TCRAP_Public/170206.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, February 6, 2017, Vol. 20, No. 26

                            Headlines


A U S T R A L I A

QUEENSLAND NICKEL: Palmer Ordered to Open Business Empire's Books


I N D I A

BALAJI MOTORS: ICRA Raises Rating on INR11.80cr Loan to 'B'
BSL ENGINEERING: CRISIL Reaffirms B Rating on INR1MM Cash Loan
DECO GOLD: CRISIL Reaffirms B- Rating on INR6.0MM Cash Loan
DINCO 4: CRISIL Upgrades Rating on INR22MM Loan to B+
GKC PROJECTS: ICRA Lowers Rating on INR1,116.83cr Loan to 'D'

GOA SPONGE: ICRA Reaffirms 'D' Rating on INR52.30cr Loan
GRESS CERAMICA: ICRA Ups Rating on INR6.36cr Loan from D
GTN ENTERPRISES: CARE Ups Rating on INR18.80cr LT Loan to 'B'
GULSHAN FASHIONS: CARE Assigns B+ Rating to INR6.0cr LT Loan
GWET COLD: CARE Assigns 'B' Rating to INR35.98cr LT Loan

HARESH OVERSEAS: ICRA Reaffirms 'C' Rating on INR5.0cr Loan
JHARKHAND MEGA: CRISIL Lowers Rating on INR33.95MM LT Loan to D
KRISHNA COTTON: ICRA Lowers Rating on INR5.20cr Loan to B-
LANFORD CERAMIC: CRISIL Ups Rating on INR7.12MM Term Loan to B+
LEXUS MOTORS: ICRA Reaffirms B+ Rating on INR69.5cr Loan

MATIX FERTILIZERS: CARE Reaffirms 'D' Rating on INR3263cr LT Loan
MUSTANG SERVICES: CRISIL Reaffirms B+ Rating on INR6MM Cash Loan
N P RAJAGOPAL: CRISIL Reaffirms B+ Rating on INR6MM Cash Loan
PRACHI (INDIA): CARE Assigns B+ Rating to INR15cr LT Loan
PRAMUKH COPPER: ICRA Assigns D Rating to INR6.75cr LT Loan

R.P. SINGH: CRISIL Assigns 'B' Rating to INR7.07MM Cash Loan
RAJ VEHICLES: CRISIL Reaffirms B+ Rating on INR11MM Cash Loan
RESHMA FABRICS: CRISIL Reaffirms B+ Rating on INR6.5MM Term Loan
S R HAPPY: CRISIL Assigns 'B' Rating to INR4.5MM Long Term Loan
SARDAR COTTON: CARE Assigns B+ Rating to INR10.87cr LT Loan

SATWI INFRA: ICRA Assigns 'B' Rating to INR20cr Long Term Loan
SAURASHTRA GINNING: CRISIL Reaffirms B Rating on INR6.75MM Loan
SILICA INFO: ICRA Assigns B+ Rating to INR7cr Cash Credit
SIYARAM META: ICRA Raises Rating on INR35cr Loan to B-
SOLAS FIRE: CRISIL Reaffirms B+ Rating on INR4.45MM Cash Loan

SPI PROPERTIES: ICRA Withdraws 'B' Rating on INR4.60cr Loan
SURAJ TRADELINK: CRISIL Reaffirms B+ Rating on INR3MM Cash Loan
TALREJA TEXTILES: CRISIL Ups Rating on INR4.5MM Cash Loan to B+
TULSI DALL: CRISIL Reaffirms 'B' Rating on INR9.9MM Cash Loan
TURBO CAST: CRISIL Reaffirms B+ Rating on INR5.08MM Term Loan

VISHWA INFRASTRUCTURES: CARE Reaffirms D Rating on INR494cr Loan


I N D O N E S I A

XL AXIATA: Declining Leverage Support Moody's Ba1 CFR


J A P A N

TAKATA CORP: Selects Key Safety Systems as Preferred Bidder


M A L A Y S I A

1MALAYSIA DEVELOPMENT: Swiss Orders Coutts to Pay CHF6.5MM


N E W  Z E A L A N D

DESERT ROSE: Restaurant Shuts Due to Lack of Patrons


S I N G A P O R E

EZRA HOLDINGS: May Take US$170MM Writedown from Emas Chiyoda


S O U T H  K O R E A

DONGWHA DUTY FREE: To Transfer Majority Stake to Hotel Shilla
HANJIN SHIPPING: South Korea Court to Declare Firm Bankrupt


                            - - - - -


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


QUEENSLAND NICKEL: Palmer Ordered to Open Business Empire's Books
-----------------------------------------------------------------
The Sydney Morning Herald reports that Clive Palmer has been
ordered to lay bare the bulk of his business empire as the
Federal Court continues to probe the collapse of Queensland
Nickel.

The Herald relates that the mining magnate must produce financial
and management accounts, asset registers and tax returns for more
than half a dozen companies and his political party when
questioning resumes on Feb. 9.

According to the report, the liquidators want to look at the
books for Mineralogy, the Palmer United Party and the companies
behind the Palmer Coolum resort and the stalled Titanic II
project.

They also want to examine Mineralogy subsidiary Fairway Coal,
which is part of a bid to start a new open-cut coal mine on land
Queensland Nickel creditors had tried to sell, the report says.

The Herald notes that the hearings are probing Queensland
Nickel's crash into voluntary administration in January last
year, putting roughly 800 workers out of jobs.

Taxpayers picked up a AUD70 million worker's entitlement bill,
which special purpose liquidator PPB Advisory was trying to
recoup questioning Mr. Palmer last year, the report says.

The Herald relates that general purpose liquidator FTI Consulting
is expected to take its turn from Feb. 9, trying to recover
AUD300 million owed to creditors.

Mr. Palmer's wife, Anna, and nephew Clive Mensink have also been
summoned to appear at the hearings, says the Herald.

According to the Herald, acting District Registrar Murray Belcher
issued the latest orders on Feb. 2, calling for the documents to
presented.

He also ordered Mr. Palmer disclose details of the 2006 agreement
between Mineralogy and Citic Pacific to set up the Sino Iron
mine, the report states.

The Herald adds that liquidators will have access to all
royalties the company receives, its bank statements and June 2015
loan, valuations for the Austeel Mill Project and Balmoral South
Iron Ore Project, along with any sale contract for the
AUD20 million Mineralogy House in Queen Street, which was put on
the market last year.

Queensland Nickel operates the Palmer Nickel and Cobalt Refinery
in Queensland, Australia.  Queensland Nickel directors appointed
John Park, Stefan Dopking, Kelly-Anne Trenfield and Quentin Olde
of FTI Consulting as voluntary administrators on Jan. 18, 2016.

FTI went from being administrators to liquidators at the second
creditors meeting in April, after issuing a damning report into
Queensland Nickel's finances, The Courier-Mail reported.



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


BALAJI MOTORS: ICRA Raises Rating on INR11.80cr Loan to 'B'
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR4.80
crore term loan, INR7.00 crore cash credit facilities and INR0.20
crore unallocated limits of Balaji Motors. The outlook on the
long-term rating is 'Stable'. Earlier, the rating was suspended
in the month of August, 2016 in the absence of the requisite
information from the company, which currently stands revoked.

                        Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based Limits      11.80      Upgraded from [ICRA]B-
                                    to [ICRA]B (Stable);
                                    suspension revoked

  Unallocated Limits      0.20      Upgraded from [ICRA]B-
                                    to [ICRA]B (Stable);
                                    suspension revoked

Rationale
The upward revision in the rating takes into account
stabilisation of operations at a recently-commissioned showroom
at Jagdalpur in the Bastar district of Chhattisgarh.

The rating also takes into account the limited track record of
BM's promoters in the automobile dealership business, relatively
small scale of operations and inherently low margins of the firm
on account of industry dynamics and commission structure decided
by the principal. Its weak financial profile is reflected by an
aggressive capital structure and subdued level of coverage
indicators. The rating also considers BM's exposure to the
cyclical nature of the Indian auto industry and the competition
faced from other automobile dealers in the region. The rating
further incorporate the risks associated with the entity's status
as a partnership firm, including the risk of capital withdrawal
by the partners.

The rating, however, derives comfort from BM's established market
position as the firm is the sole authorised dealer of Mahindra &
Mahindra Limited in Bastar, Sukma, Bijapur, and Dantewada
districts of Chhattisgarh. Besides, the firm has a diversified
revenue stream through the sale of new vehicles, old vehicles,
and spare parts/ accessories and service income.

In ICRA's opinion, the ability of the firm to scale up operations
while improving its profitability, capital structure and coverage
indicators, and manage its working capital requirement
efficiently would remain key rating sensitivities, going forward.

Key rating drivers
Credit Strengths
* Stabilisation of operations at a recently-commissioned
   showroom in Bastar
* Established position as an authorised dealer of MML in
   Chhattisgarh
Credit Weakness
* Limited track record of the promoters in the automobile
   dealership business
* Relatively small scale of current operations
* Intense competition among dealers of various automobile
   companies and the commission structure decided by the
   principal, leading to thin margins
* Weak financial profile characterised by an aggressive
   capital structure and subdued level of coverage indicators

Description of key rating drivers highlighted:

The firm was established in 2004 by the Jagdalpur-based Kapoor
family. It became an authorised dealer of MML on September 25,
2015 and has a 3-S facility located at Jagdalpur, Bastar. The
firm sells and services passenger and commercial vehicles, spare
parts and accessories and used vehicles. It operates and is the
sole MML dealer in Bastar, Sukma, Bijapur, and Dantewada
districts of Chhattisgarh. The experience of the promoters in the
automobile-dealership business remains limited, however,
stabilisation of operations at the showroom strengthens its
position to some extent. Vehicle dealership business comprises
several revenue streams - the primary one being the sale of new
cars, augmented by income from sale of spares and accessories,
servicing of vehicles, and incentives from vehicle manufacturer.
Since the firm's operating income (OI) primarily depends on the
sale of new vehicles, it remains exposed to the cyclical nature
of the Indian auto industry. With rapid expansion of dealership
by the new OEMs and aggressively-priced products, the competition
has increased much over the last few years. As a result, BM faces
stiff competition from other OEM dealers in the region. In ICRA's
view, the Indian auto industry's domestic volumes is likely to
grow in the near future, supported by return of first-time buyers
and replacement demand owing to large base of 2009-10/ 2010-11.
The firm started its commercial operations from September, 2015
and registered an operating income of INR34.94 crore in FY2016.
The operating profit margin of auto dealers, including BM, is
inherently low due to the nature of the industry, which is
characterised by intense competition among dealers in a high
volume, low-margin business. Besides, they are regulated by the
OEM to a large extent. The dealership business has most of the
borrowings related to funding of working capital as it requires
considerable inventory stocking which makes the capital structure
of the firm aggressive. High debt level, coupled with low
profitability has kept the coverage indicators weak. The firm's
working capital intensity of operations has remained modest, as
reflected by net working capital relative to operating income
(NWC/OI) of 17% during FY2016. However, the liquidity position of
the firm has remained stretched in view of high utilisation of
working capital limits.

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

Established in 2004, Balaji Motors started commercial operations
from September 25, 2015 as an authorised dealer of Mahindra &
Mahindra Limited (MML). The firm sells and services passenger and
commercial vehicles besides selling spare parts and accessories.
BM also sells used vehicles through Mahindra First Choice. BM has
one 3-S facility (sales-services-spares), located at Jagdalpur in
the Bastar district of Chhattisgarh. Apart from Bastar, the firm
also operates in other surrounding districts- Sukma, Bijapur, and
Dantewada and is the sole MML dealer in those districts. The firm
is promoted by the Jagdalpur-based Kapoor family.


BSL ENGINEERING: CRISIL Reaffirms B Rating on INR1MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
BSL Engineering Services Limited at 'CRISIL B/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          4       CRISIL A4 (Reaffirmed)
   Cash Credit             1       CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect a modest scale of operations,
high working capital requirement, and average financial risk
profile. These rating weaknesses are mitigated by the extensive
experience of the promoters in the engineering industry, and
established relationship with customers.

Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations: Revenue was INR18.89 crore in
fiscal 2016. Though there is revenue visibility as indicated by
an order book of INR54.29 crore to be executed by March 2017,
project execution is dependent on the ability to manage working
capital requirement for these orders.

* High working capital requirement: Gross current assets (GCAs)
ranged between 250-300 days in the four years fiscals ended
March 31, 2015. The GCA days were lower, but remained high at 151
days as on March 31, 2016, due to substantial debtors.

*Average financial risk profile: The networth was small, though
debt protection metrics were comfortable. Interest coverage and
net cash accrual to total debt ratios were 4.11 times and 0.74
times, respectively, in fiscal 2016.

Strength
* Extensive industry experience of the promoters: The promoters
have been in the industry for about three decades through other
group companies.

* Established relationship with customers: The extensive promoter
experience has resulted in repetitive orders from key customers
such as National Thermal Power Corporation and Power Machine
India Limited.
Outlook: Stable

CRISIL believes BEPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of a substantial increase in sales and
profitability leading to higher cash accrual, along with
improvement in working capital management, or considerable fund
infusion. The outlook may be revised to 'Negative' if the
financial risk profile weakens due to a stretched working capital
cycle or delayed payment by debtors.

BEPL was established in 2009 by Mr. Hansraj Shiv and is now
managed by his son, Mr. Neerav Hans. It specialises in
engineering, procurement, and construction (EPC) services and
fabrication of steel structures, high-pressure pipes, low-
pressure pipes, and supply of power equipment.  The company has
well laid out workshops in India at Roorkee and Haridwar in
Uttarakhand, and Nasik in Maharashtra, and overseas (UAE and
Ukraine), with adequate plant and equipment to undertake
fabrication support.

Status of non-cooperation with previous CRA: BESL has not
cooperated with ICRA Ltd (ICRA), which has suspended its rating
vide its release dated May 23, 2016, on account of non-provision
of information required for monitoring of ratings.

Any other information:  Net sales for fiscal 2016 were INR18.89
crore, in line with CRISIL's expectations. Revenue in the first
half of fiscal 2017 was INR9 crore, and is expected at INR30
crore for the full fiscal. Gross current assets have decreased to
151 days as on March 31, 2016, from 207 days a year earlier. This
was mainly due to execution of some supply contracts at the year-
end leading to much lower inventory of 32 days as on March 31,
2016.

The financial risk profile continues to be average because of low
gearing of around 0.31 times as on March 31, 2016, in the absence
of any long-term debt. The gearing is expected to remain at a
similar level over the medium term as there are no major capital
expenditure (capex) plans. The networth was, however, small at
INR3 crore, as on March 31, 2016. CRISIL expects the financial
risk profile to remain average over the medium term with no capex
or equity infusion plans. Liquidity remained stretched, as
indicated by high bank limit utilisation. However, in the absence
of any major debt on the books, the net cash accrual can be used
to support any increase in working capital requirement.


DECO GOLD: CRISIL Reaffirms B- Rating on INR6.0MM Cash Loan
-----------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Deco
Gold Glazed Tiles Limited at 'CRISIL B-/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         1.5       CRISIL A4 (Reaffirmed)

   Cash Credit            5.0       CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     6.0       CRISIL B-/Stable (Reaffirmed)

The ratings reflect DGGTL's large working capital requirement and
small scale of operations in the fragmented tiles industry.
Financial risk profile remains constrained by small networth.
Also, liquidity remained stretched, with high bank limit
utilisation and corporate guarantee extended to a group company
of INR34 crore as of March 2016. Moreover, operations remain
highly working capital intensive, with high debtor and inventory
days. These weaknesses are partially offset by promoters'
experience and established relationships with clients.

Key Rating Drivers & Detailed Description
Strengths
Weaknesses
* Modest scale in a fragmented industry: Operations remain small,
with operating revenue of INR24.82 crore as of March 2016, and is
expected to remain at similar levels over the medium term.

* Working capital-intensive operations: Working capital
requirement should remain large, with debtor and inventory days
of over 70 and 110 days, respectively. Although operations are
supported by creditors, it remains on higher side affecting
liquidity of company.

