TCRAP_Public/170127.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, January 27, 2017, Vol. 20, No. 20

                            Headlines


A U S T R A L I A

AUTOLYSE CAFE: Shuts Door Owing ATO Nearly AUD1 Million
D&B NORTHERN: First Creditors' Meeting Set for Feb. 3
LAKE CITY: First Creditors' Meeting Set for Feb. 3
MISSION NEWENERGY: Had AUD549,000 in Cash at Dec. 31
PAYLESS SHOES: 750 Jobs to Go as Stores Close by End of February


C H I N A

MIE HOLDINGS: S&P Affirms 'B-' CCR on Vulnerable Business
PACTERA TECHNOLOGY: S&P Lowers CCR to 'B' on High Leverage
YUZHOU PROPERTIES: Fitch Rates USD350MM Sr. Notes at 'BB-'


I N D I A

AMW AUTO: Lenders Put Firm Up for Sale
CHANDNA INFRAPROJECTS: CARE Lowers Rating on INR15cr LT Loan to D
DEEP LUMBERS: CARE Reaffirms B Rating on INR1.50cr LT Bank Loan
DEEP TIMBERS: CARE Reaffirms 'B' Rating on INR3.0cr LT Loan
EARTHCON BUILDTECH: CARE Reaffirms B+ Rating on INR9cr LT Loan

G.VENKATESHWAR: CRISIL Reaffirms 'B' Rating on INR10MM Cash Loan
GAKHIL RESORT: CARE Assigns 'B' Rating to INR10cr Long Term Loan
GIRIRAJ JEWELLERS: ICRA Assigns B Rating to INR3.5cr Cash Loan
GSR MOVIES: ICRA Raises Rating on INR10cr Fund Based Loan to BB-
JINDAL TIMBER: CARE Reaffirms 'B+' Rating on INR4cr LT Bank Loan

KULKARNI POWER: CARE Cut Rating on INR36.89cr LT Loan to 'B-'
L.B. POLYMERS: ICRA Places B+ Rating on Notice of Withdrawal
NIKHIL TOBACCOS: ICRA Assigns B+ Rating to INR18cr Cash Loan
ORIENTAL SALES: ICRA Reaffirms B+ rating on INR2.0cr LT Loan
ORIENTAL TEXTILES: CRISIL Assigns 'B' Rating to INR8MM Loan

PERMANENT MAGNETS: CRISIL Reaffirms 'C' Rating on INR15MM Loan
PUNJAB METAL: CRISIL Reaffirms B+ Rating on INR1MM Cash Loan
R B TECHNOCRATS: CRISIL Assigns 'B+' Rating to INR6.0MM Loan
RADIANT HOTELS: ICRA Assigns B+ Rating to INR30cr Loan
RAMA RICE: CARE Reaffirms B+ Rating on INR11.20cr Long Term Loan

RAYEN STEELS: CARE Assigns 'B' Rating to INR10cr Long Term Loan
RELIANCE COMMUNICATIONS: Moody's Downgrades CFR to B2
SH INFRATECH: ICRA Reaffirms 'D' Rating on INR20cr Bank Loan
SIDDHIVINAYAK DISTRIBUTORS: CRISIL Rates INR8MM Cash Loan at B+


I N D O N E S I A

BUMI RESOURCES: Files for Chapter 15 Bankruptcy in the U.S.


J A P A N

TAKATA CORP: New Mexico Sue Over Defective Airbag Systems


M A L A Y S I A

NAKAMICHI CORP: Has Until March 31 to Submit Regularization Plan


N E W  Z E A L A N D

ROSS ASSET: Former Clients Agree to Return NZ$6.8 Million


P H I L I P P I N E S

LANAO DEL SUR: DOE Targets 10 ECs Under 'Receivership' Status


S I N G A P O R E

GLOBAL A&T: S&P Lowers CCR to 'CCC+' on Rising Liquidity Risk


S O U T H  K O R E A

G-MOS CO: Among 4 Firms Picked for Fast-Track Restructuring


                            - - - - -


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A U S T R A L I A
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AUTOLYSE CAFE: Shuts Door Owing ATO Nearly AUD1 Million
-------------------------------------------------------
Megan Doherty at The Canberra Times reports that the Autolyse
cafe in Braddon has been closed down and its staff dismissed as
it was revealed the previous owner owed almost AUD1 million to
the Australian Tax Office.

It also means the end of Autolyse bread, including its famous
sourdough, with the bakery closing and stopping supply to outlets
across Canberra, the report says.

According to the Canberra Times, the business has been sold to a
new owner, whose identity has not been revealed, for an
undisclosed sum. The liquidator, Alan Hayes, said the terms of
the sale were confidential, the report relates.

Mickey Gubas, a director of the company which started Autolyse in
2013, has no part in the new arrangements, the liquidator
maintaining Mr. Gubas' company had previously been operating the
business while it was insolvent, says the Canberra Times.

The report says Mr. Hayes closed Autolyse on the afternoon of
Jan. 25 and told its 12 full-time employees and 20 casual
employees they no longer had a job.  On the evening of Jan. 25,
locks were changed and fittings were taken out of the building on
a prime position along Canberra's eat street, Lonsdale Street.
The new owner takes over the assets of the business; including
fittings with Mr. Hayes making the decision to shut Autolyse.

The Canberra Times adds that Mr. Hayes explained the sale and
closure were the staff's best hope for being paid their
outstanding superannuation and other entitlements.

"This is the only way employees' superannuation will be paid,"
the report quotes Mr. Hayes as saying.  "My obligation was to
maximise the return to creditors. That's what I've done."

The report says the former workers may not have a job but it
appears their employment at Autolyse had a "limited future" in
any case, as the previous owner had never reported an annual
profit, owed almost AUD1 million to the ATO and failed to meet
employee obligations.

"Superannuation went unpaid on a regular basis and in some cases
the debts owing were more than 18 months old," the report quotes
Mr. Hayes as saying.  "My view is that the company, of which [Mr
Gubas] was the director, was trading insolvent prior to my
appointment, hence creditors resolved to liquidate the company."

Mr. Gubas had indirectly attempted to re-purchase the business
after it went into liquidation but Mr. Hayes sold the business to
another party that had made a "substantially higher offer," the
report says.  Mr. Gubas was also involved in another company
which ran the failed Alto restaurant in Telstra Tower. It closed
in 2013, owing hundreds of thousands of dollars to the ATO, adds
the Canberra Times.

When asked if the ATO would get any of the nearly AUD1 million
owed, Mr. Hayes said that was unlikely, reports the Canberra
Times.


D&B NORTHERN: First Creditors' Meeting Set for Feb. 3
-----------------------------------------------------
A first meeting of the creditors in the proceedings of D&B
Northern Beaches Auto and Cabs Repairs Pty Ltd will be held at
the offices of Cor Cordis Chartered Accountants, Level 6,
55 Clarence Street, in Sydney, on Feb. 3, 2017, at 11:00 a.m.

Ozem Kassem & Jason Tang of Cor Cordis were appointed as
administrators of D&B Northern on Jan. 23, 2017.


LAKE CITY: First Creditors' Meeting Set for Feb. 3
--------------------------------------------------
A first meeting of the creditors in the proceedings of Lake City
Car Repairs Pty Ltd, trading as "Lake City Smash Repairs" and
"Lake City Smash Repairs (Toronto)", will be held at the
Boardroom of Chifley Advisory, Suite 3.04, Level 3, 39 Martin
Place, in Sydney, on Feb. 3, 2017, at 11:00 a.m.

Gavin Moss and Trent Aaron McMillen of Chifley Advisory were
appointed as administrators of Lake City on Jan. 23, 2017.


MISSION NEWENERGY: Had AUD549,000 in Cash at Dec. 31
----------------------------------------------------
Mission NewEnergy Limited filed with the U.S. Securities and
Exchange Commission its quarterly report for entities subject to
Listing Rule 4.7B for the period ended Dec. 31, 2016.

As the beginning of the quarter, the Company had AUD824,000 in
cash.  The Company reported net cash used in operating activities
of (AUD276,000).  As a result, Mission NewEnergy had AUD549,000
in cash at the end of the quarter.

A full-text copy of the Quarterly Report is available for free
at:

                      https://is.gd/jVXH25

                     About Mission NewEnergy

Mission NewEnergy Limited is an Australia-based renewable energy
company.  The Company operates a biodiesel plant in Malaysia.
The Company's segments include Biodiesel Refining and Corporate.
The Company owns an interest in a biodiesel refinery in Malaysia,
which has a nameplate capacity of approximately 250,000 tons per
year.  The Company's subsidiaries include Mission Biofuels Sdn
Bhd and M2 Capital Sdn Bhd.

Mission reported a net loss of AUD2.33 million on AUD41,960 of
total revenue for the fiscal year ended June 30, 2016, compared
with net income AUD28.36 million on AUD7.27 million of total
revenue for the fiscal year ended June 30, 2015.

At June 30, 2016, the Company had total assets of AUD6.17
million, total liabilities of AUD1.40 million, all current, and
AUD4.76 million in total stockholders' equity.

BDO Audit (WA) Pty. Ltd. issued a "going concern" qualification
on the consolidated financial statements for the fiscal year
ended June 30, 2016, stating that the consolidated entity has
suffered recurring losses from operations that raises substantial
doubt about its ability to continue as a going concern.


PAYLESS SHOES: 750 Jobs to Go as Stores Close by End of February
----------------------------------------------------------------
Administrators of Payless Shoes Pty Limited, James Stewart,
Jim Sarantinos and Peter Gothard of Ferrier Hodgson have advised
that they have not received any acceptable bids for the business
as a whole or for individual store locations. Accordingly, the
Administrators have no option but to continue the controlled
closure program for the entire business.

The majority of stores are expected to close by the end of
February 2017 apart from the following stores whose last day of
trade will be Jan. 28, 2017.

State               Store
-----               -----
New South Wales     Ashfield
                    Campbelltown
                    Baulkham Hills
                    Dubbo Central
                    Moree
                    Bathurst
                    Carrum Downs
Victoria            Dandenong
                    Horsham
                    Northland
Queensland          Sunnybank Plaza
Western Australia   Kwinana
                    Mirrabooka

Mr. Sarantinos said "Despite an extensive marketing campaign we
have not received any acceptable offers that would enable us to
sell all or part of the business.

This is understandably a very disappointing outcome for the
business and its employees who have given loyal service to the
business over a number of years."

As a result of the store closure program a major stock
realisation sale has recently begun. Significant discounts will
continue for the remainder of the store closure program.

The closure of the Australian store network will ultimately
result in approximately 750 redundancies across the business
although the Administrators have advised that all outstanding
employee entitlements will be paid in full.

                      About Payless Shoes

Established in 1980, Payless Shoes Pty Ltd is one of Australia's
largest independent shoe retailers.

In September 2012, Payless Shoes, then with 230 stores, went into
administration and emerged from administration in 2013 after
being acquired by global shoe retailer Payless ShoeSource.
Deloitte partners David Lombe and Vaughan Strawbridge handled the
administration.

In November 2016, Payless Shoes, with 132 stores, again collapsed
into voluntary administration.  Ferrier Hodgson partners Jim
Sarantinos, James Stewart, and Peter Gothard were appointed
voluntary administrators by the company's board of directors on
Nov. 22, 2016.

On Dec. 14, 2016, the Administrators announced the planned
closure of all 132 Payless Shoes stores by February 2017.



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MIE HOLDINGS: S&P Affirms 'B-' CCR on Vulnerable Business
---------------------------------------------------------
S&P Global Ratings said it affirmed its 'B-' long-term corporate
credit rating on MIE Holdings Corp.  The outlook is negative.  At
the same time, S&P affirmed its 'B-'issue rating on the company's
senior unsecured notes.  S&P also affirmed its 'cnB-' long-term
Greater China regional scale rating on MIE and its notes.  MIE is
a China-based oil and gas exploration and production (E&P)
company.

"We affirmed the ratings on MIE because we believe the business
is vulnerable under the challenging operating environment and its
asset concentration risk is increasing," said S&P Global Ratings
credit analyst Danny Huang.  "In our view, the refinancing of
MIE's outstanding U.S. dollar-denominated notes will remain an
overhang for the company."

MIE's small business scale, high geographic and customer
concentration, and highly leveraged financials underpin the
rating.

Total cash proceeds of about Chinese renminbi (RMB) 2.3 billion
(about US$340 million)received from the sale of its stakes in
Emir Oil LLP in November 2016 and Asia Gas & Energy Ltd. in July
2016 are allowing MIE to sustain its operations before it can
refinance its outstanding U.S. dollar-denominated notes, which
comprise US$200 million notes due February 2018 and US$476
million notes due April 2019.  S&P believes MIE may find it
challenging to refinance its large debt maturities since we do
not expect oil prices to substantially recover for the next two
years and significantly improve MIE's operating cash flows.
However, S&P notes that MIE has cash on hand that it could use as
a part source of payment.

