TCRAP_Public/170202.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, February 2, 2017, Vol. 20, No. 24

                            Headlines


A U S T R A L I A

IMPACT NATIONAL: First Creditors' Meeting Set for Feb. 8
PEET BEACHTON: First Creditors' Meeting Slated for Feb. 8


C H I N A

COSUN GROUP: Default Spreads Anxiety Among Investors


I N D I A

ABAJ ELECTRONICS: CRISIL Assigns B- Rating to INR4.1MM LT Loan
ALBA ASIA: CARE Upgrades Rating on INR20cr Term Loan to 'C'
ALFA INDUSTRIES: CARE Reaffirms 'B' Rating on INR5.72cr LT Loan
AUM SHRI: CRISIL Assigns 'B+' Rating to INR0.69MM LT Loan
BALLARPUR INDUSTRIES: Fitch Downgrades Long-Term IDRs to 'CCC'

BUILDMET PVT: ICRA Upgrades Rating on INR5cr Cash Loan to B+
CKOMPAX METATECH: CRISIL Assigns 'B' Rating to INR10MM Cash Loan
COAL INDIA: Raises Doubt About Future Due to Domestic Challenges
DLA INDUSTRIES: CRISIL Assigns B- Rating to INR10MM Term Loan
DURGA JI: CRISIL Assigns 'B+' Rating to INR7.5MM Cash Loan

FEROZEPUR FOODS: CARE Raises Rating on INR40.15cr LT Loan to BB-
GKC PROJECTS: ICRA Lowers Rating on INR1116.83cr Loan to 'D'
GURUDEVA CHARITABLE: CRISIL Assigns B- Rating to INR10MM Loan
HEAVEN ON: CRISIL Assigns B+ Rating to INR5.15MM Term Loan
HEM IMPEX: CRISIL Assigns B- Rating to INR1.7MM Cash Loan

IMPERIALL TECHNOFORGE: ICRA Reaffirms D Rating on INR6.58cr Loan
JAGDAMBA OIL: CRISIL Assigns B+ Rating to INR6MM Cash Loan
JAI HIND: CRISIL Assigns B+ Rating to INR4.8MM Term Loan
JAI SHIV: CRISIL Assigns B+ Rating to INR10MM Pledge Loan
KALYAN COTTON: ICRA Reaffirms 'B' Rating on INR6.11cr LT Loan

MANU IMPEX: CRISIL Assigns 'B' Rating to INR2.5MM Cash Loan
MMR INFRASTRUCTURE: ICRA Withdraws B+ Rating on INR40cr Loan
MUKTSAR COTTON: CRISIL Assigns B+ Rating to INR10MM Cash Loan
NAV BHARAT: ICRA Reaffirms 'B' Rating on INR6.0cr LT Loan
NILKANTH COTTON: CARE Assigns 'B+' Rating to INR7.32cr Loan

ORBIT AVIATION: CARE Lowers Rating on INR59.52cr LT Loan to 'D'
ORBIT RESORTS: CARE Lowers Rating on INR248.91cr LT Loan to D
QUADSEL SYSTEMS: CRISIL Assigns 'B' Rating to INR6MM Cash Loan
RUDRA AGRO: CRISIL Assigns 'B' Rating to INR20MM Cash Loan
S M INDUSTRIES: CRISIL Assigns 'B' Rating to INR7.50MM Cash Loan

SATKARTAR ELECTRONICS: CRISIL Assigns B+ Rating to INR2.0MM Loan
SHANTDEEP METALS: CRISIL Lowers Rating to B+ on INR9MM Term Loan
SHRI BANKE: CRISIL Assigns 'B+' Rating to INR8MM Cash Loan
SHRI GANESHA: CRISIL Assigns B+ Rating to INR8.62MM LT Loan
SHUKLA AGRITECH: CRISIL Assigns 'B' Rating to INR5.55MM Loan

SIDDARTHA CIVIL: CRISIL Assigns B+ Rating to INR8MM Cash Loan
SRI ADISANKARACHARYA: CRISIL Assigns 'B' Rating to INR12MM Loan
SRI LAKSHMI: CRISIL Assigns B Rating to INR5MM Long Term Loan
SREE GENGA: CRISIL Assigns 'D' Rating to INR3.3MM Term Loan
SURYA RICE: CRISIL Assigns 'B' Rating to INR10MM Term Loan

TUTICORIN COAL: CARE Reaffirms 'D' Rating on INR281cr LT Loan
VRG INFRA: CRISIL Assigns B+ Rating to INR7MM Long Term Loan
WEST QUAY: CARE Reaffirms 'D' Rating on INR116.50cr LT Loan


J A P A N

TOSHIBA CORP: Canon Unlikely to Help With Investment


S I N G A P O R E

* Singapore-Del. Cross-Border Insolvency Guidelines Implemented


T A I W A N

YANG MING: Recapitalisation Plan to Utilise Taiwan Gov't. Funds


                            - - - - -


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


IMPACT NATIONAL: First Creditors' Meeting Set for Feb. 8
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Impact
National Transport Pty Ltd will be held at the offices of IRT
Advisory, Level 2, 180 Queen Street, in Melbourne, Victoria, on
Feb. 8, 2017, at 11:00 a.m.

Andrew Poulter of IRT Advisory was appointed as administrator of
Impact National on Jan. 27, 2017.


PEET BEACHTON: First Creditors' Meeting Slated for Feb. 8
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Peet
Beachton Syndicate Limited will be held at Level 3, 46 Ord
Street, in West Perth, on Feb. 8, 2017, at 12:00 p.m.

Alan Edson Ledger of Ledger Corporate was appointed as
administrator of Peet Beachton on Jan. 31, 2017.



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


COSUN GROUP: Default Spreads Anxiety Among Investors
----------------------------------------------------
The Wall Street Journal reports that a Chinese phone maker's
failure to repay around $166 million in bonds has rippled through
the world's largest internet investment marketplace, hitting
investors who hadn't even bought the securities.

The Journal says the default, by phone maker Cosun Group, is one
of the most high-profile failures to hit China's sprawling
network of Internet-based financial firms.

It is an embarrassment to Alibaba Group Holding Ltd. because its
affiliate Ant Financial Services Group owns the investment
marketplace where the bonds were sold, and illustrates a rising
risk in China, where hundreds of millions of people seeking
higher returns on their savings have used their mobile phones to
buy risky, unregulated investments, the Journal relates.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 28, 2016, South China Morning Post said that Wu Ruilin,
chairman of Cosun Group, defaulted on bonds worth CNY100 million
that he raised from retail investors, citing "tight cash flow."
SCMP related that according to a notice put up by the Guangdong
Equity Exchange on Dec. 20, 2016, two subsidiaries of Cosun Group
are each defaulting on seven batches of privately raised bonds
they issued in 2014.

Cosun Group is a Guangdong-based telecom company.



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


ABAJ ELECTRONICS: CRISIL Assigns B- Rating to INR4.1MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Abaj Electronics Private Limited.

                          Amount
   Facilities            (INR Mln)      Ratings
   ----------            ---------      -------
   Proposed Long Term
   Bank Loan Facility         4.1       CRISIL B-/Stable

   Cash Credit                1.5       CRISIL B-/Stable

   Inland/Import Letter
   of Credit                  3.4       CRISIL A4

The ratings reflect the company's below-average financial risk
profile because of weak capital structure driven by large working
capital requirement. The ratings also factor modest, albeit
increasing, scale of operations in a competitive industry. These
weaknesses are partly offset by promoters' experience in the
consumer durables industry.

Key Rating Drivers & Detailed Description
Weakness
* Below-average financial risk profile because of weak capital
structure: AEPL had small networth and high total outside
liabilities to tangible networth (TOLTNW) ratio of INR2.76 crore
and over 4 times, respectively, as on March 31, 2016. Stretched
receivables and inventory lead to large working capital
requirement, which constrains liquidity.

* Modest scale and operating margin in a competitive industry:
The scale of operations, although increasing continuously,
remains modest, reflected in operating income of INR28.7 crore in
fiscal 2016. The operating margin was low, at 3.1% in fiscal
2016, and has declined due to increased branding and advertising
expenditure.

Strength
* Promoters' extensive industry experience and effective
distribution channel: The promoters' industry experience of
almost a decade will support revenue growth over the medium term.
Sales were at INR26 crore in fiscal 2016. Also, the company has
adopted effective distribution channels for sale of consumer
durable products.
Outlook: Stable

CRISIL believes AEPL will benefit from its promoters' industry
experience. The outlook may be revised to 'Positive' if there is
a substantial and sustained increase in revenue and
profitability, along with better working capital management. The
outlook may be revised to 'Negative' if there is a steep decline
in profitability, or significant deterioration in capital
structure and liquidity on account of larger-than-expected
working capital requirement or capital expenditure.

AEPL, incorporated in 2010, sells consumer durable products such
as TV sets, washing machines, and sound bar systems under its
Abaj brand. Based in Ahmedabad, Gujarat, the company is promoted
by Mr. Nirav Patel, Mr. Manish Patel, Mr. Dharmendra Patel, and
Mr. Sunil Patel.

Profit after tax (PAT) was INR0.30 crore on operating income of
INR28.7 crore for fiscal 2016, against a PAT of INR0.15 crore on
operating income of INR14.2 crore for fiscal 2015.


ALBA ASIA: CARE Upgrades Rating on INR20cr Term Loan to 'C'
-----------------------------------------------------------
The revision in ratings of Alba Asia Private Limited takes into
consideration the repayment of its existing bank facilities
during September 2016. Further, the company intends to avail a
fresh term loan of INR20 crore.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank        20.00       CARE C; Stable Revised
   Facilities (Term                  From CARE D
   Loan)

Alba Asia Private Limited (erstwhile ABG LDA Bulk Handling
Private Limited) is a Joint Venture between ABG Infralogistics
Limited through its wholly owned subsidiary, ABG Ports Pvt. Ltd.
and Louis Dreyfus Armateurs (LDA), France, holding 51% and 49%
stake respectively. AAPL owns, operates, maintains and rents
cranes of various types and capacity, which are used for
different applications, mainly by the companies from the ports
sector. The company at present has operations in the following
ports:

* Visakhapatnam - Contributes to major cargo volumes handled by
   the company (contributed to around75% of the total cargo
   handled)

* New Mangalore - The Company continues to operate at the port
   and the contract is renewed each year. (Contributed to
   25% of the cargo volume).

During FY16 (refers to the period April 1 to March 31), Alba Asia
Private Limited reported a Net Loss of INR11.25 crore on
a total income from operations of INR20.44 crore.


ALFA INDUSTRIES: CARE Reaffirms 'B' Rating on INR5.72cr LT Loan
---------------------------------------------------------------
The rating assigned to the bank facilities of Alfa Industries
continues to remain constrained on account of declining scale of
operations, low profitability, leveraged capital structure, weak
debt coverage indicators and moderate liquidity position during
FY16 (refers to the period April 1 to March 31) coupled with
working capital-intensive nature of business operations. The
ratings are further constrained on account of its presence in
highly fragmented and competitive guar industry.

                       Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Long-term Bank       5.72         CARE B; Negative
   Facilities                        Reaffirmed

The rating, however, continues to derive benefits from experience
of their partners.

The ability of Alfa Industries to increase its scale of
operations coupled with improvement in profitability, along with
efficient management of its working capital requirements are the
key rating sensitivities.

Outlook: Negative

The outlook is 'Negative' on the account of significant decline
in scale of operations leading to net losses, leveraged capital
structure and weak debt coverage indicators during FY16.The
outlook may be revised to 'Stable' if the company is able to
increase scale of operations by generating more sales with
improvement in profitability, capital structure, debt coverage
indicators and liquidity position.

Detailed description of key rating drivers

During FY16, TOI of AFI declined by 49.95% to INR10.93 crore as
against INR21.84 crore in FY15. The PBILDT margin of AFI
increased by 263 bps and remained at 6.16% during FY16 as
compared to 3.53% during FY15 mainly on account of lower
procurement cost. However, AFI reported loss of INR0.33 crore
during FY16 as against PAT of INR0.03 crore during FY15 as a
result of higher interest and finance charges. Due to net loss
during FY16 the gross cash accruals also declined and stood
negative of INR0.44 crore as against INR0.35 crore for FY15.
Capital structure of AFI improved marginally as on March 31, 2016
and continued to remain leveraged as reflected by an overall
gearing ratio of 3.23 times (3.83 times: as on March 31, 2015).
Interest coverage ratio declined and remained weak at 0.99 times
as against 1.80 times for FY15 mainly on account of higher
interest and finance charges coupled with marginal decline in
PBILDT. Total debt to GCA deteriorated and stood negative due to
negative GCA as against 16.56 years in FY15 owing to decline in
GCA level.

Current ratio of the firm has marginally improved but remained
moderate at 1.38 times as on March 31, 2016 as against 1.23 times
as on March 31, 2015. The operating cycle got elongated and stood
high at 193 days during FY16 mainly due to higher inventory
period. Cash flow from operating activity (CFO) turned into
negative at INR1.49 crore during FY16 as compared to Rs0.77 crore
in FY15, CFO turned into negative mainly on account of blockage
of money into inventories. The average utilization of working
capital limits remained at around 75% during the past 12 months
as on Dec. 31, 2016.

Alfa Industries was formed in 2013 as a partnership firm by Mr
Ajaybhai Santoki along with two other partners to undertake
business of processing of guar seeds along with trading of agro
commodities. The commercial operations of the firm commenced from
April 2014 and FY15 was first year of operation for the firm.

As per the Audited results for FY16, AFI reported net loss of
INR0.33 crore on a total operating income (TOI) of INR10.93 crore
as against net profit of INR0.04 crore on a TOI of INR21.84 crore
during FY15 (A).


AUM SHRI: CRISIL Assigns 'B+' Rating to INR0.69MM LT Loan
---------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Aum Shri Hotels and Resorts Private Limited (Aum).
and assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the bank
facilities. CRISIL had suspended the rating on August 19th, 2015,
as Aum had not provided the necessary information for the rating
view. The company has now shared the requisite information,
enabling CRISIL to assign the rating.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee        17.31       CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Proposed Long Term     0.69       CRISIL B+/Stable (Assigned;
   Bank Loan Facility                Suspension Revoked)

The rating reflects Aum's exposure to high project implementation
risk. The ratings also factors in the exposure to risk related to
cyclicality in real estate sector. These rating weaknesses are
partially offset by the promoter's extensive experience in real
estate industry.

Key Rating Drivers & Detailed Description
Weaknesses
* Exposure to high project implementation risk: Aum is exposed to
high project implementation risk as the project is yet in nascent
stages and commercial launch is expected to happen in November,
2016. Any delays in project implementation will impact the cash
inflow.

* Exposure to cyclicality in real estate sector: The real estate
sector is cyclical and subject to sharp price volatility.
Multiplicity of property laws, government regulations, aggressive
timelines for completion and shortage of manpower (engineers and
skilled labour) impact project execution. CRISIL believes that
the company will remain exposed to the cyclicality in real estate
industry.

Strength
* Extensive experience of promoters: The company benefits from
the extensive experience of promoters in real estate industry.
The promoters has extensive experienced of over 25 years in real
estate industry. The promoters has successfully completed many
residential and commercial project in the past.
Outlook: Stable

CRISIL expects Aum Shri Hotels & Resorts Private Limited (Aum) to
maintain its current business risk profile on the back of
extensive experience of the promoters. The outlook may be revised
to 'Positive' if there is a significant improvement in its
business & financial risk profile backed by timely implementation
and high salability of its ongoing project leading to healthy
cash accruals on sustainable basis. The outlook shall be revised
to 'Negative' if there is time over-run in on-going project or
significant pressure on the revenues and cash flows.