Strength
* Promoter's extensive experience: Promoter has extensive
experience in the ceramic industry and has longstanding
relationships with customers and suppliers which help manage its
working capital cycle.
Outlook: Stable

CRISIL believes DGGTL will continue to benefit over the medium
term from the extensive experience of promoter and moderate debt
protection metrics. The outlook may be revised to 'Positive' in
case of strong accrual and improvement in working capital cycle.
Conversely, the outlook may be revised to 'Negative' if decline
in accrual, large, debt-funded capital expenditure, or increase
in working capital requirement, weakening the financial risk
profile.

Established in 1999, DGGTL manufactures non-vitrified floor
tiles, and has a manufacturing facility in Morbi, Gujarat. Mr
Dinesh Kundariya manages operations.

For fiscal 2016, DGGTL reported a net profit of INR0.64 crore on
net sales of INR24.76 crore, against a net profit of INR0.07
crore on net sales of INR21.99 crore for fiscal 2015.


DINCO 4: CRISIL Upgrades Rating on INR22MM Loan to B+
-----------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Dinco 4 Wheels LLP to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

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

   Electronic Dealer      22       CRISIL B+/Stable (Upgraded
   Financing Scheme                from 'CRISIL B/Stable')
   (e-DFS)

The upgrade reflects expectation that business risk profile will
continue to improve over the medium term, as addition of
customers and increased demand sustain growth in revenue and
operating profitability. Operating income was INR60 crore in
fiscal 2016 and should exceed INR120 crore in fiscal 2017, while
operating margin improves to around 2.5% from 1.9% during this
period.

Key Rating Drivers & Detailed Description
Weakness
* Moderate total outside liabilities to adjusted networth
(TOLANW) ratio: Dinco is expected to have a TOLANW of around 3
times as on March 31, 2017. Despite a small networth, the TOLANW
has remained moderate on account of moderate debt levels,
majority of the debt being short-term in nature used for funding
working capital. The TOLANW ratio is expected to remain at
similar levels over the medium term.

Strengths
* Extensive experience of promoters in the auto dealership
industry: Benefits from the partners' experience in auto
dealership should continue to support business risk profile. The
partners entered the business in 2007 through group entity, Dinco
Motors Pvt Ltd, which had dealership of two wheelers of Suzuki
India and passenger cars of Tata Motors Ltd. These dealerships
were surrendered in 2015. Dinco, which began operations in 2015,
deals in passenger cars of MSIL for Rewari, and has a sub-
dealership in Bawal and Kosli.

* Healthy sales outlook due to new and existing models from MSIL:
Sales has been healthy since the start of operations in October
2015, and should exceed INR120 crore in fiscal 2017, backed by
demand for the new models of MSIL.
Outlook: Stable

CRISIL believes Dinco will benefit from the partners' extensive
experience and the healthy demand for the passenger cars of
Maruti Suzuki India Ltd. The outlook may be revised to 'Positive'
if scale of operations increases sustainably while cost structure
and working capital cycle continue to be managed efficiently.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile weakens because of low profitability or stretch in
working capital cycle.

Dinco, is a partnership firm set up in August 2015 by Mr Hitesh
Kumar Goyal and Mr Dinesh Kumar Goyal. The firm is an authorised
dealer of passenger cars of MSIL in Rewari.

The firm began operations in October 2015, and reported a profit
after tax (PAT) of INR0.33 crore on net sales of INR62 crore in
fiscal 2016.


GKC PROJECTS: ICRA Lowers Rating on INR1,116.83cr 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
  Credit               334.08     [ICRA]D/Downgraded from
                                  [ICRA]BB-(Stable)
  Fund based-Term
  Loans                546.57     [ICRA]D/Downgraded from
                                  [ICRA]BB-(Stable)

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

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

  Long term
  Unallocated limits     7.52     [ICRA]D/Downgraded from
                                  [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

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.


GOA SPONGE: ICRA Reaffirms 'D' Rating on INR52.30cr Loan
--------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]D for the
INR46.00 crore cash credit facility and INR52.30 crore term loans
of Goa Sponge & Power Limited. ICRA has also reaffirmed the short
term rating at [ICRA]D for the INR5.00 crore fund based, INR4.00
crore non-fund based and INR13.53 crore unallocated facilities of
GSPL.

                        Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund Based Limits      46.00       [ICRA]D reaffirmed

  Term loan              52.30       [ICRA]D reaffirmed

  Short term fund
  based limits            5.00       [ICRA]D reaffirmed

  Short term non-
  fund based limits       4.00       [ICRA]D reaffirmed

  Unallocated Amount     13.53       [ICRA]D reaffirmed

Rationale
The reaffirmation of ratings takes into account the continuing
delays in debt servicing in FY2016 and in the current year owing
to stretched liquidity caused by significant inventory pile-up.
The ratings also factor in the company's weak financial profile
characterised by depressed coverage indicators and its exposure
to cyclicality associated with the steel industry, which is
likely to keep the cash flows volatile.

The ratings, however, take into account the equity infusion of
INR8 crore by the promoters in FY2016, which provides comfort to
the capital structure of the company. The ratings also favourably
factor in the forward integration of GSPL in the form of billet
manufacturing facility and the use of captive power plant which
improves the cost structure for billet manufacturing.

Going forward, GSPL's ability to improve its working capital
cycle by reducing inventory levels would remain a key rating
sensitivity.

Key rating drivers
Credit Strengths
* Equity infusion of INR8 crore by the promoters in FY2016,
   which lends support to the capital structure of the company
* Forward integration of GSPL in form of billet manufacturing
   facility, which fetches better realisation for the company;
   use of captive power plant (CPP) improves the cost structure
   for billet manufacturing

Credit Weakness
* Continuing delays in debt servicing in FY2016 and in the
   current year owing to tight liquidity situation caused by
   significant inventory pile-up
* Weak financial risk profile characterised by modest coverage
   indicators
* Exposure to the cyclicality associated with the steel
   industry, which is likely to keep cash flows volatile
* Exposure to forex risks, given the fact that almost 50% of
   the company's iron ore procurement is in foreign currency

Description of key rating drivers highlighted:

The key raw materials required for manufacturing sponge iron are
iron ore, thermal coal and dolomite. The company also has a
captive power plant (CPP) of 12 megawatts (MW), which is operated
using waste heat recovered from the sponge iron kiln and residual
coal from sponge iron manufacturing. To reduce to its overall
production cost, GSPL started importing iron ore with high Fe
content from South Africa from FY2016 onwards. ICRA notes that
since ~50% of the company's total iron ore procurement is in
foreign currency, its margins remain exposed to forex risk in
absence of any firm hedging mechanism. Around 70% of sponge iron
manufactured by GSPL is used in house for manufacturing billets.
The company's sponge iron production volume increased by 25% and
the same was accompanied by a 28% increase in MS billet
production during FY2016. However, decline in MS billet
realization led to 13% revenue de-growth during that fiscal. The
high inventory levels maintained by the company results in its
high working capital intensity and in turn a stretched liquidity
position which is also reflected from high utilisation of its
bank limits. As a result, delays in debt servicing continued in
FY2016 and in the current year.

Incorporated in 2002, Goa Sponge & Power Limited (GSPL)
manufactures sponge iron and mild steel (MS) billets from its
manufacturing unit at Sanguem, Goa. The company has an installed
capacity of 90,000 metric tonnes per annum (MTPA) for sponge iron
and 72,000 MTPA for MS billets. GSPL also has a captive power
plant (CPP) of 12 megawatt (MW).

GSPL recorded a net profit of INR2.37 crore on an operating
income of INR201.08 crore for the year ending March 31, 2016.


GRESS CERAMICA: ICRA Ups Rating on INR6.36cr Loan from D
--------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]B- from [ICRA]D
on the INR6.36-crore fund-based facility of Gress Ceramica
Private Limited. ICRA has also upgraded the rating on GCPL's
INR1.00-crore non-fund based facility to [ICRA]A4 from [ICRA]D.
Furthermore, ICRA has also assigned the [ICRA]B- and [ICRA]A4
ratings on the INR1.89-crore unallocated limits of GCPL. The
outlook assigned on the long-term rating is 'Stable'.

                     Amount
  Facilities       (INR crore)      Ratings
  ----------       -----------      -------
  Non-fund Based
  Limits                1.00        Upgraded to [ICRA]A4
                                    from [ICRA]D

  Fund-based Limits     6.36        Upgraded to [ICRA]B- (Stable)
                                    from [ICRA]D

  Unallocated Limits    1.89        [ICRA]B- (Stable) and
                                    [ICRA]A4; Assigned

Rationale
The rating upgrade reflects the regularisation of debt servicing
by Gress Ceramic Private Limited over the last six months. The
ratings also consider the long experience of the key promoters in
the ceramic industry and the favorable location of the company's
plant, resulting in easy access to raw material sources.

The ratings, however, continue to remain constrained by GCPL's
modest operating scale and financial profile, which is
characterised by losses at net levels, moderate capital
structure, and weak debt coverage indicators. The ratings also
take into account the decline in revenues in FY2016, primarily on
account of weak domestic demand, limited product diversification
and significant deterioration in working capital intensity
because of stretched receivables and inventory pile-up. The
ratings also take note of the company's vulnerability to the
performance of its key consuming sector - the real estate
industry - and the stiff industry competition.

ICRA expects GCPL's turnover to witness marginal growth in FY2017
and remain stagnant over the next two to three years, considering
the current demand scenario and lower realisations in the ceramic
industry, mainly in wall tiles segment. The profitability at net
levels is expected to improve, resulting from lower depreciation
and finance costs as a consequence of term loan repayments.
Ability to meet the high repayment obligation against the likely
lower cash accruals would be important to the credit metrics.
Furthermore, the company's ability to increase the scale of
operations and manage its working capital efficiently would be
the key rating sensitivity.

Key Rating Drivers
Credit Strengths
* Experience of the promoters in the ceramic industry
* Favorable location of the company's plant resulting in
   easy access to raw material sources
Credit Weaknesses
* Modest scale of operations, financial profile characterized
   by losses at net levels, moderate capital structure, and
   weak debt coverage indicators
* Substantial decline in operating income by ~25.0% in 2016,
   due to unfavourable domestic demand scenario and limited
   product diversification
* Significant deterioration in working capital intensity
   levels due to inventory pile-up and stretched receivables
   position
* Competitive business environment due to the presence of
   large, established tile manufacturers as well as unorganised
   players.

GCPL's financial profile is characterised by stretched liquidity
position, arising from high receivables in FY2016. The company
procures raw materials in anticipation of demand and maintains an
inventory of upto 90 days. Procurement is done against a credit
period of around 60-90 days; however, it remained high on year-
end due to sluggish market demand and delay in realisations from
debtors. Due to working capital-intensive business, the company
funds its working capital requirements largely through borrowings
from bank and its creditors. The capital structure of the company
is moderately high because of high borrowings and deterioration
of net-worth, resulting from losses at net levels. Furthermore,
the company's subdued profitability has led to weak debt
protection metrics.

The company's presence in the highly fragmented ceramic industry,
which is characterised by intense competition, limits its pricing
flexibility and thereby its ability to effectively pass on the
increase in raw material prices to customers. However, the
decline in gas prices and application of coal-based gasifiers for
meeting the fuel requirements is expected to alleviate cost
pressures and increase the margins.

GCPL's promoters have a long experience in the ceramic industry.
Furthermore, the favorable location of the company provides it
easy accessibility to quality raw materials.

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

Incorporated in December 2011, Gress Ceramica Private Limited is
a glazed wall tiles manufacturer with its plant in Wankaner,
Gujarat. GCPL commenced its operations in July 2012 and currently
manufactures wall tiles of four sizes 12"X18", 12"X12", 8"X24"
and 10"X24", which find wide application in commercial as well as
residential buildings. The company is managed and promoted by Mr.
Bhadresh R. Bhadoliya, Mr. Nitin Panchotiya and Mr. Hasmukh
Panchotiya. It has an installed capacity to manufacture 18,72,000
boxes of wall tiles per annum.

On March 31, 2016, the firm reported an operating income of
INR13.67 crore with a net loss of INR0.11 crore against an
operating income of INR18.15 crore with a net profit of INR0.07
crore as on March 31, 2015.


GTN ENTERPRISES: CARE Ups Rating on INR18.80cr LT Loan to 'B'
-------------------------------------------------------------
The revision in the long-term ratings assigned to the bank
facilities of GTN Enterprises Limited takes into the improvement
in the debt servicing track record of the company and improvement
in financial position consequent to sale of windmill asset during
Q3FY17 (refers to the period October 1 to December 31).

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        18.80       CARE B; Stable Revised
   Facilities                        from CARE D

   Short-term Bank
   Facilities            91.00       CARE A4 Reaffirmed

The ratings continue to be constrained by GEL's volatile
operating profit margins, moderate capital structure and cyclical
nature of the textile industry. The ratings favorably factors in
the vast experience of the promoters in the textile industry,
synergy of operations among the group companies and improved
industry scenario.

Going forward, the ability of the company to increase its scale
of operations, improve profitability and capital structure are
the key rating sensitivities.

Detailed description of the key rating drivers

Established track record of the promoters and management
GEL is part of GTN-BKP group which is operating three textile
mills with total spinning capacity of around 2,15,000 spindles.
The promoters have an established track record for over 46 years.
The promoters are assisted by a well experienced and professional
management team. Major activities of the group companies such as
procurement, marketing and allocation of orders to different
units are done at the group level. The group has been a pioneer
in bringing several new technologies into the Indian spinning
industry and is among the few early exporters of textile products
from India.

Inherent volatility associated with the raw material and its
impact on profitability

The profitability of spinning mills depends largely on the prices
of cotton and cotton yarn which are governed by various factors
such as area under cultivation, monsoon, international demand-
supply situation, etc. The cotton being the major raw material of
spinning mills, volatility in the prices of cotton impacts the
profitability of the company. It is to be noted that as the
company sells fine and superfine counts, it maintains inventory
of imported cotton. The profitability of GEL was adversely
impacted in FY16 due to volatile cotton price. PBILDT margin
decreased marginally to 7.43% in FY16 as against 7.81% in FY15.

The group is operating three textile mills in the states of Tamil
Nadu & Kerala. Major activities such as procurement, marketing
and allocation of orders to different units are done at the group
level. Companies are likely to benefit from this synergy of
operations.

Improvement in Capital Structure and Significant reduction in
debt levels post sale of windmill assets Overall gearing ratio
and debt equity ratio has improved to 2.89 x and 0.90 x
respectively as on March 31, 2016 as against 3.29 x and 1.55 x as
on March 31, 2015.
Furthermore, with sale of windmills and repayment of respective
debt, overall gearing is expected to improve going forward.
Amount of term debt outstanding as on March 2016 was INR22.18
crore. On account of sale of windmill, term loan have been
prepaid/repaid and amount of term debt outstanding as on December
31, 2016 was INR8.80 crore.

Besides, the company has outstanding ICD of INR10 crore as on
December 31, 2016 (Rs.12.90 crore as on March 31, 2016). It is to
be noted that during FY16 due to relatively lower cash accruals
repayments were primarily funded out of mobilisation of funds
through ICDs.


GULSHAN FASHIONS: CARE Assigns B+ Rating to INR6.0cr LT Loan
------------------------------------------------------------
The rating assigned to the bank facilities of Gulshan Fashions is
primarily constrained on account of its leveraged capital
structure, stressed liquidity position and its constitution as a
partnership concern. The rating is, further constrained on
account of its presence in a highly fragmented nature of
readymade garments industry leading to intense competition and
vulnerability of margins to fluctuations in raw material prices.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            6.00       CARE B+; Stable Assigned

The rating, however, favorably takes into account experienced
management and continuous growth in Total operating income (TOI)
with moderate profitability margins.

The ability of the firm to increase in the scale of operations
with improvement in profitability and efficient management of
working capital are the key rating sensitivities.

Detailed description of the key rating drivers

During FY16 (refers to the period April 1 to March 31), the firm
has registered TOI of INR24.31 crore, grew at a Compounded Annual
Growth Rate (CAGR) of around 502.86% over the past three
financial years (FY14-FY16).  Furthermore, the profitability of
the firm stood moderate with PBILDT and PAT margin of 7.88% and
2.82% respectively in FY16.

