. It manufactures aluminium ingots of
all grades by recycling of aluminium scrap material. It had a
manufacturing capacity to produce 7,800 MT per month of aluminium
based products during FY14 that was enhanced to 9,000 MT per
month during FY15.



=================
I N D O N E S I A
=================


BUKIT MAKMUR: Moody's Assigns Ba3 CFR, Outlook Stable
-----------------------------------------------------
Moody's Investors Service has assigned a Ba3 corporate family
rating (CFR) to Bukit Makmur Mandiri Utama (P.T.) (BUMA) and a
Ba3 rating to its proposed senior secured notes.

The outlook on all ratings is stable.

Proceeds from the notes issuance will be used to repay the
company's existing bank loans.

RATINGS RATIONALE

"BUMA's Ba3 CFR reflects its well-recognized franchise and
established relationships with Indonesia's largest coal
concession holders and the long-term contractual nature of its
revenue base which provides cash flow visibility," says Rachel
Chua, a Moody's Analyst.

The rating also takes into account BUMA's moderate financial
profile, supported by its resilient operating performance and
proactive capital management through the industry downturn.

The coal mining services contractor company repaid $346 million
of debt since 2012 using a combination of cash and operating cash
flows. At 30 September 2016, it had a reported debt balance of
$596 million compared to $942 million in 2012.

"This demonstrates management's strong commitment to maintaining
a prudent capital structure, conservative financial policies and
focus on credit protection measures which we expect to continue,"
adds Chua, who is also Moody's Lead Analyst for BUMA.

Moody's expects BUMA's adjusted debt/EBITDA will remain below 3x
in 2017-18 and its retained cash flow (RCF)/ net debt will stay
above 25% over the same period.

At the same time, the Ba3 rating remains constrained by BUMA's
geographical concentration in Indonesia, single-commodity
exposure and high degree of customer concentration.

BUMA's largest customer is PT Berau Coal (unrated) which
accounted for 55% of revenue for the nine months ended 30
September 2016.

Moody's believes the concentration risk at Berau is partially
mitigated by the high level of interdependence between the two
companies given that volumes mined by BUMA accounted for 70% of
Berau's revenues in 1H2016. It is therefore in Berau's interest
to maintain prompt payments to BUMA in order to generate
operating cash flows.

Moody's also notes that BUMA's contracts with Berau have been
extended till 2025 for its Lati project and 2020 for the Binungan
project, which signals the strong working relationship between
the two companies and provides some comfort against the
concentration.

Moreover, as a mining contractor, BUMA has a contractual
relationship directly with the operating entity at Berau which
holds the coal concession agreement (CCoW). BUMA has priority of
payment before creditors at Berau's holding company which is
where the group debt resides. Over the last two years, Berau has
paid BUMA on a relatively timely basis even as coal prices fell.
As of October 2016, more than 90% of BUMA's trade receivables,
including those from Berau, were current.

BUMA has a good liquidity profile. As of 30 September 2016, the
company had a cash balance of $116 million compared to debt
maturing over next 12 months of $64 million. With the proceeds
from the proposed notes issuance, its new $75 million secured
bank loan facility (which can be upsized to $100 million) and
cash on hand, the company plans to repay its outstanding bank
loans totaling $521 million as of 30 September 2016.

If this goes ahead as planned, BUMA's annual amortizing
repayments under the finance leases and secured loan facility
will be around $70 million per annum and its next material
maturity will be in 2022 when the proposed notes come due.

Moody's notes that there is no sinking fund provision under the
notes indenture which will expose the company to a material
degree of refinancing risk in 2022.

The stable outlook on the rating reflects Moody's expectations
that BUMA will achieve its expected volume increase in 2017-18,
and maintain its prudent operating and financial policies as it
carries out its capex program.

An upgrade of the rating is unlikely over the next 12-18 months,
given BUMA's focused business model and customer concentration.
However, upward rating pressure could develop over the longer
term, if BUMA expands its customer base such that its reliance on
a single customer falls below 20%-30%, increases its market share
in the coal mining industry and diversifies into other non-coal
mining operations.

Downward pressure on the rating could emerge if 1) payments from
Berau are delayed such that average trade receivables exceed 65
days; or 2) BUMA loses any of its contracts or if they are not
renewed on similar or enhanced terms thereby reducing its revenue
base and exerting pressure on cash flows.