In S&P's view, MIE will continue to seek acquisitions to optimize
its asset portfolio and replenish its assets sold.  In September
2016, MIE completed the investment in a 37.5% stake in Journey
Energy Inc., a Canada-based oil and gas producer, for Canadian
dollar 33.8 million (about US$26 million).  MIE has obtained the
consent of bondholders to modify certain covenants such that it
has more flexibility to invest in new assets.

MIE also engaged in short-term investments using some of its cash
on hand.  In December 2016, the company granted a loan of
US$30 million to Boston Power Inc. for six months at 9% annual
interest.  S&P has low visibility on Boston Power's ability to
make timely repayment of the loan, given that the company is
loss-making.  Any delay in repayment would squeeze MIE's
liquidity position.

S&P believes MIE has higher geographic concentration risk because
it now generates the vast majority of its cash flow from its
oilfields in China.  The company also has high customer
concentration risk as most of its products are sold to PetroChina
Co. Ltd.  Overall, MIE is still depending on favorable industry
conditions to shore up its business.  Following its sale of a 60%
stake in Emir Oil, MIE's small business scale has further shrunk.
Emir Oil contributed around 75% of MIE's total proven reserves
and around 30% of its revenue in 2015.

Despite a moderate recovery in oil prices, MIE's financials have
not materially improved.  The company remains highly leveraged,
especially after the deconsolidation of Emir Oil.  S&P expects
the company's debt level to remain high but relatively flat as it
maintains a conservative approach to capital expenditure (capex)
amid the current market conditions and its refinancing pressure.

The negative outlook reflects S&P's view that MIE's liquidity
position could deteriorate if the company is unable to refinance
its outstanding U.S. dollar-denominated notes due 2018 and 2019.
In addition, S&P believes the company's financial performance
could deteriorate over the next 12 months under the volatile
commodity environment, driven mainly by low oil and gas prices
and lower sales volumes.  S&P believes that MIE's business scale
has shrunk and that the company has higher concentration risk
after its disposal of its 60% stake in Emir Oil.

S&P could lower rating if it sees an increased likelihood of non-
repayment for any of MIE's debt obligations, which comprise its
outstanding U.S. dollar-denominated notes due February 2018 and
April 2019.  This could happen if MIE's access to the capital
market weakens and increases its refinancing risks.

S&P could also lower its rating on MIEH if the company's
liquidity deteriorates sharply.  This could happen if: oil prices
stay below our price assumptions for a prolonged period; MIE
engages in large-scale cash or debt-funded acquisitions; or
Boston Power delays its loan payment.  S&P could lower the rating
on MIE if the company's projected EBITDA interest coverage falls
below 1x in the next 12 months.

S&P may revise the outlook to stable if the recovery of oil
prices is beyond our expectation on a consistent basis, leading
MIE's financial performance and business position to stabilize.
S&P could also revise the outlook to stable if the company has a
concrete refinancing plan for its outstanding U.S. dollar-
denominated notes.


PACTERA TECHNOLOGY: S&P Lowers CCR to 'B' on High Leverage
----------------------------------------------------------
S&P Global Ratings said that it had lowered its long-term
corporate credit rating on Pactera Technology International Ltd.
to 'B' from 'B+'.  The outlook is stable.  S&P also lowered its
long-term issue rating on the US$275 million senior unsecured
notes due 2021 that the company guarantees to 'B' from 'B+'.  BCP
(Singapore) VI Cayman Financing Co. Ltd. issued the notes.  At
the same time, S&P lowered its long-term Greater China regional
scale ratings on Pactera and the notes to 'cnBB-' from 'cnBB'.
S&P removed all the ratings from CreditWatch where they were
placed with developing implications on Aug. 24, 2016.  Pactera is
a China-based information technology (IT) services provider.

"We downgraded Pactera because we expect the company's debt
leverage to stay high over the next 12 months due to weak
profitability and rising working capital needs for lengthening
revenue collection periods," said S&P Global Ratings credit
analyst Leo Hu.  "We forecast Pactera's debt-to-EBITDA ratio to
remain over 5.0x during this period."

The downgrade also reflects S&P's view that HNA group's
acquisition of Pactera is unlikely to materially enhance the
company's creditworthiness.  That's because of HNA group's weak
credit profile and moderate strategic alignment between HNA group
and Pactera.

S&P expects Pactera's profitability to remain lower than the
historical average over the next 12-24 months mainly due to
increasing margin pressure in the company's China business and
increased labor and welfare costs.  S&P expects Pactera to face
intense competition in its major international markets because
clients are shifting to higher value-added IT services, such as
cloud computing and big data, from lower value-added IT
outsourcing services.  The high competition also limits Pactera's
ability to pass on cost increase to clients.  That said, the
company's effort to focus on profitable projects and more
stringent control on operating costs will alleviate the strain on
profitability.

S&P also expects Pactera's business in China to continue to face
a longer collection period and increased demand for working
capital. The payment collection period for services provided,
especially for state-owned enterprises, has been longer in China
than in the company's international business.  Despite S&P's
expectation of a slight improvement in Pactera's profitability
and working capital, S&P estimates the company's debt-to-EBITDA
ratio to remain above 5.0x over the next 12 months.  S&P has
therefore lowered its assessment of the company's financial risk
profile to highly leveraged from aggressive.

"In our view, the acquisition by HNA group is unlikely to affect
the ratings on Pactera, even if it is completed, given the
group's weak credit profile and the company's moderate strategic
importance to the group," said Mr. Hu.

S&P do not consider Pactera's strategic importance to the HNA
group as higher than moderately strategic.  S&P also believes the
group will only provide limited financial support to Pactera in
the event of its financial distress because of the moderate
strategic alignment between the two and the company's small
scale.

The stable outlook reflects S&P's view that a gradual improvement
in Pactera's profitability and its stable competitive position in
China will curb further increase in the company's debt leverage.
S&P also expects the company to curb the growth in its working
capital and keep its debt-to-EBITDA ratio above 5.0x over the
next 12 months.  In addition, S&P do not expect the acquisition
of Pactera by HNA group to affect our rating on Pactera.

S&P could downgrade Pactera due to: (1) a substantially weaker
competitive position stemming from a sustained decline in revenue
scale and profitability; (2) the triggering of the "change of
control" clause by a change in ownership, which creates a
substantial drag on liquidity; or (3) materially weaker financial
metrics as a result of low profit or failure to manage cash
outflow.

S&P may also downgrade Pactera if S&P believes that its current
financial sponsor or the likely new parent group will extract
financial resources from, or drive more aggressive financing
strategy at, Pactera, leading to increased leverage at the
company.

S&P could upgrade Pactera if it reduces its debt through improved
operations, such that it maintains its debt-to-EBITDA ratio below
5.0x.  This could happen if the company strengthens its
competitive position to materially enhance its revenue scale and
profitability while improving its working capital position.


YUZHOU PROPERTIES: Fitch Rates USD350MM Sr. Notes at 'BB-'
----------------------------------------------------------
Fitch Ratings has assigned Yuzhou Properties Company Limited's
(BB-/Stable) USD350 million 6.00% senior notes due 2022 a final
rating of 'BB-' rating.

The notes are rated at the same level as Yuzhou's senior
unsecured rating because they constitute direct and senior
unsecured obligations of the company. The assignment of the final
rating follows the receipt of documents conforming to information
already received. The final rating is in line with the expected
rating assigned on Jan. 17, 2017.

KEY RATING DRIVERS

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

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

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

DERIVATION SUMMARY

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

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:
- Attributable contracted sales to have increased by around 50%
in 2016 as Yuzhou continued its expansion into the Yangtze River
Delta and West Strait Economic Zone
- Higher average selling prices and unit land costs as Yuzhou
increases exposure in Tier 1 and Tier 2 cities like Shanghai,
Nanjing and Hangzhou
- Land acquisitions in line with contracted sales growth in 2016,
and account for around 60% of total contract sales

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
- Net debt/adjusted inventory sustained above 45% (1H16: 35%)
- Contracted sales/net inventory sustained below 0.6x (1H16:
0.8x)
- EBITDA margin sustained below 20% (1H16: 33%)
- Significant drop in contracted sales from current scale (9M16:
CNY18.7bn)

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
- Sustaining a leading status in core markets of both the West
Strait Economic Zone and the Yangtze River Delta
- Net debt/adjusted inventory sustained below 40%
- Contracted sales / net inventory sustained above 0.8x
- EBITDA margin sustained above 25%

LIQUIDITY

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



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AMW AUTO: Lenders Put Firm Up for Sale
--------------------------------------
Livemint reports that eight lenders who jointly took control of
debt-laden AMW Auto Component Ltd - a unit of truck maker AMW
Motors Ltd - in June, have put it up for sale, two people aware
of the development said.

AMW Auto Component had debt of INR724 crore as of March 31, 2016,
Livemint reports citing data from the company's filings with the
registrar of companies (RoC).

In June 2016, the lenders had converted some of their loans to
the company into equity under strategic debt restructuring (SDR),
ending up with a 51% stake, Livemint rleates. Lenders had
approved invoking SDR in February, the report says.

"The consortium, which is led by IDBI Bank Ltd and which includes
seven other state-owned banks, has taken over the company under
the SDR mechanism and they have initiated the process to seek a
buyer for a controlling stake in the company. IDBI Bank had
invited expression of interest (EoI) from interested parties last
month, to sell a controlling stake in the company," said one of
the two people cited by Livemint, declining to be named.  IDBI
Bank holds around 10% stake in the company post-SDR, he added.

According to Livemint, AMW Auto Component and lenders started
work on a debt restructuring programme under a corporate debt
restructuring (CDR) mechanism in 2013. However, the company could
not comply with various conditions including financial milestones
stipulated in the package, resulting in the lenders invoking the
SDR mechanism.

AMW Auto Component reported a revenue of INR332.6 crore in 2015-
16, against INR264.9 crore in the previous year, Livemint
discloses citing data from RoC filings. In 2015-16, it reported a
loss of INR47 crore, as compared to a profit of INR72 lakh in the
previous financial year.

According to the second person cited by Livemint, who also
requested anonymity, buyers will have to invest around INR100
crore in the company to acquire a controlling stake. "In terms of
enterprise valuation, they (consortium) are looking at a figure
of around INR800-900 crore," he said.

Banks have been seeking buyers for the parent company AMW Motors
too, adds Livemint.

AMW Auto Component manufactures wheel rims for cars, trucks,
tractors and other vehicle categories.  The company also
manufactures components for general engineering industries. It
also manufactures skin panels, inner panels and compressor
shells.


CHANDNA INFRAPROJECTS: CARE Lowers Rating on INR15cr LT Loan to D
-----------------------------------------------------------------
The revision in the ratings of Chandna Infraprojects (India)
Private Limited (CIIPL) takes into account ongoing delays in
servicing of interest and installment of its term loan owing to
stressed liquidity.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     15.00      CARE D Revised
                                            from CARE B

   Short-term Bank Facilities     0.50      CARE D Revised
                                            from CARE A4

Detailed description of the key rating drivers

The company is engaged in the business of processing of granites
which is mainly used in the cyclical real estate sector. It
maintains inventory of 260-300 days and also collection period
got stressed. Due to it, the liquidity position of the company
has deteriorated and that led to delay in debt servicing. It has
utilized fully its working capital limit in the last twelve month
ended December 2016.

Jaipur-based (Rajasthan) Chandna Infraprojects (India) Private
Limited (CIIPL), incorporated in 2010, is a part of Chandna
Group which is engaged primarily in the mining of marbles and
granites as well as cutting and processing of marbles since
2000. During FY16 (refers to the period April 1 to March 31),
CIIPL has reported a total operating income of INR 10.75 crore
and net loss of INR1.15 crore during FY16.


DEEP LUMBERS: CARE Reaffirms B Rating on INR1.50cr LT Bank Loan
---------------------------------------------------------------
The ratings assigned to the bank facilities of Deep Lumbers
Private Limited continue to remain constrained by small scale of
operations coupled low profitability margins, highly leveraged
capital structure and weak debt coverage indicators. The ratings
are further constrained by fragmented and competitive nature of
industry.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      1.50      CARE B; Stable
                                            Reaffirmed

   Short-term Bank Facilities     7.50      CARE A4 Reaffirmed

The rating constraints are partially offset by experienced
promoters, location advantage and moderate operating cycle.

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

Detailed description of the key rating drivers

Despite the growth in the total operating income (TOI) on y-o-y
basis in last 3 financials years (FY14-FY16, refers to the period
April 1 to March 31), (TOI) of the company stood modest during
FY16. The profitability margin of the company continues to remain
on lower side owing to low value addition and highly competitive
nature of industry. Overall gearing of the company continues to
remain leveraged due to high dependence on external borrowings to
meet the working capital requirements. Furthermore, the debt
service coverage indicators remained weak due to low
profitability margins.

The company majorly relies on working capital borrowings to fund
its day-do-day operations, thereby resulting in higher
utilization of working capital limit.