The capital structure of the firm stood highly leveraged marked
by an overall gearing of 6.49 times as on March 31, 2016, which
improved from 8.91 times as on March 31, 2015, and debt service
coverage indicators of the firm stood moderate with total debt to
GCA of 8.19 times as on March 31, 2016, improved from 11.20 times
as on March 31, 2015.

Liquidity position of the company remained stressed with an
average 90-95% utilization of its working capital bank borrowing
limits for last 12 months ended December 2016.

The partners of the firm have vast experience and has an
established customer base.

Jaipur-based (Rajasthan) Gulshan Fashions was formed in 2009 as a
partnership concern. GFS is engaged in the business of
manufacturing of ladies readymade garments.

During 12MFY16 (refers to the period of January 1, 2015 to
March 31, 2016), GFS has reported a total operating income of
INR24.31 crore with a net profit of INR0.68 crore.


GWET COLD: CARE Assigns 'B' Rating to INR35.98cr LT Loan
--------------------------------------------------------
The rating assigned to the bank facilities of Gwet Cold Chain
Private Limited is primarily constrained by limited experience of
the promoters in warehousing business, project execution and
stabilization risk associated with debt funded project, debt
funding not tied up and presence of GCCL in the highly
competitive nature of industry. The rating constraints are
partially offset by positive outlook for the Indian cold chain
industry.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            35.98       CARE B; Stable Assigned

Going forward, the ability of the company to complete the project
within envisaged time and cost estimated and achievability of
envisaged revenue and profitability shall be the key rating
sensitivity.

Detailed description of the key rating drivers

GCCL is setting up a cold storage unit at Nayabans, Haryana with
total project cost of INR63.83 crore. The green field project
would be funded through term loan of INR30.98 crore, subsidy from
the government of INR17.59 crore and balance through promoter's
contribution of INR15.25 crore. As on August 31, 2016 the company
had incurred an expenditure of INR8.00 crore towards the project
through promoter's contribution. The debt funding of the project
is not yet tied up. The execution of the project with the
envisaged time and cost remains a risk for the company.

The company is setting up a new warehousing facility for storage
of agriculture products which is a new venture for its promoters
who do not have any previous experience in the business. Mr.
Brijesh Tomar and M. Satish Sharawat holds nearly two decades of
experience in the agriculture related activity through their
association with family run business of agriculture and allied
activities. Mr. Roop Kishor Gola has two decade of experience in
managing different business ventures engaged into dairy farming
and trading of food products.

GCCL would be operates in a highly fragmented industry wherein
there is presence of a large number of players in the unorganized
and organized sectors.

Delhi-based, Gwet Cold Chain Private Limited was incorporated in
September 2015 by Mr. Brijesh Tomar, Mr. Roop Kumar Gola, Mr.
Satish Sharawat, Mr. Pravin Gupta and Mr. Uma shankar Gola. GCCL
was incorporated with an aim to establish a warehouse for
providing cold storage facility at Nayabans, Haryana. The cold
chain will have 32 chambers of 210 MT each with proposed
installed capacity of 6500MT. The commercial operations are
expected to be commenced in June 2017.


HARESH OVERSEAS: ICRA Reaffirms 'C' Rating on INR5.0cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR5.92
crore (reduced from INR8.23 crore) fund based facility of Haresh
Overseas Private Limited to [ICRA]C. The rating committee has
reaffirmed the short-term rating assigned to the INR34.37 crore
non fund based facility of Haresh Overseas Private Limited to
[ICRA]A4.

                         Amount
  Facilities          (INR crore)     Ratings
  ----------          -----------     -------
  Long term: Working
  Capital Term Loan       0.92        [ICRA]C/reaffirmed

  Long term: Fund
  based                   5.00        [ICRA]C/reaffirmed

  Short term: Non
  Fund Based             34.37        [ICRA]A4 ; reaffirmed

Rationale

The ratings reaffirmation continues to take into account HOPL's
weak financial profile characterised by significant losses in the
past three years which has led to complete erosion of the
company's networth base. Further, ICRA takes note of the
company's declining operating income in the past two years owing
to dip in traded volumes resulting from the muted demand scenario
in the chemical trading business. Further, the ratings are
constrained by the high competitive pressures in the chemical
trading industry and vulnerability of profitability to
fluctuations in the input prices as well as exchange rate
fluctuations given the company's high dependence on imports of
the traded chemicals.

The ratings, however, continue to favourably factor in the long
experience of the directors in the chemical trading industry.
Going forward, the company's ability to improve its profitability
metrics especially by optimising its input costs and efficiently
hedge its forex exchange risk position will be critical for
generating adequate accruals in the business and to improve its
networth base and thereby the capital structure will be critical
and hence will be the key rating sensitivities.

Key rating drivers
Credit Strengths
* Long experience of promoters in trading of petrochemicals
   and specialty chemicals
Credit Weakness
* Weak financial profile characterized by significant losses
   in the past three years which has led to total erosion of
   networth base
* Significant decline in operating income in the past two
   years owing to dip in traded volumes resulting from muted
   demand scenario
* Stretched liquidity position as reflected in high utilization
   of working capital limits

* Profitability remains susceptible to fluctuation in input
   prices as well as foreign exchange fluctuations given its
   large  dependence on imports

* Competitive pressure from other players in the industry

Description of key rating drivers highlighted:

Over the past few years, trading of petrochemicals and solvents
(industrial alcohols, ketones, monomers, chlorinated solvents,
plasticizers) continued to remain the key revenue driver
contributing ~99% of the total sales in FY2016 while the sale
from the manufacturing of gaur gum powder has witnessed a sharp
decline. The decline in sale of gaur gum powder is attributable
to surge in guar gum prices which led to muted demand for the
product in key consuming market due to ready availability of
cheaper substitutes.

The company has large dependence on imports for sourcing various
chemicals and solvents (industrial alcohols, ketons, monomers,
chlorinated solvents, plasticizers) from countries like China,
Korea and Thailand etc. which are mostly sold in the domestic
markets. Thus the company remains exposed to vagaries of currency
market and risk is accentuated in the absence of any hedging
policies. Evidently, the company has incurred high exchange
fluctuation losses of INR9.03 crore in FY2014, INR1.73 crore in
FY2015 and INR1.96 crore in FY2016 respectively.

Recent Results: The Company recorded operating income of INR75.92
crore and profit after tax of INR-4.48 crore in FY2016 as
compared to an operating income of INR91.60 crore and profit
after tax of INR-4.62 crore in FY2015.

Haresh Overseas Private Limited was incorporated in 1983 and is
engaged in the business of trading, marketing and distribution of
petrochemicals and solvents (industrial alcohols, ketons,
monomers, chlorinated solvents, plasticizers). The company is
also a manufacturer and supplier of Guar Gum powder and has a
manufacturing unit of 4500 MTPA capacity with in-house laboratory
at Boronada Agro park Jodhpur (Rajasthan) which started
production in 2006.

HOPL is currently managed by Mr. Kailash S. Kasat. The company is
headquartered in Mumbai with branch offices in Cochin, Gandhidham
& Jodhpur. The group companies include Kailash & Company which
provides services like storing, clearing & survey of solvents and
chemicals imported in bulk, Haresh Petrochem Private Limited
which is a global supplier for solvents and petrochemicals and
Mahi Integrated Logistics which provides services for storage,
survey, custom clearance and transportation of goods for its
customers


JHARKHAND MEGA: CRISIL Lowers Rating on INR33.95MM LT Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Jharkhand Mega Food Park Pvt Ltd to 'CRISIL D' from 'CRISIL
B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan        33.95      CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The rating downgrade reflects instances of delay by JMFPPL in
servicing its interest and instalments on term loan. The delays
have been caused on account of delays in commercialization of the
park due to delay in obtaining the necessary clearances from the
government.

Key Rating Drivers & Detailed Description
Weakness
* Delays in implementing integrated food processing park project
in Ranchi: JMFPPL's food park is being implemented under a scheme
proposed by Government of India (GoI); the scheme envisages
developing clusters for the progress of the food processing
industry. Though the project is in advance stage of completion,
it has been significantly delayed on account of delay in
receiving the necessary regulatory permissions from the
government for sub-leasing the food park land to individual units
planning to set up processing facilities in the food park.

* Offtake risks associated with the project: Despite the project
in its advance phase, JMFPPL is yet to tie up with companies
willing to set up units in the park though it is at present under
discussion with many companies for setting up units in the food
park. In the absence of firm commitments from the clients, the
company will, be exposed to offtake risk over the near term.
Moreover, revenue visibility will emerge only after processing
units are set up in the park.

Strengths
* Favourable government policies and financial grant: The plan of
opening mega food parks was envisioned to facilitate the
achievement of Vision 2015 of the Ministry of Food Processing
Industries. GoI's effort is essential for the development of the
food processing industry in India. This is because basic
infrastructure such as warehousing, cold chains, and processing
facilities, requires large investments, which may not be
financially viable for private players on a standalone basis. GoI
is promoting the establishment of mega food parks in the country
through financial assistance, tax benefits to member units, and
faster clearances.

JMFPPL was incorporated in 2009 as a special-purpose vehicle
(SPV) by a group of entities, the primary stakeholders are GenX
Venture Capital Inc, Empower India Limited, Patanjali Avurved
Ltd, Ranchi Industrial Area Development Authority, and Green
Coast Nurseries India Pvt Ltd.

The SPV is setting up an integrated food processing park in
Ranchi. The park is being set up under the Mega Food Park Scheme
of the Ministry of Food Processing Industries, GoI. The project
is expected to be commissioned by June 2017.


KRISHNA COTTON: ICRA Lowers Rating on INR5.20cr Loan to B-
----------------------------------------------------------
ICRA has revised the long-term rating from [ICRA]B to [ICRA]B-
assigned to the INR5.00 crore1 cash credit facility, INR0.20
crore term loan facility and INR0.80 crore unallocated limits of
Krishna Cotton. The outlook on long term rating is 'Stable'.

                        Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based Limits       5.20      [ICRA]B- (Stable) revised
                                    from [ICRA]B

  Unallocated Limits      0.80      [ICRA]B- (Stable) revised
                                    from [ICRA]B

Rationale
The rating revision takes into account the small scale of
operations, the decline in revenues and the weak financial risk
profile marked by operating losses, adverse capital structure,
weak debt-coverage indicators and high working capital intensity.
The rating also factors in the vulnerability of the firm's
profitability to agro-climatic risks; the inherently low value-
adding ginning business; and the high fragmentation and
competition due to numerous small and unorganised players in the
industry. Furthermore, being a partnership firm, any significant
withdrawals from the capital accounts could adversely impact its
net worth and thereby the credit profile.

The rating, however, continues to draw comfort from the long
experience of partners in the industry and logistical advantage
enjoyed by the firm by virtue of its location in the cotton-
producing region, which gives it easy access to quality raw
cotton.

Going forward, ICRA expects the firm to witness a decline in its
top-line in FY2017 against the back drop of lower sales volumes
due to supply shortage of raw cotton post demonetisation. KC's
profitability is generally low because of the low value-adding
operations and is vulnerable to raw material price fluctuations.
The firm's ability to scale up its operations would be largely
contingent on the availability of raw cotton and improvement in
domestic demand. Furthermore, the firm's ability to improve its
profitability, manage its working capital requirements
efficiently, thereby improving its capital structure and coverage
indicators would remain important from a credit perspective.

Key rating drivers
Credit Strengths
* Long experience of promoters in the cotton ginning industry
* Favourable location of the unit in Rajkot (Gujarat), a cotton
   producing belt of India, giving easy access to quality raw
   cotton
Credit Weakness
* Weak financial risk profile marked by revenue decline in
   FY2016, operating losses, small net worth base and weak
   debt-coverage indicators
* High working capital-intensive operations leading to adverse
   capital structure
* Low profitability because of limited value addition and highly
   competitive and fragmented industry structure given the low-
   entry barriers
* Profitability is vulnerable to fluctuations in agricultural
   produce prices, which are subject to seasonality and crop
   harvest
* Exposure to regulatory risks with regards to Minimum Support
   price (MSP) for raw cotton
* Risks inherent in partnership firm with respect to capital
   withdrawals and its potential impact on the credit profile

Description of key rating drivers highlighted:

The firm's scale of operations remains small with KC reporting an
operating income of INR20.47 crore in FY2016. Owing to limited
value-adding operations, firm's profitability remains low. KC'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 1.77 times as on March 31, 2016.
Furthermore, the cotton ginning and crushing industry is a highly
fragmented and competitive with numerous organised and
unorganised players due to low entry barriers, which further
restricts the pricing flexibility of the firm. However, the long
experience of partners in the industry and firm's location in
Rajkot, Gujarat, provides some comfort.

Established in 2011 as a partnership firm, Krishna Cotton (KC or
the firm) is in the business of ginning and pressing of raw
cotton. The firm commenced commercial production in October 2012
from its manufacturing facility at Rajkot in Gujarat. The unit is
equipped with 24 ginning machines, one pressing machine and four
expellers and has a processing capacity of ~19000 metric tonnes
per annum (MTPA) of raw cotton. The promoters of KC have a decade
long experience in the cotton ginning business by virtue of their
association with other related companies.

During FY2016, KC reported an operating income of INR20.47 crore
and net loss of INR0.91 crore as against the operating income of
INR23.04 crore and profit after tax of INR0.16 crore in FY2015.


LANFORD CERAMIC: CRISIL Ups Rating on INR7.12MM Term Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Lanford
Ceramic Private Limited to CRISIL B+/Stable from CRISIL B/Stable
while reaffirming its short term rating.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         1.5       CRISIL A4 (Reaffirmed)

   Cash Credit            6.0       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Proposed Long Term     3.0       CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

   Term Loan              7.12      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects adequate liquidity due to sufficient
net cash accrual against repayments, promoters support in the
form of unsecured loans and cushion in working capital limits.

The rating reflects modest networth and working capital intensive
operations. These weakness are partially offset by the extensive
experience of promoters in the ceramic industry and proximity to
customers and suppliers.

Key Rating Drivers & Detailed Description
Weaknesses
* Working capital-intensive operations: Gross current assets are
sizeable on account of high levels of receivables and inventory.

* Modest scale of operations: Scale of operations should remain
small due to low capacity and nascent stage of operations.

Strengths
* Extensive experience of promoters: Presence of more than a
decade through group entities (Hollis Vitrified Pvt Ltd and
Vasant Ceramics) has enabled the promoters to understand the
dynamics of the local market and establish strong relationship
with suppliers and customers.

* Proximity to customers and suppliers: Manufacturing facilities
in Morbi (hub of the ceramic industry in India) derive
significant benefits such as easy access to clay and availability
of contractors and skilled labourers.
Outlook: Stable

CRISIL believes LCPL will benefit over the medium term from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' if increase in cash accrual is backed by
improved scale of operations and/ or operating margin is high and
working capital management is efficient. The outlook may be
revised to 'Negative' if low topline or operating margin weakens
financial risk profile, particularly liquidity or sizeable debt
funded capital expenditure leads to higher leverage.

LCPL is a Morbi, Gujarat based company which was incorporated in
2013 and commenced commercial operations from July, 2014 onwards.
The company manufactures glazed ceramic porcelain (non-vitrified)
floor tiles and has a capacity of 4,000 boxes per day. LCPL is
promoted by Mr. Nilesh Desai, Mr. Jayeshbhai Desai, Mr.
Jayantilal Desai, and Mr. Parthkumar Godhani'all belonging to the
promoter family.

Net profit was INR0.06 crore on net sales of INR38.8 crore for
fiscal 2016, against a net profit of INR0.07 crore on net sales
of INR8.80 crore for fiscal 2015.


LEXUS MOTORS: ICRA Reaffirms B+ Rating on INR69.5cr Loan
--------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR99.50 crore fund based facilities of Lexus Motors Limited.
ICRA has also reaffirmed the short term rating of [ICRA]A4
assigned to the INR0.50 crore non-fund based bank facility of
LML.