Specific financial indicators that could lead to a rating
downgrade include: adjusted debt/EBITDA exceeding 3.5x, retained
cash flow (RCF)/net debt falling below 15%-20% and EBITA/interest
expense below 2x. Secured debt/assets ratio staying persistently
above 15%-20% will likely lead to notching on its proposed USD
notes.

In addition, Moody's would be concerned if there are significant
changes in Northstar Tambang Persada Ltd's shareholding in PT
Delta Dunia Makmur Tbk, or if BUMA's underlying operating or
financial strategy were to alter materially.

The principal methodology used in rating BUMA was the Business
and Consumer Service Industry published in October 2016.

Established in 1998, BUMA is a coal mining services contractor in
Indonesia, providing coal mining services to some of the
country's largest coal producers.

BUMA is 100%-owned (less one share) by PT Delta Dunia Makmur Tbk
(unrated), an investment holding company listed on the Jakarta
Stock Exchange, which is in turn 39%-owned by Northstar Tambang
Persada Ltd (unrated), a consortium comprising Northstar Equity
Partners (unrated), TPG Capital (unrated), GIC Pte Ltd (unrated)
and China Investment Corporation (unrated). The remaining 61%
stake in Delta is held by public and institutional investors.



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


TAKATA CORP: Bidders Said to Favor Court-Mediated Bankruptcy
------------------------------------------------------------
Jie Ma and Yuki Hagiwara at Bloomberg News report that bidders
for troubled air-bag maker Takata Corp. are leaning toward a
court-mediated bankruptcy in Japan to shield them from
liabilities, a move that the company had opposed on concern it
would disrupt the supply of replacement parts, according to
people familiar with the matter.

Takata, which is seeking a sponsor after triggering the biggest
safety recall in automotive history, may name the buyer in
February or March, Bloomberg relates citing people who asked not
to be identified as the discussions are private.  Takata is still
in discussions about its turnaround plan and no decision has been
made on bankruptcy proceedings, the company said in response to a
stock exchange query, Bloomberg says.

According to Bloomberg, shares of the air-bag maker tumbled
17 percent to JPY717 at the close of trading on Jan. 19, after
being suspended for the morning session.  Bloomberg says the
stock has swung by close to the daily limit on six days in the
past three weeks as investors speculated on the company's
progress in securing a financial backer and settlement.

Bloomberg says Takata faces a recall that is expected to cover
more than 100 million air bags. The company's faulty products
have been linked to at least 17 deaths worldwide. Due diligence
by bidders including Autoliv Inc. and Key Safety Systems Inc. had
to be extended in part because of the difficulty in calculating
the potential liabilities, people with knowledge of the talks
said last month. Bloomberg says the eventual acquirer would have
to ensure a stable supply of replacement parts even as
uncertainties surround its exposure to future liabilities,
including the costs for replacing the air bags.

The company last week admitted to hiding the deadly risks of its
air bags for about 15 years and agreed to plead guilty in the
U.S. to one criminal charge as part of a $1 billion settlement,
according to court papers cited by Bloomberg. Three former Takata
executives were separately indicted for their alleged roles in
the cover-up, Bloomberg relates.

According to Bloomberg, Takata Chief Financial Officer Yoichiro
Nomura said in November a court-mandated restructuring could
disrupt the supply of parts to automakers, while a court-led
bankruptcy will make it easier for Takata's financial adviser
Lazard Ltd. to find a buyer for the air-bag maker.

The $1 billion it agreed to pay in the U.S. settlement includes
$25 million to the authorities and $975 million to compensate
carmakers and people who were injured, Bloomberg says citing
court papers. While the criminal fine is due within a month, the
company doesn't have to pay the restitution until it's sold
because it can't afford to pay now, Bloomberg states.

The Nikkei earlier reported bidders for Takata were proposing
bankruptcy in Japan, Bloomberg notes.

                         About Takata Corp

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

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

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

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

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

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


TOSHIBA CORP: Losses in Nuclear Business Could Top JPY500 Bil.
--------------------------------------------------------------
Nikkei Asian Review reports that Toshiba Corp's losses in its
nuclear power business could exceed JPY500 billion ($4.4
billion), according to the latest estimates, forcing the
beleaguered Japanese conglomerate to seek support from a
government-backed lender.

