TCRAP_Public/170208.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Wednesday, February 8, 2017, Vol. 20, No. 28

                            Headlines


A U S T R A L I A

CLIFFS NATURAL: BlackRock Holds 6% Equity Stake as of Dec. 31
HOVAN PTY: First Creditors' Meeting Set for Feb. 15
QUIKFIT ALUMINIUM: First Creditors' Meeting Set for Feb. 15
ZATAM PTY: First Creditors' Meeting Slated for Feb. 15


C H I N A

REWARD INTERNATIONAL: Fitch Assigns B+ Rating to Senior Notes


I N D I A

ASTRA CHEMTECH: CRISIL Upgrades Rating on INR7MM Cash Loan to B+
BHARGAVI AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR33MM Loan
DIAMOND ENGINEERING: CRISIL Reaffirms D INR126.44MM Loan Rating
DWARKADHEESH HAVELI: CRISIL Assigns 'D' Rating to INR8.5MM Loan
GANGA R K: CARE Upgrades Rating on INR7.0cr LT/ST Loan to BB-

JAYPEE HEALTHCARE: CARE Lowers Rating on INR450cr LT Loan to D
JENIOUS CLOTHING: CRISIL Assigns B- Rating to INR63MM Loan
KANDLA PACKAGING: CARE Assigns B+ Rating to INR12cr LT Loan
KBR HOMES: CRISIL Assigns B+ Rating to INR23.8MM Tern Loan
KIRPA RICE: CRISIL Reaffirms B+ Rating on INR29MM Cash Loan

KOTECHA STEEL: CARE Upgrades Rating on INR5.0cr LT Loan to BB-
KRS PHARMACEUTICALS: CRISIL Cuts Rating on INR7.61MM Loan to B-
MANDHANA INDUSTRIES: CARE Reaffirms D Rating on INR879.63cr Loan
MKHITARYAN SBL: Ind-Ra Assigns 'BB+' Rating to INR85.3MM Certs.
MORMONT IFMR: Ind-Ra Assigns 'B+' Rating to INR24.42MM A2 PTCs

MUDHAI DAIRY: CRISIL Assigns 'D' Rating to INR3.75MM LT Loan
NGD JEWELS: CRISIL Reaffirms B Rating on INR6.95MM Cash Loan
PONGALUR PIONEER: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
PUNEET IRON: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
R.R. ORNAMENTS: CARE Reaffirms B+ Rating on INR6.76cr LT Loan

RHYTHM KNIT: CRISIL Reaffirms B+ Rating on INR0.3MM LT Loan
RR ENERGY: Ind-Ra Assigns 'D' Long-Term Issuer Rating
SAGAR INDUSTRIES: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
SHREE BISHNU: CRISIL Lowers Rating on INR8.35MM Cash Loan to D
SHREE GAJANAN: Ind-Ra Raises Long-Term Issuer Rating to 'B'

SHUBHAM INDUSTRIES: CRISIL Reaffirms B+ Rating on INR6.05MM Loan
SHYAM DHANI: CARE Reaffirms B+ Rating on INR7.73cr LT Loan
SINGHAL BUSINESS: CRISIL Assigns B+ Rating to INR9MM Cash Loan
SREE GURUDEVA: Ind-Ra Affirms 'BB-' Rating on INR148.02MM Loans
STEEL FORGE: CARE Raises Rating on INR4.50cr Loan to BB-

TIRUPUR PANDIT: CRISIL Reaffirms 'B' Rating on INR17.2MM Loan
T S R COTTON: CRISIL Reaffirms B+ Rating on INR10MM Cash Loan
YATHARTH HOSPITAL: Ind-Ra Assigns 'BB' Long-Term Issuer Rating


I N D O N E S I A

PAKUWON JATI: Fitch Rates Proposed US$ Sr. Unsec. Notes 'BB-'
PAKUWON JATI: Moody's Assigns Ba3 Rating to Proposed Senior Notes


J A P A N

TAKATA CORP: Faces Fresh Bankruptcy Fears as KSS Picked as Backer


N E W  Z E A L A N D

CAPITAL + MERCHANT: Investors to Get Second Payment in March
CONFIGURE EXPRESS: Director Resigns, More Franchises Close
POWDERPAK PARKS: Indoor Ski Park Placed in Liquidation


P A K I S T A N

PAKISTAN: Fitch Affirms Issuer Default Ratings at 'B'


P H I L I P P I N E S

* PDIC to Sell 69 Assets Via Public Bidding on Feb. 28


S I N G A P O R E

IBC CAPITAL: Moody's Changes Outlook to Negative; Affirms B2 CFR


S O U T H  K O R E A

HYUNDAI MERCHANT: Attempts Recovery After Hanjin Disaster


                            - - - - -


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


CLIFFS NATURAL: BlackRock Holds 6% Equity Stake as of Dec. 31
-------------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, BlackRock, Inc. disclosed that as of Dec. 31, 2016,
it beneficially owns 13,916,169 shares of common stock of Cliffs
Natural Resources Inc. representing 6 percent of the shares
outstanding. A full-text copy of the regulatory filing is
available for free at https://is.gd/ZlXYEx

                  About Cliffs Natural Resources

Cliffs Natural Resources Inc. --
http://www.cliffsnaturalresources.com/-- is a mining and natural
resources company. The Company is a major supplier of iron ore
pellets to the U.S. steel industry from its mines and pellet
plants located in Michigan and Minnesota. Cliffs also produces
low-volatile metallurgical coal in the U.S. from its mines
located in West Virginia and Alabama. Additionally, Cliffs
operates an iron ore mining complex in Western Australia and owns
two non-operating iron ore mines in Eastern Canada. Driven by the
core values of social, environmental and capital stewardship,
Cliffs' employees endeavor to provide all stakeholders operating
and financial transparency.

On Jan. 27, 2015, Bloom Lake General Partner Limited and certain
of its affiliates, including Cliffs Quebec Iron Mining ULC
commenced restructuring proceedings in Montreal, Quebec, under
the Companies' Creditors Arrangement Act (Canada). The initial
CCAA order will address the Bloom Lake Group's immediate
liquidity issues and permit the Bloom Lake Group to preserve and
protect its assets for the benefit of all stakeholders while
restructuring and sale options are explored.

Cliffs Natural reported a net loss attributable to Cliffs common
shareholders of $788 million on $2.01 billion of revenues for the
year ended Dec. 31, 2015, compared to a net loss attributable to
Cliffs common shareholders of $7.27 billion on $3.37 billion of
revenues for the year ended Dec. 31, 2014.

As of Sept. 30, 2016, Cliffs Natural had $1.77 billion in total
assets, $3.17 billion in total liabilities and a $1.40 billion
total deficit.

                               * * *

As reported by the TCR on April 19, 2016, Standard & Poor's
Ratings Services said it raised its corporate credit rating on
Cleveland-based Cliffs Natural Resources Inc. to 'CCC+' from
'SD'.

As reported by the TCR on Sept. 13, 2016, Moody's Investors
Service upgraded Cliffs Natural Resources Inc.'s Corporate Family
Rating (CFR) and Probability of Default Rating to Caa1 and Caa1-
PD respectively from Ca and Ca-PD respectively. The upgrade
reflects the improving trends evidenced in Cliffs performance on
strengthened fundamentals in the US steel industry, the dominant
market for Cliffs iron ore pellets, and an improving order book
as well as the successful renegotiation of the contracts with
ArcelorMittal USA LLC, which had expiry dates of late 2016 and
early 2017.


HOVAN PTY: First Creditors' Meeting Set for Feb. 15
---------------------------------------------------
A first meeting of the creditors in the proceedings of Hovan Pty
Ltd ATF Grandma Moses Unit Trust, trading as Grandma Moses Bakery
and Deli, will be held at Level 2, 151 Macquarie Street, in
Sydney, NSW, on Feb. 15, 2017, at 12:00 p.m.

Antony Resnick and David Solomons of de Vries Tayeh were
appointed as administrators of Hovan Pty on Feb. 3, 2017.


QUIKFIT ALUMINIUM: First Creditors' Meeting Set for Feb. 15
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Quikfit
Aluminium Installations Pty Ltd (Formerly trading as Complete
Outdoor Concepts) will be held at the offices of Hall Chadwick,
Level 10, 575 Bourke Street, in Melbourne, on Feb. 15, 2016, at
11:00 a.m.

Steven Gladman and David Ross of Hall Chadwick were appointed as
administrators of Quikfit Aluminium on Feb. 6, 2017.


ZATAM PTY: First Creditors' Meeting Slated for Feb. 15
------------------------------------------------------
A first meeting of the creditors in the proceedings of Zatam Pty,
trading as Total Poly Services, will be held at the offices of
FTI Consulting (Australia) Pty Limited, Level 6, 30 The
Esplanade, in Perth, WA, on Feb. 15, 2017, at 10:00 a.m.

Ian Charles Francis and Michael Joseph Patrick Ryan of FTI
Consulting were appointed as administrators of Zatam Pty on Feb.
3, 2017.



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


REWARD INTERNATIONAL: Fitch Assigns B+ Rating to Senior Notes
-------------------------------------------------------------
Fitch Ratings has assigned Reward International Investment Co.
Ltd's 7.25% US dollar Senior Notes a final rating of 'B+' and
Recovery Rating of 'RR4'.

Reward International is a 100% owned subsidiary of Reward Science
and Technology Industry Group Co., Ltd. (Reward Group,
B+/Stable). The notes are rated at the same level as Reward
Group's senior unsecured debt rating as they represent
unconditional, unsecured and unsubordinated obligations of the
company.

The final rating follows the receipt of documents conforming to
information already received, and is in line with the expected
rating assigned on Jan. 11, 2017.

KEY RATING DRIVERS

Solid Balance Sheet Profile: Reward Group's leverage is healthy,
with FFO-adjusted net leverage of 1.3x at the end of 2015. Fitch
expects FFO fixed-charge coverage to remain above 3x in the next
few years after the acquisition of Panrosa US. Reward Group's
debt maturity profile is also improving as the company has been
refinancing its short-term debt with longer-term domestic bonds
throughout 2016. As of 30 June 2016, Reward had readily available
cash of CNY4.2bn, restricted cash of CNY272m and unutilised
credit facilities of CNY232m, sufficient to cover short-term
borrowings of CNY1.7bn.

Diversifying Operations: Prior to 2015, Reward Group mainly
operated as a manufacturer of household cleaning products (such
as laundry detergent) and a dairy producer supplying whole milk
power (WMP) to packaged food companies such as Wahaha and Kraft.
Reward Group has diversified its product offerings in the past
two years. It successfully expanded into formula milk and soy
milk, which already accounted for CNY1.2bn or 20% of total
revenue in 2015. In the consumer product segment, it aims to
expand in personal care products through the acquisition of
Panrosa US.

Weak Market Position, Execution Risks: Reward Group's market
position in each of its markets is relatively weak - it only had
1% share in China's laundry products market in 2015 and 7.6%
share in China's industrial milk power market in 1H16. There is
also limited product differentiation, and most of Reward Group's
products face fierce competition from both local and overseas
brands. Reward Group's new-business initiatives have limited
synergy with existing businesses, and execution risk is high due
to the company's short track record in these areas.

Concentrated Shareholding, Low Transparency: Reward Group is a
privately owned company, and the level of financial disclosure is
weaker than listed companies. It is also not audited by one of
the Big 4 accounting firms. Mr. Hu Keqin, the founder of Reward
Group, holds 72.3% of the company's shares while his family holds
another 23.6%. The concentrated shareholding means that there is
limited board oversight, with the two independent board members
only appointed in 2016.

Food Safety Risks: Reward Group's dairy operations were briefly
suspended in April 2016 after a review by China Food and Drug
Administration. No problematic product sample was found, but the
review flagged issues with the condition of the production
facilities, quality control, record-keeping, and implementation
of food safety regulations. Although operations resumed shortly
after that, the incident highlights food safety as a potential
risk. Any regulatory violations may inadvertently damage Reward
Group's reputation and pressure the company's profits and cash
flows.

Bond Issuance to Fund Acquisition: Reward Group plans to use the
bond proceeds to acquire Panrosa US for CNY1.3bn, after having
acquired Panrosa Jiangsu, the China production facility, in 2015.
Panrosa US produces daily products such as hand creams and shower
gels, and has a complete distribution network in the US,
including wholesalers and budget supermarkets like Dollar Tree
and Dollar General. Following the acquisition, Reward Group plans
to expand Panrosa's business in both China and international
markets.

DERIVATION SUMMARY

Reward Group is rated one notch below PT Japfa Comfeed Indonesia
TBk (BB-/Stable), which mainly reflects Reward Group's weaker
business profile and market position. Reward Group is rated at
the same level as Avon Products, Inc (B+/Negative). Reward Group
has smaller scale than Avon, and a weaker business profile but
higher margins and lower leverage. Reward Group is rated one
notch above Labeyrie Fine Foods SAS (B/Stable) and Picard Bondco
S.A. (B/Stable), given its stronger balance-sheet profile.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case include:
- 3%-5% revenue growth in 2017-18, driven by new businesses and
the Panrose US acquisition
- 20% EBITDA margin in 2016-19
- No common dividends

RATING SENSITIVITIES

Negative: Further developments that may, individually or
collectively, lead to negative rating action include:
- Sustained decline in revenue
- FFO-adjusted net leverage sustained above 2x
- Sustained negative free cash flow
- EBITDA margin sustained below 15%
- Failure to provide regular accounting disclosures

Positive: No positive rating is likely in the next 12-18 months
due to the small scale of Reward Group's individual businesses,
and limited regulatory oversight over the company.

LIQUIDITY

Sufficient Liquidity: As of June 30, 2016, Reward Group had cash
and cash equivalents of CNY4.2bn, which is sufficient to cover
its short-term debt of CNY1.7bn.



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


ASTRA CHEMTECH: CRISIL Upgrades Rating on INR7MM Cash Loan to B+
----------------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facilities
of Astra Chemtech Private Limited to 'CRISIL B+/Stable' from
'CRISIL B/Stable' while reaffirming the ratings on the short-term
bank facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             7        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Letter of Credit        3        CRISIL A4 (Reaffirmed)


   Packing Credit          1.5      CRISIL A4 (Reaffirmed)

   Proposed Long Term      4.0      CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

   Working Capital         7.0      CRISIL B+/Stable (Upgraded
   Demand Loan                      from 'CRISIL B/Stable')

The upgrade follows improvement in ACPL's liquidity reflected in
reflected in repayment of outstanding term debt obligations along
with moderate buffer in bank limit utilisation. The improvement
in ACPL's liquidity profile is on the back of stable business
performance and an absence of major capital expenditure (capex).
The company's revenue improved marginally by about 7 per cent
during fiscal 2016 to INR63.5 crore along with improved margins
of 7.9 percent. The company is not expected to incur any major
capex over the medium term which will support the liquidity
profile.

The ratings continue to reflect ACPL's average financial risk
profile, marked by modest net worth and average debt protection
metrics and working capital intensive operations. These
weaknesses are partially offset by the longstanding experience of
ACPL's promoters in the adhesives industry and its moderate scale
of operation supported by well establish brand and diversify
product range.

Key Rating Drivers & Detailed Description
Weaknesses
* Working capital intensive operations
The operations continue to remain working capital intensive with
gross current assets (GCA) of about 185 days during fiscal 2016.
Large working capital requirements emanate from high inventory
levels and high receivable days. Moreover, owing to moderate
scale of operations and intense industry competition, the entity
has low bargaining power with customers.