                     Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Fund Based Limit-
  Cash Credit          30.00      [ICRA]B+ (Stable) reaffirmed

  Fund Based Limit-
  Cash Credit (e-DFS)  69.50      [ICRA]B+ (Stable) reaffirmed

  Non Fund Based
  Limits-Bank
  Guarantee             0.50      [ICRA]A4 reaffirmed

Detailed Rationale
The reaffirmation of the ratings takes into account the intense
competition and inherently low margins in the automobile
dealership business, on account of the industry dynamics and the
commission structure decided by the principal, and LML's weak
financial profile characterized by an aggressive capital
structure and depressed level of coverage indicators. Moreover,
ICRA notes that the overall sales volume of the company has
witnessed steady de-growth during past few years, owing to the
weak macro-economic environment.

The ratings continue to be impacted by the persistent delay
witnessed in implementation of the showroom cum real estate
project, which in turn lead to a cost overrun; any further delay
in commissioning of the same might impact its cash flows
adversely. Besides, significant debt service obligations in the
near term, may lead to cash flow mismatches; although proposed
plans to sale out the existing showroom might mitigate such risk
to a large extent. ICRA also notes the vulnerability of the
project to off-take risk, given current slack in demand in the
commercial real estate segment in Kolkata, and the lack of
bookings for the property till date. The ratings, however, derive
comfort from the promoters' experience in the automobile
dealership business, with a track record of over two decades and
the established market position of LML in Kolkata as an
authorized dealer of Tata Motors Limited (TML) for both
commercial vehicles (CV) and passenger vehicles (PV) segment.

Going forward, the company's ability to sale out the existing
commercial space, while maintaining its profitability and
servicing the debt obligations in timely manner, would be the key
rating sensitivities.

Key rating drivers
Credit Strengths
* Longstanding experience of the promoters in the automobile
   dealership business, with a track record of over two decades
* Established position as an authorized dealer of Tata Motors
Limited (TML) in Kolkata, West Bengal

Credit Weaknesses
* Highly leveraged capital structure and depressed level of
   coverage indicators
* High competitive intensity among dealers of TML as well as
   other automobile dealers which keeps margins under pressure
* Continuing delay witnessed in implementation of the showroom
   cum real estate project, leading to cost overrun; any further
   delay in the commissioning is likely to adversely impact the
   cash flows of the company, going forward
* Significant debt service obligations in the near term, may
   lead to cash flow mismatches; although proposed plans to sale
   out the existing showroom might mitigate such risk to a large
   extent

Detailed description of key rating drivers highlighted:

LML is an authorized dealer of TML's CV and PV, and is engaged in
the sale of vehicles (new and pre-owned), spare parts and
servicing/repair of PVs since 1991. The company is also engaged
in the dealership of PVs of Jaguar Land Rover (JLR) in an
arrangement with TML and has two showrooms for JLR vehicles at
Kolkata and Cuttack. There has been a decline in the sales volume
since past few years, owing to the weak macro-economic
environment and competition from other OEMs. In FY2016, the sales
volume of vehicles declined to 6,868 units from 6,908 units in
FY2015 primarily due to decrease in sales volume of new passenger
cars and commercial vehicles. CV segment has always remained a
major contributor to the top-line for LML and accounted for
around 80% of the total sales in FY2016. However, the revenue
contribution from PV segment excluding JLR vehicles has remained
nominal at around 9% in FY2016 primarily due to slowdown in the
automobile segment and stiff competition from other major OEMs as
TML being left only with few PV models. Moreover, sales volume
for JLR also declined by around 17% in FY2016. Apart from revenue
from sale of vehicles, LML earns income also in the form of
incentives from TML, payout/ commission from financiers and
insurance companies, sale of spare parts, and service income from
its workshops.

The company is in the process of constructing a showroom cum real
estate property at 'Auto Hub' in Rajarhat, Kolkata since last few
years. The project is being developed in two basements + nine
storey building. LML has developed an area of around 125,000 sq.
ft. (square feet) in the property, out of which around 50,000 sq.
ft. will be sold to the customers, while remaining area will be
used by LML for its own showroom. There has been significant
escalation in the estimated project cost and till date the
company has already incurred around INR49 crore for the project
(includes land cost and interest during construction period).
Also, there have been persistent delays in construction activity,
leading to a deferment in the scheduled commissioning of the
project, which was earlier planned in January 2016. Till date,
the construction for the commercial building is completed; though
the company has not been able to sale the commercial space,
except a small portion sold to a group entity.

The company earlier planned to commence its JLR showroom in its
newly constructed Rajarhat showroom; however, formal approval for
the same could not be obtained from TML till date. The management
expects the approval to be received soon and commission its JLR
showroom by July 2017. However, LML is in process of setting-up a
centralized administrative office in 8th and 9th floor of their
Rajarhat showroom and expects to shift all its administrative
office in April 2017. LML has earlier taken a term loan of INR20
crore for the project, though the same was refinanced by other
lender as the debt repayment for the earlier taken loan commenced
before the commissioning date. LML has taken a new term loan of
INR25 crore, replacing the old term loan of INR20 crore, with
elongated repayment tenure of 10 years. However, ICRA expects
that debt repayment obligations for the same might lead to cash
flows mismatch in near to medium term; although proceeds from the
sale of existing JLR showroom and sale of a portion of property
at 'Auto Hub' may mitigate such risk to a large extent.
Nevertheless, ongoing slowdown in the commercial real estate
market in Kolkata and the lack of bookings till date exposes the
project to off-take risks and also expected realizations.

Despite the marginal decline in overall sales volume by 1%, the
operating income of LML has witnessed an improvement from
INR652.00 crore in FY2015 to INR703.60 crore in FY2015, mainly on
account of increase in the average realization of vehicles. On
account of intense competition in the automobile dealership
business and also the basic margin set by the principal, the
operating profit margin is thin and has remained in the range of
2.5-2.7% during the past three years. The net profit margin was
impacted by high interest and finance costs, and remained at a
low level of 0.21% in FY2016. LML's working capital requirement
in the past few years has remained high, resulting in sizeable
working capital and trade advance loans; which increased further
in FY2016 as compared to the previous year. This coupled with
borrowing of loan for the ongoing capex has resulted into an
aggressive capital structure, which deteriorated from 7.80 times
as on March 31, 2015 to 8.04 times as on March 31, 2016. On
account of low profitability and high gearing, the coverage
indicators continue to remain at a depressed level, as reflected
by OPBDITA/ Interest & charges of 1.34 times (1.30 times in
FY2015), NCA/Total Debt of 2% (3% in FY2015) and Total debt /
OPBDITA of 9.04 times (8.87 times in FY2015) during FY2016.

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

LML, incorporated in 1991, is TML's authorized dealer for the
sale of its entire range of commercial vehicles and passenger
cars, as well as for services of passenger cars and sale of
spares in and around Kolkata, West Bengal. LML has seven
showrooms, four workshops and nine customers connect points
spread across Kolkata for TML's vehicles. LML also has two
showrooms for Jaguar Land Rover (JLR) vehicles at Kolkata and
Cuttack. The company also trades in pre-owned cars.


MATIX FERTILIZERS: CARE Reaffirms 'D' Rating on INR3263cr LT Loan
-----------------------------------------------------------------
The rating reaffirmation factors in the ongoing delays for
repayment of interest and principal of the long term facilities
by Matix Fertilizers and Chemicals Limited.

                         Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Long-term/Short-
   term Facilities      3263.00       CARE D/CARE D Reaffirmed

The company has approached its bankers for revision in Scheduled
Commercial Operation Date (SCOD) to April 1, 2017. While, the
lead bank has approved the revision in SCOD, other lenders of the
Joint Lenders' Forum (JLF) are currently processing the same. The
plant of the company is expected to commence operations by April
2017.

Incorporated in July 2009, Matix Fertilizers and Chemicals
Limited (Matix) is setting up a Greenfield Ammonia (capacity:
0.73 mtpa) and Urea Plant (capacity: 1.27 mtpa) along with a
combined gas fired captive power plant, railway siding and other
utilities in Panagarh Industrial Park at Panagarh, West Bengal
(WB). Matix is promoted by Mr. Yogendra S Kanodia and Mr. Nishant
Kanodia of the Datamatics Group.


MUSTANG SERVICES: CRISIL Reaffirms B+ Rating on INR6MM Cash Loan
----------------------------------------------------------------
CRISIL has reaffirmed its rating on the long term bank facilities
of Mustang Services at 'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Open Cash Credit        6       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      3       CRISIL B+/Stable (Reaffirmed)

The rating reflects MS's modest scale of operations in the
intensely competitive jewellery industry and geographic
concentration in revenue profile. The rating also factors in a
weak financial risk profile marked by high gearing and weak debt
protection metrics. These weaknesses are partially offset by the
benefits derived from the promoter's extensive experience.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations and Geographic concentration in
revenue profile: Scale of operations has been moderate with
turnover of INR25.8 crores in fiscal 2016. Hence the firm faces
intense competition from small and large players in a highly
unorganised sector. Moreover MS derives its entire revenues from
its showroom in Hyderabad, thus exposing the firm to risks
related to revenue concentration.

* Weak financial risk profile: The financial risk profile of the
company is marked by modest net worth, high gearing and weak debt
protection metrics. The company has modest net worth of around
INR2.6 crores as on March 31, 2016. Consequently, the gearing
stood at around 3 times as on the same date. Majority of the
total debt includes working capital borrowings. The promoters
have infused unsecured loans of around INR1.08 crores as on
March 31, 2016. The company has weak debt protection metrics as
indicated by its NCATD of around 4 percent and interest coverage
ratio of around 1.43 times for fiscal 2016.

Strength
* Extensive experience of promoter: ABL benefits from its
promoter's extensive industry experience. The company is promoted
by Mr. Anil Kumar Kundoo. The promoter has been in the jewellery
business for more than 20 years, gaining deep insight into the
consumer buying pattern and identifying trends in designs.  MS
would continue to benefit from the promoter's extensive
experience over the medium term.
Outlook: Stable

CRISIL believes MS will continue to benefit from its promoter's
extensive industry experience. The outlook may be revised to
'Positive' in case of healthy growth in revenue and profitability
and efficient working capital management improve the financial
risk profile. Conversely, the outlook may be revised to
'Negative' if any aggressive debt-funded expansion is undertaken
or revenue and profitability weaken.

Incorporated in 1998 as a proprietorship firm, MS retails in
jewellery through one showroom in Secunderabad, Telangana. It is
managed by Mr. Anil Kumar Dundoo.

MS reported a profit after tax (PAT) of INR23 lakhs on operating
income of INR25.8 Crores for fiscal 2016, vis-a-vis INR22 lakhs
and INR22.2 Crores, respectively in fiscal 2015.


N P RAJAGOPAL: CRISIL Reaffirms B+ Rating on INR6MM Cash Loan
-------------------------------------------------------------
CRISIL ratings on the bank facilities of N P Rajagopal Chetty and
Co continues to reflect its's small scale of operations in a
highly fragmented and intensely competitive gold jewellery
business, and below-average financial risk profile marked by
modest net worth and weak debt protection metrics. These rating
weaknesses are partially offset by the promoter's extensive
experience in the gold jewellery business, and the firm's
established market presence in Theni, Tamil Nadu.

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

Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations in a highly fragmented and intensely
competitive gold jewellery business: The business risk profile of
the firm is constrained by its small scale of operations. During
2015-16 (refers to financial year, April 1 to March 31) the firm
has recorded revenues of around INR45 crore. The revenues are
expected to dip in the current year given the slowdown in the
gold and jewellery industry in fiscal 2017. Further, the firm
records its entire sales from single store in Theni which renders
the firm to risks related to geographic concentration

* Below-average financial risk profile marked by modest net worth
and weak debt protection metrics: The firm had a modest net worth
estimated at INR4.7 crs as on March 31, 2016. This is mainly on
account of limited accretions to reserves due to modest scale of
operations of the firm with modest profitability. The firm has a
weak debt protection metrics with estimated net cash accruals to
total debt (NCATD) and interest coverage at 6 per cent and 1.7
times respectively due to the firm's small accruals.

Strength
Promoter's extensive experience in the gold jewellery business,
and the firm's established market presence in Theni, Tamil Nadu:
The promoter family has been engaged in the gold retailing
business since 8 decades. This is the third generation of the
family who is now managing the operations of the firm. They had
started trading of gold jewellery on a small scale. Currently the
firm is operated out of a 3500 sq.ft show room in Theni (Tamil
Nadu). Over the years the firm has developed a strong brand image
for itself in the region and the promoters have developed strong
insight into consumer buying patterns and identify trends in the
jewellery designs.
Outlook: Stable

CRISIL believes NPRC will continue to benefit over the medium
term from the promoter's extensive industry experience. The
outlook may be revised to 'Positive' if significant improvement
in the scale of operations and profitability leads to an
improvement in the financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of a decline in
revenue or operating profitability resulting in lower cash
accrual or weakening of the capital structure owing to large,
debt-funded capital expenditure or increased working capital
requirement, resulting in deterioration in the financial risk
profile.

Incorporated in 1928, NPRC retails gold and silver jewellery. The
firm has a retail showroom in Theni, and the operations are
managed by Mr. R. Sathyanarayanan, Mr. R. Shyam Sai Sunder and
Mr. R. Ganeshraj Kumar.

NPRC reported net profit (PAT) of INR24 lakhs on revenue of
INR45.4 croers for 2015-16 (refers to financial year, April 1 to
March 31), against a net profit of INR10.9 lakhs on revenue of
INR16.7 crore for 2014-15.


PRACHI (INDIA): CARE Assigns B+ Rating to INR15cr LT Loan
---------------------------------------------------------
The ratings assigned to the bank facilities of Prachi (India)
Private Limited are primarily constraint by modest scale of
operations along with project execution risk with debt funding
yet to be tied up. The ratings are further constrained by low
profitability margins, leveraged capital structure, weak coverage
indicators, elongated operating cycle and competitive nature of
industry.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              15        CARE B+;Stable Assigned

   Short-term Bank
   Facilities               3        CARE A4 Assigned

The rating, however, draws comfort from experienced management,
established track record of operations, growing scale of
operations and established marketing network.

Going forward, the ability of PIPL to increase its scale of
operations with improvement in profitability margins, capital
structure and efficient working capital management shall be the
key rating sensitivities.

Detailed description of the key rating drivers

Though the scale of operations of the company have been growing
on y-o-y basis, however it stood modest which restricts the
company's financial flexibility in times of stress and deprives
it of scale benefits. The company's profitability margins have
been historically on the lower side owing to the limited value
addition and intense market competition given the highly
fragmented nature of the industry. This apart, interest burden on
working capital borrowing also restricts the net profitability of
the company. The capital structure of the company stood leveraged
on account of high dependence on external borrowings to meet the
working capital requirements coupled with low net worth base.

Furthermore, the company's debt coverage indicators as marked by
interest coverage and total debt to GCA stood weak on account of
low profitability as against debt levels.

PIPL is currently undertaking capital expenditure to set up
printing and publishing unit and the debt with respect to the
same is yet to be tied up. The company is exposed towards project
execution in terms of debt yet to be tied-up, completion of the
project with-in the envisaged time and cost.

The collection period stood elongated since majority of income
accrue during the last quarter the same results into high
receivable as on balance sheet date. The average working capital
limits of the company remained almost fully utilized
during the past 12 month period ending December 31, 2016.

The printing and publication industry is characterized by a high
level of fragmentation and regional concentration, with very
little differentiation in terms of service offering. PIPL faces
direct competition from various organized and unorganized players
in the market.

Delhi-based Prachi (India) Private limited established in 1999 by
Mr. Mukesh Tyagi, Mr. Rakesh Tyagi and Mrs Savitri Tyagi.

The company is primarily engaged in distribution of text books,
study material for classes ranging from nursery to class 12. The
company outsourced the activities related to printing, publishing
and binding of books. The company supplies to public schools,
spread out across India.

During FY16 (refers to the period April 1 to March 31), PIPL has
achieved a total operating income (TOI) of INR72.10 crore with
PAT of INR0.17 crore, respectively, as against TOI of INR65.09
crore with PBILDT and PAT of INR3.11 crore and INR0.67 crore,
respectively. Moreover, the company has achieved total TOI of
INR16 crore till 7MFY17 (refers to the period April 1 to
October 31) (as per unaudited results).


