TCRAP_Public/170209.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, February 9, 2017, Vol. 20, No. 29

                            Headlines


A U S T R A L I A

ADVANCE SERVICED: First Creditors' Meeting Set for Feb. 16
AUGUSTA DEVELOPMENTS: First Creditors' Meeting Set for Feb. 17
BENCHMARK FOOD: First Creditors' Meeting Set for Feb. 16
HERRINGBONE PTY: In Administration; First Meeting Set Feb. 14
MAGI-BUILD BUILDING: Creditors Rejects DOCA; Vote to Liquidate

PEABODY ENERGY: Moody's Retains (P)Ba3 Rating on First Lien Debt
SMI GROUP: First Creditors' Meeting Scheduled for Feb. 17


C H I N A

QINGHAI PROVINCIAL: S&P Assigns 'BB-' CCR; Outlook Stable


I N D I A

A H MALLICK: CARE Reaffirms 'B' Rating INR8.56cr LT Loan
ABG SHIPYARD: Cochin Shipyard Enters Talks to Buy ABG Stake
ACE COMMERCIAL: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
AHITRI SPINNING: CARE Assigns B+ Rating to INR19cr LT Loan
AISHWARYA AGRIPROCESSORS: Ind-Ra Affirms 'BB-' Issuer Rating

ALLIED ENGINEERS: CARE Assigns B+ Rating to INR5cr Bank Loan
BHOOMIDHAN COLD: CARE Assigns B+ Rating to INR6.54cr LT Loan
BIG TILES: ICRA Reaffirms B+ Rating on INR8.25cr Fund Based Loan
BNT CONNECTIONS: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
BRIGHTWAY CONTRACTORS: CRISIL Reaffirms B Rating on INR4MM Loan

BRISEIS CV: Ind-Ra Assigns 'BB' Rating to Series A2 PTCs
CATVISION LIMITED: Ind-Ra Assigns 'BB+' Rating to INR15MM Loan
CONSOLIDATED CONSTRUCTION: CARE Reaffirms LT Loan Rating at 'D'
EMTELLE INDIA: Ind-Ra Affirms 'B' Long-Term Issuer Rating
GAYATRI AGRO: Ind-Ra Assigns 'BB' Long-Term Issuer Rating

GEETA HEEMGHAR: CRISIL Assigns 'B' Rating to INR5.20MM Cash Loan
GOPI TEXFAB: CARE Reaffirms B+/A4 Rating on INR5.50cr Loan
HOTEL BABYLON: CRISIL Assigns B+ Rating to INR29MM LT Loan
INVEST GOLD: CRISIL Assigns B+ Rating to INR5MM LT Loan
JAIN IRRIGATION: Fitch Assigns B+ Final Rating to USD200MM Notes

JAINAM COATEX: ICRA Reaffirms B Rating on INR8.25cr LT Loan
KALIMA STEEL: CARE Upgrades Rating on INR6.49cr Loan to BB-
KASHTBHANJAN GINNING: CARE Reaffirms B+ Rating on INR4.29cr Loan
KESHARI INDUSTRIES: CARE Reaffirms B+ Rating on INR1.86cr Loan
KWAL-PRO EXPORTS: ICRA Reaffirms B+ Rating on INR9.30cr Loan

LORDS INFRACON: CARE Assigns B Rating to INR1.0cr LT Bank Loan
MIRUS INFRATECH: CARE Assigns B+ Rating to INR7.50cr LT Loan
MANGALAGIRI TEXTILES: CRISIL Cuts Rating on INR14MM Loan to 'D'
PARAS DYEING: CARE Assigns B+ Rating to INR9cr Long Term Loan
PARASRAM MANNULAL: CARE Reaffirms B+ Rating on INR5cr Loan

PARVATI SOLVENT: ICRA Reaffirms D Rating on INR10cr Cash Loan
RUDRANEE INFRASTRUCTURE: CRISIL Cuts Rating on INR109MM Loan to D
SAIPOOJA AGROTECH: CRISIL Reaffirms B Rating on INR5.19MM Loan
SANJOG SUGARS: ICRA Reaffirms C+ Rating INR32.06cr Loan
SANKALP ENGINEERING: ICRA Reaffirms D Rating on INR45cr Loan

SAVARIYA INDUSTRIES: CRISIL Assigns 'B' Rating to INR6MM Loan
SAVITRIDEVI INDUSTRIES: CARE Cuts Rating on INR8.36cr Loan to 'B'
SHINE METALTECH: ICRA Reaffirms D Rating on INR6.4cr Loan
SHREE RAMA: CARE Assigns 'D' Rating to INR5.7cr ST Bank Loan
SHRIRAM TRANSPORT: Fitch Affirms IDRs at BB+; Outlook Stable

SMT. SHAKUNTLA: CARE Assigns D Rating to INR194.32cr Bank Loan
SRI MUTHUMARI: CRISIL Reaffirms D Rating on INR7MM Term Loan
STARKE ROCKSAND: CARE Assigns B+ Rating to INR7cr LT Bank Loan
SUDALAGUNTA SUGARS: CRISIL Reaffirms B+ Rating on INR92.5MM Loan
SUN SHINE: CARE Reaffirms B+ Rating on INR16.25cr LT Loan

TNR INDUSTRIES: CRISIL Lowers Rating on INR7MM Cash Loan to 'C'
TRINITY EYE: CRISIL Assigns B+ Rating to INR31.5MM LT Loan
UNIVERSAL CONSTRUCTIONS: CRISIL Cuts Rating on INR12MM Loan to D
VICHITRA PRESTREESED: ICRA Reaffirms C+ Rating on INR5cr Loan
VISHNURAAM TEXTILES: CRISIL Reaffirms B Rating on INR6.82MM Loan


I N D O N E S I A

GAJAH TUNGGAL: Moody's Lowers CFR to Caa1; Outlook Negative
MITRA PINASTHIKA: Divestment Plan No Effect on Fitch BB- Rating
PAKUWON JATI: S&P Affirms 'BB-' CCR on Debt Servicing Capacity


J A P A N

TAKATA CORP: Automakers Urge Court-Mediated Restructuring


M A L A Y S I A

PRIME GLOBAL: Needs More Time to File Fiscal 2016 Form 10-K


M O N G O L I A

MONGOLIA: Citizens Donate to Help Country Avoid Default


S O U T H  K O R E A

DAEWOO SHIPBUILDING: KDB Chief Rules Out Additional Aid for Firm
HANJIN SHIPPING: KDB Puts 10 Shipping Vessels Up For Sale


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A U S T R A L I A
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ADVANCE SERVICED: First Creditors' Meeting Set for Feb. 16
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Advance
Serviced Apartments Darwin Pty Ltd will be held at the offices of
Worrells Solvency & Forensic Accountants, Level 15, 114 William
Street, in Melbourne, Victoria, on Feb. 16, 2017, at
2:30 p.m.

Nathan Deppeler & Paul Burness of Worrells Solvency & Forensic
Accountants were appointed as administrators of Advance Serviced
on Feb. 7, 2017.


AUGUSTA DEVELOPMENTS: First Creditors' Meeting Set for Feb. 17
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of
Augusta Developments Pty Ltd will be held at the offices of
Worrells Solvency & Forensic Accountants, Suite 1103, Level 11,
147 Pirie Street, in Adelaide, SA, on Feb. 17, 2017, at
12:00 p.m.

Nicholas David Cooper and Rajendra Kumar Khatri of Worrells
Solvency & Forensic Accountants were appointed as administrators
of Augusta Developments on Feb. 8, 2017.


BENCHMARK FOOD: First Creditors' Meeting Set for Feb. 16
--------------------------------------------------------
A first meeting of the creditors in the proceedings of
Benchmark Food Solutions Pty Ltd will be held at the offices of
SV Partners, SV House, 138 Mary Street, in Brisbane, Queensland,
on Feb. 16, 2017, at 2:30 p.m.

Anne Meagher and Terrence John Rose of SV Partners were appointed
as administrators of Benchmark Food on Feb. 6, 2017.


HERRINGBONE PTY: In Administration; First Meeting Set Feb. 14
-------------------------------------------------------------
SmartCompany reports that clothing retailers Herringbone and
Rhodes & Beckett are the latest casualties of Australia's
troubled fashion climate, with the two brands collapsing into
voluntary administration on Feb. 7.

Herringbone Pty Ltd and Rhodes and Beckett Pty Ltd were placed in
the hands of administrators from Cor Cordis, who say "high
overheads, some unfavorable store leases, and other residual
legacy issues" are the key factors that lead to their
appointment, SmartCompany relates.

Combined, the brands have 29 stores and 140 employees across
Australia.  According to the report, Cor Cordis will now begin
the task of evaluating which stores are underperforming before a
sale campaign begins.

SmartCompany relates that the retailers, which specialise in
suits and corporate wear, are majority owned and supplied by
German apparel group van Laack gbmH, which administrators say is
interested in keeping both brands in Australia through a possible
sale deal.

"Part of our role is to make improvements to these areas to
prepare the business as an attractive asset for sale," the
administrators said in a statement about their appointment.

SmartCompany says the appointment of external administrators to
the brands is the second case of an Australian-based clothing
retailer falling into voluntary administration in two weeks,
after David Lawrence and Marcs called in Rodgers Reidy on Feb. 1.

The report notes that retail analysts and businesses have cited
soft retail conditions and cash flow concerns as key issues being
faced by businesses in a challenging retail market.

Cor Cordis administrator Bruno Secatore, who has been appointed
to the Herringone and Rhodes and Beckett businesses, told News
Corp the retail environment is currently "very strange" and
sustained profitability has been an issue, adds SmartCompany.

A first meeting of the creditors will be held at the Institute of
Chartered Accountants, Level 18, 600 Bourke Street, in Melbourne,
on Feb. 14, 2017, at 3:30 p.m.


MAGI-BUILD BUILDING: Creditors Rejects DOCA; Vote to Liquidate
--------------------------------------------------------------
Anthony Bunn at The Border Mail reports that debt packed Border
firm Magi-Build Building Contractors will be wound-up with
creditors rejecting a deal which promised a return of 20 cents in
the dollar.

According to the report, administrator Chris Chamberlain advised
creditors to accept a deed of company arrangement which would
have involved Magi-Build director Paul Maginnity contributing
AUD300,000 via asset sales.  But as part of a 90-minute meeting
at Albury's Commercial Club on Feb. 6, creditors opted instead to
send Magi-Build, which owes AUD1.2 million, into liquidation.

Based on an optimistic outlook unsecured creditors may now get
15 cents per dollar or zero if the most pessimistic forecast is
realized, The Border Mail relates.

Creditors, who voted for winding up, told The Border Mail they
were driven by the liquidation process allowing for more assets
to be uncovered and allegations of insolvent trading to be
explored.

The roles of Mr. Maginnity's fellow directors, his father Brian
and brother Chris, who resigned last year are also set to be
further scrutinized, the report says.

The Border Mail says Mr. Chamberlain was surprised the deed was
spurned.

"You end up with a situation where emotions do play a part," the
report quotes Mr. Chamberlain as saying. "We recommended the
proposal based on it delivering a better result."

Mr. Chamberlain will now do more probing with the liquidation
process to take six to 12 months, says The Border Mail.


PEABODY ENERGY: Moody's Retains (P)Ba3 Rating on First Lien Debt
----------------------------------------------------------------
Moody's Investors Service said that all provisional ratings of
Peabody Energy Corporation remain unchanged, including a
provisional corporate family rating (CFR) of (P)B1, a (P)Ba3
provisional rating on the first lien secured term loan, and a
(P)Ba3 provisional rating on $1 billion first lien secured notes
issued by the Peabody Securities Finance Corporation. The outlook
remains stable.

On Feb. 6, 2017, the company announced that it intends to upsize
its proposed first-lien term loan to $950 million from $500
million, in lieu of $450 million in second lien debt.

The proposed debt offering will be used to exit bankruptcy with
the proceeds used to repay existing debt and pay related fees and
expenses. The provisional ratings were assigned pending the
emergence from bankruptcy and the closing of the proposed exit
financing. The company is expected to emerge from bankruptcy in
the next few months.

Upon emergence, Peabody Securities Finance Corporation will be
merged into Peabody Energy Corporation which will assume the
obligations under the notes. To the extent that the proposed
transaction does not close, the notes will be repaid from the
escrow account.

On Jan. 26, 2017 the company announced that the U.S. Bankruptcy
Court for the Eastern District of Missouri has approved the
company's disclosure statement, enabling the company to solicit
its creditors to vote on the proposed plan of reorganization.

The ratings continue to reflect the company's diverse platform of
cost-competitive assets, including seven mining complexes in the
Western United States, nine in Midwestern United States, and nine
in Australia. While the company's US operations produce
cost-competitive thermal coal sold predominantly to domestic
utilities, the company's mines in Australia produce thermal and
metallurgical coal predominantly sold into the seaborne market.

The (P)Ba3 rating on the first lien debt reflects its priority
position with respect to claim on collateral, relative to
unsecured claims. The company's proposed capital structure
consists of $950 million in first lien term loan and $1 billion
of first lien secured notes.

The stable outlook reflects Moody's expectations of positive free
cash flows and solid contracted position.

The ratings could be upgraded if the rate of secular decline in
the US thermal coal industry were to slow or reverse, and if
metallurgical coal markets were to show more stability and
predictability. The ratings could also be upgraded in the event
of material growth in scale and diversity.

The ratings could be downgraded if Debt/ EBITDA, as adjusted,
were to increase above 5x, if free cash flows were to turn
negative, or if liquidity were to deteriorate.

Peabody Energy Corporation is the world's largest private sector
coal company with coal mining operations in the US and Australia
and close to 6 billion tons of proven and probable reserves. As
of September 30, 2016, the company owned interests in 26 active
coal mining operations. For the nine months ended September 30,
2016 the company generated $3.3 billion in revenues.


SMI GROUP: First Creditors' Meeting Scheduled for Feb. 17
---------------------------------------------------------
A first meeting of the creditors in the proceedings of
SMI Group Pty Limited, trading as SMI Fitout Pty Limited, will be
held at the offices of RSM Australia Partners, Equinox Building
4, Level 2, 70 Kent Street, in Deakin, ACT, on Feb. 17, 2017, at
10:00 a.m.

Frank Lo Pilato, Jonathon Colbran and Peter Marsden of RSM
Australia Partners were appointed as administrators of SMI Group
on Feb. 7, 2017.



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QINGHAI PROVINCIAL: S&P Assigns 'BB-' CCR; Outlook Stable
---------------------------------------------------------
S&P Global Ratings said that it had assigned its 'BB-' long-term
corporate credit rating to Qinghai Provincial Investment Group
Co. Ltd. (QPIG) and its proposed notes.  The outlook is stable.
At the same time, S&P assigned its 'cnBB+' long-term Greater
China regional scale rating to the company and its proposed
notes.  QPIG is the largest integrated aluminum producer in
China's Qinghai province.

"The rating on QPIG reflects the company's 'b-' stand-alone
credit profile and our view of a high likelihood that the
government of Qinghai province would extend timely and sufficient
extraordinary support if the company comes under financial
distress," said S&P Global Ratings credit analyst Claire Yuan.

S&P views QPIG as a government-related entity (GRE).  S&P's
assessment of the likelihood of government support is based on
the company's characteristics:

   -- A very strong link with the Qinghai provincial government.
      The government holds 50.9% of QPIG and with this slim
      majority acts as a controlling shareholder of the company.
      Qinghai provincial government appoints the company's senior
      management and Qinghai State-owned Assets Supervision and
      Administration Commission (SASAC) appoints the board of
      directors.  The government does not provide guarantees but
      exerts strong influence on QPIG's operational and
      refinancing activities when needed.  Its core business area
      is in accordance with Qinghai's development plans,
      reflecting the company's vital role to the Qinghai's
      economy and the government. QPIG is the largest integrated
      aluminum producer in Qinghai province.  The company's
      credit standing in the region is important for the
      government as default could reverberate throughout the
      value chain, including the power and coal industries.

Qinghai province's credit profile reflects its weak economy,
strong budgetary flexibility, and exceptional liquidity.  The
province's credit weaknesses include its very weak budgetary
performance, high debt burden, and very high contingent
liabilities, as well as the evolving and unbalanced institutional
framework in which Qinghai province operates.  Such institutional
settings lead to satisfactory financial management strength,
which S&P assess as neutral to Qinghai province's credit profile.
S&P also anticipates extraordinary support from the central
government, if needed.

Qinghai province is a tier-1 local government under China's
administrative division hierarchy.  S&P views the
intergovernmental regime between Qinghai and the central
government as evolving and unbalanced, and expect it to remain so
over the next two to three years.  Although the fiscal system is
largely predictable, the revenue and expenditure imbalance plus
weak transparency and accountability weigh on the assessment.

Qinghai province's income level is relatively low even in a
domestic context. It ranks 19th among 31 provincial economies in
GDP per capita terms in 2015, averaging US$6,344 in the period
between 2013 and 2015, or about 80% of the national average.
Qinghai province's economy is playing catch-up from a low base.
Its real GDP grew at above the national average in the first
three quarters of 2016, expanding at more than 8%.  However,
nominal growth was less robust, and it has more important
implications for the local revenue base.  This phenomenon is
mainly due to Qinghai's reliance on the resources sector, which
has been more adversely affected by recent economic trends.

QPIG has an integrated business model, with self-operated power
plants and coal mines.  The company's stand-alone credit profile
reflects the following constraints to its credit profile: its
small production scale, limited product line, geographic
concentration, and large capital needs for its power plant
projects.  The company is exposed to cyclical commodity prices
and China's fragmented metals downstream industry, however,
QPIG's integrated business mode could provide potential to
further improve operating efficiency, and partially temper these
weaknesses.