Aum is a closely held private limited company, promoted by
Mr. Arvind Preet Singh and Mr. Anil Thakran. The company was
incorporated in July 2012 and has entered into a joint
development agreement with Three C Properties Pvt. Ltd. for
development of residential township in Gurgaon. Aum owns the land
and is entitled to 44 per cent of the saleable proceeds from the
project, while the joint development partner - TCPL, who
undertake development of the project, is entitled to remainder of
the sale proceeds.


BALLARPUR INDUSTRIES: Fitch Downgrades Long-Term IDRs to 'CCC'
--------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Ratings
on India-based paper maker Ballarpur Industries Limited and its
subsidiary Bilt Paper B.V. to 'CCC', from 'B-' and maintained the
ratings on Rating Watch Negative (RWN).

Fitch downgraded BILT and placed it on RWN on 29 July 2016, based
on its deteriorating credit profile and significant refinancing
risks for upcoming debt maturities. BILT said in July 2016 it was
in talks to sell two of its Indian units, which would improve
liquidity, but the company has not made material progress on the
transaction. BILT's liquidity has worsened since Fitch's previous
downgrade, and operations were curbed due to inadequate working
capital, In addition, without an asset sale, there is greater
risk it will not be able to address debt maturities, resulting in
the downgrade to 'CCC'.

The company is aggressively pursuing several options to secure
funding and monetise assets to meet its repayment obligations.
The RWN reflects the risk that the company would have exhausted
almost all possible remedies to avoid a debt default or
restructuring if the current negotiations are delayed or fail. If
BILT's latest efforts do not conclude favourably within six
months, Fitch will take further negative rating action.

KEY RATING DRIVERS

Worsening Liquidity Position: BILT reported cash of just INR39m
at end-September 2016, and incurred an EBITDA loss of INR62m in
the first half of the financial year to 31 March 2017 (FY17).
This compared with cash of INR2.5bn at end-March 2016 and EBITDA
of INR7.1bn in FY16. At end-March 2016, it also had INR20.6bn of
short-term debt and INR9.2bn of long-term debt maturing in FY17.
BILT would face challenges in addressing its long-term debt
repayments, even if it is able to roll over its short-term debt.
Fitch believes existing lenders are unlikely to be willing to
grant further credit to BILT given its minimal cash balances and
weak operating cash flow. Consequently, BILT may need to turn to
other funding sources or asset sales to address the liquidity
shortfall.

Unsustainable Debt Maturity Profile: The company is in advanced
negotiations with financial institutions and investors for debt
and equity funding to address its upcoming debt repayments.
However, Fitch does not expect such additional financing alone to
be adequate to address its debt maturities of over INR25bn over
the next three years. Even if Fitch assumes that free cash flows
improve at BILT, asset sales or significant refinancing would be
required to meet its repayment obligations over this period. BILT
has not been able to execute any meaningful asset sales or debt
refinancing so far.

Inadequate Working Capital Hits Operations: BILT's consolidated
revenue fell more than 50% in 2QFY17 from a quarter earlier, as
capacity utilisation was hit due to insufficient working capital.
Fitch believes the company curtailed operations to lower its
working capital needs and address urgent debt maturities. The
company has secured some working capital injection since 3QFY17,
allowing it to restore operations. Fitch have assumed that BILT
secures adequate working capital funding and utilisation rates
pick up in 2HFY17. However, Fitch sees risk that the company may
have to limit operations again to repay debt, which would impact
its market position and longer-term cash generation ability.

Sale of Indian Units Uncertain: BILT said in July 2016 that it
received a non-binding offer from JK Paper Ltd to acquire two
units at Ballarpur (299.5 kilo tonnes per annum) and Ashti (54
kilo tonnes per annum). BILT has yet to receive a binding offer
from JK Paper. The exclusivity period for the discussion ended on
20 October 2016. The two units account for almost half of the
paper manufacturing capacity of subsidiary Ballarpur Graphic
Paper Products Ltd. (BGPPL), which in turn contributed around 85%
of BILT's consolidated FY16 EBITDA. The potential sale of the
units would inject liquidity and lower debt, but also severely
reduce BILT's earnings and diminish its position as the leading
writing and printing paper manufacturer in India.

Malaysian Business Sale Unsuccessful:  BILT's sale of its 98%
holding in Malaysia's Sabah Forest Industries (SFI) in 2015 for
an enterprise value of USD500m was finally terminated in July
2016. The company intended to use most of the proceeds to repay
debt. BILT is continuing discussions with other investors to
divest its stake in SFI, but Fitch has considerable doubts about
whether any deal will be finalised given sustained pressure on
the global paper and pulp industry. Paper demand has been falling
in North America and Europe, while growth in markets such as
China and India has been weak over the past few years.

DERIVATION SUMMARY

In deriving BILT's 'CCC' rating, Fitch have assigned particular
importance to BILT's unsustainable leverage profile, excessive
refinancing risk and poor liquidity, in accordance with Fitch
criteria.

A 'CC' rating sets a very high threshold for foreseeing default,
according to Fitch. Such a rating indicates that Fitch can see
only a low chance of avoiding default, and possible remedies that
avoid a debt restructuring have all but evaporated. The company
is working urgently on several options to improve its liquidity.
Fitch's RWN reflects risks that these measures may prove
unsuccessful, which will result in further negative rating
action.

BILT's rated peers include Klabin S.A. (Klabin, BBB-/Negative),
Suzano Papel e Celulose S.A. (Suzano, BB+/Positive) and Smurfit
Kappa Group plc (SKG, BB+/Stable). Klabin and Suzano enjoy low
production-cost structures and a high degree of vertical
integration. Suzano and SKG are also significantly larger in
scale than BILT. The peers also have much stronger financial
profiles.

Bilt Paper B.V's ratings reflect its strong operational and
strategic linkages with the ultimate parent, BILT. Bilt Paper is
in the same line of business as BILT and the two have a common
treasury and management team. Bilt Paper holds a 99.99% stake in
BGPPL, the key Indian operating entity, and a 98% stake in SFI.
Bilt Paper accounts for over 85% of BILT's overall revenue and
EBITDA.

KEY ASSUMPTIONS

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

- BILT manages to secure working capital financing to sustain
   its operations.
- Average utilisation rate for BGPPL at 51% in FY17, improving
   to above 80% from FY18 (FY16: 84%).
- EBITDA margin of 4% in FY17, improving to 17%-18% from FY18
   (FY16: 17%).
- Only maintenance-related capex of INR1.5bn from FY17.
- No dividend payouts or payment of interest on the subordinated
   perpetual capital securities.

RATING SENSITIVITIES

The Rating Watch Negative will be resolved following a review of
BILT's liquidity position once Fitch has more clarity regarding
the company's ongoing funding and asset sale efforts.

Failure to address upcoming maturities in a timely manner through
debt repayment using refinancing or asset sale proceeds will
result in a downgrade.


BUILDMET PVT: ICRA Upgrades Rating on INR5cr Cash Loan to B+
------------------------------------------------------------
ICRA has upgraded the long-term rating from [ICRA]B to [ICRA]B+
for the INR5.0 crore cash credit facilities of Buildmet Pvt Ltd.
ICRA has reaffirmed the short-term rating at [ICRA]A4 for the
INR15.0 crore of non-fund based bank facilities and INR12.0 crore
of short term unallocated limits of BPL. The outlook assigned on
the long-term rating is 'Positive'.

                     Amount
  Facilities       (INR crore)     Ratings
  ----------       -----------     -------
  Long Term; Cash       5.0        [ICRA]B+(Positive); Upgraded
  Credit                           from [ICRA]B

  Short term; Bank     15.0        [ICRA]A4; reaffirmed
  Guarantee

  Short term
  Unallocated          12.0        [ICRA]A4; reaffirmed

Rationale
The revision in the rating takes into account the improvement in
scale of operations due to addition of new orders in FY2016 and
9M FY2017 respectively. The ratings continue to derive comfort
from the operational support of its parent company, Ayoki
Fabricon Pvt Ltd. The outstanding order book position is healthy
at INR49.67 crore which is 5.5 times the operating income of
FY2016 resulting in strong revenue visibility in near to medium
term. The ratings factor in the "Class 1 Contractor" status of
the company for public works department (PWD), Karnataka, which
enables it to bid for large government contractors in the state
of Karnataka. The ratings also draw comfort from the comfortable
capital structure, healthy coverage indicators, the customer
profile and the well diversified geographic presence of the
company. The ratings are, however, constrained by the high
working capital intensity in FY2016, owing to the stretched
debtor days and high inventory as on March 31, 2016. Further, the
business growth in significantly dependent upon Ayoki Fabricon
Pvt Ltd as BPL receives majority of the overseas orders through
it. Also, given that BPL's contracts are fixed price in nature,
the ratings take into consideration the susceptibility of the
company's profitability to rising raw material prices and labour
charges. The ratings also consider the major dependency of order
flow on tender based contract award system, which exposes the
company to intense competition and consequently keeps the margins
under check.

The positive outlook assigned on the rating reflects BPL's
healthy order book position and the increase in the order inflow
from the existing customers and the new client additions. ICRA
expects that the new contracts will translate into an increase in
turnover and profitability over the medium term. The ratings may
be upgraded, going forward, if the company improves its margins
and scale of operations with timely execution of existing orders
and regular inflow of orders, while effectively managing its
working capital requirements. Conversely, the outlook may be
revised to stable if the financial profile weakens with lower
accruals leading to cash flow mismatches in the short term with
its capital expenditure plans, or if its working capital
requirements are larger than expected.

Key rating drivers
Credit Strengths
* Improvement in scale of operations due to addition of new
   orders in FY2016 and 9M FY2017; strong visibility for revenue
   growth over the near to medium term supported by pending order
   book of INR49.67 crore as on Dec. 31, 2016
* Operational support of its parent company, Ayoki Fabricon Pvt
   Ltd
* Status as an approved class I contractor with PWD enabling to
   bid for large government contractors in the state of
   Karnataka.
* Comfortable capital structure and healthy coverage indicators
* Diversified clientele and geographic presence
Credit Weakness
* High working capital intensity owing to stretched debtor days
   and high inventory as on March 31, 2016
* Business growth is dependent upon Ayoki Fabricon Pvt Ltd as
   BPL will receive majority of the orders through it
* Major dependency of order flow on tender based contract award
   system, which exposes the company to intense competition and
   consequently keeps margins under check
* Profitability exposed to raw material availability and price
   Fluctuation

Description of key rating drivers highlighted:

The company is a registered Class I contractor with Public Works
Department, Karnataka. It deals with civil construction works for
cement, power and sugar manufacturing units. The company has an
experience of working with various reputed clients like ACC
Cements, Oil & Natural Gas Corporation Ltd, Madras; Engineers
India Ltd. New Delhi, Metallurgical & Engineering Consultants
(India) Ltd, Tata Consultants Ltd, Stup Consultants etc. and the
company has successfully completed various projects in India and
abroad. The company had bagged INR55.97 crore of projects in the
current year till December 2016 and is expecting orders of INR15
crore in Q4 of FY2017, currently under negotiation. The company
had executed INR29.18 Crore of orders till December 2016 and is
expected to complete INR11 crore more in Q4 FY2017, resulting in
healthy revenues of ~INR40 crore in FY2017. The company does sub-
contracting work for Ayoki Fabrications Pvt Ltd and ThyssenKrupp
Industries India Private Ltd. Going forward, the ability of the
company to improve its margins and scale of operation while
effectively managing its working capital requirements would be
the key rating sensitivities.

BPL was established in 1974 as a private limited company by a
group of civil engineers. The company is a civil constructor and
is also a registered Class-1 contractor for PWD, Karnataka. The
company was taken over by Ayoki Fabricon, a Pune based company in
May 2015. The company does civil construction works for cement
manufacturing units, power production units, sugarcane
manufacturing units, roads etc.

The company reported a net profit of INR0.81 crore on an
operating income of INR9.03 crore in FY2016 as compared to a net
profit of INR0.10 crore on an operating income of INR0.05 crore
in FY2015.


CKOMPAX METATECH: CRISIL Assigns 'B' Rating to INR10MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Ckompax Metatech Private Limited.

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

The rating reflects the expected modest scale of operations in
fragmented sugar trading industry and its susceptibility of
operating margin to volatility in sugar prices vulnerability.
These rating weakens are partially offset by extensive experience
of its promoters in the sugar trading business and its
established relationship with principals and customers.

Key Rating Drivers & Detailed Description
Weaknesses
* Expected modest scale of operations: The company is expected to
start its trading operations by February 2017. INR50 crore is
expected to be generated within two months of operations in
fiscal 2017, while INR250 crore is projected for fiscal 2018.

* Susceptibility of operating margin to volatility in sugar
prices and adverse regulatory changes in the sugar industry: An
erratic monsoon can adversely affect sugarcane yields, which
leads to significant volatility in sugar prices and thereby
impact profitability of sugar mills and trading players such as
CMPL. Also, as sugar is an essential commodity under the
Essential Commodity Act, its prices are regulated and kept under
control.

Strengths
* Experience of promoters and established relationship with
suppliers: The promoters, Mr. Atul Kshirsagar and Mr. Sachin
Singare, are in the sugar trading industry for about a decade.
Benefits from the promoters' expertise and established
relationship with suppliers will help stabilise operations.
Outlook: Stable

CRISIL believes CMPL will maintain a stable business risk profile
over the medium term. The outlook may be revised to 'Positive' if
substantial and sustained increase in operating income and cash
accrual, along with efficient working capital management
strengthens financial risk profile. Conversely, the outlook may
be revised to 'Negative' if lower-than-expected operating income
or cash accrual or stretched working capital cycle weakens
liquidity.

Incorporated in October 2011 by Zaveri family, CMPL was acquired
in July 2016 by the current promoters, Mr. Atul Kshirsagar and
Mr. Sachin Singare. Since then, the company changed its
operations from lock assembly to sugar and ethanol trading.

The company will start operations from February 2017.


COAL INDIA: Raises Doubt About Future Due to Domestic Challenges
----------------------------------------------------------------
Nikkei Asian Review reports that even as it chases a production
target of a billion tons a year by 2020, India's state-run coal
monopoly is privately raising doubts about its prospects in the
next decade.

In an unpublished report viewed by the Nikkei Asian Review, Coal
India, the world's largest coal producer, said the industry faces
a major domestic challenge as renewable energy makes inroads into
coal's dominance in electricity generation.

Nikkei says representatives of Coal India's workers rejected the
report's pessimistic findings, saying they are a ploy to counter
demands for higher wages and better working conditions. Coal
India did not respond to requests for comment.

According to Nikkei, Coal India reported record production of 538
million tons for the year ended March 2016, up from 494 million
tons the previous year. However, a subsequent fall in demand has
forced Coal India to reduce production growth, and it is likely
to fall short of the current year's target of 724 million tons.
The company produced only 230 million tons in the period to
September 2016.

Indian imports are also falling -- from 217 million tons in the
2014-2015 financial year to 199 million tons in 2015-2016. In the
current financial year, imports are forecast to fall further, to
160 million tons, Nikkei notes.

Nikkei relates that the fall in production and imports is
primarily due to declining demand from the power sector, which
consumes 80% of total coal produced and has accumulated losses of
$60 billion. Coal supply to thermal power plants from April to
October 2016 was 216.5 million tons, down 3.7% from the
corresponding earlier period.