The company is mainly importing raw material and its completely
sold in the domestic market. Therefore, company's profitability
margins are exposed to volatility in foreign exchange. Timber
trading business is characterized by high volumes and low
margins. The timber trading sector is highly competitive,
comprising a large number a large number of players in the
organized segment as a result of low entry barriers. Furthermore,
timber industry is primarily dependent upon the demand of real
estate and construction sector across the globe.

The company has branch office in the timber cluster where the
wood is processed in various shapes and sizes at Gandhidham,
Gujarat, which is very close to the port of Kandla and being an
importer, its proximity to port reduces the logistics issues and
also offers the advantage of lower freight costs.

Deep Lumbers Pvt. Ltd. was incorporated in 2013 and commenced its
operations in August 2013. The company is currently being managed
by Mr. Kamal Deep Garg, Mr. Pradeep Garg and Mr. Chander Shekhar
Garg. DLPL is engaged in trading and sawing of timber in the form
of timber blocks from its trading-cum-processing facility located
at Gandhidham. The company has one associate concern, namely,
Deep Timbers Pvt. Ltd. (DLPL; rated 'CARE B/ CARE A4') which is
engaged in a similar line of business since August 2009.

In FY16, DLPL achieved a total operating income (TOI) of INR26.28
crore with PAT of INR0.03 crore, as against total operating
income of INR25.80 crore with PAT of INR0.03 crore in FY15.
Furthermore, the company has achieved total operating income of
INR13.50 crore in H1FY17 (refers to the period April 1 to
September 30; based on the provisional results).


DEEP TIMBERS: CARE Reaffirms 'B' Rating on INR3.0cr LT Loan
-----------------------------------------------------------
The ratings assigned to the bank facilities of Deep Timbers
Private Limited (DTPL) continue to be constrained by its modest
scale of operation with low profitability margins, highly
leveraged capital structure and weak debt coverage indicators.
The ratings are further constrained by fragmented and competitive
nature of the industry.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      3.00      CARE B; Stable
                                            Reaffirmed

   Short-term Bank Facilities     7.50      CARE A4 Reaffirmed

The rating constraints are partially offset by experienced
promoters, location advantage, growing scale of operations and
moderate operating cycle.

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

Detailed description of the key rating drivers

Despite the growth in Total operating income (TOI) on y-o-y basis
in last 3 financials years (FY14-FY16, refers to the period
April 1 to March 31), (TOI) of the company stood modest during
FY16. The profitability margin of the company continues to remain
on lower side owing to low value addition and highly competitive
nature of industry. Overall gearing of the company continues to
remain leveraged due to high dependence on external borrowings to
meet the working capital requirements.  Furthermore, the debt
service coverage indicators remained weak due to low
profitability margins.

The company is mainly importing raw material and its completely
sold in the domestic market. Therefore, company's profitability
margins are exposed to volatility in foreign exchange. Timber
trading business is characterized by high volumes and low
margins. The timber trading sector is highly competitive,
comprising a large number a large number of players in the
organized segment
as a result of low entry barriers. Furthermore, timber industry
is primarily dependent upon the demand of real estate and
construction sector across the globe.

The company has branch office in the timber cluster where the
wood is processed in various shapes and sizes at Gandhidham,
Gujarat which is very close to the port of Kandla and being an
importer, its proximity to port reduces the logistics issues and
also offers the advantage of lower freight costs.

Deep Timbers Pvt. Ltd. was incorporated in 2009 and commenced its
operations in December 2008. The main promoter, Mr. Kamal Deep
Garg, has an experience of more than 10 years in timber
trading business. Furthermore, he was supported by Mr. Pradeep
Garg and Mr. Chander Shekhar Garg having experience of more than
10 years and 5 years, respectively, in trading of timber. DTPL is
engaged in the trading and sawing of timber in the form of timber
blocks from its trading-cumprocessing facility located at
Gandhidham, Gujrat having an installed capacity to process 2000
cubic meters per month of timber blocks. The company has one
associate concern namely Deep Lumbers Pvt. Ltd. (DLPL; rated
'CARE B/ CARE A4') which is engaged in a similar line of business
since August 2013.

In FY16, DTPL achieved a total operating income (TOI) of INR
98.67 crore with PAT of INR0.14 crore, as against total operating
income of INR77.41 crore with PAT of INR0.13 crore in FY15.
Furthermore, the company has achieved total operating income of
INR90 crore in H1FY17 (refers to the period April 1 to
September 30; based on provisional results).


EARTHCON BUILDTECH: CARE Reaffirms B+ Rating on INR9cr LT Loan
--------------------------------------------------------------
The rating assigned to the bank facilities of Earthcon Buildtech
Private Limited (EBP) continue to remain constrained by residual
project execution risk coupled with high off take risk,
dependence on the retail consumption and increasing competition.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities        9       CARE B+; Stable
                                            Reaffirmed

The rating, however, continue to partially offset the risk by the
support derived by EBP experienced promoters coupled with
demonstrated group support, land acquired and relevant approvals
in place, financial closure for the project and favorable
location of the project.

Going forward, the ability of Earthcon Buildtech to execute the
project as per the schedules along with the timely sale of the
project space at envisaged prices would be the key rating
sensitivities. Furthermore, the company's ability to sustain
any adverse changes in the regulatory guidelines would also be
the key rating sensitivities.

Detailed description of the key rating drivers

The company is setting up a commercial project (retail mall) with
a project cost of INR29.55 crore which is proposed to be funded
through promoter's contribution (including unsecured loans) of
INR8.00 crore, term loan of INR9.00 crore and balance through
customer advances. Out of the total capex planned, as on Dec. 24,
2016, the company has incurred a total cost of INR11.86 crore
funded out of term loan of INR3.00 crore and balance from sales
consideration and promoters' contribution in the form of equity
capital and unsecured loans. This exposes the company towards
project execution risk in terms of completion of the project
with-in the envisaged time and cost.

EBP is only major mall to be opened in the area however nearby
established shopping market like mall road provides alternate
shopping experience to retail consumer and thereby increasing
competition. In such a scenario, EBP runs the risk of non-
occupancy of shops. However, location of the project being close
to the market, would help the company to lease out showrooms.

Incorporated in 2011, Earthcon Buildtech Private Limited (EBP) is
promoted by Earthcon Constructions Private Limited, Mr. Aqueel Ur
Rehman Khan, Mr. Arshad Khan and Mr. Anees Ahmad Khan. EBP is
currently undertaking a commercial project to set up a retail
mall 'City Mall' in Nainital City, Uttarakhand. The 'City Mall'
is a commercial project with a total of 39 units including shops,
multiplexes, food courts and restaurants coupled with parking
facilities. EBP proposes to lease out some shops and multiplexes.
EBP is a part of Earthcon group engaged in the real estate and
construction business. The group has executed various projects in
Noida (Uttar Pradesh), Nanital (Uttarakhand) and nearby areas
like Moradabad (Uttar Pradesh).


G.VENKATESHWAR: CRISIL Reaffirms 'B' Rating on INR10MM Cash Loan
----------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facility of
G.Venkateshwar Reddy (GVR) at 'CRISIL B/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         27        CRISIL A4 (Reaffirmed)
   Cash Credit            10        CRISIL B/Stable (Reaffirmed)

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

CRISIL had earlier on December 19, 2016 downgraded its rating on
the long-term bank facility of G Venkateshwar Reddy (GVR) to
'CRISIL B/Stable' from 'CRISIL B+/Stable' while reaffirming the
short-term facility at 'CRISIL A4'

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in intensely competitive civil
construction industry
Revenue was modest at INR51.29 crores for 2015-16. Being a
government contractor, GVR's orders are all tender based, which
expose the firm to intense competition. The construction and
civil works sector is fragmented with the presence of large
companies, such as Larsen & Toubro Ltd (L&T) and Gammon India Ltd
(Gammon), as well as small local players.

* Large working capital requirements
GVR had high gross current assets (GCAs) of 106 days over the
three years through 2015-16

Strength
* Promoter's extensive industry experience industry
G Venkateshwar Reddy's experience of about two decades in the
civil construction industry enables the firm get repeat orders.
Outlook: Stable

CRISIL believes GVR will continue to benefit from the extensive
industry experience of its proprietor and its established
relationship with customers. The outlook may be revised to
'Positive' in case of an expansion in geographical reach,
diversification in customer base, significant increase in revenue
and profitability, and better working capital management, leading
to improvement in liquidity. The outlook may be revised to
'Negative' if there is a significant decline in revenue and
profitability, considerable delays in realisation of receivables,
or larger-than-expected debt-funded capital expenditure, thereby
weakening the financial risk profile, particularly liquidity.

GVR, set up as a proprietorship firm in 2002, undertakes
earthworks, canal lining, and civil construction works. The firm
is based in Warangal, Andhra Pradesh, and mainly executes orders
for the Andhra Pradesh Irrigation Department; it is registered as
a special-class contractor with Andhra Pradesh Irrigation & CAD
Department.

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


GAKHIL RESORT: CARE Assigns 'B' Rating to INR10cr Long Term Loan
----------------------------------------------------------------
The rating assigned to the bank facilities of Gakhil Resort & Spa
(GRS) is primarily constrained by its proprietorship nature of
business, project implementation risk for debt funded project
with financial closure yet to be achieved, highly competitive and
fragmented nature of the industry and capital intensive nature of
operation. The rating, however, derives strength from its
experienced proprietor and locational advantage of the hotel.

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

Going forward, the ability of the entity to complete the ongoing
project without cost and time overrun and achieve the desired
revenue and profitability as envisaged are the key rating
sensitivities.

Detailed description of the key rating drivers

GRS, being a proprietorship entity, is exposed to inherent risk
of proprietor's capital being withdrawn at the time of personal
contingency. Furthermore, limited ability to raise capital and
poor succession planning may result in dissolution of the entity.

The entity is in the process to setting up a four star hotel and
spa unit at a cost of INR25.15 crore. However, the financial
closure is yet to be achieved. The said project is expected to be
completed by March 2018 subject to approval of term loans. The
commercial operation of phase one is expected to start from April
2018.  The Indian hotel industry is highly fragmented in nature
with the presence of large number of organized and unorganized
players spread across various regions.

The hospitality business is extremely capital intensive in nature
as a very high amount of investment is required to get the
requisite infrastructure in place.

The entity is managed by Mr. Golay Tshering Bhutia, proprietor.
He has over four decades of experience in civil construction and
hospitality business. There are other three ongoing hotel
businesses under the leadership of Mr. Bhutia in and around
Sikkim.

The proposed hotel is strategically located having access to all
forms of logistics thereby enhancing its acceptability amongst
the likely clientele of the hotel.

Gakhil Resort & Spa (GRS) is a proprietorship entity established
on April 2015 to initiate a hotel business and carrying on
activities related to the hotel industry at Bojoghari, Gangtok in
Sikkim.


GIRIRAJ JEWELLERS: ICRA Assigns B Rating to INR3.5cr Cash Loan
--------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR3.50
crore1 fund based limits and a short term rating of [ICRA]A4  to
the INR11.00 crore Non-fund based facilities of Giriraj Jewellers
Private Limited. ICRA has also assigned a rating of [ICRA]B
(stable)/A4 to the INR0.50 crore unallocated limits of the
company. The long term rating carries a stable outlook.

                     Amount
  Facilities       (INR crore)      Ratings
  ----------       -----------      -------
  Cash Credit           3.50        [ICRA]B (stable); assigned

  Non Fund Based
  limits                3.00        [ICRA]A4; assigned

  Packing credit-
  sub limit of non
  fund based limits    (1.50)       [ICRA]A4; assigned

  Bank Guarantee        8.00        [ICRA]A4; assigned

  Unallocated Limits    0.50        [ICRA]B (stable)/[ICRA]A4;
                                    Assigned

Rationale
The assigned ratings take into account the long standing
experience of the promoters in the jewellery business, and the
steady growth in revenues reported by the company over the past
five years.

The ratings are however, constrained by GJPL's moderate scale of
operations, and susceptibility of the its profitability margins
to volatility in gold prices, exchange rate fluctuations given
the dependence on exports, and regulatory risks. The ratings are
further constrained by the leveraged capital structure on account
of reliance on external working capital borrowings and weak
coverage indicators of the company, and the high working capital
intensity due to the business requirement of holding high
inventory levels, which adversely impacts the liquidity position
of the company. The ratings also take into account the highly
competitive nature of the jewellery industry which keeps the
profitability under pressure.

Going forward, the ability of the company to improve its scale of
operations, profitability and capital structure while efficiently
managing its working capital cycle will be a key rating
consideration.

