TCRAP_Public/170123.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

           Monday, January 23, 2017, Vol. 20, No. 16

                            Headlines


A U S T R A L I A

BRISBANE BAROQUE: Festival Placed Into Voluntary Liquidation
CRUSADE ABS 2016-1: Moody's Hikes Class E Notes Rating From Ba1
GABBA HOLDINGS: First Creditors' Meeting Set for Jan. 31
PUMPKIN PATCH: To Close All Stores After No Buyer Found
WORLD RUGBY: Consortium of Private Investors Acquires BLK


C H I N A

FUFENG GROUP: S&P Revises Outlook to Positive & Affirms 'BB+' CCR
SUNAC CHINA: Moody's Changes Outlook to Negative on B2 CFR
YUZHOU PROPERTIES: Moody's Rates New USD Sr. Unsecured Notes B1


I N D I A

AAKARSHIT ICE: CRISIL Assigns B+ Rating to INR6.5MM Cash Loan
AMRIT AGRO: CRISIL Assigns 'B' Rating to INR3.25MM LT Loan
ANUPAM INDUSTRIES: CRISIL Assigns B- Rating to INR108MM Loan
ARS AGRO: Ind-Ra Assigns 'B' Long-Term Issuer Rating
BALAJI INSTALMENTS: CRISIL Assigns FB Rating to INR3MM Fixed Dep.

BHARAT CHEMICALS: ICRA Assigns B+ Rating to INR14cr Loan
BNSR INDUSTRIES: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
CDE ASIA: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
COLOSSUS TRADE: ICRA Revises Rating on INR25cr Loan From B+
CONTINUAL RENEWABLE: Weak Fin'l Strength Cues ICRA SP 4D Grading

CYNOSURE MANIK: Ind-Ra Assigns 'BB' Rating on INR55MM Bank Loans
DELCO INFRASTRUCTURE: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
DEWAN HOUSING: Fitch Plans to Withdraw 'BB' LT FC IDR
ELECTRONIC APPLYANCES: CRISIL Assigns B+ Rating to INR7.5MM Loan
FERROMET STEELS: ICRA Reaffirms 'D' Rating on INR25cr Loan

FORTPOINT AUTOMOTIVE: CRISIL Ups Rating on INR16.28MM Loan to B
G. VENKATESHWAR: CRISIL Reaffirms 'B' Rating on INR5MM Cash Loan
GURUKRUPA DEVELOPERS: ICRA Reaffirms B+ Rating on INR125cr Loan
HAV MOTORS: CRISIL Reaffirms B+ Rating on INR7.0MM Loan
HYDROMATIK: ICRA Reaffirms B+ Rating on INR6.62cr LT Loan

INDIAN PROGRESSIVE: CRISIL Cuts Rating on INR20MM Overdraft to B+
IVRCL CHANDRAPUR: ICRA Reaffirms 'D' Rating on INR313.99cr Loan
KUSHALAVA SPINNERS: CRISIL Assigns B- Rating to INR6.0MM LT Loan
LOCKSMITHS INDUSTRIES: ICRA Reaffirms B- Rating on INR5.25cr Loan
M-BO GRANITO: ICRA Assigns 'B' Rating to INR8.80cr Loan

MADHYARANGA ENERGY: ICRA Withdraws 'B' Rating on INR30cr Loan
MODTECH MATERIAL: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
NANDU CHEMICALS: CRISIL Assigns B Rating to INR6.44MM Term Loan
NATURAL AGRITECH: Ind-Ra Assigns 'B-' Long-Term Issuer Rating
OME SREE: Ind-Ra Assigns 'D' Long-Term Issuer Rating

OPAL LUXURY: CRISIL Assigns 'D' Rating to INR8MM Cash Loan
PARAS FOODS: CRISIL Lowers Rating on INR5MM Cash Loan to 'D'
PCI LIMITED: CRISIL Reaffirms 'D' Rating on INR100MM Loan
PHALANX LABS: CRISIL Reaffirms B- Rating on INR31.5MM LT Loan
PRAKASAM ENTERPRISES: CRISIL Reaffirms B+ Rating on INR10MM Loan

PRIME LEATHERS: CRISIL Lowers Rating on INR6MM Cash Loan to B+
PUNEET AUTOMOBILES: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
R.P. STEEL: ICRA Hikes Rating on INR10cr Fund Based Loan From B
RAJESH SPICES: CRISIL Assigns 'B' Rating to INR5MM Cash Loan
RICHI TRAVELS: CRISIL Reaffirms B+ Rating on INR5.0MM Cash Loan

SABARI TEXTILES: ICRA Reaffirms 'D' Rating on INR12.47cr Loan
SAHAJ FASHIONS: CRISIL Hikes Rating on INR17MM Cash Loan to BB-
SAMBHAJI RAJE: ICRA Assigns 'B-' Rating to INR5.0cr Cash Loan
SANGRAM CANE: CRISIL Assigns B- Rating to INR27MM LT Loan
SAURABH SOLAR: Weak Financial Strength Cues ICRA SP 4D Grading

SHREE VENTURES: CRISIL Lowers Rating on INR5MM Cash Loan to 'D'
SKAJEN VITRIFIED: CRISIL Assigns B+ Rating to INR18MM LT Loan
SLK PROGRESSIVE: CRISIL Reaffirms B+ Rating on INR2.0MM LT Loan
STARBURST MOTORS: Ind-Ra Assigns 'B+' Rating to INR165MM Loan
SUNGRO SEEDS: Ind-Ra Affirms 'BB' Long-Term Issuer Rating

SV ISPAT: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
TAMILNADU STATE: CRISIL Reaffirms B- Rating on INR13MM Cash Loan
VEGA ENTERTAINMENT: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
VIJAY BREEDING: CRISIL Reaffirms B+ Rating on INR4.05MM Cash Loan
VIJAY STONE: ICRA Reaffirms 'B' Rating on INR4.90cr Loan

WHITE BRICKS: CRISIL Lowers Rating on INR14.5MM Term Loan to B


J A P A N

TOSHIBA CORP: Seeks Buyers for American Gas


N E W  Z E A L A N D

ABT CONSTRUCTION: In Liquidation; Creditor Claims Due Jan. 27
JAMIE'S ITALIAN: Shuts 6 UK Restaurants; Effect on NZ Unclear
RELATIONSHIPS AOTEAROA: Unsecured Creditors Unlikely to Recoup


                            - - - - -


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


BRISBANE BAROQUE: Festival Placed Into Voluntary Liquidation
------------------------------------------------------------
Phil Brown at The Courier-Mail reports that the State Government
has stepped in to help pay creditors owed money by a high-brow
Brisbane festival that has gone into voluntary liquidation.

According to The Courier-Mail, Tourism and Events Queensland's
Group Executive - Corporate Affairs Megan Saunders said TEQ would
stand by its offer to help pay creditors owed money by the
Brisbane Baroque festival.

"It is now a matter for the liquidators who we will work with as
required," the report quotes Ms. Saunders as saying. "Our offer
to alleviate the hardship suffered by creditors of Brisbane
Baroque by contributing a voluntary payment equal to the post-
event payment to those creditors still stands. TEQ does not owe
any sum to Brisbane Baroque.

"We are of course disappointed but our focus remains on
continuing to secure events which drive the best tourism outcomes
possible for the state."

For a while, Brisbane Baroque looked like doing that, the report
relates.

QPAC has moved to distance itself from Brisbane Baroque, even
though it was an "in association" partner and provided in-kind
support.

The Courier-Mail relates that a spokesperson said they did not
receive any formal communication from Brisbane Baroque Limited
and, like everyone else, they had to refer to the published
statement advising Brisbane Baroque Limited's decision to place
the company into voluntary administration.

Brisbane Baroque festival was officially put into voluntary
liquidation on Jan. 15, 2016.

The boutique classical music festival had Australia's most famous
arts impresario, Leo Schofield, as its artistic director and was
being hailed as proof that Brisbane had come of age culturally.


CRUSADE ABS 2016-1: Moody's Hikes Class E Notes Rating From Ba1
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on four
classes of notes issued by Perpetual Corporate Trust Limited as
trustee of the Crusade ABS Series 2016-1 Trust.

The affected ratings are as follows:

Issuer: Crusade ABS Series 2016-1 Trust

$A65M Class B Notes, Upgraded to Aa1 (sf); previously on Apr 26,
2016 Definitive Rating Assigned Aa3 (sf)

$A52M Class C Notes, Upgraded to A1 (sf); previously on Apr 26,
2016 Definitive Rating Assigned A2 (sf)

$A36.4M Class D Notes, Upgraded to Baa1 (sf); previously on Apr
26, 2016 Definitive Rating Assigned Baa3 (sf)

$A26M Class E Notes, Upgraded to Baa3 (sf); previously on Apr 26,
2016 Definitive Rating Assigned Ba1 (sf)

RATINGS RATIONALE

The upgrade mainly reflects the correction of a model input error
related to the yield of new receivables purchased during the
Substitution Period. At the time the definitive ratings were
assigned, the yield for new receivables was incorrectly set up,
which decreased the transaction's total yield.

The rating action reflects the correct cash flow modelling.

The principal methodology used in these ratings was Moody's
Global Approach to Rating Auto Loan- and Lease-Backed ABS
published in October 2016.

Factors that would lead to an upgrade or downgrade of the
ratings:

Factors that could lead to an upgrade of the ratings include (1)
an increase in the notes' available credit enhancement, and (2)
performance of the underlying collateral that is better than
Moody's expectation.

Factors that could lead to a downgrade of the ratings include (1)
a decrease in the notes' available credit enhancement, (2)
performance of the underlying collateral that is worse than
Moody's expectation, and (3) deterioration in the credit quality
of the transaction counterparties.


GABBA HOLDINGS: First Creditors' Meeting Set for Jan. 31
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Gabba
Holdings Pty Ltd will be held at the offices of Vincents,
Level 34, 32 Turbot Street, in Brisbane, Queensland, on
Jan. 31, 2017, at 10:00 a.m.

Nick Combis of Vincents was appointed as administrator of Gabba
Holdings on Jan. 18, 2017.


PUMPKIN PATCH: To Close All Stores After No Buyer Found
-------------------------------------------------------
The Australian reports that all Pumpkin Patch will close by mid-
February after receivers couldn't entice a buyer for the failed
children's wear chain, which traded through the traditionally
busy holiday period.

Sixty-eight stores employing 560 people will close by January 31,
and the remaining 56 stores across New Zealand and Australia will
shut as and when stock is sold, through the middle of next month,
receiver Neale Jackson of KordaMentha said in a statement,
according to The Australian.

The Australian says Pumpkin Patch staff at head office will lose
their jobs over the coming weeks. "We have successfully traded
stores through the traditional holiday period and stock levels
are now considerably reduced," The Australian quotes Mr. Jackson
as saying. "The balance of stock will be consolidated in the
remaining stores as the receivership enters its final phase."

The Australian notes that the company was tipped into
receivership by its lenders in October and appointed voluntary
administrators after failing to reinvent itself in the face of
shrinking sales and too much debt. The receivers wanted to sell
the business as a going concern, but couldn't shake out any
buyers.

It had last year closed 27 stores, mostly in regional and
suburban Australia, but had outlined plans to keep the remainder
in operation until a buyer was found, according to The
Australian.

Pumpkin Patch owed its lender ANZ Bank New Zealand US$59.5
million (AUD78.6 million) as of the date of receivership, the
report said, up from US$46 million (AUD60.8 million) at the year
ended July 2016, when it posted an annual loss of US$15.5 million
(AUD20.5 million), The Australian discloses.

Mr. Jackson said all staff were aware that stores would gradually
close as stock was sold and would receive holiday pay,
outstanding wages and any other entitlements, The Australian
relates.

"This has been a very difficult time for all Pumpkin Patch staff.
We acknowledge them for continuing to work diligently to see the
closure process through," the report quotes Mr. Jackson as
saying.

                       About Pumpkin Patch

Based in New Zealand, Pumpkin Patch Limited (NZE:PPL) --
http://www.pumpkinpatch.biz/-- is a designer, marketer, retailer
and wholesaler of children's clothing.  The Company's product
range encompasses all stages of a child's growth, from baby to
toddler, primary school kid to pre and early teen, including
clothing, nightwear, accessories, rainwear, footwear and teddy
collection.  Pumpkin Patch also caters for mums-to-be with a
maternity collection.  The Company also has a fashion mini-brand
for discerning pre and early-teen girls, Urban Angel Girls.  The
Company's collections are available in numerous countries and
regions, including New Zealand, Australia, the United Kingdom,
the United States, South Africa and the Middle East.  Pumpkin
Patch predominantly sells through its own store network in
New Zealand, Australia, the United Kingdom and the United States.
The Company's subsidiaries include Torquay Enterprises Limited,
Pumpkin Patch Originals Limited, Pumpkin Patch LLC, Pumpkin Patch
Direct Limited, Patch Kids Limited and Urban Angel Girls Limited.

On Oct. 26, the Board of Pumpkin Patch has placed the company
into Voluntary Administration under Part 15A of the Companies Act
1993.

The board has therefore appointed Andrew Grenfell and Conor
McElhinney of McGrathNicol as administrators for Pumpkin Patch
and a number of its subsidiaries. Pumpkin Patch's bank has
appointed Neale Jackson and Brendon Gibson of KordaMentha as
receivers.


WORLD RUGBY: Consortium of Private Investors Acquires BLK
---------------------------------------------------------
SmartCompany reports that a private consortium of Fijian and
Timor-Leste investors has bought troubled sportswear manufacturer
BLK from receivers McGrathNicol.

According to the report, the consortium, lead by Timor-Leste oil
and energy company Esperanca Timor Oan (ETO), acquired BLK from
its parent company World Rugby Specialists for an undisclosed
sum.

SmartCompany relates that the receivers revealed BLK will
maintain its partnerships with a number of its previously
sponsored clubs.  According to SmartCompany, Esperanca Timor Oan
executive director Nilton Gusmao dos Santos said the BLK purchase
would allow ETO to move beyond the energy sector, with the BLK
brands to be established under a new company called BLK
International Pty Ltd.

Esperanca Timor Oan will also keep BLK's executive team and
senior management on board, including presiding chief executive
Tyson Brant, the report says.  In a statement, Mr. Brant said the
company will continue under the new ownership, the report
relates.

"BLK International expects to maintain a high level of customer
service and market leading innovation and intends to better
deliver product and experience for BLK's loyal customers," the
report quotes Mr. Brant as saying.

SmartCompany says the business has managed to maintain high-
profile partnerships with teams such as the Silver Ferns and A-
League team the Newcastle Jets. It will also continue supplying
its Australian and South African Super Rugby clubs, UK's Saracens
and Ospreys rugby clubs, Ireland's Connacht Rugby, Stade
Toulousain in France, Ricoh Black Rams in Japan and Canterbury in
New Zealand.

No contracts with AFL or NFL teams have been maintained, although
Mr. Brant hopes the business will return to its former glory in
time, the report says.

"Despite the clubs terminating their arrangements with BLK, BLK
International is confident that it will be able to replace that
lost business over the medium term once it has rebuilt confidence
in the brand," Mr. Brant, as cited by SmartCompany, said.

                            About BLK

World Rugby Specialists and World Rugby Specialists Group,
operated as BLK, which stood for Beyond Limits Known. World Rugby
Specialists Group operates a national sports apparel wholesale
and retail trade business that provides branded apparel to a
range of customers including pro-teams, sporting associations,
schools and major retailers.  BLK had distributors from Ireland
to the Solomon Islands.

Jamie Harris and Anthony Connelly McGrathNicol of McGrathNicol
were appointed as receivers in November 2016.



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


FUFENG GROUP: S&P Revises Outlook to Positive & Affirms 'BB+' CCR
-----------------------------------------------------------------
S&P Global Ratings said that it had revised its outlook on Fufeng
Group Ltd., a China-based food additive manufacturer, to positive
from stable.  At the same time, S&P affirmed its 'BB+' long-term
corporate credit rating and 'cnBBB+' long-term Greater China
regional scale rating on the company.

"We revised the outlook to positive because we expect Fufeng to
improve its profitability over the next 12-24 months despite
operating in a maturing industry," said S&P Global Ratings credit
analyst Clifford Kurz.  "We also anticipate that the company will
reduce capital spending over the period."

S&P therefore estimates that Fufeng's free operating cash flow
will turn positive, reducing the debt-to-EBITDA ratio below 2.0x
and increasing the ratio of funds from operations (FFO) to debt
to above 45% on a sustainable basis.

S&P's base-case forecast assumes Fufeng's EBITDA margins will
increase to 15%-16% in 2016 from 12% in 2015, despite lower
topline growth across major product categories.  The margin
improvement is driven by the company's recent investments to
increase operating efficiency at its monosodium glutamate (MSG)
production facilities.  Declining corn prices, a major input for
production of MSG and xanthan gum (XG), should also support
margins.

S&P expects Fufeng to sustain strong profitability over the next
12-24 months driven by continued investment in production
efficiency as well as a decline in corn prices.  However, a fall
in MSG prices as a result of the company's efforts to increase
market share could temper the gains.

Fufeng is already the market leader in MSG globally, with about
60% share of production in China and about 50% share of global
production.  However, S&P expects the company to take advantage
of its low-cost production to reduce MSG prices further and
pressure smaller players with higher cost structures.

While Fufeng's profitability in the XG segment is likely to
decline significantly in 2016, S&P believes a further fall is
unlikely, given that the recovery in oil prices in 2016 should
boost XG demand in 2017.  The contribution of the XG segment to
Fufeng's revenue has shrunk to about 5% and its share in profit
is even lower.  The impact of the segment on Fufeng's overall
profitability is therefore likely to be small.

S&P expects Fufeng to be more disciplined in capital spending
over the next two years.  S&P forecasts that capital expenditure
will decrease to Chinese renminbi (RMB) 1.0 billion, from an
average of about RMB1.8 billion over the past five years, as a
result of maturing product categories and improved operating
efficiency.  S&P's capital spending forecast could be high, given
that the company's maintenance capital expenditure is only RMB400
million.

"The positive outlook on Fufeng reflects our expectation that the
company's financial position will continue to improve over the
next 12 months owing to higher margins and disciplined capital
spending," said Mr. Kurz.

S&P expects the debt-to-EBITDA ratio to fall below 2.0x and the
FFO-to-debt ratio to rise above 45% during the period.

S&P could revise the outlook to stable if: (1) Fufeng's
profitability weakens such that the company's EBITDA margin falls
below 14% over the next 12-24 months; and (2) the company risk
tolerances increases, resulting in more acquisitions,
diversification, or adoption of aggressive capital return
initiatives for shareholders.  The debt-to-EBITDA ratio
increasing to above 2.0x or the FFO-to-debt ratio falling below
45% would indicate such deterioration.

S&P may upgrade Fufeng if the company adopts and adheres to a
prudent financial policy and demonstrates a risk tolerance that
supports stability in financial metrics.  S&P would raise the
rating if the company's operating performance continues to
improve and it generates consistently positive free cash flows,
such that the debt-to-EBITDA ratio falls below 2.0x and the FFO-
to-debt ratio rises above 45% on a sustainable basis.


SUNAC CHINA: Moody's Changes Outlook to Negative on B2 CFR
----------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook on Sunac China Holdings Limited's B2 corporate family and
B3 senior unsecured ratings.

At the same time, Moody's has affirmed both ratings.

Moody's action follows Sunac's announcement on January 13, 2017
that it had entered into sales-and-purchase agreements to acquire
8.61% of Leshi Internet (unrated), 15% of Leshi Pictures
(unrated), and about 33.5% of Leshi Zhixin (unrated) for a total
consideration of around RMB15 billion.

RATINGS RATIONALE

"The negative outlook reflects Moody's concern that Sunac has
increased its business risk because it has no experience in
Leshi's businesses, which are developing. Furthermore, Sunac's
liquidity position could be affected if further funding needs
arise as Leshi expands its businesses," says Franco Leung, a
Moody's Vice President and Senior Credit Officer.