CRISIL believes ACPL's working-capital intensive will continue to
constrain financial flexibility.

* Average financial risk profile, marked by modest net worth and
average debt protection metrics
ACPL's financial risk profile is average. With absence of
significant equity infusion and small accretion to reserves in
the past, the company's net worth continues to remain modest at
around INR6.37 crore as on March 31, 2016. With working capital
intensive operations leading to moderate dependence on debt,
gearing continues to remain moderately high at about 1.9 times as
on March 31, 2016.

The interest coverage and net cash accrual to total debt ratios
were average at 1.6 times and 12 percent, respectively, during
fiscal 2016.

Strengths
* Longstanding experience of ACPL's promoters in the adhesives
industry
ACPL has been operating in the chemicals industry for more than a
decade and is one of the larger manufacturers of adhesives for
the Indian packaging industry. The company also benefits from its
promoters' extensive industry experience. ACPL exports some of
its products to Sri Lanka, Pakistan, Bangladesh, and the UAE.

The company will continue to benefit over the medium term from
its established track record, and its promoters' extensive
experience, in the chemicals industry.

* Moderate scale of operation supported by well establish brand
and diversify product range

The scale of operations are moderate with net sales of about
INR63.5 crore during fiscal 2016.  The business risk profile is
also supported by a diversified product range along with presence
in various end-user industries and a well-established brand.
Diverse product range including adhesives (consumer and
industrial), construction chemicals, specialty coating and others
add stability to revenue.

ACPL also has a varied end-user/customer base spread across India
catering to industries such as packaging, furniture, paper
converting, and construction and retail customers.

ACPL's moderate scale of operations will improve over the medium
term backed by diverse product range, end-user industry and
customer base.
Outlook: Stable

CRISIL believes that ACPL will benefit over the medium term from
the healthy demand for adhesives on account of growth in end-
user, packaging and construction, industries. The outlook may be
revised to 'Positive' in case of significant improvement in its
financial risk profile, most likely because of large equity
infusion and significant improvement in its turnover and
profitability. Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile deteriorates
because of delays in receivable collection, or a large debt-
funded capex programme.

ACPL, established in 2000 by Mr. Rashid Ibrahim Sorathiya,
manufactures water- and solvent-based synthetic adhesives. It
also manufactures, on a small scale, construction chemicals,
textile specialty chemicals, specialty resins, specialty coating,
and specialty esters.

ACPL reported a profit after tax (PAT) and net sales of INR0.72
crore and INR63.5 crore respectively for fiscal 2016. The company
reported a PAT and net sales of INR0.32 crore and INR59.5 crore
respectively for fiscal 2015.


BHARGAVI AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR33MM Loan
----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Bhargavi Automobiles Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          1        CRISIL A4 (Reaffirmed)
   Cash Credit            33        CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the company's below-average
financial risk profile, marked by small networth, high total
outside liabilities to tangible networth ratio, and below-average
debt protection metrics. The ratings also factor in
susceptibility to economic cyclicality, and intense competition.
These rating weaknesses are partially offset by the extensive
entrepreneurial experience of its promoters, and the company's
efficient working capital management.

Key Rating Drivers & Detailed Description
Weaknesses
* Susceptibility to cyclicality, and to intense competition:
Operations are entirely dependent on those of its principal
Maruti Suzuki India Ltd (MSIL). Intense competition in the
automobile industry also constrains profitability.

* Below-average financial risk profile: Networth was modest at
INR6.7 crore, and total outside liabilities to tangible networth
(TOL/TNW) ratio was high at 7.6 times as on March 31, 2016. Debt
protection metrics are weak, with interest coverage of 1.3 times
in fiscal 2016.

Strengths
* Extensive experience of the promoter: Benefits from the two-
decade-long experience of Mr. K Bala Ram Reddy and his family,
and his healthy relationships with principal, MSIL, should
continue to support business risk profile.

* Efficient working capital management: Working capital cycle is
managed efficiently, as reflected in low gross current assets,
inventory and receivables of 88, 50 and 17 days, respectively, as
on March 31, 2016.
Outlook: Stable

CRISIL believes that BAPL will continue to benefit over the
medium term from the promoter's extensive experience in the
automobile dealership business. The outlook may be revised to
'Positive' if substantial and sustained increase in scale of
operations, profitability, and accrual, or a sizeable equity
infusion by the promoters strengthens financial metrics.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in profitability, or significant deterioration in
capital structure caused most likely by a stretch in working
capital cycle.

Incorporated in 1997, BAPL is the authorized dealer for Maruti
Suzuki India Ltd (MSIL; rated 'CRISIL AAA/Stable/CRISIL A1+') in
Andhra Pradesh. The company is being promoted by Mr. K Balarami
Reddy.

Profit after tax (PAT) of INR0.57 crore was reported on net sales
of INR187.2 crore for fiscal 2016, vis-a-vis INR0.63 crore and
INR155.5 crore, respectively, for fiscal 2015


DIAMOND ENGINEERING: CRISIL Reaffirms D INR126.44MM Loan Rating
---------------------------------------------------------------
CRISIL has removed from 'Notice of Withdrawal' on the ratings of
INR75.79 crore bank facilities of Diamond Engineering (Chennai)
Pvt Ltd, due to non-receipt of No Objection Certificate (NOC)
from bankers in line with the requirement of CRISIL's revised
withdrawal policy. CRISIL's policy change follows the revised
Securities and Exchange Board of India (SEBI) guidelines that
became effective from January 01, 2017. These ratings were
earlier placed on 'Notice of Withdrawal' for a period of 180 days
on July 7, 2016, at the company's request.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           40.79      CRISIL D (Removed from
                                    'Notice of Withdrawal';
                                    Reaffirmed)

   Funded Interest
   Term Loan              15.71     CRISIL D (Reaffirmed)

   Letter of credit       15.00     CRISIL D (Removed from
   & Bank Guarantee                 'Notice of Withdrawal';
                                    Reaffirmed)

   Long Term Loan         15.0      CRISIL D (Reaffirmed)

   Term Loan              18.83     CRISIL D (Reaffirmed)

   Working Capital
   Term Loan             126.44     CRISIL D (Reaffirmed)

   Cash Credit            20.00     CRISIL D (Removed from
                                    'Notice of Withdrawal';
                                    Reaffirmed)

Further, CRISIL has also reaffirmed its ratings of 'CRISIL D' on
the company's bank facilities. The rating reaffirmation is based
on information available in the public domain. CRISIL keeps all
its outstanding ratings on continuous surveillance. Accordingly,
it seeks regular updates from companies on business and financial
performance. CRISIL is taking all possible efforts to get the
company to cooperate with the rating process for enabling CRISIL
to carry out the rating review.

The ratings continue to reflect delays by DECPL in servicing its
debt due to weak liquidity. Operations are highly susceptible to
downturns in the capital goods industry. Moreover, financial risk
profile is below average, with weak credit metrics and limited
financial flexibility due to losses. However, the company
benefits from established position in the steel fabrication
business, and strong relationships with key customers.

Key Rating Drivers & Detailed Description
Weakness
* Below average financial risk profile and weak liquidity leading
to continued delays in servicing debt obligations:  DECPL's
financial risk profile is marked by high gearing and weak debt
protection metrics due to sizeable losses, significant stretch in
working capital and high dependence on external borrowings.
Further high bank limit utilisation and weak cash flow from
operations continue to exert pressure on liquidity leading to
continued delays in servicing term loan obligations.

* Working capital-intensive operations: Operations are highly
working capital intensive. The company's inventory holding has
been high (over 350 days on average) primarily because of long
order execution period. Moreover, any delay in off take of goods
by customers will also result in inventory build-up.

* Exposure to cyclicality in the capital goods industry: Revenue
in the engineering and capital goods industry is linked to
economic cycles as products are mainly sold to the construction,
power, and cement sectors, which follow the overall economic
investment cycle. Thus DECPL's revenue will remain susceptible to
cyclicality in the capital goods industry, over the medium term.

Strengths
* Established position in the steel-fabrication business, with
strong customer and supplier relationships: DECPL's promoters
have over three decades of industry experience. The company is
one of the largest steel fabricators in India, with an installed
capacity of more than 5000 tonne per month (tpm), which enables
it to undertake large and complex steel structure orders and
execute them on time. The company has strong relationships with
suppliers and customers. DECPL has a reputed customer base, both
in domestic and export markets, including Bharat Heavy
Electricals Ltd (rated 'CRISIL AA+/Negative/CRISIL A1+'), FL
Smidth Pvt Ltd, Dangote Cement Plc, Aumund Engineering Pvt Ltd,
and L&T MHI Boilers Pvt Ltd.

DECPL, established in 1987, is one of the larger players
operating in the light engineering and steel structural
fabrication business. The company fabricates steel components
based on the engineering designs and requirements of its
customers in the construction, cement, power, sugar, and
automotive components industries. Products include structural
steel, bulk material handling equipment, and industrial process
equipment for domestic and overseas projects of international
original equipment manufacturers and engineering, procurement,
and construction companies. Services offered include heavy
machining, surface finishing, packing, and forwarding.


DWARKADHEESH HAVELI: CRISIL Assigns 'D' Rating to INR8.5MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Dwarkadheesh Haveli Builders.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              8.5       CRISIL D

The rating reflects recent delays in servicing term loan because
of weak liquidity. Cash flow was significantly constrained due to
sluggish demand for project and adverse effect of demonitisation
on new bookings.

Key Rating Drivers & Detailed Description
Weaknesses
* Weak financial risk profile due to leveraged capital structure:
Neworth was small and capital structure leveraged due to
dependence on external borrowing to fund project.

* Exposure to demand risk: Ongoing projects are exposed to
saleability risks, reflected in sluggish bookings. Although the
projects are in advance stage of implementation, slower pace of
bookings has affected cash flow and constrained liquidity.

Strength
* Extensive experience of promoters: The promoters have been in
the real estate development segment for around two decades and
have a healthy track record of project execution.
Established in 2010 as a partnership firm by Mr. Vijay Singh, Mr.
Rakesh Kumar Rai, Mr.Kishan L Sharma, Mr.Ajab Singh, Mr.Gulab
Singh, and Mr. D K Rai, DHB develops residential real estate in
Bhopal.


GANGA R K: CARE Upgrades Rating on INR7.0cr LT/ST Loan to BB-
-------------------------------------------------------------
The revision in the ratings assigned to the bank facilities of
Ganga R K Industries Private Limited (GRK) is driven by
improvement in profitability as well as debt coverage indicators
of  RGK Group (RGK) during FY16 (refers to the period April 1 to
March 31) and its moderately leveraged capital structure. The
ratings also factor in the vast experience of the promoters and
well-established presence of RGK in the international market.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-term/Short-
   Term Bank Facilities      7.00      CARE BB-; Stable/CARE A4
                                       Revised from CARE B+/
                                       CARE A4
   Short-term Bank
   Facilities                1.50      CARE A4 Reaffirmed

The ratings are, however, constrained by continuously declining
scale of operations, RGK's working capital intensive operations,
susceptibility of its profit margins to raw material prices and
foreign exchange rate fluctuations and its presence in the highly
competitive casting and forging industry.

RGK's ability to increase its scale of operations, improving
profitability and capital structure would remain the key rating
sensitivity. Efficient management of working capital and
maintaining better liquidity profile would also remain crucial.

Description of key rating drivers

Mr Ramniklal Kotecha, key promoter of RGK group holds more than
three decades of experience in the casting business and manages
technical aspects of goods manufactured. RGK group has strong
presence in international market with around 60% of revenue being
generated from the export market.

During FY16, on the back of decline in material cost of iron and
steel PBILDT margin of RGK improved by 286 bps.

Consequently, with decline in interest costs, PAT margin improved
by 195 bps during FY16. GCA of RGK also reported healthy growth
of 54.88% y-o-y.

With improved profitability, debt coverage indicators marked by
total debt to GCA and interest coverage ratio improved compared
to the previous year. Solvency position marked by overall gearing
stood moderate as on March 31, 2016 on the back of moderate level
of net worth base and debt level.

During FY16, TOI of RGK declined by 14.65% y-o-y on the back of
decline in export sales. RGK generates around 60% of revenue from
the export market out of which exports to Yemen constituted major
portion of revenue. Due to on-going political disruptions in
Yemen, the exports level declined significantly from 30% of net
sales during FY15 to 15% of net sales during FY16.
Simultaneously, RGK has added new export markets such as Morocco,
USA, Uganda, Zambia, Malawi etc. to de-risk itself from single
geographical concentration. Overall operations remained working
capital intensive in nature marked by high utilization (75%) of
working capital bank borrowing for the last 12-month period ended
December 2016 and elongated operating cycle.

Analytical Approach - Consolidated

For arriving at the rating of Ganga R K Industries Private
Limited (GRK), CARE has considered the consolidated financial and
business profile of the three entities of RGK Group (RGK),
namely, Kotecha Steel Forge Private Limited (KSF), Steel Forge
and Cast Industries (SFC) and Ganga R K Industries Private
Limited (GRK) due to their managerial and financial linkages. Mr.
Ramnik Kotecha and Mrs Kiran Kotecha are common
directors/partners in the group.

Rajkot-based (Gujarat) GRK belongs to RGK group of industries.
GRK was incorporated in April 2007 by its key promoter Mr. Ramnik
Kotecha. The company was set up as a partnership firm in 1980 in
the name of "R. K. Industries".

Subsequently, in 2007, it was converted into a private limited
company. It is engaged in manufacturing and export of metal
casting products such as agricultural diesel engine, grinding
mill, vertical turbine pump, graded casting and ductile iron
casting components and parts etc. Presently GRK is managed by
four promoters' viz. Mr. Ramnik Kotecha, Mr. Bhavesh Pabari, Mr.
Samir Kotecha and Mrs Kiran Kotecha.

During FY16 (A), RGK reported PAT of INR0.91 crore on a TOI of
INR45.36 crore as against PAT of INR0.03 crore on a TOI of
INR53.14 crore during FY15. Till 9MFY17 (Provisional), RGK has
achieved a turnover of INR47.82 crore.


JAYPEE HEALTHCARE: CARE Lowers Rating on INR450cr LT Loan to D
--------------------------------------------------------------
The revision in the rating assigned to the bank facilities of
Jaypee Healthcare Limited takes into account delay in servicing
of debt obligations by the company due to its weak liquidity
position.

                       Amount
   Facilities       (INR crore)       Ratings
   ----------        -----------      -------
   Long-term Bank
   Facilities             450         CARE D Revised from CARE BB

Detailed description of the key rating drivers

During FY16 (refers to the period April 1 to March 31), the
company reported net loss of INR55.49 crore on total operating
income of INR143.85 crore. Although there has been gradual
improvement in revenues, the hospital is in its initial stages
in which occupancy levels are relatively low, leading to
dependence on the promoters for funding support.

On account of weak financial performance of JHL as well as weak
liquidity of the promoters, liquidity position of JHL was
stretched leading to delays in debt servicing.

Jaypee Healthcare Ltd, a 100% subsidiary of Jaypee Infratech Ltd
(JIL, rated 'CARE D'), has set up a multi-specialty tertiary
hospital with a capacity of 504 beds. The hospital is located at
Jaypee Wish Town, Noida, a large township project being developed
by JIL along the Noida-Greater Noida Expressway in Sector 128,
Noida.

The company is also in the process of setting up a secondary care
hospital at Anoopshahr, U.P. and a tertiary care hospital at
Bulandshahr, U.P., with a total investment of INR160 crore,
proposed to be funded through equity of INR60 crore and debt of
INR100 crore.


