TCRAP_Public/170201.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Wednesday, February 1, 2017, Vol. 20, No. 23

                            Headlines


A U S T R A L I A

BIS INDUSTRIES: Carlyle Group Buys Part of Firm
LINACRE DEVELOPMENTS: First Creditors' Meeting Set for Feb. 7
SLATER & GORDON: Varde Partners Moves in to Soak Up Debt


C H I N A

KINGTONE WIRELESSINFO: BDO China Raises Going Going Doubt
SINO CLEAN: District Court Affirms Dismissal of Ch. 11 Case


H O N G  K O N G

HSIN CHONG: Payments to Subcontractors Reported Stalled


I N D I A

AFFIL VITRIFIED: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
ANAND SONS: CRISIL Reaffirms B+ Rating on INR8MM Cash Loan
ASIAN LAKTO: ICRA Upgrades Rating on INR13cr LT Loan to B+
B D CORPORATES: CRISIL Reaffirms B+ Rating on INR19.7MM Loan
BALLIUM EXPORTS: CRISIL Assigns 'B' Rating to INR20MM LT Loan

BDR EDUCATIONAL: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
DEYS COLD: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
G.G. TRONICS: ICRA Reaffirms 'D' Rating on INR10cr Term Loan
GOLDEN JUBILEE: CARE Lowers Rating on INR495cr LT Loan to 'D'
GOODLUCK ADVANCES: CARE Assigns B+ Rating to INR3.50cr LT Loan

JAI KEDARNATH: CRISIL Reaffirms 'B' Rating on INR7.0MM Term Loan
JKV MULTI: CARE Assigns B+ Rating to INR5cr Long Term Loan
K.P. SOLVEX: Ind-Ra Lowers Long-Term Issuer Rating to 'B'
KGS NELSUN: CRISIL Assigns B- Rating to INR15.5MM Overdraft
KRISHNAIAH MOTORS: ICRA Reaffirms B+ Rating on INR24.5cr Loan

KRISHNAMURTHY SPINNING: CARE Reaffirms 'B' INR14.34cr Loan Rating
MAHA ASSOCIATED: CARE Cuts Rating on INR70cr LT Loan to 'D'
MEGA VITRIFIED: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
MOTI RAM: CRISIL Assigns 'B' Rating to INR7.5MM Cash Loan
PATRAN FOODS: CRISIL Assigns B+ Rating to INR35MM Whse Loan

PIONEER EMBROIDERIES: CRISIL Ups Rating on INR15MM Loan to B-
POLYCHEM EXPORTS: CARE Assigns B+/A4 Rating to INR11cr Bank Loan
SANDOR LIFESCIENCES: ICRA Reaffirms B- Rating on INR35cr NCD
SAPTARISHI HOTELS: CARE Lowers Rating on INR220cr LT Loan to 'D'
SHUBHAM INDUSTRIES: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating

SPIC FASHIONS: CRISIL Assigns 'B' Rating to INR4MM Term Loan
SSV SPINNERS: CARE Reaffirms B+ Rating on INR32.16cr LT Loan
STOREEX SOLUTIONS: CRISIL Reaffirms B Rating on INR5.44MM Loan
SUNRISE MARKETING: CRISIL Cuts Rating on INR1.0MM Loan to 'B'
TATHASTU SPINTEX: CARE Raises Rating on INR42cr LT Loan to BB-

TIRUMALLA TIRUPATI: CARE Assigns B Rating to INR5cr LT Loan
TULSI CORPORATION: CARE Assigns B+ Rating to INR25cr Bank Loan
TSA PROCESS: CRISIL Assigns 'B' Rating to INR8MM Cash Loan
UB ENGINEERING: Company Law Tribunal Admits Insolvency Plea
VEER CHEMICALS: CRISIL Reaffirms 'B' Rating on INR2.0MM Cash Loan

VIHAAN INFIN: CARE Assigns B+ Rating to INR15cr Bank Loan


J A P A N

TOSHIBA CORP: Mulls Selling U.S. Nuclear Plant Business


M A L A Y S I A

SUNEDISON INC: Court Limits CSI's Rule 2004 Examination


P H I L I P P I N E S

EXPRESS SAVINGS: Arraignment Over Bank Deal Moved to March


S O U T H  K O R E A

HANJIN SHIPPING: Parent Targeted for $31 Million Pension Bill
KOREA EQUITY: Board to Adopt a Plan to Liquidate Fund


                            - - - - -


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A U S T R A L I A
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BIS INDUSTRIES: Carlyle Group Buys Part of Firm
-----------------------------------------------
The Australian reports that the Australian market is one The
Carlyle Group has been trying to wade into more deeply for some
time, and now it appears to have secured a stronghold in one of
the country's largest mining services providers, Bis Industries.

Carlyle has emerged as the third mystery fund to have bought a
sizeable slice of debt in Bis, The Australian says.

The Australian relates that Carlyle launched a hedge fund almost
a decade ago based in London to capitalise on distressed debt
opportunities and it was initially worth US$1 billion.

The Australian says executives from the buyout firm were in
Australia last week in a visit largely thought to revolve around
the new investment in Bis.

The deal will see Carlyle, which is understood to have bought
about 10 per cent of the group's debt, ultimately own part of the
business with other hedge funds Varde Partners, Davidson Kepner
Capital Management and Metrics Credit Partners, the report says.

The Australian notes that many of the 15-odd lenders have sold
out of the initial banking syndicate for between 60c and 70c in
the dollar, with the original value of the loans worth between
AUD600 million and AUD700 million, excluding "payment in kind"
loans from the US.

Carlyle has a Sydney office and currently part-owns equipment
rental business Coates Hire, the report notes.

The Australian, citing sources, meanwhile reports that Bis
Industries' restructure is still being worked through but the
deal is likely to be finalised by midyear, according to sources.

It will be interesting to see whether existing lenders Sumitomo
and ANZ search for an exit, The Australian states.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 16, 2016, The Australian said KordaMentha is the latest
advisory firm to emerge around the Kohlberg Kravis Roberts' BIS
Industries situation, as analysts are warning that the distressed
mining services provider is increasingly at the mercy of its
syndicate of at least 20 lenders, owed about AUD1 billion.

According to The Australian, the restructuring and insolvency
firm is working alongside boutique investment bank Moelis and law
firm Gilbert + Tobin for KKR via its subsidiary, as PPB and Fort
Street Advisers help the lenders.

BIS Industries specializes in custom off-road heavy haulage
services for the mining industry.


LINACRE DEVELOPMENTS: First Creditors' Meeting Set for Feb. 7
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Linacre
Developments Pty Ltd will be held at the offices of Hall
Chadwick, Level 10, 575 Bourke Street, in Melbourne, on Feb. 7,
2017, at 9:15 a.m.

David Ross and Richard Albarran of Hall Chadwick were appointed
as administrators of Linacre Developments on Jan. 25, 2017.


SLATER & GORDON: Varde Partners Moves in to Soak Up Debt
--------------------------------------------------------
The Australian reports that global hedge fund Varde Partners is
understood to be capitalising on another distressed opportunity
in Australia, Slater & Gordon.

According to the report, Varde is said to have been a recent
buyer of debt in the troubled Australian listed law firm, which
is at the centre of a shareholder class action case and is being
restructured by its lenders.

It comes as the hedge fund also committed to the ownership of
debt in Bis Industries, as revealed by DataRoom last December, in
conjunction with Davidson Kempner Capital Management and Metrics
Credit Partners, the report says.

The Australian says restructuring specialist Moelis is known to
have been around Slater & Gordon for about three months.

Debt has been purchased from the outgoing lenders who have
included Macquarie and Citi, while hedge funds continue to watch
closely whether Barclays, National Australia Bank, Westpac and
the Royal Bank of Scotland also run for the door, says The
Australian.

Much of the future of the business rests on what they decide,
sources have told The Australian.

Already, Anchorage owns debt in Slater & Gordon, which is a
specialist in making claims against insurance companies, and like
Varde, owns only a small parcel, the report notes.

Tranches were bought by opportunists last year for between 30c
and 40c in the dollar.

All up, Slater & Gordon owes about AUD700 million to its
financiers, The Australian discloses.

According to The Australian, rival firm Maurice Blackburn
launched a class action against Slater & Gordon following the
spectacular fall of its share price last year.

The Australian relates that Slater & Gordon, which has not
released details of its debt covenants, struck trouble after its
disastrous acquisition of the Quindell professional services
division in a deal worth AUD1.23 billion, writing down
AUD814.2 million from the business, which has since rebranded as
Slater & Gordon Solutions.

Sources said the listed business was unlikely to collapse and
that the most probable outcome was the recapitalisation of the
company, given that it was not in the bank's interests to see the
business fail, The Australian adds.

Australia-based Slater & Gordon Limited (ASX:SGH) --
https://www.slatergordon.com.au/ -- is engaged in operating legal
practices in Australia and the United Kingdom. The Company
operates through segments, including Slater and Gordon Australia
(AUS), Slater and Gordon UK (UK) and Slater Gordon Solutions
(SGS). The AUS segment conducts a range of legal services within
a geographical area of Australia. The AUS segment also includes
investments, borrowing and capital rising activities. The
Company's UK segment conducts a range of legal services in in the
United Kingdom. The UK segment also includes the investments in
SGS. The SGS segment offers legal services relating to road
traffic accidents, employee liability and noise, including
hearing loss. The SGS segment also provides complementary
services in health and motor services. The Company's business and
specialized litigation services include commercial, estate and
professional negligence litigation and class actions.



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KINGTONE WIRELESSINFO: BDO China Raises Going Going Doubt
---------------------------------------------------------
Kingtone Wirelessinfo Solution Holding Ltd. filed with the U.S.
Securities and Exchange Commission its annual report on Form 20-
F, disclosing a net loss of $160,000 on $1.19 million of total
revenues for the fiscal year ended September 30, 2016, compared
to a net income of $1.03 million on $8.82 million of total
revenues for the fiscal year ended September 30, 2015.

BDO China Shu Lun Pan Certified Public Accountants LLP issued a
"going concern" qualification on the consolidated financial
statements for the fiscal year ended September 30, 2016, stating
that the Company has incurred negative cash flows from operative
activities, and net losses. The Company's viability is dependent
upon its ability to obtain future financing and the success of
its future operations. These matters raise substantial doubt
about the Company's ability to continue as a going concern.

The Company's balance sheet at September 30, 2016, showed total
assets of $23.72 million, total liabilities of $4.03 million, all
current, and a stockholders' equity of $19.69 million.

A full-text copy of the Company's Form 20-F is available at:
https://is.gd/AxcgvB

China-based Kingtone Wirelessinfo Solution Holding Ltd. is
principally involved in developing and implementing mobile
enterprise solutions for its customers in a broad variety of
sectors and industries to improve its operating efficiency by
facilitating mission-specific field and long-distance information
management in wireless environments through its variable interest
entity (VIE), Kingtone Information.


SINO CLEAN: District Court Affirms Dismissal of Ch. 11 Case
-----------------------------------------------------------
Former directors of Sino Clean Energy Inc., appealed from a
bankruptcy court's order dismissing the Chapter 11 petition they
filed on behalf of Sino.  In dismissing, the bankruptcy court
reasoned that only a corporation's current board of directors can
file for bankruptcy -- and here, at the time the appellants
filed, a state-appointed receiver had already removed them from
their director positions for mismanaging the company.  Because
Sino's new board of directors had not authorized the filing, the
bankruptcy court dismissed its petition.  On appeal, the
appellants contend that federal law preempts any state law
(including a state receiver) that restricts a company's directors
from filing for bankruptcy -- and that Sino's former directors
therefore retained the ability to file despite their ousting by
the receiver.

According to Judge Jennifer A. Dorsey of the United States
District Court for the District of Nevada, the appellants'
argument blurs the line between two related -- but distinct --
rules: the rule preventing states from barring corporations from
filing for bankruptcy, and the longstanding rule empowering
states to bar certain individuals from making that decision for a
corporation.

Judge Dorsey declined the appellants' invitation to extend the
rule that states cannot bar corporations from the bankruptcy
courts to also mean that states cannot prevent certain individual
directors from being the ones who decide whether the corporation
may file -- a question that has always been left to the states.
The bankruptcy system is just as available to Sino now as it was
before the receiver was appointed; only the identity of the
person making that decision for Sino has changed, Judge Dorsey
held.  Accordingly, Judge Dorsey affirmed the bankruptcy court's
dismissal.

The appeals case is SINO CLEAN ENERGY INC., acting by and through
BAOWEN REN, PENG ZHOU, WENJIE ZHANG, ZHIXIN JING, and PAUL CHUI;
and HUIQIN CHEN, LI HAN, GUANGJON HUANG, XIAODONG JIANG, XUELING
JING, YUFENG LI, HAICHO LI, LANYING LI, LIANG WANG, ZHEN WU, TING
XTE, HESHUN YANG, CHUNYUN ZHANG, TIEKUAN ZHANG, Appellants, v.
ROBERT W. SEIDEN, ESQ., in his capacity as Receiver over Sino
Clean Energy Inc., Appellee, No. 2:15-cv-01781-JAD (D. Nev.).

A full-text copy of Judge Dorsey's Order dated January 23, 2017,
is available at https://is.gd/zYgKMN from Leagle.com.

Sino Clean Energy, Inc., Appellant, represented by Matthew C.
Zirzow, Larson & Zirzow.

Robert W. Seiden, Appellee, represented by Douglas E. Spelfogel,
Esq. -- dspelfogel@foley.com -- Foley & Lardner LLP, Katherine R.
Catanese, Esq. -- kcatanese@foley.com -- Foley & Lardner LLP, pro
hac vice & Ryan Jefferson Works, Esq. -- works@mcdonaldcarano.com
-- McDonald Carano Wilson LLP.

                   About Sino Clean Energy Inc.

Sino Clean Energy Inc. -- http://www.sinocei.net/-- is a holding
company.  The Company is a producer of clean coal heating and
energy solutions for residential, commercial and industrial uses
in the People's Republic of China.  The Company produces and
distribute coals water slurry fuel (CWSF), which is a liquid fuel
that consists of fine coal particles suspended in water, mixed
with chemical additives, and is used to fuel boilers and furnaces
to generate steam and heat for both residential / commercial
heating and industrial applications.  As of December 31, 2011,
the Company had total annual production capacity 1,150,000 metric
tons of CWSF.

The Company uses washed coal to produce CWSF, which the Company
procures from local coal mines.  The Company sells its CWSF
exclusively in the People's Republic of China to residential
complex development management companies, commercial businesses,
industrial users, and government organizations.

Sino Clean Energy, Inc., filed a Chapter 11 petition (Bankr. D.
Nev., Case No. 15-50934) on July 8, 2015, and is represented by
Matthew C. Zirzow, Esq., at Larson & Zirzow, LLC, in Las Vegas,
Nevada.

At the time of filing, the Debtor's estimated assets ranged from
$1 million to $10 million and estimated liabilities ranged from
$1 million to $10 million.



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H O N G  K O N G
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HSIN CHONG: Payments to Subcontractors Reported Stalled
-------------------------------------------------------
Dominique Nguy at The Standard reports that Hsin Chong Group
reportedly owes subcontractors a total of HK$500 million, a local
newspaper has reported, citing an unnamed Hsin Chong staff.