In S&P's view, the company's liquidity and refinancing risk are
key to its credit quality.  Amid subdued aluminum prices in the
past two years, QPIG's profit margins have been weak, and it does
not generate enough cash to meet its liquidity needs including
mainly short-term borrowings and maintenance capital
expenditures. However, S&P expects the Qinghai provincial
government to extend ongoing government support including but not
limited to leveraging resources from other state-owned banks and
enterprises to help QPIG in refinancing as it has done in the
past.  S&P expects the company to manage its debt maturity
profile and to improve profitability and liquidity in the next
two to three years.

S&P anticipates that capital expenditures will remain high for
the next two years, as the company has two power plants under
construction.  Total capital spending is expected to be about
Chinese renminbi (RMB) 5.6 billion in 2017 and RMB4.2 billion in
2018, in which about 65%-80% is attributable to the power
projects.  This will result in high financial leverage, with debt
to EBITDA staying well above 5x, and negative free operating cash
flow (FOCF).  Therefore, S&P assess QPIG's financial risk profile
as highly leveraged.

S&P expects the company to further integrate and to improve
operating efficiency by increasing its self-sufficiency ratio in
power and coal.  The company currently has aluminum capacity of
0.95 million tons (mt), coal-fired installed capacity of 540
megawatt (MW), hydro power installed capacity of 651 MW, and coal
production capacity of 2.85 mt per annum.  After the new power
plants commence operation in 2019, the self-sufficient ratio
could likely to further improve from about 66% in 2015, to above
70%.

S&P expects aluminum and alumina prices in China to remain stable
in the next 12 months after production cuts and more disciplined
new capacity additions.  S&P believes the Chinese aluminum market
will see more balanced supply and demand with previously
curtailed capacity gradually restarting in phases and new
capacity coming on-stream in a more rational manner.

S&P's rating on its proposed senior unsecured notes is equalized
to QPIG's issuer credit rating because S&P expects the debt to be
more concentrated at the holding company after this bond issue,
which will slightly reduce QPIG's ratio of priority debt to total
assets to about 40%.  In addition, the company's priority debt is
diversified at its operational subsidiaries, and furthermore,
QPIG will downstream proceeds to subsidiaries, which together
could reduce the structural subordination risk associated with
debt at the holding parent company level.

The issue rating is subject to S&P's review of the final issuance
documentation.  S&P expects the company to use the issuance
proceeds mainly for refinancing existing debt.

"The stable outlook on QPIG reflects our expectation that the
company's financial leverage will remain high for the next 12
months despite an improving aluminum price trend," said Ms. Yuan.
"We anticipate that the company will be able to refinance its
short-term debt and to manage its liquidity."

In S&P's view, the Qinghai provincial government will continue to
provide ongoing government support in terms of refinancing and
its business expansion over next 12 months.

S&P would downgrade QPIG if its refinancing prospects and
liquidity position deteriorate.  This could happen if: (1) the
company's funding source is tightened; (2) a higher collateral is
required for refinancing; or (3) borrowing costs appreciably
rise. S&P could also lower the rating if it believes the
government support has weakened, or the Qinghai government's
credit profile deteriorates.  This could happen if: (1) the
government loses fiscal discipline and borrows more aggressively
than S&P expected; or (2) economic conditions were to rapidly
decline and result in larger-than-expected fiscal spending needs.

S&P would upgrade QPIG if the Qinghai provincial government's
credit profile strengthens.  This could happen if China's
institutional framework improves due to better transparency and a
better matching of revenue and expenditure under the fiscal
regimes of Chinese provincial governments.  This could in turn
enhance Qinghai province's budgetary flexibility.



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A H MALLICK: CARE Reaffirms 'B' Rating INR8.56cr LT Loan
--------------------------------------------------------
The rating assigned to the bank facilities of A H Mallick Agro
Services and Cold Storage Pvt. Ltd. are constrained by its small
scale of operation and short track record, regulated nature of
business, seasonality of business with susceptibility to vagaries
of nature, intense competition in the industry and working
capital intensive nature of business.

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Long-term Bank
   Facilities              8.56       CARE B; Stable Reaffirmed

   Short-term Bank
   Facilities              0.26       CARE A4 Reaffirmed

The aforesaid constraints are partially offset by its experienced
promoter, and proximity to potato growing area.

The ability of the company to increase its scale of operation,
improve profitability margins and ability to manage its working
capital effectively would be the key rating sensitivities.

Detailed description of the key rating drivers

The scale of operations of AMASCS has remained small marked by
total operating income of INR5.00 crore with a net loss of
INR0.21 crore in FY16. The company has a low net worth base as on
March 31, 2016. The small size restricts the financial
flexibility of the company in times of stress and deprives it
from the benefits of economies of scale. The company started its
commercial operation from March 2013. Thus the company has very
short track record of operation.

AMASCS is primarily engaged cold storage operation. In West
Bengal, the basic rental rate for cold storage operations is
regulated by the state government through West Bengal State
Marketing Board. Due to government intervention, the cold storage
facility providers cannot enhance rental charge commensurate with
increased power tariff and labor charge.

AMASCS's operation is seasonal in nature as potato is a winter
season crop with its harvesting period commencing in March. The
loading of potatoes in cold storages begins by the end of
February and lasts till March. The unit remains nonoperational
during the period between December to February. Furthermore,
lower agricultural output may have an adverse impact on the
rental collections as the cold storage units collect rent on the
basis of quantity stored and the production of potato is highly
dependent on vagaries of nature.

In spite of being capital intensive, the entry barrier for new
cold storage is low, backed by capital subsidy schemes of the
government. As a result, the potato storage business in the
region has become competitive, forcing cold storage owners to
lure farmers by providing them advances against stored potatoes
which increases the business risk profile of the companies.

AMASCS is primarily engaged in cold storage business and also
undertakes trading of potatoes; accordingly its operation is
working capital intensive. The same is reflected by the higher
working capital requirement for the company.

The total operating income of the company declined in FY16 over
FY15 on account of decline in rental income. However, PBILDT
improved in FY16 on account of lower operating expenses during
the period. AMASCS's overall gearing ratio remained high during
last two account closing dates. Interest coverage ratio, improved
in FY16 over FY15 due to lower interest cost, was satisfactory.

AMASCS has an experienced management team. The overall management
of the company is looked after by directors Mr. A.H. Mallick, Mr.
A.A. Mallick, Mr. S. Mallick and Mr. A. Mallick along with the
team of professionals having rich experience in the same line of
business.

A. H. Mallick Agro Services and Cold Storage Pvt. Ltd. was
incorporated in January 2012 by Mallick family of Hooghly, West
Bengal to provide cold storage services with the facility being
located at Hooghly, West Bengal. The commercial operation of the
unit started from March 2013. The company is currently engaged in
the business of providing cold storage facility at the same
location primarily for potatoes and is operating with a storage
capacity of 15,650 metric ton (MT). This apart, the company is in
potato trading business during last two years. Shri A. H. Mallick
(promoter and director) looks after the day to day operations of
the company.

During FY16 (refers to the period April 1 to March 31), the
company reported a total operating income of INR5.00 crore
and net loss of INR0.21 crore in FY16 vis-a-vis total operating
income of INR5.69 crore and net loss of INR0.89 crore in FY15.
Furthermore, the company has achieved a total operating income of
INR1.19 crore during 9MFY17 (refers to the period April 1 to
December 31).


ABG SHIPYARD: Cochin Shipyard Enters Talks to Buy ABG Stake
-----------------------------------------------------------
LiveMint reports that state-run Cochin Shipyard Ltd has started
preliminary discussions to buy a controlling stake in debt-ridden
ABG Shipyard Ltd, two people close to the development said.

Shapoorji Pallonji and Co. Ltd, another contender, has decided to
back out of the discussions, LiveMint relates citing one of the
two people. Both persons declined to be identified.

As on September 30, lenders held a 50.46% stake in the company,
according to ABG Shipyard's latest shareholding data available on
BSE.

LiveMint notes a controlling stake in ABG may be valued at
INR400-500 crore, the second of the two people said. In the March
quarter of 2016, the company had posted a loss of INR1,710 crore
and had an outstanding debt of INR16,000 crore.

ABG Shipyard's debt piled up because of a fall in freight rates
and an industry slump, says LiveMint. Its corporate debt
restructuring (CDR) is among the largest loan recasts in India,
second only to the INR13,500 crore debt reorganization of
engineering and construction firm Gammon India in July 2013.

A Shapoorji Pallonji spokesperson had in January denied that the
firm had made a proposal for ABG Shipyard.

According to the report, Reliance Defence and Engineering Ltd,
Shapoorji Pallonji Group and Liberty House Group of UK had shown
interest in buying out ABG Shipyard, even as its lenders try to
force the ship maker out of a debt recast mechanism and recover
their dues, Mint reported last month.

Even as the process of finding a strategic partner continues, the
majority of lenders have decided to declare the company as a
"failed exit" from the CDR cell, a Mint report dated January 17
said, citing an official from ABG's lenders. A failed exit means
the restructuring did not work, and the lenders could look at
recovery options such as winding up the company or selling it to
an asset reconstruction company (ARC), the report says.

"Collective decision-making among banks on restructuring cases is
a challenge. Banks are currently doing distress sales. Instead,
banks should look at stabilizing business, changing management,
etc. But that would require capital and banks are not willing to
put good money after bad assets. Hence, the best option available
now is to go through bankruptcy law," the report quotes Abizer
Diwanji, partner and national leader of financial services at
consulting firm EY, as saying.

ABG Shipyard's lenders have been in talks with several strategic
investors for a while. In April 2016, Mint had reported that
lenders who had invoked the strategic debt restructuring (SDR) in
ABG Shipyard in December 2015 were in talks with a Vietnamese
financial investor.

ABG Shipyard Limited belongs to the Agarwal Business Group
(controlled by Mr Rishi Agarwal) and is the largest private
shipyard in India, in terms of the order book. ASL is
engaged in the construction and repair of various types of
vessels as well as rigs. ASL has constructed and delivered 156
vessels over the last 23 years. ASL has capacity to build vessels
up to 1,20,000 Dead Weight Tonnage (DWT) at Dahej and upto 20,000
DWT at Surat, Gujarat.


ACE COMMERCIAL: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ace Commercial
Co. Pvt. Ltd. (ACCPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect ACCPL's moderate scale of operations with
revenue of INR537 million in FY16 (FY15: INR567 million).  The
ratings also factor in the company moderate working capital
utilization of fund-based limits of 87.46% during the 12 months
ended December 2016.

However, the ratings are supported by ACCPL's strong credit
profile as reflected by EBITDA margin of 20.4% in FY16 (FY15:
20.1%), gross interest coverage of 10.2x (19.8x) and net
financial leverage of 1.6x (1.9x).  The company expects credit
metrics to deteriorate in FY17 due to ongoing capex of INR333.75
million.  The ratings also draw comfort from the promoters' two
decade of experience in the stevedoring industry.

                       RATING SENSITIVITIES

Positive: A consistent growth in revenue, while maintaining its
profitability margin will lead to a positive rating action.

Negative: Any deterioration in the profitability margin leading
to deterioration in the credit metrics will lead to a negative
rating action.

COMPANY PROFILE

Incorporated in 1991, ACCPL provides stevedoring and intra-port
transportation services for dry, non-mechanised cargo at Paradip
Port Trust, Odisha.  Some of the company's customers include Tata
Iron and Steel Company Limited, Orissa Mining Corporation, Visa
Industries limited, Sesa Goa Limited, among others.

Mr Dharmaditya Patnaik, Mr Dibyalok Patnaik and Mrs Sanjana
Sanghamitra Das are ACCPL's directors.


AHITRI SPINNING: CARE Assigns B+ Rating to INR19cr LT Loan
----------------------------------------------------------
The ratings assigned to the bank facilities of Ahitri Spinning
Mills Private Limited are primarily constrained on account of
implementation and stabilization risk associated with the
ongoing debt-funded project, Its presence in highly competitive,
the cyclical and fragmented textile industry and its
susceptibility of profit margins to fluctuation in prices cotton.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Long-term Bank
   Facilities               19       CARE B+; Stable Assigned

   Short-term Bank
   Facilities                1.35    CARE A4 Assigned

The ratings, however, derive comfort from the experienced
promoters along with locational advantage having presence in
cotton producing region of Gujarat and project's eligibility for
various fiscal benefits from government.

ASMPL's ability to complete the project within the envisaged time
and cost parameters as well as its ability to achieve the
envisaged levels of scale of operations and profitability would
be the key rating sensitivities.

Detailed description of the key rating driver

All promoters possess more than two decades of experience in the
industry and will jointly look after overall operation of ASMPL.
ASMPL will also get benefits under various incentive schemes
introduced by Government of India (GoI) and Government of Gujarat
(GoG) such as capital subsidy and interest rate subsidies to
promote textile.

ASMPL is setting up a debt-funded green field project of cotton
spinning with a capacity of around 13056 spindles. The total cost
of the project is estimated to be around INR34.46 crore having
debt to equity ratio of 2.13x:1x.

ASMPL is promoted by Mr. Haresh Trivedi and his wife Mrs Parul
Haresh Trivedi along with Mr. Hirabhai Ahir and Mrs Jyotiben
Ahir. ASMPL entered into the cotton spinning business in June
2014.

ASMPL is undertaking green-field project to set up a spinning
mill to manufacture cotton carded yarn in Dholka (Ahmedabad) to
manufacture 24's, 30's & 34's count cotton carded yarn with
installed capacity of 13,056 spindles per annum. The total
project cost is estimated to be INR34.46 crore which envisaged to
be funded with debt to equity mix of 2.13x. ASMPL has envisaged
commencing commercial operation from October 2017.


AISHWARYA AGRIPROCESSORS: Ind-Ra Affirms 'BB-' Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Aishwarya
Agriprocessors Pvt. Ltd's (AAPL) Long-Term Issuer Rating at
'IND BB-'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The affirmation reflects AAPL's continued moderate scale of
operations and credit metrics.  In FY16, revenue was INR641
million (FY15: INR577 million), interest coverage (operating
EBITDAR/gross interest expense) was 1.9x (2.2x) and net financial
leverage was 4.6x (4.5x).

The ratings, however, continue to be supported by the company's
moderate liquidity position with average use of fund-based
facilities of 92% over the six months ended December 2016.  Net
working capital cycle was also comfortable at 72 days in FY16
(FY15: 83 days).

The ratings further derive support from the promoters' over a
decade-long experience in the rice milling business.

                        RATING SENSITIVITIES

Positive: A sustained improvement in the EBITDA interest coverage
would lead to a positive rating action.

Negative: A sustained decline in the EBITDA interest coverage
would lead to a negative rating action.

COMPANY PROFILE

AAPL was set up as a partnership firm named Aishwarya Industries
in 1995 in Andhra Pradesh.  The company was reconstituted as a
private limited company with the current name in December 2012.
AAPL is promoted by Prashant Kumar Goel and Manish Kumar Goel.
The company's facility has rice milling (raw and parboiled)
capacity of 12 tonnes per hour.


ALLIED ENGINEERS: CARE Assigns B+ Rating to INR5cr Bank Loan
------------------------------------------------------------
The ratings assigned to the bank facilities of Allied Engineers
are constrained by its small & fluctuating scale of operations
with low net worth base & PBILDT margin and the firm's exposure
to raw material price fluctuation risk.

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

   Short-term Bank
   Facilities               5        CARE A4 Assigned

The ratings are further constrained by the fragmented nature of
construction sector and partnership nature of constitution of the
entity. The ratings, however, derive strength from experienced
partners, moderate solvency position, short operating cycle,
moderate order book and growing prospects for the construction
industry.

Going forward, the ability of the firm to successfully execute
the projects and recover contract proceeds in a timely manner
while improving its profitability margins will remain the key
rating sensitivities.

Detailed description of the key rating drivers

AE is currently being managed by Mr. Sandeep Kumar who has an
industry experience of 16 years and Mr. Pawan Kumar who has an
industry experience of 45 years.

The firm is a small regional player. The ability of the firm to
scale up to larger-sized contracts is constrained by its
comparatively low capital base of INR3.60 crore as on March 31,
2016 and total operating income of INR22.83 crore in FY16.
Furthermore, the scale of operations of the firm has remained
fluctuating in the past with the income declining by about 55% in
FY15. Furthermore, the PBILDT margin of the firm stood low at
6.52% in FY16.

However, the firm has a moderate capital structure marked by
long-term debt-to-equity ratio and overall gearing ratio of 0.23x
each as on March 31, 2016. Furthermore, the interest coverage
ratio of AE stood moderate at 3.83x in FY16 and the total debt to
GCA ratio also stood moderate at 0.73x for FY16. The average
operating cycle of the firm stood short at 20 days for FY16.

AE's constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partners' capital at the time
of personal contingency and the firm being dissolved upon the
death/insolvency of partners.

AE is exposed to the inherent risk associated with raw material
price fluctuation in execution of various orders due to absence
of price escalation clause in majority of the contracts. Also the
construction sector in India is highly fragmented with a large
number of small and mid-sized players. Despite these road blocks
faced by the industry, the sector is expected to grow, given huge
economic significance associated with it and rising investor
interest. The firm has a moderate order book position with
outstanding order book of INR40 crore as on December 02, 2016, to
be executed by June 2018.

Allied Engineers is a partnership firm established in 2000 and is
currently being managed by Mr. Sandeep Kumar and Mr. Pawan Kumar
as its partners sharing profit and loss in the ratio of 51% and
49% respectively. AE undertakes civil construction work in
Haryana, Punjab, Madhya Pradesh, etc. which mainly includes
construction of buildings for various government departments. The
firm is registered with Hindustan Prefab Limited, Clearing
Corporation of India and National Building Construction Company.
The firm receives orders through tenders and bidding process from
government institutes.