Key rating drivers

Credit Strengths
* Long standing experience of the promoters in the jewellery
   business
* Steady growth in revenues over the past five years
Credit Weakness
* Modest scale of operations with the margins susceptible to
   fluctuations in foreign exchange rates, regulatory risk and
   fluctuations in the price of gold
* Financial profile characterized by leveraged capital structure
   and weak coverage indicators
* Industry characterized by strong competition from unorganized
   as well as organized players limiting profitability margins
* High working capital intensity due to high inventory holding
   requirement
Sensitivities
* Ability to improve scale of operations and profitability
   margins
* Efficient management of working capital cycle

Description of key rating drivers highlighted:

GJPL is engaged in the manufacture, retail, wholesale and exports
of gold and diamond studded jewellery. The company operates from
its manufacturing facility located at Borivali in Mumbai. GJPL
derived about 61% (73% during FY2015) of total sales from local
market and 39% (27% during FY2015) of total sales from exports
during FY2016. The indigenous sales include retail as well as
wholesale sales mainly to jewellers located in Mumbai. The export
sales are mainly to UAE (Dubai) and UK (London) markets.
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.

Incorporated in 2004, Giriraj Jewellers Private Limited (GJPL/the
company) is engaged in manufacturing of gold and diamond studded
jewellery from its manufacturing facility located at Borivali
(West), Mumbai. The company also has a showroom located at
Borivali (West). The promoter of GJPL has been engaged in the
jewellery business for the past three decades through the
proprietorship firm, namely Giriraj Jewellers. Giriraj Jewellers
is currently engaged in wholesale of gold and diamond jewellery
and exports to UAE and UK markets.


GSR MOVIES: ICRA Raises Rating on INR10cr Fund Based Loan to BB-
----------------------------------------------------------------
ICRA has upgraded its long term rating assigned to INR10.0 crore
fund based facilities of GSR Movies at [ICRA]BB- from [ICRA]B.
ICRA has also reaffirmed the short term rating assigned to
INR2.06 crore non-fund based facilities of GSR Movies at
[ICRA]A4. The outlook on the long term rating is Stable.

                           Amount
  Facilities             (INR crore)    Ratings
  ----------             -----------    -------
  Fund Based Limits           10.0      [ICRA]BB- (Stable);
                                        Upgraded from [ICRA]B

  Non-Fund Based Limits        2.06     [ICRA]A4; Reaffirmed

Detailed Rationale
The upgrade in ratings factor in the improvement in the firm's
coverage metrics owing to scheduled repayments and stable
operating performance. The rating also factors in the long
experience of promoters in running mall operations as well as
strength derived from being part of the Chaddha/Wave group which
has interests across various sectors and its diversified revenue
streams for the firm including mall rental and maintenance
charges, multiplex revenues and plotting sales. The ratings
however remains constrained on account of the limited movement in
leasing and the continued high client concentration risks with
limited lock in period exposing the firm to vacancy risks. The
ratings also remain exposed to the movie performance risk as
multiplex business contributed nearly 40% of its revenues. The
ratings further factor in the modest scale of operations and the
partnership constitution of the firm which risk dissolution of
firm, withdrawal of capital etc.

Going forward the company's ability to ramp up its scale of
operation while maintaining operating and coverage metrics will
be the key rating sensitivities.

Key rating drivers
Credit Strengths
* Strengthened financial profile supported with growing cash
   accruals which along with ongoing repayments led to healthy
   debt coverage indicators
* Diversified revenue streams comprising lease rentals from mall
   and new retail portion, ticket and F&B sale from multiplex
* Strengths by virtue of being part of Chadha (Wave) group
Credit Weaknesses
* Limited movement in further leasing
* High client concentration risk for the mall operations
* Exposure to movie performance risk for multiplex portion
   which contributes 40% of the total revenues
* Risks inherent in a partnership constitution of the firm

Detailed Description of key rating drivers highlighted:

G.S.R. Movies, a Chadha Group firm incorporated in March 2001 is
engaged in operating Mall cum Multiplex, Hypermart and sale of
residential plots in Ram Ganga Vihar area of Moradabad city. The
firm is also running a Hypermart, with a total area of 0.41 LSF
which commissioned operations in June, 2012. The firm has leased
out nearly 65% of the total leasable area of the mall as against
63% during FY 2015. Further the plotting project of the firm is
also nearly completed. The strengthened tenant profile with
presence of brands like Globus, Madame, Hpermart, John Player
among others with further addition of other smaller brands have
helped the firm in establish its market position. While tenant
profile remains good, overall rentals have not witnessed much
growth as also witnessed in weaker rental income in FY2016.Good
performance in multiplex and F&B segment has led the revenue
growth in FY2016. Further the ongoing repayment and healthy cash
accruals have moderated the capital structure and the coverage
indicators of the firm. However, the company is exposed to high
client concentration risks.

Incorporated in 2001, G.S.R. Movies, is a Wave Group promoted
firm and is engaged in operating Mall cum Multiplex property in
the Moradabad area of Uttar Pradesh. This apart the firm has also
been undertaking a plotting development project which has been
completed.

In the financial year ending March 31, 2016 (FY16), GSR had an
operating income of INR15.02 crore on which it reported Net
profit of INR1.59 crore as against operating income of INR15.42
crore on which it reported Net profit of INR1.67 crore.


JINDAL TIMBER: CARE Reaffirms 'B+' Rating on INR4cr LT Bank Loan
----------------------------------------------------------------
The ratings assigned to Jindal Timber & Plywood Private Limited
(JTP) continue to remain constrained by the small and fluctuating
scale of operations with low net worth base, low profitability
margins, leveraged capital structure, weak coverage indicators.

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

   Short-term Bank Facilities     14        CARE A4 Reaffirmed

The ratings are further constrained by its working capital
intensive nature of operations, susceptible of margins to
fluctuation in raw material prices & government regulations,
foreign exchange fluctuation risk with JTP's presence in a highly
fragmented and competitive industry.

The ratings, however, continues to draw comfort from experienced
promoters, moderate operating cycle and location advantage.

Going forward, the ability of the company to profitably increase
its scale of operations along with improving its capital
structure and managing its foreign exchange fluctuation risk
shall be the key rating sensitivities.

Detailed description of the key rating drivers

Total operating income (TOI) of the company declined in FY16
(refers to the period April 1 to March 31) by 11.89% over
the previous financial year. The decline was on account of
slowdown in the real estate industry.

The profitability margin of the company continues to remain on
the lower side owing to low value addition and highly competitive
nature of industry. Overall gearing of the company continues to
remain leveraged due to high dependence on external borrowings to
meet the working capital requirements. Furthermore, the debt
service coverage indicators remained weak due to low
profitability margins.

The company is mainly importing raw material and it's completely
sold in the domestic market. Therefore, the company's
profitability margins are exposed to volatility in foreign
exchange. Timber trading business is characterized by high
volumes and low margins. The timber trading sector is highly
competitive, comprising a large number a large number of
players in the organized segment as a result of low entry
barriers. Furthermore, timber industry is primarily dependent
upon the demand of real estate and construction sector across the
globe. The risk is partially mitigated by the fact that the
promoters have considerable experience in Wood and wood products
industry.

Karnal-based (Haryana) JTP was incorporated in 2009 and is
promoted by Mr. Ramesh Jain and supported by his son Mr. Dinesh
Jain. The business operations were originally being carried under
a proprietorship firm "Jindal Cement Jali Works" (JCJW) which was
established by Mr. Ramesh Jain in 1976. Subsequently in 2009 the
business operations were taken over by JTP. JTP is engaged in
trading and sawing of timber and allied products such as plywood,
door skins etc.

These products are used for making doors, windows, furniture and
other wooden items. JTP has its registered office located at
Karnal, Haryana with its branch office at Gandhidham, Gujarat.
The company imports timber mainly from Malaysia, Germany, New
Zealand etc. The company sells its products to wholesalers and
retailers pan India. The company has one associate concern namely
Jindal (Ply) India Private Limited which is engaged in
manufacturing of plywood since 2009.


KULKARNI POWER: CARE Cut Rating on INR36.89cr LT Loan to 'B-'
-------------------------------------------------------------
The revision in the rating assigned to the long-term bank
facilities of Kulkarni Power Tools Limited (KPT) factors in
continued deterioration in the financial risk profile during FY16
(refers to the period April 1 to March 31) as well as H1FY17
(refers to the period April 1 to September 30) due to decline in
sales leading to lower cash accruals and decline in profitability
and consequent deterioration in the debt coverage indicators.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     36.89      CARE B-; Stable
                                            Revised from CARE B

   Short-term Bank Facilities    25.15      CARE A4 Reaffirmed

The ratings continue to be constrained by the working capital
intensive nature of operations, vulnerability of profitability
to volatility of raw material prices and fragmented and intense
competition in the electric power tools industry.

The ratings continue to derive strength from experienced
promoters and long operational track record of KPT over three and
half decades in the electric power tools industry, diversified
products portfolio and established distribution channels over 320
dealers across India.

The ability of KPT to improve its scale of operation by
diversifying product portfolio, profitability along-with
effective management of working capital is the key rating
sensitivities.

Detailed description of the key rating drivers KPT operates in
three business segments - portable power tools, blowers and
windmills. Due to slowdown in the economy and competition from
Chinese products, KPT has witnessed stress on demand for its
products during FY16 especially in its power tools division. As a
result, the total operating income of company registered de-
growth of 24.02% during FY16 to INR65.05 crore as against
INR85.62 crore during FY15. Due to decline in revenue, the
company's PBILDT declined sharply to INR0.13 crore during FY16 as
compared to INR8.27 crore during FY15.

Decline in operating margin coupled with high interest cost and
depreciation led to KPT reporting net loss of INR7.16 crore
during FY16 as compared to Profit After Tax (PAT) of INR0.28
crore during FY15. Furthermore, the company report loss of
INR1.46 crore during H1FY17 as against loss of INR 3.84 crore
during H1FY16.

Due to loss during FY16, the cash accruals have been lower
vis-a-vis debt repayment resulting in the liquidity profile of
the company being under stress. The long term debt to equity and
overall gearing has deteriorated to 1.14x and 2.35x respectively
as on March 31, 2016 (as against 0.63x and 1.14x respectively as
on March 31, 2015) led by increase in term loan.

KPT is currently managed by Mr. P A Kulkarni (Vice Chairman and
Managing Director) having an experience of more than three and a
half decades in the manufacturing of electric power tools and
looks after overall management of the company. The operations of
the company are managed by a team of qualified and experienced
professionals.

The company's revenue is diversified across power tools, blowers
and windmills having application in varied industries such as
construction, automobiles, bus body building, bakery,
petrochemical industry, sugar industry, cement industry,
effluent treatment plant, sewage treatment plant, conveying
systems, power plants etc.

KPT has a well-diversified and reputed customer base with
revenues both from the domestic and exports market with exports
to countries like Nigeria, Kenya, Jordan, Dubai, Tanzania, Saudi
Arabia, Syria.

Kulkarni family and the name of the company was subsequently
changed to Kulkarni Power Tools Limited. KPT operates in
three business segments - portable power tools, blowers and
windmills.


L.B. POLYMERS: ICRA Places B+ Rating on Notice of Withdrawal
-------------------------------------------------------------
ICRA has placed the long-term rating of [ICRA]B+ (Stable) for the
INR1.00 crore fund based limits and the short-term rating of
[ICRA]A4  for the INR4.00 crore non fund based limits of L.B.
Polymers Private Limited on Notice of Withdrawal for 30 days at
the request of the company. As per ICRA's policy, the ratings
will be withdrawn after 30 days from the date of this withdrawal
notice.

                     Amount
  Facilities       (INR crore)      Ratings
  ----------       -----------      -------
  Fund based            1.00        [ICRA]B+ (Stable) Placed on
                                    notice of withdrawal

  Non fund based        4.00        [ICRA]A4 Placed on notice of
                                    withdrawal


NIKHIL TOBACCOS: ICRA Assigns B+ Rating to INR18cr Cash Loan
------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA] B+ to INR18.00
crore cash credit and INR2.00 crore unallocated facilities of
Nikhil Tobaccos. The outlook on the long term rating is stable.

                          Amount
  Facilities            (INR crore)    Ratings
  ----------            -----------    -------
  Cash Credit facilities    18.00      [ICRA]B+ (Stable) Assigned
  Unallocated                2.00      [ICRA]B+ (Stable) Assigned

Rationale
The assigned rating is constrained by the firm's weak financial
profile as reflected by low profitability on account of trading
nature of business, high gearing of 3.38 times as on March 31,
2016, weak coverage indicators with interest coverage ratio of
1.12 times and TD/OPBIDTA of 9.75 times for FY2016, and
constrained liquidity position as reflected by full utilization
of the working capital limits. The assigned rating is also
constrained by high working capital intensive nature of the
business on account of high inventory due to seasonality
associated with tobacco availability and susceptibility to agro
climatic risks affecting the raw material availability and the
risk associated with the proprietorship nature of business. The
rating however positively factors in the presence of the company
in the major tobacco growing region in Andhra Pradesh.

Key rating drivers
Credit Strengths
* Vast Experience of promoters in tobacco industry.
* Established relationship with various tobacco aggregators
   resulting in repeat orders
* Presence in the major tobacco growing area of Andhra Pradesh
Credit Weakness
* Weak Financial Profile as reflected by high gearing of 3.38
   times as on March 31, 2016, and weak coverage indicators
   reflected by Interest coverage of 1.12 times and TD/OPBIDTA
   of 9.75 times.
* Low profitability due to trading nature of business
* High working capital intensity of business on account of high
   inventory as the company stocks inventory for price
   appreciation
* Exposure to raw material price volatility as it forms more
   than 90% of the total cost of production.
* Susceptibility to regulatory risks on tobacco production and
   auctioning and to climatic risks affecting tobacco
   availability.