Nikkei says the losses stem from a goodwill impairment on CB&I
Stone & Webster, a U.S.-based nuclear plant builder acquired by
Toshiba subsidiary Westinghouse Electric in late 2015. Stone &
Webster saw domestic construction and labor costs swell beyond
what had been expected at the time of the purchase, the report
notes.

Goodwill from the deal was initially estimated at about $87
million, or roughly JPY10.5 billion. After the additional costs
came to light, Toshiba released a statement last month estimating
goodwill at hundreds of billions of yen. It told financial
institutions that it saw the total at JPY500 billion at most,
Nikkei says.

After assessing the cost overruns, however, the company
apparently recently raised the possibility that the losses could
run from JPY400 billion to more than JPY500 billion, Nikkei
relates. It is currently working with its auditor to determine
how much of that amount should be reflected in earnings for the
fiscal year ending in March.

According to Nikkei, Toshiba's November forecast showed full-year
group net profit rebounding to JPY145 billion, up from a JPY460
billion loss the previous year. A strong showing by the mainstay
flash-memory business had made an overshoot a real possibility.
But the nuclear-related write-down will likely leave the company
in the red again.

Nikkei says the electronics giant's capital totaled just over
JPY360 billion as of the end of September. Without the losses,
this could have jumped to around 500 billion yen at fiscal year-
end, amid a recovery in core operations as well as a softer yen
boosting the value of foreign-currency-denominated assets. The
write-down will undoubtedly deplete much of Toshiba's capital,
leaving the company with an urgent need for more funds.

The report says the Tokyo Stock Exchange placed Toshiba on its
watch list in the wake of a 2015 accounting scandal, a status
intended to warn investors about poor internal controls. This
makes it tougher to raise money through a public offering.

According to the report, sources said Toshiba is considering such
options as offering preferred stock without voting rights or
issuing subordinated debt, which would partially count toward its
capital base. It has apparently asked the government-owned
Development Bank of Japan for support. Toshiba is expected to
outline the losses to lenders soon, at which time it will likely
seek assistance with fundraising, Nikkei relates.

The nuclear-related losses, coming on top of the fallout of the
accounting scandal, have put pressure on Toshiba to restructure
its businesses, say Nikkei. The company is considering spinning
off its semiconductor operations, including flash memory, and is
in talks with U.S. hard-drive maker Western Digital and
investment funds about selling a partial stake. A radical
reworking of the nuclear business is needed as well, Nikkei
notes.

                           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.



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


SOUTH CANTERBURY: Investors' Legal Action May Start in Few Weeks
----------------------------------------------------------------
Ben Aulakh at Stuff.co.nz reports that legal action on behalf of
former South Canterbury Finance investors could be just weeks
away, if they can convince one of a host of firms to fund the
case.

Kapiti Coast sharebroker Chris Lee, who is leading a claim for
compensation for out-of-pocket SCF perpetual shareholders, held a
meeting in Timaru on Jan. 18 to update the firm's former
preference investors on the progress of a legal claim, according
to Stuff.co.nz.

Stuff.co.nz says a two-year legal investigation into the
potential for legal action would be wrapping up in the next few
weeks.

The report notes that the former lender, which grew to be one of
New Zealand's biggest finance companies, went under in 2010,
taking tens of millions in savings from 4000 preference
shareholders with it.  A parliamentary inquiry in 2011 found
inadequate risk management had been one of the reasons for the
firm's collapse.

On the table for investors was a plan to put the legal case to
litigation funding companies, Stuff.co.nz states.

"There are professional litigation funding companies in Australia
and New Zealand that review a case and decide if they wish to
fund it.  They do it like a business so they take a chunk of
anything that might get won in return for taking the risk of
taking the case to the High Court," the report quotes Mr. Lee as
saying.

He said so far the investors had contributed between NZ$500,000
and NZ$750,000 towards the legal costs. The investors had not
been asked for any more money at the meeting, the report states.

A letter dated December 22 last year from Chris Lee and Partners
said a draft proposal had been put to a litigation funder,
relates Stuff.co.nz.

According to the report, the firm had asked the team for further
details on two matters, a process which was currently under way.

It also said Mr. Lee would be meeting with investors this month
to update them on the money which had been received and spent so
far.  It also asked for "all investors to make a further
contribution to meet the legal costs incurred to date".

Stuff.co.nz relates that in the letter, investors were advised to
contribute either NZ$125, NZ$250, or NZ$375 if their investment
in the finance firm had been up to NZ$10,000, NZ$20,000 or
NZ$30,000.