Leshi's businesses are, as indicated, developing and will take
time to become profitable. Therefore, Moody's expects that the
investment will add business risk to Sunac's business profile and
will not generate meaningful cash flow over the next 12-18
months.

Moody's points out that the RMB15 billion investment is a
material amount and represents around 37.5% of Sunac's reported
cash of around RMB 40 billion as of June 2016.

Moody's expects the Chinese property market will continue to face
regulatory challenges in the next 12 months. Such a situation
could constrain Sunac's contracted sales growth which will in
turn limit the growth of its cash balances. Thus, any capital
call from Leshi could negatively impact its liquidity position.

Sunac's B2 corporate family rating reflects its strong sales
execution, leading brand and market position in first- and
second-tier cities, as well as the good quality of its land bank.
Sunac achieved strong attributable contracted sales of RMB104
billion in 2016 representing year-on-year growth of about 139%.

The rating also considers the company's adequate liquidity
profile. It has adopted a rapid asset turnover business model to
manage its liquidity. Its reported cash of RMB40 billion in June
2016 provided coverage of around 1.6x against short-term debt.

However, the rating is constrained by the high financial risk and
high debt leverage associated with its fast expansion plans and
acquisitive appetite. The adoption of a rapid asset turnover
business model has resulted in declining profitability and weak
interest coverage.

Moody's estimates that Sunac's adjusted EBIT/interest and
revenue/debt -- including adjustments for shares in joint
ventures and associates -- will likely stay around 1.0x-1.3x and
50%, respectively, over the next 12 months.

In addition, the company's strategy of using joint-venture (JV)
partnerships in recent years to support growth has reduced
corporate transparency and added volatility to its performance.

Downgrade pressure could arise if Sunac (1) fails to generate
positive contracted sales growth; (2) experiences a deterioration
in its liquidity position, as evidenced by declining cash
balances or cash/short-term debt below 100% on a sustained basis;
or (3) shows a deterioration in its credit metrics, with adjusted
revenue/debt below 50%-60% or adjusted EBIT/interest below 1x.

Upward rating pressure is unlikely in the near term, given the
negative rating outlook. However, the company's rating outlook
could return to stable if it can (1) establish a track record of
restraint in investing in non-core businesses; and (2)
demonstrate an improvement in its credit metrics, such that
EBIT/interest exceeds 1.5x and revenue/debt exceeds 55%.

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

Listed on the Hong Kong Stock Exchange on 7 October 2010, Sunac
China Holdings Limited is an integrated residential and
commercial property developer, with projects in China's main
economic regions of Beijing, Tianjin, Shanghai, Chongqing,
Chengdu and Hangzhou. At end-June 2016, its gross land bank
totaled 37.8 million square meters and its attributable land bank
totaled approximately 24.7 million square meters.


YUZHOU PROPERTIES: Moody's Rates New USD Sr. Unsecured Notes B1
---------------------------------------------------------------
Moody's Investors Service has assigned a B1 senior unsecured
rating to the USD notes to be issued by Yuzhou Properties Company
Limited (B1 positive).

Yuzhou plans to use the proceeds from the proposed notes mainly
to refinance existing indebtedness and for general working
capital purposes.

RATINGS RATIONALE

"The proposed notes will improve Yuzhou's liquidity, lengthen its
debt maturity and lower its funding costs," says Franco Leung, a
Moody's Vice President and Senior Credit Officer, and who is also
the International Lead Analyst for Yuzhou.

The proposed notes will have limited impact on the company's
leverage, because the proceeds will be mainly used to refinance
its existing higher-cost debt. This use of the funds will in turn
help lower Yuzhou's funding costs and thereby support its
interest coverage position.

Moody's estimates that Yuzhou's average borrowing costs will fall
to around 5.5%-6.0% over the next 6-12 months from 6.3% in 1H
2016 and 7.0% in 2015.

"Yuzhou's credit metrics will likely continue to improve relative
to its B1 peers, as reflected by its positive rating outlook,"
adds Cindy Yang, a Moody's Assistant Vice President and Analyst,
and who is also the Local Market Lead Analyst for Yuzhou.

Yuzhou's revenue/adjusted debt will likely to improve to 70%-75%
over the next 12 months, while EBIT/interest coverage will rise
to around 3.5x over the same period. These likely results are
based on Moody's expectation that the company can contain its
debt growth, slow land acquisitions, achieve its sales target and
maintain stable margins over the next two years.

Yuzhou reported a 66% year-on-year growth in 2016, with full-year
contracted sales totaling RMB23.2 billion. Such an achievement
exceeded its revised full-year target of RMB22 billion and will
support the company's revenue recognition over the next 1-2
years.

Yuzhou's B1 corporate family rating continues to reflect its
growing operating scale, increasing geographic diversification,
robust profitability and sufficient liquidity.

The B1 rating also reflects the company's moderately high debt
leverage, as measured by revenue/adjusted debt.

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

Moody's will continue to monitor the company's funding strategy
and assess the risk of subordination. The company's B1 senior
unsecured bond rating could be under downgrade pressure, if the
level of priority debt at the subsidiary level does not trend
down for the fiscal year ended 31 December 2016.

Upgrade pressure for the company's corporate family rating could
emerge if Yuzhou can: (1) achieve a sustainable contracted sales
growth, (2) reduce its debt leverage by controlling its appetite
for land acquisitions, while ramping up revenue recognition, (3)
maintain high profit margins, strong liquidity and interest
coverage.

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

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

The principal methodology used in this rating was Homebuilding
And Property Development Industry published in April 2015.

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



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


AAKARSHIT ICE: CRISIL Assigns B+ Rating to INR6.5MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Aakarshit Ice and Cold Storage Private
Limited.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           6.5        CRISIL B+/Stable
   Term Loan             3.5        CRISIL B+/Stable

The rating reflects the company's modest scale of operations and
below-average financial risk profile because of high gearing and
small networth. These weaknesses are partially offset by the
extensive experience of its promoters in the agro commodities and
cold storage businesses.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: With net sales of INR18 crore in
fiscal 2016, scale remains small. Revenue was INR11 crore till
December 31, 2016, and is expected to remain small in near term.

* Below average financial risk profile: Networth was INR2.7 crore
and gearing 1.5 times as on March 31, 2016. With ongoing, debt-
funded capital expenditure (capex), gearing is expected to weaken
further to about 3-3.2 times in near term.

Strength
* Extensive experience of promoters: Presence of over two decades
has enabled the promoters to forge strong ties with suppliers and
customers, which will continue to benefit business risk profile.

Outlook: Stable
CRISIL believes Aakarshit will continue to benefit over the
medium term from the experience of its promoters. The outlook may
be revised to 'Positive' if considerable ramp-up in operations
and profitability leads to higher net cash accrual, or if
significant equity infusion results in a better capital
structure, thereby strengthening financial risk profile. The
outlook may be revised to 'Negative' if steep decline in scale of
operations or profitability, deterioration in working capital
management, or large capex further weakens financial risk
profile, especially liquidity.

Incorporated in 1997 and promoted by Mr. Mangal Sain Madaan and
family, Aakarshit is engaged in the cold storage business and
also trades in agro commodities such as potato, carrot, chana,
and jiggery.


AMRIT AGRO: CRISIL Assigns 'B' Rating to INR3.25MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Amrit Agro (AA).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Proposed Short Term
   Bank Loan Facility      2         CRISIL A4

   Cash Credit             2.25      CRISIL B/Stable

   Long Term Loan          3.25      CRISIL B/Stable

The ratings reflect AA`s modest scale and working capital
intensity in operations in the intensely competitive rice milling
industry. The ratings also factor in susceptibility to project
implementation risks, adverse government regulations and
volatility in raw material prices. These rating weaknesses are
partially offset by the partners' extensive experience and the
stable demand for rice.

Key Rating Drivers & Detailed Description
Weaknesses
* Exposure to project-related risks: AA is exposed to
implementation and stabilisation risks on its ongoing project'to
set up a mill at Kurud, (Chhattisgarh) for milling and processing
paddy into rice, rice bran and broken rice. The mill, with
capacity of 3 tonne per hour (tph), is expected to cost INR5.2
crore, and will be funded primarily by term loan of INR3.25
crore. Commercial production is expected to begin in April 2017.

* Susceptibility to adverse regulations, volatility in raw
material prices, and vagaries of monsoon: Cost of paddy accounts
for 80-85% of the cost of producing rice. In response to domestic
market conditions, GoI periodically imposes restrictions on rice
exports and on price increases in the domestic market, thus
constraining rice millers' profitability.

* Small scale of operations in a highly fragmented industry:
Scale of operations may remain modest (revenue is expected at
INR11 crore in fiscal 2018), because of intense competition in
the rice processing industry, constraining ability to bargain
with suppliers and customers.

Strength
* Benefits from the promoters' experience and the stable demand
for rice: AA is promoted by Mrs Hemeshwari Bhaghel, with
operations managed by her husband, Mr. Dharmendra Chandrakar, who
has extensive experience in the rice milling industry. The firm
also benefits from the steady demand for rice in India, the
second largest consumer of rice in the world, with rice being a
staple diet in the country.

Outlook: Stable
CRISIL believes AA will benefit from the healthy prospects for
the rice processing industry over the medium term. The outlook
may be revised to 'Positive' in case of timely implementation of
production capacity and higher-than-expected revenue and
profitability. Conversely, the outlook may be revised to
'Negative' in case of significant time and cost overrun in
project completion, lower than-expected capacity utilisation, or
significant stretch in working capital management, weakening
financial risk profile.

Set up in 2016, AA is setting up a non-basmati parboiled rice
mill with capacity of 3 tph at Kurud, (Chhattisgarh). Operations
are managed by Mrs. Hemeshwari Bhaghel and her husband, Mr.
Dharmendra Chandrakar. Production is expected to commence from
April 2017.


ANUPAM INDUSTRIES: CRISIL Assigns B- Rating to INR108MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Anupam Industries Limited (AIL).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Long Term Loan        4.18        CRISIL B-/Stable
   Inland/Import
   Letter of Credit    190.00        CRISIL A4

   Cash Credit         108.00        CRISIL B-/Stable

   Corporate Loan       47.82        CRISIL B-/Stable

The ratings reflect AIL's below-average financial risk profile
because of moderately high gearing, weak debt protection metrics,
and stretched liquidity driven by working capital-intensive
operations. The ratings also factor in susceptibility of business
and earnings to performance and cyclicality in end-user
industries such as steel, power, and infrastructure. These
weakness are partially offset AIL's established position in
manufacturing and supply of a variety of cranes supported by the
extensive experience of promoters and reputed clientele.

Analytical Approach
For arriving at the ratings, CRISIL has considered the standalone
business and financial risk profiles of AIL.

Key Rating Drivers & Detailed Description
Weaknesses
* Below-average financial risk profile and stretched liquidity:
Gearing was above 1.5 times as on March 31, 2016, because of high
reliance on large working capital borrowings and capital
expenditure. Also, debt protection metrics were weak, with
interest coverage and net cash accrual to total debt ratios of
1.61 times and 0.07 time, respectively, for fiscal 2016. However,
networth was healthy at INR166.44 crore.

Liquidity remains stretched due to working capital-intensive
operations. Gross current assets have been over 450 days in the
three years ended March 31, 2016, due to stretched receivables of
over 200 days and large inventory of 250 days. High gross current
assets constrain liquidity to a large extent, and improvement in
working capital management will remain a key monitorable.

* Susceptibility to performance and cyclicality in end-user
industries: The cranes manufactured by AIL are predominantly used
in iron and steel, power, cement, and infrastructure segments.
The performance of these sectors is linked to the investment
cycle of the economy and is hence cyclical in nature. The strain
in the working of these sectors had impacted business as
reflected in stagnant revenue and stretched receivables.

Strength
* Established position in the crane manufacturing business: AIL
is among the leading crane manufacturers in India, with a
sizeable scale of operations, reflected in operating revenue of
INR283.56 crore for fiscal 2016. Experience of over two decades
has helped scale up operations and establish a reputed clientele
from public as well as private sectors enterprises.

Outlook: Stable
CRISIL believes AIL will benefit over the medium term from its
established industry presence, but operations will remain working
capital intensive and management of these requirements will be
critical. The outlook may be revised to 'Positive' if significant
improvement in working capital cycle strengthens the financial
risk profile and liquidity. The outlook may be revised to
'Negative' if decline in profitability and cash accrual, or
further stretch in the working capital cycle or large,
additional, debt-funded capital expenditure results in
deterioration in liquidity.

Set up in 1973 in Anand, Gujarat, as a proprietorship concern by
Mr. J C Patel and reconstituted as a public limited company in
1998, AIL manufactures a variety of cranes (electric overhead
cranes, gantry cranes, and tower cranes) that find application in
the steel, power, construction, ports and defence segments. The
company is one of the largest overhead crane suppliers in India
with manufacturing capability of 45,000 tonne per annum.

Status of non-cooperation with previous CRA: AIL has not
cooperated with ICRA Ltd, which suspended its ratings vide
release dated December 26, 2016. Reason provided by ICRA was non-
furnishing of information by AIL for monitoring ratings.


ARS AGRO: Ind-Ra Assigns 'B' Long-Term Issuer Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned A.R.S. Agro
Business Private Limited (ARS) a Long-Term Issuer Rating of
'IND B'.  The Outlook is Stable.

*the ratings are provisional and the final rating will be
assigned subject to execution of sanction letter for the above
facilities.

                       KEY RATING DRIVERS

The ratings reflect no operational track record of ARS as it is
in project phase.  According to the management, the commercial
production (processing of wheat) is expected to start from April
2017 for which the company is setting up a flour mill.  The total
cost of the project is estimated at INR135.49 million out of
which promoter's contribution (share capital and unsecured loan)
is INR72.49 million, term loan is INR55 million, subsidy from
Ministry of Food is INR5 million and capital link subsidy is
INR3 million.

The ratings also reflect the cyclical risks in the wheat
industry, along with the climatic conditions and price
fluctuations.  The ratings remain constrained by the industry's
fragmented nature of operations.

The ratings, however, are supported by ARS' locational advantage
due to adequate irrigation facilities, abundant wheat
availability in close proximity.  The ratings are further
supported by the management's experience of more than two and a
half decades in the agro processing industry.

                       RATING SENSITIVITIES

Positive: The company's ability to execute the project and ramp
up the operations/production in a timely manner along with
achieving stable business operations could lead to positive
rating action.

Negative: The company's inability to execute the project and ramp
up the operations/production in a timely fashion and/or any
additional debt led capex impacting the debt servicing capability
of the company would be negative for the ratings.

COMPANY PROFILE

ARS was originally incorporated on March 16, 1993, under the name
of Escorts Trexim Private Limited.  Subsequently, on March 31,
2011, the name of the company was changed from Escorts Trexim
Private Limited to A.R.S. Agro Business Private Limited.  ARS is
currently managed by Ms. Kamlesh Tulsian and Mr. Aditya Shankar
Parasar.  ARS is setting up a flour mill in Chandauli district of
Uttar Pradesh with capacity of processing 48,000 tonnes per annum
(TPA) of wheat.  The by-product of wheat processing is bran.  The
company plans to sell wheat and bran through agents and
commission agents.  Commercial operation of the company is
expected to commence from April 2017.


BALAJI INSTALMENTS: CRISIL Assigns FB Rating to INR3MM Fixed Dep.
-----------------------------------------------------------------
CRISIL has assigned its 'FB/Stable' rating to the fixed deposit
programme of Balaji Instalments Limited (BIL).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Fixed Deposits          3         FB/Stable (Assigned)

The rating reflects BIL's small scale of operations with regional
concentration, and modest profitability. These weaknesses are
partially offset by the promoter's experience in the commercial
vehicle (CV) financing business, and BIL's moderate asset
quality. BIL is a small non-banking financial company with a loan
portfolio of INR2.21 crore as on September 30, 2016. Operations
are concentrated in Pilibhit District, Uttar Pradesh.
Profitability continues to be modest, with return on assets (ROA)
of less than 1% in the past four years. However, BIL is expected
to benefit from the experience of its promoters in the vehicle
finance business. The management's keen grasp of the local market
has helped maintain low delinquencies - gross non-performing
assets were 0.9% as on September 30, 2016.

Resource profile comprises retail fixed deposits. On account of
the Reserve Bank of India (RBI) regulations, the company's
ability to raise fixed deposit is limited to 1.5 times its
networth. Furthermore, the company will not be able to accept or
renew deposits in the absence of an investment-grade rating.
Also, it will have to increase networth to INR2 crore to comply
with RBI regulations.

Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations with geographical concentration
BIL is a small non-banking financial company with a loan
portfolio of INR2.21 crore as on September 30, 2016. Its
operations are restricted to Pilibhit district of Uttar Pradesh.

* Modest earnings profile:
BIL's return on asset was below 1% for the past four fiscals, and
declined to 0.6% in the first half of fiscal 2017 from 0.7% in
fiscal 2016 and 1% in fiscal 2015. The company's ability to raise
funds at competitive price will be critical for its profitability
and growth.

Strength
* Promoter's extensive industry experience:
The promoter has experience of about 27 years and has maintained
moderate asset quality in the competitive CV financing business.

* Moderate asset quality:
The management's good understanding of the local market has
helped keep delinquencies low.
BIL had low gross non-performing assets of below 1% in the past
four fiscals. It had GNPAs of 0.9% as on September 30, 2016.

Outlook: Stable
CRISIL believes BIL will remain a small player in the asset
financing space, and its profitability will remain modest. The
outlook may be revised to 'Positive' if the company significantly
improves its market position, resource profile, and
profitability. The outlook may be revised to 'Negative' if
capitalisation is affected significantly because of deterioration
in asset quality or profitability.

BIL, incorporated in 1989, is deposit-accepting non-banking
financial company promoted by Mr. Pramod Kumar Agarwal. It has
operations only in Pilibhit. It provides loans for refinancing of
used CVs such as trucks and buses. It had an outstanding
portfolio of INR2.21 crore and networth of INR1.87 crore as on
September 30, 2016. Its net profit was INR1.5 lakh on total
income of INR16.8 lakh for fiscal 2016, against a net profit of
INR1.7 lakh on a total income of INR11.3 lakh for the previous
fiscal. For the first half of fiscal 2017, the PAT was INR0.70
lakh.


BHARAT CHEMICALS: ICRA Assigns B+ Rating to INR14cr Loan
--------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ and a short-term
rating of [ICRA]A4 to the INR18.10 crore bank facilities of
Bharat Chemicals.  The outlook assigned on the long-term rating
is 'Stable'.

                        Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based Limit       14.00      [ICRA]B+(Stable)/Assigned
  Non Fund Based Limits   4.10      [ICRA]A4/Assigned

The assigned ratings are constrained by BC's modest scale of
operations limiting its operational and financial flexibility to
an extent and leveraged capital structure due to withdrawal of
capital by the partners; the coverage indicators stood weak in H1
FY2017 due to low profitability. Further, the capital expenditure
plans outlined for the next two years are also likely to keep the
cash flows under pressure. The firm's revenues are majorly
dependent on a single product - Paracetamol - which is highly
commoditised and characterised by low contributions. Further, the
intense competition in the Paracetamol manufacturing segment,
from larger Indian players as well as from China, restricts the
pricing flexibility of BC, thereby exerting pressure on the
margins. Profitability also remains exposed to movement in prices
of its key raw material, Para Aminophenol (PAP) because of its
linkage to crude oil and also to foreign currency fluctuations,
given its purchases are largely met through imports. The ratings
also factor in BC's exposure to government's regulations and
business regulatory risks pertaining to quality and pollution
control adherence for its manufacturing facilities.

However, the ratings favourably factors in the long experience of
the promoters and established presence of the firm in the
domestic Paracetamol market for over three decades with
established business networks, and diversified and repeat
customer base.

ICRA expects a moderate growth in revenue in FY2017 due to
partial automation of its existing manufacturing facility.
However, the firm's ability to scale up the operations would be
largely contingent to improvement in demand, volatility in raw
material prices, and uncertain regulatory scenario. Further, the
firm's ability to infuse funds to support its capital structure
and manage its working capital efficiently will be a key rating
sensitivity.