The major raw materials required by the firm include cement,
bricks, steel and other building material which are procured
from local retailers and also from reputed companies.


BHOOMIDHAN COLD: CARE Assigns B+ Rating to INR6.54cr LT Loan
------------------------------------------------------------
The rating assigned to the bank facilities of Bhoomidhan Cold
Storage (BCS) is constrained on account of its stabilization
risk associated with newly started cold storage facility, risk of
delinquency in loans extended to farmers, its presence in
fragmented nature of industry coupled with competitive nature of
business, business prospects depends on vagaries of nature and
seasonality of business and its constitution as a partnership
firm.

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Long-term Bank
   Facilities              6.54       CARE B+; Stable Assigned

The rating, however, derives benefits from its experienced
partners in the agricultural industry, proximity to potato
growing region of Gujarat and capital investment subsidy from
central and state government. Going forward, the ability of BCS
to stabilize its operations along with achieving envisaged level
of revenue and profitability are the key rating sensitivities.

Detailed description of the key rating drivers

BCS has implemented green field project to provide cold storage
facilities with installed capacity of 7800 MTPA. The total cost
of the project was INR6.69 crore which was funded through INR4.60
from term loan, INR0.40 from venture capital fund and rest
INR1.65 crore from promoters' contribution. From there,
commercial operations of the firm has started in April 2016 and
upto November 30, 2016 (provisional), the firm has booked total
operating income of INR0.96 crore with net profit of INR0.19
crore. Therefore, BCS is exposed to stabilization risk with
regard to achieving envisaged level of revenue and profitability.

Ramsida - Banaskantha, (Gujarat)-based BCS was established as a
partnership firm by nine partners. BCS had set up its cold
storage facilities at Ramsida with total installed capacity of
156000 bags of 50 kg per bag i.e. 7800 MTPA. The main objective
of BCS is to preserve potatoes for longer duration. The plant is
located at Banaskantha which contributes significantly to
agricultural production of the state and ranks first in
production of potatoes in Gujarat. BCS had completed its green
field project in March, 2016 with a total cost of INR6.69 crore
which was funded through term loan of INR4.60 crore, venture
capital fund of INR0.40 crore and partners' contribution of
INR1.65 crore.

During 8MFY17 (Provisional), the company achieved the total
operating income of INR0.96 crore.


BIG TILES: ICRA Reaffirms B+ Rating on INR8.25cr Fund Based Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B+ for the
INR6.00-crore cash credit facility and INR2.25-crore term loans
of Big Tiles. ICRA has also reaffirmed the short-term rating at
[ICRA]A4 for the INR1.50-crore non-fund based bank facilities of
BT. ICRA has assigned the ratings [ICRA]B+/[ICRA]A4 to the
unallocated amount of INR5.88 crore. The outlook on the long-term
rating is 'Stable'.

                          Amount
  Facilities           (INR crore)   Ratings
  ----------           -----------   -------
  Non-fund Based Limits     1.50      Reaffirmed at [ICRA]A4
  Fund-based Limits         8.25      Reaffirmed at [ICRA]B+
                                      (Stable)
  Unallocated Amount        5.88      Assigned [ICRA]B+
                                      (Stable)/[ICRA]A4

Detailed rationale
The re-affirmation of ratings continue to take into account
moderate operating profitability, though the same has marginally
declined in FY2016, owing to an increase in the trading activity.
The rating is further constrained by the stretched payable
position as on March 31, 2016 resulting in high total outside
liability (TOL) /total net worth (TNW). The ratings continue to
be constrained by the firm's vulnerability on the performance of
its key consuming sector, the real estate industry and the stiff
competitive intensity in the industry. The ratings, however,
continue to favourably factor in the extensive experience of the
promoters in the ceramics business as well as BT's locational
advantage, in terms of raw material access. Furthermore, the
ratings also factor in the steady revenue growth over the years.
ICRA expects BT's turnover to witness a marginal decline in
FY2017 owing to the impact of demonetisation. Going forward, the
firm's ability to ramp up the scale of operations and sustain its
profit margins will remain the key rating sensitivities.
Conversely, lower-than-expected profitability due to adverse
movements in raw material and fuel prices, or even a weak
domestic scenario in the real estate industry, will result in
deterioration in the financial risk profile, which could have a
negative impact on the key credit metrics.

Key rating drivers
Credit Strengths
* Experience of key promoters in the ceramic industry
* Firm's location in Morbi, India's ceramic hub, provides easy
   access to raw material sources
* Steady revenue growth over the years
Credit Weaknesses
* Decline in operating profitability owing increase in trading
   activity during FY2016
* High TOL/TNW owing to high creditor's funding
* Susceptibility towards adverse fluctuations in prices of key
   raw materials and gas prices which are the major contributors
   to total manufacturing costs
* Competitive business environment with presence of large
   established organised tile manufacturers as well as
   unorganised players

Detailed description of key rating drivers:

BT started operations with two sizes i.e. 18"X12" and 24"X12".
The firm introduced an additional tile size of 10"X30" in FY2016.
The new addition to the current product profile is primarily
targeted at catering to the premium segment as very few
manufacturers are involved in the larger sized tile segment. The
firm has its own spray dryer for manufacturing of body clay. Body
clay is captively consumed by BT and is also sold in the market
through the same account for minimal portion of total sales. The
firm recorded a steady rise in its revenue due to its increasing
foothold in the domestic as well as foreign markets. Going
forward, BT intends to increase its focus on the overseas market
due to better pricing and demand prospects. The firm has
established the network of dealers across India and markets its
products under the brand name "Big". The firm is exposed to
intense competition across the value chain because of high
fragmentation and low-entry barriers.

Operating income of the firm has increased by 5% from INR47.1
crore in FY2015 to INR49.4 crore in FY2016. The raw material
procurement is usually not order-backed, which exposes it to
price fluctuations on the existing inventory. Inventory level
fluctuates depending upon the market conditions and demand from
customers. The tiles industry is divided into two sectors -
organised and unorganised sectors. Apart from the organised
sector, comprising around 15 players, there are several players
in the unorganised sector, resulting in intense fragmentation and
competitive industry structure, thereby limiting the pricing
flexibility.

Analytical approach: For arriving at the ratings, ICRA has taken
into account; inter alia, the positive verbal feedback from the
banker, stating regularity in the account conduct, as well as the
increase in top line on a year-on-year basis.

Established in August 2009, Big Tiles (BT) is a partnership firm
and it manufactures ceramic wall tiles. The manufacturing unit of
the firm is located at Morbi, Gujarat, with an installed capacity
of 40,000 MTPA. The firm currently manufactures digitally printed
wall tiles of three sizes 18"X12", 24"X12" and 10"X30" that find
wide application in commercial as well as residential buildings.
It has its own spray dryer for manufacturing of body clay and,
therefore, it is also involved in sale of body clay though the
same account for minimal portion of total sales.

BT is promoted and managed family members and relatives of Mr.
Pankaj Marvania and Mr. Hiraji Marvania. It has associate
concerns namely Belona Paper Mill Private Limited which
manufactures packing material used in making corrugated boxes.
Rome Tiles is also an associate concern which makes wall tiles.

BT recorded a net profit of INR2.5 crore on an operating income
of INR49.0 crore for the year ending March 31, 2016.


BNT CONNECTIONS: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
--------------------------------------------------------------
India Ratings and Research (India Ratings) has downgraded B.N.T
Connections Impex Limited's (BNT) Long-Term Issuer Rating to
'IND BB' from 'IND BB+'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The downgrade reflects the substantial deterioration in BNT's
EBITDA margin and credit metrics.  The company's EBITDA margin
deteriorated to 0.4% in FY16 from 12.1% in FY15, on account of an
increase in the rental expenses to INR16 million from INR3
million along with an increase in variable cost.  Consequently,
net leverage (adjusted debt net of cash/EBITDA) increased to
16.3x in FY16 (FY15: 3.4x) and EBITDA interest coverage
(operating EBITDA/gross interest expense) declined to 0.1x (3x).

The ratings are constrained by India Ratings' expectation of a
decline in the company's revenue in FY17 (FY16: INR603 million),
considering the small order book of INR228 million at end-
December 2016 which is to be executed in the last quarter of FY17
and revenue of INR290 million in 9MFY17.

The ratings are supported by the additional revenue the company
generates in the form of lease rentals (FY16: INR36 million;
FY15: INR35 million) and this will continue for the next 10
years, through the tenor of the lease agreement.

The ratings factor in the company's promoters' three-decade-long
experience in garment manufacturing.

                        RATING SENSITIVITIES

Positive: A substantial improvement in the EBITDA margin leading
to an improvement in the credit metrics will be positive for the
ratings.

Negative: Any sustained deterioration in the EBITDA margin
leading to a substantial decline in the credit metrics could be
negative for the ratings.

COMPANY PROFILE

Incorporated in 1986, BNT is a Chennai-based manufacturer and
exporter of readymade garments.


BRIGHTWAY CONTRACTORS: CRISIL Reaffirms B Rating on INR4MM Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank loan facilities of Brightway Contractors and Developers.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        5.5        CRISIL A4 (Reaffirmed)
   Cash Credit           4.0        CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect the firm's small scale of
operations and geographical concentration in revenue, and below-
average financial risk profile. These weaknesses are partially
offset by its promoters' extensive experience in the construction
industry, and its healthy order book ensuring revenue visibility.

Key Rating Drivers & Detailed Description
Weaknesses
*Small scale of operations & geographical concentration: Despite
being in business for 10 years, BCD's scale of operations remains
small, reflected in revenue of INR9.5 crore in fiscal 2016.
Furthermore, operations are concentrated in Batala, Punjab,
rendering the firm dependent on local tenders and vulnerable to
changes in state government policies.

*Below-average financial risk profile: BCD had high total
outstanding liabilities to adjusted networth ratio of 3.51 times
and small networth of INR2.39 crore as on March 31, 2016.
However, interest coverage ratio was above average, at 2.3 times
for fiscal 2016

Strength
* Promoters' industry experience and healthy order book: The
promoters' experience of two decades in the construction industry
has helped BCD bag orders of more than INR40 crore. Before
starting construction activities in BCD in 2007, they
manufactured bricks and other allied products that were supplied
to government departments.
Outlook: Stable

CRISIL believes BCD will continue to benefit from its promoters'
extensive industry experience. Its financial risk profile,
however, may remain weak because of small networth and large
debt. The outlook may be revised to 'Positive' if revenue and
capital structure improve, driven by capital infusion. The
outlook may be revised to 'Negative' if the financial risk
profile deteriorates due to a stretched working capital cycle;
large, debt-funded capital expenditure; or capital withdrawal.

BCD was set up in 2007 by Mr. Ankur Sarin, Mr. Sanjeev Kumar, and
Mr. Kawaljit Singh. Mr. Sarin exited the firm in fiscal 2009. The
firm constructs buildings, roads, and bridges for government
departments, and undertakes stone setting and stone crushing. Its
construction activities are mainly in Batala.

Profit after tax was INR52 lakh on operating income of INR9.5
crore in fiscal 2016, vis-a-vis INR60 lakh and INR11.89 crore,
respectively, in fiscal 2015.


BRISEIS CV: Ind-Ra Assigns 'BB' Rating to Series A2 PTCs
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Briseis CV IFMR
Capital 2016 (an ABS transaction) these final ratings:

   -- INR382.7 mil. Series A1 pass-through certificates (PTCs)
      assigned IND A-(SO)/Stable rating; and

   -- INR41.0 mil. Series A2 PTCs assigned IND BB(SO)/Stable
      rating

The used commercial vehicles loan, multi-utility vehicle loan,
car loan, construction equipment loan and agriculture equipment
loan pool assigned to the trust is originated by Ess Kay Fincorp
Private Limited (EKFPL).

                      KEY RATING DRIVERS

The final ratings are based on the origination, servicing,
collection and recovery expertise of EKFPL, 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 on June 18, 2020, in accordance with the
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 ultimate payment of principal by
the final maturity date on June 18, 2020, in accordance with the
transaction documentation.

The transaction benefits from the internal CE on account of
excess interest spread, subordination and over-collateralisation.
The levels of over-collateralisation available to Series A1 and
A2 PTCs are 16% and 7% of the initial pool principal outstanding
(POS), respectively.  The total excess cash flow or the internal
CE available, including over-collateralisation, to Series A1 and
A2 PTCs is 34.77% and 22.95%, respectively, of the initial POS.
The transaction also benefits from the external CE of 3.5% 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 favour
of the trustee.  The collateral pool assigned to the trust at par
had the initial POS of INR455.6 million, as of the pool cut-off
date of Dec. 4, 2016.

The external CE will be used in the event of a shortfall in a)
complete redemption of all Series of PTCs on the final maturity
date, b) monthly interest payments to Series A1 investors c)
monthly interest payments to Series A2 investors after the
complete redemption of Series A1 investors and d) any shortfall
in Series A2 maximum pay-out 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 also conducted rating sensitivity tests.  If the
assumptions about the base case default rate worsen by 20%, the
model-implied rating sensitivity suggests that the ratings of
Series A1 and Series A2 PTCs will not be impacted.

COMPANY PROFILE

Incorporated in 1994, EKFPL is a Jaipur-based non-banking
financial company with a track record of over 22 years.  EKFPL is
promoted by Mr Rajendra Kumar Setia.  It primarily provides
vehicle loans, including light commercial vehicle and multi-
utility vehicles, car, three-wheeler and SME loans, in Rajasthan,
Gujarat, Madhya Pradesh and Punjab.  Its corporate and registered
office is located in Jaipur, Rajasthan.

As of March 2016, EKFPL had INR5,256.3 million worth of assets
under management (AUMs) (on-balance sheet AUMs: INR4,561.71
million(including Minimum Retention Requirement) and off-balance
sheet AUMs: INR694.59 million).  Its network base stood at 191
branches as of August 2016.  As of March 2016, gross non-
performing assets defined as loans that are more than 150dpd were
1.78% (March 2015: 1.37%), and those defined as loans that are
more than 180dpd and net non-performing assets were 1.37%
(0.88%).


CATVISION LIMITED: Ind-Ra Assigns 'BB+' Rating to INR15MM Loan
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Catvision
Limited's (CATVL) additional bank loans these ratings:

   -- INR15 mil. Fund-based limit assigned IND BB+/Stable/IND A4+
      Rating; and

   -- INR10 mil. Non-fund based limit assigned IND A4+ rating

                       RATING SENSITIVITIES

Positive: A significant improvement in the top line while
maintaining the current level of credit metrics would be positive
for the ratings.

Negative: A decline in the revenue growth or EBITDA margins
leading to deterioration in the overall credit metrics will be
negative for the ratings.

COMPANY PROFILE

CATVL was incorporated on June 28, 1985.  The company
manufactures community antenna television equipment for providing
cable television services and also produces cable TV products,
such as modulators, combiners, optic transmitters, optic nodes,
radio frequency amplifiers, power supplies and splitters, and
tap-offs of different functionalities.


CONSOLIDATED CONSTRUCTION: CARE Reaffirms LT Loan Rating at 'D'
---------------------------------------------------------------
The ratings assigned to the bank facilities of Consolidated
Construction Consortium Limited continue to factor in the on-
going delays in debt servicing by the company.

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Long-term Bank
   Facilities           1,198.27      CARE D Reaffirmed

   Short-term Bank
   Facilities             747.38      CARE D Reaffirmed

Detailed description of the key rating drivers

CCCL has ongoing delays in servicing of interest and repayment of
installment on account of tight liquidity position due to its
elongated operating cycle.

CCCL witnessed decline in income from INR906 crore in FY14
(refers to the period April 1 to March 31) to INR682 crore in
FY15 and further to INR415 crore in FY16. Furthermore, the delay
in execution of some of the projects resulted in escalation of
the project cost which could not be passed on to the customers on
account of fixed price nature of the contract. This along with
the thin margin in other projects, less absorption of fixed
overheads has resulted in loss of INR29 crore at the operating
level for FY16.

CCCL was incorporated in 1997 by first generation entrepreneurs
Mr. R Sarabeswar, Mr. S Sivaramakrishnan and Mr. V G Janarthanam.
CCCL is primarily engaged in construction activities in
commercial, infrastructure, industrial and residential domain.
CCCL has other subsidiaries namely Consolidated Interiors Ltd
(interior contracts and fit out services), Noble Consolidated
Glazing Ltd (Glazing Services) and CCCL Power Infrastructure Ltd
(BOP Orders for Power Projects and food processing).

The company reported a loss of INR172.19 crore on total operating
income of INR391.75 crore in FY16 compared to a loss of INR154.27
crore on total operating income of INR655.30 crore in FY15. CCCL
reported loss of INR82.66 crore on total operating income of
INR228.32 crore for H1FY17 (refers to the period April 1 to
September 30).


EMTELLE INDIA: Ind-Ra Affirms 'B' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Emtelle India
Limited's (EIL; formerly Parixit Industries Limited) Long-Term
Issuer Rating at 'IND B'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The affirmation reflects EIL's continued weak credit metrics.
According to audited financials for calendar year 2015, financial
leverage (India Ratings-adjusted debt/operating EBITDAR) was
27.1x (2014: 82.4x; six-months ended December 31, as the company
changed its financial year-end to December 31 from June 30) and
interest coverage (operating EBITDA/gross interest expense) was
0.2x (0.1x).  The company generated revenue of INR1,022.5 million
in 2015 (2014: INR541.1 million) and its EBITDA margins improved
to 1.6% (0.9%).

The ratings factor in the moderate liquidity position of EIL as
reflected in its average use of 96% of the fund-based limits for
the 12 months ended December 2016.