Those with investments over NZ$30,000 were asked to contribute
1.5 per cent of the value of their investments, the report says.

According to the report, Mr. Lee said the meeting was one of a
series of nine being held around New Zealand, to update
investors. The next was scheduled for Christchurch on Jan. 26,
before moving on to Wellington, Kapiti and Auckland.

Mr. Lee said the case was of particular importance to Timaru, the
home town of Allan Hubbard, who founded South Canterbury Finance,
adds Stuff.co.nz.

                   About South Canterbury Finance

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- was engaged in the
provision of financial services.  The Company's principal
activities were borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advanced funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government repaid South Canterbury's 35,000
depositors and stockholders NZ$1.6 billion under the Crown
retail deposit guarantee scheme.



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


HANJIN SHIPPING: U.S. Court Okays $78MM Sale of Terminal Assets
---------------------------------------------------------------
Alex Wolf, writing for Bankruptcy Law360, reported that U.S.
Bankruptcy Judge John K. Sherwood in New Jersey approved Hanjin
Shipping Co.'s request to sell off its stake in a terminal
operator for $78 million, over the objections of U.S.-based
creditors.

Judge Sherwood granted a request filed by Hanjin's foreign
representative to recognize and enforce a Korean court's order
authorizing the Company to sell its U.S.-Asia transpacific
business.  The Court held that Hanjin showed a sincere effort to
enhance the sale value in a limited amount of time.

As reported by the Troubled Company Reporter, citing a report by
Tom Corrigan of The Wall Street Journal Pro Bankruptcy, the sale
of the operator of a Long Beach, Calif., container terminal was
met by stiff opposition from Hanjin's U.S. creditors, many of
whom say the deal is designed to bypass them.  The Journal noted
that some U.S. creditors -- including container lessors,
insurance providers and the Port of Seattle -- said the terms of
the sale and Hanjin's plans to direct any proceeds to South Korea
could leave them empty-handed and without recourse to fully
enforce their rights.

The Seoul Central District Court, which is the primary authority
overseeing Hanjin's bankruptcy, has already approved the sale.
According to WSJ, Michael Edelman, Esq., a lawyer for a group of
container lessors, said in court on Jan. 12 that Hanjin was
attempting to avoid U.S. creditors and more rigorous oversight by
U.S. courts, where some U.S. creditors expect their claims to be
treated more favorably than in South Korea.

                      About Hanjin Shipping

Hanjin Shipping Co., Ltd., is mainly engaged in the
transportation business through containerships, transportation
business through bulk carriers and terminal operation business.
The Debtor is a stock-listed corporation with a total of
245,269,947 issued shares (common shares, KRW 5000 per share) and
paid-in capital totaling KRW 1,226,349,735,000. Of these shares
33.23% is owned by Korean Air Lines Co., Ltd., 3.08% by Debtor
and 0.34% by employee shareholders' association.

The Company operates approximately 60 regular lines worldwide,
with 140 container or bulk vessels transporting over 100
million tons of cargo per year. It also operates 13 terminals
specialized for containers, two distribution centers and
six Off Dock Container Yards in major ports and inland areas
around the world.  The Company is a member of "CKYHE," a
global shipping conference and also a partner of "The
Alliance," another global shipping conference to be
launched in April 2017.

Hanjin Shipping listed total current liabilities of KRW 6,028,543
million and total current assets of KRW 6,624,326 million as of
June 30, 2016.

As a result of the severe lack of liquidity, Hanjin applied to
the Seoul Central District Court 6th Bench of Bankruptcy Division
for the commencement of rehabilitation under the Debtor
Rehabilitation and Bankruptcy Act on Aug. 31, 2016. On the same
day, it requested and was granted a general injunction and the
preservation of disposition of the Company's assets.  The Korean
Court's decision to commence the rehabilitation was made on
Sept. 1, 2016.  Tai-Soo Suk was appointed as the Debtor's
custodian.

On Sept. 2, 2016, Hanjin Shipping Co. filed in the U.S. a
voluntary petition under Chapter 15 of the Bankruptcy Code.  The
Chapter 15 case is pending in New Jersey (Bankr. D.N.J. Case No.
16-27041) before Judge John K. Sherwood.  Cole Schotz P.C. serves
as counsel to Tai-Soo Suk, the Chapter 15 petitioner and the duly
appointed foreign representative of Hanjin Shipping.