JENIOUS CLOTHING: CRISIL Assigns B- Rating to INR63MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank loan facilities of Jenious Clothing Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            30        CRISIL B-/Stable
   Corporate Loan         63        CRISIL B-/Stable

The ratings reflect the company's below average financial risk
profile, marked by negative net worth and working capital
intensive nature of operations. However, these rating weaknesses
are partially offset by the extensive industry experience of its
promoters in the ready-made garments industry.

Key Rating Drivers & Detailed Description
Weaknesses
* Below average financial risk profile because of a negative net
worth:
The company has a negative net worth on account of carry forward
losses from the past.

* Working capital intensive nature of operations:
JCPL's operations are working capital intensive. The company
maintains an inventory of about 2 months and offers a credit
period of about two months to its customers. The working capital
intensity is mitigated to a certain extent by the moderate credit
period that it receives from its suppliers

Strength
* Extensive industry experience of its promoters in the ready-
made garments industry:
JCPL benefits from the extensive experience of its promoters in
the readymade garment industry. The company manufactures night
wear and under wear garments and has a leased facility in
Bengaluru. Its customers are large multinational apparel
retailers with established presence and significant market shares
in their respective segments in USA and Europe.
Outlook: Stable

CRISIL believes that JCPL will continue to benefit from the
industry experience of the promoters. The outlook may be revised
to 'Positive' in case of sustainable increase in the company's
scale of operations and profitability or in case of significant
equity infusion by the promoters thereby resulting in improving
its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if the company undertakes a large, debt-
funded capital expenditure programme, leading to deterioration in
its capital structure, or if its volumes or margins decline
steeply.

Established in 2011, Bangalore based JCPL is in the textile
industry. The company is involved in manufacture and export of
readymade garment and is promoted by Mr. Sunil Raheja.

JCPL's profit after tax (PAT) was INR0.37 crore on net sales of
INR53.9 crore in fiscal 2016.


KANDLA PACKAGING: CARE Assigns B+ Rating to INR12cr LT Loan
-----------------------------------------------------------
The rating assigned to the bank facilities of Kandla Packaging
Private Limited is constrained due to its leveraged capital
structure, moderate debt coverage indicators, weak liquidity
position and working capital intensive nature of operation. The
rating is also constrained by KPPL's presence in the highly
fragmented industry, susceptibility of operating margins to raw
material price fluctuation and customer concentration risk
associated with the operations of the company.

                       Amount
   Facilities       (INR crore)       Ratings
   ----------        -----------      -------
   Long-term Bank
   Facilities             12.00       CARE B+; Stable Assigned

The rating, however, derives comfort from the experienced
promoters into similar line of business operations.
The ability of KPPL to increase its scale of operations and
profitability along with improvement in capital structure and
efficient working capital management would be the key rating
sensitivities.

Detailed description of the key rating drivers

KPPL's total operating income (TOI) witnessed a healthy growth
y-o-y on the back of increased sales volume of corrugated boxes
as well as increase in income from civil construction work.
Consequently, PBILDT and PAT increased significantly in FY16
(refers to the period April 1 to March 31) and stood at moderate
level.

Revenue from civil construction works contributed about 64% to
the total revenue of KPPL in FY16. The company's business is
diversified with its presence in civil construction works,
corrugated box manufacturing and trading of various commodities.
However, it is facing customer concentration risk as more than
65% of total revenue comes from a single customer (Welspun India
Ltd.) for its construction business.

On account of low net worth base and high debt level, solvency
position stood weak marked by high overall gearing level as on
March 31, 2016. However, with improvement in GCA level during
FY16 and decline in debt level as on March 31, 2016, compared
with previous year, total debt to GCA improved and stood at
moderate level.

Liquidity position remained weak marked by below unity current
ratio along with long working capital cycle of 74 days in FY16
due to higher collection period and inventory days. Furthermore,
average working capital utilization of the company also remained
high at about 90% during 12 months ended November 2016.

KPPL's directors possess more than two decades of experience in
various businesses. All the directors are actively involved in
both packaging and civil construction business.

Kutch-based (Gujarat) KPPL was incorporated as a private limited
company in January 2004 by Mr. Dhanpat Parekh and Mr. Pravin
Agarwal. However, KPPL was taken over by present management i.e.
Mr. Dayalrajan Pillai, Mr. Kaushik Pinara, Mr. Raj Kangad and Mr.
Somesh Rathod who are also directors of KPPL in FY13. KPPL is
engaged in the manufacturing of corrugated boxes and trading of
salt. From September 2014 onwards, it also commenced civil
construction work through its division named Siddharth
Associates. KPPL operates from its sole manufacturing facility
located in Kutch (Gujarat) with an installed capacity of 18000
Metric Tonne Per Annum (MTPA) for corrugated boxes as on
March 31, 2016.

During FY16, KPPL has reported a PAT of INR2.08 crore on a total
operating income of INR60.00 crore as against a PAT of INR0.05
crore on a total operating income of INR10.93 crore in FY15.
During H1FY17 (refers to the period April 1 to September 30), the
company has reported a total operating income of INR28.92 crore.


KBR HOMES: CRISIL Assigns B+ Rating to INR23.8MM Tern Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank facility of KBR Homes India Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              23.8      CRISIL B+/Stable

The rating reflects the exposure to cyclicality in Indian real
estate industry and intense competition in the real estate sector
and low demand arising out of the current market scenario. These
rating weaknesses are partially offset by the promoters'
extensive experience in real estate industry and their funding
support and low funding risk given 50 per cent of the existing
projects are funded by the promoters.

Key Rating Drivers & Detailed Description
Weakness
* Exposure to cyclicality in Indian real estate industry and
intense: The real estate sector in India is cyclical and is
marked by volatile prices, opaque transactions, and a highly
fragmented market structure. The execution of the real estate
projects in India is affected by multiple property laws and non-
standardised government regulations across the states. The risk
is compounded by aggressive timelines for completion with
shortage of manpower (project engineers and skilled labour) in
this sector. The recent slowdown in the real estate sector has
adversely affected the execution and salability of several
ongoing and future projects.

Strengths
* Promoters' extensive experience in real estate industry and
their funding support: Mr. Konduru Babu Raju has two decades of
business experience in Real estate investments and Development.
Over the years, he has developed strong relationships with
government departments and raw materials suppliers. In 1992, he
set up a proprietorship concern, K Babu Raju, and started
executing various government civil construction works. In 2010,
the firm was reconstituted as a public limited company. Over the
years, company has developed strong relationships with its major
customers and raw material suppliers. In 2012, Konduru Babu Raju
promoted KHIPL as a marketing arm for the real estate projects
undertaken by Infratech Limited.

* Low funding risk given 50 per cent of the existing projects are
funded by the promoters and built on their own land: Around 50
per cent of the projects currently undertaken by the company are
built on the land owned by the promoters and funded by the
promoters itself. This reduces the funding risk for the company.
Outlook: Stable

CRISIL believes that KHIPL will continue to benefit from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' if sizeable customer advances and timely
implementation of on-going project lead to healthy cash inflows.
Conversely, the outlook may be revised to 'Negative' if time and
cost overruns in on-going project, or delays in receipt of
customer advances, leads to low cash inflows and pressure on
MPPL's liquidity.

Incorporated in 2012, KHIPL is promoted by Mr. Konduru Babu Raju
and Mrs. Konduru Rajeswari head-quartered in Bangalore. The
company is engaged in real estate development.

KHIPL generated net sales of INR6.82 crores in 2015-16 (Refers to
financial year from 1st April 2015 to 31st March 2016) with
Profit after Tax of INR0.31 crores during the same period.


KIRPA RICE: CRISIL Reaffirms B+ Rating on INR29MM Cash Loan
-----------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of Kirpa Rice Mills (KRM) at 'CRISIL B+/Stable'.

                     Amount
   Facilities      (INR Mln)    Ratings
   ----------      ---------    -------
   Cash Credit          29      CRISIL B+/Stable (Reaffirmed)


The business risk profile is likely to remain stable driven by
expected revenue growth of 5% per fiscal over the medium term.
Operating profitability was moderate at 6.2% in fiscal 2016, and
is expected to remain at a similar level over the medium term.

The financial risk profile is expected to remain weak over this
period, owing to a modest networth, low profitability, and
moderate reliance on external debt to fund working capital
requirement. Liquidity is supported by unsecured loans from the
partners, and cash accrual will be adequate to meet incremental
working capital requirement in the absence of any term debt
repayment obligation.

Key Rating Drivers & Detailed Description
Weaknesses
* Weak financial risk profile:  The total outside liabilities to
tangible networth ratio was high at 3.00 times as on March 31,
2016, due to a modest networth of INR3.74 crore, and moderate
reliance on bank borrowing for funding incremental working
capital requirement. The debt protection metrics are weak as
indicated by an interest coverage ratio of 1.21 times for fiscal
2016.

* Moderate scale of operations: KRM has moderate scale of
operations as reflected in its operating revenue of INR59.48
crore in fiscal 2016.  It is expected that operating revenue will
remain moderate owing to the intense competition in the rice
industry and presence of large players. Further, there are no
direct exports and all the global sales are made through indirect
exporters, thus restricting the firm's ability to scale up
operations significantly.

* Large working capital requirement: Operations are working
capital intensive, as reflected in gross current assets of 227
days in March 31, 2016. That's because of large inventory (116
days) as paddy, the main raw material, is seasonal and has to be
procured during October-November for the entire year's
requirement, and substantial debtors (112 days) due to the high
credit allowed to customers. Aged rice is procured all year round
from mandis either on a cash basis from farmers or at limited
credit of 10-15 days from traders. Against this, the firm has to
offer large credit to customers due to intense competition.

Strength
* Extensive experience of the partners in the rice industry: The
partners have about 20 years of experience in this industry. Over
the years, they have successfully established a procurement
network that has been able to meet the needs of the firm. It has
a presence in the local mandis of Fazilka, Malout, Abohar, and
Mukstar (all in Punjab) for procurement of paddy.
Outlook: Stable

CRISIL believes KRM will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' if the financial risk profile improves
significantly, driven most likely by a considerable increase in
net cash accrual due to a substantially higher scale of
operations, or infusion of capital. The outlook may be revised to
'Negative' if liquidity deteriorates because of higher-than-
expected working capital requirement or pressure on
profitability.

KRM, established in 1998, processes and sells basmati rice. Its
facility in Ladhu Ka (district Firozpur), Punjab, has milling and
sortex capacity of 4 tonne per hour.

Profit after tax (PAT) was INR0.40 crore on operating revenue of
INR59.48 crore for fiscal 2016, against PAT of INR0.44 crore on
operating revenue of INR66.40 crore for fiscal 2015.


KOTECHA STEEL: CARE Upgrades Rating on INR5.0cr LT Loan to BB-
--------------------------------------------------------------
The revision in the ratings assigned to the bank facilities of
Kotecha Steel Forge Pvt Ltd (KSF) is driven by improvement in
profitability as well as debt coverage indicators of RGK Group
(RGK) during FY16 (refers to the period April 1 to March 31) and
its moderately leveraged capital structure. The ratings also
factor in the vast experience of promoters and well-established
presence of RGK in the international market.

                        Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-term/Short-
   Term Bank Facilities      5.00      CARE BB-; Stable/CARE A4
                                       Revised from CARE B+/
                                       CARE A4

   Short-term Bank
   Facilities                0.95      CARE A4 Reaffirmed

The ratings are, however, constrained by continuously declining
scale of operations, RGK's working capital intensive operations,
susceptibility of its profit margins to raw material prices and
foreign exchange rate fluctuations and its presence in the highly
competitive casting and forging industry.

RGK's ability to increase its scale of operations, improving
profitability and capital structure would remain the key rating
sensitivity. Efficient management of working capital and
maintaining better liquidity profile would also remain crucial.

Description of key rating drivers

Mr Ramniklal Kotecha, key promoter of RGK group holds more than
three decades of experience in the casting business and manages
technical aspects of goods manufactured. RGK group has a strong
presence in international market with around 60% of revenue being
generated from the export market.

During FY16, on the back of decline in material cost of iron and
steel PBILDT margin of RGK improved by 286 bps. Consequently,
with decline in interest costs, the PAT margin improved by 195
bps during FY16. GCA of RGK also reported healthy growth of
54.88% y-o-y.

With improved profitability, debt coverage indicators marked by
total debt to GCA and interest coverage ratio improved compared
to previous year. Solvency position marked by overall gearing
stood moderate as on March 31, 2016 on the back of moderate level
of net worth base and debt level.

During FY16, TOI of RGK declined by 14.65% y-o-y on the back of
decline in export sales. RGK generates around 60% of revenue from
the export market out of which exports to Yemen constituted major
portion of revenue. Due to on-going political disruptions in
Yemen, the exports level declined significantly from 30% of net
sales during FY15 to 15% of net sales during FY16.
Simultaneously, RGK has added new export markets such as Morocco,
USA, Uganda, Zambia, Malawi etc. to de-risk itself from a single
geographical concentration.

Overall operations remained working capital intensive in nature
marked by high utilization (75%) of working capital bank
borrowing for the last 12-month period ended December 2016 and
elongated operating cycle.

For arriving at the rating of Kotecha Steel Forge Pvt Ltd, CARE
has considered the consolidated financials and business profile
of the three entities of RGK Group (RGK), namely, Kotecha Steel
Forge Private Limited (KSF), Steel Forge and Cast Industries
(SFC) and Ganga R K Industries Private Limited (GRK) due to their
managerial and financial linkages. Mr. Ramnik Kotecha and Mrs
Kiran Kotecha are common directors/partners in the group.

Rajkot-based KSF is a part of RGK group and it was incorporated
by its key promoter Mr. Ramnik Kotecha in April 2007 to carry out
trading and export of steel casting products such as diesel
engine, pump sets, agriculture machineries, construction
equipments etc. Presently KSF is managed by four promoters' viz.
Mr. Ramnik Kotecha, Mr. Bhavesh Pabari, Mr. Samir Kotecha and Mrs
Kiran Kotecha. KSF is a government recognized '1 Star Export
House' with an ISO 9002:2001 certification. KSF books around 90%
of total revenue from export sale primarily to regions like
Yemen, Morocco, Zambia, Uganda and Kenya etc.

During FY16 (A), RGK reported PAT of INR0.91 crore on a TOI of
INR45.36 crore as against PAT of INR0.03 crore on a TOI of
INR53.14 crore during FY15. Till 9MFY17 (Provisional), RGK has
achieved a turnover of INR47.82 crore.


KRS PHARMACEUTICALS: CRISIL Cuts Rating on INR7.61MM Loan to B-
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of KRS Pharmaceuticals Private Limited to 'CRISIL B-/Stable' from
'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            1.72      CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B+/Stable')
   Proposed Long Term
   Bank Loan Facility      .28      CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Term Loan              7.61      CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The downgrade reflects deterioration in liquidity due to high
bank limit utilisation, lower cash accrual against debt
obligation, and stretch in working capital cycle. Only a
sustained improvement in working capital management will lead to
a better liquidity.

Gross current assets increased to 188 days as on March 31, 2016,
from 150 days as on March 31, 2014, resulting in high bank limit
utilization of 98% on average over the four months ended December
2016.

The rating reflects KPPL's small scale of operations in the
intensely competitive bulk drugs industry and working capital-
intensive operations. These weaknesses are partially offset by
the extensive experience of its promoters.

Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations in competitive segment
With revenue of INR24.2 crore for fiscal 2016, scale remains
modest in the intensely competitive bulk drugs industry.