The ratings, however, continue to be supported by the strong
financial support from Emtelle Holdings BV (the holding company),
demonstrated by continuous equity infusion (2015: INR30.6
million; 2014: INR25 million).

                       RATING SENSITIVITIES

Positive: A sustained recovery in the EBITDA margin leading to
improvement the credit metrics will lead to positive rating
action.

Negative: Inability to sustain EBITDA margins leading to decline
in the liquidity will lead to negative rating cation.

COMPANY PROFILE

Incorporated in 1989, Ahmedabad-based EIL is engaged in the
manufacturing and turnkey supply of micro irrigation system (MIS)
and a range of polyethylene pipes.  In 2010, Netherland-based
Emtelle holdings BV acquired 70% equity in EIL.  According to
provisional financials till October 2016, EIL's revenue was
INR775.6 million.


GAYATRI AGRO: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Gayatri Agro Oil
& Food Products (GAOFP) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable.

                        KEY RATING DRIVERS

GAOFP's ratings reflect moderate scale of operations and credit
metrics.  In FY16 revenue was INR602.1 million (FY15: INR544.1
million).  Interest coverage (operating EBITDA/gross interest
expenses) was 2.1x in FY16 (FY15:2.6x) and net leverage (total
adjusted net debt/ operating EBITDA) 6.8x (7.1x).  Operating
margin improved to 4.4% during FY16 from 3.3% in FY15 on account
of decrease in operating cost.  The ratings further reflect
GAOFP's partnership nature of business.

The company has a moderate liquidity profile reflected in 94.7%
average utilization of the working capital facility for 12 months
ended December 2016.

The ratings are, however, supported by GAOFP's promoter's
experience of over a decade in the edible oil manufacturing and
trading business.

                       RATING SENSITIVITIES

Negative: Further deterioration in operating margin along with
overall credit metrics could be negative for the ratings.

Positive: Substantial improvement in the scale of operations and
operating margins along with improvement in other credit metrics
could be positive for the ratings.

COMPANY PROFILE

GAOFP was incorporated in August 2004 as a partnership firm.  The
company is primarily engaged in the solvent extraction and edible
oil refinery business.  The manufacturing unit is located at
Kalahandi in Odisha.  The refinery unit had commercialized during
October 2016.  The daily installed capacity of solvent extraction
plant is 200 metric tonnes and refinery unit is having a daily
production capacity of 50 metric tonnes.


GEETA HEEMGHAR: CRISIL Assigns 'B' Rating to INR5.20MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Geeta Heemghar Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Overdraft             0.74       CRISIL A4
   Cash Credit           5.20       CRISIL B/Stable
   Long Term Loan        4.00       CRISIL B/Stable

The ratings reflect GHPL's exposure to risks related to the
highly regulated and intensely competitive nature of the cold
storage industry in West Bengal. The rating also factors in
below-average financial risk profile, marked by small net worth
and high total outside liabilities to tangible networth ratio.
These weaknesses are mitigated by the extensive experience of
promoters in the cold storage business.

Key Rating Drivers & Detailed Description
Weaknesses
* Susceptibility to regulatory changes and intense competition in
WB cold-storage segment: The Department of Agricultural
Marketing, under the Government of WB (GoWB), regulates the
potato cold-storage market in the state and fixes rental rates.
The storage rate was revised in 2015-16 to INR174 per quintal
from INR160 per quintal a year ago, and INR117 per quintal in
2011-12. Fixed rentals limit the ability to generate profits
based on respective strengths and geographical advantages. CRISIL
believes that GHPL's business risk profile will remain
susceptible to regulatory changes and the fragmented cold-storage
market in WB.

* Below-average financial risk profile: GHPL's modest net worth
to be around INR1.92 crore as on March 31 2016 restricts
financial flexibility available and the gearing was also high at
3.53 times. Debt protection metrics was marked by interest
coverage of 1.51 times and net cash accruals to adjusted debt
(NCATD) of 5 per cent for the fiscal 2016.

Strength
* Extensive experience of promoters in the cold-storage industry:
GHPL is promoted by the Dandapat family. The company has a
moderate business risk profile, backed by a decade of experience
of promoters in trading in potato and in the cold-storage
industry.
Outlook: Stable

CRISIL believes GHPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of efficient
management of farmer financing and significant ramp-up in the
company's scale of operations and profitability. Conversely, the
outlook may be revised to 'Negative' if liquidity is constrained
by delays in repayment by farmers, considerably low cash accrual,
or significant debt-funded capital expenditure.

Incorporated in 2002, GHPL provides cold storage services to
potato farmers and traders, and trades in potatoes. The company
is owned by West Bengal-based Dandapat family.

GHPL, reported a net profit of INR0.12 crore on total revenue of
INR6.22 crore for fiscal 2016, against a net profit of INR0.16
crore on total revenue of INR7.06 crore for fiscal 2015.


GOPI TEXFAB: CARE Reaffirms B+/A4 Rating on INR5.50cr Loan
----------------------------------------------------------
The rating assigned to the bank facilities of Gopi Texfab Private
Limited continue to remain constrained on account of its small
scale of operations, low profit margins along with moderately
leveraged capital structure and weak debt protection metrics.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long-term/Short-term
   Bank Facilities            5.50      CARE B+; Stable/
                                        CARE A4 Reaffirmed

The ratings further remain constrained on account of its presence
in a highly competitive and fragmented textile industry with low
entry barriers, working capital intensive nature of operations
and susceptibility of profitability to volatility in raw material
costs.

However, the ratings derive strength from the extensive industry
experience of the promoters in textile business, robust demand in
the end user market. The ratings also take note of the increase
in its scale of operations during FY16 (refers to the period
April 1 to March 31).

The ability of GTPL to increase its scale of operations and
profitability while improving its capital structure and debt
coverage indicators via efficient working capital management
would remain the key rating sensitivities.

Detailed description of key rating drivers

GTPL's promoters have an extensive industry experience via their
peripheral textile units. The promoter family also manages M/s
Narayani Hotels and Resorts Private Limited.

It registered a total operating income (TOI) of INR29.58 crore in
FY16 which was the first full year of operations. PBILDT and PAT
margins of GTPL stood low on account of low-value trading nature
of fabric trading business; thereby leading to low cash accruals.

With high level of debt, solvency position of GTPL stood
moderately leveraged as on March 31, 2016 while debt protection
metrics also stood weak owing to low level of cash accruals.

GTPL's operating cycle remained moderate at 50 days in FY16 on
the back of higher inventory holding period. However, average
working capital utilization stood high at around 95% during 12
months ended December 2016.

Ahmedabad-based (Gujarat) GTPL, a part of Narayani Group was
incorporated on March 31, 2014, by Mr. Gopiram Gordhandas Gupta,
Mr. Sanjiv Gopiram Gupta, Mr. Anand Gopiram Gupta and Mr. Rajiv
Gopiram Gupta for the purpose of trading in cotton fabrics. It
commenced its trading activities in June 2014. It trades in
approx.15-20 types of cloth fabrics both processed and un-
processed (grey) fabrics, with different processing and weaving
patterns.

During FY16 (refers to the period April 1 to March 31), GTPL
reported a total operating income (TOI) of INR29.58 crore with a
PAT of INR0.09 crore as against TOI of INR15.42 crore with a PAT
of INR0.08 crore for its ten months of operations in FY15. During
8MFY17 (Provisional), GTPL reported a TOI of around INR11 crore.


HOTEL BABYLON: CRISIL Assigns B+ Rating to INR29MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Hotel Babylon Capital Private Limited.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Long Term Loan          29        CRISIL B+/Stable

The rating reflects moderate project risk, exposure to intense
competition in the hotel industry, and a modest financial risk
profile. These weaknesses are partly offset by the extensive
experience of promoters in the hotel industry.

Key Rating Drivers & Detailed Description
Weaknesses
* Moderate project risk: HBC is exposed to moderate
implementation and funding risk. Although it has been sanctioned
a term loan of INR29 crore, it is highly dependent on customer
advances. The operations are expected to commence from December
2017, and the company remains exposed to the risk of timely
completion of the project and stabilisation of operations.

* Exposure to intense competition in the hotel industry: The
geographical concentration of hotel in a single location
constrains HBC's access to a wider customer base, and renders the
company susceptible to the dynamics of operating in a single
market and makes it more vulnerable to competition from bigger
players in the hospitality industry who have the advantage of
geographical diversity and larger scale of operations.

* Modest financial risk profile: Networth is expected to be at
INR2.29 crore as on March 31, 2017. With increase in the
promoters' contribution for the project, the networth is expected
to increase over the medium term but remain low. The debt
protection metrics are expected to be modest driven by expected
high interest cost and moderate profitability over the medium
term.

Strength
* Extensive experience of promoters in the hotel industry: HBC is
promoted by Mr. Paramjeet Singh Khanuja and Mr. Jugesh Kaur who
have experience of over two decades in running hotels under the
Babylon group of hotels. The group comprises a four-star hotel,
Hotel Babylon International (Raipur, Chhattisgarh), with 80
rooms, which has been operational since 2001, and another three-
star hotel, Hotel Babylon Inn (Raipur), with 72 rooms, which has
been operational since 2009.
Outlook: Stable

CRISIL believes HBC will continue to benefit over the medium term
from its promoters' extensive experience. The outlook may be
revised to 'Positive' if HBC implements its hotel project on time
without any significant cost overrun, and is able to demonstrate
higher-than-expected occupancy levels, leading to improvement in
liquidity. Conversely, the outlook may be revised to 'Negative'
in case of any significant time or cost overruns in commissioning
of the project, leading to pressure on liquidity.

Established in 2012, HBC, promoted by Mr. Paramjeet Singh Khanuja
and his wife Ms. Jugesh Kaur, is setting up of three-star hotel
in Raipur.


INVEST GOLD: CRISIL Assigns B+ Rating to INR5MM LT Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to long term
bank loan facility of  Invest Gold and General Finance Private
Limited Company (Invest Gold).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility      5          CRISIL B+/Stable

The rating reflects its small scale of operations marked by
geographical concentration. It had a book size of INR7 crore as
on September 30, 2016. The company is geographically concentrated
in Thrissur district in Kerala. The asset quality is modest, with
higher level of gross non-performing assets (GNPA). The GNPA was
at 7.6 as on March 31st, 2016 (5.2% as on March 31, 2015).

These weaknesses are partially offset by its long track record
and adequate capitalisation. Invest Gold has been in operations
for more than two decades and is expected to benefit from the
experience of its promoters. In terms of capitalisation, the
company's position is adequate, it had a networth of INR5 crore
with a comfortable gearing of 0.7 times as on September 30, 2016.

Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations with geographical concentration
The book size was just INR7 crore as on September 30, 2016 (Rs
6.3 crore as on March 31, 2016), while operations are limited to
one head office in Urakam and 3 branches in Thrissur district; in
Kerala. The company is expected to continue operations as a small
non-banking financial company (NBFC), concentrated in Kerala,
over the medium term

* Modest asset quality
Gross non-performing assets were at 7.5% of total advances as on
September 30, 2016. A substantial proportion of the borrowers
belong to a segment which is unbanked or underserved by the
organised finance sector. Around 40-45% of disbursements are made
in cash as some borrowers do not have a bank account. The risk
management systems will need to be strengthened as business is
scaled up over the medium term.

Strengths
* Long track record of operations
The company has been operational since 1994 and the promoters
have been in the asset-finance space for more than two decades.
Given that the business is closely managed by the promoters, it
is likely to benefit from their extensive experience. The long
track record in the business has also resulted in a loyal client
base.

* Adequate capitalisation
Capitalisation is adequate for the planned scale of business,
supported by regular equity infusions. As on September 30, 2016,
the networth was INR5 crore with a comfortable gearing of 0.7
time; this leaves sufficient room for external borrowing in the
future. The company intends to double its paid-up capital, which
will support growth plans over the medium term.
Outlook: Stable

CRISIL believes Invest Gold will continue to benefit from the
extensive experience of the promoters in the finance space, and
will maintain adequate capitalisation over the medium term. The
company will, however, remain a small player within the asset
financing space. The outlook may be revised to 'Positive' if the
scale of operations increases substantially while asset quality
improves and profitability is maintained. The outlook may be
revised to 'Negative' in case of significant deterioration in
asset quality and profitability, leading to stress on
capitalisation.

Invest Gold was established in 1994 under the Companies Act,
1956, as an NBFC registered with Reserve Bank of India. It
extends loans against gold, consumer durables, and other movable
and immovable property. As on March 31, 2016, and September 30,
2016, the outstanding loan portfolio was of INR6.3 crore and INR7
crore, respectively (38% of gold loans, 21% of consumer durable
loans, and   41% of others) as against INR 6.0 crore on March 31,
2015.

Networth increased to INR5 crore as on September 30, 2016, on
account of capital infusion of INR0.5 crore, from INR4.3 crore on
March 31, 2016.

Profit after tax (PAT) was INR0.31 crore on total income of
INR1.2 crore in fiscal 2016, as against PAT of INR0.32 crore on
total income of INR1.2 crore in the previous fiscal.


JAIN IRRIGATION: Fitch Assigns B+ Final Rating to USD200MM Notes
----------------------------------------------------------------
Fitch Ratings has assigned India-based diversified manufacturing
company Jain Irrigation Systems Limited's (JISL, B+/Positive
Outlook) USD200 million 7.125% senior unsecured notes due in 2022
a final rating of 'B+' and a Recovery Rating of 'RR4'. The notes
are issued by JISL's wholly owned subsidiary Jain International
Trading B.V. and guaranteed by JISL.

The final rating follows the receipt of documents conforming to
the information already received, and is in line with the
expected rating assigned on Jan. 17, 2017. JISL will use up to
USD190m of the proceeds from the new notes to repay existing
debt, including at least USD50m of secured term loans within the
group, and use any balance for general operating purposes.

KEY RATING DRIVERS

High Leverage, Strong Business Profile: JISL's rating reflects
its high leverage, which is balanced by its strong business
profile as a top manufacturer of micro irrigation systems (MIS).
JISL is the market leader in India by sales and number two in the
world. It is also a leading processor of fruits and vegetables -
the world's largest in mango processing, and third largest in
dehydrated onions. The company is also one of the largest
manufacturers in India of plastic pipes used for industrial and
residential purposes.

JISL's high leverage is partly due to high working capital, and
expansionary capex. However the company's working capital cycle
has improved since the financial year ended 31 March 2013 (FY13),
because it reduced its exposure to MIS sales financed by
government subsidies, which are subject to protracted cash
collection periods.

Positive Outlook on Expected Deleveraging: The Positive Outlook
is driven by Fitch expectations that JISL's Long-Term IDR may be
upgraded in the next 24 months as its leverage (defined as lease
adjusted debt net of seasonally adjusted cash/operating EBITDAR)
is likely to improve to less than 3.5x over this period (FY16:
5.1x). However, a change in weather patterns, in particular the
Indian monsoon, may affect sales and its plans for high
expansionary capex through FY20 may delay its deleveraging.

Cash-Flow Seasonality: JISL's sales are slower during the first
half of the fiscal year than the second half, which results in
higher cash balance at the fiscal year-end. This is primarily
because sales of MIS in India depend on the performance of the
monsoon rains, which usually occur between June and September.
Fitch deducts INR2bn from JISL's year-end cash balance when
calculating the leverage ratio, in order to account for this
seasonal variance in cash balances.

Vertical Integration, Diversified Cash-Flows: JISL's business is
vertically integrated as farmers are both its customers and
suppliers. Revenue is also diversified across products and
geographies, with sales outside India accounting for 46% of
revenue in FY16, while MIS, pipes and food processing accounted
for 45%, 22%, and 24% of revenue, respectively.

Robust Long-Term Growth Prospects: India's low irrigation
coverage and high dependence on erratic rainfall underpin the
growth potential for JISL's irrigation products. MIS enable
famers to switch from flood irrigation to more water- and energy-
efficient systems that offer water savings of more than 50% on
average and yield improvement of 40%-50% over traditional surface
irrigation systems. According to the Indian government's National
Water Policy of 2012, the country has around 18% of the world's
population but only 4% of the world's water resources. Total
irrigation potential in India is around 140 million hectares (ha)
and MIS may be applied to around 69.5 million ha, but only about
5.5% of this area is covered by MIS. The Indian government's
increasing focus on developing infrastructure also supports the
prospects for JISL's plastic pipes business.

Supportive Government Policies: Government subsidies are a major
driver of MIS sales in India. For example, farmers working on
less than 5 ha of land receive a 50% subsidy to purchase MIS
equipment. Further, local governments in India are pushing to
improve farm efficiency, including the Maharashtra state
government's commitment to bring its entire sugarcane cultivation
area under drip irrigation and the Andhra Pradesh government's
plans to bring its entire farming area under irrigation. JISL's
pipes business also benefits from large government infrastructure
projects. In 2015, the Indian government approved total
expenditure of around INR10bn for the Smart Cities Mission and
the Atal Mission for Rejuvenation and Urban Transformation
projects.

Strong Brand in Food Processing: JISL's business-to-business
sales are increasing given India's status as a leading global
fruit and vegetable producer and are supported by strong
relationships with farmers. The company is also working to
increase its business-to-consumer sales. Most of JISL's medium-
term growth capex is for its food processing business because it
expects demand for processed food to increase due to lifestyle
changes and storage advantages in its key end markets in India
and overseas

DERIVATION SUMMARY

Fitch does not rate any of JISL's direct competitors. However
JISL's rating is well placed compared to companies in the
diversified manufacturing segment, which are rated at 'B+'.
JISL's business risk profile is stronger than peers such as China
XD Plastics Co Ltd (B+/Stable) and Yingde Gases Group Company
Limited (B+/Negative), underpinned by JISL's globally competitive
manufacturing operations and geographically diverse cash flows.
However JISL's leverage is considerably higher than these peers,
driven by the company's more onerous working capital requirements
and ongoing capacity expansion across most of its business
segments. The Positive Outlook on JISL's rating is supported by
Fitch expectations that the company will deleverage to around
3.5x in the next 24 months.