Coal India's internal report paints a bleak future for coal in
the country due to the increased cost of extraction, a leveling
off in thermal-power demand and the growing viability of
renewable energy sources such as solar, adds Nikkei.

Headquartered in Kolkota India, Coal India Limited is engaged in
the mining of coal, coal based products and mining consultancy.
The Group was incorporated under the Companies Act, 1956 and is
wholly owned by the Government of India.


DLA INDUSTRIES: CRISIL Assigns B- Rating to INR10MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of DLA Industries Private Limited (DLA).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan              10         CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility      5.1       CRISIL B-/Stable

   Bank Guarantee          0.15      CRISIL A4

   Cash Credit             4.75      CRISIL B-/Stable

The rating reflects DLA's initial phase of operations, below-
average financial risk profile marked by high gearing and modest
debt protection measures and working capital intensive nature of
its operations. These rating weaknesses are partially offset by
its promoters' extensive business experience.
Key Rating Drivers & Detailed Description

Weaknesses
* Nascent stage of operations in a highly competitive laminates
manufacturing industry: DLA is currently in the nascent stage of
operations as reflected in its topline of Rs64 lakhs in 2015-16,
it started operation in the month of March 2016.  Although the
project is complete, the company is exposed to off take risk.

*Highly leveraged capital structure impacting financial risk
profile: the company's gearing is expected to remain high at
around 10 times over the medium term. The highly leveraged
capital structure arrests future borrowing capacity.

Strength
* Extensive experience of promoters in Laminates manufacturing
industry: The promoters have experience of around five years in
the building material supply industry. The promoters' healthy
business relationships with various players in the industry have
been built on their extensive experience in the business, which
has enabled them to develop a keen insight into the laminates
industry.
Outlook: Stable

CRISIL believes DLA will benefit from its promoters' extensive
experience in the laminates manufacturing industry. The outlook
may be revised to 'Positive' if the firm stabilises its
operations earlier than expected, leading to healthy cash
accruals and better financial risk profile. Conversely, the
outlook may be revised to 'Negative', if DLA's operating margin
is lower than expected, the company undertakes any large debt-
funded expansion programme or its working capital management
deteriorates significantly, constraining its financial profile.

Incorporated in 2014 in Karnal, DLA Industries Pvt Ltd is engaged
in manufacture of wooden laminates, pre lamp boards, acrylic hi-
glass and modular kitchen The Company is promoted by Mr.Darshan
Lal Arora, Smt.Promila Arora and Mr. Pankaj Arora.

For fiscal 2016, DLA had a loss of INR35 lakhs on revenue of
INR67 lakhs.


DURGA JI: CRISIL Assigns 'B+' Rating to INR7.5MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Durga Ji Flour Mills.

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


The rating reflects average financial risk profile of the firm
marked by small net worth and high gearing with modest scale of
operations in highly fragmented wheat processing industry. These
weaknesses are partially offset by its proprietor's extensive
industry experience and healthy relationship with customers and
suppliers.

Analytical Approach

Unsecured loans of Rs.1.67 crore have been treated as neither
debt nor equity as these are interest bearing of around 5% and
are expected to remain in the business over the medium term.

Key Rating Drivers & Detailed Description
Weaknesses
* Average financial risk profile: Low profitability with modest
scale of operations and sizeable working capital borrowing
continue to keep financial risk profile weak. Gearing is high and
debt protection metrics are below average.

* Modest scale of operation in highly fragmented wheat processing
industry: The wheat processing industry is replete with a large
number of players with small capacities owing to its low capital
intensity and less complex operations. Stiff competition and
little value addition to the products, lead to lower pricing
power, which reflects in low operating profitability over the
past three years ended FY16.

Strength
* Extensive experience of proprietor and healthy relationship
with customers and suppliers: The proprietor has over three
decades of experience in the wheat processing industry, thereby
gaining sound understanding of the market dynamics and
establishing relationship with suppliers and customers.
Outlook: Stable

CRISIL believes DFM will continue to benefit over the medium term
from the proprietors' extensive experience. The outlook may be
revised to 'Positive' if significant increase in scale of
operations and profitability or substantial capital infusion
strengthens financial risk profile. Conversely, the outlook may
be revised to 'Negative' f lower-than-expected cash accrual,
larger-than-expected working capital requirement, or large, debt-
funded capital expenditure weakens financial risk profile.

DFM, a proprietorship firm incorporated in 2004 by Mr. Sham
Sunder Verma, manufactures and sells wheat-related products such
as atta, maida, suji, and bran under its own brand, Durga Foods.
The processing facility is based in Gurdaspur, Punjab.

DFM had a book profit of INR0.23 crore on net sales of INR30.3
crore in fiscal 2016, against a book profit of INR0.22 crore on
net sales of INR30.2 crore in fiscal 2015.


FEROZEPUR FOODS: CARE Raises Rating on INR40.15cr LT Loan to BB-
----------------------------------------------------------------
The revision in the long-term rating assigned to the bank
facilities of Ferozepur Foods Energy Private Limited factors in
the successful commencement of manufacturing operations within
the cost & time estimates and healthy PBILDT margins of the
company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term Bank        40.15        CARE BB-; Stable
   Facilities                         Revised from CARE B+

   Long-term/Short-      35.00        CARE BB-; Stable /CARE A4
   Term Bank Facilities               Long term rating Revised
                                      from CARE B+ and short
                                      term rating reaffirmed

   Short-term Bank        0.69        CARE A4 Reaffirmed
   Facilities

The ratings continue to derive strength from the close proximity
of the unit to raw material sources, promoters' past experience &
resourcefulness and their established business relations with
customers & suppliers. The ratings, however, remain constrained
by the company's small track record of operations and elongated
operating cycle. The ratings further remain constrained by the
susceptibility of business to the vagaries of nature,
fragmented nature of the industry and regulatory policy risk.
Going forward, the ability of the company to profitably scale up
its operations while improving its overall solvency position and
manage its working capital requirements efficiently will remain
the key rating sensitivities.

Detailed description of key rating drivers

Commercial operations of FFEPL's manufacturing facility in
Ferozepur, Punjab commenced in January-2016, within the time &
cost estimates. The facility was established with a total project
cost of INR71.02 crore funded through term debt of INR40.15 crore
and infusion of funds by the promoters in the form of equity
capital of INR16.02 crore and unsecured loans of INR14.85 crore.
Prior to start of operations in Jan-2016, the company was engaged
in trading of rice since FY15 (refers to the period April 01 to
March 31). Subsequently, with the 3 months of manufacturing
operations in FY16, FFEPL achieved a total operating income of
the company of INR44.41 crore, compared with an operating income
of INR13.32 crore in FY15 (derived from trading activities).

Though the PBILDT margins remained healthy at 12.35% in FY16
(0.57% in FY15), at the net level, the company, incurred
losses on account of high interest and depreciation expenses. The
GCA of the company, however, improved and stood at INR2.44 crore
in FY16 (PY: INR0.08 crore).

The capital structure of the company remained weak marked by a
long-term debt to equity and overall gearing ratios of
3.71x and 6.10x, respectively, as on March 31, 2016. This was
mainly due to the term loans availed for the setting up of
the manufacturing facilities and high reliance on working capital
borrowings. The total debt to GCA also remained weak at
36.45x as on March 31, 2016 while the interest coverage ratio
stood at 1.71x in FY16.

The operating cycle of the company remained elongated at ~184
days as on March 31, 2016 primarily owing to the stretched
inventory holding period of ~233 days as on March 31, 2016. In
the last 12-month period ended November 2016, the working capital
remained almost fully utilized in the October-February period,
while the average utilization remained at a moderate level of
~70%, for the remaining months.

Operations of the company are susceptible to the vagaries of
nature. The production of paddy and therefore rice is seasonal
and monsoon dependent in nature which results in volatility in
their prices. The commodity nature of the product along with
presence of several unorganized and organized players, especially
in the paddy-growing regions, makes the industry highly
fragmented. Furthermore, the industry is also characterized by a
high level of regulatory policy risk. Operations of entities
engaged in the industry are directly affected by government
policies like imposition of import bans, minimum support prices,
etc.

The promoters of FFEPL hold a vast industry experience through
their association with FFEPL's group concern- Ferozepur Foods
Private Limited (FFPL; rated, 'CARE BB-; Stable/CARE A4'). FFPL
has a long track record of nearly two decades in the same
business which has led to well established relations with the
suppliers as-well- as customers. This in turn provides FFEPL with
the benefits of easy raw material procurement and access to
regular sales orders. The managing director of the company, Mr
Brij Bhushan Mittal, has an industry experience of nearly four
decades. Other directors of the company, Mr Hemant Mittal and Mr
Pawan Kumar Garg also hold an industry experience of 18 years and
30 years, respectively, in the industry. Furthermore, the
promoters of the company are resourceful having infused a total
of INR16.02 crore in the form of equity capital and INR14.85
crore in the form of unsecured loans in the FY14-15 period to
support the project implementation. Furthermore an additional
INR1.40 crore was infused in FY16 in the form of unsecured loans
to fund various business requirements of the company.

FFEPL's unit is located in close proximity to raw material
sources owing to its presence in the paddy growing region viz.
Ferozepur, Punjab. This results in easy availability of the raw
material at competitive rates.

Incorporated in 2010, Ferozepur Foods Energy Private Limited is
engaged in the processing of paddy to produce basmati rice as
well as its by-products like bardana, bran, husk, etc, since the
commencement of its manufacturing operations in January-2016 (as
per the earlier planned COD date). Prior to that the company was
engaged in the trading of rice since FY15. The company operates
from a single manufacturing facility in Ferozepur, Punjab with an
installed capacity of 15 tonnes per hour, as on Dec. 7, 2016.
Domestically, sales are being made in and around the Punjab
region while export sale to countries located in the middle-east
like Dubai, Iran, Saudi Arabia, Kuwait, Oman, Bahrain etc. also
commenced in FY17. The basmati rice is being sold under the brand
name 'Uncle Jack'.

During FY16 (refers to the period April 1 to March 31), FFEPL has
reported a net loss of INR0.74 crore on a total operating
income of INR44.41 crore as against a PAT of INR0.08 crore on a
total operating income of INR13.32 crore in FY15.


GKC PROJECTS: ICRA Lowers Rating on INR1116.83cr Loan to 'D'
------------------------------------------------------------
ICRA has downgraded the long term rating outstanding on the
INR334.08 crore cash credit limits, INR546.57 crore term loans,
INR1116.83 crore bank guarantees, INR195.00 crore Letter of
Credit and INR7.52 crore unallocated limits of GKC Projects
Limited to [ICRA]D from [ICRA]BB-.

                     Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Fund based-Cash      334.08     [ICRA]D/Downgraded from
  Credit                          [ICRA]BB-(Stable)

  Fund based-Term      546.57     [ICRA]D/Downgraded from
  Loans                           [ICRA]BB-(Stable)

  Non Fund based-     1116.83     [ICRA]D/Downgraded from
  Bank Guarantee                  [ICRA]BB-(Stable)

  Non Fund based-      195.00     [ICRA]D/Downgraded from
  Letter of Credit                [ICRA]BB-(Stable)

  Long term             7.52      [ICRA]D/Downgraded from
  Unallocated limits              [ICRA]BB-(Stable)

Rationale
The downgrade in the rating factors in the recent delays in debt
servicing by the company. Further, there is overdrawal of cash
credit facility more than 30 days due to tight liquidity
position. ICRA notes that the lenders of the company have invoked
S4A (Scheme for Sustainable Structuring of Stressed Assets)
scheme with October 26, 2016 as the reference date, which has
been cleared by the Overseeing Committee. The lenders are in the
process of obtaining the sanction for the same from their
respective competent authorities.

Going forward, GKC's ability to service its debt obligations in a
timely manner will be the key rating sensitivity.

Key rating drivers
Credit Strengths
* Established presence with over two decades of promoters'
   experience in the civil construction industry supported by
   technically competent personnel
* Orders worth INR1260 cr have been received during 9M FY2017
   post which the order book position of the company stood at
   INR2578 cr( as on December 31,2016) which is 2.20 times the
   operating income for FY2016 providing revenue visibility for
   the medium term
Credit Weakness
* Recent delays in debt servicing of its term loans and
   overdrawal in CC for more than 30 days
* Decline in the operating revenues in H1FY2017 at INR371.15 cr
   against INR530.66 cr in H1FY2016 caused by delay in getting
   clearances and approvals from the Government agencies and the
   clients leading to slower execution
* Net cash losses during H1FY2017 at INR26.36 cr due to decline
   in operating revenues and high interest costs

Description of key rating drivers highlighted:

GKC's revenues witnessed significant decline of 30% y-o-y in
H1FY2017 due to delay in getting clearances and approvals from
the Government agencies and the clients leading to slower
execution. As a result of slower execution and high interest
burden, the company posted net cash losses to the extent of
INR26.36 cr during H12017.Stretched liquidity position has
resulted in the delays in debt servicing. ICRA notes that the
lenders of the company have invoked S4A (Scheme for Sustainable
Structuring of Stressed Assets) scheme with October 26, 2016 as
the reference date. The implementation of S4A would reduce the
debt servicing obligation of the company. The sustainable and
unsustainable portion of debt has been identified as 55% and 45%
respectively. Further, there is overdrawal of cash credit
facility for more than 30 days.

The promoters of GKC have over two decades of experience in the
civil construction industry supported by technically competent
personnel. Orders worth INR1260 cr have been received during 9M
FY2017 post which the order book position of GKC stood at INR2578
cr( as on December 31,2016) which is 2.20 times the operating
income for FY2016 providing revenue visibility for the medium
term.

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

GKC Projects Limited was started in the year 1996 as a
proprietorship concern by Mr.KV Rajasekhar based out of
Hyderabad. The proprietorship was converted in to a private
limited company named Gokul Krishna Constructions Pvt Ltd in 2004
and subsequently converted into a public limited company in 2008
with the current name. The Company executes drinking water supply
projects, highways, irrigation and civil construction projects.


GURUDEVA CHARITABLE: CRISIL Assigns B- Rating to INR10MM Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Gurudeva Charitable Trust and assigned its
'CRISIL B-/Stable' rating to the facilities. CRISIL had, on
July 16, 2015, suspended the rating as the trust had not provided
the information necessary for a rating review. It has now shared
the requisite information, enabling CRISIL to assign the rating.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term       5.5       CRISIL B-/Stable (Assigned;
   Bank Loan Facility                 Suspension Revoked)

   Secured Overdraft        2.5       CRISIL B-/Stable (Assigned;
   Facility                           Suspension Revoked)

   Term Loan                9.0       CRISIL B-/Stable (Assigned;
                                      Suspension Revoked)

   Working Capital         10.0       CRISIL B-/Stable (Assigned;
   Demand Loan                        Suspension Revoked)

The rating reflects a small scale of operations, geographic
concentration in revenue, susceptibility to risks related to
regulatory changes, and a below-average financial risk profile
because of a negative networth. These weaknesses are partially
offset by the extensive experience of the trustees in the
education industry.

Key Rating Drivers & Detailed Description
Weakness
Susceptibility to risks related to regulatory changes
The education sector is highly regulated sector and compliance
with specific operational and infrastructure norms set by
regulatory bodies, such as the Medical Council, is essential.
Thus, regular investment in the workforce and infrastructure are
needed and approvals have to be received even to set up new
courses or increase the number of seats for any course.