The Standard says the stalled payments are said to have adversely
affected the pace of construction work at Marriott Hotel at Ocean
Park and at M+, a museum of visual culture in west Kowloon.
Another Hsin Chong staff member said work on M+ had slowed and
certain electrical and mechanical services subcontractors had
threatened to suspend their work, The Standard relates.

A Hsin Chong spokesman said the company was working to make
payments to subcontractors. He declined to comment on individual
projects.

Meanwhile, Ocean Park said the Marriott Hotel project is being
developed by Lai Sun Development which has been paying Hsing
Chong on time, The Standard reports. It added work on the project
was going on.

The Standard relates that the West Kowloon Cultural District
Authority said it has been making full payments on time to
companies charged with construction work in the district.

It said was not aware of any delay in construction of M+ and it
would monitor closely progress on the project, the report says.

Last September, Anonymous Analytics issued a "sell" rating on
Hsin Chong and claimed the latter's non- executive chairman, Lin
Zhuoyan, was using Hsin Chong as his "personal dumping ground"
for problematic and non-revenue generating development properties
at the expense of minority shareholders, The Standard reports.

Hsin Chong Group Holdings Limited (HKG:0404), formerly Hsin Chong
Construction Group Ltd., is a Hong Kong-based investment holding
company principally engaged in engineering and property
businesses. The Company operates through six segments. Building
Construction segment is engaged in the construction of buildings,
including Hong Kong M Museum. Civil Engineering segment is
engaged in civil engineering, including road engineering and
drainage engineering. Interior and Special Projects segment is
engaged in interior decoration, among others. Electrical and
Mechanical Engineering segment is engaged in electrical and
mechanical engineering. Property and Facility Management Services
segment is engaged in the provision of property and facility
management services in Mainland China and Hong Kong. Property
Development and Investment segment is engaged in the development
and investment of properties, including La Viva in Shenyang and
New Times Plaza in Beijing, among others.



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AFFIL VITRIFIED: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Affil Vitrified
Private Limited (AVPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.

                       KEY RATING DRIVERS

The ratings reflect AVPL's moderate revenue base and credit
metrics, high working capital requirements and tight liquidity
position.  In FY16, revenue was INR660 million (FY15: INR650
million), net leverage (Ind-Ra adjusted net debt/operating
EBITDAR) was 2.9x (FY15: 3.1x) and interest coverage (operating
EBITDA/gross interest expense) was 2.4x (2x).

The company's average use of working capital limits was 95%
during the 12 months ended December 2016.  AVPL had a long net
working capital cycle of 155 days in FY16 (FY15: 183 days) due to
high inventory period of 112 days (150 days) and debtor period of
78 days (64 days), and low creditor period of 35 days (31 days).

The ratings are also constrained by high customer concentration
risk, with Asian Granito India Limited accounting 68.76% of
AVPL's total sales in FY16.

However, the ratings are supported by high EBITDA margins of
17.9% in FY16 (FY15: 20.4%) and AVPL's promoters over a decade of
experience in the manufacturing of double charged vitrified
tiles.

                      RATING SENSITIVITIES

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

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

COMPANY PROFILE

Incorporated in 2010, AVPL is a Gujarat-based manufacturer of
double charged vitrified tiles, with an installed capacity of
2.59 million square meters per annum.  The company is managed by
Hiren Sureshbhai Patel, Girishbhai K. Patel and Bhagubhai P.
Patel.


ANAND SONS: CRISIL Reaffirms B+ Rating on INR8MM Cash Loan
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Anand Sons Goyal Sons Zaveri.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            8        CRISIL B+/Stable (Reaffirmed)
   Overdraft              2        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     2.5      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the firm's small scale of
operations which is expected to grow gradually as it has only one
showroom and faces intense competition from other players in the
vicinity.

It has moderate financial risk profile marked by low total
outside liability to tangible net worth (TOL/TNW) ratio and
average debt protection metrics. As on March 31, 2016, TOLTNW
ratio was low at 1.38 times and is expected to remain low in
range of 1.30-1.35 times over the medium term. ASGSZ's has
moderate interest coverage ratio was 1.97 times in fiscal 2016,
and is expected to remain moderate due to sustained operating
margin and limited debt.

Key Rating Drivers & Detailed Description
Weaknesses
* Small scale and short track record of operations in the
intensely competitive gold jewellery retailing market: The firm
commenced operations only in August 2015 and had operating
revenue of just INR15.67 crore in fiscal 2016. In the nine months
through December 2016, operating revenue was INR19.0 crore, and
is expected at INR20-22 crore in fiscal 2017. CRISIL believes
ASGSZ's scale of operations will remain small. Also, the firm
will remain exposed to intense competition in the fragmented gold
jewellery industry.

* Working capital-intensive operations: This is reflected in high
gross current assets of around 248 days as on March 31, 2016. The
incremental working capital requirement is high as operations
involve large inventory storage. It is expected to remain high
owing to the nature of business.

Strength
* Promoters' extensive industry experience and established
customer relationships: ASGSZ's promoters have been in the
jewellery retailing business for several years through Goyal Sons
Zaveri Pvt Ltd ('CRISIL BB/Stable') and Goyal Sons Jewels Pvt Ltd
('CRISIL BB/Stable'). ASGSZ is a franchisee of Tanishq, which has
a strong brand across the country, resulting in healthy demand
that will support the firm's business risk profile.
Outlook: Stable

CRISIL believes ASGSZ will continue to benefit from its
promoters' experience in the gems and jewellery business. The
outlook may be revised to 'Positive' if sales and profitability
increase significantly, leading to more-than-expected accrual and
a better financial risk profile. The outlook may be revised to
'Negative' if the financial risk profile weakens because of
lower-than-expected profitability, or larger-than expected
working capital requirement or debt-funded capital expenditure.

ASGSZ is a partnership firm established in August 2015 by
Haryana-based Goyal family. The firm is a franchisee of Titan
Industries Ltd's Tanishq brand for gold and diamond jewellery. It
has a showroom in Sirsa, Haryana, and is currently promoted by
Mr. Sumit Goyal, Mr. Shanky Goyal, Mr. Ramesh Kumar, and Mr.
Pradeep Kumar.

ASGSZ's in its first year of operations reported a net profit of
INR0.19 crore on net sales of INR15.30 crore for fiscal 2016.


ASIAN LAKTO: ICRA Upgrades Rating on INR13cr LT Loan to B+
----------------------------------------------------------
ICRA has upgraded its long-term rating on the INR13.00 crore
fund-based facilities of Asian Lakto Industries Limited to
[ICRA]B+ from [ICRA]B-. The outlook on the long-term rating is
'Stable'.

                     Amount
  Facilities       (INR crore)      Ratings
  ----------       -----------      -------
  Long-term-Fund       13.00        [ICRA]B+ (Stable); upgraded
  Based Limits                      from [ICRA]B-

Rationale
The rating upgrade is driven by steady financial performance of
ALIL, whereby its top-line grew at a CAGR of ~19.4% in the last
five years and improvement in capital structure, as reflected by
the reduction in gearing ratio (2.2 times in FY2016 over 2.5
times in FY2015). ICRA also takes note of the improved financial
discipline, where the company was regular in its debt repayments.
The rating continues to draw comfort from the extensive
experience of the promoters in the beverage industry, ALIL's long
track record of operations, its wide distribution network and
established relationships with reputed clients.

However, the rating is constrained on account of ALIL's low
profit margins on account of the intense competition in the
industry. The rating also takes into account the seasonal nature
of the business and the company's relatively modest scale of
operations. It also factors in the ALIL's high working capital
intensity on account of high inventory levels. The low
profitability coupled with the high debt levels has resulted in
weak coverage indicators with elevated TD/OPBDITA2 and weak
NCA/TD3.

Going forward, the ability of the company to improve its margins,
scale up its operations and strengthen its coverage indicators
will be the key rating sensitivities.

Key rating drivers
Credit Strengths
* Long experience of the promoters in the beverages industry;
* Growth in top-line at a CAGR of ~19.4% in the five years;
* Many reputed players in the customer profile and diversified
   product profile within the beverages segment.

Credit Weakness
* Almost full utilisation of working capital limits;
* Fragmented industry with many small players in the fray leads
   lower margins;
* Subdued debt protection metrics owing to low profitability.

Detailed description of key rating drivers highlighted:

ALIL processes fruit pulp to produce fruit juice, which is sold
under the brand, 'Mr Fresh'. Starting as bottling partners for
Thums Up, the company's promoters have extensive experience of
more than four decades in the beverage industry, by virtue of
which ALIL has an established distribution network across the
states of Haryana, Punjab and Himachal Pradesh. It leverages this
network to market its product. Apart from its traditional
markets, the company also sells its products in modern retail
stores like Reliance Fresh and Metro Cash & Carry. ALIL's top-
line has grown at a healthy CAGR of ~19.4% over the last five
years.

The company is required to store fruit pulp during the season to
manufacture its products (i.e., juices) throughout the year,
resulting in high inventory holding. With small amount of
creditors, the company's operations are working capital
intensive, resulting in high dependence on working capital
limits. Furthermore, owing to high competitive intensity in the
industry because of its fragmented nature, ALIL's margins are
under pressure.

Incorporated in 1994 by Mr. Radhe Shyam Poddar, Mr. Gopal Poddar
and Mr. Neeraj Poddar, ALIL was originally engaged in the
processing of flavoured milk. In 2007, the company diversified
its business and started processing fruit juices. In 2010, ALIL
exited the flavoured milk business owing to continued losses. The
company sells its fruit juices through various distributors and
retail chains under the brand name, 'Mr. Fresh', in various
flavours of mango, apple, lichi, guava, mixed fruit, etc.

The company reported a net profit after tax of INR1.34 crore on
an operating income of INR78.14 crore in FY2016, as against a net
profit after tax of INR1.52 crore on an operating income of
INR74.22 crore in FY2015.


B D CORPORATES: CRISIL Reaffirms B+ Rating on INR19.7MM Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank loan facilities of B D Corporates Private Limited and
assigned its 'CRISIL A4' rating to the company's short-term
facility.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        1.55       CRISIL A4 (Reassigned)
   Cash Credit          19.7        CRISIL B+/Stable (Reaffirmed)
   Proposed Cash
   Credit Limit          1.75       CRISIL B+/Stable (Reaffirmed)

The ratings reflect the company's large working capital
requirement and modest financial risk profile. These weaknesses
are partially offset by its promoters' experience in the
agriculture industry and strong relationships with customers and
suppliers.

Key Rating Drivers & Detailed Description
Weaknesses
* Working capital-intensive operations: Despite moderate gross
current assets of 94 days as on March 31, 2016, BDCPL remains
dependent on bank facilities because of large inventory due to
seasonal products, and limited credit from suppliers. CRISIL
believes BDCPL's operations will remain working capital intensive
over the medium term.

* Modest financial risk profile: BDCPL has weak debt protection
measures, reflected in interest coverage and net cash accrual to
total debt ratios of 1.64 times and 6.0%, respectively, for
fiscal 2016. The gearing was 1.70 times and networth was INR12.82
crore as on March 31, 2016. CRISIL believes gearing will improve
over the medium term, while debt protection metrics will remain
modest.

Strength
* Promoters' experience in agriculture business: BDCPL is
promoted by Mr. Sankar Agarwala who has experience of over two
decades in the agriculture sector. The company has developed
healthy relationships with customers and suppliers.
Outlook: Stable

CRISIL believes BDCPL will continue to benefit from strong
relationships with customer and suppliers. The outlook may be
revised to 'Positive' if there is a significant equity infusion,
resulting in increase in networth, or sustained growth in cash
accrual, leading to a better financial risk profile. The outlook
may be revised to 'Negative' if a sharp decline in profitability,
or large, debt-funded capital expenditure, results in
deterioration in the financial risk profile.

BDCPL was promoted by Mr. Sankar Agarwala and his family members
in 2003. Based in Kolkata, the company has two divisions: flour
mill and rice mill. The flour mill is in Hooghly, West Bengal,
and manufactures atta, maida, suji, and wheat bran.

BDCPL had a profit after tax (PAT) of INR0.48 crore on net sales
of INR120.79 crore for fiscal 2016, against a PAT of INR0.73
crore on net sales of INR114.96 crore for fiscal 2015.


BALLIUM EXPORTS: CRISIL Assigns 'B' Rating to INR20MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Ballium Exports.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term       20        CRISIL B/Stable
   Bank Loan Facility

The ratings reflect BE's susceptibility to risks related to
completion and saleability of its ongoing real estate residential
projects in Ongole (Andhra Pradesh), and to cyclicality in the
Indian real estate industry. These rating weaknesses are
partially offset by the extensive experience of BE's promoters in
residential real estate development business.

Key Rating Drivers & Detailed Description
Weakness
* Susceptibility to risks related to completion and saleability
of its ongoing real estate residential projects in Ongole

The firm is presently executing one residential gated community
projects at Ongole. The firm's ongoing projects are susceptible
to a moderate degree of funding risk as the financial closure is
pending. The firm predominantly depends on customer advances
(which are received in line with the project progress) for its
project and need based fund support from its promoters. Hence,
any delay in project execution is likely to delay the receipt of
customer advances, thereby increasing the firm's dependence on
its promoters

* Susceptibility to cyclicality in the Indian real estate
industry

The real estate sector in India is cyclical marked by volatile
prices, opaque transactions, and a highly fragmented market
structure. Also, continuous changes in fiscal and monetary
measures will cause a variation in interest rates impacting the
demand for housing loans. The absence of regulatory
certifications on land titles exposes real estate developers to
legal risks. Moreover, high transaction costs constrain the
development of a robust secondary market, leading to liquidity
risks.

Strengths
* Extensive experience of BE's promoters in residential real
estate development business.

BE a family owned business, benefits from the promoters'
extensive experience in the residential real estate business. The
Company is promoted by Mr. B.Kottiah and his son Mr. B
.Ravichnadra. The promoters had prior experience in developing
residential complexes and are also involved in developing
projects in Bangalore.
Outlook: Stable

CRISIL believes that BE will continue to benefit over the medium
term from its promoters' extensive experience. The outlook may be
revised to 'Positive' if the firm completes and sells its
projects sooner than expected, leading to an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of delays in project completion or in receipt
of advances from customers, or if the firm undertakes a large
debt-funded project, weakening its financial risk profile.

In August 2009, BK Enchanting Enclave was formed as partnership
towards developing residential apartments. The project is towards
developing a gated community with 288 flats in Ongole District
(Andhra Pradesh).

Profit after tax (PAT) was INR0.67 crore and net sales were
INR16.66 crore for fiscal 2016, vis-a-vis INR(2.19) crore and
INR9.84 crore, respectively, for fiscal 2015.

Status of non-cooperation with previous CRA: BE has not
cooperated with ICRA Limited which has suspended its rating vide
released dated June 6 2016. The reason provided by ICRA Limited
is non-furnishing of information required for monitoring of
ratings


BDR EDUCATIONAL: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned BDR Educational
Society a Long-Term Issuer Rating of 'IND B+'.  The Outlook is
Stable.

                       KEY RATING DRIVERS

The ratings reflect BDR's tight liquidity position.  In FY16, the
society had available funds (cash and unrestricted investments)
of INR2.81 million, which provided a weak financial cushion to
financial leverage (available funds/total long-term debt) (FY16:
3.07%) and available funds/operating expenditure (FY16: 12.96%).
Moreover, BDR had an extremely high collection period of 124 days
in FY16.