* Large working capital requirement
Gross current assets were 188 days as on March 31, 2016, due to
stretched receivables of 79 days.

Strength
* Extensive experience of promoters
Presence of more than a decade in the pharmaceuticals bulk drugs
industry has enabled the promoters to establish strong
relationship with suppliers, and clients such as Cipla and
Cadila.
Outlook: Stable

CRISIL believes KPPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' in case of a substantial and
sustained increase in scale of operations, while maintaining
profitability margins, or if there is a significant improvement
in networth on the back of sizeable equity infusion by promoters.
The outlook may be revised to 'Negative' if profitability margins
decline sharply, or if capital structure deteriorates due to a
stretch in working capital cycle or large, debt-funded capital
expenditure.

Set up in 2004 by Mr. B Narendra and Mr. B L Swamy, KPPL
manufactures bulk drugs and intermediates at its plant in
Hyderabad and Visakhapatnam.

In fiscal 2016, profit after tax (PAT) was INR0.4 crore on
operating income of INR24.2 crore, as against PAT of INR0.53
crore on operating income of INR18.1 crore in fiscal 2015


MANDHANA INDUSTRIES: CARE Reaffirms D Rating on INR879.63cr Loan
----------------------------------------------------------------
The revision in the ratings assigned to the non-convertible
debentures (NCDs) of Mandhana Industries Limited takes into
account delays in servicing of its debt obligations on account of
stretched liquidity position. Furthermore, reaffirmation of the
rating of the bank facilities factors in continued delays in
servicing debt obligation on account of stretched liquidity
position.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term Bank
   Facilities            879.63       CARE D Reaffirmed

   Short-term Bank
   Facilities             87.50       CARE D Reaffirmed

   Non-Convertible
   Debentures             57.00       CARE D Revised from CARE C

MIL's ability to improve its cash flows and regularize its debt
servicing are the key monitorables.

Mandhana Industries ltd is engaged primarily in manufacturing of
textile fabric (grey and finished fabric). As on March 31, 2015,
MIL had a yarn dyeing capacity of 4.3 mn kg per annum, weaving
capacity of 36 mn mtrs of grey fabric per annum, fabric
processing capacity of 72.60 mn mtrs per annum and garmenting
capacity of 6.60 mn pieces per annum. The garmenting facility is
located at Bangalore while all other facilities are located at
MIDC, Tarapur. Apart from this, MIL has also commenced 1 mn piece
garmenting facility at Baramati in March 2015. Sale of fabric
(Textile division) is the major revenue contributor and
contributed around 88% of total revenues in FY16 (80% in FY15;
refers to the period
April 1 to March 31); the rest is contributed by sale of
garments.

During FY16, MIL reported operating revenue of INR1,663.28 crore
and a PAT of INR57.13 crore as against an operating revenue and
PAT of INR1,561.04 crore and INR62.72, respectively, in FY15.


MKHITARYAN SBL: Ind-Ra Assigns 'BB+' Rating to INR85.3MM Certs.
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Mkhitaryan SBL
IFMR Capital 2016 (an ABS transaction) provisional ratings as:

   -- INR1.4 bil. Pass through certificates (PTCs)-Series A1
      assigned provisional IND A+(SO)/stable rating; and

   -- INR85.3 mil. PTCs-Series A2 assigned provisional
      IND BB+(SO)/stable rating

The final ratings are contingent upon the receipt of final
documents conforming to the information already received.

The microfinance loan pool to be assigned to the trust is
originated by Ujjivan Financial Services Limited.  The current
pool comprises mainly of individual loans.

                       KEY RATING DRIVERS

The provisional ratings are based on the origination, servicing,
collection and recovery expertise of Ujjivan, the legal and
financial structure of the transaction, and the credit
enhancement (CE) provided in the transaction.  The provisional
ratings of Series A1 pass-through certificates (PTCs) addresses
the timely payment of interest on monthly payment dates and the
ultimate payment of principal by the final maturity date of Nov.
17, 2018, in accordance with transaction documentation.

The provisional rating of Series A2 PTCs addresses the timely
payment of interest on monthly payment dates only after the
complete redemption of Series A1 PTCs and the ultimate payment of
principal by the final maturity date of Nov. 17, 2018, in
accordance with transaction documentation.

The transaction benefits from the internal CE on account of
excess interest spread, subordination and over-collateralization.
The level of over-collateralization available to Series A1 and
Series A2 PTCs is 16% and 11% of the initial pool principal
outstanding (POS), respectively.  The total internal CE (includes
excess cash flow and subordination) available to Series A1 and A2
PTCs is 28.8% and 23.1% respectively of the POS.  The transaction
also benefits from an external CE of 3.75% of the initial POS in
the form of fixed deposits in the name of the originator with a
lien marked in favour of the trustee.  The collateral pool to be
assigned to the trust at par had the initial POS of INR1,705.7
million as of the pool cut-off date of Dec. 31, 2016.

The external CE will be used in case of a shortfall in a) the
complete redemption of all Series of PTCs on the final maturity
date, b) the monthly interest payment to Series A1 investors, c)
the monthly interest payment of Series A2 investors after the
complete redemption of Series A1 investors, and d) any shortfall
in Series A2 maximum payout on the Series A2 final maturity date.

                        RATING SENSITIVITIES

As part of its analysis, Ind-Ra built a pool cash flow model
based on the transaction's financial structure.  The agency also
analysed historical data to determine the base values of key
variables that would influence the level of expected losses in
this transaction. The base values of the default rate, recovery
rate, time to recovery, collection efficiency, prepayment rate
and pool yield were stressed to assess whether the level of CE
was sufficient for the current rating levels.

Ind-Ra also conducted rating sensitivity tests.  If the
assumptions about the base case default rate worsen by 30%, the
model-implied rating sensitivity suggests that the ratings of
Series A1 PTCs will be downgraded by one notch, the rating of
Series A2 PTCs will not be affected.

Ind-Ra believes that demonetisation would have a short-term
impact on the cash flows from the underlying pool.  To include
the impact of demonetisation, the agency had a discussion with
the originator on the prevailing collection scenario.  Ind-Ra
analyzed the monthly collection trends of the originator for the
month of November 2016 and December 2016 based on the collections
done up to Jan. 19, 2017; the trends were provided by the issuer.
Based on these facts, the agency has included the assumptions of
lower collection efficiency (both for current and overdue
collections) than the long-term average for the three months
starting the first collection month.

                         COMPANY PROFILE

Incorporated in 2005, Ujjivan commenced operations in January
2006.  It is a microfinance institution focused on providing
financial services to the economically active poor in urban and
semiurban areas.  It is listed on the National Stock Exchange and
the Bombay Stock Exchange.  It was founded by CEO and Managing
Director Mr Samit Ghosh.

Ujjivan's loan portfolio increased 43.5% yoy to INR65.87 billion
at the end of 3QFY17.  Gross and net NPA levels were 0.25% and
0.05%, respectively, at the end of 3QFY17.  Ujjivan's portfolio
is well distributed across states.  As of December 2016, Ujjivan
was present in 24 states and union territories and 209 districts.


MORMONT IFMR: Ind-Ra Assigns 'B+' Rating to INR24.42MM A2 PTCs
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Mormont IFMR
Capital 2016 (an ABS transaction) these final ratings:

   -- INR212.52 mil. Series A1 pass-through certificates (PTCs)
      assigned IND A-(SO)/Stable rating

   -- INR24.42 mil. Series A2 PTCs assigned assigned
      IND B+(SO)/Stable rating

The microfinance loan pool assigned to the trust is originated by
Disha Microfin Private Limited (Disha).

                      KEY RATING DRIVERS

The final ratings are based on the origination, servicing,
collection and recovery expertise of Disha, the legal and
financial structure of the transaction and the credit enhancement
(CE) provided in the transaction.  The final rating of Series A1
PTCs addresses the timely payment of interest on monthly payment
dates and the ultimate payment of principal by the final maturity
date of Oct. 1, 2018, in accordance with transaction
documentation.

The final rating of Series A2 PTCs addresses the timely payment
of interest on monthly payment dates only after the complete
redemption of Series A1 PTCs and the ultimate payment of
principal by the final maturity date of Oct. 1, 2018, in
accordance with transaction documentation.

The transaction benefits from the internal CE on account of
excess interest spread, subordination and over-collateralization.
The levels of over-collateralization available to Series A1 and
Series A2 PTCs are 13% and 3% of the initial pool principal
outstanding (POS), respectively.  Total excess cash flow or
internal CE available to Series A1 and A2 PTCs is 30.23% and
17.83%, respectively, of the initial POS.  The transaction
benefits from an external CE of 5.0% of the initial POS in the
form of fixed deposits in the name of the originator held with
RBL Bank Ltd, with a lien marked in favor of the trustee.  The
collateral pool assigned to the trust at par had an initial POS
of INR244.28 million, as of the pool cut-off date of Dec. 11,
2016.

Investor payouts derive support from 3% principal over-
collateralization and 5% of cash collateral, in addition to
excess interest spread.  Principal payouts to Series A2 PTCs are
subordinated to Series A1 PTCs and provide an additional 10%
support to Series A1 PTCs.

The external CE will be used in case of a shortfall in a) the
complete redemption of all Series of PTCs on the final maturity
date, b) the monthly interest payment to Series A1 investors, c)
the monthly interest payment of Series A2 investors after the
complete redemption of Series A1 investors and d) any shortfall
in Series A2 maximum payout on the Series A2 final maturity date.

                     RATING SENSITIVITIES

As part of its analysis, Ind-Ra built a pool cash flow model
based on the transaction's financial structure.  The agency
analyzed historical data to determine the base values of key
variables that would influence the level of expected losses in
this transaction. The base values of the default rate, recovery
rate, time to recovery, collection efficiency, prepayment rate
and pool yield were stressed to assess whether the level of CE
was sufficient for the current rating levels.

Ind-Ra conducted rating sensitivity tests.  If the assumptions
about the base case default rate worsen by 30%, the model-implied
rating sensitivity suggests that the rating of Series A1 PTCs
will not be impacted and that of Series A2 PTCs will be
downgraded by two notches.

COMPANY PROFILE

Incorporated in 1995, Disha is registered with the Reserve Bank
of India (RBI) as a non-banking financial company - microfinance
institution.  In September 2015, it received in-principle
approval from the RBI to start operations as a small-finance
bank.  In October 2016, Disha acquired Future Financial Services
Pvt Ltd, a part of Fincare group, which comprises Disha, Future
Financial Services Pvt. Ltd, Lok Management Services Pvt. Ltd.,
India Finserve Advisors Pvt. Ltd. and Fincare Business Services
Pvt. Ltd.


MUDHAI DAIRY: CRISIL Assigns 'D' Rating to INR3.75MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Mudhai Dairy Private Limited.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Long Term Loan        3.75        CRISIL D

Rating reflects weak liquidity as reflected in instances of delay
in repayment of term loans and weak financial risk profile. These
weaknesses are partially offset by extensive industry experience
of promoters.

Key Rating Drivers & Detailed Description
Weakness
* Weak financial risk profile: Modest networth (Rs 1.4 crore as
on March 31, 2016), high gearing (6.01 times) and low interest
coverage (1.6 times in fiscal 2016) reflect weak financial risk
profile.

Strength
* Extensive experience of promoters: Business risk profile is
strengthened by the partners' extensive experience of three
decades in the liquor industry.

Incorporated in 2008, MDPL has dairy farm in Satara with total
installed capacity of 30,000 litres per day. It also has four
retail shops in Mumbai and Navi Mumbai.

Profit after tax was INR0.13 crore on net sales of INR24 crores
in fiscal 2016, against INR0.05 crore and INR23 crore,
respectively, in fiscal 2015.


NGD JEWELS: CRISIL Reaffirms B Rating on INR6.95MM Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of NgD Jewels (NGD) at 'CRISIL B/Stable'.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Cash Credit         6.95      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   .45      CRISIL B/Stable (Reaffirmed)

   Term Loan            .60      CRISIL B/Stable (Reaffirmed)

The rating continues to reflect working capital-intensive, and a
small scale of, operations in the competitive retail jewellery
segment. The ratings also factor in a below-average financial
risk profile due to below-average debt protection metrics and an
aggressive capital structure. These weaknesses are partially
offset by the extensive industry experience of the proprietor.

Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations in the competitive retail jewellery
segment
Revenue was INR16.8 crore in fiscal 2016, and is expected to
remain modest due to high fragmentation and intense competition
in the jewellery industry.

* Below-average financial risk profile
Gearing was high at 2.39 times and networth small at INR2.89
crore, as on March 31, 2016. The debt protection metrics are
below-average: interest coverage ratio was 1.5 times in fiscal
2016. The financial risk profile will remain below-average over
the medium term because of continued high reliance on working
capital debt.

* Working capital-intensive operations
Gross current assets were high at 210 days as on March 31, 2016,
because of large inventory, and will remain high over the medium
term.

Strength
* Extensive industry experience of the proprietor
The proprietor has extensive experience in the gold jewellery
industry; the experience has helped to gain an insight into
customers' buying patterns and identify trends in jewellery
designs. This should enable the firm to maintain its business
risk profile over the medium term.
Outlook: Stable

CRISIL believes NGD will continue to benefit from the extensive
industry experience of its proprietor. The outlook may be revised
to 'Positive' in case of significant and sustainable improvement
in cash accrual driven by increasing revenue and stable
profitability, or substantial infusion of capital, leading a
better financial risk profile. The outlook may be revised to
'Negative' if the financial risk profile, especially liquidity,
weakens, most likely due to lower cash accrual, stretched working
capital requirement, or capital withdrawal.

NGD was set up in the 1989 as a proprietorship firm, Neettukattil
Gold Park, by Mr. Ali Neettukattil; it was renamed in 2013. The
firm retails jewellery at its showroom at Valanchery, Kerala; it
offers a wide range of gold, silver, diamond, and platinum
jewellery.

For 2015-16, NGD reported a profit after tax (PAT) of INR0.18 cr
on net sales of INR16.01 cr; the firm reported a PAT of INR0.19
cr on net sales of INR17.58 cr for 2014-15.


PONGALUR PIONEER: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Pongalur Pioneer
Textiles Private Limited's Long-Term Issuer Rating at 'IND BB+'.
The Outlook is Stable.

                       KEY RATING DRIVERS

The ratings affirmation reflects PPTPL's continued moderate scale
of operations, indicated by a revenue of INR1,001 million in FY16
(FY15: INR863 million), and moderate credit profile, as reflected
in a gross interest coverage (operating EBITDA/gross interest
expense) of 2.3x (2.4x) and a net financial leverage (total
adjusted net debt/operating EBITDAR) of 2.4x (2.2x).  The
increase in revenue was due to healthy order execution for
clients. Moreover, PPTPL's revenue was INR700 million in 9MFY17.

The ratings factor in a decline in operating margin to 11.3% in
FY16 from 15.1% in FY15 due to an increase in the cost of raw
materials.

The ratings continue to remain constrained by the company's tight
liquidity situation, as evident from nearly 100% use of fund-
based limits over the 12 months ended December 2016.

The ratings, however, continue to be supported by the promoters'
experience of two-and-half decades in cotton yarn manufacturing.

                       RATING SENSITIVITIES

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

Positive: An improvement in the scale of operations, along with
the maintenance of the credit profile, would lead to a positive
rating action.