Small scale of operations and geographical concentration in
revenue
The entire revenue is derived from a medical college in Kerala
and a single course, resulting in a small scale of operations.
Revenue was INR40.86 crore in fiscal 2016. Furthermore, as
revenue is derived from just the one college, the trust is
exposed to geographical concentration risks.

Below-average financial risk profile: The networth was a negative
INR5.55 crore as on March 31, 2016, due to the losses, and the
debt protection metrics were weak in fiscal 2016. However, the
promoters provide need-based fund support through unsecured
loans, the balance of which was INR19.27 crore as on March 31,
2016.

Strength
Extensive industry experience of the trustees
The trust is managed by a group of professionals who have
extensive experience in the industry. This has helped to
establish itself as one of the leading institutes providing
medical education.
Outlook: Stable

CRISIL believes GCT will continue to benefit from the extensive
industry experience of its trustees. The outlook may be revised
to 'Positive' in case of sustainable increase in the scale of
operations with higher student intake, leading to significant
improvement in liquidity. The outlook may be revised to
'Negative' if the financial risk profile, particularly liquidity,
weakens, most likely due to sizeable debt-funded capital
expenditure, an adverse impact of any regulatory change, or
deterioration in cash flow management.

GCT, based in Ernakulam, was set up in 2003 by a group of non-
resident Indians and businessmen from Kerala. It is registered
under the Indian Trust Act, 1881. The trust comprises of a
medical college and hospital, Sree Narayana Institute of Medical
Sciences, offering the MBBS course.

For fiscal 2016, GCT made a net loss of INR4.54 crore on total
income of INR40.86 crore, against a net loss of INR2.96 crore on
total income of INR40.70 crore for the previous fiscal.


HEAVEN ON: CRISIL Assigns B+ Rating to INR5.15MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Heaven On Ocean Tourism Private Limited.

                            Amount
   Facilities             (INR Mln)      Ratings
   ----------             ---------      -------
   Cash Credit/Overdraft      0.85       CRISIL B+/Stable
   facility
   Cash Term Loan             5.15       CRISIL B+/Stable

The rating reflects the company's limited track record and
seasonality in operations. These weaknesses are partially offset
by differentiated product offering leading to tie-ups with large
tour operators, and comfortable margins.

Key Rating Drivers & Detailed Description
Weaknesses
* Limited track record: Since operations began from March 2016,
sustained demand is yet to be seen.

* Seasonality in operations: Revenue is higher during October-
March, when there is high tourist inflow in Andaman & Nicobar
islands.

Strength
* Differentiated product offering leading to tie-ups with large
tour operators: Absence of any competition in the islands of
Andaman & Nicobar has enabled the company to enter into tie-ups
with large tour operators, resulting in higher occupancy levels.
Outlook: Stable

CRISIL believes HOTPL will continue to benefit over the medium
term from its unique and differentiated product offering and tie-
ups with large tour operators. The outlook may be revised to
'Positive' if sustained higher occupancy leads to significant
revenue and profitability and hence to a better financial risk
profile. The outlook may be revised to 'Negative' in case of
lower-than-expected occupancy, or if financial risk profile,
particularly liquidity, weakens due to larger-than-expected debt-
funded capital expenditure or decline in cash accrual.

Incorporated in 2015 and promoted by Mr. Ravi, Mr. Prasanna, Mr.
Satish, and Mr. Jayaraman, HOTPL operates a coral cruise near the
islands of Andaman & Nicobar. The operations of the company were
only started from March, 2016.


HEM IMPEX: CRISIL Assigns B- Rating to INR1.7MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
bank facilities of Hem Impex (HI).

                          Amount
   Facilities            (INR Mln)      Ratings
   ----------            ---------      -------
   Proposed Short Term
   Bank Loan Facility       4.5         CRISIL A4

   Proposed Long Term
   Bank Loan Facility       0.3         CRISIL B-/Stable

   Cash Credit              1.7         CRISIL B-/Stable

   Letter of Credit         3.5         CRISIL A4

The ratings reflects firm's stretched liquidity on account of its
large working capital requirements. This has led to fully
utilised bank limit utilization. However the firm benefits from
extensive experience of promoters in the metal industry.

Analytical Approach

CRISIL has treated unsecured loans of Rs.1.03 crore from
promoters as on March 31, 2016, as neither debt nor equity. This
is because these loans are expected to remain in the business
over the medium term.

Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations: The firm has recorded an operating
income of Rs.27.7 crore in fiscal 2016. Despite being in
operations since 1960, the firm's scale of operation is small and
it faces intense competition in the electrical components
industry, with the presence of several players.

* Low profitability on account of trading nature of business: The
trading business is dominated by a large number of organised
players and several modest sized players which sell products of
other local and regional brands. The commoditised nature of the
products has led to intense competition in the industry. Hence HI
has low operating margin on account of its trading business.

* Below-average financial risk profile: The firm has below-
average financial risk profile, marked by small net worth, high
total outside liabilities to adjusted networth ratio (TOLANW) and
weak debt protection metrics

Strength
* Extensive experience of promoters in the metal industry: The
firm's business risk profile benefits from the extensive industry
experience of its promoters of over 10 years in the industry.
Over the years, Mr. Kekin and Mr. Ketan have gained significant
industry experience enabling the establishment of its supplier
and customer base.
Outlook: Stable

CRISIL believes HI will continue to benefit over the medium term
from the extensive experience of promoters. The outlook may be
revised to 'Positive' in case of a substantial and sustained
improvement in revenue and profitability margins, or better
working capital management. Conversely, the outlook may be
revised to 'Negative' if profitability margins decline, or
capital structure deteriorates because of large, debt-funded
capital expenditure or a stretch in the working capital cycle.

Established in 2012, HI is a partnership firm engaged in trading
(importer) of aluminium scrap, copper scrap, brass scrap and
other ferrous and non-ferrous scraps.  Mr. Kekin Ganatra (Mr.
Kekin) and Mr. Ketan Ganatra (Mr. Ketan) are the partners of the
firm.

Profit after tax (PAT) was Rs.18.2 lakhs on net sales of Rs.16.2
crore in fiscal 2016, vis-a vis Rs.12.1 lakhs and Rs.15.5 crore,
respectively, in fiscal 2015.


IMPERIALL TECHNOFORGE: ICRA Reaffirms D Rating on INR6.58cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR11.98
crore fund based and non fund based limits of Imperiall
Technoforge Private Limited.

                     Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Cash Credit           5.00      [ICRA]D Reaffirmed
  Term Loans            6.58      [ICRA]D Reaffirmed
  Letter of Guarantee   0.40      [ICRA]D Reaffirmed

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

Incorporated in 2012, Imperiall Technoforge Private Limited is
owned and managed by Mr. Samir Vaishnav and other family members.
The company was taken over by the current management from State
Bank of India in an auction of the manufacturing facilities of
Micro Forge (India) Limited. The unit is located in Rajkot
(Gujarat) with an installed capacity of 9000 tonnes per
annum(TPA) for manufacturing of forged and machined components.


JAGDAMBA OIL: CRISIL Assigns B+ Rating to INR6MM Cash Loan
----------------------------------------------------------
CRISL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Jagdamba Oil and General Mills.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit             6         CRISIL B+/Stable
   Warehouse Receipts      5         CRISIL B+/Stable

The rating reflects JOGM's below-average financial risk profile
marked by highly leveraged capital structure and below-average
debt protection measures, and low profitability of operation
susceptible to volatile raw material prices and intense
competition in the edible oil industry. These weaknesses are
partially offset by the proprietor's extensive industry
experience and his funding support.

Analytical Approach

For arriving at the rating, CRISIL has treated unsecured loans
(outstanding at INR1.32 crore as on March 31, 2016) extended by
the proprietor and affiliates as neither debt nor equity, as
these will be retained in the business over the medium term.

Key Rating Drivers & Detailed Description
Weakness
* Below-average financial risk profile:  Financial risk profile
is below-average marked by small networth of INR1.4 crore,
gearing of 5.83 times as on March 31, 2016 and interest coverage
of 1.6 times for fiscal 2016. Small cash accruals and high
reliance on working capital bank debt should continue to keep
financial risk profile at similar level over the medium term.
* Low profitability of operation susceptibile to volatile raw
material prices and intense competition in the edible oil
industry: JOGM's operating margin is low at 1%-1.2% for three
years ended fiscal 2016 because of limited bargaining power with
customers and suppliers in intensively competitive edible oil
industry. Further the profitability also remains susceptible to
volatile raw material prices.

Strength
* Proprietor's extensive experience and his funding support: The
proprietor, given his experience of over three decades, has
forged healthy relations with suppliers and customers.
Additionally, he provided need-based funding support over the
three years through fiscal 2016 for increasing the scale of
operations. Benefits from his experience and funding support are
likely to continue over the medium term.
Outlook: Stable

CRISIL believes JOGM will benefit over the medium term from the
proprietor's extensive experience. The outlook may be revised to
'Positive' if significant increase in revenue and operating
profitability results in sizeable cash accrual and thereby
improves financial risk profile. Conversely, the outlook may be
revised to 'Negative' if low cash accrual, stretched working
capital cycle or substantial capital withdrawal weakens financial
risk profile, particularly liquidity.

JOGM, established in 1987 as a proprietorship firm by Mr. Subhash
Chand, processes cotton seed to manufacture oil and de-oiled
cakes at its manufacturing unit in Cheeka, Haryana.


JAI HIND: CRISIL Assigns B+ Rating to INR4.8MM Term Loan
--------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facility of Jai Hind Public School (JHPS) and has assigned
its 'CRISIL B+/Stable' rating. CRISIL had previously 'Suspended'
the rating on March 29, 2016, since JHPS had not provided the
necessary information required for the rating review. JHPS has
now shared the requisite information.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan              4.8        CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)


The rating reflects JHPS's longstanding presence of over two
decades though modest scale. The rating also factors in
vulnerable operating margin, small networth, and high gearing.
The trust is expected to generate adequate cash accrual to meet
its debt obligations on time over the medium term.

Key Rating Drivers & Detailed Description
Strengths
* Longstanding presence of school and extensive experience of
trustees: The school has been operational since 1997 and has been
affiliated with Central Board of Secondary Education since 2012.
It offers studies till senior secondary. The trust is promoted by
Mr. Krishna Deo Prasad, Ms Kalavati Devi, Mr. Upendra Kumar, and
Ms Keshwar Prasad. The trustees have strong entrepreneurial
experience and have been managing JHPS since inception. It had
1700 students in its school for academic year 2016-17. Given the
long standing presence of school, the occupancy is almost full.

* Sufficient cash accrual to meet debt obligation: Expected cash
accrual should be adequate to meet debt obligations, with a debt
service coverage ratio of 1.4 times over the medium term.

Weaknesses
* Modest scale of operations: Scale of operations are modest,
with expected fee collections of INR3.20 crore for fiscal 2017.
The scale has gradually improved from INR1.79 crore for fiscal
2015 due to incremental student strength and revised fees. It is
further expected to improve with addition of new classrooms and
hostel in fiscal 2018 to INR5 crore; however, scale will remain
modest. Also, since the trust runs only one school, the market
position is also constrained by geographic concentration.

* Vulnerable operating margin: The trust has showcased low
stability in its operating margin, at 13.9-32.6% over the four
years through fiscal 2016. The margin has gradually declined on
account of high fixed cost in terms of staff salaries. However,
with expected increase in fee collections from fiscal 2017,
margin should revive.

* Small networth: The networth is expected to remain small due to
low accretion to reserves of INR2.4-2.7 crore as on March 31,
2017.

* High gearing: Due to recently undertaken capital expenditure,
the gearing is expected to be high at 2 times as on March 31,
2017.
Outlook: Stable

CRISIL believes JHPS will continue to benefit from the extensive
experience of the parent society's members in the education
sector. The outlook may be revised to 'Positive' if the school
improves its liquidity, with a significant increase in fee
collection and cash accrual. The outlook may be revised to
'Negative' if liquidity weakens because of a significant dip in
fee collections or profitability; or substantial debt-funded
capital expenditure, thus weakening liquidity.
JHPS commenced operations in 1997 in Bodh Gaya, Bihar. Mr.
Krishna Deo Prasad manages its daily operations. Currently, the
school is run by the Jai Hind Educational and Welfare Society.
JHPS is affiliated to the Central Board for Secondary Education
board.

Net Profit was INR0.08 crore on fee receipt of INR2.02 crore in
fiscal 2016, vis-a vis INR0.01 crore and INR1.79 crore,
respectively, in  fiscal 2015.


JAI SHIV: CRISIL Assigns B+ Rating to INR10MM Pledge Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Jai Shiv Food Products Private Limited.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan             3.15        CRISIL B+/Stable
   Proposed Cash
   Credit Limit          4.00        CRISIL B+/Stable
   Cash Credit           9.00        CRISIL B+/Stable
   Pledge Loan          10.00        CRISIL B+/Stable

The rating reflects the extensive experience of, and funding
from, its promoters. These strengths are partially offset by
modest scale of operations in the intensely competitive rice
industry, exposure to fluctuations in raw material prices and
uneven monsoon, and below-average financial risk profile.

Analytical Approach

Unsecured loans of INR3.6 crore (as on March 31, 2016) from
promoters have been treated as neither debt nor equity.

Key Rating Drivers & Detailed Description
Weakness
* Modest scale in intensely competitive rice industry: Limited
capacity and intense competition in the rice industry have led to
a small scale, reflected in revenue of INR90.4 crore in fiscal
2016. Modest scale also restricts benefits of economies of scale
and limits pricing flexibility, thereby constraining
profitability.

* Below-average financial risk profile: As on March 31, 2016, the
networth was small at INR7.5 crore and gearing high at over 3
times. With continued large working capital debt, gearing is
expected to remain high over the medium term. Interest coverage
ratio was muted at 1.56 times during fiscal 2016 due to low
profitability and high debt level.

* Exposure to volatility in raw material prices and uneven
monsoon: Vulnerability of the basmati crop to the vagaries of the
rainfall can lead to fluctuations in availability and prices of
paddy, and thus could impact the business risk profile of rice
processors such as JSFPL.

Strength
* Extensive experience of promoters: JSFPPL's promoter, Mr.
Hariom Sharma, have extensive experience and understanding of the
dynamics of the local market, which helps in anticipating price
trends and calibrating purchasing and stocking decisions.

* Promoters' funding support: Promoters have extended unsecured
loans of INR3.6 crore to meet incremental working capital
requirement.
Outlook: Stable

CRISIL believes JSFPPL will benefit over the medium term from the
extensive experience of its management. The outlook may be
revised to 'Positive' if substantial increase in revenue and
profitability leads to higher cash accrual and hence better
financial risk profile. The outlook may be revised to 'Negative'
if lower-than-expected profitability or sizeable debt further
weakens financial risk profile, particularly liquidity.

Incorporated in March 2012 and promoted by Mr. Hariom Sharma, Mr.
Devendra Sharma, Mr. Atul Sharma, Mr. Kailash Sarawgi, and Mr.
Sanjeev Mittal, JSFPPL mills paddy into processed rice at
Gwalior, Madhya Pradesh

Profit after tax (PAT) was INR0.57 crore on an operating income
of INR90.4 crore for fiscal 2016, against a PAT of INR0.58 crore
on an operating income of INR80.2 crore for fiscal 2015.

Status of non-cooperation with previous CRA: JSFPPL has confirmed
that it is not cooperating with ICRA Ltd, which its rating is
currently outstanding. The nature of non-cooperation is by way of
not sharing information and not paying fees.