Description of key rating drivers highlighted:

The firm is engaged in the business of processing and trading in
tobacco which is highly working capital intensive nature of
business and faces moderate to low customer concentration with
top five customers of the company accounting for 57% of total
sales in FY2015 which however decreased to 29% in FY2016. The
operating income has witnessed healthy growth from INR11.91 crore
in FY2013 from INR50.58 crore in FY2016 on the back of increase
in sales volume supported by enhanced working capital limits as
the operations are working capital intensive. The operating
margins of the company have been low owing to trading nature of
operations and fluctuating RM costs which forms around 90-95% of
the total cost of production.

Nikhil Tobbacos, established as a proprietorship concern by Mrs.
Gutta Suma in the year 2012, has been engaged in processing and
trading of tobacco leaf. The administrative office cum godown of
the concern is situated at Ongole, Prakasm dist. The godown of
the concern is spread over an area of 1 acre with built up area
of 47000 square feet. The storage capacity of the godown is
around 800 tonnes.


ORIENTAL SALES: ICRA Reaffirms B+ rating on INR2.0cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed its long term rating at [ICRA] B+ on the
INR2.00 crore fund based facilities of Oriental Sales Corporation
(OSC). ICRA has also reaffirmed its [ICRA]A4 rating on the
company's INR24.00 crore non fund-based facilities. The outlook
on the long term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long Term Fund
  Based-CC               2.00       [ICRA]B+ (Stable) Reaffirmed

  Short Term Non
  Fund Based-Bank
  Guarantee             19.40       [ICRA]A4 Reaffirmed

  Short Term-
  Unallocated            4.60       [ICRA]A4 Reaffirmed

Rationale
ICRA's rating takes into account the moderation in the firm's
execution as well as initial phase of the pipeline execution. The
ratings also factor in the substantial increase in the firm's
working capital intensity owing to build up of security deposits
extended for completed and ongoing orders which has also rendered
the firm reliant on its associate concerns for extended credit.
The ratings however positively factor in the improved capital
structure subsequent to the continued capital infusion by the
partners which has in turned supported the liquidity position of
the firm. The ratings continue to factor in the experience of the
promoters in this business.

Going forward, the ability of the firm complete the projects on
time, improve its margins and manage its funding requirements
will be the key rating sensitivities.

Key rating drivers
Credit Strengths
* Experience and professionally qualified partners of the firm.
* Fresh equity infusion of INR6.7 cr. in FY2016 supports the
   liquidity position
Credit Weakness
* Weak order book position
* High reliance on group companies/creditors to support the
   working capital requirement
* Funds blocked in the form of security deposits, bank guarantee
   enhancement would be critical for future bidding of orders
* Absence of escalation clause may affect the profitability of
   the firm in long term contracts

Description of key rating drivers highlighted:

OSC, a partnership firm established in 1992 started its operation
in 1996 under the leadership of Mr. B.L. Gupta having its
registered office in Jaipur. The firm is being managed by Mrs.
Neelu Gupta, Mr. B.L Gupta and other partners who have a long
term experience in the business with the group concerns having
similar lines of business.

The firm had been able to execute most of the orders in hand in
FY2016 however a slowdown has been visible in the order bidding
post the same. Limited price escalation clause also impacted the
firm's margins. The order bidding took pace in FY2017 with an
order book of INR170.0 crore won in the second half of FY2017.
Given the nascent nature of orders and pending ramp up of
execution in current year, current year performance is expected
to be modest. The firm in the current financial year has executed
only INR8.0 crore. till December 2016. The firm has provided
partial performance guarantee of the INR170.0 crore of orders and
needs to provide balance major portion over the next few months.
This requires enhancement of bank guarantee limits as well as
availability of margin money for the same thereby resulting in
large funding requirements.

Further in FY2016, the working capital intensity deteriorated
(NWC/OI of 46.3% in FY2016 as compared to 16.9% in FY2015) owing
to high level of deposits towards older contracts. To fund the
same, while the firm stretched its creditors, the promoters also
infused equity which supported the liquidity position. The
coverage indicators remained moderate with TD/OPBDITA1 of 1.6
times and interest coverage of 2.0 times as on March 31, 2016.
The firm's ability to revive its order execution and arrange
requisite funding will be critical determinant of its financial
profile going forward.

OSC is a partnership firm which was established in 1992 and
commenced operations in 1996 and is managed by Mrs. Neelu Gupta.
The firm executes turnkey projects of laying of power
transmission lines for Jaipur Vidyut Vitran Nigam Limited and
Jodhpur Vidyut Vitran Nigam Limited. Project activities include
site survey, soil investigation, development of access roads and
accompanying infrastructure, foundation work; design,
manufacturing and testing of towers, mobilization of manpower and
equipment, and testing and commissioning of transmission lines.

OPIPL recorded a net profit of INR0.7 crore on an operating
income of INR35.4 crore for the year ending March 31, 2016.


ORIENTAL TEXTILES: CRISIL Assigns 'B' Rating to INR8MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating on the bank
facilities of Oriental Textiles Industries (OTI).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit             8         CRISIL B/Stable

The rating reflects OTI's modest scale of operations in the
intensely competitive textile industry, and weak financial risk
profile marked by high gearing. These weaknesses are partially
offset by the partners' extensive experience.

Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations in highly fragmented industry: Scale
of operations-operating income is expected at INR35-37 crore in
fiscal 2017-may continue to be constrained by intense
competition, limiting benefits from economies of scale, and
bargaining power with customers and suppliers.

* Weak financial risk profile: Gearing was high at 3.1 times as
on March 31, 2016. Debt protection metrics are weak, too:
interest coverage and net cash accruals to total debt ratios are
expected at 1.2-1.4 times and 0.02-0.03 time, respectively, in
fiscal 2017. The financial risk profile may remain weak over the
medium term as well.

Strengths
* Extensive experience of the partners: The partners have been
trading in textile products, especially woollen fabric, and
manufactured goods for over three decades. Over the years, the
firm has maintained healthy relationships with a network of
regular customers and suppliers. Benefits from the partners'
experience should continue to support business risk profile.
Outlook: Stable

CRISIL believes OTI will continue to benefit over the medium term
from its extensive experience in the woollen fabrics industry.
The outlook may be revised to 'Positive' in case of significant
increase in the firm's revenue and profitability while
efficiently managing its working capital requirements.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in financial risk profile, most likely because of
low profitability, substantial increase in working capital
requirement, or any large capital expenditure.

OTI trades in textile products, especially woollen fabric,
including premium blankets and shawls. Set up in 1991, the firm
is managed by Mr Rajiv Goel and Mr Manish Goel. The registered
office is in Ludhiana.

For 2015-16 (refers to financial year, April 1 to March 31), OTI
reported, a profit after tax (PAT) of INR11 lakhs on net sales of
INR36.5 crore, against a PAT of INR11 lakhs on net sales of
INR35.2 crore for 2014-15.


PERMANENT MAGNETS: CRISIL Reaffirms 'C' Rating on INR15MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Permanent Magnets Limited (PML) at 'CRISIL C/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)      Ratings
   ----------             ---------     -------
   Cash Credit               15.0       CRISIL C (Reaffirmed)
   Export Bill Negotiation    0.8       CRISIL C (Reaffirmed)
   Letter of Credit          15.0       CRISIL A4 (Reaffirmed)
   Term Loan                  1.2       CRISIL C (Reaffirmed)

The rating continues to reflect continue instances of delay by
PML in servicing its debt (not rated by CRISIL). PML has a below-
average financial risk profile marked by its modest net worth,
high total outside liabilities to tangible net-worth ratio, and
average debt protection metrics. The company has modest scale of
operations, large working capital requirements, is exposed to
intense competition, and its profitability margins are
susceptible to volatility in raw material prices and fluctuations
in forex rates. However, the company benefits from its promoters'
extensive industry experience and its established relationship
with its customers.

Key Rating Drivers & Detailed Description
Weaknesses
* Below average financial risk profile: PML's financial risk
profile is below average as marked by a modest networth and
moderate gearing of 1.38 times as on March 31, 2016. The interest
cover and net cash accrual to total debt ratio are adequate at
about 2.2 times and 0.14 times respectively as on March 31, 2016
(refers to financial year, April 1 to March 31).

* Modest scale of operations and exposure to intense competition
in magnets industry: PML is a moderate player in the magnets
industry as reflected in its turnover of around INR67 crore for
the year ended March 31, 2016. The company is involved in
manufacturing of Alnico (Aluminium, Nickel and Cobalt) magnets,
magnetic assemblies, copper shunts and hi-permeability magnetic
components. However the company is exposed to intense competition
from the other organised and unorganised players in the industry.

* Susceptibility of operating margin to volatility in raw
material prices and forex rates: PML's operating margin is
vulnerable to any adverse movement in the prices of raw material,
largely Nickel and copper. The volatility in the prices of its
raw materials is mitigated to a certain extent as the company
usually enters into a fixed price contract with its customer and
suppliers; however, the volatility in raw material prices has
been quite high in the past, as reflected in the company's
volatile operating margin in the range of 5.0 per cent to 7.6 per
cent over the last five years ended March 31, 2016

* Large working capital requirements: PML's operations are
working capital intensive as reflected in the high gross current
assets of around 218 days as on March 31, 2016. The large working
capital requirement is primarily driven by moderate debtors and
high inventory.

Strength
* Extensive industry experience of promoters and established
relationships with its customers: The promoters of PML have been
engaged in the custom-built magnets industry for over 5 decades.
Their extensive industry experience has led to the company's
established relationships with reputed suppliers, such as
Sumitomo among others. Furthermore, the promoters have been able
to develop strong relations with customers and are supplying
magnets and other products to various smart grid manufacturers in
the world.

PML was set up in 1960 and was taken over by the Taparia group in
1965. The company manufactures alnico magnets, magnetic
assemblies, hi-permeability magnetic components, and parts and
accessories of electricity meters. Its manufacturing facility
located at Mira road, Mumbai.

For fiscal 2016, PML reported a profit after tax of INR0.9 crore
on an operating income of Rs67.58 crore as against a PAT of
INR0.32 crore on an operating income of INR58.96 crore the
previous fiscal.

Status of non-cooperation with previous CRA: PML has not
cooperated with ICRA Limited, which has suspended its rating vide
release dated June 29, 2016. The reason provided by ICRA Limited
is non-furnishing of information required for monitoring of
ratings.


PUNJAB METAL: CRISIL Reaffirms B+ Rating on INR1MM Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Punjab Metal Works Private Limited.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            1        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       5        CRISIL A4 (Reaffirmed)
   Packing Credit         2        CRISIL A4 (Reaffirmed)

The ratings continue to reflect the company's weak financial risk
profile because of below-average debt protection metrics, its
large working capital requirement, and modest scale of
operations. These weaknesses are partially offset by promoters'
extensive experience in the timber industry.

Key Rating Drivers & Detailed Description
Weaknesses
* Weak financial risk profile: PMWPL had high gearing of 1.7
times and modest networth of INR4.72 crore as on March 31, 2016.
Its debt protection metrics were subdued, with interest coverage
and net cash accrual to total debt ratios at 1.6 times and 0.04
time, respectively, in fiscal 2016.

* Large working capital requirement: PMWPL had gross current
assets of 257 days as on March 31, 2016, mainly because of
considerable credit extended to customers and inventory on
account of wide range of products.

* Modest scale of operations: PMWPL's modest scale is reflected
in revenue of INR18.26 crore in fiscal 2016, and is constrained
by intense competition in the fragmented timber trading and
processing industry.

Strength
* Promoters' extensive industry experience: The promoters have
experience of more than four decades in the timber trading and
processing business, and have healthy relationships with key
suppliers overseas and with customers in India.
Outlook: Stable

CRISIL believes PMWPL will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if higher-than-expected growth in revenue
and profitability, or improvement in working capital management
leads to better business and financial risk profiles. The outlook
may be revised to 'Negative' if exposure to intense competition
results in a significant decline in topline or profitability,
weakening the business risk profile; or if more-than-expected
increase in working capital requirement or sizeable, debt-funded
capital expenditure leads to deterioration in the financial risk
profile.

PMWPL, incorporated in 1975, was acquired by promoters of Jindal
Wood Products Pvt Ltd. The company processes plywood and veneer,
and trades timber logs, mainly hardwood. Its plant is at Sonipat
in Haryana, and office is in Delhi. The company caters to North
India and exports to Europe.

PMWPL's net profit was INR0.08 crore on sales of INR18.24 crore
in fiscal 2016, against INR0.24 crore and INR21.92 crore,
respectively, in fiscal 2015.