PRAMUKH COPPER: ICRA Assigns D Rating to INR6.75cr LT Loan
----------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]D to the
INR6.751-crore fund-based limit of Pramukh Copper Private
Limited. It has also assigned the short-term rating of [ICRA]D to
the INR6.10-crore non fund-based limits of the company. ICRA has
also assigned the [ICRA]D rating to the INR2.15-crore unallocated
limits of the company.

                        Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Long-term Fund-
  based Limit            6.75         Assigned [ICRA]D

  Short-term Non
  fund-based Limit       6.10         Assigned [ICRA]D

  Unallocated limits     2.15         Assigned [ICRA]D

Rationale
The assigned ratings reflect the continuous delays in repayment
of term loan installments and the LC devolvement by Pramukh
Copper Private Limited. Additionally, the company's liquidity
profile is stretched because of accumulated inventory and
stretched receivables, leading to overutilisation of bank
borrowings. Consequently, the capital structure has become highly
stretched given the erosion of net worth due to heavy losses in
FY2014. The rating also factors in the vulnerability of profit
margins to the adverse fluctuation in raw material prices.
Furthermore, the ratings take note of PCPL's small scale of
operations in the highly fragmented industry, which is
characterised by intense competition from organised as well as
unorganised players.

The assigned ratings, however, take into account the location of
the manufacturing facility at Dadra, an area that has no sales
tax and low power tariff rate. Early regularisation of debt
servicing is crucial and remains the key rating sensitivity.

Key rating drivers
Credit Strengths
* Location of the unit in Dadra Nagar Haveli offers various
   fiscal benefits such as no sales tax and lower power tariff
Credit Weakness
* Delay in repayment of term loan obligation and LC devolvement
* Stressed liquidity emanating from mounting inventory levels
   and delays in receivables has resulted in delay in TL
repayment
   and consistent overutilisation of bank borrowings
* Consistently reduction in scale of operation
* Adverse financial profile characterised by a low margin,
   negative net worth and inadequate coverage indicators
* Low-entry barriers, less capital-intensive business and
   simple manufacturing process result in intense industry
   competition

Description of key rating drivers highlighted:

From FY2014 onwards, OI of PCPL has consistently reduced on
account of adverse market scenario, fluctuations in prices of
copper and reduced demand from its established customer base. In
line with the operating income, the operating margin of the
company has been fluctuating in the range of 22.9% to 5.4% in
the last four years. Low operating margin, coupled with high
interest and financial charges, has reduced the net margin over
the last few years. The high debt level and the erosion of net
worth due to heavy losses in FY2014 have impacted the gearing of
the company adversely, which stood at around -8.77 times as on
March 31, 2016.

The low profitability and the adverse capital structure led to
subdued debt protection metrics, reflected in the interest
coverage of 1.33 times and the NCA/Debt ratio of 3% and the
TOL/TNW ratio of -9.51 times in FY2016.

The overall downtrend in operation and the delay in receivables
increased the working capital intensity to 113% in FY2016 from
40% in FY2015, resulting in weak cash flows and tight liquidity
position. Driven by stretched liquidity, the company has been
highly dependent on working capital borrowings from bank, which
have remained over utilised during the last fifteen months. Weak
cash accrual has also resulted in instances of delays in term
loan and interest payments and LC devolvement. Early
regularisation of debt servicing is crucial and remains the key
rating sensitivity.

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

Established in January 2011, Pramukh Copper Private Limited
(PCPL) is a private limited company involved in processing copper
cathodes and copper scraps to produce copper bus bar and
profiles, round copper rods, copper strips and copper coils. PCPL
also procures copper rods from outside and modifies them in terms
of
sizing and length before selling them to the final customers.
Furthermore, PCPL also does production on jobwork basis. PCPL's
plant is located at Silvassa, Dadra Nagar Haveli, and has an
installed capacity of around 1500 MTPA.


R.P. SINGH: CRISIL Assigns 'B' Rating to INR7.07MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facility of R.P. Singh Crusher and Construction
Company.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           7.07       CRISIL B/Stable

The rating reflects a limited track record and a modest scale of
operations in the highly fragmented construction material
industry, and a below-average financial risk profile because of
weak debt protection metrics. These rating weaknesses are
partially offset by the extensive industry experience of the
promoter, and a healthy order book.
Analytical Approach

Unsecured loans of INR0.53 crore as on March 31, 2016, have been
treated as neither debt nor equity as these are only from the
proprietor's family members.

Key Rating Drivers & Detailed Description
Weaknesses
* Limited track record and modest scale of operations: In fiscal
2016, the first full year of operations, sales were modest at
around INR42.88 crore.

* Average financial risk profile: The total outside liabilities
to tangible networth ratio was 2.4 times as on March 31, 2016,
while the interest coverage was around 1.2 times in fiscal 2016.

Strengths
* Extensive industry experience of the proprietor: The proprietor
has industry experience of over five years, which has led to an
established relationship with customers and suppliers.

* Healthy order book: The firm has healthy order book providing
revenue visibility over the medium term.
Outlook: Stable

CRISIL believes RSC will continue to benefit from the extensive
industry experience of its proprietor. The outlook may be revised
to 'Positive' in case of higher-than-expected revenue growth and
profitability along with improvement in working capital
management, leading to a better financial risk profile. The
outlook may be revised to 'Negative' in case of deterioration in
working capital management, most likely because of stretched
debtors. Lower-than-expected revenue and profitability, resulting
in low cash accrual, or large, debt-funded capital expenditure,
leading to pressure on liquidity, may also result in a 'Negative'
outlook.

RSC was established in 2014 by Mr Raj Pal. The firm trades in
stone aggregate, stone dust, grit, stone crushers, and other such
products, and lays ballast.

For fiscal 2016, book profit was INR0.14 crore on an operating
income of INR42.88 crore


RAJ VEHICLES: CRISIL Reaffirms B+ Rating on INR11MM Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the long term bank facilities
of Raj Vehicles Private Limited at 'CRISIL B+/Stable' while
assigning 'CRISIL A4' to the short term bank facilities.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            11       CRISIL B+/Stable (Reaffirmed)

   Inventory Funding
   Facility                8       CRISIL A4 (Reassigned)

   Proposed Short Term
   Bank Loan Facility      6       CRISIL A4 (Reassigned)

The business risk profile is stable because of revenue growth of
around 9% in fiscal 2016 driven by higher sales volume of
ehicles. Revenue is expected to decline slightly by 4-5% in
fiscal 2017 on account of the effect of demonetisation. However,
revenue is expected to grow at a moderate rate of around 10% per
fiscal over the medium term. This will be supported by business
stability as the company is the exclusive dealer of M&M in
Patiala, Punjab, and nearby districts and there is an increase in
the disposable income of people. The operating margin is expected
to hover at 3.5-3.7% over this period.

Liquidity is adequate, as indicated by average bank limit
utiliation of around 85% during the 12 months through November
2016 and sufficient internal cash accrual to meet repayment
obligation. Liquidity is also supported by need-based funding by
the promoters and positive cash flow from operations.

Working capital intensity is low as reflected in gross current
assets of just 69 days as on March 31, 2016. These primarily
comprise vehicle and spare parts inventory of 45-50 days, which
has to be maintained. Working capital intensity of the operations
is likely to remain low over the medium term.

Analytical Approach

Key Rating Drivers & Detailed Description
Weakness
* Weak financial risk profile: Debt protection metrics were low.
However, the networth and return on capital employed were
moderate, and the total outside liabilities to adjusted networth
ratio low. Low profitability margins would continue to constrain
the financial risk profile over the medium term.

* Low operating margin due to intense competition: Though RVPL is
the sole dealer for M&M in the districts it which it operates,
the company faces intense competition from dealers of other
original equipment manufacturers such as Hyundai Motor India Ltd
('CRISIL A1+') and Tata Motors Ltd ('CRISIL AA/Positive/CRISIL
A1+'). These companies, which manufacture a variety of utility
and passenger vehicles, are encouraging more dealerships to
improve penetration and sales, thereby increasing competition.
Furthermore, the stability of the business would depend on the
business profile of M&M. RVPL's margins are likely to remain
under pressure over the medium term because of competition in the
automobile industry and low bargaining power with its principal,
M&M.

Strengths
* Established relationship with the principal, M&M
The company has had a relationship of over 10 years with M&M, and
would continue to benefits from the relationship over the medium
term. The exclusivity of the dealership in the different
districts of Punjab supports the stability of the business risk
profile.

* Extensive experience of the promoters in the automobile
dealership business: The promoters have been in this business for
more than a decade. Over the years, they have expanded the number
of showrooms in the districts of Patiala, Sangur, and Barnala,
all in Punjab.
Outlook: Stable

CRISIL believes RVPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if the financial risk profile improves, most likely
due to better operating profitability and cash accrual, or
significant capital infusion. The outlook may be revised to
'Negative' if the financial risk profile weakens because of
large, debt-funded capital expenditure, or substantial increase
in working capital requirement.

RVPL was incorporated in 2007, promoted by Mr. Rajvinder Singh
and his family. The company is an authorised dealer for M&M's
entire range of passenger vehicles, utility vehicles, and two-
wheelers in districts of Punjab - Patiala, Sangrur, and Barnala.
It operates four showrooms in the sales, service, and spares
format, of which two are in Patiala and one each in Barnala and
Sangrur.

RVPL, on a standalone basis, had a profit after tax (PAT) of
INR0.35 crore on net sales of INR197.13 crore in fiscal 2016,
vis-a vis INR1.27 crore and INR180.70 crore, respectively, in
fiscal 2015.


RESHMA FABRICS: CRISIL Reaffirms B+ Rating on INR6.5MM Term Loan
----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Reshma Fabrics Ltd. The rating continues
to reflect RFL's modest scale of operations, working-capital-
intensive operations, below average financial risk profile
because of a modest net worth and extensive experience of the
promoters in the textile industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            2.5       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1.0       CRISIL B+/Stable (Reaffirmed)

   Term Loan              6.5       CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in the highly fragmented textile
industry: RFL's limited capacities and fragmentation in the
textile industry have led to a modest scale, as reflected in
revenue of INR9.8 crore in fiscal 2016. Modest scale also
restricts benefits of economies of scale and limits pricing
flexibility, constraining profitability.

* Working Capital Intensive operations: Operations are working
capital intensive reflected in gross current asset days of 207
days as on March 31, 2016, on account of debtors of 133 days and
inventory of 40 days. CRISIL believes that RFL's working capital
requirements will remain moderate over the medium term.

* Below average financial risk profile: As on March 31, 2016, the
networth was small at INR3.6 crore and gearing high at over 2.2
times. With continued large working capital debt, gearing is
expected to remain high over the medium term.

Strength
* Extensive experience of promoters in the textile industry: The
promoter has been in the business of manufacturing grey fabric
for over 20 years. The promoters' extensive experience and
understanding of the dynamics of the local market have helped
establish healthy relations with customers, leading to regular
orders from them.
Outlook: Stable

CRISIL believes RFL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' in case there is a significant and
sustained improvement in revenue and profitability, and hence
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of a significant decline in revenue
or profitability, or a stretch in working capital cycle, or
larger-than-anticipated debt-funded capital expenditure,
resulting in further weakening of the financial risk profile.

RFL was incorporated in 1993. In December 2014, the management
was taken over by Mr. D N Patel, who has an experience of more
than 20 years in the industry. RFL currently undertakes weaving
of grey cloth on a job-work basis at its facility in Ahmedabad
(Gujarat).

For 2015-16 (refers to financial year, April 1 to March 31), PFPL
reported profit after tax (PAT) of INR9 lakh on total sales of
INR9.81 cr as against PAT of INR12 lakh on total sales of INR3.62
cr in 2014-15.


S R HAPPY: CRISIL Assigns 'B' Rating to INR4.5MM Long Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of S R Happy Valley Farms.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan         4.5       CRISIL B/Stable

The rating reflects SRH's susceptibility to implementation and
demand risks related to its on -going resort project and weak
financial risk profile. These rating weaknesses are partially
offset by the extensive experience of SRH's partners in the
hospitality industry.

Key Rating Drivers & Detailed Description
Weakness
* Susceptibility to implementation and demand risks related to
its resort project
SRH is constructing a resort in Anaikatti, near Coimbatore.
Around 70 per cent of the work is complete and the resort is
expected to be operations from May 2017. The total cost of the
project including the land and buildings is around INR 17.76
cores, to be funded vide term loan of INR 4.5 crores and the rest
through equity infusion by partners. The firm is exposed to risks
related to implementation of the current project and demand risk
post commercialization of operations.

* Weak financial risk profile:
The financial risk profile of the firm is expected to be weak
over the term, despite conservative debt philosophy of the
management, driven by modest accretion to reserves, on account of
start-up nature of operations.

Strengths
* Extensive experience of SRH's partners in the hospitality
industry:
Mr T Janardhan and Mr. Shanmugavel, the managing partners of SRH
have been in the hospitality industry and real estate business
for over two decades.
Outlook: Stable

CRISIL believes SRH would benefit over the medium term from
favorable location of the hotel and extensive experience of the
promoters in the hospitality industry. The outlook may be revised
to 'Positive' if the firm completes its ongoing resort project as
expected in stipulated timelines and ramps up its operations
earlier than expected. The outlook may be revised to negative in
case there is a cost or time over run in the project or if the
ramp up in operations is not as expected. Further the timely
servicing of term debt obligations will remain a key rating
sensitivity factor.

SRH was set up in 2016 as a partnership firm and is currently
constructing a 35 room resort in Anaikatti, near Coimbatore
(Tamil Nadu). The resort is expected to be operational from May
2017. The firm is promoted by Mr. T Janardhan and Mr.
Shanmugavel.


SARDAR COTTON: CARE Assigns B+ Rating to INR10.87cr LT Loan
-----------------------------------------------------------
The rating assigned to the bank facilities of Sardar Cotton is
primarily constrained on account of its moderate scale of
operations with thin profit margin along with leveraged capital
structure and weak debt coverage indicators; moderate liquidity
position during FY16 (refers to the period April 1 to March 31).
The rating is further constrained on account of susceptibility to
the raw material price fluctuations and presence in the highly
fragmented and competitive industry.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities           10.87        CARE B+; Stable Assigned

The rating however, continues to derive strength from experienced
partners and proximity to the cotton growing area of Gujarat.

SC's ability to increase its scale of operations with improvement
in profitability, capital structure and debt coverage indicators
along with efficient management of its working capital would be
the key rating sensitivity.

Detailed description of key rating drivers

During past three year period ended FY16, SC reported moderate
scale of operation. During FY16, TOI of SC dipped by 2.52% over
the previous year and stood at INR55.14 crore as against INR56.56
crore as the company is into ginning and pressing of cotton, its
prices remain volatile in nature due to fluctuation in the prices
of raw cotton. During FY16, the PBILDT margin of SC improved to
2.60% from 2.28% due to lower cost of raw materials consumed. PAT
margin of SC remained thin and in line with FY15 at 0.03% in
FY16.

As on March 31, 2016 the capital structure of SC remained
leveraged marked by overall gearing of 2.65 times (4.25 times
as on March 31, 2015); The debt protection metrics stood weak
marked by interest coverage of 1.16 times and total debt to GCA
of 55.35 times in FY16 as against 1.22 times and 55.75 times,
respectively in FY15.

SC's liquidity position as indicated by current ratio and quick
ratio stood moderate at 1.39 times and 0.06 times respectively as
on March 31, 2016 as against 1.30 times and 0.19 times
respectively as on March 31, 2015.

Rajkot-based (Gujarat), Sardar Cotton is a partnership firm
incorporated in 2012 by Mr. Pravinbhai Kurjibhai Mendpara,
Mr. Ajaybhai Haribhai Zalavadiya and Mr. Dineshbhai Virjibhai
Tada. The firm is engaged into the business of cotton ginning and
pressing of raw cotton to produce cotton bales and cottonseeds.
SC spreads across 2 acres and possesses set of 24 cotton ginning
machines with an installed capacity of manufacturing 200 bales
per day.