No country-ceiling, parent/subsidiary linkage or operating
environment aspects impacts the rating

KEY ASSUMPTIONS

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

- High single-digit revenue growth in FY17-FY19, supported by
   an increasing contribution from the defensive food processing
   business
- EBITDA margin to be maintained at between 13%-14%
- Annual capex to remain at around 3.5%-5% of revenue in the
   next few years
- JISL to generate neutral free cash flow after FY17

RATING SENSITIVITIES

Future developments that may, individually or collectively, lead
to positive rating action include:
- Lease adjusted debt net of seasonally adjusted cash/operating
   EBITDAR sustained below 3.5x
- Ability to generate sustained neutral free cash flow

Future developments that may, individually or collectively, lead
to negative rating action include:
- Not meeting the positive rating sensitivities for an extended
   period will result in the Outlook being revised to Stable

LIQUIDITY

Manageable Refinancing Risk: At FYE16 JISL had total borrowings
of INR44.2bn, including INR4.5bn in compulsorily convertible
debentures (CCD). INR21.2bn of this debt consists of short-term
working capital facilities, while the balance consisted of term
loans and CCDs. Fitch expects JISL to be able to roll-over its
working capital facilities in the normal course of business.

FULL LIST OF RATING ACTIONS

Jain International Trading B.V.
-- Senior unsecured USD200m notes guaranteed by JISL: assigned
   'B+' final rating with Recovery Rating of 'RR4'


JAINAM COATEX: ICRA Reaffirms B Rating on INR8.25cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B  on the
INR8.25-crore fund-based limit of Jainam Coatex LLP. The outlook
on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term Fund-
  based Limit             8.25      Reaffirmed at [ICRA]B(Stable)

Rationale
The rating reaffirmation factors in JCLLP's nascent scale of
operations and high working capital intensity on account of high
receivable and inventory days. ICRA also notes the lack of
experience of the management in this line of business. The rating
continues to take into account the highly competitive and
fragmented industry structure, owing to the low-entry barriers.
ICRA also notes that JCLLP is a partnership firm, wherein any
significant withdrawals from the capital account by the partners
could adversely affect its net worth, and thereby its capital
structure.

The rating, however, continues to positively factor in the
favorable demand prospects for PVC leather driven by varied
applications in footwear, upholstery, furnishing, auto segments
etc.

Going forward, JCLLP's revenue is expected to witness moderate
growth, although the profitability will remain exposed to any
adverse fluctuations in raw materials prices. The firm's ability
to scale up operations and optimally manage its working capital
cycle will be the key rating sensitivity.

Key rating drivers
Credit Strengths
* Favourable demand prospects for PVC leather driven by varied
   applications in footwear, upholstery, furnishing, auto
   segments etc
Credit Weaknesses
* Lack of experience of management in this line of business
* Nascent scale of operations coupled with high working capital
   intensity
* Intense competition due to low entry barriers in the industry
* Partnership firm; any substantial withdrawals from capital
   account would impact the net worth and thereby the gearing
   levels

Description of key rating drivers:

JCLLP's financial profile is characterised by the nascent scale
of operations with stretched liquidity position arising from high
inventory levels and receivable days. The firm had piled up
inventory as on March 31, 2016, due to sub-optimal sale in the
initial period of operations. Furthermore, the firm's
profitability remains thin, leading to weak debt protection
metrics.

The profitability continues to remain exposed to adverse
fluctuations in raw material prices. Also high competition and
fragmented industry structure due to low-entry barriers results
in low operating and net margins.

Nevertheless, favourable demand prospects for PVC leather driven
by varied applications in footwear, upholstery, furnishing, auto
segments etc is the driving force of the industry.

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

Established in 2014, Jainam Coatex LLP is a limited liability
partnership managed by Mr. Hiteshbhai Parekh and four other
partners. The firm manufactures artificial and synthetic leather,
which is further used in making garments, accessories, bags, etc.
JCLLP's manufacturing facility is located at Morbi in the Rajkot
district of Gujarat. The firm is currently equipped with PVC
coating machinery, boiler, chains, chimney, embossing roller,
transformers etc.

JCLLP reported a net profit after tax and depreciation of INR0.00
crore on an operating income of INR1.72 crore for the year-ending
March 31, 2016.


KALIMA STEEL: CARE Upgrades Rating on INR6.49cr Loan to BB-
-----------------------------------------------------------
The revision in the rating assigned to the bank facilities of
Kalima Steel Rolling Mills (KSRM) takes into account growth in
scale of operations, improvement in profit margins and
stabilization of operations of the firm on the back of the
expansion project during FY16 (refers to the period April 1 to
March 31). The ratings also factored in the strength derived from
promoter's experience, established track record of operations and
easy accessibility of raw materials.

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Long-term/Short-
   term Bank Facilities   6.49        CARE BB-; Stable Revised
                                      from CARE B+

The ratings, however, continue to remain constrained on leveraged
capital structure, moderate debt coverage indicators and moderate
liquidity position along with cyclical nature of steel industry,
volatility in raw material prices and presence in competitive and
fragmented industry which leads to dependence on real estate
sector.

The ability of KSRM to increase its scale of operations along
with improvement in profitability, capital structure & liquidity
position are the key rating sensitivities.

Detailed description of key rating drivers

The total operating income (TOI) of KSRM increased by around 144%
during FY16 over FY15 and remained at INR30.76 crore due to
increase in installed capacity from 50,000 MTPA as on March 31,
2015, to 72,000 MTPA as on March 31, 2016. The PBILDT margin of
the firm, during FY16, also improved by 334 bps to 7.58% as
against 4.24% during FY15. On account of increase in total debt,
KSRM's overall gearing stood 2.98 times as on March 31, 2016.
With the increase in GCA and PBILDT, the debt coverage indicators
improved and remained comfortable.

The operating cycle has shortened to 54 days during FY16
(Audited) as compared to 58 days during FY15 mainly due to
effective recovery from the debtors. The average working capital
utilisation of the firm remained 90% during the 12 months ended
December 2016. KSRM's partners have almost two decades of
experience in the steel industry. Mr. Suresh Bansal, manages the
overall operations of the
firm.

Bhavnagar-based KSRM was established in 1994 as a partnership
firm by Mr. Kamlesh Bansal, Ms Premvati Bansal, Mr. Ramesh
Bansal, Mr. Suresh Bansal and Ms Vijayrani Bansal. KSRM is into
manufacturing of TMT Bars since 1994. KSRM operates from its sole
plant located at Bhavnagar (Gujarat) with an installed capacity
of 72,000 metric tons per annum as on March 31, 2016. It sells
its product under the brand name of "CROWN X TMT".

As per the audited results for FY16 (refers to the period April 1
to March 31), KSRM reported a Profit after Tax (PAT) of INR0.59
crore on a total operating income (TOI) of INR30.76 crore as
against a PAT of INR0.10 crore on a TOI of INR12.63 crore during
FY15 (Audited). Till January 11, 2017, the firm had clocked a
turnover of INR37.82 crore.


KASHTBHANJAN GINNING: CARE Reaffirms B+ Rating on INR4.29cr Loan
----------------------------------------------------------------
The rating assigned to the bank facilities of Kashtbhanjan
Ginning and Oil Industries (KGO) continue to remain constrained
on account of its thin profit margins, moderate liquidity
position, moderately leveraged capital structure and weak debt
protection metrics during FY16 (refers to the period April 1 to
March 31).

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             4.29      CARE B+; Stable Reaffirmed

The rating further remains constrained on account of presence in
the highly fragmented and competitive industry with limited value
addition, prices & supply for cotton being highly regulated by
government, susceptibility of margins to fluctuation in raw
material price and seasonality associated with raw material
availability and limited financial flexibility owing to its
constitution being a partnership firm.

However, the above constraints are partly offset by the
experienced promoters and location advantage due to the entity
being located in the cotton-producing area.

The ability of KGO to increase its scale of operations and
improve its profitability by managing the volatility associated
with prices in cotton is the key rating sensitivities.
Furthermore, improvement in capital structure and debt coverage
indicators coupled with efficient working capital management also
remains the key rating sensitivities.

Detailed description of key rating drivers

The promoters of KGO have wide experience in the cotton industry
and the firm is currently managed by three partners.

The total operating income (TOI) of KGO stood at INR27.28 crore
in FY16 as against INR9.60 crore registered for its one month of
operations in FY15, while PBILDT margin also remained low at
3.02% in FY16 as compared with 3.30% in the previous year owing
to low-value addition nature of cotton ginning and pressing
business. Resultantly, the gross cash accruals (GCA) level also
stood low.

Overall gearing ratio of KGO stood moderately leveraged at 2.05
times as on March 31, 2016 owing to a marginal decrease in the
level of tangible net worth, while debt protection metrics also
stood weak during FY16, owing to low cash accruals in the initial
year of operations.

The working capital cycle remained elongated at 77 days as on
March 31, 2016, owing to high inventory holding period. The
average working capital utilization of the company also remained
moderate at around 75% during the 12 months ended December 31,
2016.

KGO was established in February 2014 as a partnership firm by 5
partners and is engaged into cotton ginning and pressing as well
as cotton seed crushing of Shankar-6 (S-6) variety of cotton.
However, two of the partners have retired during April 2016, with
three partners Mr. Shamjibhai Ramjibhai Kevadiya, Mr.
Ghanshyambhai Vithalbhai Bodar and Mr. Ashokbhai Keshubhai Bodar
currently handling the overall management of the firm. The entity
has commenced its operations from the end of February 2015, with
24 ginning machines.

KGO operates from its sole manufacturing plant situated at
Gadhada (District: Bhavnagar), Gujarat with an annual installed
capacity of 4562 metric tonne (MT) of bales, 7920 MT of cotton
seeds, 950 MT of oil extraction for edible purposes, 158 MT of
oil that finds application in cosmetic products and 6574 MT of
cotton cake that is used as cattle feed; as on March 31, 2016.

During FY16, KGO reported a total operating income (TOI) of
INR27.28 crore with a PAT of INR0.01 crore as against TOI of
INR9.60 crore with a PAT of INR0.10 lakh for its one month of
operations in FY15. During 9MFY17 (Provisional), KGO reported a
TOI of INR7.45 crore.


KESHARI INDUSTRIES: CARE Reaffirms B+ Rating on INR1.86cr Loan
-------------------------------------------------------------
The ratings assigned to the bank facilities of Keshari Industries
Ltd continue to be constrained by its presence in highly
competitive and fragmented industry which is exposed to
fluctuations in raw material prices, its leveraged capital
structure and working capital intensive nature of operations. The
ratings continue to take into account KIL's small scale of
operations and short track record of operations in manufacturing
products under its own brand name.

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Long-term Bank
   Facilities              1.86       CARE B+; Stable Reaffirmed

   Long-term/Short-
   term Bank Facilities    5.00       CARE B+; Stable / CARE A4
                                      Reaffirmed

The ratings, however, continue to derive strength from KIL's
experienced promoters, improvement in total operating income over
the past four years and favourable textile sector policies of
both Central and State government.

KIL's ability to increase its scale of operations and improve
profitability and capital structure would be the key rating
sensitivities. Any major debt-funded capex would also be a key
credit monitorable.

Detailed description of the key rating drivers

The total operating income of KIL registered a CAGR of 80% over
the past four years ended March 31, 2016 with total operating
income of INR8.47 crore in FY16. Its PBILDT margin witnessed a
declining trend over the past four years on account of shift in
company's focus from carrying out job work towards manufacturing
its own products. Its overall gearing deteriorated at FY16 end
mainly on account of infusion of unsecured loan by promoters;
however, it does not have any scheduled repayment.

The promoters of KIL have over three decades of experience in the
highly fragmented and competitive textile industry. However, the
industry benefits from various government incentives under
Technology Upgradation Fund Scheme (TUFS) from central government
and Gujarat Textile Policy - 2012 from state government.

KIL's operations are working capital intensive since it majorly
procures raw material (majorly linen yarn) from established
players who do not offer any significant credit period. Further,
the raw material prices are also volatile which may impact
KIL's margins.

KIL; promoted by Mr. Laxmi Narayan Mundhra and Mr. Gopi Kishan
Lahoti in 1992, is engaged in manufacturing and supplying
shirting fabrics of linen, polyester and cotton for men's and
ladies wear. The manufacturing facility of KIL is located in
Surat, Gujarat which consists of seven high-speed automated
warping machines, 150 water-jet looms and 250 high-speed rapier
looms which translates into an installed capacity of 1.44 million
meters of fabric per month.

As per FY16 (refers to period from April 1 to March 31) audited
results, KIL reported total income of INR8.47 crore with net
profit of INR0.04 crore as against total income of INR3.94 crore
with net profit of INR0.09 crore in FY15.


KWAL-PRO EXPORTS: ICRA Reaffirms B+ Rating on INR9.30cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA] B+ on the
INR9.30-crore fund-based facility of Kwal-Pro Exports. ICRA has
also reaffirmed the short-term rating of [ICRA] A4 on the INR0.10
crore non-fund based facility of KPE. The outlook on the long-
term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limits       9.30      [ICRA]B+; reaffirmed;
                                    Stable outlook assigned

  Non-fund Based Limits   0.10      [ICRA]A4; reaffirmed

Rationale
The rating reaffirmation factors in the 21% y-o-y increase in the
operating income of KPE in 2016, accompanied by an improvement in
the operating margins caused by diversification of the product
profile towards high-margin products and benefits arising from
economies of scale. However, these positives have been
accompanied by an increase in gearing levels, a deterioration in
the TOL/TNW levels as well as working capital. Furthermore,
working capital limits have remained fully utilised in the recent
past.
ICRA's ratings continue to be constrained by KPE's modest scale
of operations, the intense industry competition and the
vulnerability of the firm's profitability to adverse movements in
foreign exchange rates, given the sizeable portion of the export
income. ICRA also takes note of the partnership constitution of
the firm and the risks inherent in a partnership firm, such as
limited ability to raise capital, risk of dissolution, and
withdrawal of capital.

The ratings, however, continue to derive comfort from the
extensive experience of the promoters, the advantages from having
the marketing office in overseas location and the firm's
established relationship with its key customers, enabling it to
procure repeat orders.

Going forward, the firm's ability to attain a sustained
improvement in scale in a profitable manner, optimally manage its
working capital intensity and improve the liquidity position will
be the key rating sensitivity.

Key rating drivers
Credit Strengths
* Established track record of the promoters in the handicraft
   industry
* Strong relationship with reputed international clients
   facilitates repeat orders and enhances demand stability
* OI has grown at a CAGR of 12% in the last three years

Credit Weakness
* Working capital-intensive operations due to high inventory
   holdings and debtors, leading to stretched liquidity position
* Vulnerability of margins to adverse movements in foreign
   exchange rates
* Modest scale of operations in a highly competitive and
   fragmented industry exerts pressures on the firm's revenue
   growth and profitability
* Risks inherent in a partnership entity such as capital
   withdrawal

Description of key rating drivers:

The firm's OI has grown at a CAGR of 12% over the last three
years. The firm as on date has an order book of ~Rs 12 crore,
which is expected to be executed in the current fiscal.
The working capital intensity of the firm has remained high and
has increased over the years as evident from the increase in the
NWC/OI ratio from ~71% in FY2015 to 90% in FY2016. The firm
generally discounts the bills at sight, which helps contain the
receivable period. However, due to full utilisation of its limits
and the collection period of 75-80 days (shipping time 60 days
+15 days) from its export customers, the receivable days at the
year-end remain high (~200 days as on March 31, 2016) due to
major sales in the third and the fourth quarter and slow
realisation of payments from its parties. Furthermore, the entity
also has to maintain an inventory of around 4-5 months, which
increases the overall working capital requirement. However, this
is mitigated to some extent by the favourable credit period
extended to the entity by its suppliers.

Kwal Pro Exports is a partnership company engaged in the
manufacturing and exporting of handicraft items including gift
and furniture. The firm also has a marketing office in the
Netherlands, which is being looked after by Mr Suresh Kumar
Borad. The overseas office has a huge clientele in Europe,
particularly in the Netherlands and Germany. The firm also takes
exhibits, nationally and internationally, in different trade
fairs every year.

KPE reported a net profit of INR0.28 crore on an operating income
of INR12.78 crore in FY2016, as against a net profit of INR0.14
crore on an operating income of INR10.55 crore in FY2015. The
company, on a provisional basis, reported an operating income of
INR15.48 crore in 9M FY2017.


LORDS INFRACON: CARE Assigns B Rating to INR1.0cr LT Bank Loan
--------------------------------------------------------------
The rating assigned to the bank facilities of Lords Infracon Pvt.
Ltd. (LIPL) are constrained by its small scale of operation,
significant geographical concentration with single state
operation and high dependence on government of Jharkhand,
volatility associated with input prices, working capital
intensive nature of business and high competition in the industry
on account of low complexity of work involved with sluggish
economic scenario. The aforesaid constraints are partially offset
by its experienced promoters, healthy order book position
indicating satisfactory revenue visibility and comfortable
capital structure.

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Long-term Bank
   Facilities              1.00       CARE B; Stable Assigned

   Short-term Bank
   Facilities              8.00       CARE A4 Assigned

Ability of the company to maintain a healthy order book position,
ability to execute orders within stipulated time period, timely
receipt of contract proceeds and ability to manage working
capital effectively would be the key rating sensitivities.

Detailed description of the key rating drivers

LIPL is a relatively small player in the construction business,
with total operating income and PAT of INR0.52 crore and INR0.01
crore respectively, in FY16. Further, the net worth base and
total capital employed was low as on Mar.31, 2016.