Key rating drivers

Credit Strengths
* Long experience of the promoters with the presence of over
   three decades in the domestic Paracetamol market which has
   resulted in established relation with customers as reflected
   in repeat orders; Healthy growth in revenue in FY2016 along
   with improved profitability.

Credit Weakness
* Modest scale of operations limiting its operational and
   financial flexibility;
* Financial profile characterized by weak coverage indicators in
   H1FY2017, and leveraged capital structure on account of
   withdrawal of capital by partners;
* Significant capex plans outlined for next two years likely to
   keep cash flows under pressure;
* Business confined to a single product-Paracetamol;
   commoditized product vulnerable to price erosion and threat of
   backward integration into the same by end users;
* Profitability exposed to any sudden movement in prices of the
   raw materials, profitability also vulnerable to foreign
   exchange fluctuations given the significant dependence on
   import.
Sensitivities
* Increase in scale of operations by ramp up in production from
   the recently expanded capacities, while maintaining the
   profitability levels;
* Partnership firm, any significant withdrawals from the capital
   account by the partners would adversely affect its net worth
   and thereby its capital structure;
* Regulatory risks associated with approvals with respect to
   quality and pollution control adherence.

Description of key rating drivers highlighted:

The operating income of Bharat Chemicals is moderate and stood at
INR77.73 crore in FY2016, as compared to INR52.73 crore in
FY2015. The firm derives 75% of its revenue from Paracetamol and
remaining from trading of PAP; currently, BC has a capacity to
produce 3000 MT of Paracetamol and the utilization has been
around 88% in FY2016.With enhancement in production capacities of
Paracetamol, the concentration of Paracetamol to BC's revenues is
expected to remain high, going forward.

In order to augment its capacity, the firm plans further
automation and de-bottlenecking of its existing plant and also
start manufacturing of PAP over the next two years. The total
expenditure is expected to be around INR9 crore, which is to be
funded by a mixture of unsecured loans and internal accruals.
The gearing increased to 1.41 times as on March 31, 2016 from
1.09 times in the previous year, due to increase in working
capital limit coupled with withdrawals from the capital account.
Due to improvement in profitability, the coverage indicators like
the interest coverage ratio and NCA/Total Debt improved
considerably to 3.19 times and 53% respectively in FY2016 as
against 0.67 time and 22% respectively in FY2015. With low
profitability in the first half of FY2017, the coverage
indicators worsened with the interest coverage ratio and
NCA/Total Debt at 1.11 times and 21% respectively.

With majority of the purchases being imports and the absence of
formal hedging policies, the firm's profitability is exposed to
foreign currency exchange rate fluctuation risk.

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

Bharat Chemicals (BC) was established as a partnership firm in
1982. It manufactures paracetamol and trades in Para Aminophenol
(PAP). The firm imports the key raw material- PAP from China;
while other raw materials like Acetic Anhydride, Soda Ash, Sodium
Hydro Sulphate, are obtained from the domestic suppliers. The
products are sold to manufacturers of formulations or chemical
traders located majorly in Maharashtra and
Gujarat. The firm has its office in Mumbai and manufacturing
facility in Tarapur (District: Thane, Maharashtra) with a
manufacturing capacity of 3,000 metric tonnes per annum (MTPA).
The firm registered a net profit of INR5.82 crore on an operating
income of INR77.73 crore for the year ending March 31, 2016 and a
net profit of INR1.12 crore on an operating income of INR36.76
crore for the half-year ending September 30, 2016(provisional
numbers).


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

                       KEY RATING DRIVERS

The affirmation reflects improvement in BNSR's EBITDA margins in
FY16 to 9.22% (FY15:7.88%; FY14:8.65%) on the back of decline in
raw material cost and increase in other operating income.  The
margins supported the credit metrics with a nominal improvement
in interest coverage (operating EBITDA/gross interest expense) to
1.60x in FY16 (FY15: 1.55x; FY14: 1.43x).  However, the credit
metrics still remain weak with net financial leverage (total
adjusted net debt/operating EBITDAR) of 3.86x in FY16 (FY15:
2.65x; FY14: 3.97x).

The ratings continue to remain constrained by BNSR's small scale
of operations with revenue of INR107 million in FY16 (FY15:
INR121 million; FY14: INR72 million).  Further, the ratings
reflect moderate-to-tight liquidity position as reflected in its
98% and 92% average utilization of the fund-based working capital
and the non-fund-based working capital, respectively, during the
12 months ended December 2016.

The ratings, however, benefit from more than 20 years of the
promoters' experience in the cables and conductors manufacturing
business.

                        RATING SENSITIVITIES

Positive: Substantial revenue growth while maintaining or
improving the operating margins leading to the improvement in the
credit metrics could be positive for the ratings.

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

COMPANY PROFILE

Incorporated in 1992, BNSR (ISO 9001-2000) is engaged in
manufacturing of cables, conductors etc. used in distribution and
transmission of electricity.  It manufacturing units has
installed capacity of 2000MT.  The company belongs to the reputed
BNSR group of eastern Uttar Pradesh having varied interest in
Agrochemicals, Fertilizers, Power Petroleum and Cold Chains.


CDE ASIA: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded CDE Asia
Limited's Long-Term Issuer Rating to 'IND BB' from 'IND BB+'.
The Outlook is Stable.

                         KEY RATING DRIVERS

The downgrade reflects CDE Asia's EBIDTA losses during FY15,
which resulted in an overall deterioration in its credit metrics.
The company reported EBITDA losses of 0.6% in FY15 as against
EBITDA margins of 8.4% in FY14.  The EBITDA losses were on
account of change in the company's business model to
manufacturing of generalized products as compared to customized
products.

Consequently, interest coverage and net leverage deteriorated to
negative 0.3x in FY15 (FY14: 2.7x) and negative 40.5x (2.5x),
respectively.

The ratings also factor in the company's weak liquidity profile,
with two instances of overutilization of working capital
facilities during the six months ended December 2016.  However,
the same was corrected within two days.

Although the company has shown improvement in its overall credit
metrics in FY16, its top line declined substantially by around
31% to INR 361 million from INR524 million in FY15.  EBITDA
margins improved to 8.7% in FY16, resulting in an interest
coverage of 1.6x and net leverage of 4.6x.  During 9MFY17, the
company reported revenue of INR337 million.

The ratings continue to benefit from CDE Asia being a part of the
Ireland-based CDE Group, which is a recognized brand in mineral
washing equipment.

                       RATING SENSITIVITIES

Positive: A substantial increase in the revenue, leading to an
improvement in the credit metrics, will be positive for the
ratings.

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

COMPANY PROFILE

Incorporated in 2007, CDE Asia is jointly promoted by the CDE
Group and Manish Bhartia of Kolkata.  The company provides fixed
and mobile mineral washing equipment for sand, iron ore and
limestone, and waste recycling.  Since inception, CDE Asia has
successfully completed over 200 installations.  It has a
manufacturing facility located in Dhulagarh, Howrah and a
corporate office in Rajarhat, Kolkata.

CDE Asia's parent, CDE Global Investments is the holding company
of the CDE Group.  The group's flagship company CDE Global, set
up in 1992, is engaged in the designing, production, and sale of
mobile washing equipment for iron ore, coal, and sand washing.
The group has a presence in the Middle East, Asia, Europe and
Brazil.


COLOSSUS TRADE: ICRA Revises Rating on INR25cr Loan From B+
-----------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]B from [ICRA]B+
for the INR25.00-crore cash credit facility of Colossus Trade
Links Ltd. The outlook on the long-term rating is 'Stable'.

                        Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limits      25.00      Revised from [ICRA]B+ to
                                    [ICRA]B; Stable outlook
                                    assigned

Rationale
The rating revision is driven by the deterioration in CTLL's
financial profile as evident from the 12% decline YoY in the
operating income since FY2014 due to weak market demand, which
has resulted in low realisations. Moreover, the net profit
reduced in FY2016, resulting in a subsequent increase in gearing
levels and other coverage metrics such as the TOL/TNW ratio. The
liquidity of the company was stretched because of elevated
working capital metrics caused by high receivables and inventory
holdings, leading to almost full utilisation of the working
capital limits availed from the bank. The rating was further
constrained by the inherent cyclicality in the steel industry;
the company's low net worth base and its competitive and
fragmented nature, which limits its pricing flexibility and
exposes it to raw material price fluctuation.

Nevertheless, the rating derives comfort from the experienced
promoter and the company's established relationship with major
customers and suppliers. Going forward, the ability of the
company to grow its operating income while sustaining its
profitability, improving its capital structure and ensuring
efficient working capital management will be the key rating
sensitivity.

Key rating drivers
Credit Strengths
* Established promoters of the company who have an extensive
   experience in the scrap trading business
Credit Weakness
* Decline in operating income in past two years
* Intensely competitive and fragmented nature of the industry
* Low operating margins because of low value-added business.
* Exposure to cyclicality in steel industry
* High gearing (4.26 times as on March 31, 2016)
* Moderate debt protection metrics - the NCA/Debt ratio was
   1.38% and the OPBDITA/Interest was 1.05 times in FY2016

Description of key rating drivers highlighted:

CTLL's operating income has been declining since FY2014 on
account of weak economic environment and subdued domestic demand,
resulting in lower realisation of iron and steel crap. The
company witnessed a growth of 16% in its volume sales in FY2016
but due to a fall of 27% in realisation, the sales declined by
15%. The operating margin of the company is generally low, owing
to the trading nature of the business and the intensely
competitive industry. Furthermore, on account of high interest
expenses, the net margins have remained low over the years.

Owing to increased receivables and inventory holdings, the
working capital borrowings of the company has increased over the
years. High debt coupled with low net worth has lead to leveraged
capital structure and modest coverage indicators. The liquidity
of the company remains stretched as evident from the almost fully
utilised sanctioned bank limits in the recent past.

Colossus Trade Links Ltd. was incorporated in 2004 by Mr. Namit
Gulati and his family. The company trades in scrap metal procured
from the domestic automobile sector. It derives its revenues by
supplying scrap metal to foundries, steel plants, traders and
electronic original equipment manufacturers (OEMs). CTLL is
headquartered in Delhi and has seven warehouses (three owned and
four rented) across northern India, with a combined area of over
15,000 square yards and a combined storage capacity of over 8000
tonnes.

CTLL reported a net profit of INR0.28 crore on an operating
income of INR99.59 crore in FY2016, as against a net profit of
INR0.60 crore on an operating income of INR117.41 crore in
FY2015. The company, on a provisional basis, reported an
operating income of Rs 67 crore in 8M FY2017.


CONTINUAL RENEWABLE: Weak Fin'l Strength Cues ICRA SP 4D Grading
----------------------------------------------------------------
ICRA has assigned 'SP 4D grading to Continual Renewable Energy
Private Limited (CREPL), which indicates 'Weak Performance
Capability' and 'Weak Financial Strength' of the channel partner
& "Solar Photovoltaic - System Integrator" to undertake "Off Grid
and Decentralized Solar Applications". The grading is valid for a
period of two years from December 26, 2016 after which it will be
kept under surveillance.

Grading Drivers
Strengths
* Experienced promoters and technically qualified management
* Diversified product portfolio provides broad clientele thus
   minimizing business risks arising out of product-oriented
   business practices

Risk Factors
* High competitive pressures from large number of
   organized/unorganized players
* Small balance sheet size limits financial flexibility
* Small scale of operations

Fact Sheet

Year of Incorporation
2016
Office Address
C-09, Atharva Apartments, Sector No. 1, Plot No. 57,
Indrayaninagar, Bhosari, Pune (MH) - 411039

Board of Directors
Mr. Sunil Koli (Director)
Mr. Sandeep Jangam (Director)
Mr. Irshad Patil (Director)

Established in year 2016, Continual Renewable Energy Private
Limited (CREPL) is engaged in installation, commissioning and
maintenance of Solar Photovoltaic Systems. The firm looks after
the sales as well as services. CREPL has installed 30KW solar
capacities in its first year of operations till date.


CYNOSURE MANIK: Ind-Ra Assigns 'BB' Rating on INR55MM Bank Loans
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Cynosure Manik's
Auto Centre's (CMAC) additional INR55 million bank loans an
'IND BB' rating with a Stable Outlook.

                       RATING SENSITIVITIES

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

Positive: Sustained revenue growth with an improvement in the
EBIDTA margins and credit metrics could lead to a positive rating
action.

COMPANY PROFILE

Incorporated in 2003, CMAC is a proprietorship concern engaged in
the dealership of two wheelers.  CMAC is an authorized dealer of
Hero Moto Corp Ltd. based in West Bengal.  It has a showroom-cum-
workshop and an additional workshop.  The company is managed by
Mr. Samir Kumar Bose.


DELCO INFRASTRUCTURE: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Delco
Infrastructure Projects Limited (DIPL) a Long-Term Issuer Rating
of 'IND BB'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect DIPL's moderate credit profile.  Revenue was
INR402 million in FY16 (FY15: INR400 million).  The company had a
confirmed order book of INR1,010 million at end-October 2016, to
be executed within two years.  DIPL has indicated revenue of
INR189 million during 1HFY17.  EBITDA interest coverage
(operating EBITDA/gross interest expense) was 2.3x in FY16 (FY15:
2.6x) and net financial leverage (total adjusted net
debt/operating EBITDA) was 2.0x (1.8x); the deterioration in the
credit metrics is on account of a decline in the margin.  EBITDA
margin reduced to 9.3% during FY16 from 12.0% in FY15 on account
of increase in the steel and cement prices accounting for 80% of
raw materials.

The company's liquidity remains tight with fund-based facilities
being utilized at an average of 95% over the 12 months ended
December 2016.

The ratings, however, are supported by the founder's experience
of more than a decade in the EPC segment.

                       RATING SENSITIVITIES

Positive: Substantial growth in the top-line and improvement in
profitability leading to a sustained improvement in the credit
metrics could be positive rating action

Negative: Substantial decline in the top-line or profitability
and sustained deterioration in overall credit metrics of the
company could lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2006 DIPL is an EPC contractor engaged in the
government projects.  The company undertakes civil construction
of road, bridges, railway lines and building construction. DIPL
operates in Bihar and New Delhi.


DEWAN HOUSING: Fitch Plans to Withdraw 'BB' LT FC IDR
-----------------------------------------------------
Fitch Ratings plans to withdraw the ratings on Dewan Housing
Finance Corporation Ltd. on or about, Feb. 22, 2017, which is
approximately 30 days from date of this NRAC, for commercial
reasons.

Fitch currently rates Dewan Housing Finance Corporation Ltd. as:

   -- Long-Term Foreign-Currency Issuer Default Rating (IDR) at
      'BB'; Outlook Stable
   -- Long-Term Local-Currency IDR at 'BB'; Outlook Stable

Fitch reserves the right in its sole discretion to withdraw or
maintain any rating at any time for any reason it deems
sufficient.  Fitch believes that investors benefit from increased
rating coverage by Fitch and is providing approximately 30 days'
notice to the market of the rating withdrawal of Dewan Housing
Finance Corporation Ltd. are subject to analytical review and may
change up to the time Fitch withdraws the ratings.

Fitch's last rating action for the above referenced entity was on
March 9, 2016.  Fitch assigned the company Long-Term Foreign-
Currency and Local-Currency IDRs of 'BB' with Stable Outlook.


ELECTRONIC APPLYANCES: CRISIL Assigns B+ Rating to INR7.5MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Electronic Applyances (EA).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Overdraft              2.5        CRISIL A4
   Proposed Long Term
   Bank Loan Facility     7.5        CRISIL B+/Stable

The ratings reflect the firm's below-average financial risk
profile, with subdued debt protection metrics, and modest scale
of operations and profitability. These weaknesses are partially
offset by the extensive experience of promoters in the electrical
industry.

Key Rating Drivers & Detailed Description
Weaknesses
* Below-average financial risk profile: The financial risk
profile is constrained by subdued debt protection metrics, with
interest coverage and net cash accrual to total debt ratios of
about 1 time and 0.04 time, respectively, during fiscal 2016.

* Modest scale of operations and profitability in the intensely
competitive industry: EA is a midsized player in the intensely
competitive trading industry and its scale has remained modest
due to intense competition, leading to low margins.

Strength
* Extensive experience of partners in the trading industry:
Experience of over 30 years has helped the partners gain
experience, develop understanding of the dynamics of the
industry, and maintain healthy relations with customers and
suppliers.

Outlook: Stable
CRISIL believes EA's business risk profile will continue to
benefit from the partners' extensive experience. The outlook may
be revised to 'Positive' if significant improvement in scale of
operations and operating margin results in stronger debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if deterioration in working capital management or any
large capital expenditure leads to deterioration in the financial
risk profile, including liquidity.

Set up in 1976 as a partnership between Mr. Anil Rathi, Mrs.
Kamladevi Rathi and Mr. Karan Rathi, EA trades in industrial
electrical goods, and provides automation solutions. It is also a
dealer in the products of Siemens Ltd, Cable Corporation of India
Ltd, Bharat Bijlee, and Rittal India Pvt Ltd. The firm is based
in Indore, Madhya Pradesh.


FERROMET STEELS: ICRA Reaffirms 'D' Rating on INR25cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR33.05
crore fund based and non fund based limits of Ferromet Steels
Private Limited.

                     Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Cash Credit           25.00     Reaffirmed at [ICRA]D
  Term Loans             3.55     Reaffirmed at [ICRA]D
  ILG                    0.50     Reaffirmed at [ICRA]D
  FLC/ILC                4.00     Reaffirmed at [ICRA]D
  Buyer's Credit
  (sub-limit of
  FLC/ILC)              (4.00)    Reaffirmed at [ICRA]D

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

Ferromet Steels Private Limited (FSPL) is engaged in the
manufacturing of structural steel products such as Mild Steel
(MS) Flat, MS Angle, MS Round, MS Square, MS Channels. The
company started its manufacturing operations with a capacity of
19,200 TPA in 2008 and later added additional capacity by setting
up another rolling mill with a capacity of 21,600 TPA, which
commenced operations during April 2012 (total installed capacity
of 40,800 TPA). Apart from manufacturing structural steels, FSPL
also engages in trading of structural steels to cater to customer
orders, which are not produced in house. FSPL was initially
incorporated under the name of S. R. M. C. Exports Limited in the
year 1995 and was subsequently renamed in 2008. FSPL is promoted
and managed by Mr. Manmohan Mittal and Mr. Ashok Kumar Goel,
current directors of the company.


FORTPOINT AUTOMOTIVE: CRISIL Ups Rating on INR16.28MM Loan to B
---------------------------------------------------------------
CRISIL has upgraded its rating on the INR34.28 crore long-term
bank loan facilities of Fortpoint Automotive Mumbai Private
Limited (FAMPL) to 'CRISIL B/Stable' from 'CRISIL B-/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             3        CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Inventory Funding      15        CRISIL B/Stable (Upgraded
   Facility                         from 'CRISIL B-/Stable')

   Proposed Long Term     16.28     CRISIL B/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B-/Stable')

The upgrade reflects expected improvement in the company's
liquidity driven by increased cash accruals and enhanced
profitability. Though revenue may improve only marginally,
profitability will benefit from lower discounts offered to
customers. Cash accrual should, therefore, be sufficient to
service maturing term debt. Liquidity will improve over the
medium term and continue to be supported by unsecured loans from
the promoters (Rs 9.5 crores as on as on March 31, 2016).

Analytical Approach
CRISIL has treated unsecured loans of INR9.5 crore as neither
debt nor equity as the same are from promoters, have no interest
obligations and are expected to remain in the business over the
long term.

Key Rating Drivers & Detailed Description
Weaknesses
* Weak financial risk profile: Financial risk profile remains
constrained by modest networth of INR4.63 crore, and high total
outside liabilities to tangible net worth (TOLTNW) ratio of over
14.07 times as on March 31, 2016. Interest coverage is subdued at
1.2 times, but should improve with improvement in profitability.