Moreover, BDR has a high debt burden on account of major capex
incurred on the establishment of Surya - The Global School in the
past.  However, its debt, including rent/current balance before
interest, depreciation and rent (CBBIDR) significantly improved
to 4.11x in FY16 from 12.76x in FY15 and negative 50.13x in FY14,
mainly due to an increase in CBBIDR to INR22.29 million in FY16
from INR6.39 million in FY15 and negative INR1.42 million in
FY14. Its debt, including rent/income was 208.43% in FY16; the
reading is quite high, considering the society's small scale of
operations.

The ratings are constrained by the fact that BDR largely
generates revenue from tuition fee, which contributed 99.84% on
average during FY14-FY16, and solely relies on the operations of
a single school for earnings.

The ratings are supported by BDR's debt service capability
improving to moderate in FY16 from weak in FY14.  Its debt-
service coverage ratio, including rent, improved to 1.09x in FY16
from 0.34x in FY15 and negative 0.28x in FY14, mainly due to an
increase in revenue to INR43.99 million in FY16 from
INR19.55 million in FY15 and INR5.22 million in FY14.

The ratings are also supported by an attractive operating margin,
excluding rent.  Operating margin improved to 50.66% in FY16 from
32.68% in FY15 on account a 125.01% yoy rise in operating income
against a 64.91% yoy increase in key expenditure.  The rise in
operating income was driven by higher student strength (academic
year 2016-17: 1,132; academic year 2013-14: 220) due to increased
classroom capacity (academic year 2016-17: 1,260; academic year
2015-16: 800).  Moreover, the occupancy rate rose to 89.37% in
FY16 from 27.50% in FY14.

                        RATING SENSITIVITIES

Negative: A deterioration in debt servicing capability and an
increase in debt burden would trigger a negative rating action.

Positive: An increase in scale of operations and an improvement
in debt service capability would trigger a positive rating
action.

COMPANY PROFILE

BDR is a society registered under the Andhra Pradesh Societies
Registration Act, 2001.  It runs Surya - The Global School in
Baachupally, Hyderabad.  The school has a three-acre campus and
offers CBSE curriculum until grade seven.

The school commenced operations in 2013.


DEYS COLD: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Deys Cold
Storage Private Limited (DCSPL) a Long-Term Issuer Rating of 'IND
B+'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The ratings assigned to DCSPL reflect its small scale of
operations and moderate credit profile.  During FY16, DCSPL
reported revenue of INR89 million (FY15: INR113 million),
interest coverage (operating EBITDA/ gross interest expense) of
3.1x in FY16 (FY15: 2.9x), net leverage (total net debt/
operating EBITDA) of 8.1x (2.4x) and operating EBITDA margins of
15.3% (19.8%).

The ratings, however, are supported by around two decades of
experience of the company's directors in trading of potatoes.

The liquidity position of the company had been strong with 50.6%
average maximum utilization of its fund-based limit during 12
months ended December 2016.

                      RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations while
maintaining the profitability leading to improvement in the
credit metrics could lead to a positive rating action.

Negative: Deterioration in the overall credit profile could be
negative for the ratings.

COMPANY PROFILE

Incorporated in 2001, DCSPL is engaged in the cold storage
business and trading of potatoes.  The cold storage facilityis
located at Hailakandi and Karimganj in Assam.


G.G. TRONICS: ICRA Reaffirms 'D' Rating on INR10cr Term Loan
------------------------------------------------------------
ICRA has reaffirmed the rating of [ICRA]D assigned to the INR5.00
crore cash credit facility and INR10.00 crore term loan facility
of G.G. Tronics India Private Limited.

                     Amount
  Facilities       (INR crore)      Ratings
  ----------       -----------      -------
  Long Term-Cash
  Credit                5.00        [ICRA]D; re-affirmed

  Long Term-Term
  Loan                 10.00        [ICRA]D; re-affirmed

Rationale
The rating reaffirmation takes note of the stretched liquidity
position of the company as reflected by delays in debt servicing
and high utilization of working capital limits owing to the high
debtors and inventory. The rating continues to take into account
GTIPL's moderate scale of operations that limits the economies of
scale and the subdued financial profile as characterized by weak
net margin, leveraged capital structure and stretched liquidity
position. Nevertheless, the rating notes the established track
record of the company in the railway signaling industry and the
positive outlook for investment in railway safety and signaling
industry aided by capital expenditure of Indian Railways;
however, high sectoral concentration makes GTIPL susceptible to
any slowdown in the investment in railway capex.

Key rating drivers
Credit Strengths
* Established track record since 1991 in the railway signaling
   equipment systems, categorized by relatively high entry
   barriers and good technical expertise of the company in
   designing critical safety real time embedded systems
* Positive outlook in demand for railway safety and signaling
   systems, aided by increased emphasis on safety in the railways
Credit Weakness
* Irregularity in debt servicing
* Moderate scale of operations and reliance on the contractors
   to manage the commissioning of the signaling systems across
   the country
* Sectoral and client concentration (majorly Indian Railways)
   risk which makes GTIPL susceptible to any slowdown in the
   investment in railway capex in the country
* Vulnerability to the raw material price fluctuations
* Financial profile characterised by weak net margin, leveraged
   capital structure and moderate coverage indicators
* High working capital intensity owing to high receivables and
   inventory

Description of key rating drivers highlighted:

GTIPL designs and manufactures Train Actuated Warning Devices
(TAWDs), Single Section Digital Axle Counters (SSDACs), Fail Safe
Flashers (FSFs), Fail Safe Timers (FSTs) and Solid State Block
Proving by Axle Counter, among other safety products. GTIPL
mainly supplies to various divisions of the Indian Railways. The
company is one of the first private domestic companies to be
certified by RDSO for signaling systems. Over the last few years,
the Indian Railways has increased its emphasis on safety aspects
and the modernization of the railway signaling system which
augers well with GTIPL's product offerings. GTIPL's products are
commissioned across the country; however, it relies on various
railway contractors for commissioning its products, due to its
moderate capability to manage labor requirements and working
capital. Due to high sectoral concentration towards Railways, the
company remains vulnerable to any slowdown in the railway capex
in the country. The company also has moderate capability of
passing on raw material cost variations, impacting its margins.
The company's liquidity position remain stretched owing to the
high receivables and inventory as reflected by irregular debt
servicing and high working capital limit utilization. Going
forward, timely debt servicing and a sustained improvement in the
company's liquidity position will be the key rating
sensitivities.

GTIPL was established in 1991 and is involved in the business of
designing, manufacturing and supplying of real time embedded
systems for transport and industrial domain and other electrical
and electronic equipments. The company primarily supplies its
products to Indian railways. The company has its manufacturing
facilities and R&D center located in Peenya Industrial Area in
Bangalore spread over 58,000 sq. ft. It is a ISO 9001:2000
and ISO 9001:2008 certified company.

For FY 2016, the company reported a net profit of INR1.01 crore
on an operating income of INR43.80 crore against a net profit of
INR0.41 crore on an operating income of INR29.07 crore in FY
2015.


GOLDEN JUBILEE: CARE Lowers Rating on INR495cr LT Loan to 'D'
-------------------------------------------------------------
The revision in the ratings assigned to the bank facilities of
Golden Jubilee Hotels Limited takes into account delays in
servicing debt obligation owing to stretched liquidity position
of the company led by cash loss registered from operations of
Trident and delay in execution of Tower-II.


                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long Term Bank Facilities     495.00     CARE D Revised from
                                            CARE B

   Long Term/Short Term Bank      50.00     CARE D Revised from
   Facilities                               CARE B/CARE A4

Detailed description of the key rating drivers

The project has been facing time and cost overrun with the
additional funding required yet to be tied up. This apart, the
company reported net loss and cash loss during FY16 (Provisional;
refers to the period April 1 to March 31) from the existing
operation of Hotel Trident.

The main promoters of the company are Maha Hotel Projects Pvt
Ltd. (MHPPL) through Core Hotel Ventures Pvt Ltd. The promoter of
MHPPL & CEO of GJHL; Shri L.N. Sharma has about 18 years of
experience in the hotel project implementation segment and
earlier has been associated with projects viz. The Grand Hyatt,
Delhi, Park Hyatt Goa, etc.


GOODLUCK ADVANCES: CARE Assigns B+ Rating to INR3.50cr LT Loan
--------------------------------------------------------------
The rating assigned to Goodluck Advances and Finlease Limited is
constrained by small scale of operations, high regional
concentration, basic risk management system, moderate asset
quality and regulatory risk.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-term Bank
   Facilities               3.50       CARE B+; Stable Assigned

These are somewhat mitigated by the presence of experienced
promoters in asset-financing business, comfortable capital
adequacy and secured nature of the portfolio.

Going forward, ability of the company to increase its scale of
operations through geographic diversification, maintenance
of profitability and asset quality will be the key rating
sensitivities.

Detailed description of the key rating drivers

GAFL's scale of operations has remained small mainly on account
of its limited geographic reach. The company is exposed to
regional concentration risk as its portfolio is concentrated
completely in Punjab (100% of loan book as on March 31, 2016)
with its single operating office in Bhatinda.

GAFL has basic risk management system in place with operational
aspects of the company being handled and supervised by Mr.
Tejinder Singh Walia, Director of the company. The company has
the policy of hypothecating the vehicle/asset for which the
lending is being made along with personal guarantee of existing
customers whose loans are properly serviced.

The Loan to value (LTV) Ratio is moderate at ~70-75% providing
some comfort in case of any delinquencies. As on March 31, 2016,
the GNPA% stood at 2.27% (PY: Nil) and Net NPA/Net-worth stood at
1.89% (PY: Nil).

In order to integrate NBFC norms in-line with those of banks, RBI
had introduced guidelines in November 2014. The norm proposes
stricter guidelines with respect to minimum capital norms, norms
for NPAs etc. The new norms are to be implemented in phased
manner so that the norms are at par with banks by March 31, 2018.

GAFL was promoted by Mr. Tejinder Singh Walia and Mr. Sadhu Singh
Walia in 1995. Mr. Sadhu Singh Walia and Mr. Tejinder Singh Walia
have experience of more than two decades in the industry. GAFL is
primarily engaged in vehicle financing wherein the vehicle is
hypothecated, thus, almost entire portfolio of GAFL is secured in
nature.

The Capital Adequacy Ratio (CAR) of GAFL was comfortable at
56.98% as on March 31, 2016 (as against minimum regulatory
stipulation of 15%), though it has declined from 58.74% as on
March 31, the same continues to be comfortable.

Goodluck Advances and Finlease Ltd (GAFL), promoted by Mr. Sadhu
Singh Walia and Mr. Tejinder Singh Walia, was incorporated in the
year 1995 as a Private Limited Company. The company is registered
as a deposit taking NBFC (Asset Finance Company) with RBI.

GAFL was converted into a public Limited company in October 2002.
GAFL is engaged in the lending activity for financing of
commercial vehicles (new and second hand) and personal loans. The
company is headquartered in Bhatinda, Punjab with 100% of the
loan book concentrated in the region. As on March 31, 2016, the
company had net loan portfolio outstanding of INR7.52 crore with
226 customers.

In FY16 (refers to period from April1 to March31), the company
has achieved a total income of INR1.49 crore and PAT of INR0.68
crore against total income of INR0.99 crore and PAT of INR0.54
crore in FY15.


JAI KEDARNATH: CRISIL Reaffirms 'B' Rating on INR7.0MM Term Loan
----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' ratings on the bank
facilities of Jai Kedarnath Buildcon Private Limited. Further
CRISIL has reassigned 'CRISIL A4' for short term bank facilities
of JKBPL.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        2.3        CRISIL A4 (Reassigned)
   Term Loan             7.0        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect susceptibility to risks related
to completion and saleability of the company's ongoing commercial
projects in Nanded, Maharashtra, and to cyclicality in the Indian
real estate industry. These weaknesses are partially offset by
the extensive experience of the promoters in the residential
real-estate and civil construction industry, and the favorable
location of the current project.

Key Rating Drivers & Detailed Description
Weaknesses
* Exposure to risks relating to cyclicality in the Indian real
estate industry and to economic cycles: The real estate sector in
India is fragmented and dominated by a few regional players;
also, the industry is inherently cyclical.

* Exposure to project implementation and demand risks: The
company is currently executing a commercial project in Nanded. As
of December 2016, around 70% of the construction was completed
and about 50% of the total units sold.

Strengths
* Extensive industry experience of the promoters: The promoters
are Mr. Satish Maheshwari and Mr. Ganpati Morge. Mr. Morge has an
experience of 25-30 years in the real estate industry. The
Maheshwari family, too, has been in the construction and real
estate business for more than 25 years through associate entities
Sanman Construction, Sanman Buildcon Pvt Ltd, and Sanman Suraj
Enterprises.
Outlook: Stable

CRISIL believes JKBPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if the customer response to its projects is
significantly better than expected, leading to higher-than-
anticipated cash flow from operations. The outlook may be revised
to 'Negative' if cash flow from operations is significantly
lower-than-expected because of subdued response to the project or
lower-than-envisaged flow of advances, significantly affecting
debt servicing ability.

JKBPL was established in 2012, promoted by Mr. Satish Maheshwari
and Mr. Ganpati Morge. The company is currently constructing a
shopping complex at Nanded.


JKV MULTI: CARE Assigns B+ Rating to INR5cr Long Term Loan
----------------------------------------------------------
The rating assigned to the bank facilities of JKV Multi State
Credit Cooperative Society Limited is constrained by short track
record and small scale of operation, thin PAT margin,
concentrated loan portfolio and limited resource profile coupled
with high dependence on deposits. However, the rating is
underpinned by the experienced management, growth in scale of
operation during review period, satisfactory asset quality,
regular loan requirement from society members coupled with wide
geographical reach.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities              5        CARE B+; Stable Assigned

Going forward, the ability of the society to increase its scale
of operations, profitability and diversify the loan portfolio
will be the key rating sensitivities.

Detailed Description of the key rating drivers

JKV was established in the year 2012 and hence, has a short track
record of operations.

The society has been increasing the number of members' year-on-
year and has 112,880 members as on November 30, 2016. The total
operating income of the society increased at Compounded Annual
Growth Rate (CAGR) of 235.26% from INR1.47 crore in FY14 (refers
to the period April 1 to March 31) to INR16.41 crore in FY16.
Despite increase in total operating income y-o-y, the scale of
operations of the society remained small as compared to other
peers in the industry. The society has net loss till FY14 due to
high operating expenses and interest expenses. However, the
society has turnaround from net loss to net profit from FY15
onwards at the back of increase in interest income resulting in
absorption of overhead. Furthermore, the PAT of the society
increased from INR0.02 crore in FY15 to INR0.03 crore in FY16,
but the PAT margin of the society remained thin at below unity
level.

The product and customer profile of JKV is concentrated having
100% credit exposure to JKV members of society in form of
personal loans. The major source of funding for JKV is deposits
received from members of the society. The total debt comprises of
deposits received from members and interest payable on those
deposits. As on March 31, 2016, the total deposit of the society
was INR65.49 crore.

As on March 31, 2016, the society has reported NIL number of NPA
accounts. The loans extended by JKV are based upon the deposits
made by the members of the society. The society will not have any
NPA's as the society undertakes surety from the other members of
the society along with PDC and the loan is secured by the
investment deposits made by the members.