This apart, the profitability of the company has been low over
the years due to volatility in the prices of input materials.

LIPL operates in the state of Jharkhand with majority of the
projects executed for construction of buildings and roads. In
view of its presence in a single state, the company is exposed to
geographical concentration risk to a large extent.

Moreover, the company is majorly dependent on tenders floated by
the state government of Jharkhand. Accordingly, any political
turmoil in the state or other macro- economic issues may hamper
the growth of the company in future Steel, bitumen, cement and
pipes are the major inputs for LIPL, the prices of which are
highly volatile. Moreover, the company does not have any long
term contracts with the suppliers for purchase of aforesaid input
materials. Hence, the profitability margins of the company are
exposed to sudden spurt in input material prices. In absence of
escalation clauses in majority of contracts, any increase in
input prices will affect the profitability of the company.

LIPL's business being construction of buildings and roads is
working capital intensive by nature. The average collection
period remained in the range of 2-58 days during FY14-FY16
leading to moderate operating cycle during FY16.

The company has to bid for contracts based on tenders and upon
successful technical evaluation of various bidders, the lowest
bid is awarded the contract. Since the type of work done by LIPL
is mostly commoditised, the company faces intense competition
from other players.

The key promoter, Mr. Mahendra Gope (aged about 41 years) has an
experience of around a decade in civil construction industry. He
looks after overall management of the company with adequate
support from other directors and a team of experienced personnel.

LIPL has healthy order book position with a strong order book
aggregating INR77.87 crore (149.75x of FY16 revenue) as on
December 31, 2016, executable within the next 24 months,
providing a satisfactory long term revenue visibility.

The debt profile of the company consists of unsecured loans
(unsubordinated) from promoters. The overall gearing ratio
remained comfortable at below unity at 0.31x as on Mar.31, 2016.

Incorporated in January 2014, Lords Infracon Private Limited is
engaged in the civil construction projects, primarily building
and road construction, for state and local government agencies in
Jharkhand. LIPL secures all its contracts through tender driven
open bidding process and has an order book position of INR77.87
crore as on December 31, 2016 which is 149.75x of its FY16
revenue.

In FY16 (refers to the period April 1 to March 31), the company
achieved a total operating income of INR0.52 crore and PAT of
INR0.01 crore as against a total operating income of INR2.20
crore and PAT of INR0.03 crore in FY15. The company has achieved
a turnover of INR5.00 crore during 9MFY17.


MIRUS INFRATECH: CARE Assigns B+ Rating to INR7.50cr LT Loan
------------------------------------------------------------
The rating assigned to the bank facilities of Mirus Infratech
Private Limited (MIP) is constrained by its limited experience
of promoters, short track record of entity, small scale of
operations with low net worth base & profitability margins and
competitive nature of industry. The rating, however, derives
strength from moderate operating cycle and positive outlook
for construction material industry.

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Long-term Bank          7.50       CARE B+; Stable Outlook:
   Facilities                         Stable Assigned

Going forward, the ability of the company to scale-up its
operations while improving its profitability margins would
remain the key rating sensitivities.

Detailed description of the key rating drivers

MIP is a private limited company incorporated in February 2006.
However, the company commenced operations in August 2015. Both
the promoters have an experience of 9 years, which they have
gained through their association with group entity, engaged in
poultry farming business. Owing to first year of operations, the
company's scale of operations has remained small marked by Total
Operating Income (TOI) of INR 20.15 crore in FY16 (refers to the
period April 1 to March 31) and low profitability margins marked
by PBILDT margin and PAT margin of 1.91% and 1.33% in FY16.

Furthermore, Indian construction material industry is
characterized by fragmented and competitive nature as there are a
large number of players at the regional level. However, the road
construction sector presents a huge opportunity to players
operating in this industry since there is huge requirement for up
gradation, construction as well as maintenance of road network.
The operating cycle of the company stood moderate at 38 days for
FY16.

Mirus Infratech Private Limited (MIP) is a private limited
company incorporated in February 2006 by Mr. Gulzarinder Singh
Chahal and his mother Mrs Jagdev Kaur Chahal. However, the
company commenced operations in August, 2015. MIP is engaged in
the trading of construction material like Granular Sub Base (GSB)
and stone dust of 20 mm stone, 10 mm stone, etc. which is used in
construction of roads. MIP procures its goods from wholesalers
based in Himachal Pradesh, Jammu and Kashmir and Punjab. The
traded goods are further sold to builders, contractors and
developers located in
Punjab only. MIP has an associate concern, namely, J.S. Agro
Products (JSA), a partnership firm, engaged in poultry farming
business since 2008.

In FY16, MIP has achieved a total operating income of INR 20.15
crore with PAT of INR0.27 crore. Furthermore, the company has
archived total operating income of INR19.12 crore in H1FY17
(Provisional).


MANGALAGIRI TEXTILES: CRISIL Cuts Rating on INR14MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Mangalagiri Textiles Mills Private Limited (MTMPL) to 'CRISIL
D' from 'CRISIL B-/Stable'.

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

   Long Term Loan         14        CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The rating downgrade reflects instances of delay in payment of
interest and instalments on the term loan. The delays have been
caused by a sluggish operating performance in fiscal 2016 and
weak liquidity owing to a significant stretch in receivables.

The rating reflects a modest scale, and working capital
intensive- nature, of operations, and a weak financial risk
profile because of low debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
the management and established customer relationship.

Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations in the highly fragmented and
competitive cotton yarn industry
Revenue was INR13 crore in fiscal 2016, reflecting a modest scale
of operations in the cotton industry, which is fragmented in
nature.

* Working capital-intensive operations
Gross current assets were at 549 days of sales as on March 31,
2016. Average inventory of around four months of cost of sales is
maintained to support operations, while credit of 90-100 days of
sales is offered to customers, leading to high working capital
requirement. However, in fiscal 2016, due to a decline in prices
of cotton and yarn, there was an inventory build-up resulting in
high inventory days.

* Modest financial risk profile
The networth was modest at around INR15.5 crore with total debt
of around INR20.7 crore, as on March 31, 2016. Consequently, the
gearing was around 1.4 times as on this date.

Strengths
* Extensive industry experience of the promoters and favourable
location
The promoters' families have been associated with the industry
for over two decades. Furthermore, the spinning mill is in close
proximity to the cotton growing belt across the Guntur region.
Also, the company has been able to establish a healthy
relationship with various traders and exporters across India,
leading to healthy offtake of its cotton yarn.

MTMPL was incorporated in 2006, promoted by Dr G Nagasaina Rao
and his family. Based in Mangalagiri, Andhra Pradesh, the company
primarily produces cotton yarn.

Net loss was INR1.22 crore on net sales of INR13 crore in fiscal
2016, against net loss of INR1.11 crore on net sales of INR22
crore in fiscal 2015.


PARAS DYEING: CARE Assigns B+ Rating to INR9cr Long Term Loan
-------------------------------------------------------------
The rating assigned to the bank facilities of Paras Dyeing and
Printing Mills is constrained by its modest albeit growing scale
of operations, thin profitability, leveraged capital structure
and weak debt protection metrics. The rating is further
constrained by its working capital intensive nature of
operations, partnership nature of constitution and its presence
in highly competitive and fragmented textile industry with
susceptibility of margins to fluctuations in input material
price.

                        Amount
   Facilities         (INR crore)       Ratings
   ----------         -----------       -------
   Long-term Bank
   Facilities              9.00         CARE B+; Stable Assigned

The above constraints are partially offset by the strength
derived from the vast experience of its partners in the textile
industry coupled with its established relationship with reputed
clientele.

Ability of the firm to scale up its operations as along with
improving profitability amidst competition and fluctuating raw
material prices along with improvement in capital structure and
efficiently managing its working capital requirement are the key
rating sensitivities.

Detailed description of the key rating drivers

PDPM is engaged into manufacturing of women's readymade garments
and primarily sells its products in retail chain outlets without
a recognizable brand and hence though its scale is growing during
last three years ending FY16, it remains modest limiting the
financial flexibility of the firm. Intense competition in the
readymade garment section as well high operating and fixed costs
limits the profitability of the firm. Low bargaining power
against customers has led PDPM to selling at high credit to its
customers leading to working capital intensity and subsequent
reliance on high cost external bank borrowings to fund the
liquidity requirements. Consequent to the aforementioned, its
capital structure is leveraged with an overall gearing of 2.07x
as on March 31, 2016 along with the risk of capital withdrawal by
partners in times of personal exigencies.

Nonetheless, PDPM benefits on account of more than two decade of
experience of its partners in the textile industry having
established strong relations with large retail players in the
industry thereby facilitating repeat orders and subsequently
steady growth in operations.

Analytical approach: Standalone

Established in the year 2001 by Mr. Parasmal Golecha and his
sons, Paras Printing and Dyeing Mills is a partnership firm
engaged into manufacturing of readymade garments for women (86%
of revenue in FY16) and processing of fabric (14% of revenue in
FY16). Its fabric processing unit is located at Balotra,
Rajasthan with an installed capacity of 2.5 million meters of
fabric per annum. It outsources garment manufacturing process to
local tailors in Mumbai and caters to reputed retail chains such
as Big Bazaar (Fbb), Reliance Trends, Max Hypermarkets and Arvind
Retail among others.

During FY16 (refers to period of April 01 to March 31), PDPM
reported total operating income of INR31.61 crore (vis-a-vis
INR28.47 crore during FY15) along with net profit of INR0.13
crore (vis-a-vis INR0.11 crore during FY15). Furthermore, it
achieved a turnover of INR27.61 crore during 8MFY17.


PARASRAM MANNULAL: CARE Reaffirms B+ Rating on INR5cr Loan
----------------------------------------------------------
The rating assigned to the bank facilities of Parasram Mannulal
Dall Mills Private Limited (PMPL) continue to remain constrained
on account of its modest scale of operations and its weak
financial risk profile characterized by low profitability,
leveraged capital structure and weak debt coverage indicators
during FY16 (refers to the period April 1 to March 31).

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

The rating further continues to remain constrained on account of
its presence in the highly competitive and fragmented agro
processing industry and vulnerability of its profit margins to
commodity price fluctuations.

The rating, however, continues to draw strength from the
experience of the promoters and financial support extended in the
form of unsecured loans from the promoters.

The ability of PMPL to increase its scale of operations and
improve profitability, liquidity position, capital structure and
debt coverage indicators are the key rating sensitivities.

Detailed description of key rating drivers

PMPL's promoters have an average experience of around a decade in
the agro-industry, while they have infused unsecured loans to
financially support the company.

The total operating income (TOI) of PMPL increased marginally and
stood at INR91.92 crore in FY16 on the back of stable demand for
its products. PBILDT and PAT margin however dipped marginally and
remained low owing to low value addition nature of operations
thereby leading to low level of cash accruals during FY16.

With an increase in the total debt level, the capital structure
of PMPL deteriorated and continues to remain leveraged while on
the back of low cash accruals and high debt level debt protection
metrics stood weak.

PMPL's operating cycle continued to remain comfortable at 24 days
as the products are majorly sold through agents wherein payments
are ensured by them. Resultantly, the average working capital
utilization stood moderate at around 60% during the 12 months
ended December 2016.

Established as a proprietorship firm in 1968, PMPL is engaged in
the processing and trading of Arhar Dal (Toor Dal). PMPL sells
its product under the brand name PAPA, PM, Nari, Yellow Gold and
Gaay Bachda. The company's plant is located at Katni, Madhya
Pradesh with an installed capacity of 12,000 MTPA as on March 31,
2016 and carries cleaning, splitting, grading and colour sorting
operations. Company procures raw material from the local market
and other states such as Maharashtra, Karnataka through various
brokers and entire sales are also through network of agents
located at Madhya Pradesh, Maharashtra and Karnataka.


PARVATI SOLVENT: ICRA Reaffirms D Rating on INR10cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed the [ICRA]D rating assigned to the Rs.10.00
crore cash credit facility and Rs.2.71 crore term loan facility
of Parvati Solvent Extraction Private Limited.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Cash Credit Limits      10.00      Re-affirmed at [ICRA]D
  Term Loan                2.71      Re-affirmed at [ICRA]D

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

Parvati Solvent Extraction Private Limited was incorporated as a
private limited company in 2009. The company commenced operations
from July 2010 and is engaged in solvent extraction and
production of soya products viz. crude oil and de-oiled cake
(DOC). It has an extraction unit at Jalna, Maharashtra with an
intake capacity of 250 MT per day. The day-to day operations is
looked after by Mr. Pritam Longaonkar, director of the company
along with his experienced management team.


RUDRANEE INFRASTRUCTURE: CRISIL Cuts Rating on INR109MM Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Rudranee Infrastructure Limited to 'CRISIL D/CRISIL D' from
'CRISIL B-/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         40        CRISIL D (Downgraded from
                                    'CRISIL A4')

   Cash Credit           109        CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Proposed Cash          35        CRISIL D (Downgraded from
   Credit Limit                     'CRISIL B-/Stable')

   Proposed Letter of     66        CRISIL D (Downgraded from
   Credit & Bank                    'CRISIL B-/Stable')
   Guarantee

The rating downgrade reflects delay in debt repayment due to a
cash flow mismatch. The rating also factors in the weak financial
risk profile coupled with stretched receivable cycle. These
rating weaknesses are mitigated by the extensive experience of
promoters in the construction industry.

Key Rating Drivers & Detailed Description
Weaknesses
Delay in loan repayment: The company has delayed, because of a
cash-flow mismatch particularly due to its stretched receivable
cycle.

* Weak financial risk profile: The gearing was high and debt
protection metrics weak. The gearing was about 2.6 times, though
the networth was healthy at INR64 crore, as on March 31, 2016.The
interest coverage ratio was 1.1 times and net cash accrual to
total debt ratio 0.01 time in fiscal 2016. The financial risk
profile is expected to remain weak over the medium term.

* Stretched working capital cycle: Gross current assets (GCAs)
remained high at 645 days as on March 31, 2016. This was
primarily because of delay in realisations from debtors, large
retention amount maintained with customers, and substantial work-
in-progress. The GCAs are expected to remain at a similar level
over the medium term.

Strength
* Extensive experience of the promoters in the construction
industry: Backed by promoters extensive experience in the
construction industry, the company has a track record of
successful completion of projects, which enables it to get
regular orders from departments of the Government of Maharashtra.
The promoters' experience is expected to continue to benefit the
business performance.

Rudranee was set up in 1993 as a partnership firm, which was
reconstituted as a public limited company in 2007. The company
executes projects in the roads, irrigation, civil construction,
and water management segments.

For 2015-16, Rudranee reported PAT of INR0.44 crore on total
income of INR141.9 crore, against PAT of INR1.19 crore on total
income of INR168.6 crore for 2014-15


SAIPOOJA AGROTECH: CRISIL Reaffirms B Rating on INR5.19MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of Saipooja Agrotech Cold Storage at 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Pledge Loan            4.5       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     5.19      CRISIL B/Stable (Reaffirmed)

   Term Loan              2.81      CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the firm's below-average
financial risk profile because of small networth and leveraged
capital structure, its modest scale of operations, and
susceptibility to climatic conditions. These weaknesses are
partially offset by its partners' extensive experience in trading
in raisins and in the cold storage industry.

Key Rating Drivers & Detailed Description
Weaknesses
* Below-average financial risk profile: SACS's small networth of
INR3.05 crore and large working capital debt led to high gearing
and total outside liabilities to tangible networth ratio of 2.66
times and 4.68 times, respectively, as on March 31, 2016. The
financial risk profile will remain below average over the medium
term because of continued large working capital debt.

* Modest scale of operations and susceptibility to climatic
conditions: Revenue fell to INR22.75 crore in fiscal 2016 from
INR26.43 crore in fiscal 2015. Also, operations are susceptible
to climatic conditions which have a significant impact on
availability and prices of raisins.

Strength
* Partners' extensive industry experience: Its partners'
experience of about a decade in trading in raisins and operating
a cold storage for agricultural commodities has helped the firm
establish healthy relationships with farmers and customers, thus
benefiting its business risk profile.
Outlook: Stable

CRISIL believes SACS will continue to benefit from its partners'
industry experience. The outlook may be revised to 'Positive' if
financial risk profile improves because of significantly better
cash accrual or substantial equity infusion. The outlook may be
revised to 'Negative' if the financial risk profile, particularly
liquidity, weakens on account of low accrual, or stretch in
working capital cycle, or withdrawal of capital.

SACS was established in 2009 as a partnership firm. It trades in
raisins and operates a cold storage unit (primarily for raisins)
in Nashik district of Maharashtra. The firm is owned and managed
by Mr. Rajendra Kumbhar and his family members.

SACS reported a profit after tax of INR12 lakhs on an operating
income of INR22.75 crore for fiscal 2016, as against net loss
INR7 lakhs on operating income of INR26.43 crore in previous
fiscal.