COMPANY PROFILE

PPTPL was established in 1990 by Mr V Selvapathy in Tirupur.  The
company is primarily engaged in the manufacturing of warp cotton
yarn.  It has an installed capacity of 66,856 spindles and
manufactures combed warp cotton yarn in the higher count ranges
from 66s, 72s and 91s.  It sells yarns in Somanur (Coimbatore)
and Mumbai through dealers, brokers and directly.

PPTPL sources raw materials from brokers.  It does not have any
long-term contracts for sourcing and pricing raw materials from
suppliers. Pricing is dependent on demand and market conditions.

The company has five wind mills, which meet 35% of the company's
power requirements.  The generating capacity of the wind mills is
1.675MW.  The wind mills have an overall generating capacity of
1.675MW and are situated in Edayarpalayam, Coimbatore and
Karungulam.


PUNEET IRON: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Puneet Iron and
Steel Private Limited (PISPL) a Long-Term Issuer Rating of
'IND BB'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The rating reflects PISPL's moderate scale of operations and
moderate credit metrics.  In FY16, revenue was INR947.57 million
(FY15: INR987.17 million), net interest coverage (operating
EBITDA/net interest expense) was 1.56x (1.09x) and net leverage
(total adjusted net debt/operating EBITDA) was 3.26x (9.03x).
The ratings are constrained by the company's weak EBITDA margins
of 1.31% in FY16 (FY15: 1.99%).

The ratings, however, are supported by PISPL's comfortable
liquidity position as evident from around 36.60% utilization of
its fund-based working capital limits during the nine months
ended December 2016.  The ratings are further supported by
promoter's experience of more than two decades in the steel
trading business.

                      RATING SENSITIVITIES

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

Positive: Substantial revenue growth along with an improvement in
the operating margins leading to improvement in the overall
credit metrics, could lead to a positive rating action.

COMPANY PROFILE

PISPL was formed in 1991 as Puneet Steels, a partnership firm
engaged in the trading of steel rounds and squares in Faridabad,
Haryana.  The company was reconstituted as a private limited
company and renamed Puneet Iron and Steel Private Limited in
2000. PISPL is an authorized distributor of Steel Authority of
India Limited (SAIL - 'IND AA'/Negative) and Rashtriya Ispat
Nigam Limited (RINL - 'IND A'/ Negative) and sells in the
domestic market, majorly to the auto sector.


R.R. ORNAMENTS: CARE Reaffirms B+ Rating on INR6.76cr LT Loan
-------------------------------------------------------------
The ratings of R.R. Ornaments Private Limited continue to remain
constrained on account of its modest scale of operations with
thin profitability and leveraged capital structure, working
capital intensive nature of operations and susceptibility of
operating profitability to volatile gold prices.

                       Amount
   Facilities       (INR crore)       Ratings
   ----------        -----------      -------
   Long-term Bank
   Facilities            6.76         CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities            0.60         CARE A4 Reaffirmed

The ratings further, continued to remain constrained on account
of its presence in a highly competitive and fragmented Gems &
Jewellery (G&J) industry. The ratings, however, continue to draw
strength from experienced promoters and wide range of product
offerings.

The ratings, further, continue to draw comfort from continuous
infusion of share capital by the promoters during the past
three financial years ended FY16 (refers to the period April 1 to
March 31).

The ability of the company to increase its scale of operations
with improvement profitability and better management of working
capital would be the key rating sensitivities.

Detailed description of the key rating drivers

During the last three financial years ended FY16, the promoters
has infused share capital including share premium. TOI of the
company has declined and stood modest along with low net worth
base as on March 31, 2016, further, the profitability of the
company stood thin. The capital structure of the company stood
moderately leveraged with the high working capital requirements
for the company are primarily to fund the high inventory levels.

Bhilwara-based (Rajasthan) RROPL was incorporated in the year
2009 by Mr. Vikas Samdani, Mr. Ankit Samdani and other family
members. RROPL is engaged in the business of manufacturing and
wholesale of gold, silver, diamond and precious stones studded
jewellery. The company is also engaged in the retailing of
jewellery through its single showroom located in Bhilwara. The
company offers wide range of products that include rings,
earrings, pendants, necklaces, bracelets, bangles, colour stones
and medallions. RROPL manufactures its own designs in 18, 20, 22
carat gold based on demand of the customers in the brand name RR.

As per audited results of FY16 (refers to the period April 1 to
March), RROPL reported a total income of INR22.04 crore with a
PAT of INR0.07 crore.


RHYTHM KNIT: CRISIL Reaffirms B+ Rating on INR0.3MM LT Loan
-----------------------------------------------------------
CRISIL has reaffirmed its ratings on bank facilities of Rhythm
Knit India Private Limited at 'CRISIL B+/Stable/CRISIL A4'.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Long Term Loan           .3      CRISIL B+/Stable (Reaffirmed)
   Packing Credit          6.7      CRISIL A4 (Reaffirmed)
   Post Shipment Credit    5.0      CRISIL A4 (Reaffirmed)

The ratings on the bank facilities of RKIPL continue to reflect
RKIPL's average financial risk profile because of a small net
worth and average protection metrics. The ratings also factor in
the small scale of operations in the highly fragmented knitted
garments industry. These rating weaknesses are partially offset
by the promoters' extensive experience in the textile industry
and established relationships with customers.

Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations in the highly fragmented knitted
garments industry: RKIPL has a modest scale of operations, as
reflected in its sales of around INR42.0 Crores in fiscal 2016.
Because of its small scale of operations, the company is unable
to exploit economies of scale. This limits its bargaining power
with suppliers as well as customers. Also, the company's revenue
are primarily derived from export, which is marked by high
competition from many small- medium size players in the ready-
made garment market in India as well as from players from other
developing low-cost countries.

* Average financial risk profile because of a small net worth and
average protection metrics: The company has small net worth of
about INR4.8 Crores as on March 31, 2016. This is on account of
low accretion to reserves due to small scale of operations
reflected. The company's moderate profitability and working
capital requirements have resulted in moderate debt protection
metrics. RKIPL's gearing was moderate at 1.4 times as on
March 31, 2016 because of moderate working capital intensive
nature of operations.

Strength
* Promoters' extensive experience in the textile industry and
established relationships with customers: RKIPL's promoters have
been in the readymade garments industry for over 13 years. This
has helped the promoters acquire technical know-how as well as
market knowledge. The extensive experience of the promoters has
helped the company establish good relationships with its
suppliers and customers, especially in Europe, the US, and
Africa. This is reflected in repeat orders the company gets from
its existing customers.
Outlook: Stable

CRISIL believes RKIPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
scales up its operations while it improves its profitability,
thereby improving the cash accrual. Conversely, the outlook may
be revised to 'Negative' if the financial risk profile,
particularly its liquidity, deteriorates, most likely because of
a substantial increase in its working capital requirements, or
debt-funded capital expenditure (capex), or low cash accrual.

RKIPL was incorporated in 2010 to take over the business of the
promoters' proprietary firm, Rhythm Fashions. RKIPL manufactures
and exports knitted garments, mainly to Europe, the US, and
Africa. The company has its manufacturing facility at Tirupur
(Tamil Nadu).

RKIPL's profit after tax (PAT) was INR0.4 crore on net sales of
INR41.9 crores in fiscal 2016, vis-a-vis a PAT of INR0.38 crore
on net sales of INR42.64 crore, for fiscal 2015.


RR ENERGY: Ind-Ra Assigns 'D' Long-Term Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned R.R. Energy
Limited (RREL) a Long-Term Issuer Rating of 'IND D'.

                       KEY RATING DRIVERS

The ratings reflect RREL's tight liquidity leading to delays in
debt servicing for the 12 months ended December 2016.

                      RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 2004, the company has a ferro alloy manufacturing
plant and a 15MW biomass-based power plant in Raigarh,
Chhattisgarh.


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

                         KEY RATING DRIVERS

The affirmation reflects Sagar's continued small scale of
operations and moderate credit metrics.  FY16 financials indicate
revenue of INR641 million (FY15: INR457 million).  Revenue
declined in FY15 to INR457 million from FY14 of INR736 million
due to shortage of molasses (raw material).  Interest Coverage
(operating EBITDA/gross interest expense) improved to 3.3x in
FY16 (FY15:2.4x) on account of improvement in EBITDA margin and
net financial leverage (total adjusted net debt/operating EBITDA)
deteriorated to 11.6x in FY16 (FY15:17.1x) due to reduction in
debt.  EBITDA margin was in the range of 6.4%-13.6% during FY13-
FY16 due to raw material price fluctuation as the main raw
material is a seasonal product.

The ratings, however, continue to be supported by the company's
comfortable liquidity position with the fund-based facilities
being utilized at an average of 80% over the 12 months ended
December 2016.

The ratings further derive support from more than two decades of
experience of the founders in portable and non-portable alcohol
business.

                      RATING SENSITIVITIES

Positive: Substantial growth in the company's top-line and
improvement in profitability leading to sustained improvement in
the overall credit metrics will lead to a positive rating action.

Negative: Any further decline profitability resulting in a
sustained deterioration in overall credit metrics of the company
will lead to a negative rating action.

COMPANY PROFILE

Incorporated in 1999, Sagar is engaged in manufacturing of
portable and non-portable alcohol.  The manufacturing facility is
located in Nashik, Maharashtra.  The company has a total
installed capacity of 10m liters per day and the current capacity
utilization is around 60-70% due to shortage of molasses.


SHREE BISHNU: CRISIL Lowers Rating on INR8.35MM Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Shree Bishnu Feed Industries to 'CRISIL D' from 'CRISIL B-
/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            8.35      CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The downgrade reflects delays in regularising ad hoc limits in
December 2016 and January 2017.

Key Rating Drivers & Detailed Description
Weaknesses
* Working capital-intensive operations: Gross current assets were
183 days as on March 31, 2016. Receivables increased to 128 days
from 114 days a year earlier due to delayed payments by
customers. Liquidity is stretched, reflected in an overdrawn
working capital line of credit.

* Constrained financial risk profile: Debt protection metrics and
the capital structure are weak. Gearing remained high at 4.36
times as on March 31, 2016, while the interest coverage ratio was
below average at 1.3 times in fiscal 2016.

Strength
* Extensive industry experience of the proprietor: The proprietor
has over four decades of experience in the poultry business.

SBFI was established in 1995 as a proprietorship concern by Mr.
Bharatji Prasad. The firm produces poultry feed, cattle feed, and
hatched chicks. It also trades in maize grain and soya bean de-
oiled cakes. Its manufacturing facility is in Howrah, West
Bengal.

Profit after tax (PAT) was INR17 lakh on revenue of INR56.3 crore
in fiscal 2016, against PAT of INR16.59 lakh on revenue of
INR53.17 crore in fiscal 2015.


SHREE GAJANAN: Ind-Ra Raises Long-Term Issuer Rating to 'B'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Shree Gajanan
Industries' (SGI) Long-Term Issuer Rating to 'IND B' from 'IND
D'. The Outlook is Stable.

                      KEY RATING DRIVERS

The upgrade reflects timely debt servicing by SGI during the
three months ended December 2016.  Although the company reported
multiple instances of over-utilization of working capital limits
over the 12 months ended August 2016, the utilization regularized
over September-December 2016.  Its liquidity position was tight,
indicated by a near full utilization of working capital limits
over the 12 months ended December 2016.

The ratings derive support from moderate scale of operations and
weak credit metrics.  In FY16, SGI's revenue was INR1,098 million
(FY15: INR1,111 million), EBITDA interest coverage (operating
EBITDA/gross interest expense) was 1x (1.1x) and net financial
leverage (adjusted debt net of cash/EBITDA) was 8.3x (17.7x).
SGI registered INR890 million in revenue for 9MFY17.

The ratings, however, were constrained by a continued volatile
EBITDA margin, which fluctuated between 3.1% and 6.7% during
FY13-FY16, due to fluctuating raw material prices.

The ratings continue to factor in the partnership structure of
SGI and its strong track record of over four decades in the rice
milling industry in Andhra Pradesh.

                        RATING SENSITIVITIES

Negative: A deterioration in the liquidity profile will be
negative for the ratings.

Positive: An increase in scale of operations, along with an
improvement in the liquidity position, will be positive for the
ratings.

COMPANY PROFILE

Established in 1969, SGI manufactures various varieties of rice
(basmati and non-basmati).  SGI has a 5 TPH capacity modern rice
mill in Nizamabad.


SHUBHAM INDUSTRIES: CRISIL Reaffirms B+ Rating on INR6.05MM Loan
----------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of Shubham Industries - Hyderabad (SI) at 'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            6.05     CRISIL B+/Stable (Reaffirmed)

The rating continue to reflect SI's modest scale of operations
with susceptibility to volatility in cotton prices and to changes
in government regulations, below-average financial risk profile,
marked by a small net worth, low gearing, and moderate debt
protection metrics, These rating weaknesses are partially offset
by the extensive experience of SI's partners in the cotton
industry and an established customer relationship.

Key Rating Drivers & Detailed Description
Weaknesses
*Modest scale of operations with susceptibility to volatility in
cotton prices and to changes in government regulations:
With revenue of INR60 crore for fiscal 2016, the scale of
operations remains modest and is susceptible to volatility in
cotton prices and changes in government regulations.

* Below average financial risk profile: Networth was modest at
INR1. crore and gearing high at 4.3 times as on March 31, 2016.
Debt protection metrics were weak, with interest coverage at
around 1.0 times for fiscal 2016.

Strength
* Extensive industry experience of the promoters and an
established customer relationship: The promoters have been
operating in the cotton industry for over five decades; this has
enabled them to establish a strong relationship with customers
and suppliers.
Outlook: Stable

CRISIL expects SI to continue to benefit over the medium term
from its partners' extensive industry experience and established
relationship with traders The outlook may be revised to
'Positive' in case of substantial and sustained increase in
profitability, or sizeable capital infusion, leading to a better
capital structure. The outlook may be revised to 'Negative' in
case of a steep decline in profitability, further capital
withdrawal, or a stretched working capital cycle, leading to
weakening of the capital structure.

SI was established as a partnership firm in 2013 by Mr.Rajesh
Soni and Mr. Krishnakumar Partani. The firm gins and presses raw
cotton (kapas) to make cotton bales, and sells cotton seed. SI's
manufacturing facility in Tandur (Andhra Pradesh) has capacity of
45,000 bales per annum. SI commenced its commercial operations
from December 2013.

In fiscal 2016, profit after tax (PAT) was INR0.26 crore on
operating income of INR59.8 crore, as against PAT of INR0.3 crore
on operating income of INR44.9 crore in fiscal 2015


SHYAM DHANI: CARE Reaffirms B+ Rating on INR7.73cr LT Loan
----------------------------------------------------------
The rating of Shyam Dhani Industries Private Limited continue to
remain constrained on account of its presence in the highly
competitive and fragmented food processing industry and
seasonality associated with agro based raw materials leads to
fluctuations in the prices and vulnerability to margins. The
rating is, further, constrained on account of stabilization risk
associated with its recently completed greenfield project.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term bank        7.73        CARE B+; Stable
   Facilities                        Reaffirmed

The rating, however, continue to favorably take into account
experienced management with strong group support having strong
marketing and distribution network.

Ability of the firm to achieve the envisaged level of TOI and
profitability with better management of working capital
would be the key rating sensitivities.

Detailed description of the key rating drivers

SDPL has completed its greenfield project for processing of
spices within time and cost parameters and has started commercial
production from April 1, 2017. The stabilization risk is
associated with this project owing to its presence in the highly
fragmented and competitive food processing industry and
vulnerability of margins to fluctuation in raw material prices.