* Exposure to intense competition in the auto dealership business
and to cyclicality in the commercial vehicles segment: Scale of
operations is modest because of limited area of operations and
competition from dealers of other principals. Also, given the
nature of business, operations and profitability depend on the
principal.

Strength
* Promoter's extensive experience and established relationship
with principal: FAMPL is part of the Fortpoint group. The
promoters have been in the auto dealership business for the past
25 years. Their extensive experience has helped FAMPL withstand
economic cycles.

Outlook: Stable
CRISIL believes FAMPL will continue to benefit from the
promoter's extensive experience and established association with
principal. The outlook may be revised to 'Positive' if the
financial risk profile improves substantially due to higher-than-
expected cash accrual, fresh infusion of funds by the promoters,
and efficient working capital management. Conversely, the outlook
may be revised to 'Negative' if the financial risk profile,
particularly liquidity is constrained by low cash accrual, or
large working capital requirements or any large debt-funded
capital expenditure programme.

FAMPL, incorporated in 2006 by Mr. Sandeep Bafna, is an
authorised dealer of Eicher in Mumbai. FAMPL operates through its
showroom and workshop in Mumbai.


G. VENKATESHWAR: CRISIL Reaffirms 'B' Rating on INR5MM Cash Loan
----------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
G. Venkateshwar Reddy (GVR) at 'CRISIL B/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         7         CRISIL A4 (Reaffirmed)
   Cash Credit            5         CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect the firm's modest scale of
operations in the intensely competitive civil construction
industry, and large working capital requirement. These weaknesses
are partially offset by the extensive experience of its
proprietor.

CRISIL had, on December 19, 2016, downgraded its rating on GVR's
long-term bank facility to 'CRISIL B/Stable' from 'CRISIL
B+/Stable', and reaffirmed the short-term rating at 'CRISIL A4'.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in competitive segment
With revenue of INR51.29 crore for fiscal 2016, scale remains
small in the competitive civil construction segment that has
large (Larsen & Toubro Ltd and Gammon India Ltd) and small
players. Also, majority of revenue is tender-based, which exposes
the firm to the ability to bid successfully.

* Large working capital requirement
Gross current assets were 106 days over the three years ended
March 31, 2016.

Strength
* Extensive experience of proprietor
Presence of about two decades in the civil construction industry
has enabled the proprietor to establish strong relationship with
clients, who are mostly government entities.

Outlook: Stable
CRISIL believes GVR will continue to benefit over the medium term
from the extensive experience of its proprietor and established
relationship with customers. The outlook may be revised to
'Positive' if geographical expansion, diversification of customer
base, significant increase in revenue and profitability, and
better working capital management lead to better liquidity. The
outlook may be revised to 'Negative' if sharp decline in revenue
and profitability, considerable delays in realisation of
receivables, or larger-than-expected, debt-funded capital
expenditure weakens financial risk profile, particularly
liquidity.

Set up as a proprietorship firm in 2002, GVR undertakes
earthwork, canal lining, and civil construction projects for the
irrigation department of Andhra Pradesh. Based in Warangal, the
firm is registered as a special-class contractor with the state's
irrigation & CAD department.

GVR reported a profit after tax (PAT) of INR2.06 crore on net
sales of INR51.29 crore for fiscal 2016, against INR3.21 crore
and INR79.81 crore, respectively, for fiscal 2015.


GURUKRUPA DEVELOPERS: ICRA Reaffirms B+ Rating on INR125cr Loan
---------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ outstanding
on the INR125 crore of bank facilities of Gurukrupa Developers DN
Nagar Project. The outlook on the long term rating is 'Stable'.

                     Amount
  Facilities       (INR crore)   Ratings
  ----------       -----------   -------
  Term Loans           125.00    [ICRA]B+ (stable) -reaffirmed

Rationale
The re-affirmation of the rating factors in the significant
market risks for the firm with nearly 37% of the total saleable
area under the Marina Enclave project tied up as on date, despite
the advanced stages of the project. The sales velocity continues
to remain low while there has been a decline in the average rate
from ~INR10,500/sqft to INR10,300/sqft. The market risks are
further accentuated by the impending supply in the project region
as well as the subdued demand scenario. The profitability of the
firm remains vulnerable to cyclicality inherent in the real-
estate industry. While reaffirming the rating ICRA has taken note
of the escalation in the project cost which has been funded
through support from the promoter group. The committed cash flows
from the project remain low when compared to the balance project
cost as well as the impending debt servicing obligations. Thus
going forward, timeliness of incremental bookings and collections
from customers remains critical from a credit perspective.

The rating, however, positively takes into account the long
standing experience of the promoters in the real estate business.
Further, the rating draws comfort from entire equity contribution
being brought in by the partners, receipt of key approvals as
well as healthy progress of execution on ground.

Key rating drivers
Credit Strengths
* Longstanding experience of the promoters in the real estate
   business
* Minimal approval risk with all the approvals for the
   development of phase 1 in place
* Entire promoter contribution has been brought in as of
   September-2016
* Low execution risks given the advanced stages of the project
   and phase 1 of the project expected to be completed by
   March 2017

Credit Weakness
* High market risk with 63% of the area yet to be tied up,
   despite the advanced stage of execution; stagnant price at
   ~ 10,300 per sqft for the past two years
* High near term debt obligations over the near term, in
   relation to the committed receivables; the firm's ability to
   tie up the sales in timely manner while maintaining a healthy
   collection
* Market risk further accentuated by the competition from a
   number of ongoing projects in the surrounding area coupled
   with the slowdown in the real estate industry

Description of key rating drivers highlighted:

ICRA notes the significant market risks for the firm with only
37% of the area booked till date despite the advanced stages of
execution. ICRA has taken note of the promoter's experience in
the real estate industry in Mumbai as well as receipt of all the
key approvals and the advanced stages of execution for the
project. The project loan is to be repaid through equal monthly
instalments of INR2.98 crore for the next three years. Given the
current low level of sales, the firm's ability to ensure
timeliness of incremental sale tie-ups as well as collections
from customers remains important to ensure timely repayment of
debt obligations. The risks are further accentuated given the
slowdown in real estate industry. Moreover the recent
announcement by Government for ban of high denomination notes is
expected to further stress the short-term cash inflows for the
firm.

Incorporated in 2004, Gurukrupa Developers DN Nagar Project (GD /
the firm) is a partnership firm involved in real estate
development in Mumbai, Maharashtra. The firm is a part of the
Gurukrupa Group, which is involved in real estate development
mainly in Mumbai, having developed 13.55 lakh square feet (sqft)
of real estate space till date. The Group was promoted in 1994 by
Mr. Mansukhbhai Kothari, Mr. Mansukhbhai Sureja and Mr. Chetan
Patel. The firm is currently executing a residential real estate
project in Mumbai, namely Marina Enclave, located at Malad
(West). The firm has completed another residential-cum-commercial
re-development project known as Shubh Residency, at Andheri
(West) in FY2014.

The company has not reached the revenue recognition threshold and
hence no revenues and costs were recognized for FY2015 and FY2016
respectively.


HAV MOTORS: CRISIL Reaffirms B+ Rating on INR7.0MM Loan
-------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Hav Motors Pvt Ltd (HMPL) at 'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           4.75      CRISIL B+/Stable (Reaffirmed)

   Electronic Dealer
   Financing Scheme
   (e-DFS)               7.00      CRISIL B+/Stable (Reaffirmed)

   Term Loan             1.75      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect early stages of operations and
CRISIL's belief that the operations will scale up in fiscal 2017.
On account of scale up of operations, and expected improvement in
profitability, cash accrual is expected to increase. CRISIL
believes the financial risk profile will improve over the medium
term, but remain below average, with a small networth and subpar
debt protection metrics.

Key Rating Drivers & Detailed Description
Weakness
* Early stage of operations, along with exposure to intense
competition: Operations commenced recently in November 2015. Out
of the two showroom-cum-workshops in Patna (Bihar), one commenced
operations while the other is yet to. The scale of operations is
expected to remain small over the medium term owing to intense
industry competition.

* Below-average financial risk profile: Small networth of INR2.6
crore as on March 31, 2016, and low interest coverage ratio
should keep the financial risk profile weak.

Strengths
* Promoter's entrepreneurial experience: The promoter, Mr.
Harshendra Kumar, has been a dealer of Honda Siel Cars India
since 2013. Within two years, he achieved deep business insights
and acquired Mahindra & Mahindra Ltd (M&M) dealership.

Outlook: Stable
CRISIL believes HMPL will benefit over the medium term from its
promoter's experience in the automobile dealership business. The
outlook may be revised to 'Positive' in case of larger-than-
expected improvement in revenue or cash accrual, or substantial
capital infusion, strengthening the financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected scale up of operations and cash accrual,
large working capital requirement, or significant, debt-funded
capital expenditure, weakening the financial risk profile,
particularly liquidity.

Established in 2015, HMPL, promoted and managed by Mr. Harshendra
Kumar, is the authorised dealer for M&M in Patna, Bihar.


HYDROMATIK: ICRA Reaffirms B+ Rating on INR6.62cr LT Loan
---------------------------------------------------------
ICRA has re-affirmed the long term rating of [ICRA]B+ to the
INR8.62 crore fund based facilities of Hydromatik. ICRA has also
reaffirmed the short term rating at [ICRA]A4 assigned to the
INR2.00 crore short term fund based facility. The outlook of the
long term rating is stable.

                     Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Long term scale-
  Fund based            6.62      [ICRA]B+ (Stable); reaffirmed

  Long term scale-
  Fund based            2.00      [ICRA]B+ (Stable); reaffirmed

  Short term scale-
  Fund based            2.00      [ICRA]A4; reaffirmed

Rationale
The reaffirmation of the rating continues to take into account
Hydromatik's healthy levels of operating profitability over the
years, extensive experience of the partners in the hydraulic tube
fitting business and the established relationship of the entity
with reputed customers. The ratings continue to derive comfort
from the elongation of long-term debt maturity profile with
revised debt repayment obligations up to FY 2022 as against FY
2019 earlier, thus reducing the pressure on the firm's cash flows
in the short to medium term.

The rating reaffirmation, however, is constrained by firm's small
scale of operations in a highly competitive and fragmented
industry limiting operational and financial flexibility to an
extent. Further, the ratings are constrained by the stretched
liquidity profile with high working capital intensity coupled
with moderate capital structure and coverage indicators. The
ratings are also constrained by the susceptibility of the
earnings to raw material price fluctuations and the risks
inherent in partnership firms including the risk of capital
withdrawal, among others. Going forward, the firm's ability to
scale up its operations while maintaining its profitability
coupled with its ability to improve working capital management
would remain the key rating sensitivities.

Key rating drivers
Credit Strengths
* Long standing experience of the promoters in the hydraulic
   tube fitting business for more than 15 years
* Diversified product profile finding application across
   multiple industries
* Established relationship with reputed customers; repeated
   orders received from them over the years
* Healthy operating profitability over the last few years

Credit Weakness
* Relatively small scale of operations in a competitive industry
* High gearing and moderate coverage indicators
* Margins vulnerable to exchange rate risk and raw material
   price variations with the absence of hedging mechanisms
* Inherent risks involved with partnership firm, including the
   risk of capital withdrawal

Description of key rating drivers highlighted:

The firm has been involved in the manufacturing of pipe fittings
for more than 15 years and has developed diversified product
portfolio consisting of hydraulic tube fittings, adaptors,
flanges, accessories, valves, couplings etc. The firm also
manufactures custom designed products according to the
requirements of the customers and the product portfolio of the
company consists of more than 10,000 types of fittings. These
products find application across various industries like
agriculture, construction equipment (CE), power generation, steel
mills, railways, shipbuilding, defense, aerospace, etc. The firm
customer profile consists of reputed players like Bosch Rexroth
(India) Limited, Putzmeister Concrete Machines Private Limited,
World Wide Fittings, among others and has long term association
with these customers due to which it obtains repeat orders and
benefits in negotiations regarding raw material price
fluctuations.

The operating profitability of the firm has been healthy over the
years, with operating margins over 16%. In FY 2016 the operating
margins improved to 18.33% as compared to 16.39% in FY 2015.
However, the scale of operations of the firm continues to be
small. The gearing of the firm increased to 3.31 times as on
March, 2016 owing to higher debtor levels and lower net worth.
The primary raw materials required by the firm constitute of
carbon steel, stainless steel and brass, accounting for more than
50% of the total cost of manufacturing. However, with the absence
of price revision clause in the contracts with the customers, the
margins of the firm remain vulnerable to any adverse movements in
the price of the raw materials. Also, in FY 2016 the firm derived
25% of the total revenues from export sales. Owing to major
contribution of exports in total revenue, and absence of any
hedging contracts, the margins of the firm remain vulnerable to
any adverse movements in exchange rates.

Hydromatik is a partnership firm setup in 1999 and is engaged in
the designing, engineering and manufacturing of hydraulic tube
fittings. The company is involved in the manufacturing of pipe
fittings of DIN 2353 safety specifications which are used in
Machine Tool Manufacturing, Automobile Industries, Chemical
Industries, Ship Building, Mining and Steel Plants, etc. The
manufacturing unit of the firm is located in Belgaum, Karnataka.
For FY 2016, the firm reported a net profit of INR0.32 crore on
an operating income of INR16.33 crore. For FY 2017, the firm has
registered an operating income of INR11.90 crore till November,
2016 (as per provisional results).


INDIAN PROGRESSIVE: CRISIL Cuts Rating on INR20MM Overdraft to B+
-----------------------------------------------------------------
CRISIL has downgraded the ratings on the bank facilities of
Indian Progressive Construction Pvt Ltd (IPCPL) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB/Stable/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        42.86      CRISIL A4 (Downgraded
                                    from 'CRISIL A4+')

   Overdraft             20.00      CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

   Term Loan              1.64      CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

The ratings downgrade reflects deterioration in IPCPL's working
capital cycle on account of stretch in debtor days leading to
stretch in company's liquidity. The working capital cycle
continued to remain stretched in October 2016 which led to over
utilisation of overdraft account- the same was regularised in
November 2016.

Analytical Approach
CRISIL has treated unsecured loans of INR2.9 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
Weakness
* Working capital-intensive operations: IPCPL has large working
capital requirements, with gross current assets (GCAs) of 288
days as on March 31, 2016. The GCA days is high on account of
high deposits.

* Modest scale of operations and in intensely competitive
infrastructure sector: Though IPCPL has been in the same line of
business for the past 10 years, its scale of operation remains
modest at INR68.2 crore for fiscal 2016. Modest scale prevents
the company from achieving economies of scale

* Exposure to project-concentration-related risks: IPCPL is
mainly focused on the construction of roads in the state of Bihar
and Jharkhand

Strengths
* Extensive experience of promoters in the infrastructure sector:
IPCPL's promoters have extensive experience in the infrastructure
sector spanning over 31 years. The promoters have been associated
with entities in execution of infrastructure projects, and have a
keen understanding of the sector

* Above-average financial risk profile: The company's financial
risk profile is marked by modest networth of INR 18.3 crore,
moderate total outside liabilities to adjusted networth ratio of
1.9 times as on March 31, 2016 and average debt protection
metrics as indicated by interest coverage ratio of 2.1 times for
fiscal 2016.

Outlook: Stable
CRISIL believes IPCPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
healthy order book. The outlook may be revised to 'Positive' if
the company's working capital cycle improves leading to
improvement in liquidity or if it reports sustainable growth in
its revenue and improvement in its margins. Conversely, the
outlook may be revised to 'Negative' if IPCPL's revenues is
significantly lower than expectation or if its financial risk
profile, particularly its liquidity, deteriorates, most likely
because of lengthening of its working capital cycle.

IPCPL, incorporated in 2007, has its head office at Deoghar
(Jharkhand). Mr. Jitesh Rajpal, Mr. Rajesh Kumar Singh, Mr.
Sanjay Kumar Kunilwar, and Mr. Umesh Pandey are the promoters of
the company. IPCPL primarily undertakes road construction
projects, but also civil construction and irrigation projects,
for government departments.


IVRCL CHANDRAPUR: ICRA Reaffirms 'D' Rating on INR313.99cr Loan
---------------------------------------------------------------
ICRA has re-affirmed the long-term rating to the INR313.99 crore
term loans of IVRCL Chandrapur Tollways Limited (ICTL) at
[ICRA]D.

                     Amount
  Facilities       (INR crore)      Ratings
  ----------       -----------      -------
  Term Loans           313.99       [ICRA]D; re-affirmed

Rationale
The re-affirmation of rating takes into account the continued
delays in servicing its term loan obligations. The project
execution got delayed by around three years - ICTL achieved COD
on September 25, 2016 as against scheduled COD of September 25,
2013. The debt repayment commencement date has been accordingly
revised to December 31, 2016. Further, the toll exemption on
cars, small private vehicles and state transport buses on
Maharashtra state highways will result in revenue loss for ICTL.
The compensation towards the same is yet to be finalised.

Going forward, ICTL's ability to service its debt obligations in
a timely manner will be the key rating sensitivity. This apart,
the ability of the company to get full and timely reimbursements
from Government of Maharashtra for the revenue loss, trends in
traffic growth rates and movement in WPI (for toll rate hike)
will remain key rating sensitivities.

Key rating drivers
Credit strengths
* Operational nature of the project eliminates construction
   risks
* Healthy traffic potential for multi-axle vehicle segment as
   the project stretch caters to industrial and mining
   establishments

Credit challenges
* Recent delays in debt servicing
* Revenue loss on account of exemption of toll on certain
   vehicle categories; ability of the company to get full and
   timely reimbursements from Government of Maharashtra remains
   critical
* Prospects linked to GDP growth (due to the correlation of GDP
   growth with commercial traffic growth rates) and movement in
   WPI (for toll rate hike); any reduction in either of them will
   have an adverse impact on toll collections
* Exposure to inherent risks in BOT (Toll) road projects
   including political acceptability of rate hikes linked to WPI
   over the concession period

Description of key rating drivers highlighted:

Although the operational nature of the project eliminates
construction risks, the project remains exposed to risks inherent
in BOT (Toll) road projects including risks arising from
political acceptability of rate hikes linked to WPI over the
concession period. Further, ability of the company to manage O&M
and periodic maintenance costs within budgeted levels and get
full and timely reimbursements from Government of Maharashtra for
the revenue loss owing to toll exemption remains critical from
credit perspective.

Incorporated in October 2010, IVRCL Chandrapur Tollways Limited
(ICTL) is a Special Purpose Vehicle (SPV) promoted by IVRCL
Limited for four-laning and improvement of Karanji-Wani-Ghuggus-
Chandrapur section of MSH- 6 & 7 of 85.11 km in Yavatmal and
Chandrapur District of Maharashtra. The project is developed on
Design, Build, Operate, Transfer basis. The project was earlier
envisaged to have a capital outlay of INR735.99 crore. However,
owing to delay in execution of the project the total cost has
increased to INR882.48 crore, primarily on account of increase in
interest during construction. The revised cost is funded with a
debt of INR414.70 crore, positive grant of INR199.50 crore and
promoter's contribution of INR268.28 crore.

IVRCL is a Hyderabad based construction company having presence
in major infrastructure segments including urban/rural water
supply, irrigation & environment related projects, pipelines,
power projects (substations and transmission & distribution
Lines), buildings & industrial structures, roads & bridges.


KUSHALAVA SPINNERS: CRISIL Assigns B- Rating to INR6.0MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Kushalava Spinners & Ginners Private
limited.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Proposed Fund-
   Based Bank Limits     1.15        CRISIL B-/Stable

   Cash Credit           2.85        CRISIL B-/Stable

   Long Term Loan        6.00        CRISIL B-/Stable

The rating reflects the company's limited track record of
operations, and its below-average financial risk profile because
of high expected gearing, modest networth and debt protection
metrics. The rating also factors vulnerability of the company's
revenue and profitability to government policies and volatility
in cotton prices. These weaknesses are partially offset by its
promoters' extensive experience in the cotton ginning industry.