R B TECHNOCRATS: CRISIL Assigns 'B+' Rating to INR6.0MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of R B Technocrats & Reclaimers Private
Limited (RBT).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Letter of Credit      1.5        CRISIL A4
   Bank Guarantee        0.5        CRISIL A4
   Cash Credit           6.0        CRISIL B+/Stable

The ratings reflect the company's small scale of operations,
large working capital requirement, and susceptibility to
cyclicality in the sugar industry. These weaknesses are partially
offset by its promoters' extensive experience in the sugar mill
machinery industry.

Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations and susceptibility to cyclicality in
the sugar industry: Low revenue (Rs 19.3 crore in fiscal 2016)
and intense competition constrain the company's business risk
profile. Additionally, revenue is susceptible to demand from
sugar units and to cyclicality in the sugar industry.

* Sizeable working capital requirement: Large receivables and
inventory will keep operations working capital intensive. Gross
current assets were at 367 days as on March 31, 2016 mainly
marked by high receivables.

Strength
* Promoters' extensive industry experience: The promoters'
experience of two decades will continue to support RBT's business
risk profile. The promoters have owned and managed several
entities producing machinery for the sugar industry.
Outlook: Stable

CRISIL believes RBT will continue to benefit from its promoters'
industry experience. The outlook may be revised to 'Positive' if
cash accrual increases significantly, driven by revenue growth
and sustained profitability. The outlook may be revised to
'Negative' if the financial risk profile, particularly liquidity,
weakens because of low cash accrual due to fall in revenue and
profitability, or stretch in working capital cycle.

RBT, incorporated in 2012, executes turnkey projects for the
sugar industry, and specialises in handling and bagging solids.
The company is owned and managed by the Maharashtra-based Sanikop
family. Its registered office is at Jaysingpur in Maharashtra.

For 2015-16, RBT reported PAT of INR0.22 crore on total income of
INR19.3 crore, against PAT of INR0.2 crore on total income of
INR29.4 crore for 2014-15.


RADIANT HOTELS: ICRA Assigns B+ Rating to INR30cr Loan
------------------------------------------------------
ICRA has assigned a rating of [ICRA]B+ to the INR30.00-crore bank
facility of Radiant Hotels Private Limited. The outlook on the
long-term rating is 'Stable'.

                        Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund Based Limits      30.00       [ICRA]B+ (Stable); Assigned

Detailed Rationale
The assigned rating is constrained by the high market risk for a
single project, Urban Ville, as ~83% of the project in Phase I
are yet to be sold; and the slow pace of fresh customer bookings.
Additionally, the firm is exposed to the risk of demand slowdown;
the inherent cyclicality in the real estate sector; and the
competition from other ongoing projects of other established
developers in the surrounding areas. The rating is further
constrained by the repayment obligation of the company's loan,
which starts from January 2018. The capacity to pay the fifteen
monthly installments is contingent on the company's ability to
achieve sufficient sales in the project along with timely
collection. The assigned rating, however, positively factors in
the location of the project (as it is near to the airport and
surrounded by hotels as well as residential area) and the receipt
of the entire committed promoter equity. ICRA also notes that the
company has a clear land title and has received all critical
approvals required for the project.

The ability of the company to successfully execute the ongoing
project without time and cost overruns, generate additional
bookings and collect advances will remain the key rating
sensitivity.

Key rating drivers
Credit Strengths
* Proximity of the project to the airport, hotels and
   residential areas; Infrastructure with respect to road
   connectivity;
* 100% of planned promoter funds infused; high collection
   efficiency for the units sold, though limited amount has been
   called for
Credit Weakness
* High execution risk as only 45% of the total cost has been
   incurred till date
* Slow pace of fresh customer bookings; exposure to market risk
   as ~83% of the units are yet to be sold in Phase I
* High reliance on customer advances for project completion
* Repayments of loan commencing from January 2018 in fifteen
   monthly installments, which is contingent on the company's
   ability to achieve sufficient sales and timely collection in
   the project
* Like other real estate players, the company is prone to
   slowdown in real estate sector

Detailed description of key rating drivers highlighted:

Urban Ville is developed by RHPL, consisting luxurious villas in
Jaipur. The company acquired land measuring approx. 55387 sq.
mtrs. in Jaipur in 1995-96. The land is located at Durgapura,
Main Tonk Road, Jaipur which is close to airport, hospitals,
hotels, malls and JLN Marg etc (Marriott Hotel-1.5 Km, Airport-3
Km, Fortis-3 Km, World Trade Park-3 Km). The total land available
with the company is 45 acres, out of which in 14 acres the
company has planned to develop 60 villas in two phases, including
a club house and a swimming pool facility. Out of these, 30
villas are being launched in phase I to be built on ~6 acre land.
Each residential villa is designed for Basement + Ground+ 2
Floors.

The phase I of project comprises saleable area of 1,50,000 sq ft.
It consists of 30 villas, each consisting of Basement + Ground+ 2
Floors. There are two types of villas. Type 1 consists of 10
villas of 400 sq yards each and 20 villas of 600 sq yards each.
The construction work started in June 2015 and by January 03,
2017, Radiant Hotels incurred about 45% of the total construction
cost. The company has a clear land title and has received all
critical approvals required for the project. However, the project
has a high reliance (~37% of project cost) on customer advances.
As of January 03, 2017, the collections from customer have been
moderate, as RHPL has received ~19% of the total targeted
customer advances.

Going forward, RHPL's ability to generate additional bookings,
collect advances and execute project in a timely manner will be
key rating sensitivity.

Incorporated in October 1993, RHPL is a private limited company
with Mr. Suresh Gupta and his family holding 100% shares of the
company. The company was initially incorporated with the
objective of developing and running a hotel. Accordingly, the
land was purchased in 1995-96, but the unit was not established.
Now the company has decided to construct a residential housing
project on the same property. The promoters have been engaged in
the activity of cutting, polishing and trading of gems for the
last 30 years. The firm is currently developing residential
villas, consisting of total 30 villas of various sizes at Tonk
Road, Jaipur, with a saleable area of 1.50 lakh sq, ft.


RAMA RICE: CARE Reaffirms B+ Rating on INR11.20cr Long Term Loan
----------------------------------------------------------------
The ratings assigned to the bank facilities of Rama Rice and
General Mills continue to remain constrained by its small scale
of operations, low profitability margins, leveraged capital
structure and weak debt coverage indicators.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    11.20       CARE B+;Stable
                                            Reaffirmed

   Short-term Bank Facilities    0.80       CARE A4 Reaffirmed

The ratings are further constrained by working capital intensive
nature of operations, partnership nature of its constitution,
fragmented and competitive nature of the industry, regulatory
risk and business being susceptible to the vagaries of nature.
The rating also took cognizance of decline in the total operating
income in FY16 (refers to the period April 01 to March 31).

The rating constraints are partially offset by experience of
partners in trading and processing of rice, and favorable
manufacturing location.

Going forward, the ability of the firm to increase its scale of
operations while improving its profitability margins and capital
structure coupled with effective working capital management shall
be the key rating sensitivities.

Detailed description of the key rating drivers:

Total operating income (TOI) of the company declined in FY16 by
6.98% over previous financial year. The decline was on account of
lower quantity sold of basmati rice. The profitability margin of
the company continues to remain on lower side due to low value
addition and highly fragmented nature of the industry
characterized by intense competition. High dependence on external
borrowings to meet the working capital requirements coupled with
relatively low net worth base. The debt service coverage
indicators remained weak owing to high dependence on external
borrowings and low profitability margins. Operations of the
company continue to remain working capital intensive as indicated
by high average utilization of working capital borrowings, low
liquidity ratios and high average operating cycle.

Agro-based industry is characterized by seasonality, as it is
dependent on the availability of raw materials, which varies
with different harvesting periods. The commodity nature of the
product makes the industry highly fragmented, with numerous
players operating in the unorganized sector with very less
product differentiation.

Karnal-based (Haryana) Rama Rice and General Mills (RRGM) was
established as a partnership firm in 1998 by Mr. Mamu Ram and his
family members comprising Mr. Sohan Lal, Mr. Dharam Pal, Mr. Sish
Pal, Mr. Rajinder Kumar and Mr. Pawan Kumar sharing profits and
loss in the ratio of 10%, 20%, 10%, 20%, 20%, 20%, respectively.
The firm is engaged in milling, processing and trading of basmati
rice and non-basmati rice with an installed capacity of 2 tonnes
per hour (TPH) as on March 31, 2016 from its processing unit
located in Karnal, Haryana. Out of the total operating income of
INR29.73 crore, 6.39% i.e. INR1.90 crore is from trading
activity. RRGM procures paddy from local grain markets through
dealers and commission agents located in Haryana. RRGM primarily
sells its product to export houses in Haryana.


RAYEN STEELS: CARE Assigns 'B' Rating to INR10cr Long Term Loan
---------------------------------------------------------------
The ratings assigned to the bank facilities of Rayen Steels
private Limited are constrained by small scale of operations, net
losses incurred during review period resulting in negative net
worth base, working capital intensive nature of business
operations and cyclicality of the steel industry.

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

   Short-term Bank Facilities       5       CARE A4 Assigned

The ratings, however, derive strength from the experience of the
promoters along with the favourable location of the plant and
regular infusion of funds by promoters in the form of unsecured
loans to meet debt obligation.

Going forward, the company's ability to ensure adequacy of raw
material, achieve the envisaged revenue and profitability
with effective management of its working capital borrowings are
the key rating sensitivities.

Detailed description of the key rating drivers

The company had lower capacity utilisation in FY14 (refers to the
period April 1 to March 31) and FY15 on account of low
availability of iron ores due to ban on mining of iron ore in
Bellary district in Karnataka resulting in low total operating
income. However, the company was able to increase the total
operating income during FY16due to lifting of banon mining of
iron ore. The company incurred net loss in FY14 and FY15 due to
low operating profit and high interest expenses. Despite growth
in total operating income by approximately 200% in FY16, RSPL
reported operating and net losses during the financial year due
to high raw material prices, particularly iron ore, which the
company was not able to pass on to its customers.

The company had negative networth as on March 31, 2016, on
account of erosion of net worth base due to net losses during
last three financial years ended FY16.

The company has weak debt coverage indicators due to high debt
levels and interest expenses along with operating and cash loss
during the review period. The promoters have been extending
support to the company in the form of unsecured loans in order to
fund the losses, finance the working capital requirements and
meet debt obligation. As on March 31, 2016, the unsecured loans
stood at INR17.95 crore as compared with INR16.37 crore as on
March 31, 2015.  Furthermore, the nature of operations is working
capital intensive marked by higher inventory days of the company.

Inventory days though improved due to lifting of ban in the iron
ore of Bellary, the company maintained inventory in the form of
raw material of more than 150 days to mitigate the risk of
fluctuation in prices and for smooth production process. As
majority of the funds is blocked in inventory, the creditors'
days of the company remained stretched at 184 days in FY16.
RSPL was founded in March 2005 by Mr. A Manohar as sponge iron
manufacturing unit. The promoters of the company viz. Mr. A
Manohar and Mr. G Ramu have cumulative experience of more than 50
years in the industry. Mr. G Ramu looks after day-to-day
operations of the company and is ably supported by the team of
technical staff.

Incorporated in 2005, Rayen Steels Private Limited (RSPL) was
promoted by Mr. A Manohar, Mr. G Ramu and others. The company is
engaged in the manufacturing of sponge iron at its facility
located at Bellary, Karnataka. The company has a total installed
capacity of manufacturing around 60,000 tons of sponge iron per
annum. The company procures majority of raw material i.e. iron
ore from the iron ore mine situated in Bellary district of
Karnataka. The sponge iron manufactured by the company is sold to
the steel plants in the adjoining areas through brokers.

In FY16, the company reported a total operating income of
INR29.60 crore with net loss of INR4.83 crore (as against a total
operating income of INR9.81 crore on a net loss of INR4.69 crore
in FY15).


RELIANCE COMMUNICATIONS: Moody's Downgrades CFR to B2
-----------------------------------------------------
Moody's Investors Service has downgraded Reliance Communications
Limited's (RCOM) corporate family rating and senior secured bond
rating to B2 from B1.

The rating outlook is negative.

This concludes the review initiated on November 30, 2016.

RATINGS RATIONALE

"The downgrade primarily reflects Moody's expectation that RCOM's
leverage -- as measured by consolidated debt (including Moody's
adjustment for spectrum liabilities)/EBITDA -- will remain above
7.0x over the next 6-9 months while the company pursues
regulatory, shareholder and debt holder approvals for its
announced restructuring, including the de-merger of its wireless
business and sale of its tower assets," says Annalisa Di Chiara,
a Moody's Vice President and Senior Credit Officer.

Moody's expects EBITDA from the company's Indian operations -
which contribute around 85% of EBITDA -- will remain under
pressure over the next 6-12 months in light of intensifying
competition in India's mobile sector.

The company reported EBITDA of around $1 billion for the 12
months to September 2016, while adjusted debt (includes Moody's
adjustments for spectrum related liabilities) stood at
approximately $7.5 billion with limited scope for deleveraging
absent successful execution around asset sales and divestments.