This risk is offset to an extent with experienced promoters in
the industry and presence of group concern in the same line of
business.

Jaipur-based (Rajasthan) SDPL was incorporated in October, 2010
by Mr. Ramavtar Agarwal, Mr. Mahesh Agrawal and Mrs. Mamta
Agarwal with an objective to set up greenfield project for
manufacturing and processing of spices at Jaipur. It has
completed its project and started started commercial operations
from April 1, 2016.

During FY16 (refers to the period of March 31 to April 1), BCC
has reported a total operating income of INR25.21 crore with a
net profit of INR0.86 crore.


SINGHAL BUSINESS: CRISIL Assigns B+ Rating to INR9MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable' ratings to the long term
bank facility of Singhal Business Private Limited.  The ratings
reflect the company's modest scale and profitability, large
working capital requirement and exposure to intense competition.
These weaknesses are partially offset by the extensive industry
experience of promoters and comfortable capital structure.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit              9       CRISIL B+/Stable

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale and profitability
SBPL's scale and profitability has remained modest with operating
income of INR32.15 crore and operating margin of 2.1% for fiscal
2016. The modest scale restricts benefits from economies of
scale.

* Exposure to intense competition
The iron ore fines and steel product trading industry is marked
by intense competition and leads to low bargaining power for
small players, including SBPL. The same is also reflected in the
modest profitability levels.

* Large working capital requirements
Working capital requirements continue to be large marked by gross
current assets (GCAs) of 159 days as on March 31, 2016 and 127
days as on March 31, 2015.

Strengths
* Extensive experience of promoters
The promoters have been in the iron ore, coal and mill scale
trading business for close to a decade, which has enabled them to
develop good industry insight and this is likely to benefit SBPL.

* Comfortable capital structure
The capital structure is comfortable marked by low gearing of 0.7
time as on March 31, 2016 against 0.85 time as on March 31, 2015.
The total outside liabilities to tangible networth ratio too has
remained comfortable at 1.45 times and 1.48 times, respectively,
for the corresponding periods.
Outlook: Stable

CRISIL expects SBPL will maintain its business risk profile over
the medium term backed by the extensive industry experience of
its promoters. The outlook may be revised to 'Positive' if a
substantial and sustained increase in its scale of operation and
cash accrual along with improved working capital management
improves financial risk profile. The outlook may be revised to
'Negative' if low operating income or accrual, stretch in working
capital cycle, or any large debt funded capital expenditure
weakens financial risk profile, particularly liquidity.

Incorporated in October 2010, SBPL in engaged in domestic trading
of iron ore fines, coal, mill scale and other steel products. The
company is promoted by Raipur-based Mr. Rahul Agarwal and his
brother Mr. Ram Awatar Agrawal, who also manage operations.

In fiscal 2016, SBPL reported profit after tax (PAT) of INR0.15
crore on operating income of INR32.15 crore against INR0.17 crore
and INR40.50 crore the previous fiscal.


SREE GURUDEVA: Ind-Ra Affirms 'BB-' Rating on INR148.02MM Loans
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on
Sree Gurudeva Charitable and Educational Trust's (SGCET)
INR148.02 million bank loans to Negative from Stable, while
affirming the Long-term rating at 'IND BB-'.

                       KEY RATING DRIVERS

The Negative Outlook reflects SGCET's tight liquidity profile and
weak debt servicing.  Available funds declined to INR5.75 million
in FY16 (FY15: INR25.57 million) due to deployment of funds
towards its ongoing capital investment plan.  Consequently, the
available fund/total debt and available fund/total operating
expenditures deteriorated to 2.42% in FY16 (FY15: 12.04%) and
6.12% (34.52%), respectively.

SGCET's debt service coverage ratio (DSCR) remained below 1x over
FY13-FY16.  Although debt service in relation to total income
declined to 52.74% in FY16 (FY15: 71.48%), the DSCR remained
below 1x in FY16.  Ind-Ra does not expect any major improvement
in the DSCR due to high debt service commitments during FY17-
FY18.

The Outlook revision also reflects the fall in capacity
utilisation to 80.7% in FY16 from 89.75% in FY15. The drop in
capacity utilisation indicates tough competition for the courses
offered by the trust.  The rating continues to be constrained by
SGCET's limited demand flexibility.  The trust had accepted
nearly all applications to fill the seats as reflected by 100%
acceptance rate over FY15-FY16.  The absence of brand equity, as
well as affiliation with industries translates into limited
demand flexibility.

The trust's debt burden remained moderately high as reflected by
its debt/income (FY16: 146.05%; FY15: 158.42%) and debt/current
balance before interest and depreciation (CBBID) ratios (FY16:
3.46x; FY15: 3.54x).  Borrowings increased 11.79% yoy to
INR237.46 million in FY16, driven by a rise in short-term
borrowings to INR65.77 million (FY15: INR29.8 million).

The trust plans capex of INR110 million over FY17-FY18 for the
construction of additional academic blocks.  This capex will be
funded through a mix of debt (73%) and internal accruals (27%).
SGCET's liquidity profile is unlikely to improve in FY17-FY18 due
to its capital investment plan.

SGCET's operating margins fell 2.53pp to 41.81% in FY16, although
remained comfortable.  The decline resulted from a 26.91% yoy
increase in operating expenditures to INR94 million in FY16, as
against a 21.38% yoy increase in operating income to
INR161.53 million.

Tuition fee was the primary source of income with an average
contribution of 91.47% over FY12-FY16.  Staff cost was the major
cost (average contribution of 33.96% over FY12-FY16), followed by
depreciation (24.99%) and other operating expenditures (21.81%),
while interest cost proportioned 19.25%.

                      RATING SENSITIVITIES

Positive: A significant improvement in the operational
effectiveness of the trust-run institute, resulting in an
improvement in the coverage ratios and liquidity profile could
lead to a positive rating action.

Negative: A decline in student enrolments along with unplanned
capital investment, leading to a significant deterioration in the
operating margins and debt metrics could lead to a negative
rating action.

COMPANY PROFILE

SGCET was established in 2008 in Pallickal (Kerala).  The trust
manages Sri Vellappally Natesan College of Engineering since 2008
and offers B.Tech and M.Tech courses.  Mr Tushar Vellapally is
the chairman of the trust.


STEEL FORGE: CARE Raises Rating on INR4.50cr Loan to BB-
--------------------------------------------------------
The revision in the ratings assigned to the bank facilities of
Steel Forge and Cast Industries (SFC) was primarily on account of
improvement in profitability as well as debt coverage indicators
of RGK Group during FY16 (refers to the period April 1 to March
31) and its moderate capital structure. The ratings also factor
in the vast experience of promoters and well-established presence
of RGK in the international market.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-term/Short-          4.50      CARE BB-; Stable/CARE A4
   Term Bank Facilities                Revised from CARE B+/
                                       CARE A4
   Short-term Bank
   Facilities                1.50      CARE A4 Reaffirmed

The above-mentioned strengths are partially offset by its
declining scale of operations, RGK's working capital intensive
nature of operations, susceptibility of its profit margins to raw
material prices and foreign exchange rate fluctuations and
its presence in the highly competitive casting and forging
industry.

Going forward, RGK's ability to increase its scale of operations,
improve profitability by managing raw material price fluctuations
and improving capital structure and debt coverage indicators
would remain the key rating sensitivities. Furthermore, efficient
management of working capital and maintaining better liquidity
profile would also remain crucial.

Description of key rating drivers

Mr. Ramniklal Kotecha, key promoter of RGK group, holds more than
three decades of experience in the casting business and manages
technical aspects of goods manufactured. RGK group has strong
presence in international market with around 60% of the revenue
being generated from the export market.

During FY16, on the back of decline in material cost of iron and
steel PBILDT margin of RGK improved by 286 bps. Consequently,
with decline in interest costs, PAT margin improved by 195 bps
during FY16. GCA of RGK also reported healthy growth of 54.88% y-
o-y.

With improved profitability, debt coverage indicators marked by
total debt to GCA and interest coverage ratio improved compared
to previous year. Solvency position marked by overall gearing
stood moderate as on March 31, 2016, on the back of moderate
level of net worth base and debt level.

During FY16, TOI of RGK declined by 14.65% y-o-y on the back of
decline in export sales. RGK generates around 60% of revenue from
the export market out of which exports to Yemen constituted major
portion of revenue. Due to on-going political disruptions in
Yemen, the exports level declined significantly from 30% of the
net sales during FY15 to 15% of net sales during FY16.
Simultaneously RGK has added new export markets such as Morocco,
USA, Uganda, Zambia, Malawi, etc, to de-risk itself from single
geographical concentration.

Overall operations remained working capital intensive in nature
marked by high utilization (75%) of working capital bank
borrowing for last 12-month period ended December 2016 and
elongated operating cycle.

Analytical Approach - Consolidated

For arriving at the rating of Steel Forge and Cast Industries,
CARE has considered the consolidated financial and business
profile of the three entities of RGK Group, namely, Kotecha Steel
Forge Private Limited, Steel Forge and Cast Industries and Ganga
R K Industries Private Limited due to their managerial and
financial linkages. Mr. Ramnik Kotecha and Mrs Kiran Kotecha are
common directors/partners in the group.

Rajkot-based SFC, a part of RGK Group of Industries, was
established by its key promoter Mr. Ramnik Kotecha in April 2010
for manufacturing of steel casting products such as agriculture
diesel engine, pump sets, agriculture machineries, cast iron
parts, etc. Presently, SFC is managed by two partners, viz, Mr.
Ramnik Kotecha and Mrs. Kiran Kotecha having profit and loss
sharing ratio of 40% and 60%, respectively. The manufacturing
facility of SFC is located at Surendranagar district.

It started its operations from April 2013 with total installed
capacity of 500 ton per annum.

During FY16 (A), RGK reported PAT of INR0.91 crore on a TOI of
INR45.36 crore as against PAT of INR0.03 crore on a TOI of
INR53.14 crore during FY15. Till 9MFY17 (Prov.), RGK has achieved
a turnover of INR47.82 crore.


TIRUPUR PANDIT: CRISIL Reaffirms 'B' Rating on INR17.2MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Tirupur Pandit Hosiery Millss Private Limited at 'CRISIL
B/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Foreign Bill
   Discounting             6        CRISIL A4 (Reaffirmed)

   Foreign Bill
   Discounting             1.5      CRISIL B/Stable (Reaffirmed)

   Foreign Letter
   of Credit               1.5      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     17.2      CRISIL B/Stable (Reaffirmed)

   Packing Credit         24.8      CRISIL A4 (Reaffirmed)

   Overdraft               1.0      CRISIL B/Stable (Reaffirmed)


The rating reflects TPHMPL's modest scale of and working capital
intensive operations in a fragmented industry, susceptibility to
volatility in raw material prices and weak financial risk
profile. However, these weaknesses are offset by the extensive
industry experience of its promoters.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations amid intense competition: Business
risk profile is constrained by the modest scale of operations'as
reflected in revenues of INR68 crores during fiscal 2016.

* Susceptibility to volatility in raw material prices:
Profitability remains susceptible to volatility in raw material
prices and forex rates'profitability declined to 7.2% in fiscal
2016 from 14.3% in fiscal 2015.

* Working capital intensive operations: Gross current assets of
166 days as March 31, 2016, driven by high inventory and
receivables days reflect working capital intensive operations.

* Weak financial risk profile: Financial risk profile is weak on
account of continuous losses eroding its networth, which was
negative. Debt protection metrics are subdued marked by net cash
accrual to total debt and interest coverage ratios of 4% and 1.32
times during fiscal 2016.

Strength
* Extensive experience of promoters: Incorporated in 1974 in
Tirupur (Tamil Nadu), TPHMPL is promoted by Mr. N Subramanian.
The extensive experience of promoters has helped the company to
grow at a healthy compound annual growth rate of 36%.
Outlook: Stable

CRISIL believes TPHMPL will continue to benefit from its long
track record in the textile business. The outlook may be revised
to 'Positive' if increase in scale of operations and
profitability improves financial risk profile. The outlook may be
revised to 'Negative' if cash accrual declines or working capital
management is inefficient or sizeable debt-funded capital
expenditure programme weakens financial risk profile.

TPHMPL, incorporated in 1974, manufactures ready-made garments.
Its operations are managed by Ms S Latha and Mr. S
Jothimanikandan

For fiscal 2016, TPHMPL made a profit after tax (PAT) of INR45.70
lakh on total income of INR67.98 crore, against a PAT of INR29.70
lakh on total income of INR23.71 crore for the previous fiscal


T S R COTTON: CRISIL Reaffirms B+ Rating on INR10MM Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of T S R Cotton Ginning Mill at 'CRISIL B+/Stable'.

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

The rating reflects a modest scale of operations with
susceptibility to volatility in cotton prices and to changes in
government regulations. The rating also factors in a weak
financial risk profile because of an aggressive capital structure
and below-average debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
the promoters in the cotton industry and an established customer
relationship.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations with susceptibility to volatility in
cotton prices and to changes in government regulations: With
revenue of INR41 crore for fiscal 2016, the scale of operations
remains modest and is susceptible to volatility in cotton prices
and changes in government regulations.

* Weak financial risk profile: Networth was modest at INR4.4
crore and gearing high at 2.3 times as on March 31, 2016.  Debt
protection metrics were weak, with interest coverage and net cash
accrual to total debt ratios at around 1.7 times and 5%,
respectively, for fiscal 2016.

Strength
* Extensive industry experience of the promoters and an
established customer relationship: The promoters have been
operating in the cotton industry for over three decades; this has
enabled them to establish a strong relationship with customers
and suppliers.
Outlook: Stable

CRISIL believes TCGM will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of substantial and sustained increase in
profitability, or sizeable capital infusion, leading to a better
capital structure. The outlook may be revised to 'Negative' in
case of a steep decline in profitability, further capital
withdrawal, or a stretched working capital cycle, leading to
weakening of the capital structure.

Established in 1985 and based in Guntur, Andhra Pradesh, TCGM
undertakes cotton ginning, and processing of cotton seed oil.

In fiscal 2016, profit after tax (PAT) was INR0.34 crore on
operating income of INR41.4 crore, as against PAT of INR0.26
crore on operating income of INR38.2 crore in fiscal 2015


YATHARTH HOSPITAL: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Yatharth
Hospital and Trauma Care Services Private Limited (YHTCSPL) a
Long-Term Issuer Rating of 'IND BB'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect the company's ongoing partly debt-funded
capex plan, which has led to deterioration in net leverage to
3.08x in FY16 (FY15: 2.67x).  The company has a 440-bed capacity
in place and plans to add an incremental 250 beds until FY18.
Therefore, Ind-Ra expects the net adjusted leverage to become
stable from FY18, when new capacities start contributing to
revenue and profits.

However, the ratings are supported by YHTCSPL's improving scale
of operations and stable EBITDA margins of 25%-30% over FY13-
FY16. Revenue grew to INR718.99 million in FY16 (FY15: INR584.64
million) due to better occupancy levels, thereby increasing
average revenue per bed day.  The company recorded EBITDA margins
of 25.67% in FY16 (FY15: 31.38%).

The ratings are further supported by YHTCSPL's strong cash flows
and adequate liquidity.  Fund flow from operations margin was
around 15% in FY16 and cash flow from operations margin was about
7%.  Although free cash flow has been negative due to capex of
INR736.9 million incurred over FY13-FY16, the company had cash
and equivalents of INR6.94 million at FYE16 (FYE15: INR6.32
million).