During FY16 (A), SC reported net profit of INR0.02 crore on a TOI
of INR55.14 crore as against PAT of INR0.02 crore on a TOI
of INR56.56 crore during FY15. Till 9MFY17 (Provisional) SC has
achieved a turnover of INR2.94 crore.

Status of non-cooperation with previous CRA: As on press release
dated October 23, 2015, ICRA has suspended rating assigned to the
bank facilities of Sardar Cotton on the back of ICRA's inability
to carry out a rating process in the absence of the requisite
information from Sardar Cotton.


SATWI INFRA: ICRA Assigns 'B' Rating to INR20cr Long Term Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to INR20.0 crore
proposed term loan facilities of Satwi Infra. The outlook on the
long-term rating is 'Stable'.

                        Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long Term-Proposed
  term loan               20.0       [ICRA]B (Stable) assigned

Rationale
The rating factors in the long standing experience of the
promoters of Satwi Infra in the construction and real estate
industry and the favorable location of the project - Satwi's
Thavil located in Panathur, Bellandur, Bangalore, which is close
to developed social infrastructure including tech parks, schools,
social clubs, shopping malls and multispecialty hospitals. The
rating takes into account the inventory in the completed project
- Satwi's Veille, which can support the ongoing project cash
flows. ICRA also notes that all requisite approvals for ongoing
project are in place; however, the debt funding is yet to be
tied-up. The rating is constrained on account of the initial
stage of development of Satwi's Thavil project (~29% of total
project cost has been incurred till December, 2016), which
exposes the company to high execution risk and the moderate
project execution capabilities of the firm demonstrated through
completion of 0.3 million square feet of development. The rating
accounts in the significant market risk associated with Satwi's
Thavil project given the modest level of bookings (13% bookings)
and collection efficiency till December 2016. ICRA also takes
note of the vulnerability of sales to any further downturn in the
real estate demand and the competition within the region from
various established real estate developers. The rating is further
constrained by the risks inherent in the proprietorship nature of
business such as risk of capital drawdown, limited ability to
raise capital, among others.

Going forward, the ability of the firm to achieve financial
closure and healthy sales for the ongoing project, while
completing the project in a timely manner will be the key rating
sensitivities.

Key rating drivers
Credit Strengths
* Long standing experience of promoters in construction and
   real estate industry
* Favorable location of the ongoing project Satwi's Thavil,
   located in Panathur, Bangalore close to developed social
   infrastructure
* All requisite approvals for the projects are in place
* Inventory of the completed project can support cash flows
   of ongoing project
Credit Weakness
* Moderate project execution capabilities demonstrated through
   completion of 0.3 million square feet (msf) of development
* Exposed to significant market risk with ~87% of unsold
   saleable area (as on Dec 31, 2016) in the ongoing project,
   however, sales velocity remains moderate
* Initial stages of construction for the ongoing project
   exposes the company to significant execution risk
* Financial closure yet to be achieved; further significant
   part of the project cost is planned to be met by customer
   advances, which is contingent upon healthy sales velocity
   and timely collection from customers
* Inherently cyclical and competitive nature of real estate
   industry; sensitivity to decline in property prices,
   slowdown in economy, and decrease in housing demand

Description of key rating drivers highlighted:

The company has developed two projects in Horamavu, Bangalore in
the recent past. Launched in February 2016, SI's ongoing project
'Satwi's Thavil' is exposed to significant execution risks as it
is in initial stage of completion and is expected to be completed
by September, 2018. All the requisite approvals for the ongoing
project have been received. All the projects are approved by
various housing finance companies. As of December, 2016, the firm
had achieved booking levels of 0.16 lakh sft, translating to a
modest booking position of ~12% in this project. The market risk
is moderate for the completed project, Satwi's Vielle, with
around 75% of the units being sold as on December, 2016. The
additional sales from this project can help fund the cost of
Satwi's Thavil project. Ability to tie up debt for the Satwi's
Thavil project and raise the planned advances from customers will
remain crucial for the timely completion of the project.

Satwi Infra, incorporated in year 2011, is engaged in real estate
business in residential and commercial projects in Bangalore. The
firm laid its footage in the construction, development and real
estate business in the year 2011 through Satwi's Clarinet project
in Bangalore. Over the years, the firm has completed two
projects, Satwi's Clarinet and Satwi's Vielle in Horamavu,
Bangalore. Currently the firm has one ongoing residential
project, Satwi's Thavil at Panthur, Bangalore.

The firm reported a net profit of INR1.15 crore on an operating
income of INR25.38 crore in FY2016 as compared to a net profit of
INR0.05 crore on an operating income of INR0.91 crore in FY2015.


SAURASHTRA GINNING: CRISIL Reaffirms B Rating on INR6.75MM Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facilities Saurashtra Ginning Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           6.75       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    0.41       CRISIL B/Stable (Reaffirmed)

   Term Loan             1.84       CRISIL B/Stable (Reaffirmed)

The rating reflects the small scale of operations in the highly
competitive cotton ginning industry, and working capital-
intensive nature of operations. These rating weaknesses are
partially offset by the extensive experience of the promoters.

Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans
extended by the promoters, as neither debt nor equity as the
loans bear a lower interest rate than the market rate, and will
remain in the business.

Key Rating Drivers & Detailed Description
Weaknesses
* Working capital intensive operations
Operations are highly working capital intensive, mainly due to
the large inventory procured during the cotton season. Cotton is
a seasonal crop, and generally available between October and
March. Though this lowers the procurement cost, it increases the
working capital requirement during the season. Gross current
assets (GCAs) ranged from 83 to 125 days for the five years ended
March 31, 2016.  Moreover, the company does not get any credit as
it procures raw kapas, mainly from mundis and farmers against
cash.

*Susceptibility to changes in cotton prices: Cotton is an
agricultural commodity and hence, availability is highly
dependent on the monsoon. Furthermore, government interventions
and fluctuations in global cotton output have led to sharp price
volatility. SGPL maintains large inventory of around 120 days,
and hence any such volatility in cotton prices, willimpact the
operating margin.

Strengths
* Extensive experience of the promoters in the cotton industry,
and healthy relationships with customers and suppliers
Benefits from the three decade-long experience of the Bhilakhiya
family, their keen grasp over local market dynamics, and
established relationships with suppliers, farmers and
customers,will continue.

* Proximity to cotton growing belts
The production facility is located close to Bhavnagar, which is
part of the cotton-growing belt in Gujarat(the state accounts for
nearly one-third of India's total cotton production). This will
enable SGPL to procure raw cotton directly from local farmers,
and make operations more cost-effective.
Outlook: Stable

CRISIL believes SGPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if a significant improvement in the scale of
operations and operating margin, and the capital structure,
strengthens the financial risk profile. The outlook may be
revised to 'Negative' in case of lower-than-expected cash
accrual, or if any substantial, debt-funded capital expenditure,
or stretch in the working capital cycle, weakens the financial
risk profile.

SGPL was incorporated in 2004 by Mr. Bhilakhiya and his family
members. The Bhilakhiya family has more than four decades of
experience in cotton ginning. Ginning and pressing operations are
carried out at the production facility, located at Gariyadhar,
Gujarat.

In fiscal 2016, profit after tax of Rs0.03 crore was reported on
operating income of Rs21.50crore, against Rs0.03crore and
INR25.50crore, respectively, in fiscal 2015.


SILICA INFO: ICRA Assigns B+ Rating to INR7cr Cash Credit
---------------------------------------------------------
ICRA has assigned its long-term rating for the enhanced bank
facilities at [ICRA]B+ on the INR8.25-crore (enhanced from
INR5.00-crore) fund-based limits of Silica InfoTech Private
Limited. ICRA has also assigned the short-term rating at [ICRA]A4
on the INR11.25-crore (enhanced from INR7.00-crore) non-fund
based limits of SIPL. The outlook on the long-term rating is
'Stable'.

                     Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Long term-Cash
  credit               7.00       [ICRA]B+ (Stable);
                                  assigned/outstanding

  Long term-Term
  Loan                 1.25       [ICRA]B+(Stable); assigned

  Short term- Fund
  based facilities     0.75       [ICRA]A4; outstanding

  Short term-Non-
  fund based
  facilities          10.00       [ICRA]A4; assigned/outstanding

  Short term-
  Unallocated          0.50       [ICRA]A4; assigned/outstanding

Detailed Rationale

The rating reaffirmation factors in the company's recent
diversification into Liquefied petroleum gas (LPG) bottling
contracts exclusively for Hindustan Petroleum Corporation
Limited. The company is setting-up seven units of which three
each are in Uttar Pradesh and Bihar, and one in Himachal Pradesh.
ICRA takes cognisance of the company's high gearing levels, given
the debt funding of the capital expenditure incurred in FY2017.
The ratings also take into account the company's scheduled debt
repayment obligations, which are large relative to its projected
cash accruals.

ICRA also notes the company's reduced proportion of high margin
service revenues to total sales which have resulted in weakening
of its coverage indicators, with interest coverage of 1.80 times,
NCA/TD at 13% and DSCR of 1.76x for FY2016 as compared to 2.93
times, 28% and 2.42 times respectively in FY2014. The ratings
also factor SIPL's tight liquidity position with ~100%
utilisation of working capital limits during the last 12 months
owing to high debtor days.

The ratings however derive comfort from SIPL's association with
several reputed government organsations such as Air India,
Ministry of Defence, Indian Railways, Centre for Railway
Information Systems (CRIS) etc. ICRA also notes the favourable
outlook for LPG owing to the growing demand from industrial and
automobile segments.

Key Rating Drivers
Credit Strengths
* Significant experience of the management in the industry
* Association with reputed government organisations ensures
   near-term revenue visibility and mitigates counterparty
   risk
* Demand for commercial cylinders is expected to increase
   following the DBTL2 scheme that curbs illegal diversion of
   subsidised cylinders
Credit Weakness
* Sensitivity of the company's profitability and cash flows
   to fluctuations in crude-oil prices and changes in Government
   regulations

Detailed Description of Key Rating Drivers Highlighted:

Silica InfoTech Private Limited trades in Information Technology
hardware and also provides annual maintenance services of the
same. It was promoted by Mr. Amrendra Kumar, who has more than 15
years of relevant experience. The company's customer base
includes several reputed government organisations ensuring near-
term revenue visibility and mitigating the counter party risk.
However, since the business is tender-based, future revenue
visibility is largely dependent on the company's ability to
successfully bid for tenders. In FY2016, the company diversified
into bottling of LPG cylinders, under a contract agreement with
Hindustan Petroleum Company Limited. The company has set up seven
units, of which three each are in Uttar Pradesh and Bihar, and
one in Himachal Pradesh. The company underwent a debt-funded
capex of ~Rs.18 crore. The company has been sanctioned a term
loan of INR14.06 crore (financial closure not achieved) from J&K
Bank Limited, and the promoters have infused INR4.8 crore in the
new LPG bottling units. The company's debt obligation in the
coming years is higher than its projected accruals, which will
keep the capital structure leveraged. Lower profits and
increasing interest dues during FY2016 also impacted the coverage
indicators with interest cover at 1.8x and the NCA/TD ratio at
13% during the year. The company has an elongated receivable
cycle, thus keeping the operations working capital intensive.
SIPL's stretched liquidity position is reflected in its almost
fully utilised working capital limits.

Silica InfoTech Private Limited was established in 2001 by Mr.
Amrendra Kumar, who has more than 15 years of relevant
experience. The company trades in Information Technology hardware
and also provides annual maintenance services. Hardware includes
laptops, peripherals, networking equipment such as routers,
switches and servers. Services include annual maintenance service
contracts with government clients such as Indian Railways, Indian
Airlines, and Defence Ministry. In FY2016, the company
diversified into bottling of LPG cylinders, under a contract
agreement with Hindustan Petroleum Company Limited. The company
has set up seven units, of which three each are in Uttar Pradesh
and Bihar, and one in Himachal Pradesh.

In FY2016, SIPL reported an operating income of INR47.56 crore
and a net profit of INR0.48 crore, as against an operating income
of INR46.99 crore and a net profit of INR0.19 crore in the
previous year.

Status of non-cooperation with previous CRA: CRISIL had suspended
the CRISIL B+/Stable and CRISIL A4 ratings for Silica InfoTech
Private Limited in July 2014. The suspension of ratings was on
account of non-cooperation by SIPL with CRISIL's efforts to
undertake a review of the ratings outstanding.


SIYARAM META: ICRA Raises Rating on INR35cr Loan to B-
------------------------------------------------------
ICRA has revised the long term rating to [ICRA]B- from [ICRA]B
for the INR35.00 crore cash credit facility of Siyaram Metal
Udyog Private Limited. The outlook on the long term rating is
'Stable'.

                         Amount
  Facilities          (INR crore)     Ratings
  ----------          -----------     -------
  Fund Based Limits       35.00       [ICRA]B- revised from
                                      [ICRA]B; stable outlook

Rationale
The rating revision takes into account the de-growth in SMUPL's
scale of operations during the past two fiscals and its reliance
on single product. Further, the rating remains constrained by the
weak financial profile of the company characterised by low
profitability, continuous increase in debt and inventory levels
coupled with full utilisation of the cash credit facility, have
stretched the capital structure of the company. The rating also
considers the exposure of profits to volatility in brass and
copper LME prices as well as to foreign exchange rate
fluctuations due to higher reliance on imports.

The rating however, continues to favourably consider the
experience of the promoters in the non-ferrous metal industry and
the established relationships with customers and suppliers.
In ICRA's view, the operating income and profitability is
expected to remain modest considering the low value addition and
highly competitive nature of the business. The ability of the
company to scale up the operations while managing the inventory
risks amidst the fluctuations in commodity prices as well as the
volatility in foreign exchange rates will remain crucial to the
profitability. The ability of the company to ease up on it
liquidity position through prudent inventory management system,
infusion of capital so as to moderate the gearing levels will
remain key rating monitorables.

Key rating drivers
Credit Strengths
* Experienced management with over two decades of experience
   in the non-ferrous metals industry
* Established business relations with customers and suppliers;
   although primarily caters to industries in Jamnagar

Credit Weakness
* Limited diversification of product profile
* Revenue de-growth and increased inventory levels in FY2015
   and FY2016;
* Weak financial profile characterized by low profitability,
   stretched capital structure, weak coverage indicators and
   high working capital intensity;
* Tight liquidity position with full utilisation of working
   capital limits;
* Profitability exposed to volatility in brass prices which
   are linked to international copper prices;
* Exposure to foreign exchange rate fluctuations due to
   reliance on imports for procurement and the absence of
   any formal hedging policy.

Description of key rating drivers highlighted:

The company continues to trade in brass scrap and ingots, copper
scrap and zinc ingots while deriving majority portion of the
revenues from brass scrap and ingots through high sea sales. With
primary focus on trading of copper and copper alloy-based
products; the firm's profitability remains exposed to volatility
in copper prices as well as foreign exchange fluctuations which
has also resulted in low margins over the years.

The company has witnessed de-growth in operating income by ~16%
and ~13% in FY2015 and FY2016 followed by low profitability
margins due to unfavorable market conditions. The increasing
inventory days to 304 days as on FY2016 end from 175 days as on
FY2015 end coupled with infusion of unsecured loans and full
utilization of working capital limits in FY2016 has led to
deterioration in capital structure. To scale up the operations so
as to manage the impact of inventory risk on profitability while
managing the working capital efficiently will remain the key
rating sensitivity.

Siyaram Metal Udyog Private Limited is a metal merchant based out
of Jamnagar, Gujarat and has been in operations for the last two
decades. The company has primarily been involved in the business
of trading of non-ferrous metallic scrap. SMUPL mainly imports
non-ferrous scrap; the product profile largely includes brass
scrap, ingots and other copper alloys, besides zinc and caters
majorly in and around Jamnagar.

SMUPL recorded a net profit of INR0.34 crore on an operating
income of INR197.92 crore for the year ending March 31, 2016.