KALYAN COTTON: ICRA Reaffirms 'B' Rating on INR6.11cr LT Loan
-------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B assigned to
the INR6.11 crore fund based bank limits of Kalyan Cotton
Industries. The outlook on the long-term rating is 'Stable'.

                     Amount
  Facilities       (INR crore)   Ratings
  ----------       -----------   -------
  Long-term Fund
  Based Limits        6.11       [ICRA]B (Stable); re-affirmed

Rationale
The re-affirmation of the rating continues to factor KCI's modest
scale of operations and financial profile, characterised by a
leveraged capital structure, weak debt coverage indicators and
high working capital intensity. KCI's operating profits remain
vulnerable to adverse movements in raw cotton prices, which are
subject to seasonality, crop harvest and Government regulations
regarding Minimum Support Price (MSP) of raw cotton and export of
cotton bales. ICRA further notes that the limited value-added
nature of operations when coupled with the highly competitive and
fragmented industry structure, arising from low entry barriers,
exert further pressure on the firm's profitability margins.
The rating, however, continues to favorably factor in the past
experience of the promoters in the cotton ginning and pressing
industry. Furthermore, the location of KCI's manufacturing
facility in Rajkot, Gujarat, ensures the ready availability of
the key raw material of high quality raw cotton.

Key rating drivers

Credit Strengths
* Extensive experience of partners in the cotton ginning
   and pressing industry;
* Manufacturing unit favourably located in cotton producing belt
   of Gujarat, provides regular and easy access to raw materials.
Credit Weakness
* Modest scale of operations;
* Financial profile characterised by leveraged capital
structure,
   high working capital intensity and weak debt coverage
   indicators;
* Low profitability on account of limited value addition and
   high competitive intensity in the cotton ginning industry due
   to low entry barriers, which restricts the pricing
   flexibility;
* Vulnerability of profitability to adverse movement in raw
   cotton prices that are subject to seasonality, crop harvest
   and government regulation on export of cotton bales.

Description of key rating drivers highlighted:

KCI commenced commercial production from December 2014. The
firm's operations remain modest with KCI recording an operating
income of INR20.37 crore in its first full year of operations in
FY2016. KCI's inventory levels are linked to cotton prices. The
firm tends to procure higher quantities of raw cotton in a
falling price regime and stores the finished products in case the
management expects higher realisations in the short-term, leading
to high working capital requirements. The firm relies on external
borrowings to fund these requirements leading to a leveraged
capital structure as depicted by a gearing of 1.99 times as on
March 31, 2016. Owing to the limited value additive nature of
operations, the firm's profitability remains low. Additionally,
the firm's profits remain vulnerable to any adverse movements in
raw cotton prices, which are subject to seasonality, crop harvest
and Government regulations regarding MSP of raw cotton and export
of cotton bales. Furthermore, the cotton ginning and crushing
industry is a highly fragmented and competitive with multiple
organised and unorganised players due to low entry barriers,
which further restricts the pricing flexibility of the firm.

Nevertheless, the partners of the firm have an experience of over
three decades in the ginning and crushing industry, which lends
some comfort. The firms' manufacturing facility is located at
Rajkot in Gujarat, which is one of the largest cotton producing
states in the country. Hence, its location results in benefits of
lower logistics expenditure (both on transportation and storage)
and procurement of raw cotton at competitive prices.

Analytical approach:
ICRA has assigned the ratings following a detailed evaluation of
the issuer's business and financial risks.

Kalyan Cotton Industries (KCI) was established as a partnership
firm in December 2013. The firm is engaged in the ginning and
pressing of cotton as well as in the crushing of cotton seeds.
The firm processes raw cotton to produce cotton bales, seeds,
cottonseed oil and cakes. The manufacturing facility of the firm
is located at Rajkot in Gujarat, equipped with 24 ginning
machines, a pressing machine and five expellers with a capacity
to process 30,528 MT of raw cotton annually. The firm commenced
commercial production at the unit from December 2014.

KCI has two group concerns - Koyo Granito LLP and Kodel
Unicotters LLP. While the former is engaged in manufacturing
vitrified tiles, the latter manufactures synthetic leather.

KCI reported a net profit after tax and depreciation of INR0.03
crore on an operating income of INR20.37 crore for the period
ended March 31, 2016.


MANU IMPEX: CRISIL Assigns 'B' Rating to INR2.5MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Manu Impex Private Limited.

                          Amount
   Facilities            (INR Mln)      Ratings
   ----------            ---------      -------
   Proposed Long Term
   Bank Loan Facility        0.5        CRISIL B/Stable
   Cash Credit               2.5        CRISIL B/Stable
   Inland/Import Letter      8.0        CRISIL A4
   of Credit

The ratings reflect the company's modest scale of operations in
the intensely competitive metals trading business, and its large
working capital requirement. These weaknesses are partially
offset by its promoters' extensive industry experience and their
financial support.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in the highly fragmented steel
trading business: Manu's scale of operations, reflected in
revenue of INR8 crore in fiscal 2016, will remain modest in the
highly fragmented steel industry.

* Large working capital requirement: Manu had gross current
assets of 402 days as on March 31, 2016, on account of
considerable inventory of 362 days and receivables of 66 days.

Strength
* Extensive experience of promoters: Manu benefits from its
promoters' industry experience of over 50 years, which has
resulted in steady orders from customers and longstanding
relationships with suppliers and customers.
Outlook: Stable

CRISIL believes Manu will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if substantial increase in revenue, sustained
profitability, and improvement in working capital management lead
to considerably higher-than-expected cash accrual and a better
financial risk profile. The outlook may be revised to 'Negative'
if decline in revenue and profitability; large, debt-funded
capital expenditure; or increase in working capital requirement
weakens the financial risk profile, particularly liquidity.

Manu, incorporated in 1958, trades in plates, mainly boilers and
pressure vessels plates, mild steel plates, and alloy plates. The
company also trades in hot-rolled coils. Its operations are
managed by Mr. Tushar Shah.

Manu's profit after tax (PAT) of INR0.04 crore on net sales of
INR8.18 crore for fiscal 2016, vis-a-vis INR0.02 crore and
INR7.09 crore, respectively, for fiscal 2015.

Status of non-cooperation with previous CRA: Manu has not
cooperated with ICRA Ltd which suspended its rating on the
company in May 18, 2016. The reason provided by ICRA Ltd is non-
furnishing of information required for monitoring of ratings.


MMR INFRASTRUCTURE: ICRA Withdraws B+ Rating on INR40cr Loan
------------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]B+ assigned to
the INR40.00 crore proposed non fund based facilities of MMR
Infrastructure Developers Pvt Ltd, as the company has not availed
any bank facility for the rated amount. There is no amount
outstanding against the rated instrument.

                         Amount
  Facilities          (INR crore)    Ratings
  ----------          -----------    -------
  Long term: Non Fund      40.0      [ICRA]B+; Withdrawn
  based limits
  (proposed)

MMR Infrastructure Developers Private Limited is part of the MMR
group which is an established real estate developer of commercial
real estate in Noida region. MIDPL owns some land in Bulandshahr
and has recently completed development of a commercial mall on
one of those land parcels.


MUKTSAR COTTON: CRISIL Assigns B+ Rating to INR10MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of Muktsar Cotton Private Limited.

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

The ratings reflect the company's modest scale of operations in a
highly-fragmented industry, susceptibility of operating
profitability to volatility in cotton prices, and below-average
financial risk profile marked by modest networth and weak
gearing. These weaknesses are partially offset by the extensive
experience of its promoters in cotton ginning industry and
proximity to cotton growing-belt in Punjab.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in fragmented segment: With revenue
of INR21.42 crore in fiscal 2016, scale remains Modest in the
intensely competitive cotton ginning industry that has low entry
barrier. This limits pricing and bargaining power, resulting in a
modest operating margin of 6.05% for fiscal 2016. Though turnover
will increase to INR30 crore for fiscal 2017 on account of
recovery in cotton prices, scale will remain muted over the
medium term.

* Susceptibility of operating margin to volatility in cotton
prices: Profitability is vulnerable to volatility in cotton
prices, which are highly volatile as cotton yield depends on
monsoon. Inability to pass on increase in cotton prices to
customers because of intense competition compounds the risk.
Hence, operating margin will remain subdued over the medium term.

* Below-average financial risk profile: Networth was modest at
INR2.92 crore and gearing high at 4.46 times as on March 31,
2016. Debt protection metrics were also weak, with interest
coverage and net cash accrual to total debt ratios of 1.26 times
and 0.02 time, respectively, for fiscal 2016. Financial risk
profile will remain below average over the medium term.

Strengths
* Extensive experience of promoters: The promoters of the company
have over two decades' experience in various segments of the
cotton industry. The promoters have a rich experience in various
activities related to cotton ginning. The company has benefited
from the promoter's extensive experience in establishing a strong
regional presence.

* Proximity to cotton growing-belt in Punjab: Production facility
is close to Punjab's cotton-growing belt, resulting in easy
availability of raw cotton directly from farmers.
Outlook: Stable

CRISIL believes MCPL will benefit over the medium term from the
extensive experience of its promoters and proximity to cotton-
growing belt. The outlook may be revised to 'Positive' if
substantial revenue growth, while maintaining profitability,
leads to an improved capital structure. The outlook may be
revised to 'Negative' if considerable decline in revenue and
profitability, deterioration in working capital management, or
large, debt-funded capital expenditure further weakens financial
risk profile, especially liquidity.

Incorporated in 1996 and promoted by Mr. Supneet Grover, MCPL is
based in Muktsar, Punjab, and gins cotton.

MCPL's profit after tax (PAT) was INR0.09 crore on net sales of
INR21.04 crores in fiscal 2016, vis-a-vis a PAT of INR0.16 crore
on net sales of INR48.27 crore, for fiscal 2015.


NAV BHARAT: ICRA Reaffirms 'B' Rating on INR6.0cr LT Loan
---------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B for the
INR6.00 crore fund based limits of Nav Bharat Rice and General
Mills. The outlook on the long term rating is 'Stable'.

                     Amount
  Facilities       (INR crore)      Ratings
  ----------       -----------      -------
  Long Term, Fund
  Based Limits         6.00         [ICRA] B (Stable); reaffirmed

Detailed Rationale

ICRA's ratings continue to factor in the firm's small scale of
operations, highly competitive nature of the rice milling
industry and the vulnerability of the firm's profitability to
fluctuations in raw material prices. The ratings are further
constrained by the firm's leveraged capital structure due to the
firm's large working capital requirements, which have primarily
been funded by working capital borrowings. Further the firm's low
profit margins coupled with high gearing have led to weak
coverage indictors, as reflected in low interest coverage and
weak NCA/TD. Further, the ratings continue to factor in agro
climatic risks, which can impact the availability of paddy.
Nevertheless the ratings favorably take into account the long
standing experience of the promoters and their strong
relationships with several customers and suppliers, coupled with
proximity of the mill to major rice growing area which results in
easy availability of paddy and stable demand outlook given that
India is a major consumer (rice being an important staple of the
Indian diet) and exporter of rice.

Going forward the ability of the firm to ramp up its scale of
operations in a profitable manner and improve its capital
structure will be the key rating sensitivities.

Key rating drivers
Credit Strengths
* Experienced promoters with long presence in the industry
* The firm has well established relationships with its clients
Credit Weakness
* Weak financial profile characterized by low profitability,
   weak coverage and capitalization indicators. The firm reported
   interest coverage ratio of 1.20 times in FY2016 and gearing of
   9.41 times as on 31st March 2016.
* Intensely competitive nature of the industry characterized by
   a number of small players.
* Agro climatic risks, which can affect the availability of the
   paddy in adverse weather conditions.
* Risks inherent in a partnership firm such as limited ability
   to raise funds; funds withdrawal and dissolution.

Detailed description of key rating drivers highlighted:

NVRGM is a partnership firm, was set up in 1987. The firm
supplies rice to exporters based in Delhi and NCR, Haryana, U.P.,
Punjab. Increase in debt level (mainly comprising of working
capital borrowing) resulted in increased gearing of 9.41 times as
on 31st March 2016 as against gearing of 9.05 times as on 31st
March 2015. The debt protection indicators remained weak with
interest coverage indicator of 1.20 times and NCA/TD of 2% in
FY2016. Rice industry is a highly competitive industry
characterized by low entry barriers and thus a large number of
unorganized players and a few established players. This exerts
pressure on margins of the firm.

NVRGM is a partnership firm, was set up in 1987 by Mr. Subhash
Chand and Mr Rajinder Kumar. NVRGM is engaged in trading and
milling of basmati rice. It has a plant at Cheeka (Haryana)
having milling capacity of 4 tonnes per hour and sortex capacity
of 3 tonnes per hour. The firm has a fully automated plant. The
by-products of basmati rice viz husk, rice bran and 'phak' are
sold in the domestic market.


NILKANTH COTTON: CARE Assigns 'B+' Rating to INR7.32cr Loan
-----------------------------------------------------------
The rating assigned to the bank facilities of Nilkanth Cotton
Industries is constrained on account of its thin profitability
margins, moderate capital structure, moderate debt coverage
indicators and moderate liquidity position during FY16 (refers to
the period April 1 to March 31).

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             7.32      CARE B+; Stable Assigned

The rating is further constrained on account of seasonality
associated with cotton availability and susceptibility of margins
to cotton price fluctuations and prices and supply for cotton are
highly regulated by government. The rating, however, derives
benefits from its stabilized operations during FY16, vast
experience of the promoters in the cotton ginning business along
with proximity to the cotton-producing region of Gujarat. Going
forward, NCI's ability to increase its scale of operations with
improvement in profitability, capital structure, and debt
coverage indicators along with better working capital management
will be the key rating sensitivity.

Detailed description of the key rating drivers

The firm started commercial production in January 2015 and as
FY16 was the first full year of operations for NCI, the firm was
able to stabilize its operations during the year and achieved the
total operating income (TOI) of INR39.61 crore for FY16.

The profitability margins of the firm remains thin marked by
PBILDT margin of 3.32% during FY16 as against 4.21% during
FY15 owing to high procurement cost of raw cotton during FY16.
Apart from this, there is also trading activity dealing by
the firm and as a result, APAT margins of the firm remained thin
at 0.05% during FY16 as against 0.09% for FY15.

As on March 31, 2016, the capital structure of the firm although
improved but remained moderately leveraged marked by debt to
equity ratio of 0.38 times and overall gearing ratio of 1.57
times as compared with 0.49 times and 1.81 times, respectively,
as on March 31, 2015.

The debt coverage indicators of the firm improved and remained
moderate marked by total debt to GCA of 13.20 years for FY16 as
compared with 25.95 years for FY15. Interest coverage of the firm
deteriorated marked by 1.59 times for FY16 as compared with 2.38
times for FY15.

Jangvad, Jasdan-based (Rajkot) NCI was incorporated as a
partnership firm in 2014 by six partners. The partners of NCI
include mainly Mr Hareshbhai H Tadhani and Mr Chandubhai H
Tadhani. The firm is engaged into the activity of cotton
ginning, bailing and cleaning of cotton. The main products of NCI
includes cotton seeds, cotton bales, cotton cake and
cotton wash oil. The firm has an installed capacity of 18144
Metric Ton per annum for raw cotton processing and 2160
Metric Ton per annum for cotton seeds processing as on March 31,
2016. The firm's manufacturing facilities are equipped
with 24 ginning machine, 1 pressing machine and 5 expellers for
crushing of cotton seeds. The firm operated at 90% capacity
utilization for the year ending on March 31, 2016. The firm has
an established selling network for selling the products outside
Gujarat i.e. Tamil Nadu and Rajasthan.