                       RATING SENSITIVITIES

Negative: Weakening of margins leading to deterioration in the
credit metrics will be negative for the ratings.

Positive: A significant improvement in the top line and/or
diversification of the revenue sources while maintaining and/or
improving the credit profile will be positive for the ratings.

COMPANY PROFILE

YHTCSPL was formed in 2008 as a private limited hospital by
Dr. Ajay Tyagi, Dr. Kapil Tyagi, Dr Neena Tyagi and Dr. Manju
Tyagi.  The company has a 150-bed hospital in Greater Noida and a
340-bed hospital in Noida specialising in obstetrics and
gynecology, cardiology, general medicine, pediatrics and
neonatology, general surgery, ENT, microbiologist and pulmonology
services.



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


PAKUWON JATI: Fitch Rates Proposed US$ Sr. Unsec. Notes 'BB-'
-------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based property developer PT
Pakuwon Jati Tbk's (Pakuwon, BB-/Stable) proposed US dollar-
denominated senior unsecured notes an expected rating of 'BB-
(EXP)'. The notes will be issued by Pakuwon's wholly owned
subsidiary Pakuwon Prima Pte Ltd, and guaranteed by Pakuwon and
certain subsidiaries.

Pakuwon intends to use the net proceeds of the proposed notes to
redeem its existing USD200m 7.125% senior unsecured notes, which
are due in 2019. Fitch expects Pakuwon's financial profile to
remain within the parameters of its 'BB-' Long-Term Issuer
Default Rating as the new notes will be used mainly for
refinancing and to extend the maturity profile of the company's
debt, allowing more flexibility to manage cash flows.

The notes are rated at the same level as Pakuwon's senior
unsecured rating as they represent the company's unconditional,
unsecured and unsubordinated obligations. The final rating on the
notes is contingent upon the receipt of final documents
conforming to information already received.

KEY RATING DRIVERS
Solid Investment Property Portfolio: Pakuwon's ratings reflect
its strong investment property (IP) portfolio, which is driven
mainly by its mall operations and generated around 80% of its
total recurring revenue in 2015. Pakuwon's malls have an average
occupancy rate of over 90%, and have lease expiry profiles of
over five years on average, with most of the leases on a fixed-
rent basis. Fitch expects Pakuwon's recurring EBITDA/interest
coverage ratio to remain above 2x and for recurring EBITDA to
comfortably cover loan amortisation and dividend payments in
2016-2018.

More Volatile Development Business: Pakuwon also has significant
exposure to development properties, where cash flows are
inherently cyclical and more volatile. Pakuwon reported
contracted sales of IDR1.6trn in 9M16, down by 36% yoy, and
accounting for about 75% of management's 2016 contracted sales
forecast. Pakuwon's IP portfolio moderates this exposure;
recurring income from the IP portfolio contributed around 50% of
total cash inflow in the past three years. Pakuwon also benefits
from its market leadership in Surabaya and its ability to create
value from its large integrated mixed-use developments, despite
being a smaller developer than its similarly rated peers.

Limited Scale and Diversification: Pakuwon's rating also reflects
its relatively small development property scale and limited
project diversification compared with higher-rated international
peers. Pakuwon's current land bank of around 450 hectares still
allows for over 10 years of development, but the relatively low
number of projects, modest contracted sales and lack of
geographical diversification will remain a constraining factor
for the medium term.

Conservative Financial Policy, Leverage: Pakuwon has maintained a
conservative financial profile and has a record of low leverage.
The company has managed to keep its leverage (net debt/adjusted
inventory ratio) below 30% over the past three years and Fitch
expects its leverage to fall to around 20% by 2018, as demand and
the cash-collection cycle improve. Fitch believes Pakuwon's
leverage remains appropriate for its 'BB-' rating.

Manageable US Dollar Exposure: Fitch believes Pakuwon's solid
recurring EBITDA generation provides a comfortable buffer against
depreciation of the Indonesian rupiah versus the US dollar. Fitch
estimates that Pakuwon's recurring EBITDA/interest coverage ratio
will remain above 2x should the rupiah depreciate to 15,000 per
dollar, all else remaining equal. Furthermore, Pakuwon has hedged
the full principal of its US dollar bond against depreciation of
the rupiah using a number of call spread agreements, with an
overall upper-lower strike range of 13,000-17,500 per dollar.

KEY ASSUMPTIONS
Fitch's key assumptions within our rating case for the issuer
include:
- Contracted sales of around IDR2trn in 2017
- Recurring EBITDA margin of around 55% in 2017
- Average IP rental charge growth of around 5% yoy in 2017
  and 2018
- Construction capex of around IDR2trn in 2017

RATING SENSITIVITIES
Fitch does not foresee positive rating action in the next two
years. However, an upgrade might be considered if the IP assets
increase to above USD1bn and its top-three IP assets generate
less than 60% of recurring revenue (2015: 78.2%).

Developments that may, individually or collectively, lead to
negative rating action include:
- Sustained deterioration in the ratio of recurring EBITDA from
investment properties to interest to below 2.0x (2016F: 2.5x)
- Net debt/adjusted inventory (adjusted inventory defined as
investment properties + inventory + landbank + advances for land
acquisitions - advances from customers) rising above 35% on a
sustained basis (2016F: 26%)
- Weakening of the business profile that would be reflected in a
significant rise in vacancy rates or a sustained fall in rentals
- Share of cash flows generated from investment property falls to
less than 40% (2016F: 53%)


PAKUWON JATI: Moody's Assigns Ba3 Rating to Proposed Senior Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a senior unsecured bond
rating of Ba3 to the proposed senior unsecured notes to be issued
by Pakuwon Prima Pte. Ltd -- a wholly owned subsidiary of Pakuwon
Jati, Tbk (Ba3 stable). The notes are unconditionally and
irrevocably guaranteed by Pakuwon Jati, Tbk.

The outlook on the ratings is stable.

Pakuwon Jati will use the net proceeds towards redeeming in full
the USD200 million 2019 senior unsecured notes issued by Pakuwon
Prima Pte. Ltd. and for general corporate purposes.

RATINGS RATIONALE

"Pakuwon Jati's refinancing exercise is credit positive as the
company's weighted average debt maturity will be extended," says
Jacintha Poh, a Moody's Vice President and Senior Analyst.

"We expect the company to continue to manage its exposure to
foreign exchange-rate risk by hedging the principal portion of
the proposed US dollar notes," adds Poh, who is also Moody's Lead
Analyst for Pakuwon Jati.

Over the next 12-18 months, Moody's expects Pakuwon Jati's
revenue to grow between 5% and 10%. Over the same period, about
50%-54% of the revenue will be from recurring sources. Also,
Moody's expects the company's adjusted debt/homebuilding EBITDA
will measure around 2.0x and adjusted homebuilding EBIT/interest
coverage will stand at around 4.5x.

The stable ratings outlook reflects Moody's expectation that
Pakuwon Jati's credit profile will remain well-supported by the
recurring income from its investment properties, as well as its
ongoing financial discipline, while pursuing growth.

Upward ratings pressure is limited given the company's small
revenue base and geographic concentration. However, growth in
revenue over time to above IDR8 trillion, while maintaining (1)
solid liquidity position in the form of cash balances and
committed facilities; (2) adjusted debt/EBITDA of less than 2.5x;
and (3) adjusted homebuilding EBIT/interest coverage of above
6.0x will be positive for the rating.

Pakuwon Jati's ratings could face downward pressure if: (1) the
company fails to implement its business plans such that
proportion of recurring revenue falls below 40% of total revenue;
and (2) there is a deterioration in the property market, leading
to protracted weakness in its operations and credit profile.

Moody's considers an adjusted debt/EBITDA of more than 3.0x and
adjusted homebuilding EBIT/interest coverage of less than 4.0x on
a sustained basis, as indications that a ratings downgrade may be
necessary.

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

Pakuwon Jati, listed on the Indonesia Stock Exchange and
controlled by the Tedja family, is engaged in the development,
management and operation of retail malls, office buildings,
hotels, condominium towers and residential townships in Surabaya
and Jakarta.



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


TAKATA CORP: Faces Fresh Bankruptcy Fears as KSS Picked as Backer
-----------------------------------------------------------------
The Financial Times reports that investors in Takata Corp. have
begun to price in the growing risk of a court-led bankruptcy
after Chinese-owned Key Safety Systems emerged as the leading
bidder for the Japanese automotive supplier mired in a global
recall crisis over exploding airbags.

The FT relates that Takata said in a statement that a steering
committee of outside experts, commissioned by the company, had
recommended KSS, a US airbag manufacturer owned by China's Ningbo
Joyson Electronic, as the preferred financial sponsor, although a
final decision has yet to be made.

KSS was among several bidders for Takata that preferred a court-
led restructuring to minimise their exposure to the company's
liabilities, the FT report citing people close to the talks. KSS
declined to comment.

"Investors now see Takata's bankruptcy as a high possibility so
it doesn't help them to buy the stock even if the company finds a
sponsor," the report quotes Mitsushige Akino, chief fund manager
at Ichiyoshi Investment Management, as saying.

According to the FT, Takata said it continued to hope for an out-
of-court restructuring agreement with carmakers to avert
bankruptcy and supply disruption.  It added that it was unaware
of the veracity of several reports that carmakers, which are
footing the estimated $10bn-plus bill to replace potentially
defective Takata airbags in their vehicles, are seeking a court-
led restructuring for the company both in the US and Japan, the
FT relays.

                         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.



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


CAPITAL + MERCHANT: Investors to Get Second Payment in March
------------------------------------------------------------
Paul McBeth at BusinessDesk reports that some 7,500 investors
left out of pocket by Capital + Merchant Finance will get their
second payment next month, almost a decade after the lender
collapsed.

BusinessDesk relates that receiver Brendon Gibson of KordaMentha
told investors a second distribution of NZ$2 million will be made
next month, taking the total returned so far to NZ$12 million, or
7.2c in the dollar, in his latest report. A third payment is
expected to be made once the receiver's final claim is completed,
although a potential rival has emerged for that money which
Gibson said the receivers are investigating, says BusinessDesk.

BusinessDesk says a NZ$94 million claim backed by Australian
litigation funders Litigation Lending Services for damages
against Capital + Merchant's former trustee, Perpetual Trust, and
law firm Stace Hammond was settled out of court last year, and
while the latest report said the terms of the deals were
confidential it shows the receiver recouped some NZ$4.6 million
from legal claims.

Before those settlements, the receivers got NZ$10.3 million from
the NZ$18.5 million settlement between Capital + Merchant's
liquidator and the company's audit firm BDO Spicers, according to
BusinessDesk.

BusinessDesk notes that the Capital + Merchant receivership is
one of the more protracted, with another set of managers, Richard
Simpson and Tim Downes of Grant Thornton, acting in the interests
of the first-ranking creditor Fortress Credit Corp controlling
the administration until their retirement in 2012. In their final
report, Messrs. Simpson and Downes said the only recoveries they
anticipated for debenture holders would be through legal claims.

According to BusinessDesk, former Serious Fraud Office boss Adam
Feeley has described the collapse of Capital + Merchant as being
as bad as anything that occurred in the industry because nothing
had been recovered for investors. Former Capital + Merchant
directors Wayne Douglas and Neal Nicholls and chief executive
Owen Tallentire were jailed for fraud in 2012 for what the Court
of Appeal later called "theft on a grand scale," BusinessDesk
adds.

                     About Capital + Merchant

Capital + Merchant Finance Limited was placed into receivership
on Nov. 23, 2007, with the appointment of Timothy Downes and
Richard Simpson of Grant Thornton as Receivers. A second
receivership also commenced on Nov. 29, 2007, with the
appointment of Grant Graham and Brendon Gibson of Korda Mentha as
Receivers. The first receivership was concluded on March 21,
2012, and the second receivership continues. The Official
Assignee was appointed liquidator of the company on Dec. 15,
2009, on the petition of the Registrar of Companies.

Three former directors of C+M (Nicholls, Douglas and Tallentire)
were convicted of offences under the Crimes Act and the
Securities Act as a result of prosecutions by the Serious Fraud
Office (SFO) and the Financial Markets Authority (FMA). They
received total prison sentences of between six and eight and a
half years' imprisonment. Two of the directors (Ryan and
Sutherland) were ordered to pay reparation totaling NZ$160,000.


CONFIGURE EXPRESS: Director Resigns, More Franchises Close
----------------------------------------------------------
Chloe Winter at Stuff reports that the director of troubled
women's gym Configure Express, which is caught up in legal
action, has resigned.

Greg Peters stood down as a director of the company in October,
following the closure of three franchises in the North Island,
Stuff discloses.

As of January, three more gyms -- Papatoetoe, Manukau and
Kilbirnie -- have shut up shop, says Stuff.

According to Stuff, Mr. Peters said on Feb. 4 that Wendy MacKay
had taken over as the director and was "coming up to speed."

On the Companies Office site, Ms. MacKay's name is recorded as
MacKay-Peters and she has the same residential address as Peters.

In a statement, Ms. McKay said she could not comment about
specific gyms as there were legal issues involved, relates Stuff.

"Legal action . . . has commenced against several franchisees
that have breached the terms of their franchise agreements, and
we will be doing what we can to assist members with refunds once
we ascertain the exact position," the report quotes Ms. McKay as
saying.  "We have already stopped the payments of all those who
were paying by direct debit to the affected gyms and that
transaction services (the direct debit collection company) are
holding funds for any refund payments required."

Stuff relates that in the meantime, a number of members have
vented their frustration on the company's Facebook page to no
avail.

One said she was forced to move her membership from the Papakura
branch to the Manukau branch, following the closure of the
former, the report relays.

"I strongly suspect that the franchise owners of Manukau and
Papatoetoe fought to keep the good name going and their own
businesses above water - but I don't think they could have
expected any compensation for all those new members from . . .
Greg Peters," she said, notes the report.

She wrote to the company's head office to get some reassurance
she would get what she was owed, adds Stuff.


POWDERPAK PARKS: Indoor Ski Park Placed in Liquidation
------------------------------------------------------
Stuff reports that an indoor ski field terrain park in Queenstown
is in liquidation, three months after opening.

PowderPak Parks is said to be the world's largest indoor dry
slope terrain park. The company opened its doors in Frankton in
December but was shut on Waitangi Day.

Stuff, citing Companies Office, says liquidator Thomas Rodewald
was appointed on February 2.

His first liquidator's report is due on Feb. 10.

Rodewald and PowderPak Parks Queenstown Ltd directors Shaun
Leathley and Shane Logmans could not be contacted for comment,
the report notes.

When they opened in December the directors told Stuff the 600sq m
indoor terrain park cost over NZ$500,000 to build.

A public announcement on the closure was made on PowderPak's
Facebook page on Feb. 6, Stuff discloses.

"We gave it a red hot crack Queenstown, but unfortunately we have
to close our doors.  We would like to thank all of the people
that have come through our doors, and absolutely loved their time
inside our facility," it said.



===============
P A K I S T A N
===============


PAKISTAN: Fitch Affirms Issuer Default Ratings at 'B'
-----------------------------------------------------
Fitch Ratings has affirmed Pakistan's Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs) at 'B' with Stable
Outlooks. The issue ratings on Pakistan's senior unsecured
foreign- and local-currency bonds, Country Ceiling as well as the
Short-Term Local- and Foreign-Currency IDRs and are also affirmed
at 'B'.

The issue ratings on The Third Pakistan International Sukuk
Company Limited's foreign-currency global certificates have also
been affirmed at 'B'. The company was incorporated primarily for
the purpose of facilitating sukuk transactions and is wholly
owned by Pakistan.