RCOM continues to pursue the sale of its telecommunications tower
assets and the de-merger of its core wireless operations - which
it will merge with Aircel Limited (unrated) in a new joint
venture -- although these transactions are expected to take
another 6-9 months to close.

Moody's estimates that consolidated leverage (including Moody's
adjustment for spectrum liabilities as debt) will remain above
7.0x for at least the next 12 months, barring any additional debt
reduction initiatives.

RCOM's liquidity position remains weak. RCOM's cash and cash
equivalents stood at INR 18.4 billion. RCOM has typically carried
a relatively high proportion of short-term debt and current long-
term debt (around 30% of total debt on average over the last 3
years). Given its domestic banking relationships Moody's expect
them to continue to refinance and/or rollover these lines.

The negative outlook primarily reflects (1) the uncertainty
regarding the timing and completion of the announced
restructuring; and (2) the resultant range of leverage and
business risk profiles if one or both transactions are delayed or
cancelled.

Depending on the outcome of the restructuring process, Moody's
will also further evaluate the company's business risk position,
business strategy, financial policies, liquidity position and the
effect these have on the company's credit profile.

Further downward pressure on the ratings is possible if the
company fails to stem the erosion in leverage over the next 6-9
months. Moreover, with respect to the company's liquidity
position, any failure to refinance at least three months prior to
maturity dates could pressure the ratings.

Given the negative outlook, an upgrade is unlikely in the near
term. However, the outlook could stabilize if RCOM's consolidated
debt/EBITDA falls below 6.0x on a sustained basis over the next
6-9 months.

The principal methodology used in these ratings was Global
Telecommunications Industry published in December 2010.

Reliance Communications Limited (RCOM) is an integrated
telecommunications operator in India (Baa3 positive) with a
presence across wireless, enterprise, broadband, tower
infrastructure and DTH businesses. Through its wholly-owned
subsidiary, GCX Limited (B2 stable), the company also provides
data connectivity solutions to major telecommunications carriers
and large multinational enterprises in the US, Europe, Middle
East and Asia Pacific, which need multi-national IP-based
solutions and connectivity.

RCOM is the fourth-largest mobile operator in India by number of
subscribers, which totaled 86.2 million or approximately 8.0% of
total market share by subscribers as of 31 October 2016,
according to the Telecom Regulatory Authority of India (TRAI).


SH INFRATECH: ICRA Reaffirms 'D' Rating on INR20cr Bank Loan
------------------------------------------------------------
ICRA has reaffirmed [ICRA]D rating assigned to the INR21 crore
bank limits of SH Infratech Private Limited. The rating
reaffirmation is on the basis of best available information in
the public domain.

                           Amount
  Facilities             (INR crore)    Ratings
  ----------             -----------    -------
  Non-Fund based-Bank
  Guarantee                  20.00      [ICRA]D reaffirmed

  Fund based-Cash credit      1.00      [ICRA]D reaffirmed

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with SHIL, 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.

SHIL was incorporated in December 2009 and is engaged in civil
construction projects comprising mainly of road construction
activities in Uttar Pradesh. The clients of the firm are mostly
government organizations such as Public Works Departments (PWD).
The directors of the company have been engaged in the civil
construction business for past twenty years through their
proprietorship concern Shakeel haider Engineers and Contractors.


SIDDHIVINAYAK DISTRIBUTORS: CRISIL Rates INR8MM Cash Loan at B+
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Siddhivinayak Distributors (SD).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Proposed Cash
   Credit Limit            8         CRISIL B+/Stable

The rating reflects the firm's below-average financial risk
profile because of high TOLTNW ratio, and exposure to intense
competition in the mobile distribution business. These weaknesses
are partially offset by its proprietor's industry experience.

Key Rating Drivers & Detailed Description
Weaknesses
* Exposure to intense competition in the mobile distribution
business:
SD faces intense competition from a large number of players.
Furthermore, original equipment manufacturers encourage more
distributorships to improve penetration and sales, thereby
increasing competition among distributors.

* Below-average financial risk profile:
The firm has a small networth and weak capital structure.
Networth was INR0.60 crore as on March 31, 2016. Gearing is
expected at 2-3 times, total outside liabilities to tangible
networth ratio at 2-3 times, and interest coverage ratio at 2-3
times over the medium term.

Strength
* Proprietor's industry experience:
The proprietor's experience of more than five years in the mobile
distribution business has led to strong relationships with
suppliers and customers.
Outlook: Stable

CRISIL believes SD will benefit from its proprietor's industry
experience. The outlook may be revised to 'Positive' if there is
a significant increase in revenue and profitability, leading to
sizeable cash accrual and a better capital structure. The outlook
may be revised to 'Negative' if financial risk profile,
especially liquidity, deteriorates because of lower-than-expected
cash accrual or sizeable working capital requirement, adversely
affecting profitability.

SD, set up in 2013 as a proprietary concern, distributes LG and
VIVO mobile handsets in Nashik, Maharashtra. Its operations are
managed by Mr Atul Z. Kawade.

Profit after tax increased to INR0.09 crore on net sales of
INR4.87 crore in fiscal 2016, from INR0.06 crore and INR0.96
crore, respectively, in fiscal 2015.



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


BUMI RESOURCES: Files for Chapter 15 Bankruptcy in the U.S.
-----------------------------------------------------------
PT Bumi Resources Tbk sought bankruptcy protection in the U.S.
Bankruptcy Court for the Southern District of New York on
Jan. 20, 2017, seeking recognition in the United States of an
insolvency proceeding currently pending in Indonesia.  The
Chapter 15 case is assigned to Judge Mary Kay Vyskocil and Case
No. 17-10115.

Headquartered in Jakarta, Indonesia, Bumi is engaged in the
business of mining and export of thermal coal.  Bumi blamed the
decrease in the global demand for coal for the deterioration of
its financial condition.  As of June 30, 2014, Bumi's net cash
flow had declined into a negative position necessitating the
restructuring process.

"Although Bumi took steps to reduce its mining costs, these
savings were not sufficient to compensate for the deline in the
selling price of thermal coal," said Kenneth R. Puhala, Esq., at
Schnader Harrison Segal & Lewis LLP, attorney for Christopher
Beckham, foreign representative of Bumi, in a declaration filed
with the Bankruptcy Court.

Castleford Investment Holdings, Ltd., one of Bumi's creditors,
filed a PKPU application against Bumi on April 6, 2016, in the
Central Jakarta Commercial Court.  A PKPU is a court-enforced
suspension of payments process which is designed to provide a
debtor a definite period of time to restructure its debt and
reorganize its affairs pursuant to a composition plan with
creditors.

On April 25, 2016, the Indonesian Court accepted Castleford's
PKPU petition and granted a temporary moratorium on payments for
45 days, during which Bumi was required to prepare a
restructuring plan and seek agreement with its creditors.

On Nov. 9, 2016, the requisite majority of Bumi's creditors voted
to approve Bumi's restructuring plan.  Specifically, a total of
98 creditors representing 4,772,103 voting rights or 99.84% in
value of Bumi's verified secured creditors, and 142 creditors
representing 3,926,955 voting rights or 100% in value of Bumi's
verified unsecured creditors, voted in favor of the PKPU Plan.
On Nov. 28, 2016, the Indonesian Court approved the PKPU Plan.

To ensure that Bumi's reorganization is not jeopardized and the
benefits of Bumi's restructuring are fully realized, Mr. Beckham
requests that the Bankruptcy Court enter an order recognizing and
enforcing the PKPU Plan.

Bumi's Singaporean subsidiaries Bumi Investment Pte. Ltd, Bumi
Capital Pte. Ltd. and Enercoal Resources Pte. Ltd. also initiated
proceedings in the High Court of the Republic of Singapore
pursuant to Section 210(10) of the Companies Act for an order
imposing a moratorium on collection activity against them on Nov.
24, 2014.  The Singaporean Subsidiaries filed petitions under
Chapter 15 of the U.S. Bankruptcy Code in the U.S. Bankruptcy
Court for the Southern District of New York on Dec. 1, 2014.  The
Bankruptcy Court entered an order recognizing the Singapore
Proceedings as a foreign main proceedings on Jan. 22, 2015.

                        Approved PKPU Plan

The PKPU Plan restructures secured obligations, including the
obligations of the Singaporean Subsidiaries that are guaranteed
by Bumi, totaling in excess of $4.2 billion in principal and
interest, exclusive of default and/or penalty fees.

The in excess of $1.32 billion in principal and interest due
under Bumi's secured term loan with County Forest Limited, a
wholly-owned subsidiary of China Investment Corporation will be
repaid as follows: (a) 32.24% of the Term Loan CIC Debt will be
replaced with a New Senior Secured Facility and/or New 2021
Notes, as CIC may elect in its sole discretion, (b) $150 million
will be converted into approximately 6,173,616,942 shares of Bumi
allocated under the rights issue conducted on Sept. 5, 2014; (c)
45.73% of the Total CIC Debt will be converted into Bumi shares
based on a valuation of $4.6 billion; (d) 10.73% of the Total CIC
Debt will be replaced with a 7-year Mandatory Convertible Bond;
and (e) CIC will receive its proportional share of $100 million
tradeable Contingent Value Rights issued to New Senior Secured
Creditors under the PKPU Plan.

The in excess of $600 million in principal and interest due under
Bumi's term loan with China Development Bank Corporation will be
satisfied as follows: (a) 32.24% of the Total CDB Debt will be
replaced with a New Senior Secured Facility and/or New 2021
Notes, as CDB may elect in its sole discretion; (b) 67.76% of the
Total CDB Debt will be replaced with a new Tranche of C Facility;
and (c )CDB will receive its proportional share of $100 million
in tradeable Contingent Value Rights issued to New Secured
Creditors under the PKPU Plan.

The approximately $51 million claimed due with respect to
Castleford's loan to Bumi will be converted into Bumi shares
based upon a $4.6 billion valuation.

Under the PKPU Plan, there will be a CB Exchange Offer made to
the holders of the approximately $434 million in principal and
interest due under the Convertible Bonds pursuant to which: (a)
30% of the Convertible Bond Debt will be converted to Bumi shares
at a valuation of $4.6 billion; and (b) 70% of the Convertible
Bond Debt will be replaced with a 7-year Mandatory Convertible
Bond.

Pursuant to the PKPU Plan, there will be an RD Exchange Offer
made to the holders of the in excess of $1.79 billion in
principal and interest due under the Remaining Debt (which
includes the 2016 Notes and 2017 Notes) pursuant to which: (a)
57.03% of the Remaining Debt will be converted into shares in
Bumi at a valuation of $4.6 billion; (b) 32.24% of the Remaining
Debt will be replaced with a New Secured Facility and/or New 2021
Notes; (c) 10.73% of the Remaining Debt will be replaced with a
7-year Mandatory Convertible Bond; and (d) holders of the
principal and interest due under the Remaining Debt will receive
a proportional share of $100 million in tradeable Contingent
Value Rights issued to New Senior Secured Creditors under the
PKPU Plan.

Under the PKPU Plan, Bumi's unsecured creditors will receive Bumi
shares based upon a $4.6 billion valuation.  The total amount of
unsecured debt which will be converted to Bumi equity will not
exceed $200 million.



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


TAKATA CORP: New Mexico Sue Over Defective Airbag Systems
---------------------------------------------------------
Christopher Maynard at ConsumerAffairs reports that consumers may
have felt some vindication after Takata settled with the feds
earlier this month for $1 billion, but a new suit brought by the
state of New Mexico shows the company's troubles are far from
over.

ConsumerAffairs relates that the state has filed a lawsuit
against 15 car companies and Takata for allegedly covering up the
fatal defect in its airbag inflators that led to the deaths of 11
people in the U.S.

"In New Mexico, no child should ever be put in danger so
international corporations can reap enormous profits," the report
quotes Attorney General Hector Balderas as saying. "New Mexico
families' health and safety have been put at dangerous risk by
Takata and the automakers, and we will hold them accountable.
Corporations who harm New Mexicans will pay for their actions no
matter their size or location around the world."

According to ConsumerAffairs, the suit claims that the company-
along with Ford, Toyota, Honda, BMW, Mitsubishi, Subaru, Mazda,
Volkswagen, Audi, Nissan, FCA, Ferrari, General Motors, Jaguar,
and Mercedes-Benz - knew about the defect but misrepresented how
dangerous it was.

"Under New Mexico law, Takata had, and has, a duty to ensure that
its airbag systems work safely and as intended, and must not make
false, deceptive, or misleading statements or omissions regarding
them to any person, including the public and its commercial
partners," the suit stated, ConsumerAffairs relays.  "Similarly,
under New Mexico law, [the companies] had, and have, a duty to
ensure their vehicles are safe and must not make false,
deceptive, or misleading statements or omissions regarding their
vehicles to any person."

However, state officials charge that Takata and the manufacturers
failed in their duty, a fact that has led to the largest National
Highway Traffic Safety Administration (NHTSA) recall in history.
The New Mexico Attorney General's office further claims that not
disclosing the dangers of the airbag systems and vehicles
violates the state's unfair trade practices act, relates
ConsumerAffairs.