Mr. Gyanesh Pathak (Chairman) has 15 years of experience in
banking and finance. He has worked in Axis Bank.  Furthermore, he
is one of the promoters of SCI Micro Finance which was
established in the year 2011 and one of the directors in Swaran
Finance Limited which was established in the year 1966.


K.P. SOLVEX: Ind-Ra Lowers Long-Term Issuer Rating to 'B'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded K.P. Solvex
Pvt. Ltd.'s (KPSPL) Long-Term Issuer Rating to 'IND B' from
'IND BB-'.  The Outlook is Stable.

                       KEY RATING DRIVERS

The downgrade reflects the deterioration of KPSPL's overall
financial profile over FY14-FY16, on account of low production of
soya and a fall in export sales. KPSPL reported revenue of
INR896 million in FY16 (FY15: INR763 million; FY14: INR1,935
million), EBITDA margin of 0.2% (negative 2.1%; 1.5%), interest
coverage (operating EBITDA/gross interest expense) of 0.17x
(negative 0.97x; 1.73x) and leverage (adjusted net debt/operating
EBITDAR) of 79.27x (negative 7.61x; 7.19x).

The ratings are constrained by the tight liquidity position of
the company as reflected by its long working capital cycle of 89
days in FY16 (FY15: 70 days).

The ratings, however, are supported by over three decades of
experience of KPSPL's promoters in manufacturing soya oil, oil
cakes and de oil cakes.

                      RATING SENSITIVITIES

Negative: Deterioration in the profitability margins and overall
liquidity profile could be negative for the ratings.

Positive: An improvement in the scale of operations along with
profitability margins leading to improvement in the overall
credit metrics could be positive for the ratings.

COMPANY PROFILE

Incorporated in 1983, KPSPL manufactures soya oil, oil cakes and
de oil cakes.  It also trades soya seeds and grains.  Its solvent
extraction plant is located in Tikamgarh, Madhya Pradesh.  The
plant has an installed capacity of 1,00,000mtpa of solvent
extraction and 15,000mtpa of refining.  The company is managed by
three promoters - I.K Kochar, B.K Trivedi and Kushal Jain.


KGS NELSUN: CRISIL Assigns B- Rating to INR15.5MM Overdraft
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facility of KGS Nelsun Paper Mill Limited. The rating
reflects KGS's subdued operating efficiencies and weak financial
risk profile. These weaknesses are, however, partially offset by
sizeable, need-based fund support extended by the promoters,
highlighting their healthy financial flexibility and extensive
experience in the kraft paper industry.

                          Amount
   Facilities            (INR Mln)      Ratings
   ----------            ---------      -------
   Drop Line Overdraft
   Facility                  15.5       CRISIL B-/Stable

Key Rating Drivers & Detailed Description
Weaknesses
* Subdued operating efficiency: The credit risk profile is
constrained by its subdued operating efficiencies, with operating
losses being incurred over the three years ended fiscal 2016 and
a stretched working capital cycle. Operations have been impacted
over the past three years, owing to labour issues faced in its
Cochin unit, resulting in below-average capacity utilisations. In
addition, large working capital requirement and the resultant
debt dependence have led to sizeable net losses over the past
three years. Operating performance will likely improve over the
medium term driven by corrective measures being initiated by the
management.

* Weak financial risk profile: The financial risk profile is
marked by a leveraged capital structure and weak debt protection
metrics. Continuing losses have resulted in complete erosion of
networth. Operations and debt servicing have, however, been
supported by about INR40 crore of interest-free unsecured loans,
being treated as neither debt nor equity. CRISIL believes the
financial risk profile will remain below-average over the medium
term; timely fund support from promoters will remain a key rating
sensitivity factor.

Strength
* Promoter's financial flexibility and experience in kraft paper
manufacturing: Credit profile is supported by the sizeable fund
support extended by the promoters in the form of unsecured loans
which stood at INR40 crore as on March 31, 2016, towards
sustaining operations and ensuring timely debt servicing. The
promoters infused INR20 crore over the two years through fiscal
2016 and will likely continue to extend support over the medium
term.  Operation are currently managed by Mr. KPK Kumaran who has
over two decades of experience.
Outlook: Stable

CRISIL believes KGS will continue to benefit over the medium from
the extensive experience of promoters. The outlook may be revised
to 'Positive' if a significant improvement in operating margin
while increasing its scale of operations strengthens the
financial risk profile. Conversely, the outlook may be revised to
'Negative' if delays in fund infusion by the promoters or
continuing losses and stretch in working capital cycle further
weaken liquidity.

Incorporated in 1995, Chennai-based, KGS manufactures kraft paper
for use in the packaging industry. The company currently has a
manufacturing unit in Trichy (Tamil Nadu), with installed
capacity to manufacture 60 tonnes per day in the 12-20 burst
factor range. The company is promoted and managed by the managing
director, Mr. KPK Kumaran and his wife, Ms Anitha Kumaran.

For fiscal 2016, KGS reported net losses of INR7.4 crore on an
operating income of INR60.02 crore as against net losses of
INR29.3 crore on an operating income of INR30.5 crore for fiscal
2015.


KRISHNAIAH MOTORS: ICRA Reaffirms B+ Rating on INR24.5cr Loan
-------------------------------------------------------------
ICRA has reaffirmed long term rating at [ICRA]B+ for the INR24.50
crore fund based facilities of Krishnaiah Motors Private Limited.
The outlook on the long term rating is 'Stable'.

                     Amount
  Facilities       (INR crore)     Ratings
  ----------       -----------     -------
   Cash Credit         24.50       [ICRA]B+/ Reaffirmed
                                   Stable outlook assigned

Rationale
The assigned rating is constrained by the weak financial profile
of the company characterised by thin profitability, moderate
coverage indicators and high gearing of 4.6x times as on
March 31, 2016; significant term loan repayment obligations due
to debt funded capex plans; and working capital intensive
operations which are inherent in auto dealership business. The
rating also considers limited presence with only two showrooms
and three sales outlets in Hyderabad and Secunderabad. However
the rating derives comfort from consistent improvement in
revenues with revenues growing at a CAGR of 19% over the past
five years; extensive experience of the promoters in the
automobile dealership business for over 10 years and inherent
strength of the principal Maruti Suzuki India Limited.

Going forward, the ability of the company to ramp up operations
and generation of sufficient cash accruals for debt obligations
will remain key rating drivers.

Key rating drivers
Credit Strengths
* Extensive experience of the promoters in the automobile
   dealership business for more than 10 years
* Authorized dealer of Maruti Suzuki India Limited, the
   market leader in the passenger car segment in India
* Consistent improvement in revenues over the past five years
   from INR119.1 crore in FY2012 to INR241.02 crore in FY2016

Credit Weakness
* Significant term loan repayment obligations with debt levels
   increasing from INR21.57 crore in FY 15 to INR41.84 Cr in
   FY 16
* Increase in loans and advances to related parties in FY 16
* High competition among dealers of MSIL thus forcing KMPL to
   pass on price discounts to customers and constraining the
   margins
* Thin operating margin, low bargaining power (as commission
   on vehicles, spares, service and accessories are all
   controlled by OEMs) and working capital intensive operations,
   which are inherent in auto dealership business
* Limited presence with only two showrooms and three sales
   outlets in Hyderabad
* Low profitability coupled with high gearing at 4.6 times as
   on March 31, 2016, has resulted in moderate coverage
   indicators
* Exposure to cyclical nature of the Indian passenger vehicle
   industry

The company is into dealership for Maruti Suzuki India Limited
and at present has one showroom in secunderabad and one nexa
showroom in Kukatpally apart from three sales outlets. The
promoters of the company have extensive experience of over 10
years in automotive dealership business. The company has been
able to increase their revenues steadily despite competition as
indicated by a CAGR revenue growth of 19% in the past four years.
The company has also managed to increase their presence with the
opening of nexa showroom in Dec 2016. However the financial risk
profile of the company is weak with gearing levels of 4.6 times
as March 31, 2016, this coupled with limited profitability which
is inherent in the dealership business has resulted in moderate
coverage indicators. With significant debt funded capex the debt
levels of the company is high as against the accruals as on 31st
March 2016.


KRISHNAMURTHY SPINNING: CARE Reaffirms 'B' INR14.34cr Loan Rating
-----------------------------------------------------------------
The rating assigned to the bank facilities of Krishnamurthy
Spinning Mills Private Limited continues to be constrained by the
relatively small scale of operations, highly leveraged capital
structure, working capital intensive nature of business,
volatility associated with the raw material prices and highly
regulated industry with Government fixing the minimum support
price of cotton.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long-term Bank
   Facilities                14.34      CARE B; Stable Reaffirmed

The rating also takes into account decline in total operating
income albeit increase in PBILDT margin and achievement of net
profit in FY16 (refers to period April 1 to March 31). The
rating, however, continues to derive strength from the experience
of the promoter, interest subsidy under Technology Upgradation
Fund Scheme, adequate availability of raw material due to
presence of manufacturing facility in cotton growing area of
Andhra Pradesh and infusion of unsecured loans by promoters.

The ability of the company to increase its scale of operations
coupled with improvement in profitability and deleverage its
capital structure forms the key rating sensitivities.

Detailed Description of the key rating drivers

The promoter of KSMPL, Mr. MAVR Phani Krishna, hails from
agricultural background and has been associated with textile
industry for about 5 years. The promoter has established name and
presence in the Guntur region.

The promoters of the company are resourceful and have been
infusing the funds as and when it is required.

The company is located in Guntur District which is one the major
cotton growing areas in Andhra Pradesh. Availability of raw
material is not expected to be an issue as the company procures
major portion of its raw materials (cotton lint) from the
registered dealers in and around Guntur. The overall gearing of
the company increased from 9.01x as on March 31, 2015 to 10.45x
as on March 31, 2016 due to reduced amount of tangible networth
of the company on account of accumulated losses coupled with
deferred tax adjustment Total debt of the company stood on the
same lines at INR23.03 crore as on March 31, 2015 as against
INR23.09 crore as on March 31, 2016. The debt coverage indicators
of the company remained weak marked by total debt/GCA stood at
26.02x and PBILDT interest coverage ratio, though improved from
0.79x in FY15 to 1.53x in FY16, still remained low.

The PBILDT margin of the company improved from 5.87% in FY15 to
10.60% in FY16 at the back of reduced cost of raw materials. With
the increased in PBILDT and decreased finance charges, the
company achieved PAT of INR0.01 crore in FY16 compared to net
loss of INR0.64 crore in FY15. Despite the significant
improvement, PAT margin stood on a lower side.

The working capital cycle remained comfortable during FY15 and
further improved from 30 days in FY15 to 24 days in FY16 on
account of increased average creditor period from 30 days in FY15
to 50 days in FY16, on account of better credit terms provided by
creditors to the company during FY16.

Krishnamurthy Spinning Mills Private Limited (KSMPL) was
incorporated in June 2006 and is promoted by Mr. MAVR Phani
Krishna. KSMPL commenced operation in October 2007 with setting
up cotton yarn spinning facility (installed capacity of 12,360
spindles) at its manufacturing facilities located at Thimmapuram,
Guntur (Andhra Pradesh). KSMPL produces cotton yarn in the count
range of 32s and 40s. The company was initially started by Mr. V.
Srinivasa Rao and Mr. V.S. Subba Rao and was taken over by the
present promoter in mid-2012. The entire shareholding of KSMPL is
held by the present promoter and his family members.

In FY16, KMSMPL reported a Profit after Tax (PAT) of INR0.01
crore on a total operating income of INR23.94 crore, as against
net loss and TOI of INR0.64 crore and INR26.49 crore,
respectively in FY15. Furthermore, the firm has achieved sales of
INR21 crore in 9MFY17 (Provisional).


MAHA ASSOCIATED: CARE Cuts Rating on INR70cr LT Loan to 'D'
-----------------------------------------------------------
The revision in the ratings assigned to the bank facilities of
Maha Associated Hotels Private Limited takes into account delays
in servicing debt obligation owing to stretched liquidity
position of the company led by delay in execution of project.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long Term Bank Facilities     70.00      CARE D Revised from
                                            CARE BB+

   Long Term/Short Term Bank      5.00      CARE D Revised from
   Facilities                               CARE BB+/CARE A4+

Detailed description of the key rating drivers

There has been cost and time overrun in the project due to
project design reconfigurations. The project cost has been
revised to INR150.51 crore from earlier envisaged cost of
INR105.05 crore. The funding of the cost overrun has not been
fully tied up which has resulted in stress on liquidity position
and consequently delays in IDC (Interest During Construction)
servicing.

The company has incurred 65% of the revised cost, till Dec. 31,
2016.


MEGA VITRIFIED: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Mega Vitrified
Private Limited's (MVPL) Long-Term Issuer Rating at 'IND BB-'.
The Outlook is Stable.

                       KEY RATING DRIVERS

The affirmation reflects MVPL's continued moderate credit
profile. MVPL's revenue was INR346 million in FY16 (FY15: INR360
million and FY14: INR307 million); the decline was due to a
slowdown in the vitrified tiles manufacturing industry.  However,
MVPL's operating margin improved to 13.8% in FY16 (FY15: 12.7%)
on account selling high-margin tiles during 2016.  Consequently,
gross interest coverage (EBITDA/gross interest expenses)
increased to 2.7x in FY16 (FY15: 2.4x) and adjusted net leverage
(net adjusted debt/EBITDA) reduced to 2.9x (3.7x), respectively.

MVPL has indicated revenue of INR237.3 million during 9MFY17.
Ind-Ra expects credit metrics to further improve during FY17 due
to scheduled debt repayments.

The ratings are constrained by the company's stressed liquidity
position as reflected by almost fully utilized working capital
limits in the 12 months ended December 2016.

The ratings are supported by MVPL's promoter's decade-long
experience in the tiles manufacturing business.

                     RATING SENSITIVITIES

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

Negative: A substantial decline in the profitability resulting in
sustained deterioration in the overall credit metrics will lead
to a negative rating action.

COMPANY PROFILE

Incorporated in 2007, MVPL primarily manufactures vitrified tiles
at its 36,000mtpa production facilities in Morbi, Gujarat.  The
company started commercial production in March 2008.


MOTI RAM: CRISIL Assigns 'B' Rating to INR7.5MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Moti Ram Sunil Kumar.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan              0.8        CRISIL B/Stable
   Cash Credit            7.5        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     1.7        CRISIL B/Stable

The rating reflects Moti's weak financial risk profile, marked by
high gearing, low net worth and weak debt protection metrics. The
rating also factors the small scale of operations in a highly
fragmented rice industry. These rating weaknesses are partially
offset by the extensive industry experience of Moti's partners in
rice milling industry.

Key Rating Drivers & Detailed Description
Weaknesses
* Weak Financial Risk profile
The firm has reported weak financial risk profile marked by high
gearing, low net worth and weak debt protection metrics. It has
reported low net worth and high gearing of about INR48 lakhs and
12 times respectively as on March 2016. On account of high
gearing the firm has reported weak debt protection metrics.

* Small scale of operations
Moti's scale of operations remains small marked by modest
revenues of INR30.7 crore in 2015-16. The scale of operations is
small on account of highly fragmented nature of industry.