KEY RATING DRIVERS

Pakistan's ratings balance broad gains achieved over the
International Monetary Fund (IMF) programme against a high public
debt/GDP ratio, low scores on the World Bank governance
indicators and heightened security risks.

Pakistan completed a three-year IMF Extended Fund Facility (EFF)
in September 2016. The country has entered 12 IMF programmes
since 1988, but this the first programme that it has completed.
Under the program, reserves were strengthened, the fiscal deficit
reduced and significant progress was made on structural reform.
Pressure related to the 2018 elections could test the
government's commitment to maintaining the policy framework set
out by the IMF.

The country's economic outlook has brightened since the start of
the programme, with annual GDP growth rising to 4.7% in the
financial year ending June-2016 (FY16), from 3.7% in FY13, above
the 'B' median of 3.6%. Fitch expects growth to strengthen to
5.3% in FY17, lifted by a recovery in agricultural output
following poor weather conditions in the previous season and an
influx of investment linked to the China-Pakistan Economic
Corridor (CPEC). Fitch forecast continued strong domestic demand,
with private consumption aided by faster credit growth.
Remittances have moderated, as over half come from Gulf economies
that are adjusting to lower energy prices, but a sharper slowdown
is a downside risk. A sharp slowdown in remittances is a downside
risk, as over half come from Gulf economies that are still
adjusting to lower energy prices.

Inflation slowed to 2.9% in FY16, a positive development for a
country that has experienced higher and more volatile inflation
than the 'B' median. Fitch expects inflation to increase to 4.5%
in FY17 and 4.8% in FY18, as commodity prices slowly recover.
Inflation is then forecast to remain stable in the medium term.
Central bank financing of the fiscal deficit is an upside risk to
inflation; government borrowing is shifting back towards the
State Bank of Pakistan after moving towards private banks under
the IMF programme. The banking sector has performed well, with
improvements shown across IMF's Financial Soundness indicators.
Non-performing loans remained high at 11.1% of total loans at
FYE16, though this is down from a peak of 14.8% at end-June 2013.

Pakistan's public debt/GDP ratio of 64.8% at end-FY16 was higher
than the 'B' median of 56.7%, but Fitch expects the ratio to
gradually fall in the medium-term if the country can sustain its
progress with fiscal consolidation. The general government budget
deficit fell to 4.6% of GDP in FY16, from 5.3% in FY15, with
revenues boosted by structural reforms, including the lowering of
the number of tax concessions. Fitch projects the budget deficit
to continue narrowing gradually if the economy performs in line
with our baseline scenario and the government remains committed
to the policy plans set out during the IMF programme.

The accumulation of losses in public sector enterprises (PSE),
particularly electricity distribution companies, has in the past
lead to injections of funds from the federal government budget to
clear debt. Efficiency improvements, higher tariffs and lower
energy prices have helped cut PSE losses. However, plans to
sustain long-term efficiency gains through privatisation have
been delayed due to objections from workers and political
opposition. PSE losses could rise considerably if Pakistan
suffers an economic shock or there is a sharp rise in energy
prices, ultimately feeding through to the government balance
sheet.

Fitch does not expects Pakistan to face external liquidity
difficulties in our baseline scenario, but increasing gross
external financing needs could increase the country's
vulnerability to shifts in investor sentiment. External debt
service costs are likely to increase in the medium-term, with
USD2.75bn of international bonds maturing between FY17 and FY20.
The country will also start paying back the USD6.4bn IMF facility
and USD11.7bn of rescheduled Paris Club debt in FY18 and FY17,
respectively, albeit over an extended timeframe. Fitch also
expects the current account deficit to widen as energy prices
start to recover and capital imports increase with higher
infrastructure investment, although such investments will be
heavily funded by Chinese entities as part of the CPEC. Pakistan
demonstrated market access in October 2016 by issuing a USD1bn
sukuk at an historically low yield of 5.5%.

Geopolitical tension and security threats could negatively affect
the economic outlook and investor sentiment. Pakistan has had a
series of disagreements with India in 2016 over violent incidents
along the shared border, marking a turn in relations that had
shown tentative signs of improvement in the previous two years.
Domestic terrorist incidents remain frequent, particularly in
Baluchistan province and along the Afghanistan border, although
the number of attacks fell in 2016 compared with the previous
year, and annual civilian casualties from terrorist activities
are at the lowest point since 2006.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Pakistan a score equivalent to a
rating of 'B+' on the Long-Term Foreign-Currency IDR scale.

Fitch's sovereign rating committee adjusted the output from the
SRM to arrive at the final Long-Term Foreign-Currency IDR by
applying its QO, relative to rated peers, as follows:

- Structural factors: -1 notch, to reflect domestic security
threats and geopolitical risks arising from tension with
neighbouring countries. Pakistan also has a low rank on the World
Bank's Ease of Doing Business index relative to 'B' rated peers,
despite a small improvement in 2017.

Fitch's SRM is the agency's proprietary multiple regression
rating model that employs 18 variables based on three-year
centred averages, including one year of forecasts, to produce a
score equivalent to a Long-Term Foreign-Currency IDR. Fitch's QO
is a forward-looking qualitative framework designed to allow for
adjustment to the SRM output to assign the final rating,
reflecting factors within our criteria that are not fully
quantifiable or are not fully reflected in the SRM.

RATING SENSITIVITIES
The main factors that could, individually or collectively, lead
to positive rating action are:

- Sustained fiscal consolidation, strengthening of the revenue
base, lower government debt ratios and smaller contingent
liabilities from state-owned entities.
- Progress with structural reforms that lead to an improved
business environment, stronger economic growth and higher
investment.
- A better security situation and decreased political risk.

The main factors that could, individually or collectively, lead
to negative rating action are:

- Policy slippage that leads to renewed pressure on economic and
financial stability, which may be evident in a rapid loss of
reserves or a sharp rise in inflation.
- Deterioration in the fiscal position that leads to a sharp or
sustained rise in government debt ratios, including contingent
liabilities from state-owned entities.

KEY ASSUMPTIONS

- Fitch's economic base case assumes Pakistan's economic policy
framework remains broadly unchanged over the political cycle.

- The ratings incorporate an assumption that Pakistan's relations
with India do not deteriorate to the point of renewed armed
conflict.

- The global economy is presumed to perform broadly in line with
Fitch's latest Global Economic Outlook report.



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


* PDIC to Sell 69 Assets Via Public Bidding on Feb. 28
------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC), through its
Real & Other Properties Acquired (ROPA) Disposal Committee, is
set to dispose on an "as-is, where-is" basis 69 assets consisting
of 68 assets owned by various closed banks and an asset acquired
by the Corporation via a public bidding to be conducted on
Feb. 28, 2017.

Interested buyers may submit their sealed bids to the ROPA
Disposal Committee Secretariat at the 9th Floor PDIC Training
Room, SSS Building, 6782 Ayala Avenue, cor. V.A. Rufino St.,
Makati City from 9:00 a.m. to 2:00 p.m. Bids will be opened
starting 2:00 p.m.

Up for bidding are real properties with an aggregate minimum
disposal value of PHP186.15 million located in Aklan, Albay,
Batangas, Bulacan, Cavite, Cebu, Iloilo, Metro Manila, North
Cotabato, Pampanga, Pangasinan, Rizal and Tarlac. In addition to
the real properties, three motor vehicles and two generator sets
with an aggregate minimum disposal value of PHP0.72 million are
included in the properties for bidding.

Bidders are advised to bring proper identification document (ID)
with photo and to register at least one hour prior to the
deadline for submission of bids. Bid documents such as Bid Forms,
the February 28, 2017 Conditions of Bid, and required format of
the Special Power of Attorney and Secretary's Certificate may be
downloaded free of charge from the PDIC website, www.pdic.gov.ph.

Prospective buyers are also advised to physically inspect the
properties they are interested to buy, examine and verify the
titles and other evidence of ownership, and determine any unpaid
taxes, fees, charges and/or expenses before submitting their
bids.

Each bid should be accompanied by a bond/deposit equivalent to at
least 10% of the submitted bid, in cash or Manager's or Cashier's
Check, or a combination thereof. The Manager's or Cashier's Check
should be issued by a universal or reputable commercial bank and
payable to PDIC. The winning bidder should pay the balance of the
bid no later than March 9, 2017.

PDIC also clarified that the Value Added Tax (VAT) corresponding
to the bid price of properties owned by PDIC shall be shouldered
by and collected from the winning bidder in addition to the bid
price in accordance with Bureau of Internal Revenue (BIR) Revenue
Regulations No. 16-2011 dated October 27, 2011.

The expeditious conversion and resolution of assets are among the
strategic directions outlined in PDIC's Roadmap. PDIC, as
liquidator of closed banks, conducts various asset disposal
initiatives such as biddings, auctions and negotiated sale.
Proceeds from the sale of closed banks' properties are added to
the pool of liquid assets of these banks for distribution to
uninsured depositors and other creditors in accordance with the
rules on concurrence and preference of credits. The disposal of
these assets increases the chances of recovery of uninsured
depositors and creditors of their trapped funds. Meanwhile, gains
from the sale of corporate assets are added to the Deposit
Insurance Fund, PDIC's main fund source for payment of valid
deposit insurance claims.

Interested parties may get in touch with the ROPA Disposal
Committee Secretariat at telephone number (02) 841-4747 or (02)
841-4748 for more information.



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


IBC CAPITAL: Moody's Changes Outlook to Negative; Affirms B2 CFR
-----------------------------------------------------------------
Moody's Investors Service has changed the ratings outlook for IBC
Capital Limited (Goodpack) to negative from stable.

At the same time, Moody's affirmed the B2 corporate family rating
(CFR), the B2 rating on the $550mm 1st lien term loan due 2021
and the B3 rating on the $170 million 2nd lien term loan due
2022.

IBC Capital Limited, which acquired Goodpack in September 2014
for $1.1 billion, is an indirect wholly owned subsidiary of a
fund affiliated and advised by Kohlberg Kravis Roberts & Co L.P.
(KKR).

RATINGS RATIONALE

"The negative outlook reflects Moody's view that expected
earnings growth has not materialized in recent years preventing
Goodpack from reducing its financial leverage, which has been
high since the acquisition by KKR," says Brian Grieser, a Moody's
Vice President and Senior Analyst.

Moody's estimates Goodpack's leverage -- as measured by adjusted
debt/EBITDA -- will be around 6.5x at the end of fiscal 2017,
which is considered high for its current rating level and exerts
pressure on Goodpack's B2 CFR.

"While revenues improved in the first quarter of fiscal 2017, due
largely to better trip revenue in its synthetic rubber business
and new contracts, increased logistics and handling costs have
weighed on EBITDA margins resulting in a relatively flat earnings
performance," added Grieser, also Moody's Lead Analyst for
Goodpack.

Moody's base case anticipates leverage to fall to around 6.0x
over the next 12 to 18 months largely driven by revenue growth,
from new contract wins, and cost initiatives undertaken by the
company during the current fiscal year to lower its logistic
costs. Any deviation from this expectation would increase the
likelihood of a downgrade.

The B2 CFR continues to reflect (1) Goodpack's leading position
in the niche and growing logistics market for natural and
synthetic rubber; (2) high profitability levels with adjusted
EBITDA margin of over 45%; and (3) its well staggered debt
maturity profile, with the next debt maturity in September 2019.

We expect liquidity to remain solid over the next twelve months
with access to cash and committed revolving credit availability
remaining above $50 million at all times, which supports the
rating despite Goodpack's high leverage profile. Goodpack held
cash of $28 million as of 30 September 2016.

The ratings could be downgraded if Goodpack fails to grow
revenues, margins weaken further and the company is unable to
reduce leverage over coming quarters.

A negative ratings action is likely to occur if leverage remains
at current levels or it becomes apparent that it will not fall
below 6.0x in fiscal 2018 or if available liquidity, defined as
cash plus committed revolver availability, falls below $40
million.

Ratings are unlikely to be upgraded in the next 12-18 months
given the negative outlook. Ratings stabilization could occur if
Goodpack demonstrates the ability to reduce its financial
leverage such that it approaches 5.5x and EBIT/interest exceeds
2.0x over a sustainable period while maintaining its good
liquidity profile.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Goodpack, headquartered in Singapore, owns a fleet of 3.6 million
IBCs used for the packaging, transportation and storage of cargo,
primarily natural rubber and synthetic rubber.



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


HYUNDAI MERCHANT: Attempts Recovery After Hanjin Disaster
---------------------------------------------------------
Kyunghee Park at Bloomberg News reports that Hyundai Merchant
Marine Co. said it will post losses through the first half of
2018 as the container-shipping industry attempts to recover from
Hanjin Shipping Co.'s bankruptcy and years of excess capacity.

As a hedge against adverse conditions plaguing shipping, Hyundai
Merchant has initiated talks to invest in box terminals in
Southeast Asia, Chief Executive Officer Yoo Chang-keun, 64, said
in an interview on Feb. 6, Bloomberg relates. Once the company
starts to turn around to profit, Hyundai Merchant plans to order
new ships to meet new emission rules scheduled to take effect at
the end of the decade.

"This year will be the year to strengthen our financials,"
Bloomberg quotes Yoo as saying. "We are targeting to make an
operating profit in the third quarter of next year. By early next
year, we expect much of the overcapacity in the market will be
resolved."

Hyundai Merchant, whose accumulated operating losses have
exceeded $2 billion since 2011, is counting on a recovery in
freight rates as a spate of mergers globally helps pare capacity
and prevents rivals from undercutting each other, Bloomberg says.
According to Bloomberg, the company agreed to a tie-up with the
world's biggest shipping alliance led by A.P. Moeller-Maersk A/S
in December and is buying overseas terminal assets, filling a gap
left by Hanjin, which is set to be declared bankrupt next week by
a Seoul court.

"There appears to be a consensus that the industry won't be able
to sustain with the level of freight rates we saw last year," Yoo
said, says the report. "We are cautiously expecting rates this
year to recover."

Shares of the company fell 1.2 percent to KRW7,990 on Feb. 7 in
Seoul, the biggest drop in two weeks, Bloomberg discloses. They
have declined 53 percent in the past year, compared with an 11
percent gain in the benchmark Kospi index.

Bloomberg notes that while Hanjin collapsed last year after
credit stopped flowing, Hyundai Merchant managed to stay afloat
by revamping its debt, selling assets, adjusting charter rates on
leased vessels and extending the maturity of bonds. The measures
won financial support from state-owned Korea Development Bank,
which is now its biggest shareholder with a stake of 14 percent,
Bloomberg says.

Following the restructuring, Hyundai Merchant's debt-to-equity
ratio is about 186 percent, down from as high as 5,000 percent,
Yoo said, adding the company will take advantage of the
government's KRW6.5 trillion ($5.7 billion) financial package
designed to help Korean shipping companies tide over the crisis,
according to Bloomberg.

Hyundai Merchant, which counts Samsung Electronics Co., LG
Electronics Inc., Best Buy Co., Wal-Mart Stores Inc. and Target
Corp. among its customers, posted an operating loss of
KRW647.3 billion in the first nine months of last year, widening
from KRW145.9 billion a year earlier, Bloomberg discloses.

Hyundai Merchant Marine Co., Ltd., is a Korea-based company
specializing in the provision of shipping services.  The Company
provides its services under two main segments: container and
bulk.

Hyundai Merchant Marine is currently under a creditor-led
restructuring scheme.



                             *********

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
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                 *** End of Transmission ***