SOLAS FIRE: CRISIL Reaffirms B+ Rating on INR4.45MM Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its ratings on the INR14 crore-bank
facilities of Solas Fire Safety Equipment Private Limited at
'CRISIL B+/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        5.50       CRISIL A4 (Reaffirmed)
   Cash Credit           4.45       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    4.05       CRISIL B+/Stable (Reaffirmed)

The rating reflects the exposure to risks related to small scale
of operations, dependence on tenders and the high working capital
requirement. The rating also factors in the moderate financial
risk profile because of modest gearing and networth, and adequate
debt protection metrics. These weaknesses are mitigated by an
established regional market position in the supply and
installation of fire protection and security systems, and healthy
relationships with key customers and suppliers.

Key Rating Drivers & Detailed Description
Weaknesses
* Small scale and tender-based nature of operations:
The small scale of operations (as reflected in revenue of INR40
crore in fiscal 2016) and the high dependence on tenders, limits
revenue visibility.

* High working capital requirement:
Operations are working capital intensive, as indicated by large
gross current assets, inventory and receivables of 210, 135 and
90 days, respectively, as on March 31, 2016.

* Moderate financial risk profile:
Gearing was moderate at 1.14 times as on March 31, 2016, while
debt protection metrics were adequate (interest coverage and net
cash accrual to total debt ratios of 3.32 and 0.37 times,
respectively, for fiscal 2017) Net worth was however low INR5
crore as on March 31, 2016.

Strength
* Established regional presence and healthy relationships with
key customers and suppliers:
Benefits from the decade-long presence in the supply and
installation of fire safety equipment, the reputed clientele,
which includes Hindustan Unilever Ltd (HUL), Caterpillar Inc and
Infosys Technologies Ltd, and exclusive distributorship rights
for products of companies such as Honeywell International Inc and
Tyco International Ltd, will continue, going forward, too.
Outlook: Stable

CRISIL believes SFSEPL will continue to benefit from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if higher-than-expected cash accrual or better
working capital management, enhances liquidity. The outlook may
be revised to 'Negative' if a stretch in the working capital
cycle, any large, debt-funded capital expenditure, or decline in
profitability or revenue, weakens the financial risk profile,
especially liquidity.

Incorporated in 1999, SFSEPL supplies and installs fire hydrant
systems, automatic fire sprinklers, and access control systems,
primarily in south India. The promoter, Mr Shenoy, manages the
daily operations.

For 2015-16, SFSEPL reported a profit after tax (PAT) of INR40
lakhs on net sales of INR40.06 cr; the company reported a PAT of
INR1.1 cr on net sales of INR43.35 cr for 2014-15.


SPI PROPERTIES: ICRA Withdraws 'B' Rating on INR4.60cr Loan
-----------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B outstanding on
the INR8.75 crore long-term LOC of SPI Properties Private
Limited. The aforesaid ratings have been withdrawn as there is no
amount outstanding against the rated instruments.

                     Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Long-term-Term
  Loan facilities       4.60      [ICRA]B/withdrawn

  Long term-
  Unallocated           4.15      [ICRA]B/withdrawn

SPI Properties Private Limited, the erstwhile Ultramarine
Investments Private Limited, was incorporated in 2003, and was
primarily involved in acquiring land parcels in Tamil Nadu and
Andhra Pradesh, and developing them in Joint Venture (JV) with
other real estate developers. UIPL was renamed in 2005 as
Ultramarine Property Developers Private Limited, and then again
in 2008 as SPI Properties Private Limited. SPIPPL forayed into
wind power generation with its acquisition of a 1.5 MW windmill
in 2007, supplying power to various group entities. SPIPPL has
since expanded and currently owns seven wind mills with a
cumulative capacity of 4.7 MW at Theni and Tirunelveli districts
of Tamil Nadu. The company is part of the Samayanallur Power
Investments Group promoted by Mr. Kiran Reddy and his family,
which has a presence across varied businesses in South India.
Samayanallur Power Investments Private Limited is the holding
company for the group's operations and has significant
shareholding in all the group entities, namely, Madurai Power
Corporation Private Limited  which owns and operates a 106 MW
liquid fuel-based power plant - and SPI Cinemas Private Limited
which owns two multiplexes - Sathyam Cinemas and Escape - besides
other entertainment outlets such as Blur, Thinkmusic, and
Ecstasy, in Chennai.


SURAJ TRADELINK: CRISIL Reaffirms B+ Rating on INR3MM Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of Suraj Tradelink Private Limited at 'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bill Discounting      1.75       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    1.00       CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit          1.25       CRISIL B+/Stable (Reaffirmed)

   Cash Credit           3.00       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect STPL's below-average financial
risk profile, because of leveraged capital structure and subdued
debt protection metrics, and low profitability in an intensely
competitive industry. These weaknesses are partially offset by
the promoters' extensive experience in the textile industry and
strong relationships with customers.

Key Rating Drivers & Detailed Description
Weaknesses
* Below-average financial risk profile: Financial risk profile is
below average with modest networth of Rs1.77 crore and gearing of
over 3 times as on March 31, 2016. Equity infusion in fiscal 2017
may, however, help improve networth to over INR3 crore;
nonetheless gearing will remain high at about 2 times. The total
outside liabilities to tangible networth ratio may also remain
high over the medium term. Debt protection metrics are expected
to be subdued, with interest coverage and net cash accrual to
total debt ratios expected at about 1.1 times and 0.3 times
respectively in fiscal 2017 on account of modest profitability.

* Low profitability and exposure to intense competition: STPL
operates at a thin operating margin of 1-1.2%. Although the scale
has been increasing, operating margin remains low constraining
profitability and cash accrual. Intense competition continues to
exert pricing pressure. Extent of improvement in operating margin
will be a key monitorable over the medium term.

Strengths
* Promoters' extensive experience and established customer
relationships: Benefits from the promoters' decade-long
experience, keen insights into industry trends, and strong
relationships with customers should continue to support business
risk profile.

* Improved scale of operation: Scale of operations has improved
steadily and sustainably, with revenue increasing to INR136.9
crore in fiscal 2016, from INR70.9 crore in fiscal 2014. Working
capital management has also improved, with gross current assets
(GCAs) reducing to 71 days as on March 31, 2016 from 145 days a
year ago. Sustained improvement in working capital cycle will
provide a positive direction to ratings.
Outlook: Stable

CRISIL believes STPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of improved
profitability along with efficient working capital management,
leading to higher cash accrual and strengthening of financial
risk profile. Conversely, the outlook may be revised to
'Negative' if STPL's financial risk profile deteriorates further
owing to a decline in revenue and/or profitability, or a
significant elongation in working-capital cycle, or a large
unanticipated debt-funded capital expenditure.

Incorporated in 2001 by Mr. Anjani Agarwal and Mr. Madhur Todi,
STPL is part of the Anjani group. The company manufactures and
exports home textiles such as bed sheets, curtains, towels, table
linen, cotton fabrics, pillow cover, and cushion covers. The
manufacturing cum warehouse facility is located in Piplaj
(Gujarat). The day-to-day operations of the company are managed
by the directors, Mr. Premchand Gupta and Mr. Khetaram Purohit.

STPL reported a profit after tax of INR0.17 crore on an operating
income of INR136.9 crores for fiscal 2016, against a profit after
tax of INR0.09 crore on an operating income of INR94.2 crores for
previous year.


TALREJA TEXTILES: CRISIL Ups Rating on INR4.5MM Cash Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Talreja Textiles Industries Private Limited to 'CRISIL
B+/Stable' from 'CRISIL B/Stable', and reaffirmed the short-term
facility at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            4.5       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Export Packing
   Credit                 1.5       CRISIL A4 (Reaffirmed)

   Import Letter of
   Credit Limit           1.25      CRISIL A4 (Reaffirmed)

   Long Term Loan         0.18      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Proposed Long Term     0.57      CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

The upgrade reflects expected improvement in TTIPL's financial
risk profile and liquidity over the medium term on account of
increased profitability. Operating margin improved to 5.4% in
fiscal 2016 from 3.9% in fiscal 2015 led by lower raw material
cost, and is expected at 5-6% over the medium term. Higher
profitability will lead to increased accretion to reserves, and
consequently, to rise in networth, improvement in gearing to 3.5-
4.0 times, and better debt protection metrics.

Analytical Approach

CRISIL has treated TTIPL's interest-bearing unsecured loans of
INR4.88 crore as on March 31, 2016, as neither debt nor equity as
the loans will remain in the business over the long term.

Key Rating Drivers & Detailed Description
Weaknesses
* Below-average financial risk profile: Although expected to
improve, TTIPL's financial risk profile is below average because
of modest networth, high gearing, and subdued debt protection
metrics.

* Modest scale and exposure to intense competition in the textile
industry: TTIPL's modest scale is indicated by revenue of
INR34.52 crore in fiscal 2016. Intense competition has
constrained the company's ability to scale up operations.

Strength
* Promoters extensive industry experience: The company was
promoted in 1980 by late Mr. Laxmandas Talreja and Mr. Suresh
Talreja. Currently the operations are handled by a well-qualified
team consisting of Mr. R.N. Fotedar, Mr. Manish Rupani, Mr. Varun
Chabbria and Mr. varun Fotedar led by Mr. Ashok Talreja and Mr.
Mukesh Talreja The promoters have over two decades of experience
in fusible interlining manufacturing business.
Outlook: Stable

CRISIL believes TTIPL will continue to benefit from its
promoters' extensive industry experience and fund support. The
outlook may be revised to 'Positive' if there is a substantial
and sustained improvement in financial risk profile, backed by
healthy growth in accrual, efficient working capital management,
or significant equity infusion. The outlook may be revised to
'Negative' if the financial risk profile weakens because of
sizeable, debt-funded capital expenditure, large working capital
requirement, or low cash accrual.

TTIPL, incorporated in 1980, manufactures fusible interlinings.
Its operations are managed by Mr. Ashok L Talreja and Mr. Mukesh
L Talreja.

Loss was INR0.21 crore on an operating income of INR35.5 crore
for fiscal 2016, against a profit after tax (PAT) of INR0.13
crore on an operating income of INR34.75 crore for the previous
fiscal.


TULSI DALL: CRISIL Reaffirms 'B' Rating on INR9.9MM Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed the bank loan rating of Tulsi Dall Mill at
'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           9.9       CRISIL B/Stable (Reaffirmed)

TDM registered sales of INR45.11cr in fiscal 2016 which are 38%
higher than INR32.5cr in fiscal 2015. The higher sales are on
account of higher prices of Tur dall in fiscal 2015-16. Firm
achieved operating margin of 3% which is in line with CRISIL's
expectation. The company has achieved sales of INR32cr till
December 2016 and is expected to achieve sales of around INR50cr
in fiscal 2017.

Financial risk profile continues to remain below average with
small networth of INR2.46cr and gearing of 3.65 times as on March
31, 2016. Firm has weak debt protection metrics with interest
coverage of 1.2 times and NCATD of 0.02 times in fiscal 2016.
Liquidity is stretched due low cash accruals and high bank limit
utilisation. Firm is expected to generate cash accruals of INR18
lakh against nil repayment obligations. The bank limits have
remained highly utilised at 98% in last 12 month through December
2016. Liquidity is supported by the unsecured loan from promoters
of INR2.6cr as on March 31, 2016.

Analytical Approach

CRISIL has treated the unsecured loan of INR2.6 Crore from
promoters as neither debt nor equity since it is low-interest-
bearing and expected to remain in the business over the long
term.
Key Rating Drivers & Detailed Description
Weaknesses
* Below average financial risk profile: The financial risk
profile is driven by small networth of INR2.4 Crore and high
gearing of 3.6 times as on March 31, 2016. The company had weak
interest coverage and NCATD ratio of 3.5 times and 0.23 times,
respectively in fiscal 2016.

* Modest scale of operation: Sales were INR45.1 crore in fiscal
2016. The small scale of operations will restrict pricing
flexibility and lessen bargaining power with suppliers and
customers. This also limits the benefits and economies associated
with a larger scale.

Strength
* Promoter's extensive industry experience: The promoters have
been in the dal processing industry for more than 20 years, over
which period they have established a strong relationship with
customers and suppliers. The promoters thus have a sound
understanding of the dynamics of the industry. CRISIL expects the
company to benefit from the promoters' extensive industry
experience.
Outlook: Stable

CRISIL believes TDM will continue to benefit from the
longstanding experience of the promoters. The outlook may be
revised to 'Positive' if significant improvement in operating
margin, working capital management, and net cash accrual
strengthens financial risk profile, particularly liquidity. The
outlook may be revised to 'Negative' if any large capital
expenditure, stretch in working capital cycle, or decline in
operating margin weakens financial metrics.

TDM, a partnership firm based in Nagpur, was set up in 1987 by
Mr. Mohandas Aswani, and Mr. Tulsi Aswani. The firm processes and
trades in pulses such as toor dal and chana dal (split chickpeas)
and green peas.

For 2015-16, TDM reported a profit after tax (PAT) of INR 9 cr on
net sales of INR4.4 cr; the company reported a PAT of INR5 cr on
net sales of INR3.2 cr for 2014-15.


TURBO CAST: CRISIL Reaffirms B+ Rating on INR5.08MM Term Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Turbo Cast India Private Limited. The
rating continues to reflect TCIPL's modest scale of operations
due to start-up nature of operations, exposure to intense
industry competition, large working capital requirement and
promoters' extensive experience in the industry.

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

   Proposed Long Term
   Bank Loan Facility    1.77       CRISIL B+/Stable (Reaffirmed)

   Term Loan             5.08       CRISIL B+/Stable (Reaffirmed)

Analytical Approach

Unsecured loans of INR1.37 crore (as on March 31, 2016) from
promoters have been treated as neither debt nor equity.

Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations due to start-up nature of
operations: TCIPL is a modest player, with limited capacity,
which leads to limited bargaining power and pricing flexibility.
The scale is modest as the company commenced operations from
April 2015.

* Exposure to intense industry competition: The casting industry
is intensely competitive and highly fragmented due to low entry
barriers. TCIPL faces intense competition from such existing and
upcoming players in the industry.

* Large working capital requirement: Working capital requirements
are high marked by large debtors and inventory, and will continue
to remain at similar levels over the medium term.

Weakness
* Promoter's extensive experience in the castings industry:
TCIPL's promoter, Mr. Mavani has an experience of 20 years in the
casting industry, which has lead to established relations with
customers and suppliers.
Outlook: Stable

CRISIL believes that TCIPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' in case of a significant
improvement in the scale of operations and profitability or
working capital management, resulting in a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of a slowdown in top line growth, decline in profitability,
and deterioration in the capital structure or debt protection
metrics, or further stretch in the working capital cycle.

Incorporated in February 2013, TCIPL has set-up 225-tonnes per
annum investment castings unit at Rajkot (Gujarat). The company
is promoted by M. R N Mavani, who will oversee its overall
operations.

For 2015-16 (refers to financial year, April 1 to March 31),
TCIPL reported loss of INR77 lakh on total sales of INR1.66 cr.


VISHWA INFRASTRUCTURES: CARE Reaffirms D Rating on INR494cr Loan
----------------------------------------------------------------
The ratings assigned to the bank facilities of Vishwa
Infrastructures and Services Private Limited takes into account
stretched liquidity position of the company resulting in delays
in servicing debt obligations.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term Bank
   Facilities           482.71        CARE D Reaffirmed

   Long-term/Short-
   term Bank
   Facilities           494.00        CARE D Reaffirmed

Detailed description of the key rating drivers

The liquidity position of the company deteriorated further in
FY16 (refers to the period April 1 to March 31) due to cash loss
reported in FY16 and stretched receivable days. The same resulted
in delays in debt servicing post commencement of debt servicing
obligation as per the approved Corporate Debt Restructuring
package.

The lenders have acquired 51.24% stake in the company (as on
March 31, 2016) post invocation of Strategic Debt Restructuring
Scheme.

Vishwa Infrastructure & Services Pvt Ltd started its operations
as Vishwa Construction Company in 1992 and was converted into
private limited in December 2004. The company is involved mainly
in the execution of water supply and sewerage infrastructure
projects. VISPL is also into manufacturing of MS Pipes (Mild
Steel Pipes), PSC Pipes (Pre Stressed Concrete Pipes) and RCC
Pipes (Reinforced Cement Concrete Pipes).