SAMSUNG GROUP: Court Rejects Arrest Warrant for Samsung Boss
------------------------------------------------------------
Bloomberg News reports that a court in South Korea turned down
prosecutors' request to arrest Samsung Group's Jay Y. Lee on
alleged bribery, perjury and embezzlement, letting him stay in
place atop the country's most powerful company while they
continue their investigation.

Bloomberg relates that the court said there wasn't enough
evidence to keep Lee in jail based on the facts presented about
alleged payments and other charges. "It is difficult to
acknowledge the necessity and justification for an arrest at this
stage," Bloomberg quotes Seoul Central District Court Judge Cho
Eui-yeon as saying in a statement on Jan. 19.

According to Bloomberg, the de facto head of the Samsung Group
and vice chairman of Samsung Electronics Co. is being
investigated for allegedly providing tens of millions of dollars
to benefit a close friend of South Korean President Park Geun-hye
in exchange for approval of a merger between two Samsung
affiliates. The deal helped Lee, 48, consolidate control over the
sprawling conglomerate founded by his grandfather, Bloomberg
relates.

Samsung has denied that it provided financial aid in return for
any favors, Bloomberg says. The decision lets Lee avoid spending
weeks or months in jail and proceed with plans to secure his
leadership atop the country's biggest company, after his father
was incapacitated by a heart attack two years ago, Bloomberg
notes.  Samsung is also seeking to recover from last year's
botched debut of the Note 7, a smartphone that was discontinued
after it showed a tendency to catch fire and explode, the report
states.

"We appreciate the fact that the merits of this case can now be
determined without the need for detention," Samsung said in a
statement.

Bloomberg relates that in ruling against the arrest warrant, the
court judge suggested the evidence investigators' produced may
not be enough to win prosecution.

"What the court is saying basically is that the evidence
presented by the prosecutors isn't clear enough to justify the
bribery case," the report quotes Kang Shin-up, an attorney at the
Hana law firm, as saying. "In short, it means it's hard to charge
Lee with bribery just yet."

Bloomberg says the special prosecutor took issue with that
implied criticism. "We judge that there is a difference between
the special prosecutor and the court on the legal assessment of
the facts for the suspected crime," Bloomberg quotes Lee Kyu-
chul, a spokesman for the prosecutor's office, as saying.

While investigators will keep pursuing the case, the prosecutor
hasn't decided whether to seek another arrest warrant against
Lee, he said, Bloomberg relays. The prosecutor isn't convinced by
Lee's claim that he was pressured to make the payments, the
spokesman said. Choi Gee-sung, vice chairman of Samsung's
corporate strategy office, is now being treated as a suspect
instead of a witness due to suspicions of being involved in the
bribery, he added, reports Bloomberg.

Bloomberg says the Samsung probe is part of a broader
investigation into contributions that dozens of Korean companies
gave to Choi, the confidant.  According to the report, the
scandal has rocked South Korea with millions of people taking to
the streets in protest. President Park has been impeached and her
powers suspended, Bloomberg says. A separate constitutional court
will determine whether she is ultimately removed from office,
another tumultuous chapter for a country that became a full-
fledged democracy in 1987, Bloomberg adds.

When he testified at a parliamentary hearing in December, Lee
said he never ordered donations to be made in return for
preferential measures and rejected allegations he received
wrongful government support to push through the merger, Bloomberg
recalls.  Still, Lee, who has been put under a travel ban,
confirmed his private meetings with Park and that Samsung had
provided a horse worth KRW1 billion ($850,000) that was used for
equestrian lessons by Choi's daughter, says Bloomberg.

                        About Samsung Group

Headquartered in Seoul, Korea, Samsung Group --
http://www.samsung.co.kr/-- the "chaebol" or industrial group
has surpassed its former archrival, the erstwhile Hyundai Group,
to become the number one business group in South Korea.

Samsung's flagship unit is Samsung Electronics, reportedly the
world's top maker of dynamic random-access memory and other
memory chips, as well as a global heavyweight in all sorts of
electronic gear including LCD panels, DVD players, and cellular
phones.

Other affiliated companies include credit-card unit Samsung
Card, Samsung General Chemicals, Samsung Life Insurance, Samsung
Securities, and trading arm Samsung Corporation.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***