Key Rating Drivers & Detailed Description
Weaknesses
* Limited track record of operations
As operations commenced only in January 2016, the company is in
its nascent stage of operation. Moreover, the successful track
record of plant and profitability generated over the medium term
will remain a key rating sensitivity factor.

* Below-average financial risk profile
Financial risk profile is below-average, on account of high
gearing, negative net worth and weak debt protection metrics.
KSGPL's has a negative net worth at INR21 lakhs as on March 31,
2016. The negative net worth is on account of operating losses
due its initial years of operation.

* Vulnerability of the company's revenue and profitability to
government policies and volatility in cotton prices.
For every crop year, the GoI fixes a minimum support price (MSP).
When kapas (raw cotton) prices of any variety match the MSP,
Cotton Corporation of India (CCI) and National Agricultural Co-
operative Marketing Federation (NAFED), resort to immediate
market intervention, and purchase kapas at MSP without any
quantitative limits.

Strength
* Extensive experience of promoters and established position in
the cotton industry
The company is promoted by three promoters who have extensive
experience in cotton ginning of around 10-15 years. The day-to-
day operations are managed by Mr. Sadhu Siva Sankara Rao, Mr. V
Srinivasa Rao and Mr. Majeti Sri Vasavi.

Outlook: Stable
CRISIL believes KSGPL will benefit from its management's
extensive industry experience, its advantageous location, and
successful stabilisation of operations. The outlook may be
revised to 'Positive' if the company increases its revenue
significantly, while sustaining its profitability and maintaining
its capital structure. The outlook may be revised to 'Negative'
if it undertakes larger-than-expected, debt-funded capital
expenditure, or if its sales volumes and profitability decline
sharply, weakening its financial risk profile and liquidity.


KSGPL, incorporated in June 2014, gins and presses cotton. Based
in Guntur, Andhra Pradesh, the company is promoted and managed by
Mr. V Srinivasa Rao, Mr. Sadhu Siva Sankara Rao, and Mr. Majeti
Sri Vasavi. The company started operations in January 2016.


LOCKSMITHS INDUSTRIES: ICRA Reaffirms B- Rating on INR5.25cr Loan
-----------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B- assigned to
the INR4.25 crore fund based limits of Locksmiths Industries
Private Limited. ICRA has also re-affirmed the short-term rating
of [ICRA]A4 to the INR5.25 crore non fund based limits of the
LIPL. The outlook on the long term rating is 'Stable'.

                     Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Non-Fund Based
  Limits: LC            5.25      [ICRA]A4 re-affirmed

  Fund Based
  Limits: CC            4.25      [ICRA]B-(stable) re-affirmed

  Fund Based
  Limits: CC
  (sublimit of LC)     (3.00)     [ICRA]B-(stable) re-affirmed

Rationale
The reaffirmation of ratings continue to reflect the company's
established track record of over two decades in manufacture of
locking systems in luggage bags and the reputed customer profile
comprising leading companies in the travel bags manufacturing
segment.

The ratings are however constrained by, LIPL's small scale of
operation with de-growth in revenues in FY2016 due to decline in
sales volumes on account of relatively low order inflow. The
ratings also continue to factor in the company's weak financial
profile characterised by modest accruals, leveraged capital
structure and weak debt protection metrics. While the company's
operating margin continue to remain healthy given the high value
additive nature of combination lock manufacturing business, high
borrowing cost has subdued the profitability at net level.

Unfavourable foreign currency movement also pose a risk for the
margin, given substantial imports. Further, the ratings continue
to remain constrained by company's tight liquidity position
driven by elongated receivables position and high inventory days.
Going forward, the company's ability to reduce its working
capital requirements, particularly in the receivables and
inventory levels, while ramping up the scale of operations and
improving the profit metrics will remain the key rating
sensitivities.

Key rating drivers
Credit Strengths
* Extensive experience of the promoters spanning two decades
  in the manufacturing of locking systems in luggage bags
  especially in combination locks
* Reputed customer profile including leading companies in the
   travel bags manufacturing segment

Credit Weakness
* Small scale of operation; muted order inflow has led to
   decline in operating income in FY2016
* Weak financial profile characterised by low net profitability,
   modest accruals, high gearing level and weak debt protection
   metrics
* Vulnerability of profitability to any adverse variations in
   raw material prices and foreign exchange rates
* Stretched liquidity profile due to elongated receivable
   position and high inventory levels

Description of key rating drivers highlighted:

The promoters of Locksmiths Industries Private Limited have
extensive experience in the manufacturing of locking systems
especially combination locks for carry-bags, suitcases and
trolleys. Combination locks manufactured by the company are
Transportation Security Administration (TSA) certified.
The company's clientele includes reputed players in baggage
industry like Aristocrat, VIP Industries, Samsonite India,
Alacmetal, Ideal Carlton, Safari, American Tourister etc. The
company offers credit period to its customers of 90 days which
usually get stretched to its limited bargaining power with its
customers. Further, slow off takes and lower order inflow by its
customers has also resulted in significant inventory holding in
FY2016. This has led to a tight liquidity position.

A major part of the company's raw material (steel and other lock
components) requirements are imported from Chinese suppliers
which are LC backed with a usance period of 180 days. This
exposes the company's operation to vagaries of currency market.
The risk is accentuated in absence of any firm forex risk hedging
policy in place.

In FY2016, the company's operating income witnessed year on year
decline of ~11% to INR11.07 crore from INR9.28 crore in FY2015.
This is attributable to muted order inflow and delayed off take
from its key customers which led to decline in sales volumes.
Over the years, high degree of customization of end product has
enabled the company to maintain healthy operating margin.
However, in FY2016, the company's net profitability continue
remain subdued due to high borrowing cost and increased income
tax payments.
As on 31st March 2016, the company's capital structure is
leveraged as depicted by a high gearing of 1.98 times though the
gearing level has moderated from 2.06 times as 31st March 2015 on
the on the back of moderate build-up in net-worth position.
Modest accrual and high borrowing has kept coverage indicators
weak as depicted by NCA/TD of 4.05% and an elevated TD/OPBDITA of
5.06 times as March 31, 2016.

Analytical approach:
To arrive at the ratings ICRA has taken into account the
standalone financials of the company along with key operational
developments in the recent past. The company operates as a
standalone entity and doesn't have any subsidiary in place.
Established in 1992, Locksmiths Industries Private Limited (LIPL)
is promoted by Mr. Nimesh Kishore Sheth and his family members
and is engaged in business of manufacturing and supplying of
locking systems and hardware used in carry-bags, suitcases and
trolleys. The company is also involved in trading of accessories
used in office's furniture such as locks, drawers and slides.


M-BO GRANITO: ICRA Assigns 'B' Rating to INR8.80cr Loan
-------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B and a short-term
rating of [ICRA]A4 to the INR13.00 crore2 bank facilities of M-BO
Granito LLP. The outlook on the long term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)   Ratings
  ----------         -----------   -------
  Fund Based Limits      8.80      [ICRA]B (Stable) Assigned
  Non Fund Based Limits  4.20      [ICRA]A4 Assigned

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

The assigned ratings, however, favourably factor in the
experience of the promoters in the ceramic industry, the location
advantage of the firm for raw material procurement by virtue of
its presence in Wankaner (Gujarat) and the benefits derived from
its group concerns in terms of marketing and distribution.

Going forward, the timely commissioning of operations within the
estimated cost will remain important from the credit perspective.
The ability of the firm to establish a market for its products;
scale up its operations in a profitable manner amidst intense
competition and maintain a healthy financial risk profile will be
some of the key rating sensitivities.

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

Credit Weakness
* Risks associated with stabilisation and successful scale up of
   operations as per expected operating parameters
* Significant debt repayments coupled with long gestation period
   likely to keep the credit profile constrained over the near
   term
* Competitive business environment given the fragmented nature
   of industry that has a large number of regional ceramic tile
   manufacturers
* Profitability to remain susceptible to volatility in raw
   material and fuel prices

Description of key rating drivers highlighted:

MBGL proposes to manufacture medium and large sized glazed
vitrified tiles. The unit has an estimated installed capacity of
producing 1,30,500 metric tonnes of tiles per annum with an
estimated project cost is INR53.60 crore. The commercial
operations are estimated to commission in January end, 2017,
earlier than the projected commissioning of April 2017.

Nonetheless, project execution risks remain and timely
commissioning of the project would remain important from a rating
perspective. The aggressive D/E ratio for the project and
significant debt repayments coupled with long gestation period is
likely to keep the credit profile constrained over the near term.
The ceramic industry is highly fragmented and the company's
ability to compete with several other organised and unorganised
players and maintain adequate profitability despite volatility in
raw material and fuel prices remain the key rating sensitivities.

Nevertheless, the extensive experiences of promoters vide their
association with other ceramic units is expected to support the
operations of the company.

M-BO Granito LLP (MBGL), incorporated in June 2016, is setting up
a greenfield project at Wankaner in Gujarat to manufacture medium
and large sized glazed vitrified tiles of 600X600mm and
800X800mm. The unit has an estimated installed capacity of
producing 1,30,500 metric tonnes of tiles per annum. The
commercial operations are expected to commission in January end
2017, earlier than the estimated commencement in April 2017. The
promoters have proven experience in the ceramic industry by
virtue of their association with other ceramic units as partners
or directors.


MADHYARANGA ENERGY: ICRA Withdraws 'B' Rating on INR30cr Loan
-------------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]B assigned to
the INR30.00 crore unallocated limits of Madhyaranga Energy
Private Limited.

                          Amount
  Facilities           (INR crore)     Ratings
  ----------           -----------     -------
  Unallocated Limits       30.00       [ICRA]B Withdrawn

The rating has been withdrawn as the company has not availed the
limits. There is no amount outstanding against the rated
instrument.


MODTECH MATERIAL: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Modtech Material
Handling Projects Private Limited (MMHPPL) a Long-Term Issuer
Rating of 'IND BB+'.  The Outlook is Stable.

                          KEY RATING DRIVERS

The ratings reflect MMHPPL's small scale of operations, revenue
exposure to capital investments in manufacturing industries and
its susceptibility to the slowdown in sectors/industries such as
cement, steel, power, mining, port and metal refining.  In
FY16, MMHPPL's reported revenue of INR160.14 million (FY15:
INR167.93 million).

However, the ratings benefit from MMHPPL's comfortable credit
metrics and liquidity profile.  Net leverage (total adjusted net
debt/operating EBITDAR) was negative 0.01x in FY16 (FY15: 0.8x),
net interest coverage (operating EBITDAR/net interest expense +
rents) was 5.46x (10.92x) and EBITDA margin was 5.73% (4.29%).
The company's average use of fund-based limits during the 12
months ended December 2016 was 60.47%.  During FY16, MMHPPL
reported positive cash flow from operations of INR9.19 million
(FY15: INR0.83 million).

The ratings are also supported by MMHPPL's promoters' experience
of over 40 years in the material handling equipment/system
business.

                        RATING SENSITIVITIES

Positive: A substantial growth in revenue, along with an
improvement in the operating profitability, leading to an
improvement in the credit metrics will be positive for the
ratings.

Negative: Any decline in revenue or operating profitability
leading to deterioration in the credit metrics and/or elongation
of the net working capital cycle will be negative for the
ratings.

COMPANY PROFILE

MMHPPL was incorporated in 2006 by Mr. A.R. Singh and Mr.
Sutikshan Lai.  The company is engaged in designing, engineering,
manufacturing and supply of bulk material handling
equipment/system.  It has two manufacturing units, one at
Faridabad, Haryana and the other at Alwar, Rajasthan, with an
installed fabrication capacity of 3,000MTPA.  The units are fully
equipped to manufacture pulleys, idlers, technological
structures, gates and other material handling equipment.  MMHPPL
mainly caters to companies in the mining, cement, coal, power,
fertilisers and metallurgy sector.


NANDU CHEMICALS: CRISIL Assigns B Rating to INR6.44MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Nandu Chemicals Private Limited (NCPL).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan              6.44       CRISIL B/Stable
   Overdraft              3.3        CRISIL A4
   Proposed Long Term
   Bank Loan Facility     1.5        CRISIL B/Stable

The ratings reflect the company's modest scale of operations,
below-average financial risk profile marked by modest net worth,
moderate gearing and debt-protection metrics, and working-
capital-intensive operations. These weaknesses are partially
offset by the extensive experience of the promoters in in the
Active Pharmaceutical Industry (API), and the customer and
geographical diversification in NCPL's revenue profile.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: The business risk profile of the
company is constrained on account of modest scale of operations.
Revenue remains modest, despite growing to INR9.5-10.0 crore in
fiscal 2017 from INR7.64 crore the previous fiscal, backed by
increase in capacity to 16 tonne per day from 8 tonne in the
past.

* Below-average financial risk profile: Financial risk profile
remains below-average, with modest networth of INR5.25 crores and
moderate gearing of 1.49 times as of March 2016. Debt protection
metrics are average, marked by interest coverage of 1.71 times
and net cash accrual to total debt of 0.07 time in fiscal 2016.

* Working capital intensity in operations: Operations are working
capital intensive, with sizeable gross current assets, inventory
and debtors of 210, 100 and 90 days, respectively in fiscal 2016.

Strengths
* Promoter's extensive experience in the API industry: The
promoter, Mr. Ramanandan Hegde, with his experience of more than
three decades in manufacturing API, and keen grasp of industry
dynamics, has helped expand capacity and scale of
operations'revenue has grown at a compound annual rate of 28% in
the past three years'maintain healthy relationships with
established customers, and obtain approvals such as those from
Food and Drug Administration (FDA) and Good Manufacturing
Practices (GMP) for export to the regulated countries.

* Customer and geographical diversification in revenue profile:
NCPL caters to a wide customer base of around 20 clients in India
and overseas. The company generates 95% of its revenue from
domestic sales and the remainder from export to Egypt, Muscat,
South Africa, Malaysia and Iran.

Outlook: Stable
CRISIL believes NCPL will continue to benefit from its
diversified customer and geographic profiles and the promoter's
extensive experience. The outlook may be revised to 'Positive' if
substantial ramp-up in revenue, profitability and accrual, and
efficient working capital management strengthens financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
decline in profitability and accrual, stretch in working capital
cycle, or any large capital expenditure weakens financial risk
profile.

NCPL manufactures active pharmaceutical ingredients (API's),
which find application in the manufacture of medicines, food &
beverages, confectioneries and laboratory chemicals. The company
currently has a production capacity of 16 tonne per day. Based
out of Hubli (Karnataka), the company was incorporated in 1986 by
Mr. Ramanandan Hegde.


NATURAL AGRITECH: Ind-Ra Assigns 'B-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Natural Agritech
Private Limited (NAPL) a Long-Term Issuer Rating of 'IND B-'.
The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect NAPL's nascent stage of operations, which
started in February 2015, and weak credit metrics.  In FY16,
revenue was INR26 million while EBITDA interest coverage and net
leverage were negative on account of a negative EBITDA.

However, Ind-Ra expects an improvement in NAPL's scale of
operations by FYE17 on the back of steady revenue growth owing to
an improvement in sales volume as well as marginal improvements
in the credit metrics on the back of scheduled repayments.

The ratings are constrained by the company's presence in the
highly fragmented and competitive rice milling business, raw
material price fluctuations, and the seasonal nature of
availability of paddy.  Also, liquidity has been tight with the
company's average maximum utilization of the fund-based limits
being 97% for the 12 months ended December 2016.

The ratings, however, are supported by the promoters' close to a
decade-long experience in the rice industry along with the
company's locational advantage owing to its proximity to paddy
growing regions.

                         RATING SENSITIVITIES

Positive: A positive rating action could result from a
substantial increase in the scale of operations along with a
sustained improvement in the overall credit metrics.

COMPANY PROFILE

Incorporated in 2014 by Krishna Kumar Modi, Sangita Agarwal,
Harish Saraogi and Sourav Saraogi, NAPL is engaged in the
production and milling of rice.  The company has a 160MT per day
manufacturing facility in Dhenkanal, Orissa.  The company mainly
sells its products under the brand names Babaji and Shivam Gold.


OME SREE: Ind-Ra Assigns 'D' Long-Term Issuer Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ome Sree Sai
Ganesh Poultries a Long-Term Issuer Rating of 'IND D'.

                         KEY RATING DRIVERS

The ratings reflect the instances of delays of up to 89 days in
servicing of term loans by Ome during the three months ended
October 2016, due to its stressed liquidity position.

                      RATING SENSITIVITIES

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

COMPANY PROFILE

Ome is a partnership firm established in 2015 and proposes to
establish a poultry farm in the west Godavari District of Andhra
Pradesh with a capacity of 100,000 layer birds.


OPAL LUXURY: CRISIL Assigns 'D' Rating to INR8MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Opal Luxury Time Products Limited (Opal). The
ratings factor in delays in servicing the debt obligations
because of weak liquidity driven by elongated working capital
cycle.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Letter of Credit       5         CRISIL D
   Bank Guarantee         1         CRISIL D
   Cash Credit            8         CRISIL D

Opal has elongated working capital cycle because of its large
inventory and receivables. The company receives limited open
credit and majority of its procurement is against LCs. Because of
elongated operating cycle, the liquidity remain stretched.

Key Rating Drivers & Detailed Description
Weaknesses
* Weak financial risk profile and liquidity: Opal's working
capital cycle is stretched due to large inventory of over 120
days and receivables cycle of about 130 days. Against this, the
company receives limited open credit from suppliers and majority
of its procurement is against letter of credits (LCs). This
resulted in full utilisation of fund-based bank lines and LCs
remaining unpaid beyond 30 days, thereby weakening liquidity and
hence the financial risk profile.

* Modest scale of operations despite large capital expenditure
(capex): Large capex was incurred during 2013 to 2015 for new
dyes and moulds to have in-house capacity for parts and to
enhance indigenisation. Despite the large capex, revenue remained
stable at INR25-27 crore over the three years through fiscal
2016, reflecting modest scale of operations. Quick stabilisation
and ramp up from the new capacities remains a key monitorable.

Strengths
* Promoters' extensive experience: Opal is promoted by Mr.
Subhash Gujar and his family members. Gujar family has over two
decades of experience in the clock industry. The promoters
leveraged their industry experience and forayed into premium wall
clock manufacturing. The promoters' experience also helps Opal to
launch new products regularly and maintain established clientele
through various sales channels.

* Established market position in premium wall clock segment: Opal
has an established market position in the premium wall clock
segment in India, backed by longstanding presence, variety of
products, PAN-India presence and brand recall.

Pune-based, Opal was incorporated in 2007 as a private limited
company and was subsequently reconstituted under its current
name. The company got publicly listed in NSE- SME in fiscal 2013.
The business was earlier carried under a partnership firm- Opal
Industries, established in 1996. Opal manufactures a variety of
premium wall clocks under its registered brands, Opal and
Caliber.

Opal reported a profit after tax (PAT) of INR10 lakhs on net
sales of INR26.93 Crores for fiscal 2016, vis-a -vis INR54 lakhs
and INR25.81 Crores, respectively for fiscal 2015.

Status of non-cooperation with previous CRA: Opal has not
cooperated with Credit Analysis and Research Ltd, which has
suspended its rating vide release dated April 05, 2016. The
reason provided by CARE is non-furnishing of information required
for monitoring of ratings.


PARAS FOODS: CRISIL Lowers Rating on INR5MM Cash Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Paras Foods (PF) to 'CRISIL D' from 'CRISIL B+/Stable'.

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

   Term Loan               4        CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

The rating downgrade reflects the weak liquidity as there have
been instances of delays in servicing its term loans. Moreover,
working capital limits remained overdrawn for over 30 days on
account of stretched liquidity, owing to stretched receivables.

Key Rating Drivers & Detailed Description
Weaknesses
* Large working capital requirement leading to weak liquidity as
reflected from delays in debt servicing: Working capital cycle
has stretched on account of delayed receivables as reflected in
receivable days of 176 as on March 31, 2016, as against 66 days a
year ago and increase in gross current assets to 207 days as on
March 31, 2016, from 93 days a year ago. Owing to stretch in
working capital management, there have been instance of delays in
debt servicing.