Strength
* Extensive industry experience of promoters
Moti benefits from the extensive experience promoters in rice
milling industry. The same has resulted in continue orders from
customers and longstanding relationship with suppliers and
customers.
Outlook: Stable

CRISIL believes that Moti's business risk profile will continue
to be supported by promoters' experience. The outlook may be
revised to 'Positive' in case Moti registers significant
improvement in its capital structure and scale of operations,
while sustaining its operating margins. Conversely, the outlook
may be revised to 'Negative' if the company registers
deterioration in its working capital cycle or undertakes any
large, debt-funded capex programme.

Moti was established as a Proprietorship firm in 2006 by Mr.
Sunil Kumar. The firm is engaged in the processing of paddy at
its manufacturing unit located at Karnal , with total installed
capacity of about 30,000 MTPA.

For fiscal 2016, Moti reported a profit after tax of INR4 Lakhs
on an operating income of INR30.7 crore, as against INR 4 lakhs
and INR1.5 crore, respectively, in the previous fiscal.


PATRAN FOODS: CRISIL Assigns B+ Rating to INR35MM Whse Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Patran Foods Private Limited and has assigned its
'CRISIL B+/Stable' rating to the long term bank facilities.
CRISIL had suspended the rating on December 19th 2014 as the
company had not provided the necessary information required for a
rating review. PFPL has now shared the requisite information
enabling CRISIL to assign the rating.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            33        CRISIL B+/Stable (Assigned;
                                    Suspension Revoked)
   Long Term Loan          0.9      CRISIL B+/Stable (Assigned;
                                    Suspension Revoked)
   Warehouse Financing    35        CRISIL B+/Stable (Assigned;
                                    Suspension Revoked)

The rating reflects PFPL's weak financial risk profile marked by
high gearing, and modest debt protection metrics, large working
capital requirements. These weaknesses are partially offset by
promoters' extensive experience in the basmati rice industry.

Key Rating Drivers & Detailed Description

Weaknesses
* Weak financial risk profile: The company had a weak financial
risk profile marked by high gearing of 5.8 times and modest debt
protection metrics with interest coverage and net cash accruals
to total debt at 1.18 times and 0.02 times respectively as on
March 2016.

* Working capital intensive nature of operations: PFPL's
operations are highly working capital intensive reflected in
estimated gross current assets (GCA) days of 198 days as on
March 31, 2016

Strength
Promoters' extensive experience in basmati rice industry: The
promoters have over four decades of experience in the rice
industry. The promoter's family has been engaged in this business
since 1975.
Outlook: Stable

CRISIL believes that PFPL will continue to benefit over the
medium term from the extensive experience of its promoters in the
rice industry. CRISIL, however, believes that PFPL's financial
risk profile will remain constrained during this period, because
of the company's highly working-capital-intensive operations. The
outlook may be revised to 'Positive' if PFPL significantly scales
up its operations and improves its profitability, leading to
better cash accruals, or if its capital structure improves
significantly because of capital infusion by its promoters.
Conversely, the outlook may be revised to 'Negative' if PFPL
reports significant deterioration in its capital structure
because of large, debt-funded working capital requirements or
pressure on its profitability.

PFPL was set up as a private limited company in 1999 by Mr.
Naresh Kumar Goyal. The company processes and sells basmati rice.
Its unit, which is at Patran (Punjab), has milling capacity of 16
tonnes per hour (tph). The factory runs in two shifts of 12 hours
each.

PFPL reported a profit after tax (PAT) of INR0.20 crores on net
sales of INR144 Crores for fiscal 2016, vis-a-vis INR2.80 crores
and INR153 crores, respectively in fiscal 2015.


PIONEER EMBROIDERIES: CRISIL Ups Rating on INR15MM Loan to B-
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Pioneer
Embroideries Limited to 'CRISIL B-/Stable' from 'CRISIL D' and
has assigned its 'CRISIL A4' rating to the short-term bank loan
facility.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            15        CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Letter Of Guarantee     0.78     CRISIL A4 (Assigned)

   Working Capital         1.72     CRISIL B-/Stable (Upgraded
   Term Loan                        from 'CRISIL D')

The upgrade is driven by timely payment of interest and principal
obligations, and expectation of sustained improvement in
liquidity, over the medium term. While an increase in the scale
of operations and better efficiencies, should support growth in
revenue and profitability, the interest outlay has been
declining. Debt has declined by INR67.34 crore in the past two
years; debt on its books as on March 31, 2017, is expected to be
INR68.77 crore. The interest outlay has dropped to INR9.4 crore
in fiscal 2016, vis-a-vis INR12 crore and INR16.7 crore in
fiscals 2015 and 2014, respectively, and may decline further over
the medium term. Cash accrual is also expected to increase
substantially and suffice to cover the future debt obligation.

The ratings continue to reflect the susceptibility to volatile
raw material prices and intense competition in the textile
industry. The rating also factors the large funding support
extended to subsidiaries and associates, though it is
sequentially reducing. These rating weaknesses are mitigated by
benefits from the established position in the embroidered
fabrics, laces, and dope dyed polyester yarn (DDPY) industry,
backed by extensive experience of promoters and strong brand
value. The financial risk profile is average, marked by moderate
networth and debt protection metrics.

Key Rating Drivers & Detailed Description

Weaknesses
* Susceptibility to volatile raw material prices and intense
competition: Volatility in raw material prices and intense
competition constrain the pricing pressure and ability to pass on
the hike in raw material prices to customers, as a result of
which operating margin has been rangebound at 5.5-6% over the
five years ended March 31, 2016.

* Large advances and investments in associates: PEL has made
investments and extended large advances to its associates, (Rs
73.2 crore as on March 31, 2016); most of these associates are
either making losses, or are failed investments, thus
constraining the financial flexibility.

Strengths
* Established market position, backed by extensive experience of
the promoters
The established market position, also reflected in revenue of
INR255.36 crore in fiscal 2016, is backed by the two decade-long
experience of the promoters in the embroidered and knitted fabric
segment. The company is also engaged in retail through its
subsidiary, Hakoba Lifestyle Ltd, and sells fabrics under the
Hakoba brand.

* Average financial risk profile
Networth is expected to be at INR73.44 crore as on March 31,
2017. Gearing should remain below 1 time as on March 31, 2017,
aided by repayment of a large portion of term debt. Debt
protection metrics are moderate, as reflected in interest
coverage and net cash accrual to total debt (NCATD) ratios
expected to be at 3.07 times and 0.21 time, respectively, in
fiscal 2017.
Outlook: Stable

CRISIL believes PEL will continue to benefit from its established
position in the textile industry. The outlook may be revised to
'Positive' in case of substantial improvement in revenue and
profitability, and better working capital management. The outlook
may be revised to 'Negative' if any large, debt-funded capital
expenditure, significant decline in cash accrual or a stretch in
the working capital cycle, weakens liquidity.

Incorporated in 1991, PEL manufactures and exports DDPY and
embroidered fabrics, and laces. The Mumbai-based company has been
promoted by Mr. Raj Kumar Sekhani. The manufacturing facilities
are located in six different locations across India.

For fiscal 2016, PEL reported a profit after tax of INR16.46
crore on an operating income of INR255.36 crore, as against
INR2.11 crore and INR271.54 crore, respectively, in the previous
fiscal.


POLYCHEM EXPORTS: CARE Assigns B+/A4 Rating to INR11cr Bank Loan
-----------------------------------------------------------------
The ratings assigned to the bank facilities of Polychem Exports
is constrained on account of low profit margins due to trading
nature of its operations along with leveraged capital structure,
weak debt coverage indicators and high working capital intensity
of its operations. The ratings are also constrained on account of
its presence into highly fragmented and competitive chemical
industry.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/Short-term
   Bank Facilities                 11       CARE B+; Stable/
                                            CARE A4 Assigned

   Short-term Bank
   Facilities                      23       CARE A4 Assigned

The ratings, however, derive comfort from the wide experience of
its promoter in the dyes and chemicals industry and its
established track record of operations and consistent growth in
its scale of operations.

The ability of PCEX to increase its scale of operations, improve
profit margins in highly competitive industry along with
improving its solvency position and debt coverage indicators
would remain the key rating sensitivities.

Detailed Description of the key rating drivers

PCEX has four partners namely Mr. Brijlal Bhatia, Mr. Rajesh
Bhatia, Mr. Rameshchandra Bhatia and Mr. Ravi Bhatia. Mr. Brijlal
Bhatia has an experience of more than four decades in
manufacturing and trading of dyes and chemicals.  PCEX's
witnessed a growth in FY16 of 17% in its scale of with a total
operating income at INR117.98 crore and GCA at INR0.50 crore
(Rs.100.64 crore and INR0.52 crore respectively during FY15).

PCEX is engaged in trading business hence profit margins have
remained very low. On account of high debt level primarily
consisting of working capital bank borrowing and low net worth
base, solvency position marked by an overall gearing stood weak
at 4.43x as at March 31, 2016. Further, with low level of cash
accruals and high debt level, PCEX's debt coverage indicators
marked by total debt to GCA also remained weak.

On account of trading nature of operations, overall operations
stood working capital intensive marked by high utilization
of its working capital bank borrowing of 85% for last 12 month
period ended November 2016 and elongation in its operating cycle
to 61 days during FY16 compared to previous year.

PCEX has its presence in the chemical industry which is a highly
fragmented industry and is characterized by the presence of a
large number of organized and unorganized players which has led
to high competition in the industry.

Surat-based (Gujarat), PCEX was established in 1994by Mr. Brijlal
Bhatia. PCEX is engaged in trading of textile dyes, chemicals and
yarn. Currently PCEX has four partners Mr. Brijlal Bhatia, Mr.
Rajesh Bhatia, Mr. Rameshchandra Bhatia and Mr. Ravi Bhatia. The
partners collectively look after overall management of the firm.
The partners have an experience of more than three decades in the
industry.

During FY16 (refers to the period April 1 to March 31), PCEX has
reported a PAT of INR0.69 crore on a total operating income of
INR117.98 crore as against a PAT of INR0.72 crore on a total
operating income of INR100.65 crore in FY15. During the 8MFY17
(refers to the period April 1 to November 31) PCEX has achieved a
TOI of INR106.98 crore.


SANDOR LIFESCIENCES: ICRA Reaffirms B- Rating on INR35cr NCD
------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B- for the
INR35.00 crore Non Convertible Debenture (NCD) programme of
Sandor Lifesciences Private Limited. The outlook on the long term
rating is 'Stable'.

                     Amount
  Facilities       (INR crore)     Ratings
  ----------       -----------     -------
  Non Convertible
  debentures           35.00       [ICRA] B- (Stable) Reaffirmed

Rationale
The rating reaffirmation continues to be constrained by modest
scale of operations with revenues of INR10.18 crore in FY2016 and
weak financial profile characterized by operating losses for the
past 3 years. ICRA notes that the NCD redemption in FY2021 is
contingent upon the promoter plans of diluting equity in group
companies or refinancing of these NCD's including the accrued
interest amount. This risk is partly mitigated by the
demonstrated ability of the promoter to raise equity from
investors in Sandor Meidicaids Private Limited in FY2016 and
divestment of 97,350 shares in Sandor Nephro Services Private
Limited to Fresenius Medical Care for INR33.38 crore in
September, 2016. The rating, however, derives comfort from long
experience of promoters in medical diagnostic industry; exclusive
dealership of medical devices and medicines manufactured by
reputed pharmaceutical companies including Genzyme Corporation
(Part of Sanofi group), Abbot Point of Care etc in SMPL (rated
[ICRA]BB+ stable) and improved profitability indicator
characterized by positive net margin for 6mFY2017 owing to gain
realized from sale of SNSPL investment amounting to INR21.06
crore. ICRA also notes the moderate order book for INR7.73 crore
(0.76 times of OI of FY2016) as on December 31, 2016 which
provides revenue visibility for FY2018.

Going forward, the ability of the company to increase the scale
of operations, improve margins and effectively manage working
capital requirements would be the key rating sensitivity from the
credit perspective.

Key rating drivers
Credit Strengths
* Long standing experience of promoters in the medical
   diagnostics industry
* Sole and exclusive dealership of medical devices and drugs
   manufactured by reputed pharmaceutical companies in the group
   company, SMPL (rated [ICRA]BB+ Stable)
Credit Weakness
* Modest scale of operations in the medical diagnostic service
   industry with revenues of INR10.18 crore for FY2016
* Weak financial profile characterized by operating losses for
   the past 3 years

Description of key rating drivers highlighted:

The company is part of Sandor group which has diversified
presence in trading of medical devices and drugs, diagnostic
services scientific research etc. The rating reaffirmation
continues to be constrained by modest scale of operations with
revenues of INR10.18 crore in FY2016 and weak financial profile
characterized by operating losses for the past 3 years. The
rating, however, derives comfort from long experience of
promoters in medical diagnostic industry; and exclusive
dealership of medical devices and medicines manufactured by
reputed pharmaceutical companies including Genzyme Corporation,
Abbot Point of Care etc in SMPL (rated [ICRA]BB+ stable);
moderate order book for INR7.73 crore (0.76 times of OI of
FY2016) as on December 31, 2016 which provides revenue visibility
for FY2018 and improved profitability indicator characterized by
positive net margin for 6mFY2017 owing to gain realized from sale
of SNSPL investment amounting to INR21.06 crore.

Sandor Lifesciences Private Limited is promoted by Mr.Rajeev
Sindhi, which provides services in medical genetics, cellular
biology, protemics, genomics etc. The company is also a provider
of trained scientists and research assistants to Centre for DNA
fingerprinting and diagnostics, operated by the Department of
Biotechnology, Ministry of Science and Technology and University
of Delhi. The company also provides Bio repository services
following standard protocols for inventory and tracking
solutions. Also, R&D Department of SLPL is recognized by
Department of Scientific and Industrial Research (DSIR).
Currently, there are 119 employees with post graduate, doctorate
and post doctorate qualifications from various Universities.


SAPTARISHI HOTELS: CARE Lowers Rating on INR220cr LT Loan to 'D'
----------------------------------------------------------------
The revision in the ratings assigned to the bank facilities of
Saptarishi Hotels Private Limited takes into account delays in
servicing debt obligation owing to stretched liquidity position
of the company led by delay in execution of project.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     220.00     CARE D Revised from
                                            CARE BB
   Long-term/Short-term Bank      20.00     CARE D Revised from
   Facilities                               CARE BB/CARE A4

Detailed description of the key rating drivers

The project has been facing time and cost overrun on the account
of revision in project scope as well as increased interest during
construction. The project cost has again been revised from
earlier envisaged cost of INR375.11 crore to INR419.12 crore.
However, the additional cost has not been tied up resulting in
stress on liquidity position and consequently delays in IDC
servicing.

The property is located in the vicinity of the IT-ITES industrial
corridors of Madhapur and Gachibowli areas of Hyderabad, which
accounts for the large employers with extensive international
presence.

Saptarishi Hotels Private Limited was incorporated on October 07,
2010. The company is a special purpose vehicle (SPV) incorporated
for the development of a 4-star serviced apartments and
convention hotel property in the name of 'Double Tree by Hilton'
at Gachibowli, Hyderabad.

The project cost has been revised to INR419.12 crore from
INR375.67 crore which is proposed to be financed through debt
to equity ratio of 60:40. Financial closure has been achieved for
INR185.0 crore and the additional financing is yet to be
tied up. The project completion has been revised to Feb 2019 as
against Feb. 1, 2017.