SANJOG SUGARS: ICRA Reaffirms C+ Rating INR32.06cr Loan
-------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]C+ for the
INR32.06 crore (reduced from INR41.12 crore) fund based limits
and INR3.94 crore unallocated limits of Sanjog Sugars & Eco Power
Private Limited.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long Term-Fund
  Based Limits           32.06      [ICRA]C+; reaffirmed
  Long Term-
  Unallocated Limits      3.94      [ICRA]C+; reaffirmed

Rationale
ICRA's rating revision is driven by stabilized operations of the
plant after it resumed its operations in December 2015. This has
resulted in a robust growth in the operating income to INR19.16
crore and healthy PLF level of ~75% in H1FY2017. ICRA also notes
that 20 year Power Purchase Agreement (PPA) has been signed with
the Rajasthan DISCOMs which has largely mitigated the off-take
risk for the power plant. ICRA also notes that the average fuel
cost of the company has increased; however it remains below the
level factored in the tariff received as per the PPA with
Rajasthan state power distribution utilities. Nevertheless, the
ratings continues to be constrained by stretched liquidity of the
company due to large annual term debt repayments and hinges on
sufficient cash accruals generation from operations. The ratings
also notes exposure of the cash flows to volatility in prices of
bio-mass and risks related to availability of quality bio-mass.
Although the parent entity Orient Green Power Company Ltd. (OGPL)
has an established presence in the renewable energy industry
however the ratings are primarily constrained by OGPL's continued
delays in debt servicing. Further, the debt servicing and
liquidity of the company are exposed to counter party credit risk
associated with Rajasthan DISCOMs, given its moderate credit
profile.

Going forward, SSEPL's ability to sustain its revenue growth and
profitability through reasonable PLFs and economical raw material
procurement along with timely debt servicing will be the key
rating sensitivities.

Key rating drivers
Credit Strengths
* Wholly owned subsidiary of Orient Green Power Company Ltd
   - one of the largest companies in renewable energy space
* Operational biomass based power plant with 20 year Power
   Purchase Agreement (PPA) with Rajasthan state DISCOM; timely
   receipts against power billings so far
* Healthy operational performance of the biomass plant post
   commencement of operations from December 2015 and had an
   average PLF of 74% during April 2016-September 2016 period
* Low fuel supply risk due to availability of adequate mustard
   husk in the area
Credit Weakness
* Profitability exposed to volatility raw material prices
* Availability of quality of feedstock may impact future cash
   flows
* Revenues exposed to counter party credit risk associated with
   Rajasthan DISCOMs, given its moderate credit profile
* Deterioration financial position of the parent company; hence
   it may not be able to extend funding support to SSEPL in case
   of contingency; however divestiture of stake by OGPL provides
   some comfort

The plant operated for three and half months during FY2016 when
the operations resumed on 15 December, 2015. The company has
recorded healthy PLF levels during H1FY2017. The average
procurement price of fuel was ~ INR2291 per ton H1FY2017 which is
significantly better than INR2875 per ton assumed in tariff order
and provides profitability cushion to the company. The company
faces low demand risk on account of 20 year PPA with three
Rajasthan state DISCOMs. However, the company is exposed to
counter party credit risk on account of moderate credit quality
of Rajasthan state DISCOMs which are undergoing a major financial
restructuring plan on account of losses and high debt levels
brought in to fund subvention receivables from the Government of
Rajasthan. Availability of cotton and mustard in the Hanumangarh
district is not a constraint; however, emergence of other biomass
plants within the region could increase pressure on the raw
material prices in the long term. There are several players who
plan to construct biomass plants in the nearby districts. Also,
use of biomass in several alternate industries for captive power
generation could increase competition towards biomass production.
The parent company OGPL is under liquidity constraints arising
out of the weak cash flow position of the company; this is likely
to impact the funding financial support to SSEPL and other group
companies.

SSEPL was incorporated in 2004 by J.K. Sagar and Prahlad Singh
and their associates with the objective of setting up a 10 MW
bio-mass power plant in Sangaria Tehsil, Hanumangarh District
Rajasthan. Later during August, 2009, OGPL acquired 78.94% stake
in the company. SSEPL is presently a subsidiary of OGPL who
presently holds 83.92%of the equity share capital in the Company.
The 10.0 MW project was commissioned in November 2011 and was
funded by term loans of INR44.36 crore from Punjab National Bank.
However the operations were suspended in March 2013 as the
company had opted for sale of power through power exchange and
the net tariff realized was un-remunerative. The Company signed a
PPA with the Rajasthan state Discoms on July 08, 2014 and the
operations at the plant resumed on December 15, 2015.

SSEPL reported a net loss of INR11.93 crore on an operating
income of INR10.17 crore for FY2016, as against a net loss of
INR14.61 crore on an operating income of INR2.08 crore for the
previous year.


SANKALP ENGINEERING: ICRA Reaffirms D Rating on INR45cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR84.09
crore fund based of Sankalp Engineering and Services Private
Limited.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Cash Credit            45.00       Reaffirmed at [ICRA]D
  Term Loans             39.09       Reaffirmed at [ICRA]D

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

Incorporated in 1996, SESPL manufactures couplings under the
tubular division and forged components under the non-tubular
division. The products of SESPL find their applications in
diverse industries such as oil and gas, automobile and general
engineering. SESPL is a subsidiary of Innoventive Industries
Limited (IIL), which acquired 51% of SESPL's equity in the year
2008.


SAVARIYA INDUSTRIES: CRISIL Assigns 'B' Rating to INR6MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Savariya Industries.

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

The rating reflects working capital-intensive operations and a
below-average financial risk profile because of weak capital
structure and debt protection metrics. These rating weaknesses
are partially offset by the extensive experience of the
proprietor in the agro industry and longstanding relationship
with customers and suppliers.
Analytical Approach

CRISIL has treated unsecured loans of around INR1.88 crore as on
March 31, 2016, extended by the proprietor, as neither debt nor
equity. That's because the loans are expected to remain in the
business over the medium term.

Key Rating Drivers & Detailed Description
Weaknesses
* Below-average financial risk profile: SI's financial risk
profile is below-average marked by weak capital structure and
debt protection metrics. The gearing remained high at 4.6 times
as on March 31, 2016. The interest coverage and net cash accrual
to total debt ratios were low at 1.4 times and 0.05 time,
respectively, in fiscal 2016.

* Large working capital requirement: Gross current assets were
around 170 days, driven by inventory and debtors of 56 days and
104 days, respectively, as on March 31, 2016. The operations are
expected to remain working capital intensive over the medium
term.

Strength
* Extensive industry experience of the proprietor: The
proprietor, Mr. Rajkumar Kakraniya, has been associated with the
oil industry for more than 15 years and has developed a
longstanding relationship with customers and suppliers.
Outlook: Stable

CRISIL believes SI will continue to benefit from the extensive
experience of its proprietor in the in cotton seed oil extraction
and trading of pulses. The outlook may be revised to 'Positive'
in case of a significant increase in revenue while profitability
is maintained, leading to higher cash accrual and hence, a better
financial risk profile. The outlook may be revised to 'Negative'
if the financial risk profile, particularly liquidity, weakens,
because of a stretched working capital cycle or large debt-funded
capital expenditure.

Formed in 1996 as a proprietorship firm by Mr. Rajkumar
Kakraniya, SI is engaged in cotton seed oil extraction and
trading of pulses. The firm is based in Amravati, Maharashtra.

Profit after tax was INR4 lakhs crore on net sales of INR13.84
crore in fiscal 2016, against profit after tax of INR4 lakhs on
net sales of INR12.05 crore in fiscal 2015


SAVITRIDEVI INDUSTRIES: CARE Cuts Rating on INR8.36cr Loan to 'B'
-----------------------------------------------------------------
The revision in the rating assigned to the bank facilities of
Savitridevi Industries Limited (SIL) is mainly on account of
decline in the total operating income and net losses during FY16
(refers to the period April 1 to March 31) along with
deterioration in capital structure and debt coverage indicators.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Long-term Bank
   Facilities              8.36      CARE B; Stable Revised
                                     from CARE B+

The rating continues to be constrained by modest scale of
operations, weak financial risk profile marked by highly
leveraged capital structure, weak solvency position, weak debt
coverage indicators and thin profitability margins. The rating is
further constrained by exposure of profitability margins to
fluctuation in raw material price and presence in highly
competitive cotton ginning and pressing industry.

However, the rating continues to factor in experience of
promoters in cotton industry and location advantage.

The ability of the company to increase its scale of operations,
improve its solvency position and profitability margins along-
with efficient management of working capital requirements remain
the key rating sensitivity.

Detailed description of the key rating drivers

SIL's scale of operations remained at modest level with declining
total operating income and cash accruals during last three years
ending FY16. Further net loss in FY16 has eroded the networth and
resulted in leveraged capital structure and weak liquidity
position. Further owing to seasonality involved with availability
of cotton and extended credit period offered to its clients the
operations remained working capital intensive with gross current
asset days of over 180 days during FY16. The cotton industry is
characterised by a high degree of fragmentation and high
competition and is further subjected to Government regulations.
The manufacturing facility of SIL is located at Atpadi, Sangli
Marathwada belt (Maharashtra), which comes under the cotton-
producing belt. Hence, SIL gains the location advantage in terms
of timely and easy availability of raw material. Prices of raw
material i.e. raw cotton are highly volatile in nature and depend
upon factors like, area under production, yield for the year,
international demand supply scenario, export quota decided by
government and inventory carried forward of previous year.
The entity is spearheaded by Mr. Bharat Maruti Patil, Mr. Narayan
Namadev and Mr. Gulabrao Atmaram Patil, who have an experience of
more than three decades in cotton ginning industries. The wide
experience of the promoters aids the entity in the day-to-day
decision-making activities.

SIL was incorporated in October 2009 in the name of Savitridevi
Cotton and Oil Limited. During December 2013, the name of company
was changed to Savitridevi Industries Limited. The company is
engaged in ginning and pressing of cotton and extraction of oil
from cotton seed and trading of milk. The ginning & pressing
plant and oil extraction unit is located at Atpadi, Sangli
(Maharashtra) with an installed capacity of 73000 bales per annum
and to extract 2628 Metric tons of oil per annum. Moreover, the
company is also involved in trading of milk with 30 dairy centres
in around Sangli (Maharashtra) for collection of milk. The major
customers of milk division are Parag Milk Food Limited and
Chitale Dairy.

During FY16 (refers to the period April 1 to March 31), the
entity registered a total operating income of INR25.55 crore and
net loss of INR0.25 crore.


SHINE METALTECH: ICRA Reaffirms D Rating on INR6.4cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR7.00
crore fund based limits of Shine Metaltech Private Limited.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Cash Credit           0.60        Reaffirmed at [ICRA]D
  Term Loans            6.40        Reaffirmed at [ICRA]D

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

Shine Metaltech Private Limited is a private limited company
engaged in machining of metal components on job work basis, which
are primarily being used in the auto industry; and its
manufacturing facility is located in Ropar (Punjab). SMPL has
been promoted by members of the Gill family.


SHREE RAMA: CARE Assigns 'D' Rating to INR5.7cr ST Bank Loan
------------------------------------------------------------
The ratings assigned to the bank facilities of Shree Rama
Newsprint Limited have been removed from credit watch due to
completion of acquisition of majority stake by Riddhi Siddhi
Gluco Biols Limited (RSGBL) along with the release of corporate
guarantee extended by The West Coast Paper Mills Limited (WCPML;
rated: CARE BBB+/ CARE A3+).

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Long-term Bank
   Facilities             23.00      CARE BBB (SO); Stable
                                     Suspension Revoked;
                                     removed from Credit Watch

   Long-term Bank
   Facilities            176.975     CARE BB-; Stable Suspension
                                     Revoked; Revised from
                                     CARE D; and removed from
                                     Credit Watch

   Short term Bank
   Facilities              90.00     CARE A4 Suspension Revoked;
                                     Revised from CARE D; and
                                     removed from Credit Watch

   Short term Bank
   Facilities               5.75     CARE D Assigned

The revision in standalone ratings of SRNL primarily takes into
account the satisfactory track record of debt servicing post debt
restructuring along with change in management having high
financial flexibility.

The standalone ratings, continue to be constrained due to weak
financial risk profile marked by continuous past looses resulting
into erosion of net worth base and tight liquidity, risk
associated with proposed large sized debt funded expansion
project and susceptibility of profitability margins to volatile
raw material prices and foreign exchange fluctuation.

The ratings, however, continue to derive strength from the
dominant position of SRNL in domestic newsprint industry with
strategic location of plant, experienced and resourceful
management albeit no prior experience in paper industry and
increase in financial flexibility of SRNL with support of RSGBL,
parent of SRNL.

The ability of SRNL to improve its profitability margin while
managing the volatility in raw material prices and forex
fluctuation, improvement in capital structure and liquidity with
effective management of working capital and timely completion of
the proposed large-sized expansion project within envisaged time
and cost parameters and to realise the envisaged benefits out of
it would be the key rating sensitivities. Further, the continuous
support from RSGBL shall also remain crucial.

The SO rating assigned to the one of the term loan facility
(referred in Sr. No.1 above), is based on the credit enhancement
in form of unconditional, irrevocable and continuing corporate
guarantee of RSGBL. The credit profile of RSGBL derives strength
from its comfortable financial risk profile marked by steady cash
accruals, comfortable capital structure and strong liquidity
backed by large investment portfolio albeit pledged partially.
However, the credit profile of RSGBL is constrained by its
exposure towards the loss making SRNL's operation with high
propensity to support, delay in receipts of wind energy
receivables with counter party risk and volatility in traded
commodity prices. The ability of RSGBL to improve the operations
of SRNL, maintenance of its comfortable capital structure and any
large sized debt funded capital expenditure shall be the key
rating sensitivities.

The company undertook the restructuring of its bank limits with
its bankers in March 2015. These restructuring were undertaken by
all the joint lenders except Axis Bank Limited (Axis Bank).
Hence, post restructuring, there were no delays/defaults in
repayments of loans and interest except to Axis Bank amounting to
INR11.25 crore as on March 31, 2016.

There was a dispute between the company and Axis bank, since the
Joint Lender Fourms decision was not implemented by Axis Bank.
However, the same is now settled between Axis Bank and SRNL where
Axis Bank has agreed to accept INR6.00 crore against the total
dues of INR12.76 crore as on December 31, 2016. The company has
already paid INR0.25 crore and the balance is to be paid in
monthly unequal installments till June 2017.

Mr Ganpatraj Chowdhary, aged 54 years, is the Chairman of SRNL
and looks after the overall operations of the company. Though,
SRNL has long track record of operation in paper industry, the
promoters have very little experience in paper industry. The
Chowdhary family has rich experience in corn and corn product
industry through a venture namely RSGBL which was promoted by Mr.
Ganpatraj along with other family members in 1994 for
manufacturing of starch and starch derivatives.

SRNL is the one of the largest player in India with the market
share of nearly 9-10% which is next to Emami Paper Mills Limited
(rated: CARE A/ CARE A1) and Hindustan Newsprints Limited. The
location of SRNL's plant is advantageous due to the proximity to
the major newspaper publishers in the Northern, Western and
Southern region which has resulted into establishment of strong
customer base.

The total operating income of the company has remained volatile
over past three years ended FY16. Further, despite growth in
production and sales volumes during FY16 over FY15, the total
operating income remained relatively stable due to fall in
average sales realisation of its product i.e. Newsprint. The
PBILDT margins too have remained weak and volatile over the
years. However, during FY16, the operating loss has reduced as
compared to FY15 on the back of saving in raw material and power
and fuel cost on the back of decline in commodity prices.
Further, with weak PBIDTL margin and high interest cost, the
company has been reporting net losses over past three years ended
FY16. Furthermore, due to high debt level and cash losses, the
debt coverage indicators have remained very weak.

Analytical approach: CARE has considered the standalone financial
of SRNL. Moreover, for the rating of guaranteed debt,
CARE has considered the standalone operational and financial
performance of RSGBL.

Incorporated in 1994, SRNL was initially promoted by Mr. Vashu
Ram Singhani. Subsequently, in the year 2003, WCPM along with his
promoters acquired the majority stake in SRNL. During FY16
(refers to period April 1 to March 31), RSGBL acquired the
majority stake from WCPM and its promoters. As on March 31, 2016,
RSGBL held 74.72% equity stake in SRNL. However, post conversion
of convertible debenture held by ICICI Bank Limited into equity
shares during January 2017, the equity stake of RSGBL has reduced
to 59.58% as on January 15, 2017.

With an installed capacity of 132,000 Metric Tonnes Per Annum
(MTPA); SRNL is one of the largest newsprint manufacturers in the
country. With its plant located near the industrial belt of
Hazira (in the Surat district of Gujarat); SRNL has access to
most of the major newspaper publishers in the Northern, Western
and Southern states of the country.

As per the audited standalone result for FY16, SRNL reported a
net loss of INR34 crore on a total operating income of INR385
crore as against a net loss of INR43 crore on a total operating
income of INR378 crore in FY15. Further, as per the un-audited
result for H1FY17, SRNL reported a net loss of INR7 crore on a
total operating income of INR205 crore.

Incorporated in 1994 by Ahmedabad based Chowdhary family for
manufacturing starch and starch derivatives, RSGBL sold its
starch segment to Roquette Riddhi Siddhi Private Limited for
INR950 crore. The company currently generates income from wind
energy generation, trades in agricultural commodities and is
engaged in investment activities. It also has a 33.15 megawatt
installed windmill capacity spread across Tamilnadu (28.5 MW),
Maharashtra (3 MW) and Gujarat (1.65 MW) and has entered into
power purchase agreements with state electricity boards at a
fixed tariff.

As per the audited standalone result for FY16, RSGBL reported a
PAT of INR14 crore on a total operating income of INR53 crore as
against a PAT of INR3 crore on a total operating income of INR83
crore in FY15. Further, as per the un-audited result for H1FY17,
RSGBL reported a PAT of INR47 crore on a total operating income
of INR160 crore.


SHRIRAM TRANSPORT: Fitch Affirms IDRs at BB+; Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed India-based Shriram Transport Finance
Company Limited's (STFC) Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDR) at 'BB+'. The Outlook is Stable.

STFC's IDR is based on its standalone credit profile, which
reflects its sound franchise and market share in used commercial-
vehicle financing. This is supported by its quasi-monopoly
status, strong management team and a highly customer-centric
business model. STFC's profile is partly countered by its
concentration towards the commercial-vehicle segment and a
relatively riskier customer base that is prone to the economic
cycle. However, STFC's established underwriting standards, almost
40-year operating record and strong liquidity position help
mitigate these risks. The Stable Outlook highlights Fitch's view
that the rating is well-balanced at its current level.