* Below-average financial risk profile: The financial risk
profile is below average, as reflected in a modest networth of
INR9.0 crore and total outside liabilities to adjusted networth
ratio of 3.38 times as on March 31, 2016.

* Susceptibility to volatility in prices of traded goods and
customer concentration: PF derives 50-55% of its revenue from a
single customer, exposing the firm to risks pertaining to
concentration in revenue profile. Moreover, fixed-price contracts
with the customer expose margins to fluctuation in the prices of
the traded commodities.

Strength
* Extensive experience of partners in the agricultural products
trading business: Partners have extensive experience, given their
established customer and supplier relations.

Established in 2003 as a partnership between Mr. Ujwal Pagariya,
Mr. Ulhas Pagaria, and Mr. Umesh Pagaria, PF, based in Nagpur
(Maharashtra) is a wholesale trader of agricultural products.

PF reported a profit after tax of INR1.6 crore on an operating
income of INR29.2 crore for fiscal 2016, vis-a -vis INR2.4 crore
and INR53.0 crore, respectively for fiscal 2015. For the seven
months through October 2016, it reported net sales of INR32 crore


PCI LIMITED: CRISIL Reaffirms 'D' Rating on INR100MM Loan
---------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
PCI Limited (part of the Prime group) at 'CRISIL D/CRISIL D'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            55        CRISIL D (Reaffirmed)

   Letter of credit
   & Bank Guarantee      100        CRISIL D (Reaffirmed)

   Rupee Term Loan        46.4      CRISIL D (Reaffirmed)

CRISIL's ratings on the bank facilities of the Prime group
continue to reflect instances of delay in servicing debt due to
stretched liquidity, driven by delay in receipts from customers.

Analytical Approach
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PCI and its fully owned subsidiaries-
PCI Middle East FZE, PCI Europe GmbH, and PCI Asia Pacific Pvt
Ltd. This is because all these entities, collectively referred to
as the Prime group, have common promoters, the same marketing
network, and strong business and financial linkages with each
other. CRISIL has not combined Prime Hi-tech Engineering Ltd
(PHEL) although the company is a 51% subsidiary of PCI, because
of management's stance that PCI and PHEL do not provide any
financial support to each other. The two companies operate at
arm's length.

Key Rating Drivers & Detailed Description
Weakness
* Weak financial risk profile
This is driven by a high total outside liabilities to tangible
networth ratio and weak debt protection metrics on account of
loss-making operations. CRISIL believes that the financial risk
profile will remain weak over the medium term owing to losses
leading to high dependency on bank borrowings.

* Large working capital requirement
This is primarily because of a longer cycle for collection from
the power sector utilities and equipment manufacturers, and high
stocking requirement owing to import of critical components.
Though part of the working requirement is met by negotiating with
suppliers for longer credit periods, CRISIL believes the working
capital requirements will continue to remain dependent on
external debt over the medium term.

Strengths
* Benefits from demonstrated ability to service a diversified and
reputed clientele, and an established market position in the
power equipment segment
The Prime group offers a wide range of equipment and services
catering to power and telecom sectors mainly. Also, it has an
established market position in specific testing equipment used in
power installations and the electricity transmission and
distribution industry. Strong operational capabilities, acquired
through a longstanding presence in the power testing and
equipment sector coupled with product diversification, should
enhance competitive strengths.

PCI, set up in 1986 by Mr. Surinder Mehta, is the flagship
company of the Prime group. It provides technology-related
solutions to various industries, especially the power sector. Its
activities include marketing, distribution, and after-sales
service support for power testing, maintenance, and conditioning
equipment, and machine tools. Furthermore, it owns three
windmills with combined capacity of 4.5 megawatt in Kutch,
Gujarat.


PHALANX LABS: CRISIL Reaffirms B- Rating on INR31.5MM LT Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable/CRISIL A4' ratings to
the INR42 crore bank facilities of Phalanx Labs Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            7.5       CRISIL B-/Stable (Reaffirmed)

   Letter of credit &
   Bank Guarantee         2.5       CRISIL A4 (Reaffirmed)

   Long Term Loan        31.5       CRISIL B-/Stable (Reaffirmed)

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

The ratings reflect the company's below-average financial risk
profile because of small networth, high gearing, weak debt
protection metrics, and stretched liquidity, and modest scale of
operations in the intensely competitive bulk drug and
intermediaries' industry. These weaknesses are partially offset
by the extensive experience of promoters and established customer
relationship.

Key Rating Drivers & Detailed Description
Weaknesses
* Stretched liquidity
Cash accrual is barely sufficient to meet debt obligation. Also,
bank limit of INR7.5 crore was utilised by 97% in the 8 months
ended November 2016. However, liquidity is supported by unsecured
loans from promoters.

* Modest scale of operations
With revenue of INR19 crore for fiscal 2016, scale remains small
in the competitive bulk drug intermediaries industry that has
limited value addition, leading to a low operating margin of
0.2%.

* Below-average financial risk profile: Networth was modest at
INR18 crore and gearing high at 2.6 times as on March 31, 2016
and weak debt protection metrics.

Strength
* Extensive experience of promoters and established customer
base: Presence of over a decade in the bulk drugs segment has
enabled the promoters to establish strong relationship with
customers and suppliers.

Outlook: Stable
CRISIL believes Phalanx will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' in case of a substantial and
sustained increase in profitability, or steady improvement in
working capital management. The outlook may be revised to
'Negative' if profitability declines, or capital structure
deteriorates due to stretch in working capital cycle.

Set up in 2011 in Hyderabad by Mr. Avirneni Sri Rama Krishna and
his family members, Phalanx manufactures bulk drug
intermediaries.


PRAKASAM ENTERPRISES: CRISIL Reaffirms B+ Rating on INR10MM Loan
----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating to the long-
term bank loan facilities of Prakasam Enterprises (PE).

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

The rating continues to reflect the firm's modest scale- and
working-capital-intensive nature- of operations, and its exposure
to intense competition in the tobacco business. The rating also
factors in a below-average financial risk profile because of a
high total outside liabilities to adjusted net worth ratio
(TOLANW) and modest interest coverage ratio. These rating
weaknesses are partially offset by the benefits that PE derives
from its partners' extensive experience in the tobacco processing
business and its established relationships with key customers and
suppliers.

Analytical Approach
CRISIL has treated the unsecured loans from partners as neither
debt nor equity as these have no fixed repayment schedule, are
non-interest bearing and are expected to remain in the business
over the medium term.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in highly fragmented tobacco
industry: PE's scale of operations are modest, as indicated by
its revenues of INR35.4 crores during 2015-16 (refers to
financial year, April 1 to March 31). The firm's small scale of
operations prevents it from deriving benefits arising from
economies of scale and makes it susceptible to intense
competition from large established players. Scale of operations
is expected to remain modest despite moderate growth expected
over the medium term.

* Below-average financial risk profile: PE has below-average
financial risk profile marked by high total outside liabilities
to adjusted net worth ratio (TOLANW) of 2.89 times and modest
interest coverage ratio of 1.25 times as on March, 2016. This is
due to its low operating profitability (trading nature of
business) and higher debt contracted to meet its working capital
requirements.

Strength
* Partners' extensive experience in the tobacco processing
business and its established relationships with key customers and
suppliers.
The firm is promoted by Mrs. Ravuri Suseela and Mr. Ravuri
Ayyavaraiah, having three decades of experience in various agro
industries like Cotton, rice and tobacco. Over the years they
have developed strong relationships with major suppliers and
customers. The firm would continue to be benefitted from the
extensive experience of the partners and its established relation
with customers and suppliers in tobacco industry.

Outlook: Stable
CRISIL believes PE will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' in case of a sustainable increase in
revenue and profitability, resulting in an improvement in the
financial risk profile. Conversely, the outlook may be revised to
'Negative' if revenue and profitability decline, or if there is
any large debt-funded capital expenditure, leading to
deterioration in the financial risk profile.

Set up as a partnership concern by Mrs. Ravuri Suseela and family
in 2005, PE processes and sells flue-cured Virginia tobacco,
which is used mainly in the manufacture of cigarettes, and pipe
and chewing tobacco. The firm is based in Tanguturu, Prakasam
District (Andhra Pradesh).

PE reported a profit after tax (PAT) of INR0.2 crores on net
sales of INR35.4 crores for 2015-16 (refers to financial year,
April 1 to March 31) against PAT of INR0.1 crores on net sales of
INR24.5 crores for 2014-15.


PRIME LEATHERS: CRISIL Lowers Rating on INR6MM Cash Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Prime
Leathers (PL) to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-
/Stable/CRISIL A4+.'

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             6        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Proposed Short Term     4        CRISIL A4 (Downgraded from
   Bank Loan Facility               'CRISIL A4+')

The downgrade reflects significant stretch in PL's working
capital cycle, and therefore, constrained financial flexibility.
Inventory increased to 244 days as on March 31, 2016, from 110
days a year ago, due to pile-up of raw material, wet blue. The
increase in inventory was funded largely by stretching payables
thus far. The sizeable inventory not only weakens financial
flexibility but also renders the profitability vulnerable to
adverse movements in the prices of goods. Inventory may, however,
reduce to 180-200 days over the medium term, depending on trends
in leather prices.


Key Rating Drivers & Detailed Description
Weaknesses
* Large working capital requirements: Working capital intensity
is likely to remain high because of long process time, and
sizeable stock of raw material usually maintained. Gross current
assets were 379 days as on March 31, 2016; this is however,
partly met by credit of 150-180 days availed of from suppliers.

* Modest scale of operations and intense competition: Scale of
operations (revenue was INR20.59 crore in fiscal 2016) is likely
to remain modest, constrained by intense competition in the
leather industry. Exposure to customer concentration risks may
also persist over the medium term.

Strengths
* Extensive experience of the promoters in the leather industry:
Benefits from the promoters' extensive experience in the leather
processing industry, and their healthy relationships with
customers and suppliers should continue to support business risk
profile.

* Moderate financial risk profile: Despite low networth,
financial risk profile is expected to remain moderate, backed by
healthy total outside liabilities to adjustable networth and
interest coverage ratios, stable profitability and working
capital cycle, and absence of large capital expenditure plans.

Outlook: Stable
CRISIL believes PL will continue to benefit over the medium term
from the promoters' extensive experience and healthy
relationships with key customers. The outlook may be revised to
'Positive' if ramp-up in scale of operations, profitability, and
accrual, or efficient management of working capital cycle
strengthens credit metrics. Conversely, the outlook may be
revised to 'Negative' if decline in operating margin or any large
debt-funded capital expenditure weakens financial risk profile.

Set up in 1998 as a partnership firm, PL processes semi-finished
leather into high-end premium leather. The firm has its
processing unit in Jalandhar (Punjab); it mainly caters to the
leather garments, accessories, and footwear industry.


PUNEET AUTOMOBILES: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Puneet
Automobiles Private Limited's (PAPL) Long-Term Issuer Rating at
'IND BB'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The affirmation reflects PAPL's continued moderate profitability
and weak credit metrics due to the trading nature of its
business. EBITDA margins fell 3.56% in FY16 (FY15: 4.38%, FY14:
4.15%) because of increased administrative and personnel expenses
as the company opened five new branches.  Consequently, financial
leverage (adjusted debt/operating EBITDAR) increased to 6.47x
(6.32x and 6.43x) while interest coverage (operating EBITDA/gross
interest expense) was stable 1.55x (1.53x, 1.47x).

Moreover, PAPL's liquidity is stressed as evident from its almost
full utilization of the fund-based limits during the 12 months
ended December 2016.  Also, the working capital cycle remains
long, despite improving to 71 days in FY16 from 81 days in FY15.

The ratings, however, are supported by the company's large scale
of operations with revenue of INR2,416.21 million in FY16 (FY15:
INR1,638.93 million and FY14: INR1,558.43 million).  The ratings
are further supported by over 30 years of experience of PAPL's
promoters in the auto dealership business coupled with the
company's established presence as Tata Motors Limited's
authorized dealer in Varanasi.

                       RATING SENSITIVITIES

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

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

COMPANY PROFILE

PAPL was incorporated in 2002 by Prabhat Mishra, Harish Mishra
and Subash Mishra.  PAPL is an authorised 3S dealer of Tata
Motors. The company operates out of Varanasi.


R.P. STEEL: ICRA Hikes Rating on INR10cr Fund Based Loan From B
---------------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]BB- from [ICRA]B
for the INR10.00-crore cash credit facility of R.P. Steel Tubes.
The outlook on the long-term rating is 'Stable'.

                        Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund Based Limits      10.00       Upgraded from [ICRA]B
                                     to [ICRA]BB- (Stable)

Rationale
ICRA's rating upgrade takes into account the group's healthy
business risk profile with presence across value chain in steel
sector as well as improvement in group's financial risk profile
in FY 2016 as reflected by increase in the operating income and
net profits of the group in FY2016 leading to improved cash
accruals.

ICRA's ratings continue to take into consideration the fragmented
and competitive nature of steel industry on account of low
technological complexity of manufacturing process and
vulnerability to variation in the prices of raw materials and
fluctuations in foreign exchange rate. ICRA also takes note of
low profitability, adverse capital structure and high working
capital intensity of operations. ICRA has also taken cognizance
of the partnership constitution of the firm, which exposes it to
risks of dissolution, withdrawal of capital etc. However, the
ratings derive comfort from the group's forward integration of
operations with the setting up of rolling mill and pipe
manufacturing unit in R.P. Multimetals Private Limited (RMPL) and
RST, which has resulted in improved scale of operations, better
realisations and improved profitability. The ratings continue to
favourably factor in entity's location advantage, which is in
close proximity to its suppliers, customers and its experienced
promoters having a long track record in the steel industry. The
rating also draws comfort from the improved scale of operations
and the group's established relationship with its customers,
enabling it to secure repeat orders from them.

Going forward, the group's ability to improve its scale of
operations in a profitable manner, while improving its capital
structure and maintaining an optimal working capital intensity,
will remain the key rating sensitivities.

Key rating drivers
Credit Strengths
* Experienced promoters with long track record of operations in
   the steel industry
* Location advantage, the company is situated in Mandi
   Gobindgarh, Punjab, the steel product manufacturing belt of
   India
* Established relationship with key customers (distributors and
   retailers) enables the firm to secure repeat orders from them
* Forward integration into manufacturing of ERW Pipes has
   improved the top line and margin of the entity

Credit Weakness
* Weak debt protection indicators due to low profitability and
   high debt
* Fragmented and competitive industry on account of low
   technological complexity of manufacturing process and low
   capital requirements
* Exposure to price risk as inventory procurement is not always
   order backed
* Exposure to forex risk with significant raw material imports;
   the company does not hedge its position with currency
   forwards/futures

Description of key rating drivers highlighted:

The group as a whole has expanded its scope of work as they have
started manufacturing value added products such as HR coils from
billets/blooms/ingots as a rolling mill has been set up. Further,
it has also set up facilities for manufacturing of ERW pipes and
has been continually adding to its capacity in order to
accommodate the increasing order book size. The capacity
utilisation remained low over the past few years but has been on
an improving trend. The average realisation has also been
fluctuating over the years. It increased in FY2015 with the
addition of value-added products such as HR Coils and ERW pipes.
However, the overall slowdown in the steel market again pulled
down the realisation to ~32000 per MT in FY2016. The production
is partly order backed and the capacity utilisation varies with
the order flow. Furthermore, as most of the working capital
requirement is funded through bank borrowings, the capital
structure of the group remains leveraged with modest coverage
indicators.

RST remains exposed to raw material price fluctuation due to the
lag in transferring the RM price variations to the end consumer.
The lag is due to the inventories maintained by these companies
to fulfill orders in a timely manner and maintain order flow for
manufacturing ingots and billets/blooms in various
dimensions/thickness in order to gain competitive advantage. The
final profitability is mainly dictated by the ability of the
company to anticipate and protect itself against adverse RM price
variations.

Analytical approach: For the purpose of arriving at the ratings,
ICRA has consolidated the operational and financial risk profiles
of R.P. Multimetals Private Limited (RMPL), R.P. Steel Tubes
(RST) and Narain & Co. (NC) as all these companies share
significant operational, managerial and financial synergies among
them.

Incorporated in the year 2008, RST is a partnership firm and
manufactures M.S (Mild Steel) Bars and Flats. The manufacturing
facility of the firm is in Mandi Gobindgarh and has a capacity of
producing 33,000MT per annum. In FY2015, the firm set up new
facility, which has an installed capacity of producing 15,000 MT
of ERW pipes per annum.

RST recorded a net profit of INR0.19 crore on an operating income
of INR60.94 crore in FY2016 as against a net profit of INR0.19
crore on an operating income of INR77.13 crore in the previous
year.

R.P. Multimetals Private Limited - RMPL was established in 1999
and manufactures steel billets and blooms and steel coils/flats
at its facility in Gobindhgarh, Punjab (installed capacity of
66,600 MT per annum). The major raw materials used by the company
are ferro alloys and scrap metal, which are mainly imported. The
steel products manufactured by the company are supplied to the
steel rolling mills in Mandi Gobindgarh. In FY2015, the company
set up a facility for manufacturing flats/coils from the billets
and ERW pipes.

Narain & Company - Narain & Co. trades in iron and steel products
such as angles, billets, beam, channel, bloom, and billet. NC is
a distributor of Rashtriya Ispat Nigam Limited (RINL) in northern
India. In addition to RINL, the company procures products from
various rolling mills and distributors in Mandi Gobindgarh based
on its requirement, before selling them to auto parts
manufacturers and exporters. Around 80% of the total sales are
made to northern India and some quantities are also sold to
eastern and southern India.


RAJESH SPICES: CRISIL Assigns 'B' Rating to INR5MM Cash Loan
------------------------------------------------------------
CRISL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Rajesh Spices (RS).

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

The rating reflects small scale of operations and weak financial
risk profile constrained by highly a leveraged capital structure
and weak debt protection measures. These weaknesses are partially
offset by the extensive experience of partners.

Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations:  INRbooked sales of INR16 crores in
fiscal 2016. Having realised INR16 crores till December 31, 2016,
in fiscal 2017, revenue is expected to improve, but will remain
small.

* Weak financial risk profile:  The financial risk profile is
subdued as reflected in small net worth of INR0.91 crores,
gearing of 5.62 times as on March 31, 2016 and weak debt
protection metrics with interest coverage ratio of 1.22 times and
negative net cash accruals to total debt in fiscal 2016. The net
worth is expected to remain modest due to expected low accretion
to reserves, capital structure is expected to remain highly
leveraged and debt protection metrics weak.

Strength
* Extensive experience of partners in the agro-commodity
industry: The partners, given their experience of over seven
decades, have forged strong relationships with suppliers and
customers which should continue to benefit the business risk
profile.

Outlook: Stable
CRISIL believes INRwill continue to benefit over the medium term
from the partners' extensive experience. The outlook may be
revised to 'Positive' if considerable ramp-up in the scale of
operations leads to higher net cash accrual or significant equity
infusion results in better capital structure, strengthening the
financial risk profile. The outlook may be revised to 'Negative'
if any steep decline in scale of operations or profitability,
deterioration in working capital management, or any large capital
expenditure leads to deterioration in the financial risk profile,
especially liquidity.

Established in 1982 as a partnership firm by the Wadhwani family
of Nagpur (Maharashtra), INRprocesses and trades in spices. It
sells under its own brands Kasturi and Gulab.


RICHI TRAVELS: CRISIL Reaffirms B+ Rating on INR5.0MM Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Richi
Travels (RTV) at 'CRISIL B+/Stable/CRISIL A4'. Revenue is
expected to grow at 5-10% annually over the medium term,
following a decline of around 25% in fiscal 2016. Operating
margin is expected at 40-45%. Liquidity continues to be adequate,
supported by moderate bank limit utilisation (at 70% in the 12
months through September 2016), sufficient accrual, and healthy
unencumbered cash balance and need-based funding support.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        1.38       CRISIL A4 (Reaffirmed)
   Cash Credit           5.00       CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description
Weaknesses
* Below-average financial risk profile: Despite healthy return on
capital employed, financial risk profile remains below-average,
with high total outside liabilities to tangible net worth
(TOLTNW) ratio and weak debt protection metrics.