Status of non-cooperation with previous CRA: ICRA has suspended
ratings assigned to bank facilities of SHPL in April 2014, due to
its inability to carry out surveillance in absence of requisite
information from the company.


SHUBHAM INDUSTRIES: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shubham
Industries a Long-Term Issuer Rating of 'IND BB-'.  The Outlook
is Stable.

                         KEY RATING DRIVERS

The ratings reflect Shubham's small scale of operations and
moderate credit profile due to high competition in the cotton
ginning and pressing industry.  According to FY16 financials,
revenue was INR330 million (FY15: INR410 million), EBITDA margins
were 2.1% (1.6%), interest coverage (EBITDA/interest) was 2.6x
(2.3x) and net leverage (net debt/EBITDA) was 6.83x (9.12x).  The
decline in revenue in FY16 was mainly on account of a lower
number of orders executed during the year.

The ratings are constrained by its partnership nature of
business.

The ratings, however, are supported by the company's partners'
more than a decade-long experience in the cotton ginning business
and also its strong liquidity position with average working
capital utilization of around 22% during the 12 months ended
December 2016.

                      RATING SENSITIVITIES

Positive: An increase in the revenue while maintaining the credit
profile will be positive for the ratings.

Negative: A further fall in the scale of operations will be
negative for the ratings.

COMPANY PROFILE

Incorporated in 2005, Shubham is engaged in cotton ginning and
pressing.  The company is managed by Rameshbhai Chaturbahi Patel
and family.


SPIC FASHIONS: CRISIL Assigns 'B' Rating to INR4MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Spic Fashions Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              4         CRISIL B/Stable
   Bills Discount/
   Cheque Purchase        3         CRISIL A4
   Packing Credit         3.5       CRISIL A4

The ratings reflect the company's modest scale of operations, and
exposure to intense competition and to fluctuations in foreign
exchange rates. These rating weaknesses are partially offset by
the extensive experience of the company's promoters in the
readymade garments industry.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: The firm has a very small scale of
operations. The promoters have not added significant capacities
over the past few years, resulting in stagnant volumes.
Furthermore, the management's focus on maintaining healthy
profitability has resulted in the company operating at reduced
capacity in the past, limiting its scale of operations.

* Susceptibility of margins to volatility in forex rates: The
Company generates all its revenues from the export market,
exposing itself to foreign exchange fluctuation risk.

Strength
* Extensive experience of promoters in the Readymade garment
Industry: The promoters' family has been engaged in the same line
of business for over two decades. Over the years, the firm has
been able to develop good relations with key customers across
continents and key suppliers.
Outlook: Stable

CRISIL believes SFPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant and
sustainable increase in scale of operations and profitability, or
improvement in the company's working capital cycle, resulting
better liquidity.  Conversely, the outlook may be revised to
'Negative' in case of deterioration in the financial risk
profile, especially liquidity, most likely because of significant
increase in working capital requirement, decline in
profitability, or large, unanticipated debt-funded capital
expenditure.

SFPL was originally established as a Partnership concern by Mr.
A.Senthilkumar in 2004. In 2014, the firm was reconstituted as a
private limited company. SFPL manufactures readymade garments
which are mainly exported to the Spain, France and Mexico among
other countries

For fiscal 2016, SFPL reported a profit after tax (PAT) of INR0.4
crore on an operating income of INR14.2 crores as against a PAT
of INR0.02 crore on an operating income of INR1.2 crores in
fiscal 2015.

Status of non-cooperation with previous CRA: SFPL has not
cooperated with ICRA which has suspended its rating vide release
dated August 19, 2016. The reason provided by India Ratings and
Research is non-furnishing of information for monitoring of
ratings.


SSV SPINNERS: CARE Reaffirms B+ Rating on INR32.16cr LT Loan
------------------------------------------------------------
The rating assigned to the bank facilities of SSV Spinners
Private Limited continues to remain constrained by its limited
track record of operation, moderate scale of operations,
susceptibility of the profit margins in the fluctuations of raw
material prices, leveraged capital structure and weak debt
coverage indicators.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-term Bank
   Facilities               32.16      CARE B+; Stable Reaffirmed

The rating also factors in healthy growth in total operating
income and improvement in working capital cycle albeit
substantial decline in PBILDT margin and net loss incurred during
FY16 (refers to the period April 1 to March 31). The rating,
however, derives strength from experience of the promoters in the
cotton yarn business, easy availability of raw materials and
government support in the form of subsidies.

The ability of the company to improve its profitability in light
of stiff competition, improve capital structure and effectively
manage its working capital are the key rating sensitivities.

Detailed description of the key rating drivers

SSVSPL's has only completed around three years of operations and
has short track record of operations, the scale and size of the
company remains moderate. The total operating income of the
company increased by around 39% from INR59.76 crore in FY15 to
INR83.29 crore in FY16 at the back of increase in utilization of
capacities and increase in demand for cotton yarn. However, the
PBILDT margin of SSV declined by 437 bps from 11.24% in FY15 to
6.87% in FY16 on account of decline in prices of cotton yarn
resulting in inability of the company to completely pass on cost
of production to the customers due to stiff competition in the
cotton yarn industry. In line with decline in PBILDT combined
with increase in interest expense and higher depreciation, the
company incurred net loss of INR0.35 crore in FY16 compared to
net profit of INR0.03 crore in FY15. However, gross cash accruals
of the company increased from INR1.97 crore in FY15 to INR2.56
crore in FY16.

Prices of the raw material, ie, raw cotton are highly volatile in
nature and depend upon factors like, area under production,
yield for the year, international demand-supply scenario, export
quota decided by government and inventory carry forward of last
year. Ginners usually have to procure raw materials at
significantly higher volume to bargain bulk discount from
suppliers. Furthermore, cotton being a seasonal crop as it is
available mainly from November to February results into a higher
inventory holding period for the business. Thus, aggregate effect
of both the above factors results in exposure of ginners to price
volatility risk.

The company had leveraged capital structure and weak debt
coverage indicators in spite of improvement in the same in FY16
over FY15. The capital structure of the company marked by debt-
equity ratio and overall gearing ratio improved from 2.05x and
2.66x respectively, as on March 31, 2015 to 1.51x and 2.22x
respectively, as on March 31, 2016. Furthermore, the debt
coverage indicators marked by interest coverage and Total debt to
GCA improved from 1.42x and 20.71x respectively, in FY15 to 1.81x
and 15.71x respectively, in FY16. The promoters infused equity
share capital of INR3.11 crore in order to support the
operations.

The operating cycle of SSVSPL has improved from 48 days in FY15
to 27 days in FY16 on account of improvement in average inventory
period resulting from increase in inventory turnover during the
period which in turn increased on account of improvement in
sales. The working capital utilization of the company stood
between 75% and 95% during the past 12 months ending Oct. 31,
2015.

SSVSPL was promoted by Mr. Venkateswara Rao and Ms Subhashini.
Mr. Venkateswara Rao has more than 14 years of experience in
different industries through its associate concerns and is the
key person who looks after the entire operations of the company.


STOREEX SOLUTIONS: CRISIL Reaffirms B Rating on INR5.44MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of StoreEx Solutions Private Limited at 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            5          CRISIL B/Stable (Reaffirmed)
   Term Loan              5.44       CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the company's modest scale of
operations in the intensely competitive cold storage industry,
and below-average financial risk profile, marked by weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive entrepreneurial experience of SSPL's promoters
and the company's growth prospects in the cold storage industry.

Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations in an intensely competitive industry
Scale of operations remains modest, with revenue of Rs11.6 crore
in fiscal 2016. The revenue may decline marginally in fiscal 2017
due to lower demand. Intense competition and dependence on
agricultural production should continue to constrain scalability
in operations.

* Below-average financial risk profile
Modest networth of INR8 crore and high gearing of 2.7 times kept
financial risk profile weak as on March 31, 2016. Debt protection
metrics are weak, too, due to large debt. Fund infusions by the
promoters are expected to partly support financial risk profile.

Strength
* Extensive experience of promoters and growth prospects for cold
storage industry
SSPL's promoters have extensive experience in various businesses.
They set up SSPL because of increasing demand for cold storage
facilities. With the rise of domestic manufacturing and retail
segments, the demand for efficient cold storage management
service has increased. Also, healthy growth in the retailing and
food service industry, coupled with increased impetus on food
product exports, should enhance business opportunities for cold
chain service providers in the long run.
Outlook: Stable

CRISIL believes SSPL will benefit over the medium term from the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if revenue, profitability and accrual
increase significantly, strengthening debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if sales and
profitability decline steeply because of intense competition, or
if working capital requirement increases significantly, weakening
financial risk profile and liquidity.

Incorporated in 2012, SSPL is a Mehsana-based company promoted by
the Patel family. Its business activity comprises controlled-
environment multi-commodity cold storage as well as buying and
selling of agricultural products such as fruits and vegetables.
The plant has a capacity of approximately 5,000 tonnes per annum.

SSPL reported a net loss of Rs0.54 crore on an operating income
of INR11.69 crore in fiscal 2016, against net loss of Rs1.96
crore on operating income of Rs8.58 crore in fiscal 2015.


SUNRISE MARKETING: CRISIL Cuts Rating on INR1.0MM Loan to 'B'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sunrise Marketing Agents to 'CRISIL B/Stable' from 'CRISIL
B+/Stable' and reaffirmed the short-term rating at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           1.0        CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Letter of Credit      3.5        CRISIL A4 (Reaffirmed)

   Overdraft             4.0        CRISIL A4 (Reaffirmed)

   Term Loan             0.2        CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The rating downgrade reflects a weak financial risk profile,
especially liquidity. Net cash accrual was low, but sufficient
for repayment of debt, in fiscal 2017. Bank limit utilisation was
high, at an average at around 90% over the 9 months through
December 2016. The financial risk profile deteriorated due to
continued withdrawal in excess of the profit after tax (PAT). The
total outside liabilities to tangible net worth (TOLTNW) ratio
was high and the net worth small as on March 31, 2016.

The ratings reflect a below-average financial risk profile, a
modest scale of operations, and low profitability due to the
trading nature of business. These weaknesses are partially offset
by the extensive experience of the promoters in trading in
polyvinyl chloride (PVC) resin and PVC plumbing fittings, and an
established relationship with customers and suppliers.

Key Rating Drivers & Detailed Description
Weakness
* Below-average financial risk profile:
The financial risk profile is weak due to a high TOLTNW ratio of
10.61 times and low net worth of INR45 lakh as on March 31, 2016.
The TOLTNW ratio is expected to remain high over the medium term
on account of a modest net worth with low accretion to reserves
and continued high reliance on debt to fund incremental working
capital requirement.

* Modest scale of operations and low profitability due to the
trading nature of the business:
Revenue was INR39.7 crore in fiscal 2016 and is expected to
increase to INR54 crore in fiscal 2017. The trading nature of the
business, results in low value addition, and consequently, a low
operating margin. The margin has been at 2-3% in the past and is
expected at around 2% over the medium term.

Strengths
* Extensive industry experience of the promoters, and established
relationship with customers and suppliers:
The promoters, Mr. K Dinesh Kamath and his family, have been
trading in PVC resin and PVC plumbing fittings for more than a
decade. This has helped the firm to establish a strong
relationship of around 10 years with its major suppliers, which
include Finolex Industries Ltd (Finolex; rated 'CRISIL AA-
/Positive/CRISIL A1+'), Astral and Suparna plastics.
Outlook: Stable

CRISIL believes SMA will continue to benefit from the extensive
industry experience of its promoters and established relationship
with suppliers. The outlook may be revised to 'Positive' in case
of an increase in revenue or profitability, leading to sizeable
cash accrual, or considerable infusion of long-term funds,
resulting in a better financial risk profile. The outlook may be
revised to 'Negative' if the financial risk profile weakens
because of a stretched working capital cycle, or a decline in top
line or profitability.

SMA, set up in 1999, is promoted by Mr. K Dinesh Kamath and his
son, Mr. K Rajendra Kamath. The promoters have been trading in
PVC pipes for more than a decade. The firm trades in PVC plumbing
fittings and PVC resin. It is an exclusive distributor for the
range of plumbing fittings manufactured by Finolex, Astral Pipes,
and Suparna Plastics in Uttara Kannada, Udupi, and Dakshina
Kannada, all in Karnataka. It is the sole authorised distributor
for PVC resin of Finolex in the state.

For 2015-16, SMA reported a profit after tax (PAT) of INR0.13 cr
on net sales of INR38.7 cr; the company reported a PAT of INR0.48
cr on net sales of INR68.1 cr for 2014-15.


TATHASTU SPINTEX: CARE Raises Rating on INR42cr LT Loan to BB-
--------------------------------------------------------------
The revision in the long-term rating assigned to the bank
facilities of Tathastu Spintex Private Limited was on account of
stabilization of its operations post completion of its project.
The ratings continue to derive strength from promoter's
experience, availability of various government benefits apart
from TSPL's favorable location.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     42.00      CARE BB-; Stable
                                            Revised from CARE B+

   Long-term/Short-term Bank      2.30      CARE BB-/CARE A4;
   Facilities                               Stable Revised from
                                            CARE B+/CARE A4

However, the ratings continue to remain constrained on account of
susceptibility of TSPL's profit margin to volatile cotton and
cotton yarn prices and presence in the highly competitive cotton
yarn segment.

The ability of TSPL to increase its scale of operations and
profitability in light of volatile raw material prices and highly
competitive industry would be the key rating sensitivities.

Detailed description of the key rating drivers

TSPL is promoted by Mr. Ashwin Bhatasna and Mr. Mukesh Savsani.
The promoters have over a decade of business experience through
their group entities, namely, Jeenam Cotton Private Limited and
M/s Octiva Ceramic, which are mainly engaged in the business of
cotton ginning and ceramic, respectively. Mr. Ashwin Bhatasna
(Co-promoter) of JCPL has more than a decade of experience in the
cotton ginning and processing business and takes care of the day-
to-day operations of TSPL along with the support of other
personnel. TSPL successfully completed its project in November
2016 and commercial production has begun from first week of
December 2016.

TSPL will also get benefits under various incentive schemes
introduced by Government of India (GoI) and Government of
Gujarat (GoG) such as capital subsidy, interest rate subsidies,
power tariff and VAT subsidy to promote textile manufacturing.

Incorporated during April 2015, Tathastu Spintex Private Limited
is a Morbi-based entity promoted by Mr. Ashwin Bhatasna and Mr.
Mukesh Savsani. TSPL has recently completed a green-field project
of setting up a cotton yarn manufacturing facility at Tankara
(situated on outskirts of Morbi) with 16,320 spindles having
capacity of producing 3,300 Metric Tonnes Per Annum (MTPA) of
cotton yarn. Commercial production of the new plant has begun
from first week of December 2016.

Till Dec. 31, 2016, TSPL achieved a total operating income (TOI)
of INR5.25 crore.