During FY16, the company reported total operating income of
INR395.19 crore (FY15 - INR454.81 crore) with net loss of
INR124.57 crore (FY15 - INR56.62 crore).



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


XL AXIATA: Declining Leverage Support Moody's Ba1 CFR
-----------------------------------------------------
Moody's Investors Service says that although XL Axiata Tbk
(P.T.)'s 2016 revenues declined 7% year-on-year (YoY), stable
profitability and declining leverage continue to support the
company's Ba1 corporate family rating and positive outlook.

Reported revenue declined to IDR21.3 trillion in 2016 from
IDR22.9 trillion in 2015 as large falls in voice and SMS (-21%)
and interconnection services (-27%) more than offset strong
growth in cellular data services (+31%).

"Still, Moody's expects XL's revenue decline will reverse in 2017
- with revenue increasing by the mid-single digits - as the
company focuses on increasing data monetization on the back of
strong demand for 3G/4G LTE services, the increasing
proliferation of smartphones and moderate growth in its
subscriber base," says Annalisa Di Chiara, a Moody's Vice
President and Senior Credit Officer.

A gradual decline in quarter-on-quarter ARPUs during the year -
which Moody's believes is indicative of a reduction in prices or
increase in subsidies - corresponded with a 11% growth in
subscribers YoY to 46.5 million in December 2016, helping XL re-
capture market share.

In spite of the 7% revenue fall, reported EBITDA decline was
muted at only 4% YoY to IDR8.1 trillion in 2016, In addition,
EBITDA margin improved 1% YoY to 37.6%, primarily driven by
better management of network-related costs, such as lower rentals
on renewed tower lease contracts.

"We expect EBITDA margins in 2017 to remain stable at current
levels or decline slightly, due to the increasing proportion of
data services revenues, which have lower margins than voice and
SMS revenues. At the same time, generous allowance and subsidies
on data usage will continue to exert some pressure on margins,"
adds DiChiara, also the lead analyst for XL.

XL reduced reported debt by about IDR11 trillion in 2016 mainly
through the proceeds from a rights issue and the sale-and-
leaseback of 2,500 towers. As a result, adjusted leverage -- as
measured by adjusted debt/EBITDA -- declined meaningfully to
around 2.5x from 3.3x in 2015.

"Our upward rating guidance for XL includes leverage remaining
below 2.5x on a sustained basis. As Moody's do not anticipate
further sizable reductions in absolute debt levels, further
improvements in leverage will primarily be driven through EBITDA
growth," adds DiChiara.

XL's reported capex for 2016 was around IDR5.6 trillion, a 35%
YoY increase from 2015. Given the continued investments needed to
enhance its 3G and 4G LTE networks, Moody's expects XL's capex in
2017 to remain elevated at around 27%-30% of revenue versus 26.1%
in 2016.

Moody's also expects a large portion of XL's IDR4.0 trillion
near-term debt maturities to be refinanced, as cash on hand of
IDR1.4 trillion as of 31 December 2016, and projected cash flow
from operations of around IDR7.5 trillion in the next 12 months
will be insufficient to cover projected capex requirements, debt
maturities, and dividend payments. However, given XL's strong
track record of securing both USD and IDR financing, refinancing
risk is unlikely.

XL's rating continues to reflect its fundamental credit strength,
underpinned by its strong market position, established network,
high margins, improving financial profile and strong liquidity,
despite the competitive nature of the environment. As a result,
it is well positioned to benefit from favorable growth dynamics
in the wider industry environment.

The rating also incorporates expected extraordinary support from
Axiata which results in a one-notch uplift to XL's fundamental
credit strength to a final rating of Ba1.

The positive outlook reflects Moody's expectations that XL will
continue to grow and de-lever in accordance with its business
plan, and that the competitive and regulatory environments remain
relatively benign.

The rating could be upgraded over the next 6-12 months if the (1)
company maintains its market position and growth momentum, (2)
competition remains prudent and relatively benign, (3) the
regulatory environment remains stable, and (4) dividends and
shareholder returns remain within expectations.

Positive rating pressure could arise if the company's credit
metrics improve, such that adjusted gross debt/EBITDA falls below
2.5x and RCF/adjusted debt is above 30-35% on a sustained basis.

Given the positive outlook, downward pressure on the rating is
absent. However, the outlook could return to stable if there is a
material deterioration in its underlying credit strength, which
would arise from diminishing operating margins, weaker operating
cash flows, or rising foreign-exchange risk; all of which may be
reflected in adjusted debt/EBITDA remaining above 2.5x, or
retained cash flow/adjusted debt falling below 30% on a sustained
basis.

In addition, the one-notch uplift -- based on expected support
from parent company, Axiata --, could be removed if its stake
falls below 50%, or if it indicates that XL is no longer a core
asset.

The principal methodology used in this rating was
Telecommunications Service Providers published in January 2017.

XL Axiata Tbk (P.T.) is the third largest cellular provider in
Indonesia in terms of revenue. As of 31 December 2016, it had
46.5 million subscribers. It owns a nationwide cellular network
covering all major cities in Java, Bali and Sumatra, as well as
populated centers in Sulawesi and Kalimantan.

XL is 66.4%-owned by Axiata Group Berhad (Baa2 stable). Axiata is
in turn 60% owned by Khazanah Nasional Berhad and related
entities of the Government of Malaysia (A3 stable). The UAE-based
Emirates Telecommunications Grp Co PJSC (Aa3 negative) holds 4.2%
of XL's shares and the public the rest.



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


TAKATA CORP: Selects Key Safety Systems as Preferred Bidder
-----------------------------------------------------------
Nikkei Asian Review reports that U.S.-based Key Safety Systems
has been selected as the favored candidate to help rehabilitate
Takata Corp, the Japanese company struggling to regain its feet
following a crippling scandal over defective air bags.

An external committee tasked with devising Takata's turnaround
plan told automakers on Feb. 3 that Key Safety, a manufacturer of
air bags and seat belts owned by China's Ningbo Joyson
Electronic, was the best option, according to Nikkei. Sweden's
Autoliv, the world leader in air bags, apparently has been taken
out of the running due to antitrust concerns, Nikkei relates.

Nikkei says the automakers are among Takata's largest creditors,
and they wield influence over the rehabilitation plans. They
expressed support for the pick on the condition that the Japanese
air bag maker pursues a court-mediated turnaround in both Japan
and the U.S.

Though Takata is considering the option in the U.S., management
wants to keep the courts out of the core company in Japan. If the
company refuses the automakers' proposal, they could instead file
for a court-mediated rehabilitation, says Nikkei.

Ningbo Joyson was founded in 2004 and has been expanding since
2011, such as by acquiring a German parts maker. The Chinese
company, which bought Key Safety in 2016, employs 22,000 people
and is said to have generated CNY20 billion ($2.91 billion) in
sales last year, Nikkei discloses.

                        About Takata Corp

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

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

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

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

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

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



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


1MALAYSIA DEVELOPMENT: Swiss Orders Coutts to Pay CHF6.5MM
----------------------------------------------------------
Hugo Miller and Alan Katz at Bloomberg News report that
Switzerland's financial regulator fined Coutts & Co. Ltd. for
violating money-laundering rules and illegally profiting from
transactions associated with 1Malaysia Development Bhd, prompting
Swiss prosecutors to review the decision to see if the bank
should face a criminal investigation.

Coutts, owned by Royal Bank of Scotland Group Plc, allowed a
total of $2.4 billion worth of assets related to the Malaysian
development fund to flow through accounts in Switzerland even
though it had good reason to be suspicious of the transactions,
Finma said, Bloomberg relates.

According to Bloomberg, the Swiss Financial Market Supervisory
Authority, known as Finma, ordered the bank to pay back CHF6.5
million ($6.57 million) in unlawfully generated profits from the
transactions, saying Coutts had "seriously breached money-
laundering regulations by failing to carry out adequate
background checks into business relationships and transactions"
associated with 1MDB.

Bloomberg relates that the bank also ignored internal warnings
from some of its employees, Finma said. In December, the Monetary
Authority of Singapore imposed a SGD2.4 million ($1.7 million)
fine on Coutts for anti-money-laundering breaches at its branch
there.

Finma said it was also considering enforcement proceedings
against those Coutts employees responsible for the bank's
actions, Bloomberg relays. A young Malaysian businessman opened
an account in the summer of 2009 with the expectation that $10
million would be transferred to it from the holder's family
assets. Instead, about $700 million was moved to the account late
that year from 1MDB. A Finma spokesman declined to name the
businessman, Bloomberg says.

Several Coutts employees raised concerns with the bank's
compliance department about its dealing with the businessman,
Finma said, Bloomberg relays. In the case of the $700 million
transfer, the names of the sender and recipient were transposed,
a compliance officer noted, Bloomberg reports citing the
regulator's statement. Coutts's legal department even raised the
risk of "a total fabrication" with the transaction, according to
Finma.

                             About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2015, Reuters said Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported on July 3, 2015, that
investigators looking into 1MDB had traced close to US$700
million of deposits moving through Falcon Bank in Singapore into
personal bank accounts in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported on Nov. 26, 2015,
that 1MDB agreed to sell its power assets to China General
Nuclear Power Corp. for MYR9.83 billion ($2.3 billion) as the
state investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.

Bloomberg related that the company faced cash-flow problems after
a planned initial public offering of Edra faced delays amid
unfavorable market conditions, President Arul Kanda said Oct. 31,
2015.  The listing plan was later canceled as the company opted
for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported on April 27,
2016, that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).

Asian Nikkei Review reported in June 2016 that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled
state investment fund .



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


DESERT ROSE: Restaurant Shuts Due to Lack of Patrons
----------------------------------------------------
Stuff.co.nz reports that a restaurant that started life as a
business run by a controversial asylum seeker shut down due to a
lack of diners.

Desert Rose Cafe & Restaurant, a middle Eastern restaurant and
cafe on the corner of Rangitikei and Cuba Streets in Palmerston
North, shut up shop during the Christmas/New Year break, the
report discloses.

The reasons for the closure were a mystery. A notice in the
window gave clues, saying the lease was ended by the landlord.
But Companies Office records show the company behind Desert Rose
was placed into liquidation on Feb. 1.

Stuff.co.nz, citing report compiled by CS Insolvency, says the
restaurant ceased trading in December.

"The business struggled with a lack of patronage and the ability
to meet owners wages and repay the costs of setting the business
up and overheads," the report, as cited by Stuff.co.nz, said.

The report estimates equipment owned by Desert Rose would fetch
NZ$15,000.  However, there were debts owed to Inland Revenue,
staff, a finance company and suppliers.

Stuff.co.nz adds that the liquidators estimated there would be a
shortfall of NZ$23,000.



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


EZRA HOLDINGS: May Take US$170MM Writedown from Emas Chiyoda
------------------------------------------------------------
The Strait Times reports that Ezra Holdings revealed on Feb. 3
that it may have to take a US$170 million (SGD240 million)
writedown for its exposure to the troubled joint venture company
Emas Chiyoda Subsea.

Ezra has a 40 per cent stake in Emas Chiyoda, and US$170 million
represents Ezra's total investment in, loans to and inter-company
balances owed by Emas Chiyoda, the report says.

"The full amount may have to be written down after the company's
assessment," ST quotes Ezra as saying in a filing with the
Singapore Exchange.

ST relates that the company added that it reported a net current
liability position of US$887.2 million for the financial year
ended August 31, 2016.

According to the report, Ezra said it has been working with its
advisors to review all options to restructure its businesses,
operations and balance sheet "in light of the severe and
protracted downturn in the global oil and gas industry".

As it ST previously disclosed, Ezra will be faced with a going
concern issue if the restructuring is not favorably completed in
a timely manner.

The report adds that Ezra also said in Feb. 3 filing that
Norwegian shipowner Forland Subsea AS has agreed not to pursue
repayment of a defaulted charter payment due November last year
from a unit of Emas Chiyoda.

The obligation to Forland was guaranteed by Ezra, and Forland has
not called upon Ezra as guarantor to repay the default, Ezra
said, reports ST.

Ezra is Petroleum Teknologi Bhd's largest shareholder with a
19.47 per cent stake through two units. With the Perisai bond
default, Ezra's joint-venture loan facilities with Perisai have
also reportedly been affected through cross-default clauses,
according to Business Times.

Singapore-based Ezra Holdings Limited, an investment holding
company, provides integrated offshore solutions for the oil and
gas industry. The company operates in three divisions: Subsea
Services, Offshore Support and Production Services, and Marine
Services.



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


DONGWHA DUTY FREE: To Transfer Majority Stake to Hotel Shilla
-------------------------------------------------------------
Korea Joongang Daily reports that the local duty-free industry on
Feb. 2 was shocked by news that Dongwha Duty Free was attempting
to sell its management rights.

If the store fails to find a new owner, it will have to return
its operation license and liquidate, Korea Joongang Daily
relates. It would mean the end of a legacy store that has been in
its central Seoul location since 1973, and some in the industry
fear it portends the downfall of Korea's overall duty-free
industry.

Korea Joongang Daily notes that Dongwha Duty Free's financial
troubles began in 2013 after its parent company, Lotte Tour,
suffered a huge loss from a failed development project in Yongsan
District, central Seoul.  The report relates that to save itself
from the brink of bankruptcy, Lotte Tour sold 19.9 percent of its
61.56 percent share in Dongwha Duty Free to Hotel Shilla with a
put option where Hotel Shilla could sell back its shares after
three years and collect on the investment.

In June, Hotel Shilla exercised that option, but Dongwha Duty
Free was unable to cough up the KRW71.5 billion ($62 million) by
the Jan. 19 due date. If Lotte Tour fails to compensate by
Feb. 23, it will have to offer an additional 30.2 percent of
Dongwha Duty Free shares as collateral.  This would make Hotel
Shilla the largest shareholder with 50.1 percent, meaning Lotte
will have to hand over management rights to Dongwha Duty Free.

In a separate report, Yonhap News Agency said that Dongwha Duty
Free on Feb. 2 confirmed it will hand over a majority stake to
Hotel Shilla in a put option obligation but denied it was pulling
out of the business.

Dongwha, South Korea's first duty-free shop in the downtown area,
will transfer a 30.2 percent stake, or 543,600 shares, to Hotel
Shilla, Yonhap discloses. Combined with the 19.9 percent stake it
already purchased in 2013 with the put option, Hotel Shilla will
own 50.1 percent and become the largest shareholder. Dongwha said
Kim Kee-byung, head of Lotte Tour Development, and people with
special relations with him will retain the remaining 49.9
percent.

According to the report, Dongwha officials said it has notified
Hotel Shilla of its decision on Dec. 16. They denied they will
giving up the duty-free business, claiming it is still
competitive in the industry.

"Despite a number of new duty-free shops opening last year, we
reached record sales of 354.9 billion won [$309.47 million]," the
report quotes an official as saying. "Louis Vuitton did withdraw
to move to a new duty-free shop, but we still have Chanel, Hermes
and other luxury brands and have enough competitiveness."

Hotel Shilla, however, has said it is not interested in operating
the downtown duty-free shop and wants Dongwha to repay the debt,
arguing that Dongwha is financially capable of doing so, the
report notes.  The Korea Customs Service said it was not looking
into the matter yet since there may be a number of varying
circumstances along the way, says Yonhap.


HANJIN SHIPPING: South Korea Court to Declare Firm Bankrupt
-----------------------------------------------------------
The Korea Herald reports that Hanjin Shipping is expected to be
declared bankrupt this month, a court said on Feb. 2, resulting
in thousands of job losses.

According to the report, the Seoul Central District Court said in
a statement it would end court receivership and declare the
company bankrupt on February 17 following a two-week period for
appeals.

The Korea Herald relates that Hanjin's demise would reportedly
cost about 3,000 jobs, including those employed by the company
and others working for its suppliers.

The court made its decision after it became clear that Hanjin's
liquidation value would be greater than its worth as a going
concern, the statement said, the report relays.

Hanjin had sold most of its assets and the court determined there
was little possibility of it being kept afloat, the report adds.

                      About Hanjin Shipping

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

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

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

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

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



                             *********

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

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

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


                            *********


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

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

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

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

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



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