According to ConsumerAffairs, the lawsuit claims that both Takata
and the carmakers had ample time to publicize the airbag system
issues, alleging that the problem was known to the former as
early as the late 1990s.

"Yet Takata concealed its knowledge, repeatedly denying and
obfuscating the existence of the defect from regulators and the
public across the country, including in New Mexico," the suit, as
cited by ConsumerAffairs, stated. "Indeed, as alleged more fully
herein, Takata has made a number of public statements denying or
minimizing the defect and assuring the public of its commitment
to driver safety, in full knowledge of the deadly consequences of
its explosive airbag systems."

ConsumerAffairs notes that the suit is slightly more lenient on
carmakers, admitting that Takata falsely represented its products
when they were being bought. However, it says that some
manufacturers learned about the defect well before the recall
began and chose to do nothing.

The state is seeking civil penalties of $5,000 for each defective
airbag that made its way into the state and $5,000 for each day
the defendants concealed or misrepresented the defect from
regulators and the public, ConsumerAffairs discloses.

                        About Takata Corp

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

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

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

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

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

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



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


NAKAMICHI CORP: Has Until March 31 to Submit Regularization Plan
----------------------------------------------------------------
Bursa Malaysia Securities Berhad has decided to grant Nakamichi
Corporation Bhd a further extension of time up to March 31, 2017,
to submit its regularisation plan to the relevant regulatory
authorities.

The extension of time is without prejudice to Bursa Securities'
right to proceed to suspend the trading of the securities of the
Company and to de-list the Company in the event:

(i) the Company fails to submit a regularisation plan to the
regulatory authorities on or before March 31, 2017;

(ii) the Company fails to obtain the approval from any of the
regulatory authorities necessary for the implementation of its
regularisation plan; or

(iii) the Company fails to implement its regularisation plan
within the time frame or extended time frames stipulated by Bursa
Securities.

Upon occurence of any of the events set out in (i) and (iii)
above, Bursa Securities shall suspend the trading of the listed
securities of NAKA upon the expirty of five (5) market days from
the date the Company is notified by Bursa Securities and de-list
the Company, subject to the Company's right to appeal against the
delisting.

                      About Nakamichi Corp.

Nakamichi Corporation Berhad is a Malaysia-based company that is
principally engaged in the manufacture and marketing of
audiovisual and multimedia equipment.  The Company's products are
marketed and sold worldwide through a distribution network
spanning Asia, Europe, North America, South America, Africa, the
Middle East, the Near East and Australia.

The Nakamichi group triggered the criteria of Practice Note No 17
(PN17) on April 29, 2015, after Tamabina Sdn Bhd, a 51% owned
major subsidiary of the Company, was wound up by the High Court
of Sabah and Sarawak via a draft order.



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


ROSS ASSET: Former Clients Agree to Return NZ$6.8 Million
---------------------------------------------------------
Stuff.co.nz reports that dozens of clients of Ross Asset
Management have agreed to hand back millions of dollars they were
able to withdraw before the massive ponzi scheme's collapse.

According to Stuff.co.nz, the latest report from liquidators' PWC
into the former Wellington asset manager revealed 39 former
clients have agreed to return money, totalling NZ$6.8 million.

Stuff.co.nz notes that while hundreds of clients in the company
lost millions of dollars in Ross Asset Management, a substantial
number withdrew both their original investments and profits
before its collapse in 2012.

Stuff.co.nz relates that prior to the Financial Markets Authority
raiding of Ross' office on The Terrace, clients believed the
company was managing more than NZ$400 million on their behalf.
However, the profits Ross was claiming were entirely fictitious,
with customer withdrawals covered by investments from new
clients. When the company collapsed only a few million dollars in
investments were found.

Some of the former clients who were able to withdraw their
investments face being pursued through the courts if they do not
strike a deal to return at least some of the money, Stuff.co.nz
says.

According to Stuff.co.nz, liquidator John Fisk of PWC began
reaching agreements with investors at the end of 2015, but the
rate of settlements has been steadily increasing.

"People are taking a view on what the outcome might be in
litigation and then saying 'I'd rather deal with this now and get
it out of the way rather than wait'," Stuff.co.nz quotes Mr. Fisk
as saying.

Stuff.co.nz says PWC is awaiting the outcome of a test case
against Wellington barrister Hamish McIntosh, who has been
ordered by the Court of Appeal to return NZ$454,000 in fictitious
profits he withdrew from Ross.

Stuff.co.nz relates that Mr. McIntosh appealed to the Supreme
Court, arguing he should be able to keep the money, while PWC
cross-appealed, claiming that Mr. McIntosh should also have to
return the original NZ$500,000 investment. The Supreme Court is
yet to make its ruling.

Another 93 former clients who have not reached settlements with
PWC have signed standstill agreements, which effectively put
legal action on hold until the outcome of the McIntosh case is
released, Stuff.co.nz notes.

Stuff.co.nz adds that the agreements are required to prevent
legal action against the clients reaching legal time limits.
Mr. Fisk said if the Supreme Court decision is not released this
year, PWC may need to enter standstill with another 61 former
clients, which prevents further action, Stuff.co.nz reports.

                      About Ross Asset

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority.  The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership);
   -- Mercury Asset Management Limited (In Receivership);
   -- Dagger Nominees Limited (In Receivership);
   -- Ross Investment Management Limited (In Receivership);
   -- Ross Unit Trust Management Limited (In Receivership); and
   -- United Asset Management Limited (In Receivership).



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


LANAO DEL SUR: DOE Targets 10 ECs Under 'Receivership' Status
-------------------------------------------------------------
Myrna M. Velasco at Manila Bulletin reports that at least 10
electric cooperatives (ECs) labeled to be of "ailing status" are
being targeted by the Department of Energy (DOE) to be placed
under "receivership status" so they can be infused with much-
needed financial succor and systems of efficiencies in their
management.

The Bulletin says one of these electric cooperatives, according
to Energy Secretary Alfonso G. Cusi, is on extreme financial
hemorrhage with estimated R10 billion worth of indebtedness - the
Lanao del Sur Electric Cooperative (LASURECO) in Mindanao.

The nine others are: Abra Electric Cooperative (ABRECO), Pampanga
Electric Cooperative III (PELCO 3); Camarines Sur Electric
Cooperative III (CASURECO 3); Albay Electric Cooperative (ALECO);
Masbate Electric Cooperative (MASELCO); Ticao Island Electric
Cooperative, Inc. (TISELCO); Basilan Electric Cooperative, Inc.
(BASELCO); Tawi-tawi Electric Cooperative, Inc. (TAWELCO); and
Sulu Electric Cooperative, Inc., the Bulletin discloses.

The Bulletin says ALECO was earlier privatized with San Miguel
Energy Corporation giving it much-needed shot in the arm - both
financially and technically. But there are still problems
hobbling this power utility's operations until now.

A "receivership arrangement" may be enforced by the government
when a certain power utility or EC is validated or audited to be
of decrepit state or financially crippled condition, the report
notes.

According to the Bulletin, Mr. Cusi said the government draws its
'step-in rights' into these electric cooperatives under Republic
Act 10531 or the revised Charter of the National Electrification
Administration (NEA), an agency under the energy department.

The Bulletin relates that the law prescribes that NEA could take
several options under its "step-in" power which is akin to a
"receivership process" set by a governing entity and these could
take the form of "take over" of the ECs; or private sector
participation (PSP) option through competitive bidding after the
terms of reference (on case-to-case basis) had been established.

The energy chief indicated that these ailing ECs reached such a
feeble state because they are being mismanaged by what he calls
"ninja operators" or a set-up to be of highly politicized nature,
the report says.

"We are addressing that issue - we're looking at options and
studying them.  We can turn them into voting stocks or
corporatize them with the step-in rights accorded to NEA with the
imprimatur of the DOE," the Bulletin quotes Mr. Cusi as saying.

He qualified that for "these ailing ECs, we can place them under
receivership, then we prepare them into a transition toward the
entry of private sector takers . . . that's part of the option
we're looking at, to inject capital into them," the Bulletin
relays.

The Bulletin adds that the energy secretary said the identified
poorly managed ECs have been undergoing audit that will also be
followed by a revalidation process by the NEA. From that phase,
the government will assess if a receivership option shall be
pursued.



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


GLOBAL A&T: S&P Lowers CCR to 'CCC+' on Rising Liquidity Risk
-------------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating
on Global A&T Electronics Ltd. (GATE) to 'CCC+' from 'B-'.  The
outlook is negative.  S&P also lowered its long-term issue rating
on the company's senior secured notes to 'CCC+' from 'B-'.  In
addition, S&P lowered its long-term ASEAN regional scale rating
on GATE to 'axCCC+', from 'axB'.

GATE is a Singapore-based company involved in outsourced
semiconductor assembly and test services (OSAT).

The downgrade reflects the mounting pressure on the long-term
sustainability of GATE's capital structure and the rising
liquidity risk due to negative cash flows over the next one to
two years.

In view of the negative cash flow trend, S&P believes GATE may
have trouble supporting its operations when available cash falls
below US$50 million.  The possibility of a missed interest
payment will rise significantly if this current pace of negative
cash flow continues. GATE's cash balance has been steadily
declining to US$185 million in 2015 and US$96 million as of Sept.
30, 2016, from US$242 million in 2014.

The company's sizable interest expense of about US$110 million
consumes about two-thirds of annual EBITDA.  Although S&P
believes GATE's cash balance could be slightly higher at the end
of the fourth quarter, in S&P's view, this interest burden is not
sustainable.

"Without the cash flow or liquidity to increase spending for
growth, GATE's underinvestment is likely to further weaken its
cash flow generation," said S&P Global Ratings credit analyst
Eric Nietsch.  "We expect capital spending at US$75 million-
US$100 million, and largely negative free operating cash flows as
a consequence.  Furthermore, we estimate spending at these levels
allow only for modest growth investment."

The company has so far focused its investments on the growing
analog segment.  Without higher spending, the segment may not be
able to offset the declining business lines for memory chips and
Mixed Signal and Logic Processing (MSLP).

GATE is exploring various options to bolster its liquidity
osition, including a cash infusion from the parent.  However,
these improvements in liquidity would not alleviate risks related
to the maturity of US$1.1 billion of senior secured notes in
February 2019.

Although this maturity is not a near-term risk, S&P views the
capital structure as unsustainable.  It will be difficult to
address this notes maturity without growth, which is unlikely
given the current spending levels.  Furthermore, the previous
plan for an IPO has been withdrawn.

S&P believes the risk relating to GATE's dispute with noteholders
over its exchange of second-lien notes in September 2013 is not
likely to materialize in the next 12 months.  However, S&P cannot
rule out the possibility that the dispute accelerates debt
claims. This dispute could also make addressing the 2019 notes
maturity more challenging if it remains unresolved.

"In our view, OSAT players will face stagnant demand in the
coming six to 12 months because of declining GDP growth in China
and Europe.  However, we believe GATE is likely to maintain
healthy EBITDA margin at the mid-20% level in the next year, due
to its effort in cost management and a focus on higher-margin
products," Mr. Nietsch said.

The negative outlook reflects rising liquidity risks and
continued pressure on cash flows from the significant debt
burden.  S&P believes these factors could limit capital
investments, which hurts future growth and the company's ability
to refinance its notes on a timely basis.

S&P may downgrade the company if it fails to find additional
sources of liquidity.  Specifically, S&P could lower the rating
if cash balances are maintained below US$75 million.
Additionally, S&P would lower the rating in the absence of a
credible refinancing plan when the notes maturity is less than 12
months.

S&P may revise the outlook to stable, or upgrade GATE, if the
company is able to resolve the legal case and refinance the notes
maturing in 2019.



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


G-MOS CO: Among 4 Firms Picked for Fast-Track Restructuring
-----------------------------------------------------------
Yonhap News Agency reports that four small and mid-sized South
Korean firms gained government approval to carry out voluntary
corporate restructuring through fast-track legal and
administrative procedures, the trade ministry said on Jan. 26.

Yonhap relates that the Ministry of Trade, Industry and Energy
said a government panel chose the companies including G-Mos Co.,
a cargo loading service firm, and Najai Co., a metal mold
manufacturer, to endorse their proposed restructuring efforts to
boost competitiveness.

With the latest four companies, the number of companies subject
to the so-called "one-shot" act rose to 19, as part of the Seoul
government's efforts to speed up corporate restructuring in the
shaky industries, including shipbuilding, steel and
petrochemical, Yonhap says.

According to the report, the law came into effect in August last
year to help businesses conduct intra-corporate mergers and spin-
offs through simplified procedures that included exemptions from
strict antitrust laws and financial market regulations. They will
also be given tax benefits and subsidies for research and
development on corporate restructuring.

Under the new law, the companies that want to benefit from the
fast-track corporate restructuring procedures are required to win
government approval, says Yonhap.



                             *********

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
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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
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                            *********


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,
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