* Small scale of operations and intense competition: Due to
limited fixed asset requirements and technology barriers, the
travel and tourism industry is intensely competitive; this
should, in turn, continue to constrain scalability in operations
for RTV.

Strength
* Extensive experience of the promoters: Benefits from the
promoters' experience of over a decade in the air-ticket booking
business, and strong relationships with customers and airlines
across the world should continue to support business risk
profile.

Outlook: Stable
CRISIL believes RTV will continue to benefit over the medium term
from its promoters' extensive experience. The outlook may be
revised to 'Positive' if the firm generates substantial cash
accruals while prudently managing its working capital
requirements. Conversely, the outlook may be revised to
'Negative' if liquidity weakens significantly, most likely on
account of stretch in working capital cycle, or if businesses
risk profile declines owing to lower sales or profitability.

RTV, set up in 2002, provides air ticketing services. It is an
approved Travel Agents Association of India and Travel Agents
Federation of India agent. The firm, promoted by Mr. Satpal Singh
Multani, is based in Jalandhar (Punjab).


SABARI TEXTILES: ICRA Reaffirms 'D' Rating on INR12.47cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR12.47
crore term loan facilities, INR3.83 crore fund based limits of
Sabari Textiles Private Limited at [ICRA]D. ICRA has also
reaffirmed the short term rating assigned to the INR0.70 crore
non fund based facilities of STPL at [ICRA]D.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Term Loan              12.47      Reaffirmed at [ICRA]D
  Fund Based Limits       3.83      Reaffirmed at [ICRA]D
  Non-Fund Based Limits   0.70      Reaffirmed at [ICRA]D

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

STPL, incorporated in November 2006, has its manufacturing
facilities located in Coimbatore (Tamil Nadu). The Company is
engaged in manufacturing of blended yarn in its unit located in
the Coimbatore district. In 2013-14, the Company also commenced
manufacturing of cotton yarn through a leased unit located in
Coimbatore. Owing to large volatility in the cotton yarn prices,
the Company shifted its product profile to blended yarn in its
leased unit in the current fiscal. STPL manufactures polyester
cotton blended yarn in the count range of 40s to 60s. The Company
has a total capacity of 22,416 spindles. The Company's leased
unit has a capacity of 12,096 spindles.


SAHAJ FASHIONS: CRISIL Hikes Rating on INR17MM Cash Loan to BB-
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Sahaj Fashions Private Limited (SFPL) to 'CRISIL BB-/Stable'
from 'CRISIL B+/Stable' while assigning 'CRISIL A4+' to short-
term bank facility.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         0.3        CRISIL A4+ (Reassigned)

   Cash Credit           17.0        CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term     2.82       CRISIL BB-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

The upgrade reflects CRISIL's belief that SFPL's business risk
profile will continue to improve over the medium term. In fiscal
2016, operating income was INR63 crore, more than CRISIL's
expectation of INR55 crore on account of higher capacity
utlization. This further led to improved operating margin at
10.4% in fiscal 2016, against CRISIL's expectation of 9.5%. For
fiscal 2017, the operating income is expected to reach INR 80
crore and margins to be sustained at 10.4%.

Analytical Approach
CRISIL has treated the unsecured loan of INR1.9 crore extended to
SFPL by its promoters as on March 31, 2016, as neither debt nor
equity as the loan is subordinated to bank debt and will remain
in the business over the medium term.

Key Rating Drivers & Detailed Description
Strengths
* Extensive experience of promoters in the textile industry:
SFPL's promoters have experience of over two decades in the
textile industry.

* Increasing scale of operations: Operating income increased to
INR63 crore in fiscal 2016 from INR38 crore in the previous
fiscal.

* Funding support from promoters: Promoters have extended
unsecured loan and infused equity to support liquidity.

Weaknesses
* Working capital-intensive operations: Gross current assets days
rose to 207 days as on March 31, 2016, from 184 days as on March
31, 2015.

* Modest leverage: Leverage is expected to remain above 2.3 times
over the medium term in the absence of debt funded capex plan.

Outlook: Stable
CRISIL believes SFPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the capital structure improves because of equity
infusion, or if cash accrual increases substantially, backed by
rise in revenue and better working capital management or
enhancement in working capital bank limit. The outlook may be
revised to 'Negative' if the financial risk profile, particularly
liquidity, deteriorates because of a decline in revenue and
profitability, large debt-funded capital expenditure, or increase
in working capital requirement.

SFPL, incorporated in 2011, is promoted by the Kishangarh
(Rajasthan)-based Toshniwal family. The company manufactures
cotton dyed shirting material. Mr. Rohit Toshniwal, the key
promoter, manages operations.

SFPL's profit after tax (PAT) was INR0.52 crore on net sales of
INR63 crore for fiscal 2016, against a PAT of INR0.28 crore on
net sales of INR38 crore for fiscal 2015.


SAMBHAJI RAJE: ICRA Assigns 'B-' Rating to INR5.0cr Cash Loan
-------------------------------------------------------------
ICRA has assigned the [ICRA]B- rating to the INR1.98 crore term
loans and INR5.00 crore cash credit limits of Sambhaji Raje Cold
Storage. The outlook on long term rating is stable.

                     Amount
  Facilities       (INR crore)   Ratings
  ----------       -----------   -------
  Long term: Fund
  based limits-
  Term Loans           1.98      [ICRA]B- (Stable)/assigned

  Long term: Fund
  based Limits-
  Cash Credit          5.00      [ICRA]B- (Stable)/assigned

Rationale
The assigned rating takes into account the promoters long
experience in the raisins business. ICRA also notes the location
advantage to the firm with presence in Sangli (Maharashtra), a
prominent grape growing region of the country. The rating, also
factors in the high operating margins due to low operating costs
as also the high capacity utilization in the past despite
competition from other cold storages in the vicinity.

The rating however, remains constrained with the small scale
operations of the firm along with leveraged capital structure due
to recently concluded debt funded capex. Further, the working
capital intensity also remains high owing to advances extended to
the grape growers. The firm/s revenues also remain contingent to
the grape production in the region which in turn remains the
function of agro climatic conditions.

Going forward, obtaining adequate rentals along with achieving
optimal capacity utilization and maintaining margins will be key
rating sensitivities, going forward.

Key rating drivers
Credit Strengths
* Long standing experience of the promoters in raisin trading
   and cold storage business.
* Location advantage with presence in grape producing Sangli
   district of Maharashtra, high capacity utilization in the past
   fiscals.
* Healthy profit margins owing to low operating costs.

Credit Weakness
* Leveraged capital structure primarily due to low net worth
   base and recently concluded debt funded capex.
* High working capital intensity primarily due to advances to
   farmers.
* High competition from other cold storages in vicinity.

Description of key rating drivers highlighted:

The promoters of the Sangli, Maharashtra based firm have a long
standing experience of the promoters in raisin trading and cold
storage business. Being located in the country's prominent grape
growing region, the firm has a location advantage; further the
capacity utilization remained in the past fiscals. The farmers in
order to garner remunerative prices convert the same to raisins
and store them in the cold storage. Sambhaji Raje Cold Storage
charges monthly rentals from the farmers. The firm issues
receipts to the farmers for the product stored in the cold
storage which are discounted by the firm in order to address
their immediate liquidity issues. The firm pledges these receipts
with the bank. The farmers after selling the stock in the market
repay the amount along with the interest to the firm.

The firm has recorded an operating income of INR0.37 crore in
FY'2016 - an 18% growth over the previous fiscal mainly due to
increase in the capacity utilization. Given the limited operating
costs, the operating margins remained healthy at ~ 58% in
FY'2016.Higher interest costs have however resulted in lower NPM
at ~2% in FY'2016.The capital structure however has remained
adverse in the past fiscals particularly due to low net worth
base. The debt profile remains dominated by working capital loans
followed by term loans. Teh working capital intensity remained
high mainly on advances extended to farmers.

Incorporated in FY'2013, the Sangli based Sambhaji raje Cold
storage is promoted by Mr.Sambhaji Patil. The proprietorship firm
has established a cold storage of capacity 1850 MT mainly for
storage of raisins. Abhijeet Traders is the flagship company of
the group promoted by Mr. Sambhaji Patil. The firm is involved in
trading of raisins.

The other group firms involved in raisin trading and related
agricultural products trading include Abhijeet Traders, Saraswati
Traders, Abhijeet Krushipurak Udyog among others.


SANGRAM CANE: CRISIL Assigns B- Rating to INR27MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Sangram Cane Agro Limited (SCAL).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Proposed Long Term
   Bank Loan Facility      27        CRISIL B-/Stable

The rating reflects SCAL's exposure to risks relating to early
stage of execution of ongoing project. This weakness is partially
offset by benefits that SCAL derives from the extensive
experience of its promoters in the sugar industry.

Key Rating Drivers & Detailed Description
Weakness
* Risks relating to early stage of project implementation, and
cyclicality in the sugar industry: Exposure to implementation
risks persist on the ongoing project'to set up a sugar and
jaggery unit at Sangli, Maharashtra, with operations likely
to begin only by end-2017. Seasonality in cane production and
cyclicality in the sugar industry also constrain credit metrics.

Strength
* Experience of the promoters in the sugar industry: Benefits
from the promoters' experience of almost a decade in the
sugarcane business, and healthy relationships with suppliers and
customers will continue to support business risk profile.

Outlook: Stable
CRISIL believes that SCAL will continue to benefit over the
medium term from the promoters' experience in the sugar and
allied industries. The outlook may be revised to 'Positive' if
timely completion and stabilisation of the plant result in
higher-than-expected cash flow. Conversely, the outlook may be
revised to 'Negative' if time or cost overruns on the project,
delays in ramp-up of operations, or low utilisation of capacity
constrains cash flow.

SCAL, incorporated in 2016 by Mr. Vitthalrao Yesugde and Mr.
Nitin Yesugde, is installing a sugar and jaggery unit at Sangli,
Maharashtra.


SAURABH SOLAR: Weak Financial Strength Cues ICRA SP 4D Grading
--------------------------------------------------------------
ICRA has assigned 'SP 4D grading to Saurabh Solar House (SSH),
which indicates 'Weak Performance Capability' and 'Weak Financial
Strength' of the channel partner & "Solar Photovoltaic - System
Integrator" to undertake "On Grid Solar Rooftop Power Projects".
The grading is valid for a period of two years from September 29,
2016 after which it will be kept under surveillance.

Grading Drivers
Strengths
* Experienced promoters and technically qualified management
* Diversified product portfolio provides broad clientele thus
   minimizing business risks arising out of product-oriented
   business practices

Risk Factors
* Low net profits recorded over the years reflecting low pace of
   business expansion
* High competitive pressures from large number of
   organized/unorganized players
* Small balance sheet size limits financial flexibility
* Small scale of operations

Fact Sheet
Year of Incorporation
2000
Office Address
4, Rainbow House, Opposite Deepak Hospital, Nagar Manmad Highway,
Ahmednagar

Board of Directors
Mrs. Sangita Nirmal (Director)

Established in year 2000, Saurabh Solar House (SSH) is into
trading and installation of devices associated with solar energy.
The firm looks after the sales as well as services. SSH has
implemented a few solar project over last 15 years of operations,
and looks forward to enter the sector on a large scale.


SHREE VENTURES: CRISIL Lowers Rating on INR5MM Cash Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shree Ventures - Nagpur (SV) to 'CRISIL D' from 'CRISIL
B+/Stable'.

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

   Proposed Long Term      1         CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B+/Stable')

The rating downgrade reflects the weak liquidity as there have
been instances of working capital limits remaining overdrawn for
over 30 days on account of stretched liquidity, owing to
stretched receivables.


Key Rating Drivers & Detailed Description
Weaknesses
* Large working capital requirement leading to weak liquidity as
reflected from delays in debt servicing: Receivables deteriorated
to 154 days as on March 31, 2016, from 106 days in the previous
year leading to increase in the gross current assets to about 201
days as on March 31, 2016 from 156 days a year ago. Owing to
stretch in working capital management, there have been instance
of delays in debt servicing

* Susceptibility of profitability to volatility in prices of
traded goods and high customer concentration: Around 40% of
revenue comes from a single customer, which exposes the firm to
risks pertaining to concentration in revenue profile. Moreover,
fixed price contracts with customers make operating margin
susceptible to volatility in the prices of traded commodities.

Strength
* Extensive experience of proprietor: Longstanding presence in
the agricultural products trading business has enabled the
proprietor to establish strong relationship with customer and
supplier.

Set up in 2011 in Nagpur as a proprietorship concern by Mr. Ujwal
Pagariya, SV is engaged in wholesale trading of agricultural
products.

SV reported a profit after tax (PAT) of INR4.7 crore on an
operating income of INR46.9 crore for fiscal 2016, vis-a-vis
INR4.3 crore and INR53.5 crore, respectively, in fiscal 2015. Net
sales were INR22 crore for the 7 months ended October 2016.


SKAJEN VITRIFIED: CRISIL Assigns B+ Rating to INR18MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Skajen Vitrified Private Limited (SVPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan         18        CRISIL B+/Stable
   Bank Guarantee          3.25     CRISIL A4
   Cash Credit             8.75     CRISIL B+/Stable

The ratings reflect the company's start-up phase and expected
modest scale of operations in the intensely competitive ceramic
tiles industry, and estimated large working capital requirement.
These weaknesses are partially offset by the extensive experience
of its promoters and favorable location in Morbi.

Key Rating Drivers & Detailed Description
Weaknesses
* Start-up phase: Manufacturing plant is expected to start
operations in January 2017 and will take time to stabilise.

* Modest scale of operations: The company's scale is likely to be
small in the intensely competitive ceramic tiles industry.

* Average networth: Networth is likely to be INR12 crore.

Strength
* Extensive experience of promoters: Longstanding presence of
promoters and already established dealer networth are likely to
reduce demand risk.

Outlook: Stable
CRISIL believes SVPL will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if timely stabilisation of operations leads to
substantial cash accrual. The outlook may be revised to
'Negative' if cash accrual is low due to fewer orders or subdued
profitability, or if financial risk profile weakens further
because of sizeable working capital requirement or debt-funded
capital expenditure.

Established in 2016 by Mr. Jignesh Patel and Mr. Dushyant Patel,
SVPL is setting up a plant to manufacture double-charged
vitrified tiles in Morbi. Unit has installed capacity of 63,000
tonne per annum. The promoters have over a decade's experience in
the ceramic industry through other entities.


SLK PROGRESSIVE: CRISIL Reaffirms B+ Rating on INR2.0MM LT Loan
---------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of SLK
Progressive Veneer Private Limited at 'CRISIL B+/Stable/CRISIL
A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            0.5       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       7.5       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     2.0       CRISIL B+/Stable (Reaffirmed)

The rating reflects CRISIL's expectation of a sustained business
risk profile with stable revenues and operating margins in fiscal
2017. Though revenues have declined in fiscal 2016, the company
will maintain the revenues in fiscal 2017 and its accruals will
be in line with historical trend. The company has below-average
financial risk profile as reflected by its small net worth, low
gearing and below-average debt protection metrics.

Analytical Approach
For arriving at its ratings, unsecured loans of INR3.16 crore
from promoter as on March 31, 2016, have been treated as neither
debt nor equity as these loans are expected to be retained in the
business over the medium term.

Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations in the intensely competitive plywood-
manufacturing  and timber-trading industry
Small scale of operations, with revenue of INR13.2 crore in
fiscal 2016, limits the advantages of economies of scale as
plywood-manufacturing and timber trading are highly fragmented
with several small players operating within the country.

* Working capital-intensive operations
The operations are working capital intensive, with gross current
assets of 180 days as on March 31, 2016, on account of high
inventory and debtor days.

Strength
* Extensive experience of promoters:
SLK's key promoters, Mr. Vijay Kedia, Mr. Dilip Kedia, and Mr.
Rohit Kedia have experience of over a decade in the timber
industry. Their experience is expected to help post a healthy
revenue growth over the medium term. Established relationships
with major suppliers and customers further strengthen the market
position.

Outlook: Stable
CRISIL believes SLK will continue to benefit over the medium term
from its promoters' extensive experience. The outlook may be
revised to 'Positive' if the scale of operations and operating
profitability improve considerably, leading to higher cash
accrual or if networth improves on account of equity infusion.
Conversely, the outlook may be revised to 'Negative' if revenue
or operating margin reduce substantially, or if the financial
risk profile, particularly liquidity, weakens, most likely
because of large, debt-funded capital expenditure or stretch in
working capital cycle.

Incorporated on November 5, 2011, by the Kolkata based Patel and
Kedia families, SLK manufactures veneer and trades in timber. The
company has recently started manufacturing plywood. Its facility
is at Kolkata, West Bengal. The company is currently promoted by
Mr. Vijay Kedia, Mr. Dilip Kedia, and Mr. Rohit Kedia.


STARBURST MOTORS: Ind-Ra Assigns 'B+' Rating to INR165MM Loan
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Starburst Motors
Private Limited's (SMPL) additional bank loans this rating:

   -- INR165 mil. Fund-based limits assigned 'IND B+/Stable'
      Rating

                        RATING SENSITIVITIES

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

Positive: Sustained revenue growth, along with an improvement in
EBIDTA margin and credit metrics, could lead to a positive rating
action.

COMPANY PROFILE

Incorporated in 2012, West Bengal-based SMPL is an authorised
dealer of Maruti Suzuki.  SMPL undertakes the sale of new and
used passenger motor vehicles.  The company has nine rented
showrooms and two owned service centres.

The company is managed by two of its experienced directors:
Mr. Samir Kumar Bose and Mr Shantanu Bose.


SUNGRO SEEDS: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sungro Seeds
Private Limited's (SSPL, earlier known as Sungro Seeds Limited)
Long-Term Issuer Rating at 'IND BB'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The affirmation reflects SSPL's continued moderate credit
profile. SSPL's revenue was INR1,185 million in FY16
(FY15:INR1,171 million and FY14: INR644 million); the growth was
due to its merger (effective from September 2015) with two
companies Vikram Seeds Private Limited and John Fowler (India)
Private Limited.

SSPL reported an operating margin of 17.9% in FY16 (FY15: 12.6%)
due to favorable market condition.  SSPL has indicated revenue of
INR954.12 million during 7MFY17 and it has also paid the
unsecured term loan of INR360 million.  Ind-Ra expects
improvement in its credit metrics during FY17.

Credit metrics improved slightly in FY16 yet remained moderate
with gross interest coverage (EBITDA/gross interest expenses) and
adjusted net leverage (net adjusted debt/EBITDA) of 1.5x in FY16
(FY15:1.0x) and 8.8x (10.6x), respectively.  SSPL has interest
free unsecured deposits from its promoters and directors.  Ind-Ra
notes that in FY16, SSPL's net adjusted leverage, excluding
unsecured deposits, improved to 2.9x (FY15: 4.4x).

The ratings are constrained by the working capital intensive
nature of SSPL's operations which is mainly due to the high
inventory holding requirements.  The high inventory levels,
however, insulate the company from an adverse impact which may
arise if raw material (seeds) availability is impacted due to
adverse climatic conditions.  The cash conversion cycle
deteriorated to 410 days in FY16 (FY15: 352 days).  This
deterioration was on account of increased inventory on account of
the mergers. Furthermore, the seed industry is exposed to the
risks of adverse agro-climatic conditions.  Adverse climatic
conditions can impact the profitability of firms in this
industry.

The ratings, however, derive comfort from over a decade of track
record of SSPL's promoters in the seed industry.  Moreover, SSPL
is a part of the Barwale group which owns Maharashtra Hybrid
Seeds Co (MAHYCO  - IND A-/Negative) which is one of the largest
players in the seed industry in India.

                       RATING SENSITIVITIES

Positive: A sustained improvement in credit metrics from current
levels could lead to a rating upgrade.

Negative: Further stretch in working capital cycle or credit
metrics from current levels could lead to a rating downgrade.