During FY16 (A), NCI reported PAT of INR0.02 crore on a TOI of
INR39.61 crore as against PAT of INR0.01 crore on a TOI of
INR10.76 crore during FY15. During 9MFY17 (Provisional), the
company achieved the total sales of INR8.27 crore.


ORBIT AVIATION: CARE Lowers Rating on INR59.52cr LT Loan to 'D'
---------------------------------------------------------------
The revision in rating assigned to the bank facilities of Orbit
Aviation Private Ltd take into account delays in servicing of its
debt obligations, resulting from stressed liquidity.

                       Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Long-term Bank       59.52        CARE D Rating suspension
   Facilities                        Revoked and revised from
                                     CARE B+

Detailed description of the key rating drivers

As reported by the bankers, there have been delays in payment of
principal and interest on term loan of upto 30 days in OAPL.
These were mainly on account of mismatch of cash flows. The
operating revenues grew by 7.5% to INR67.58 crore in FY16 (refers
to the period from April 1 to March 31). However, PBILDT%
declined to 25.39% (PY: 33.07%) on account of higher employee
cost and repairs leading to net loss of INR4.49 crore (PY Net
Profit: INR3.11 crore). Overall, the total debt increased to
INR71.49 crore as on March 31, 2016 (PY: 67.55), leading to high
overall gearing of 2.43 as on March 31, 2016. The liquidity
profile also stood weak with current ratio of 0.52x on March 31,
2016.

OAPL, incorporated in June 2007, is engaged in providing
chartered flight and public road transport services. The company
is a Non-Scheduled Operator for India and abroad and it owns four
aircrafts. Also, the company also provides passenger bus services
through a fleet of 60 buses (including both standard and luxury)
buses in Punjab. OAPL is part of Punjab based Orbit Group. It is
a 64.96% subsidiary of Orbit Resorts Ltd which is into
hospitality and bus transport business.

During FY16 (refers to period from April 1 to March 31; Audited),
OAPL incurred loss of INR4.49 crore on operating income of
INR67.58 crore against PAT of INR3.11 crore on operating income
of INR62.86 crore in FY15.


ORBIT RESORTS: CARE Lowers Rating on INR248.91cr LT Loan to D
-------------------------------------------------------------
The revision in rating assigned to the bank facilities of Orbit
Resorts Ltd take into account delays in servicing of its debt
obligations, resulting from stressed liquidity.

                       Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Long-term Bank      248.91        CARE D Rating suspension
   Facilities                        revoked and revised from
                                     CARE B+

Detailed description of the key rating drivers

As reported by the bankers, there have been delays in payment of
principal and interest on term loan of upto 30 days in
ORL. These were mainly on account of mismatch of cash flows.
ORL's operating income grew by 5.5% in FY16 (refers to period
from April 1 to March 31), with the hotel business growing by
5.03% while bus transport revenue increasing by 7.22%. PBILDT%
remained flat due to low growth in Revenue per available room
(RevPAR) of Trident and Oberoi hotels. PAT% also stood at similar
level at 5.59% (PY: 5.61%).

The current ratio increased from 0.47x as on 31-Mar-15 to 1.28x
as on March 31, 2016, while operating cycle decreased to 17 days
as the payable days decreased from 46 days in FY15 to 35 days in
FY16 on account of lowering of trade liabilities by the company.

ORL, incorporated in March 1988, is engaged in hospitality
business and owns two 5-star hotels in Gurgaon viz. Trident
and Oberoi. Also, the company has a bus transport business with a
28-bus fleet plying 'Indo-Canadian' banner.

During FY16, the company earned PAT of INR15.88 crore (PY:
INR15.12 crore) on total income of INR283.98 crore (PY: INR269.21
crore).


QUADSEL SYSTEMS: CRISIL Assigns 'B' Rating to INR6MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' ratings for the bank
loan facilities of Quadsel Systems Private Limited.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            6          CRISIL B/Stable
   Long Term Loan         2          CRISIL B/Stable

The ratings reflect the company's modest scale of operations and
the below-average financial risk profile marked by low net worth,
and weak debt protection metrics. These rating weaknesses are
partly offset by the extensive experience of the promoters in the
industry and established relations with its principal - Hewlett
Packard (HP).

Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations: With revenue of INR14.31 crore in
fiscal 2016, the company's scale remains modest and is likely to
improve over the medium term driven by increasing orders from
existing customers and addition of new customers. However, being
channel partner of HP with majority revenues from HP, any
slowdown in the business of HP is likely to impact QSPL.

* Below-average financial risk profile: QSPL had a high TOLTNW
ratio of around 6 times as on March 31, 2016, because of large
working capital debt. Modest operating profitability and large
working capital debt resulted in weak interest coverage of 1.45
times in fiscal 2016.

Strength
* Extensive experience of the promoters in the industry and
established relationship with principal: QSPL's promoters have a
long standing industry experience of over two decades in the
computer consumables industry and has over the years established
strong relations with its key principal - 'Hewlett Packard'. QSPL
is among the top gold channel partners in India for computers,
laptops and printers.
Outlook: Stable

CRISIL believes QSPL will continue to benefit over the medium
term from the extensive industry experience of its promoters in
the industry and established relationship with customers and
principal. The outlook may be revised to 'Positive' in case of
considerable improvement in topline and profitability, and if the
working capital management improves. Conversely, the outlook may
be revised to 'Negative' in case of a decline in topline, or
profitability, or in case of any major debt-funded expansion
plans, resulting in deterioration in the financial risk profile.

Established in 1996, Chennai-based Quadsel Systems Private
Limited (QSPL) is a dealer and channel partner of Hewlett Packard
(HP). The operations of the company are managed by the promoter,
Mr. Girish Madhavan.

In fiscal 2016, its profit after tax was INR20 lakhs on operating
income of INR14.31 crore, against a net profit of INR18 lakhs on
operating income of INR12.89 crore in fiscal 2015.


RUDRA AGRO: CRISIL Assigns 'B' Rating to INR20MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Rudra Agro.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit             20        CRISIL B/Stable

The rating reflects the firm's limited track record and modest
scale of operations in the intensely competitive basmati rice
market, and a subdued financial risk profile because of high
gearing and low debt protection metrics. These weaknesses are
partially offset by the extensive industry experience of the
partners, and benefits expected from the healthy growth prospects
for the basmati rice industry.

Key Rating Drivers & Detailed Description
Weaknesses
* Limited track record and modest scale of operations: As
operations commenced only in August 2016, sales are likely to be
low at INR30.0-35.0 crore during fiscal 2017. Though the
extensive experience of the partners benefits operations, a track
record of healthy ramp-up in sales is yet to be exhibited.

* Subdued financial risk profile: Modest profitability, a small
scale of operations, and sizeable working capital requirement
will continue to constrain the financial risk profile. Gearing is
expected to remain high at around 2.0 times and debt protection
metrics average.

Strength
* Partners' extensive industry experience: The decade-long
experience of the partners, through group entities, has helped
the firm ramp up operations, set up modern facilities, and
gradually increase the milling and sorting capacities
Outlook: Stable

CRISIL believes RA will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' if increase in revenue and profitability or
significant capital infusion lead to a better financial risk
profile, particularly capital structure. The outlook may be
revised to 'Negative' if the capital structure weakens or cash
accrual is lower than expected, or in case of substantial, debt-
funded capital expenditure.

RA, set up as a partnership firm by Mr. Pankaj Sharma and Mr.
Sunil Kumar in 2016, started commercial operations in August
2016. The firm mills and processes basmati rice. Its production
facilities at Alipur in New Delhi have a milling and sorting
capacity of 8 tonne per hour.


S M INDUSTRIES: CRISIL Assigns 'B' Rating to INR7.50MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank loan facilities of S M Industries - Jalalabad.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan             2.25        CRISIL B/Stable

   Cash Credit           7.50        CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility    0.75        CRISIL B/Stable

The rating reflects SMI's modest scale of operations, average
financial risk profile, and large working capital requirement in
the fragmented rice industry. These rating weaknesses are
partially offset by its partners' extensive experience.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in highly fragmented industry: The
operations of the firm are expected to remain small as indicated
in its limited capacity. The commercial operations of the firm
started in October, 2016 and the firm has achieved revenues of
INR6.0 crore till December, 2016. The rice industry is highly
fragmented due to low capital intensity, and limited value
addition, which results in low entry barriers.

* Average financial risk profile: Financial risk profile is
expected to remain average marked by high gearing of 3.19 times
and moderate debt protection metrics with interest coverage of
2.18 times and net cash accruals to total debt of 0.06 times for
fiscal 2017.

* Working capital intensive operations: The firm's operations are
working capital intensive reflected from expected gross current
assets of 94 days ended March 31, 2017. The large working capital
was mainly due to the large inventory requirements of the
company. This is because paddy, the major raw material for rice
processors is available in crop season only i.e. October to
January-February

Strength
* Extensive experience of promoters: Presence of over 15 years in
the rice industry through other entities has enabled the
promoters to establish a strong customer base and healthy
relationship with suppliers, and understand local market
dynamics.
Outlook: Stable

CRISIL believes SMI will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if operations stabilise and revenue and
profitability grow significantly. The outlook may be revised to
'Negative' if delay in stabilisation of operations or any debt-
funded capital expenditure weakens financial risk profile.

Incorporated as a partnership firm in April, 2016 by Mr. Sahil
Midha and family, SMI is engaged in the milling and processing of
basmati and non-basmati rice. The production facilities are
situated in Jalalabad, Punjab.


SATKARTAR ELECTRONICS: CRISIL Assigns B+ Rating to INR2.0MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Satkartar Electronics.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         9.5        CRISIL A4
   Overdraft              2.0        CRISIL B+/Stable

The ratings reflect the firm's small scale of operations, tender-
based business, and working capital-intensive operations. These
weaknesses are partially offset by the extensive experience of
its proprietor in the electrical industry and moderate financial
risk profile marked by moderate gearing.

Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of and tender-based operations: Turnover was
INR20.3 crore in fiscal 2016 and is estimated at INR20.7 crore
for fiscal 2017.

* Working capital-intensive operations: Gross current assets were
246 days as on March 31, 2016, due to receivables, payables, and
inventory of 71 days, 142 days, and 190 days, respectively.

Strengths
* Extensive experience of proprietor: The firm's proprietor has
been in the electrical works segment for five decades and has
established strong relationship with customers.

* Moderate financial risk profile: Debt protection metrics were
above average, with an interest coverage ratio of 2.14 times in
fiscal 2016. Gearing was 1.69 times as on March 31, 2016.
Outlook: Stable

CRISIL believes SE will continue to benefit over the medium term
from the extensive experience of its proprietor. The outlook may
be revised to 'Positive' in case of significant and sustained
increase in revenue, along with improvement in operational
margins and working capital cycle. The outlook may be revised to
'Negative' if a sharp decline in revenue or operating margins,
stretched working capital cycle, or large, debt-funded capital
expenditure weakens financial risk profile.

Set up in 1965 as a proprietorship firm by Mr. Kuldeep Singh, SE
undertakes electrical contracts for buildings and substations for
private parties and government departments in Gurgaon, Delhi,
Faridabad, and Uttar Pradesh. Clientele include business park
town players, Vipul Ltd, Space Tower Pvt Ltd, IREO Pvt Ltd, and
Orris Infrastructure Pvt Ltd.

Net profit was INR0.59 crore on sales of INR20.3 crore in fiscal
2016, against net profit of INR0.58 crore on sales of INR19.9
crore in fiscal 2015.


SHANTDEEP METALS: CRISIL Lowers Rating to B+ on INR9MM Term Loan
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shantdeep Metals Private Limited to 'CRISIL B+/Stable' from
'CRISIL BB-/Stable'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit             2         CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Proposed Term Loan      2         CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

    Term Loan              9         CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The downgrade reflects deterioration in the company's capital
structure on account of larger-than-expected, debt-funded capital
expenditure (capex), and expected stretch in liquidity on account
of just adequate cash accrual to meet debt obligation over the
medium term.

The company is implementing capex of INR7.5 crore, for which it
will take a term loan of INR5.23 crore. The capex is to be
completed in fiscal 2017. Gearing will deteriorate to 3.5 times
as on March 31, 2017, from 2.5 times as on March 31, 2015, and
liquidity will be stretched because of increase in debt
obligation. Though cash accrual will increase in fiscal 2017 from
INR1.14 crore in fiscal 2016, it will be just sufficient to meet
debt obligation of INR1.47 crore.
Analytical Approach

For arriving at its rating, CRISIL has treated unsecured loans of
INR1.59 crore as on March 31, 2016, as neither debt nor equity,
as the loans will be retained in the business during the tenure
of the bank loan.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest, albeit increasing, scale of operations in the
competitive automotive components industry: SMPL's scale remains
modest, despite 21% increase in operating income to INR24.4 crore
in fiscal 2016.

* Working capital-intensive operations: SMPL had gross current
assets of 121 days as on March 31, 2016, driven by receivables of
63 days.

* Subdued financial risk profile: SMPL had a small networth of
INR3.9 crore and high gearing of 3.19 times as on March 31, 2016.
Interest coverage ratio was modest, at 1.9 times in fiscal 2016.

Strengths
* Extensive industry experience of promoters, and established
relationships with customers and suppliers: SMPL's operations are
managed by Mr. Pradeep Chaudhary and Mr. Prashant Rahane. Mr.
Chaudhary has been in the automotive industry for 15 years,
undertaking jobwork through his other firms. The promoters'
expertise has helped SMPL develop healthy customer relationships
and bag repeat orders.
Outlook: Stable

CRISIL believes SMPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if there is a significant increase in revenue while
operating profitability stays healthy, resulting in higher cash
accrual. The outlook may be revised to 'Negative' if the
financial risk profile, particularly liquidity, weakens because
of low cash accrual, stretched working capital cycle, or larger-
than-expected debt-funded capex.

SMPL, incorporated in 2009, undertakes activities such as heat
treatment for automotive components on a jobwork basis. In 2013,
it started manufacturing gears for two-wheelers. Its
manufacturing facilities are in Aurangabad, Maharashtra. Its
operations are managed by Mr. Pradeep Chaudhary, Ms Sanjot
Chaudhary, and Mr. Prashant Rahane.

Profit after tax (PAT) was INR28.9 lakh on net sales of INR24.4
crore in fiscal 2016, against INR87 lakh and INR20.1 crore,
respectively, in fiscal 2015.


SHRI BANKE: CRISIL Assigns 'B+' Rating to INR8MM Cash Loan
----------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Shri Banke Bihari Polyfab Private Limited and has
assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
facilities. CRISIL had suspended the ratings on Jan. 13, 2016, as
SBBPPL had not provided the necessary information required for a
rating review. SBBPPL has now shared the requisite information,
enabling CRISIL to assign ratings to its bank facilities.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         1         CRISIL A4 (Assigned;
                                    Suspension Revoked)

   Cash Credit            8         CRISIL B+/Stable (Assigned;
                                    Suspension Revoked)

   Long Term Loan         6         CRISIL B+/Stable (Assigned;
                                    Suspension Revoked)

   Proposed Long Term     1         CRISIL B+/Stable (Assigned;
   Bank Loan Facility               Suspension Revoked)

The ratings reflect the company's modest scale of operations in
the highly fragmented polymer industry, and vulnerability of its
operating margin to fluctuations in input prices. These
weaknesses are partially offset by its promoters' extensive
industry experience and its low working capital requirement.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in a fragmented industry
The company's modest scale, reflected in net sales of INR37.2
crore in fiscal 2016, restricts its bargaining power with
customers and suppliers, especially as the polymer industry is
highly fragmented and has several small players.