TIRUMALLA TIRUPATI: CARE Assigns B Rating to INR5cr LT Loan
-----------------------------------------------------------
The rating assigned to the bank facilities of Tirumalla Tirupati
Multi State Co-operative Credit Society Limited is constrained by
short track record and small scale of operation, thin PAT margin,
negative networth due to net loss in previous financial years,
concentrated loan portfolio and limited resource profile coupled
with high dependence on deposits. However, the rating is
underpinned by the experienced management, growth in scale of
operation during review period, satisfactory asset quality,
regular loan requirement from society members coupled with wide
geographical reach.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term Bank
   Facilities                5        CARE B; Stable Assigned

Going forward, the ability of the society to increase its scale
of operations, profitability and diversify the loan portfolio
will be the key rating sensitivities.

Detailed Description of the key rating drivers

Tirumalla was established in the year 2013 and hence, has a short
track record of operations. The society has been increasing the
number of members' year-on-year and has 24,235 members as on
December 30, 2016. The total operating income of the society
increased at Compounded Annual Growth Rate (CAGR) of 954% from
INR0.05 crore in FY14 to INR5.17 crore in FY16 (refers to the
period April 1 to March 31). Despite increase in total operating
income y-o-y, the scale of operations of the society remained
small as compared to other peers in the industry. The society has
incurred net loss till FY15 due to high operating expenses and
interest expenses resulting in negative networth as on March 31,
2016.

However, the society has turnaround from net loss to net profit
in FY16 at the back of increase in interest income resulting in
absorption of overheads and interest expenses.

The product and customer profile of Tirumalla is concentrated
having 100% credit exposure to Tirumalla members of society in
the form of personal loans, gold loans and loan against deposit.

The major source of funding for Tirumalla is deposits received
from members of the society. The total debt comprises of deposits
received from members and interest payable on those deposits. As
on March 31, 2016, the total deposit of the society was INR44.96
crore.

As on March 31, 2016, the society has reported NIL number of NPA
accounts. The loans extended by Tirumalla are based upon the
deposits made by the members of the society. The society will not
have any NPA's as the society undertakes surety from the other
members of the society along with PDC and the loan is secured by
the investment deposits made by the members.

Mr. Sarabjit Singh (Chairman) has twenty years of experience in
marketing field. Mr. Gurmeet Singh (Vice Chairman) has eighteen
years of experience in marketing of financial products. He has
worked in LIC and The Oriental Insurance Company Limited.

Tirumalla Tirupati Multi State Co-operative Credit Society
Limited (Tirumalla) was established in the year 2013. The society
is registered under Central Registrar of Cooperative societies,
Ministry of Agriculture, Government of India. The society is
engaged in lending loans to its members of the society in the
form of personal loans, gold loans and deposit loan. Tirumalla
has 24,235 members as on December 30, 2016. Furthermore, the
society accepts the deposits from its members and pays interest
between 9% to 11% depending on the deposit tenure. Presently, the
society has its branches located at Maharashtra (Khar, Malad,
Nagpur and Umbraj), Goa (Margoa, Quepem) and Karnataka (Bedkihal
and Mangalore). Tirumalla is planning to avail bank loan of
INR2.50 crore in order to meet the working capital requirement
and another INR2.50 crore for setting up new branches at
Aurangabad, Ahmednagar, Rajapur, Jogeshwari, among others. The
minimum and maximum loan amounts vary depending on the nature of
loan. Furthermore, rate of interest (ROI) is charged as per tenor
of the loan.

In FY16, Tirumalla reported a Profit after Tax (PAT) of INR0.21
crore on a total operating income of INR4.98 crore, as against a
net loss and TOI of INR1.96 crore and INR0.88 crore respectively
in FY15. (April 2015 - March 2015). Total loan portfolio of
Tirumalla stood at INR28.40 crore as on March 31, 2016 (Rs.8.87
crore as on March 31, 2015).


TULSI CORPORATION: CARE Assigns B+ Rating to INR25cr Bank Loan
--------------------------------------------------------------
The rating assigned to the bank facilities of Tulsi Corporation
takes into account its low booking status, dependence on external
funding for project implementation coupled with risk associated
with timely receipt of remaining advances related to its
completed project coupled with partnership nature of
constitution. The rating also factors in the inherent risk
associated with the cyclical and fragmented real estate industry.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Long-term Bank
   Facilities             25.00      CARE B+; Stable Assigned

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

The ability of Tulsi Corporation is to receive timely receipt of
the booking advances, completion of project on time and sale of
balance units at envisaged prices are the key rating
sensitivities.

Detailed description of key rating drivers

The project implementation commenced in June, 2016 and is
expected to finish by June, 2018. Till November 30, 2016, Tulsi
Corporation had incurred a total cost of INR23.69 crore (44.37%
of total project cost) out of the total cost of INR53.39 crore
and rest is expected to be incurred by end of June, 2018.

Partners of Tulsi Corporation hold healthy experience in real
estate business where Mr. Jivrajbhai Vaghani holds 30 years of
experience and Mr. Nareshbhai Babariya who is also a partner in
"Avadh Group" (one of the leading groups in the real estate
sector) holds 15 years of experience.

Surat-based (Gujarat), Tulsi Corporation was established as a
partnership firm in 2015 by seven partners. Tulsi Corporation is
currently executing construction of 9 towers (172 Residential
flats 2BHK& 25 Shops) under the name of "Tulsi Residency" &
commercial complex which comprise of 278 Shops, involving a total
saleable area of 146312 square feet under the name of "Tulsi
Arcade". The residential project is having amenities such as
jogging track, Indoor games, RCC Road, Children's play area and
landscape gardening.


TSA PROCESS: CRISIL Assigns 'B' Rating to INR8MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of TSA Process Equipments Private Limited.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         5          CRISIL A4
   Cash Credit            8          CRISIL B/Stable

The ratings reflect its modest scale of operations, exposure to
intense competition, and large working capital requirement. These
weaknesses are partially offset by extensive experience of
promoters in the water treatment industry.

Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations and exposure to intense competition:
With turnover of INR18.97 crore for fiscal 2016, scale remains
small in the competitive water treatment systems segment.

* Large working capital requirement: Gross current assets have
been at 330-428 days in the three years ended March 2016 due to
stretched receivables of 162 days and large inventory of 235
days.

Strengths
* Experience of promoters: With industry presence of over a
decade, the promoters have gained sound knowledge in the field of
water treatment plant, engineering and green field projects,
project execution, and sales and marketing.
Outlook: Stable

CRISIL believes TSA will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may
be revised to 'Positive' in case of significant scale-up in
operations, while maintaining profitability and capital
structure; or if improvement in working capital cycle leads to a
better liquidity. The outlook may be revised to 'Negative' if
financial risk profile, particularly liquidity, weakens because
of larger-than-expected working capital requirement, decline in
cash accrual, or large, debt-funded capital expenditure.

Incorporated in 2004 and promoted by Mumbai-based Shah and Parikh
families, TSA sets up water treatment systems, multi-column
distillation plants, tanks, and reactors. Operations are managed
by Mr. Apurva Shah and Mr. Rajiv Parikh.

In fiscal 2016, profit after tax (PAT) was INR0.40 crore on an
operating income of INR18.97 crore, against a PAT of INR0.62
crore on an operating income of INR24.66 crore in fiscal 2015.


UB ENGINEERING: Company Law Tribunal Admits Insolvency Plea
-----------------------------------------------------------
Business Standard reports that the National Company Law Tribunal
(NCLT) admitted on Jan. 18 an insolvency petition filed by UB
Engineering Ltd (UBEL), part of the Vijay Mallya-owned UB Group.

Its Mumbai bench, where the petition was filed, appointed
insolvency professional A K Mehta to initiate the process, the
report says. "This is the first such case NCLT has admitted
(under the new law)," a person who was part of the filing process
told Business Standard.

Business Standard says that following the NCLT decision, UB
Holdings, which has 37% of the equity, loses control over the
affairs. Failing a resolution, the company will go for
liquidation, the report says. It owes INR450 crore to five banks
and went to the Tribunal earlier in January.

"Since there is no support from the promoter, going to NCLT under
the new code might help the company get buyers," a source told
Business Standard.

The source added the employees and the management felt this was
the best option, considering the amount of pressure from
creditors, both secured and unsecured, the report relays.

Business Standard relates that the source further said, "The
promoter being Vijay Mallya, bankers had not accepted the
restructuring proposal and the company could not book new orders
for two-three years. Hence, the company had to apply to NCLT to
survive."

Axis Bank, YES bank, Corporation Bank, IDBI Bank and Laxmi Vilas
Bank are UBEL's lenders, the report discloses. The company has
classified term loans, cash credits and other facilities taken
from banks as 'Other Current Liabilities'. At the end of FY16,
these were INR434.9 crore, according to the company's annual
report.

Though listed, the stock has been suspended from the BSE. Its
market capitalisation had earlier eroded to INR13.5 crore,
Business Standard discloses.

UB Engineering Limited, erstwhile Western India Erectors Private
Limited was set-up by Mr. A. S. Wadikar in 1963. In 1989, UB
group acquired a controlling stake in the company in a bid to
diversify its operations and establish its presence in the
engineering and construction industry.

The company has been registered under Board of Industrial and
Financial Reconstruction (BIFR) after defaulting on the debt
obligations following stretched liquidity position.


VEER CHEMICALS: CRISIL Reaffirms 'B' Rating on INR2.0MM Cash Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to short term bank
facilities of Veer Chemicals while reaffirmed its rating on the
long-term bank facilities at 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            2.0       CRISIL B/Stable (Reaffirmed)
   Letter of Credit       4.5       CRISIL A4 (Reassigned)

The rating continues to reflect the firm's below-average
financial risk profile because of small networth, high total
outside liabilities to adjusted networth (TOLANW) ratio, and weak
debt protection metrics. The rating also factors in VC's modest
scale of operations and low profitability in the highly
competitive and fragmented chemicals trading business. These
weaknesses are partially offset by its proprietor's extensive
industry experience, and its established relationships with
customers and suppliers.

Analytical Approach

CRISIL has treated VC's unsecured loans of INR1.25 crore as
neither debt nor equity as the loans will remain in the business.
Key Rating Drivers & Detailed Description
Weakness
* Below-average financial risk profile: The firm's financial risk
profile is reflected in small networth of INR1.1 crore and high
TOLANW ratio of 6.4 times as on March 31, 2016, and weak interest
coverage ratio of 0.53 times for fiscal 2016.

* Modest scale of operations in the highly competitive and
fragmented chemicals trading industry: VC's business risk profile
is constrained by small scale of operations, reflected in revenue
of INR22.59 crore in fiscal 2016. Scale of operations remains
modest because of intense competition and fragmentation in the
chemicals trading industry due to low entry barriers, and the
firm's limited value addition.

* Low profitability: VC's operating margin was low, at 1.2-1.4%
over the three fiscals through March 2015. In fiscal 2016, the
firm incurred operating loss. However, profitability is likely to
improve in fiscal 2017.

Strengths
* Proprietor's extensive industry experience and established
relationships with customers and suppliers: VC's proprietor has
experience of 30 years in chemicals trading, which has helped the
firm establish relationships with suppliers and customers. The
proprietor's understanding of the industry and market dynamics
has helped VC obtain repeat orders from customers and ensure
regular supply from suppliers.
Outlook: Stable

CRISIL believes VC will benefit from its proprietor's extensive
industry experience. The outlook may be revised to 'Positive' if
the firm's financial risk profile improves due to large cash
accrual on account of improvement in profitability, or
significant infusion of fresh capital. The outlook may be revised
to 'Negative' if the financial risk profile, particularly
liquidity, weakens due to low cash accrual or large working
capital requirement.

VC, established in 2005, is a proprietorship firm trading in
organic and inorganic chemicals. The firm is promoted by Mr.
Virendra Shah and is based in Mumbai.

In fiscal 2016 (refers to financial year, April 1 to March 31)
profit after tax (PAT) was INR(0.68) crores on an operating
income of INR22.59 crores, against profit after tax (PAT) of
INR0.05 crores on an operating income of INR26.29 crores in
fiscal 2015.


VIHAAN INFIN: CARE Assigns B+ Rating to INR15cr Bank Loan
---------------------------------------------------------
The ratings assigned to the bank facilities of Vihaan Infin &
Exim Private Limited are primarily constrained by its modest
scale of operations with fluctuating income & cash accruals, low
profit margins inherent to trading nature of operations,
leveraged capital structure & weak debt coverage indicators.

                             Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long/Short-term Bank        15.00     CARE B+; Stable/
   Facilities                            CARE A4 Assigned

The ratings are further constrained by susceptibility of profit
margins to volatile prices of traded materials, working capital
intensive nature of operations with elongated collection period,
its presence in highly competitive & fragmented trading industry
with inherent cyclicality and customer and supplier concentration
risk.

The aforesaid constraints are partially offset by the strengths
derived from the experience of the promoters in the readymade
garment industry and infusion of funds by the promoters and group
synergies.

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

Detailed description of the key rating drivers

The scale of operations of VIEPL, has remained modest with TOI
and networth base of INR62.62 crore and INR0.23 crore
respectively during FY16 limiting its financial flexibility in
times of stress. Furthermore, owing to its presence in
competitive industry and susceptibility of profitability to
fluctuation in tradable material prices the profitability
remained low during last three years ending FY16. However, the
promoters are resourceful and have infused funds regularly to
support the operations, still the capital structure remained
leveraged owing to high working capital requirements as marked by
high gross current asset days.

VIEPL's customer base remained concentrated with top one client
contributing 78.30% of income during FY16 and similarly top five
suppliers contributed around 99.34% during the same period.
Furthermore, the entity shares synergy with other group entities
engaged in similar line of business.

Established in 2011, Vihaan Infin and Exim Pvt. Ltd. (VIEPL) is
engaged in trading of readymade garments, woven fabrics, footwear
& jewellery. The company's main promoters Ramesh P. Singh has
done Diploma in Man Made Textiles Chemistry (DMTC) and looks
after marketing activity of the firm and he is assisted by Ashok
M. Vange (B.Com Graduate) who looks after operational activity of
the firm and has an experience of around 20 years. VIEPL's has
around 9 group entities which are engaged into similar line of
business.

During FY16, VIEPL reported total operating income of INR62.42
crore and earned net profit INR0.23 crore. During 7MFY17 (refers
to the period April 1, 2016 to October 31, 2016), the company has
recorded total sales of INR80.57 crore and PAT of INR0.51 crore.



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


TOSHIBA CORP: Mulls Selling U.S. Nuclear Plant Business
-------------------------------------------------------
Jiji Press reports that Toshiba Corp. is considering selling U.S.
subsidiary Westinghouse Electric Co. as one of options in an
ongoing review of its overseas nuclear operations, sources have
said.

Toshiba is expected to suffer a loss of up to JPY680 billion from
its U.S. nuclear plant business, Jiji notes.

Against this background, Toshiba aims to eliminate risks of
incurring further losses in the future by selling Westinghouse or
lowering its equity stake in the unit that builds nuclear power
plants, the sources explained, Jiji relays.

Jiji notes that at a news conference on Jan. 27, Toshiba
President Satoshi Tsunakawa unveiled a plan to review his
company's nuclear operations abroad.

As it appears difficult for Toshiba to find a buyer of
Westinghouse, which is reeling under heavy losses, the parent
company is considering various options, including selling some of
the unit's profitable segments, such as nuclear fuel business,
according to the report.

Toshiba bought Westinghouse for some JPY490 billion in 2006.

On the back of strong global demand for nuclear power plants,
Toshiba had aimed to make nuclear operations its core business
area along with semiconductors, Jiji says. Westinghouse is
currently constructing four nuclear reactors in the United States
and the same number in China, the report discloses.