COMPANY PROFILE

Established in 1973, SSPL is involved in the research and
development and production of seeds.  The company is a part of
the Barwale group of companies which has a strong track record in
the seed industry in India.  SSPL produces both - hybrid and open
pollinated seeds with the former contributing the majority of the
turnover (FY16: 70%).  SSL has an established presence in the
industry across multiple states in India.


SV ISPAT: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned S.V. Ispat
Private Limited a Long-Term Issuer Rating of 'IND BB'.  The
Outlook is Stable.

                         KEY RATING DRIVERS

The ratings reflect S.V. Ispat's moderate credit profile.
Revenue decreased 19.7% yoy to INR239 million in FY16 on account
of a fall in the sale price of products, majorly due to the
slowdown experienced in the steel manufacturing sector.  Also,
EBITDA margins fluctuated in the range of 6.6%-11.9% over FY13-
FY16 on account of price fluctuations in raw materials.

However, a decline in raw material cost led to an improvement in
EBITDA in FY16.  This along with the company's comfortable
utilization of the working capital facilities led to the interest
cover increasing to 3.8x in FY16 (FY15: 3.1x).  Leverage
(debt/EBITDA) was stable at 1.7x in FY16 (FY15: 1.6x) on account
of a marginal reduction in debt and cash & equivalent.  The
company has indicated revenue of INR117 million for 1HFY17.

Liquidity was comfortable with the average maximum use of the
fund-based working capital facilities at 77.3% for the 12 months
period ended November 2016.

The ratings are also supported by the company's promoter's
experience of more than two decades in the field of met coke
processing and beneficiation, revenue visibility till 1HFY18 from
the outstanding order book of INR59 million and recent
installation of calcination facilities for petroleum coke in
Gujarat and for anthracite coke in Karnataka (85% completed).

                       RATING SENSITIVITIES

Positive: A substantial improvement in the top line and credit
metrics will be positive for the ratings.

Negative: A substantial decline in the top line and deterioration
in the credit metrics and will be negative for the ratings.

COMPANY PROFILE

S.V. Ispat was incorporated in 2007 and processes met coke, raw
and calcined anthracite coal, raw and calcined petroleum coke and
amorphous graphite and trades exfoliated vermiculite and slag
conditioner.


TAMILNADU STATE: CRISIL Reaffirms B- Rating on INR13MM Cash Loan
----------------------------------------------------------------
CRISIL has reaffirmed its rating of 'CRISIL B-/Stable' on the
long-term bank facility of Tamilnadu State Transport Corporation
(kumbakonam) Limited (TNSTC). The rating continues to reflect the
company's below-average financial risk profile. This weakness is
partially offset by TNSTC's established market position in the
road transport industry and availability of need-based funding
support from the Government of Tamil Nadu (GoTN) and Tamil Nadu
Transport Development Finance Corporation Ltd (TDFC).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit             13       CRISIL B-/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description
Weakness
* Below-average financial risk profile: Financial risk profile is
weak, because of sizeable long- and short-term, and substantial
accumulated losses'over 6 times the share capital of around
INR310 crore as on March 31, 2016. Continued negative operating
margin on account of unrevised bus fare and volatility in fuel
prices continues to result in pile-up in losses, and stress in
financial profile.

Strengths
* Established market position in the transport industry: TNSTC is
a GoTN enterprise floated to provide bus transportation services
to all districts of Tamil Nadu and covers wide network of routes.
It owns and operates around 3600 buses at around 96% of capacity.

* Need-based funding support from GoTN and TDFC: TNSTC is a
wholly owned enterprise of GoTN and receives extensive financial
support directly and through TDFC to fund its operational losses
and sustain operations.

Outlook: Stable
CRISIL believes TNSTC will continue to benefit over the medium
term from its leading position in the Tamil Nadu road transport
market. The outlook may be revised to 'Positive' if profitability
significantly improves or if substantial capital infusion leads
to a stronger financial risk profile. Conversely, the outlook may
be revised to 'Negative' if further decline in operating margin,
or reduction in support from the government weakens the financial
risk profile.

TNSTC is a corporation, fully-owned by GoTN, providing inter-city
and intra-city bus transport facilities. TNSTC operates bus
transport services in and around Kumbakonam and to other
districts of Tamil Nadu.


VEGA ENTERTAINMENT: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Vega
Entertainment Private Limited's Long-Term Issuer Rating to 'IND
D' from 'IND BB+'.  The Outlook was Stable.

                         KEY RATING DRIVERS

The downgrade reflects Vega's continuous delays in debt
repayments over the 12 months ended December 2016, due to
stretched liquidity.  This can be attributed to the company's
elongated net working capital cycle of 74 days in FY16 (FY15: 31
days).

                        RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in a positive rating action.

COMPANY PROFILE

Vega is a Hyderabad-based mobile and internet-based entertainment
and film production company.  It deals primarily in south Indian
films.  Vega co-produces, acquires and distributes south Indian
language films in multiple formats worldwide including
theatrical, television syndication and digital platforms.  Vega
has a content library of over 733 movies with world negative
rights and more than 2,749 digital rights which can be monetized
on media platforms.


VIJAY BREEDING: CRISIL Reaffirms B+ Rating on INR4.05MM Cash Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Vijay Breeding Farm and Hatcheries (VBFH) at 'CRISIL
B+/Stable'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           4.05      CRISIL B+/Stable (Reaffirmed)
   Term Loan             2.47      CRISIL B+/Stable (Reaffirmed)

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

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

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations,and exposure to intense competition:
VBFH is a small player in the poultry industry, with expected
revenue of INR27 crore in fiscal 2017, and faces competition from
organised and unorganised players catering to regional demand due
to transportation constraints and perishable nature of the
product.

* Highly leveraged capital structure: Gearing was 2.62 times as
on March 31, 2016, and is expected to remain above 2.5 times in
the near term.

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

Outlook: Stable
CRISIL believes VBFH will continue to benefit from its
proprietor's extensive experience in the poultry industry and its
established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if revenue increases
substantially, and profitability and capital structure improve.
The outlook may be revised to 'Negative' if revenue or
profitability declines, or if the firm undertakes large, debt-
funded capex, weakening its financial risk profile.

VBFH, a proprietorship firm of Mr. Rajvir Singh Jaglan set up in
1996, is in the poultry breeding and hatching business. It has
day-old-chick (DOC) breeder farms at Panipat, Haryana.


VIJAY STONE: ICRA Reaffirms 'B' Rating on INR4.90cr Loan
--------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B to the
INR0.10 crore term loan limits and INR4.90 crore unallocated
limits of Vijay Stone Quarries Private Limited. ICRA has also
reaffirmed the short term rating at [ICRA]A4 to the INR5.00 crore
fund based facilities of VSQPL. The outlook on the long term
rating is Stable.

                        Amount
  Facilities         (INR crore)   Ratings
  ----------         -----------   -------
  Fund Based Limits       5.00     [ICRA]A4 Re-affirmed
  Term Loan               0.10     [ICRA]B (Stable)Re-affirmed
  Unallocated Limits      4.90     [ICRA]B (Stable) Re-affirmed

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

Vijay Stone Quarries Private Limited was incorporated in 1991 by
Mr M Ramesh and his brothers. Before the incorporation of VSQPL,
the promoters were involved in the trading of lime stone, slate
and sand stone through another entity named Vijay Slate and Stone
Exporters. The firm used to sell stones both in domestic and
international market. Later the partnership firm was dissolved
and two of the partners incorporated VSQPL. The directors have an
experience of more than 25 years in quarrying and export of lime
stone and slate stone. The company is currently involved in the
quarrying of lime stone, sand stone and slate. The entire sale is
made in international market to countries like USA, UK, France,
Belgium, Japan, China, Italy and others.

The company reported an operating income of INR8.39 crore and
profit after tax of INR0.08 crore in FY2016 as against the
operating income of INR8.36 crore and profit after tax of INR0.09
crore in FY2015.


WHITE BRICKS: CRISIL Lowers Rating on INR14.5MM Term Loan to B
--------------------------------------------------------------
CRISIL has downgraded the long term bank loan rating of White
Bricks Buildtech Pvt. Ltd. (WBBPL) to 'CRISIL B/Stable' from
'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit             4         CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Term Loan              14.5       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The rating downgrade reflect CRISIL's belief that liquidity of
WBBPL will remain constrained over the medium term, on account of
lower cash accruals against repayment obligations. The lower cash
accrual is on account of delay in commercial production of 2nd
unit in Kanpur leading to small scale of operations. CRISIL
believes that liquidity will remain stretched over the medium
term.

Analytical Approach
CRISIL has treated the unsecured loans from promoters of INR7.98
Crores as on March 31, 2016 as neither debt nor equity (NDNE).
These unsecured loans are non-interest bearing in nature and are
expected to remain in the business over the medium term.


Key Rating Drivers & Detailed Description
Weaknesses
* Nascent stages of operations lead to susceptibility of
stabilisation risk: The phase-2 was started in June' 2016. WBBPL
has reported small scale of operations of INR6.54crores for 2015-
16 (refer to financial year April 1 to March 31). CRISIL believes
that scale of operations will remain susceptible to stabilisation
of operations over the medium term.

* Large working capital requirements: The working capital
requirements are large marked by gross current assets (GCA) of
378 days as on March 31, 2016. This is driven by high inventory
and high debtor of 107 days and 155 days as on March 31, 2016,
respectively. CRISIL believes that working capital requirements
will remain large over the medium term.

* Weak financial risk profile: The financial risk profile of
WBBPL is weak marked by low interest coverage of 1.12 times for
2015-16 and high total outside liability to adjusted networth of
3.59 times as on March 31, 2016. CRISIL believes that financial
risk profile will remain weak over the medium term.

Strengths
* Healthy demand prospects of AAC blocks: The AAC blocks can be
used in all types of construction such as residential homes,
high-rises, mid-rise apartments, cold storages, commercial and
industrial buildings, schools, hospitals, and hotels. CRISIL
believes healthy demand prospects for AAC blocks will continue to
benefit WBBPL's business risk profile over the medium term.

* Established relationship with customers: The promoters have
established relationship with customers which is expected to
support the business risk profile over the medium term.

Outlook: Stable
CRISIL believes White Bricks Buildtech Pvt Ltd (WBBPL) will
maintain its credit profile over the medium term on the back of
its promoters' established relationships with prospective
customers. The outlook may be revised to 'Positive' if
substantial improvement in the scale of operations and
profitability lead to healthy cash accrual, or if an improvement
in the capital structure supported by capital infusion by
promoters leads to a better financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of any delay in
stabilisation of the manufacturing facilities resulting in low
cash accrual, a stretch in working capital cycle, or large debt-
funded capex, leading to weak liquidity.

WBBPL, incorporated in August 2013, is promoted by Mr. Dharmendra
Yadav, Mr. Abhay Ram Singh Yadav, and Mrs. Neelam Yadav. The
company has set up two AAC block manufacturing units, with a
capacity of 150,000 cubic metres each in Aligarh and Kanpur (both
in Uttar Pradesh). The first unit at Aligarh was started in
September' 2014 and second unit in Kanpur started in June' 2016.

WBBPL has reported a loss of of INR(0.83) Crores on net sales of
INR6.54 Crores for 2016, vis-a vis INR(0.25) Crores and INR3.38
Crores, respectively for 2015.



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


TOSHIBA CORP: Seeks Buyers for American Gas
-------------------------------------------
Tsuyoshi Inajima at Bloomberg News reports that Toshiba Corp.,
already reeling from a crisis over its nuclear business that has
sent its market value down by almost half, is seeking help from
one of the world's biggest buyers of liquefied natural gas to
avoid billions of dollars in potential losses if it can't sell
American gas it holds.

Toshiba is working with Japan's Jera Co. to help it find buyers
for gas that it has a contract to liquefy in the U.S. starting in
2019, said company spokesman Hirokazu Tsukimoto by phone,
Bloomberg relates.  Since Toshiba hasn't yet secured long-term
contracts, it may be forced to sell the LNG in spot markets at a
loss, or opt not to process gas at Freeport LNG Development LP's
plant in Texas, Mr. Tsukimoto said. Either way, it will pay a
fixed tolling fee.

Bloomberg says the potential for having unsold gas is another
blow to Toshiba, which is already facing billions of dollars in
losses at its nuclear business following a profit-padding scandal
in 2015.  According to Bloomberg, the Japanese conglomerate said
in a June filing it could face potential losses of รน971.4 billion
at its power and infrastructure division, which the spokesman
said is mostly due to its LNG contract in the U.S.

"Finding new buyers is difficult in the current market
structure," said Junzo Tamamizu, managing partner at Clavis
Energy Partners LLC in Tokyo, told Bloomberg. "Toshiba could
optimize its LNG sales by swapping cargoes and accessing various
markets."

When Toshiba struck the LNG deal with Freeport in September 2013,
the outlook for profit seemed bigger, Bloomberg notes. Gas was
selling in Asia at a larger premium over U.S. prices back then,
making potential future American shipments more attractive.

Bloomberg says a global gas glut has narrowed the price spread
between the U.S. and Asia by more than half since Toshiba agreed
to buy the right to liquefy 2.2 million tons a year of LNG for 20
years from the Freeport project.

Bloomberg relates that Mr. Tsukimoto said Toshiba has conditional
agreements with multiple buyers to sell more than half of its
output from the Freeport project, but none of them are legally
binding. The company hopes to finalize its first deal "as soon as
possible," he said.

Buyers of U.S. LNG, including Jera and Gail India Ltd., are
seeking to resell or swap the fuel amid narrower profit margins.
Jera signed a flexible contract to resell up to six LNG cargoes a
year to the U.K.'s Centrica PLC last month, according to
Bloomberg. Tokyo Gas Co., Japan's second-biggest LNG buyer, is in
talks with European firms to swap the super-cooled gas it exports
from the U.S., the report states.

Jera, a joint venture between Tokyo Electric Power Co. Holdings
Inc. and Chubu Electric Power Co., is helping Toshiba market LNG
from the Freeport project, said spokesman Atsuo Sawaki, Bloomberg
relays. Jera has a separate contract to buy the fuel from another
facility at the Freeport plant starting in 2018 and the two
Japanese companies could further cooperate in their LNG
operations, he said.

                           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
====================


ABT CONSTRUCTION: In Liquidation; Creditor Claims Due Jan. 27
-------------------------------------------------------------
NZN reports that ABT Construction has been put into liquidation
by transport firm Multi-Trans over unpaid bills amid reports of
frictions within its management team.

NZN, citing first liquidators' report, says McDonald Vague's Peri
Finnigan and Boris van Delden are unable to determine precisely
when ABT ceased trading around mid-2016 and have no current
address for the company.

Of its 200 shares, Auckland-based Qijie Xu is dominant with 124
shares, while Murray Painting held 66 shares, NZN discloses.

According to NZN, Multi-Trans director Dave Brown said his firm
hauled ABT modules from the Auckland Show Grounds to an Albany
development in 2015 but weren't paid in full.

NZN relates that Mr. Brown said ABT "paid a little bit of money,
locked the office and didn't answer the phone".

In 2015, ABT had four developments on the go in Auckland at
Narrow Neck, Unsworth Heights and Grafton and even a contract for
toilets on Great Barrier Island, the report notes.

According to NZN, liquidators indicated in their report that
based on information from various parties "it appears there were
conflicts within the company's management team that resulted in
the company ceasing to trade around mid-2016".

The value of secured and unsecured creditor claims is unknown,
NZN says.

Secured creditors with assets pledged are Carter Holt Harvey,
Harvey Norman, Ricoh, Steel & Tube Holdings, Tile Imports NZ and
Bunnings, NZN discloses.

Creditor claims are due in with the liquidators by January 27,
adds NAZ.


JAMIE'S ITALIAN: Shuts 6 UK Restaurants; Effect on NZ Unclear
-------------------------------------------------------------
Chloe Winter at Stuff.co.nz reports that celebrity chef Jamie
Oliver is closing six of his restaurants in the UK, leaving plans
for a New Zealand eatery hanging in the balance.

According to Stuff.co.nz, the world-renowned cook intended to
open his first Kiwi restaurant in Wellington last year, but plans
were abandoned after the Australian operator of Jamie's Italian
restaurants went into receivership.

Now, seven months on, Mr. Oliver has decided to close five
Jamie's Italian restaurants in England and one in Scotland by the
end of the first quarter of this year, Stuff.co.nz relates citing
The Guardian.

However, it remains unclear whether the closures will impact the
opening of a New Zealand restaurant, says Stuff.co.nz.

According to Stuff.co.nz, Jamie Oliver Restaurant Group chief
executive Simon Blagden told The Guardian: "As every restaurant
owner knows, this is a tough market and post-Brexit the pressures
and unknowns have made it even harder."

A combination of high costs for ingredients, staff training and
lower footfall had forced the restaurant closures, Mr. Blagden
said.

"Because we refuse to compromise on the quality and provenance of
our ingredients and our commitment to training and developing our
staff, we need restaurants that can serve an average of 3000
covers every week to be sustainable."

The six restaurants accounted for less than 5% of the restaurant
chain's total turnover, and overall the chain continued to
perform well at home and abroad, Mr. Blagden, as cited by
Stuff.co.nz, said.

"In the UK, we will be focusing on our core Jamie's Italian
estate and on the expansion of the Barbecoa brand which will see
two new openings in 2017.

"Internationally, we plan to launch another 22 Jamie's Italian
restaurants with our current partners and are also looking
forward to focusing on running and developing further our newly
acquired Australian restaurants."

In November last year, Mr. Oliver moved to buy back his
restaurants business in Australia after Keystone Hospitality
Group -- the Australian operator of Jamie's Italian restaurants -
- went into receivership and put the six-strong franchise up for
sale, Stuff.co.nz recalls.

At the time, Mr. Oliver told Stuff: "We're trying to buy it [the
Jamie's Italian franchise] back ourselves, so it's run by myself,
which is our intention.

"With that in mind one of the first priorities will be
New Zealand again because we really want to be there. I love
Wellington, it's one of my favourite places.

"It will happen, whether someone else buys it -- which is not my
preferred choice -- or whether we get it, which I should find out
in the next two weeks," he said.

"New Zealand will be very much back on the radar and we're
excited to make it happen."

Oliver currently has 42 Jamie's Italian restaurants in the UK and
more than 36 abroad run under his name, Stuff.co.nz discloses.


RELATIONSHIPS AOTEAROA: Unsecured Creditors Unlikely to Recoup
--------------------------------------------------------------
Emily Spink at Stuff.co.nz reports that hundreds of unsecured
creditors are unlikely to see any of the NZ$1.7 million owed to
them by a liquidated national counselling service Relationships
Aotearoa Incorporated.

According to Stuff.co.nz, Pricewaterhouse Coopers New Zealand
Wellington managing partner John Fisk said the liquidation would
likely be completed in the next month.

Their investigation into the failure of Relationships Aotearoa
identified that "they had too many offices and too higher
overhead, compared to the revenue they could get for servicing
clients," Stuff.co.nz relates.

As of January 19, 2017, the service had a cash balance of
NZ$234,000, which meant there was a "significant shortfall,"
Stuff.co.nz discloses.

According to Stuff.co.nz, Mr. Fisk said there was an estimated
130 unsecured creditors who were owed a total of NZ$1.7 million.
Sixty-nine of them had filed claims, Stuff.co.nz notes.

"Most of the cash that has been realised will go to Inland
Revenue, which is the preferential creditor that hasn't been paid
yet," the report quotes Mr. Fisk as saying.

Inland Revenue submitted a preferential claim totalling
NZ$262,000.

Stuff.co.nz relates that while staff had been paid in full prior
to the appointment of the liquidators, 90 counsellors contracted
to the service would not be paid.

Private counsellor Susan Alderston was still owed "several
thousand" dollars for the last month of Relationships Aotearoa
work she had been contracted to do, adds Stuff.co.nz.

New Zealand's largest counselling service Relationships Aotearoa
Incorporated was placed into liquidation in July 2015 due to
financial difficulties.




                             *********

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 ***