* Vulnerability of operating margin to fluctuations in input
prices
SBBPPL's operating margin is vulnerable to volatility in the
prices of primary raw materials'polypropylene (PP) and high-
density polyethylene (HDPE) granules'the prices of which depend
on crude oil prices. Raw material accounts for 85-90% of the
company's operating cost.

Strengths
* Promoters' extensive experience in the polymer industry
Backed by its promoters' experience of more than a decade in the
polymer industry, the company has registered healthy revenue
growth. Established relationships with major suppliers and
customers strengthen its market position.

* Low working capital requirement
SBBPPL had gross current asset days of 76 days as on March 31,
2016, on account of low receivables and inventory. Additionally,
working capital management is supported by credit from suppliers.
Outlook: Stable

CRISIL believes SBBPPL will continue to benefit from its
promoters' extensive experience in the polymer industry, and its
established customer base. The outlook may be revised to
'Positive' if there is a substantial and sustained increase in
operating income and cash accrual, along with improvement in
financial risk profile. The outlook may be revised to 'Negative'
if low operating income or cash accrual, or stretch in working
capital cycle, or large capital expenditure weakens the financial
risk profile, particularly liquidity.

SBBPPL, incorporated in 2008, manufactures non-laminated PP/HDPE
woven sacks and leno bags. It caters to industries such as
cement, fertilisers, and agricultural products. The company is
promoted by Mr. Dinesh Agarwal, Mr. Ashish Agarwal, and Mr.
Kailash Chandra Gupta. Its manufacturing facility is in Burdwan,
Kolkata.

Profit after tax (PAT) was INR0.64 crore on net sales of INR35.9
crore in fiscal 2016, vis-a-vis INR0.10 crore and INR26.9 crore,
respectively, in fiscal 2015.


SHRI GANESHA: CRISIL Assigns B+ Rating to INR8.62MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the INR11.43 crore bank facilities of Shri Ganesha Global Gulal
Private Limited.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Long Term Loan        8.62        CRISIL B+/Stable
   Cash Credit           2.75        CRISIL B+/Stable
   Foreign Exchange
   Forward               0.06        CRISIL A4

The ratings reflect the extensive experience of the promoters in
the gulal manufacturing business, the established dealer network
and relationships with suppliers. Emphasis on product quality has
kept the operating margin healthy. These strengths are partially
offset by the modest scale of operations, moderate working
capital requirement and below-average financial risk profile,
constrained by the low networth and ongoing capex.

Key Rating Drivers & Detailed Description
Weakness
* Moderate scale of operations: Expected revenue of INR15 crore
in fiscal 2017 (vis-a-vis INR12.1 crore in the previous year)
reflects the moderate scale of operations.

* Working capital-intensive operations: Large inventory of over
100 days has led to gross current assets of over 246 days as on
March 31, 2016.

* Moderate financial risk profile, constrained by low networth:
Financial risk profile continues to be constrained by the low
networth of INR4.05 crore and high gearing of 2.5 times, as on
March 31, 2016.

Strengths
* Extensive experience of the promoters and strong dealership
network: More than four decades in the gulal manufacturing
business, have helped the promoters establish a successful track
record, with strong presence in the organised segment, and build
healthy relationships with various raw material suppliers.

* Healthy operating margin: Emphasis on quality and certification
of products offer an edge over several unorganised players in the
gulal market, and thus, keeps the operating margin healthy (9.7%
as of March 2016).
Outlook: Stable

CRISIL believes SGGGPL will continue to benefit from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if significant growth in revenue leads to a
substantial cash accrual. The outlook may be revised to
'Negative' if reduced order flow or muted profitability leads to
low cash accrual, or considerable stretch in the working capital
cycle or debt-funded capital expenditure, weakens the financial
risk profile.

SGGGPL was incorporated in 2015, by the promoter, Mr. Umang Goyal
and his family members. The company, which was formed after the
merger of three companies, manufactures gulal and herbal gulal.


SHUKLA AGRITECH: CRISIL Assigns 'B' Rating to INR5.55MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shukla Agritech Flour Industries Pvt Ltd. The
rating reflects the high off-take risk and exposure to intense
competition in the flour industry, high expected gearing, and
extensive entrepreneurial experience of promoters.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           5.25        CRISIL B/Stable
   Term Loan             5.55        CRISIL B/Stable

Key Rating Drivers & Detailed Description
Weakness
* High off take risk and exposure to intense competition in the
flour industry: The flour business is highly fragmented, with
numerous small-scale unorganized players catering to local
demands, which will lead to modest scale of operations and limits
SAFIPL's ability to bargain with its suppliers and customers.

* Exposure to fluctuations in raw material prices and dependency
on monsoon: Vulnerability of the wheat crop to the vagaries of
the monsoon can lead to fluctuations in the availability and
prices of wheat, and can impact the business risk profile of
SAFIPL.

* High expected gearing: The project gearing is high at 2.22
times. Gearing is expected to remain high over the medium term.

Strengths
* Promoters' extensive entrepreneurial experience: Promoters'
experience of more than 25 years in construction and rice mill,
has helped them to have understanding of the dynamics of the
local market, anticipating price trends and calibrating
purchasing and stocking decisions.
Outlook: Stable

CRISIL believes that SAFIPL will benefit over the medium term
from the extensive experience of its management. The outlook may
be revised to 'Positive' if successful commissioning of the
project leads to higher than expected revenue and profitability
and hence better financial risk profile. Conversely, the outlook
may be revised to 'Negative' if delay in commissioning of the
project or any significant cost over runs, weakens financial risk
profile, particularly liquidity.

SAFIPL, incorporated in 2016, is setting up a unit for
manufacturing atta and maida in Rewa, Madhya Pradesh. The company
is promoted by Mr. Mahendra Prasad Shukla, Mrs. Shushila Shukla
and Mr. Shivam Shukla. The company is expected to commence
operations in April 2016.


SIDDARTHA CIVIL: CRISIL Assigns B+ Rating to INR8MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Siddartha Civil Works Private Limited.

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

The rating reflects a modest scale, and working capital-intensive
nature, of operations, and exposure to intense competition in the
fragmented civil construction industry. These weaknesses are
partially offset by the extensive industry experience of the
promoters and a moderate financial risk profile.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in an intensely competitive
industry: With revenue of INR13 crore for fiscal 2016, the scale
of operations remains small in the intensely competitive
construction industry.

* Large working capital requirement: Gross current asset were 512
days as on March 31, 2016, driven by high inventory of 350 days
and debtors at around 136 days.

Strengths
* Extensive industry experience of the promoters: The main
promoter, Mr. P Sudhakar Roo, has an experience of over 19 years
in the civil construction industry. This has enabled him to
establish a strong relationship with customers and suppliers.

* Moderate financial risk profile: Networth was INR11 crore and
gearing 0.8 time, as on March 31, 2016.  Debt protection metrics
were moderate: interest coverage and net cash accrual to total
debt ratios were around 2.3 times and 0.3 time, respectively, for
fiscal 2016.
Outlook: Stable

CRISIL believes Siddartha will continue to benefit from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' if there is substantial and sustained
improvement in revenue while profitability margins are
maintained, or a significant increase in the networth on the back
of sizeable equity infusion. The outlook may be revised to
'Negative' in case of a steep decline in profitability margins,
or significant deterioration in the capital structure caused most
likely by large, debt-funded capital expenditure or a stretched
working capital cycle.

Incorporated in 1998, Siddartha is promoted by Mr. P Sudhkar Rao
and his wife Ms P Indira Rao. The company is engaged in civil
construction, and undertakes irrigation works and construction of
roads and railway bridges.

Siddartha 's profit after tax (PAT) was INR0.50 crore on net
sales of INR12.8 crores in fiscal 2016, vis-a-vis INR0.35 crore
on net sales of INR12.49 crore, for fiscal 2015


SRI ADISANKARACHARYA: CRISIL Assigns 'B' Rating to INR12MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sri Adisankaracharya Cotton and Oil Mills
Private Limited (SAC; part of the Ramineni group).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            12         CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

   Long Term Loan          3.11      CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

   Proposed Long Term      1.89      CRISIL B/Stable (Assigned;
   Bank Loan Facility                Suspension Revoked)

The rating reflects the group's below-average financial risk
profile because of high gearing, small networth, and weak debt
protection metrics, and large working capital requirement. These
weaknesses are partially offset by the extensive experience of
its promoters in the cotton industry and established relationship
with key customers and suppliers.
Analytical Approach

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Ramineni Agro Industries Pvt Ltd
(RAIPL) and SAC. This is because the two companies, together
referred to as the Ramineni group, are in the same business, and
have common management and significant operational linkages.

Key Rating Drivers & Detailed Description
Strengths
* Working capital-intensive operations
Gross current assets were 218 days as on March 31, 2016, due to
sizeable inventory of 204 days.

* Below-average financial risk profile
Networth was small at INR6.4 crore and gearing high at 4.9 times
as on March 31, 2016. Debt protection metrics were also weak,
with interest coverage and net cash accrual to total debt ratios
of 1.37 times and 8%, respectively, for fiscal 2016.

Weakness
* Extensive experience of promoters
Presence of over three decades in the cotton industry has enabled
the promoters to establish strong relationship with customers and
suppliers.
Outlook: Stable

CRISIL believes the Ramineni group will continue to benefit over
the medium term from the extensive experience of its promoters.
The outlook may be revised to 'Positive' in case of a substantial
and sustained increase in revenue and profitability margins, or
if networth increases with sizeable equity infusion. The outlook
may be revised to 'Negative' if profitability margins decline
steeply, or capital structure weakens further due to large, debt-
funded capital expenditure or stretched working capital cycle.

Set up in 2012 by Mr. R Srinivasa Rao and his family members, SAC
gins and presses raw cotton. Established in 2009 in Guntur,
Andhra Pradesh, RAIPL is engaged in a similar business but also
sells cotton lint and cotton seeds.


SRI LAKSHMI: CRISIL Assigns B Rating to INR5MM Long Term Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Sri Lakshmi Vinaayaka Rice Industries (SLVRI) and
assigned its 'CRISIL B/Stable' rating to the bank facilities.
CRISIL had suspended the rating on December 5th, 2016, as SLVRI
had not provided the necessary information for the rating view.
The company has now shared the requisite information, enabling
CRISIL to assign the rating.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             5        CRISIL B/Stable (Assigned;
                                    Suspension Revoked)

   Proposed Long Term      5        CRISIL B/Stable (Assigned;
   Bank Loan Facility               Suspension Revoked)

The rating reflects SLVRI's below-average financial risk profile,
marked by an aggressive capital structure and inadequate debt
protection metrics. The rating also factors in the firm's large
working capital requirements and the susceptibility of its
operating margin to volatility in raw material prices. These
rating weaknesses are partially offset by the extensive
experience of SLVRI's promoters in the rice milling industry and
the firm's established relationships with suppliers and
customers.

Key Rating Drivers & Detailed Description
Weaknesses
* Large working capital requirements: SLVRI's operations are
working capital intensive, with gross current assets of 261 days
as on March 31, 2016. The firm procures paddy from farmers and
brokers in Karnataka and generally gets credit of 10 to 15 days
from its suppliers. It has a policy of storing paddy for two to
three months; however, the inventory increases during peak
season. Payments from customers who are majorly brokers are
realised within 60 to 90 days. SLVRI has been financing its
working capital requirements through cash credit facility of
Rs.3.8 crore, which remained fully utilised, CRISIL believes that
SLVRI's operations will remain working capital intensive over the
medium term largely because of its large inventory requirements.

* Susceptibility of operating margin to volatility in raw
material prices: SLVRI's operating margin was low at 6 per cent
for 2015-16. Additionally, the firm's operating margin will
remain susceptible to fluctuations in raw material prices. CRISIL
believes that SLVRI's operating margin is expected to moderate at
5-6 per cent over the medium term.

Strength
* Extensive experience of partners in bulk drug trading business:
SLVRI's partners have been operating in the rice milling business
for 15 years. Over the years, the partners have established
strong relationships with suppliers and customers. SLVRI has been
able to achieve revenue to Rs.9.8 crore for 2015-16 (refers to
financial year, April 1 to March 31). CRISIL believes that SLVRI
will continue to benefit over the medium term from its promoters'
experience in the business.
Outlook: Stable

CRISIL believes that SLVRI will continue to benefit over the
medium term from its promoter's extensive industry experience and
its established relationships with suppliers and customers. The
outlook may be revised to 'Positive' if the firm's financial risk
profile, particularly its liquidity, improves through sustained
increase in cash accruals or through infusion of substantial
long-term funds by its promoters. Conversely, the outlook may be
revised to 'Negative' if a pile-up in inventory leads to
lengthening of the firm's working capital cycle, adversely
affecting its liquidity, or if debt-funded capital expenditure
leads to deterioration in its gearing.

Set up in 2007 as a partnership firm, SLVRI processes rice or
paddy into rice. The firm's day-to-day operations are managed by
Mr. Satyanarayana.

SLVRI generated net sales of Rs.9.89 crore in 2015-16 (Refers to
financial year from 1st April 2015 to 31st March 2016) with
Profit after Tax of Rs.0.03 crore during the same period.


SREE GENGA: CRISIL Assigns 'D' Rating to INR3.3MM Term Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Sree Genga Mills Pvt Ltd (SGMPL) and assigned its
'CRISIL D/CRISIL D' ratings to the facilities. CRISIL had, in its
rating rationale dated October 28, 2016, suspended the ratings as
SGMPL had not provided the information necessary for a rating
review. It has now shared the requisite information.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         0.2        CRISIL D (Assigned;
                                     Suspension Revoked)

   Cash Credit            3.0        CRISIL D (Assigned;
                                     Suspension Revoked)

   Term Loan              3.3        CRISIL D (Assigned;
                                     Suspension Revoked)

   Working Capital        1.5        CRISIL D (Assigned;
    Term Loan                        Suspension Revoked)

The ratings reflect delays in servicing instalments on term loan
due to weak liquidity.

The company also has a modest scale of operations in an intensely
competitive industry, below-average financial risk profile
because of small networth and high gearing, and is exposed to
volatility in raw material prices. However, it benefits from the
extensive experience of its promoters.

Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations in competitive segment: With revenue
of INR18.1 crore for fiscal 2016, scale remains small in the
competitive yarn spinning industry.

* Susceptibility of operating margin to volatility in raw
material prices: Since profitability remains exposed to changes
in input prices, it has fluctuated in the 8-14% range in the
three years through fiscal 2016.

* Below-average financial risk profile: Networth was modest at
INR3.7 crore and gearing high at 2.65 times as on March 31, 2016.

Weakness
* Extensive experience of promoters: Presence of around two
decades in the yarn spinning industry has enabled the promoters
to establish a large and diverse clientele and strong procurement
network.

Incorporated in 1999 and promoted by Mr.E Ramaswamy, SGMPL
manufactures cotton yarn. Operations are managed by Mr. R
Srinivasan.

For fiscal 2016, SGMPL made a profit after tax (PAT) of INR6.22
lakh on total income of INR18.11 crore, against a PAT of INR2.73
lakh on total income of INR19.38 crore for the previous fiscal.