Jiji adds that Toshiba will announce on Feb. 14 a precise amount
of its nuclear business loss and corrective measures, and its
earnings for April to December last year.

Toshiba is set to separate its nuclear operations from its energy
division and place them under the direct supervision of
Mr. Tsunakawa, adds Jiji.

                          About Toshiba

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

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

The TCR-AP reported on Jan. 26, 2017, that S&P Global Ratings
said it has lowered its long-term corporate credit rating on
Toshiba Corp. to 'CCC+' and its short-term corporate credit and
commercial paper program ratings on the company to 'C', all by
one notch.  All of these ratings remain on CreditWatch with
negative implications.  S&P also lowered its senior unsecured
debt rating on Toshiba two notches to 'B-' from 'B+' and kept the
rating on CreditWatch negative.  On Dec. 28, 2016, S&P placed the
long- and short-term ratings on Toshiba on CreditWatch with
negative implications at the same time as lowering the long-term
ratings, in response to Toshiba's announcement that it might
recognize several JPY100 billion in impairment losses related to
goodwill arising from its acquisition of a nuclear power business
through U.S.-based Westinghouse Electric Co. LLC, because the
goodwill far exceeded the company's initial estimates.



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


SUNEDISON INC: Court Limits CSI's Rule 2004 Examination
-------------------------------------------------------
Judge Stuart M. Bernstein of the United States Bankruptcy Court
for the Southern District of New York denied, except to a limited
extent, the application for a Rule 2004 examination filed by CSI
Leasing, Inc., and CSI Leasing Malaysia Sdn. Bhd.

CSI sought authorization to examine the debtors pursuant to Rule
2004 of the Federal Rules of Bankruptcy Procedure.  The proposed
examination broadly relates to the sale of assets by SunEdison
Kuching Sdn. Bhd. (SEK) -- a non-debtor wholly-owned subsidiary
of the debtor SunEdison Products Singapore Pte. Ltd. (SEPS) --
who owes money to CSI, and the upstreaming of the sales proceeds
to the debtors.  SEK is currently the subject of a Malaysian
insolvency proceeeding.

The debtors opposed the application, characterizing CSI's request
as premature, overly broad, speculative and unduly burdensome.
The debtors argued that they have agreed to allow CSI's claims,
and CSI does not need the information to frame its claims.

Judge Bernstein found that CSI's claims, while significant in
face value, are small when viewed in the context of chapter 11
cases involving over $5 billion in debt with little prospect of
anything more than a small recovery for unsecured creditors.  The
judge noted that the debtors had already produced over 1,200
pages of information responsive to requests as well as
supplemental requests not included in the application.  These
documents covered, among other things, SEK's asset purchase
agreement, information showing the flow of funds, and the
Malaysian insolvency proceeding.  CSI wants more, but the judge
found that the cost of retrieving, reviewing and producing "all
documents and communications" relating to each of the specific
requests may exceed CSI's distribution in the debtors' cases, and
some of the requests could be made by every creditor and equity
interest holder in these cases.  Moreover, the judge also noted
that the debtors have determined to allow CSI's two claims, and
the additional discovery does not appear to be necessary to
resolve any material issues in these chapter 11 cases between CSI
and the debtors.

Turning to the requests, Judge Bernstein found that CSI has not
established cause for most of the information it seeks.  The
judge pointed out that the cause that CSI is required to
demonstrate must relate to the bankruptcy cases.  The judge found
that although many of the requests are ostensibly relevant to the
subject matter of the debtors' cases, the primary focus of the
application is the need for information to use in the Malaysian
insolvency proceeding.

Nevertheless, the party seeking Rule 2004 discovery must show a
need or undue hardship relating to the bankruptcy case in which
the information is sought, not in some other, foreign proceeding.

Judge Bernstein also found that the extent of the discovery that
CSI demands pertaining to the upstream and other requests within
the scope of Rule 2004 is disproportionate.  The judge found that
CSI has not placed reasonable limits on the sources or types of
information that the debtors must search for and retrieve, has
not articulated a rationale for compelling the production of all
documents and communications relating to the upstream, and that
other requests are premature, unnecessary or overly broad.  The
judge also found the request relating to the adequate protection
of CSI's interests as perplexing because unsecured creditors like
CSI do not have an interest in property of the estate that merits
adequate protection, and there is no express statutory
requirement that unsecured creditors receive adequate protection.

Accordingly, Judge Bernstein denied the application except to the
extent that the debtors are directed to provide sufficient
information to identify the flow of funds that comprise the
upstream.

A full-text copy of Judge Bernstein's January 18, 2017 memorandum
decision and order is available at
http://bankrupt.com/misc/nysb16-10992-smb-2280.pdf

CSI Leasing, Inc. and CSI Leasing Malaysia Sdn. Bhd. are
represented by:

          Daniel R. Seaman, Esq.
          McCARTER & ENGLISH, LLP
          245 Park Ave., 27th Floor
          New York, NY 10167
          Tel: (212)609-6800
          Fax: (212)609-6921
          Email: dseaman@mccarter.com

Debtors and Debtors-in-Possession are represented by:

          Frank A. Oswald, Esq.
          Brian F. Moore, Esq.
          TOGUT, SEGAL & SEGAL LLP
          One Penn Plaza, Suite 3335
          New York, NY 10119
          Tel: (212)594-5000
          Fax: (212)967-4258
          Email: frankoswald@teamtogut.com
                 bmoore@teamtogut.com

                       About SunEdison, Inc.

SunEdison, Inc. (OTC PINK: SUNEQ), is a developer and seller of
photovoltaic energy solutions, an owner and operator of clean
power generation assets, and a global leader in the development,
manufacture and sale of silicon wafers to the semiconductor
industry.

On April 21, 2016, SunEdison, Inc., and 25 of its affiliates each
filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case Nos.
16-10991 to 16-11017).  Martin H. Truong, the senior vice
president, general counsel and secretary, signed the petitions.

The Debtors disclosed total assets of $20.7 billion and total
debt of $16.1 billion as of Sept. 30, 2015.

The Debtors have hired Skadden, Arps, Slate, Meagher & Flom LLP
as counsel, Togut, Segal & Segal LLP as conflicts counsel,
Rothschild Inc. as investment banker and financial advisor,
McKinsey Recovery & Transformation Services U.S., LLC, as
restructuring advisors and Prime Clerk LLC as claims and noticing
agent.  The Debtors employed PricewaterhouseCoopers LLP as
financial advisors; and KPMG LLP as their auditor and tax
consultant.

SunEdison also has tapped Eversheds LLP as its special counsel
for Great Britain and the Middle East.  Cohen & Gresser LLP has
also been retained as special counsel.

The Debtors retained Ernst &Young LLP to provide tax-related
services.  Keen-Summit Capital Partners LLC has been hired as
real estate advisor.  Binswanger of Texas, Inc. also has been
retained as real estate agent.

Sullivan & Cromwell LLP serves as counsel to TerraForm Power,
Inc., and TerraForm Global, Inc.

An official committee of unsecured creditors has been appointed
in the case.  The Committee tapped Weil, Gotshal & Manges LLP as
its general bankruptcy counsel and Morrison & Foerster LLP as
special counsel.  Togut, Segal & Segal LLP and Kobre & Kim LLP
serve as conflicts counsel.  Alvarez & Marsal North America, LLC,
serves as the Committee's financial advisors.

Counsel to the administrative agent under the Debtors'
prepetition first lien credit agreement are Richard Levy, Esq.,
and Brad Kotler, Esq., at Latham & Watkins.

Counsel to the administrative agent under the postpetition DIP
financing facility are Scott Greissman, Esq., and Elizabeth Feld,
Esq. at White & Case LLP.

Counsel to the Tranche B Lenders (as defined in the DIP credit
agreement) and the steering committee of the second lien
creditors are Arik Preis, Esq., and Naomi Moss, Esq., at Akin
Gump Strauss Hauer & Field, LLP.

Counsel to the administrative agent under the Debtors'
prepetition second lien credit agreement is Daniel S. Brown,
Esq., at Pillsbury Winthrop Shaw Pittman LLP.

The collateral trustee under the Debtors' prepetition second lien
credit agreement and the indenture trustee under each of the
Debtors' outstanding bond issuances, is represented by Marie C.
Pollio, Esq., at Shipman & Goodwin LLP.

Counsel to the ad hoc group of certain holders of the Debtors'
convertible senior notes is White & Case LLP's Tom Lauria, Esq.



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


EXPRESS SAVINGS: Arraignment Over Bank Deal Moved to March
----------------------------------------------------------
Inquirer.net reports that the arraignment of Surigao del Sur 1st
Dist. Rep. Prospero Pichay, Jr., and Valenzuela City 1st Dist.
Rep. Weslie Gatchalian were postponed to March pending their
appeals on the Sandiganbayan's finding of probable cause to try
them for graft.

During a scheduled hearing on Jan. 17, Fourth Division
chairperson Justice Alex L. Quiroz said "the court will have to
resolve [the pending appeals] before we proceed with the
arraignment," Inquirer.net relates.

According to Inquirer.net, the public officials and individuals
who still face charges have filed their motion for
reconsideration to seek the dismissal of their case, while
prosecutors would still have to file their opposition to the such
appeals.

Inquirer.net notes that the case arose from Local Water Utilities
Administration's alleged misuse of PHP780 million for the
purchase of a 60% majority stake in the insolvent Laguna-based
Express Savings Bank Inc. (ESBI), which is jointly owned by Forum
Pacific, Inc. (FPI), and the Gatchalian family's WELLEX Group,
Inc. (WGI). At the time of the transaction, Pichay headed the
LWUA.

In an Oct. 18 resolution, the Fourth Division sustained the
finding of probable cause for the charges of graft and violation
of Section X126.2(c)(2) of the Manual of Regulation for Banks. It
found that the matters were "clearly evidentiary in nature and
would be best threshed out in a trial," Inquirer.net says.

However, it dismissed the malversation charges because
prosecutors failed to implead an "accountable officer" to be held
liable for the alleged misuse of funds, relates Inquirer.net.

It also junked the charges of violation of Section 19 of the
General Banking Act, saying that LWUA officials have been allowed
to sit as ESBI officers because it was in effect a subsidiary of
a government corporation and no longer a private bank, according
to Inquirer.net.

Still facing graft charges were Pichay, Gatchalian, his brother
Kenneth and parents William and Dee Hua Gatchalian; former LWUA
officials Wilfredo Feleo, Jr., and Enrique Senen Montilla III;
WGI executive Yolanda dela Cruz; FPI executives Arthur Ponsaran,
Geronimo Velasco, Jr., Peter Salud, Rogelio Garcia, Lamberto
Mercado, Jr., Evelyn dela Rosa, Joaquin Obieta, and Elvira Ting;
and ESBI corporate officers George Sia Chua, Gregorio Ipong,
Wilfred Billena Generoso Tulagan, and Edita Bueno, Inquirer.net
discloses.

Pichay, Feleo and Montilla also still face trial for violation of
Section X126.2(c)(2) of the Manual of Regulation for Banks, says
Inquirer.net.

                       About Express Savings

Express Savings Bank was a four-unit thrift bank based in Laguna,
Philippines.  It engaged in the business of granting loans,
receiving deposits and paying interest on such deposits.

The Bangko Sentral ng Pilipinas (BSP) ordered the closure of
Express Savings Bank in July 2011.



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


HANJIN SHIPPING: Parent Targeted for $31 Million Pension Bill
-------------------------------------------------------------
Andrew Scurria at The Wall Street Journal reports that a New York
pension fund seeking $31 million from Hanjin Shipping Co. asked
court permission to investigate ties between the South Korean
carrier and its parent entity, one of the so-called chaebol that
dominate the nation's economy.

The filing in U.S Bankruptcy Court in New Jersey on Jan. 30 marks
an attempt to draw the Hanjin Group conglomerate into the U.S.
bankruptcy of Hanjin Shipping, which filed in August for
receivership proceedings in Korea, the Journal says. The maritime
carrier sought recognition of its insolvency in the U.S. days
later by filing for chapter 15 protection, the section of the
U.S. bankruptcy code covering foreign corporate debtors.

A longshoremen's pension fund is pursuing a $31 million
"withdrawal liability" from Hanjin Shipping in the courts of both
countries, the Journal discloses citing the filing. That
represents the amount the New York Shipping Association-
International Longshoremen's Association Pension Trust Fund said
the carrier owes for pension benefits that will be paid out in
the future.

According to the Journal, the pension fund said it wants to know
whether the Hanjin Group conglomerate's other businesses,
including the world's third-largest cargo airline, Korean Air,
may be a close enough relative of the shipping unit that they,
too, are liable for the $31 million tab.

But Hanjin Shipping has refused to disclose details on the
business lines the make up the chaebol, or their corporate
relationship with each other, according to the court filing cited
by the Journal.  The report says family-owned conglomerates such
as Hanjin Group, Samsung Electronics Co. and Hyundai Motor Group
are powerful within South Korea's export-driven economy, although
they have been placed under the microscope over a political
scandal encircling the country's president.

"Hanjin has sought from this court the protections of the United
States bankruptcy laws," the retirement fund, as cited by the
Journal, said. "It should now explain to this court why it is
thumbing its nose at other laws of the United States."

The Journal notes that the multi-employer pension fund covers
union workers employed at the Port of New York and New Jersey. It
collects contributions from employers and invests them to pay
annual benefits when workers retire. When an employer, such as
Hanjin Shipping, stops participating, it creates an actuarial
deficit by removing a source of ongoing contributions.

Hanjin Shipping became a victim of an implosion in the South
Korean shipping and shipbuilding sectors after state-run Korea
Development Bank, its largest creditor, withdrew its support, the
Journal says. The carrier has been selling off assets to repay
creditors, some of which have objected that the sale procedures
have not respected their rights to repayment.  According to the
Journal, the most recent sale, of Hanjin's stake in a Long Beach,
Calif., container terminal operator, netted $78 million in cash
and relieved Hanjin of about $54 million in debt and other
obligations.

                      About Hanjin Shipping

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

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

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

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

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


KOREA EQUITY: Board to Adopt a Plan to Liquidate Fund
-----------------------------------------------------
Korea Equity Fund, Inc., announced on Jan. 24 that the Board of
Directors of the Fund, after considering alternative options for
the Fund, has determined to approve the liquidation of the Fund
as being in the best interests of the Fund and its stockholders.
The Board intends to adopt a plan of liquidation at the next
quarterly meeting of the Board, which is currently scheduled for
Feb. 21, 2017, and thereafter to submit a proposal to liquidate
the Fund to a vote of stockholders. The Board expects to provide
additional information regarding the liquidation as soon as
reasonably practicable after such quarterly meeting.

                          About the Fund

The Fund primarily invests in the securities of companies
domiciled in Korea. Nomura Asset Management U.S.A. Inc. ("NAM
USA") acts as the Manager of the Fund pursuant to a management
agreement. Pursuant to such management agreement, NAM USA has
retained its parent company, Nomura Asset Management Co., Ltd.,
to act as investment adviser to the Fund, and Nomura Asset
Management Hong Kong Limited and Nomura Asset Management
Singapore Limited, as investment sub-advisers to the Fund.



                             *********

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

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

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


                            *********


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

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

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

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

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



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