SURYA RICE: CRISIL Assigns 'B' Rating to INR10MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Surya Rice Industries.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Open Cash Credit        6         CRISIL B/Stable
   Term Loan              10         CRISIL B/Stable

The rating reflects the modest scale of operations in rice
milling industry and below-average financial risk profile marked
by high gearing, modest debt protection metrics and small net
worth. However, these weaknesses are partially offset by the
extensive experience of the partners in the rice milling
industry.

Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations: Modest scale is reflected in
revenue of about INR27 crore till December 2016 as against
INR4.23 crore in fiscal 2016. Revenue is expected to remain
subdued due to intense competition.

* Below-average financial risk profile: High gearing (3.5 times
as on March 31, 2016), modest debt protection metrics (interest
coverage ratio of 1.85 times in fiscal 2016) and small net worth
(INR4.65 crore) reflect a below-average financial risk profile.

Strengths
* Extensive experience of partners: Business risk profile will
continue to benefit from the partners' experience of over two
decades and their established presence in the local market.
Outlook: Stable

CRISIL believes Surya will benefit over the medium term from the
partners' experience. The outlook may be revised to 'Positive' if
substantial increase in revenue and profitability or significant
capital infusion strengthens financial risk profile and capital
structure. Conversely, the outlook may be revised to 'Negative'
if an aggressive, debt-funded expansions, or decline in revenue
and profitability weakens financial risk profile.

Incorporated in 2014 as a partnership concern by Mr. Rayini
Srinivas and Mr. Vemula Nagesh, engaged in processing of paddy
rice into rice, broken rice and rice bran.

Surya reported a profit after tax (PAT) of INR0.02 crore on net
sales of INR3.93 crore for fiscal 2016.


TUTICORIN COAL: CARE Reaffirms 'D' Rating on INR281cr LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Tuticorin Coal Terminal Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term Bank        281.00       CARE D Reaffirmed
   Facilities (Fund
   based)

   Short Term Bank        47.00       CARE D Reaffirmed
   Facilities

The ratings take into consideration the ongoing delays in
servicing of its debt obligations due to its weak liquidity
position.

Tuticorin Coal Terminal Private Limited, a Special Purpose
Vehicle (SPV), is promoted by ABG Group (holding 51% stake
through ALBA Asia) and Louis Dreyfus Armateurs SAS (LDA, holding
49 % equity stake), a French conglomerate with its presence in
international maritime transport for more than a century.

TCTPL has been awarded the concession for development of North
Cargo Berth-II (NCB-II Terminal) for handling coal and other bulk
cargo at V O Chidambaranar Port (VOCP, earlier referred to as
Tuticorin Port) on Design, Build, Finance, Operate and Transfer
(DBFOT) basis. The NCB-II Terminal is being designed to handle a
peak throughput of 14 million tonnes per annum. The said
concession agreement (CA) was entered into on September 11, 2010
and was awarded for a period of 30 years following an
international competitive bidding process based on highest
revenue share (52.17%) offered by TCTPL. In addition, TCTPL would
be paying VOCP Trust an annual license fee of INR1.29 crore. The
total project cost of INR592.9 crore is proposed to be funded
through debt of INR356 crore and the balance thorough equity
(debt-to-equity ratio: 1.50x).

During FY16 (refers to the period April 1 to March 31), Tuticorin
Coal Terminal Private Limited reported a Net Loss of INR7.94
Crore on a Total Income from operations of INR0.56 crore.


VRG INFRA: CRISIL Assigns B+ Rating to INR7MM Long Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of VRG Infra Projects India LLP.

                           Amount
   Facilities             (INR Mln)      Ratings
   ----------             ---------      -------
   Proposed Long Term
   Bank Loan Facility          7         CRISIL B+/Stable

The rating reflects exposure to implementation, funding, and
offtake risks for its ongoing project. The rating also factors in
the extensive experience of partners in the real estate business.

Key Rating Drivers & Detailed Description
Weakness
* Exposure to implementation, funding and offtake risks related
to ongoing project: VRG is exposed to implementation-related
risks associated with its ongoing project. Although the promoter
has completed several smaller projects in the past, RVS Silver
Springs is its largest project, and construction is at early
stages. Also, bank funding is not yet tied-up. Project completion
is highly dependent on customer advances. Though bookings are at
25% of the developer's share as on January 25, 2017, any slowdown
in customer advances caused by regional or project specific
factors can severely impact the project's timely execution.
However, CRISIL draws comfort from the fact that the promoters
and family have infused Rs.4.42 crores till September 30, 2016,
forming 67% of the total cost incurred and remaining from
customer advances.

* Susceptibility to risks and cyclicality inherent in the Indian
real estate industry: The real estate sector in India is
cyclical, and marked by volatile prices, opaque transactions, and
a highly fragmented market structure because of the presence of a
large number of regional players. Moreover, the multiplicity of
property laws and non-standardised regulations across states are
likely to affect tenure of project implementation. Furthermore,
any macroeconomic changes such as high interest costs and weak
economic sentiments may impact bookings for players such as VRG
over the medium term.

Strengths
* Partners' extensive experience in real estate business: Mr. K
Ravi Kumar, the managing partner has been in the business of
residential real estate for over two decades. He has constructed
22 ventures, with total square feet of 4 lakh in Visakhapatnam
under the proprietorship firm Sree Satyanarayana Constructions.
Outlook: Stable

CRISIL believes VRG will benefit over the medium term from its
partners' extensive experience. The outlook may be revised to
'Positive' if healthy bookings of units in the ongoing project,
and timely receipt of customer advances lead to higher-than-
expected cash inflows and in turn improved liquidity. The outlook
may be revised to 'Negative' if delays in receipt of customer
advances, time or cost overruns in ongoing projects, or increase
in funding requirement due to other large projects being
undertaken simultaneously weaken liquidity.

Established in 2014, VRG, a partnership between Mr. K Ravi Kumar
and his friends, develops residential real estate in
Visakhapatnam, Andhra Pradesh. It is constructing a residential
real estate project, RVS Silver Springs, in Chinnamuridiwada,
Visakhapatnam.


WEST QUAY: CARE Reaffirms 'D' Rating on INR116.50cr LT Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
West Quay Multiport Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Bank       116.50        CARE D Reaffirmed
   Facilities (Fund
   Based)

   Short Term Bank       25.00        CARE D Reaffirmed
   Facilities (Non-
   fund Based)

The ratings take into consideration the ongoing delays in
servicing of its debt obligations due to its weak liquidity
position.

West Quay Multiport Private Limited is a Special Purpose Vehicle
(SPV) incorporated to implement the project for development of
West Quay Berth-VI (WQ6) for handling bulk cargo up to 4.5
million tonnes per annum at Visakhapatnam Port on Design, Build,
Finance, Operate and Transfer (DBFOT) basis. The port would
exclusively handle Pet Coke, CP Coke, LAM Coke, steel and Granite
for the first five years. WQMPL has been promoted by Alba Asia
Private Limited (AAPL, erstwhile ABG-LDA Bulk Handling Pvt. Ltd)
(AAPL holds 49%) and ABG Infralogistics Ltd. (ABG Infra, holds
51%). AAPL is a Joint Venture (JV) in which ABG Infra through its
majority owned subsidiary, ABG Ports Pvt. Ltd. - holds 51% equity
stake and LDA holds balance 49% of the equity.

The above mentioned concession was awarded by the Visakhapatnam
Port Trust (VPT) for a period of 30 years following an
International Competitive Bidding (ICB) process based on highest
revenue share (47.17%) offered by it. In addition, WQMPL would be
paying VPT an annual license fee of INR0.68 Crs. The Concession
Agreement (CA) was entered into between VPT & WQMPL on July 31st,
2010. Total project cost of INR207.7 crore is proposed to be
funded through debt of INR166.3 crore and the balance thorough
equity (debt-to-equity ratio: 4x).

During FY16 (refers to the period April 1 to March 31), West Quay
Multiport Private Limited reported a Net Loss of INR30.04 Crore
on a Total Income from operations of INR3.10 crore.



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


TOSHIBA CORP: Canon Unlikely to Help With Investment
----------------------------------------------------
Kentaro Hamada and Tim Kelly at Reuters report that Canon Inc
said would be difficult to invest in Toshiba Corp's memory chip
business, dousing hopes that the struggling conglomerate could
count on its business partner for help as it scrambles for funds
to offset a multi-billion dollar writedown.

Reuters relates that Toshiba said last week it plans to sell a
stake of less than 20% in the business - the world's No. 2 NAND
flash memory producer after Samsung Electronics Co Ltd and which
accounts for the bulk of its operating profit.

But it needs the funds before the financial year end in March and
it remains to be seen how much interest will arise before then.
Failure to clinch a deal would likely mean that shareholder
equity - just $3 billion in the wake of a 2015 accounting scandal
- would be wiped out by the charge, says Reuters.

According to Reuters, expectations that Canon could offer at
least some aid were fanned this month when Chief Executive Fujio
Mitarai told Kyodo news agency the camera and office equipment
maker would be willing to consider support if there was a
request, noting that Toshiba was an important buyer of its chip-
making equipment.

But Canon CFO, Toshizo Tanaka, was not enthusiastic at an
earnings briefing on Jan. 31, says Reuters.

"We need to prioritize investment on our own growth," Reuters
quotes Mr. Tanaka as saying.

Tokyo Electron is also not considering an investment, Kyodo
reported an executive for Japanese chip equipment maker as
saying, adds Reuters. A spokeswoman for Tokyo Electron later said
the comment had not been made at its earnings briefing earlier in
the day.

Reuters reports that sources have said Toshiba aims to raise more
than JPY200 billion ($1.7 billion) from the sale and potential
investors include private equity firms, business partner Western
Digital Corp and the government-backed Development Bank of Japan.

But a sale to Western Digital, which operates a NAND plant in
Japan with Toshiba, before March might be difficult as it would
likely invite a review by anti-trust regulators, Reuters says.

And while many private equity firms have signed non-disclosure
forms with Toshiba, they are also expected to be cautious as it
is selling only a minority stake that would give them little say
in the running the business and because of the capital-intensive
nature of the semiconductor industry, adds Reuters.

                           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.



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


* Singapore-Del. Cross-Border Insolvency Guidelines Implemented
---------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
and the Supreme Court of Singapore formally implemented the
Guidelines for Communication and Cooperation between Courts in
Cross-Border Insolvency Matters on Feb. 1. This is the first time
that a common framework has been adopted for courts to
communicate and coordinate with each other in cross-border
insolvency matters on a global level.  With this, cross-border
insolvency matters can be better managed for the benefit of
debtor companies, banks and other creditors, employees and other
stakeholders. To illustrate, a court may communicate with another
court to coordinate how the cases in each jurisdiction should
proceed so that issues are heard in the most logical and
efficient way.   The Guidelines also provide a structure for
joint hearings, enabling 2 or more courts to thereby
simultaneously record evidence and hear arguments. This will
undoubtedly save costs and time. Such coordination between the
courts of different jurisdictions should lead to better financial
returns for all parties involved.

"The Guidelines were worked out and agreed among judges of
several jurisdictions who had participated in discussions at the
first meeting of the Judicial Insolvency Network which was held
in Singapore in October 2016. Following that agreement, the
various judges involved took the Guidelines back to their
respective courts to work on the adoption of the Guidelines. The
Guidelines lay down a common framework on how courts in different
jurisdictions can and should communicate and cooperate with each
other. Prior to the existence of the Guidelines, any
communication between courts was carried out on an ad hoc basis
and there was great uncertainty over whether and how courts may
communicate with each other when faced with cross-border
insolvency cases. It was also difficult to ensure that different
courts were fully aware of what was happening in other
jurisdictions. This meant that court orders may conflict or even
hinder proceedings that were taking place in other jurisdictions.
This could result in stakeholders losing out. Seen in this
context, the establishment of uniform guidelines across multiple
jurisdictions will increase certainty in the process, thus
fostering greater and more fruitful communication," Singapore's
Supreme Court said in a media release on Feb. 1.

"The interests of stakeholders can be better protected and
considered with the adoption of the Guidelines which would open
up communication between courts. The framework created by the
Guidelines provides a general roadmap for how courts can and
should communicate. In appropriate situations, joint hearings
involving the different courts may even be held, though each
court will of course retain its independence and impartiality.

"The development of the Guidelines and the establishment of the
JIN were first mooted by the Chief Justice in early 2016. Over
the past year, the Supreme Court has worked to make concrete
these plans by reaching out to like-minded commercial courts
around the world, which culminated in the inaugural meeting of
the JIN in Singapore in October 2016. It is expected that a
number of other jurisdictions will follow closely behind Delaware
and Singapore and adopt the Guidelines in the near future. It is
hoped that, before long, the Guidelines will circle the globe.
The JIN will also continue to develop other initiatives to
promote judicial cooperation relating to cross-border insolvency
cases. On a broader level, this will help cement Singapore's
position as a financial and legal hub, both regionally and
globally."



===========
T A I W A N
===========


YANG MING: Recapitalisation Plan to Utilise Taiwan Gov't. Funds
---------------------------------------------------------------
Ship & Bunker reports that Yang Ming Marine Transport said on
Jan. 31 that it has implemented a recapitalisation plan that will
see Taiwan's government grow its current 33% stake in the
company.

"Customers and vendors can rest assured that Yang Ming is not in
default of any obligations and any suggestions otherwise are
patently false," the company said, Ship & Bunker relays.  "As it
has been repeated in early advisories, Yang Ming has never
approached its creditors with any demands to restructure any part
of its debt, and Yang Ming does not have any intentions to do so
going forward. Yang Ming has never failed to deliver in difficult
times, even in the wake of the largest carrier bankruptcy."

Ship & Bunker says Yang Ming last month batted away suggestions
that it would consider a merger with another line, adding that it
believes that the market's oversupply is likely to ease in 2017.

"While the predictions for 2017 appear to show some improvements
for carriers, Yang Ming remains prepared to take any measure
necessary to maintain its competitiveness," the company, as cited
by Ship & Bunker, said.

According to the report, Yang Ming said a stock consolidation
plan, which was designed to reduce accumulated loss, was approved
in a shareholders meeting on Dec. 22, 2016.

The company further noted that it will receive an injection of
fresh capital from new investors, with initial capital injection
coming from government and private entities, including banks and
financial institutions, Ship & Bunker relates.

"Yang Ming will continue to take a conservative approach in its
actions, but Yang Ming is fully aware of and prepared to exercise
on its option to draw on the $ 1.9 billion in government-backed
funding should circumstances in the market arise requiring for
such assistance."

"With this strong showing of government support, it is also
expected to help enhance additional private sector investment in
Yang Ming."

Yang Ming, which expects immediate benefits to its balance sheet
from the move, said it will issue new stock to its investors,
adds Ship & Bunker.

In November, Ship & Bunker reported that the Government of Taiwan
had approved $1.9 billion in funding, providing preferred
interest rates for the country's container carriers,
specifically, Evergreen Marine Corporation (Evergreen) and Yang
Ming.

Yang Ming Marine Transport Corp. -- http://www.yangming.com/--
is a Taiwan-based company principally engaged in shipping
business. The Company operates its businesses primarily through
the provision of domestic and overseas marine shipment services,
domestic and overseas marine passenger services, warehouse, pier,
tug boat, barge, container freight station and terminal
operations, maintenance and repairs, chartering, sales and
purchase of ships, maintenance and repairs, lease, sale and
purchase of containers as well as chassis, shipping agency, as
well as ocean freight forwarding services, among others. The
Company operates various ship routes, such as Asia- North
America, North America-South America, Asia-Northwest Europe,
Asia-Mediterranean, Asia-Black Sea, as well as Intra-Asia, among
others.



                             *********

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.


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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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