KEY RATING DRIVERS
IDR
STFC's rating reflects the established nature of its used-
commercial-vehicle financing business. The lender is the largest
player in this segment, with a pan-India presence and a business
model that has stood through numerous economic cycles. STFC's
close customer relationships and sound used-commercial vehicle
valuation capabilities give it a strong understanding of the
transport market, which financial peers like banks and non-bank
financial institutions have found difficult to replicate. STFC's
presence across transport hubs helps it keep in touch with
customers and underpins its underwriting capabilities. Its
valuation abilities have kept credit losses low despite high NPLs
and a risky customer profile; most customers either lack a formal
credit history or have an inadequate one.

STFC's management quality, which shows stability and a strong
understanding of the business dynamics prevalent in its niche
segment, also has a strong influence on its rating. Changing
regulatory norms on NPL recognition may also face the added
pressures of demonetisation in the next few quarters,
particularly in relation to asset quality. Fitch believes STFC's
management depth and experience should help manage this
transition without undue negative surprises for the lender's
financial profile. Nonetheless, its NPL ratio will continue
rising until recognition norms converge with those of the banks.
This will continue testing STFC's earnings and core capital
buffers, although they are satisfactory for now.

STFC's credit losses remain below 2% of average loans despite its
NPL ratio rising to 6.6% as of the third-quarter of the financial
year ending March 2017 (FY17). This was as per Fitch's
expectations, which are based on STFC's strong recovery
capabilities that are intricately linked to its ability to value
used commercial vehicles and the loan/value ratio applied.
Management expects to limit credit losses within its historical
average, despite the higher NPL ratio, as it transitions to a
tighter recognition standard of 90 days past due by FYE18, from
150 days. This implies that its NPL ratio will continue rising,
with demonetisation possibly adding temporary pressure in the
interim. Management has indicated the 9MFYE17 NPL ratio would
have been another 60bp higher without regulatory forbearance.

STFC's profitability weakened in FY16 to 1.87% (9MFYE17 return on
assets: 2.1%) led by higher credit costs, in line with Fitch's
expectations. Fitch expects profitability pressure to continue,
but believes its pre-provisioning profitability should provide it
with some buffer against further credit cost rises.

STFC's Tier 1 capitalisation ratio of 15.5% at 3QFYE17 is
satisfactory, considering its relatively riskier business profile
and high loan-loss provision cover of 75% at 9M17. Fitch does not
expect the company to raise capital before FY18, but any marked
deterioration from current levels also seems unlikely -
considering slower growth and risk-weighted asset management
through securitisation. This should help offset some pressure
from weaker internal capital accretion, which Fitch expects,
although Fitch understand that STFC has in-principle approval for
fresh capital from strategic investors, such as Piramal
Enterprises Limited and Sanlam Life Insurance Limited (National
Long-Term Rating; AAA(zaf)/Stable), if needed.

STFC's funding profile continues to benefit from its franchise
and diversified funding structure across sources and tenor,
despite its wholesale nature. The company's liquidity position is
supported by access to funding from unutilised bank credit lines
and securitisation.

RATING SENSITIVITIES
Key rating considerations include STFC's ability to maintain its
credit profile in light of ongoing changes to NPL recognition
norms and to manage the temporary disruptions caused by
demonetisation. A credit-loss ratio above Fitch's expectations
due to the transition could have a negative effect on earnings
and capitalisation, which could in turn pressure STFC's rating. A
sustained improvement in capitalisation would be credit-
supportive, although an immediate improvement is not probable.

The rating actions are:

Shriram Transport Finance Company Limited:

-- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook
    Stable
-- Long-Term Local-Currency IDR affirmed at 'BB+'; Outlook
    Stable
-- Short-Term IDR affirmed at 'B'


SMT. SHAKUNTLA: CARE Assigns D Rating to INR194.32cr Bank Loan
--------------------------------------------------------------
The ratings assigned to the bank facilities of Smt. Shakuntla
Educational and Welfare Society takes into account the on-going
delays in debt servicing.

                        Amount
   Facilities         (INR crore)       Ratings
   ----------         -----------       -------
   Long-term Bank
   Facilities             194.32        CARE D Assigned

   Short-term Bank
   Facilities              50.00        CARE D Assigned

Detailed description of the key rating drivers

There is an on-going delay in servicing of debt on account of
liquidity stress and cash flow mismatches. The society
receive fees on an annual basis, however has to make monthly
payment for interest and quarterly payment of principle
thereby leading to cash flow mismatches.

Smt. Shakuntla Devi Educational & Welfare Society formed in the
year 1998 with the Registrar of Society under the society
registration act 1860 with the main objective of providing
education. The society is promoted by Mr. Suneel Galgotia, an
educationist from Uttar Pradesh with experience of more than
three decades in the education industry.

SSDWS is currently operating two management and engineering
college in Noida (Uttar Pradesh). Apart from two management and
engineering college the society is also operating one educational
university named Galgotia University.  Galgotia University came
into existence after passing of Galgotias University Act in 2011
by Government of Uttar Pradesh.


SRI MUTHUMARI: CRISIL Reaffirms D Rating on INR7MM Term Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating on the long term bank loan
facility of Sri Muthumari Charitable and Educational Trust
(SMCET) at 'CRISIL D'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan               7         CRISIL D (Reaffirmed)

The ratings continue to reflect instances of delay by SMCET in
servicing its term debt obligations; the delays have been caused
by weak liquidity, arising from the mismatch in the trust's cash
flows.

The ratings also factor in the SMCET's modest scale of operations
in an intensely competitive educational sector, geographical
concentration in revenue profile and susceptibility to adverse
regulatory changes. The trust, however, benefits from the healthy
demand prospects for education offerings in India and the
extensive experience of its promoter in the education industry.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in competitive segment:
With revenue of INR8.3 crore for fiscal 2016, scale remains small
in the competitive education sector.

* Geographic concentration in revenue profile:
SMCET faces geographical concentration with presence only in
Karaikudi, Tamil Nadu, and also is governed by various government
and quasi-government agencies, such as the AICTE, universities,
and state governments.  Any adverse regulatory changes will
affect the trust's performance over the medium term.

Strength
* Extensive experience of promoters:
The trust was founded by Mr. Periyasamy in 2010. Over the years
the trustee has established the colleges offering under graduate
in Engineering and teacher education courses and also run a
school.

SMCET, located in Karaikudi (Tamil Nadu), was set up in 2010 as a
trust registered under the Indian Trust Act, 1881.The trust
offers undergraduate courses in engineering and teacher education
courses and also runs a school. The operations of the trust are
managed by Mr.Periyasamy.

For fiscal 2016, SMCET made a profit after tax (PAT) of INR4.5
lakh on total income of INR8.3 crore, against a PAT of INR1.92
crore on total income of INR8.89 crore for the previous fiscal.


STARKE ROCKSAND: CARE Assigns B+ Rating to INR7cr LT Bank Loan
--------------------------------------------------------------
The rating assigned to the bank facilities of Starke Rocksand LLP
is constrained by the project implementation risk with financial
closure yet to be achieved, high regulation from the government
and constitution of the entity as a partnership firm with
inherent risk of capital withdrawal by the partners. However, the
rating is underpinned by the experience of partners in mining
(rock stone) industry, partial statutory approvals in place and
stable demand outlook for mining industry.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Long-term Bank
   Facilities               7        CARE B+; Stable Assigned

Going forward, the ability of the firm to achieve financial
closure, complete the ongoing project without any cost or time
overrun and generate the revenue and profit levels as envisaged
in the competitive mining industry.

Detailed description of the key rating drivers

SRLLP is planning to set up a manufacturing unit of rocksand and
stones at Ranga Reddy district, Telangana with total installed
capacity of 7.92 lakh tonne per annum. SRLLP has taken one quarry
land from the associate concern, Rocksand Minerals Private
Limited, on lease for which it has signed 10 year lease contract
(October 2016). The total proposed cost of project is INR9.39
crore which is proposed to be funded by bank term loan of INR5.00
crore and equity share capital of INR4.39 crore. As on December
20, 2016, the firm has incurred expenses of INR0.75 crore (around
8% of the total project cost) towards advance payment of purchase
of plant & machinery and for leased land of 6 acres, and the same
was funded by the equity share capital brought in by the
partners.

The financial closure of the project is yet to be achieved.

Furthermore, the machinery is expected to be installed by
February 2017 and erection on the same month followed by trail
run in March 2017.

The firm was established in 2016, by Mr. D J Jagannadha Raju, Mr.
Purnachand Potluri, Mr. Srinavas Veluri and Mrs Vijayalakshmi.
The partners are having experience of 14 years in the same line
of business (mining and stone crushing activities, rocksand), and
are common promoters in one of the associate company named
Rocksand Minerals Private Limited. All the partners are well
qualified and having working experience in different field like
leather, ceramics and mining industry.

Starke Rocksand LLP was established in 2016 promoted by Mr. D J
Jagannadha Raju, Mr. Purnachand Potluri, Mr. Srinavas Veluri and
Mrs Vijayalakshmi. The partners are having experience of around
14 years in the same line of business (mining and stone crushing
activities, rocksand), and are common promoters in one of the
associate company named, Rocksand Minerals Private Limited. The
firm is planning to set up a manufacturing unit of rocksand and
stones in three types of sizes i.e. 40 mm, 20mm, 10mm, which
would be used for construction purpose. The installed capacity of
the unit is estimated at 7.92 lakh tones per annum (TPA).


SUDALAGUNTA SUGARS: CRISIL Reaffirms B+ Rating on INR92.5MM Loan
----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Sudalagunta Sugars Limited and reassigned
the short-term bank facility at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee        15.05      CRISIL A4 (Reassigned)
   Bill Discounting      10.00      CRISIL B+/Stable (Reaffirmed)
   Cash Credit           92.50      CRISIL B+/Stable (Reaffirmed)
   Long Term Loan        46.17      CRISIL B+/Stable (Reaffirmed)
   SEFASU Loan           12.37      CRISIL B+/Stable (Reaffirmed)
   Warehouse Financing   24.85      CRISIL B+/Stable (Reaffirmed)
   Working Capital
   Demand Loan           3.34       CRISIL B+/Stable (Reaffirmed)

CRISIL's ratings on the bank facilities of SSL continue to
reflect its large working capital requirements, average financial
risk profile marked by moderate gearing and below average debt
protection metric and , and susceptibility to cyclicality and
regulatory risks in the sugar industry. These weaknesses are
partially offset by SSL's established regional presence in the
sugar industry aided by its promoters' extensive industry
experience and established customer relationship.

Key Rating Drivers & Detailed Description
Weaknesses
* Large working capital requirements
SSL's operations are working capital intensive, as indicated by
its gross current assets (GCAs) of 315 days as on March 31, 2016,
driven by high inventory holding days due to seasonal nature of
the sugarcane industry. The company have to procure cane in four
to six months of sugarcane production. Additionally, companies
have to immediately crush the sugarcane (for maximum recovery of
sugar) and hold sugar inventory, which accounts for the bulk of
the inventory at the end of the year.

* Average financial risk profile
The financial risk profile is constrained by below-average debt
protection metrics and a moderate capital structure. Interest
coverage was 1.36 times for fiscal 2016, while gearing ratio was
1.83 times as on March 31, 2016. The financial risk profile is
expected to remain average over the medium term because of
moderate accretion to reserve.

* Susceptibility to cyclicality and regulatory risks in the sugar
industry
The domestic sugar industry is highly regulated because of
central and various government policies regarding sugarcane
prices, export and import of sugar, and the sugar release
mechanism. Such stringent regulations affect the credit quality
of players in the sugar industry like SSL. SSL will remain
exposed to such regulatory risks, which impact the sugar
industry.

Strength
* Established regional presence in the sugar industry aided by
its promoters' extensive industry experience and established
customer relationship: The promoters' extensive experience of
over two decades in the sugar industry has led to established
market position of SSL in South India. The company sells its
sugar through dealers mainly in the state of Andhra Pradesh,
Tamil Nadu, and Karnataka. This has reflected in its moderate
scale of operations of INR179.79 crores as on March 31, 2016.
Outlook: Stable

CRISIL believes SSL will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if significantly high revenue and
profitability with improved working capital cycle enhances the
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the financial risk profile weakens, most likely
because of significantly low revenue and profitability, or any
time or cost overrun in the project.

SSL was incorporated in 1994 by Mr. S Jayaram Chowdary. The
company manufactures white sugar, which it sells to dealers in
the domestic market, and exports to the Gulf countries and to
Singapore.

SSL reported a profit after tax (PAT) of INR0.29 Crores on net
sales of INR179.79 Crores for fiscal 2016, Vis-a -Vis INR3.00
Crores and INR463.44 Crores, respectively in fiscal 2015.


SUN SHINE: CARE Reaffirms B+ Rating on INR16.25cr LT Loan
---------------------------------------------------------
The rating assigned to Sun Shine Rice Unit continues to be
constrained by its small scale of operations with low
profitability margins, weak debt service coverage indicators and
leveraged capital structure. The rating is further constrained by
the being working capital intensive nature of operations,
fragmented nature of the industry, business susceptible to the
vagaries of nature and partnership nature of its constitution.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Long-term Bank
   Facilities             16.25      CARE B+: Stable Reaffirmed

The rating, however, continues to draw comfort from experienced
partners and strategic location of the unit and growing scale of
operations.

Going forward, SSR's ability to scale-up its operations while
improving its profitability margins and capital structure along
with prudent working capital management shall be the key rating
sensitivities.

Detailed description of the key rating drivers

Despite the marginal growth registered in Total operating income
(TOI), the scale continues to remain small which inherently
limits the firm's financial flexibility in times of stress and
deprives it from scale benefit. The profitability margin of the
firm continues to remain on lower side owing to low value
addition and highly competitive nature of industry. The capital
structure continues to remain leveraged due to high dependence on
external borrowings to meet the working capital requirements.
Furthermore, the debt service coverage indicators remained weak
due to low profitability margins.

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

The firm's processing facility is situated in Taraori, Haryana
which is the one of the largest producer of paddy in India. Its
presence in the region gives additional advantage over the
competitors Sun Shine Rice Unit (SSR) is a partnership firm
established in 2010 by Mr. Inder Parkash, his nephews
Mr Narain Parkash, Mr. Vijay Kumar, Mr. Sanjay Kumar and his
daughter-in-law Ms. Sudesh Rani sharing profits and loss equally.
All the partners have experience of around half a decade through
their association with SSR.

Karnal (Haryana) based Sun Shine Rice Unit (SSR) is a partnership
firm established in 2010 by Mr. Inder Parkash, Mr. Narain
Parkash, Mr. Vijay Kumar, Mr. Sanjay Kumar and Ms.Sudesh Rani
sharing profits and loss equally. SSR commenced commercial
operations from July 2011, and is engaged in the processing of
basmati rice. The manufacturing facility is located at Taraori,
Haryana, with an annual installed capacity of 32,120 metric
tonnes per annum (MTPA) as on March 31, 2016. SSR procures paddy
through commission agents and stockist from the local grain
markets located in Haryana, Punjab, and Uttar Pradesh. The firm
sells rice through network of commission agents to exporters
based in Haryana, Punjab and Gujarat.

In FY16 (refers to the period April 1 to March 31), DTPL achieved
a total operating income (TOI) of INR 61.94 crore with PAT of
INR0.14 crore, as against total operating income of INR 60.27
crore with PAT of INR0.13 crore in FY15. Furthermore, the firm
has achieved total operating income of INR29.45 crore in H1FY17
(refers to the period April 1 to November 30; based on
provisional results).


TNR INDUSTRIES: CRISIL Lowers Rating on INR7MM Cash Loan to 'C'
---------------------------------------------------------------
CRISIL has downgraded its rating on long-term bank facilities of
M/s. TNR Industries Pvt Ltd to 'CRISIL C' from 'CRISIL B-
/Stable'.

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

   Long Term Loan          3.9      CRISIL C (Downgraded from
                                    'CRISIL B-/Stable')

   Proposed Long Term      4.1      CRISIL C (Downgraded from
   Bank Loan Facility               'CRISIL B-/Stable')

The downgrade reflects TIPL's weak liquidity on account of
subdued operating performance and large working capital
requirement, which will lead to insufficient cash accrual to meet
debt obligation over the medium term. The company has modest
scale of operations in the ready-mix concrete (RMC) industry, and
a below-average financial risk profile. However, it benefits from
its promoters' extensive industry experience and their financial
support.

Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations in the RMC industry
TIPL's revenue of INR35.73 crore in fiscal 2016 indicates its
modest scale of operations in a highly fragmented industry.
Further, RMC is predominantly used in the construction sector,
which is cyclical. Though the company started manufacturing
unplasticised polyvinyl chloride (UPVC) panels in September 2013,
this business remains small.

* Large working capital requirement
TIPL had gross current assets of 172 days as on March 31, 2016,
driven by substantial inventory of 74 days and receivables of 60
days.

* Below-average financial risk profile
TIPL had a negative networth as on March 31, 2016, because of low
initial paid-up capital and negative accretion to reserves.
Aggressive financial policy led to peak gearing of 4.96 times
over the past three fiscals through March 2016. Debt protection
measures are also weak.

Strengths
* Promoters' extensive experience in the construction industry
Key promoter Mr. T Narsimha Rao has experience of over two
decades in the construction industry. The company is a part of
the TNR group which has an established presence in the industry.
Also, the promoters are high networth individuals and have
developed strong relationships with lenders.

TIPL, set up in 2011, manufactures RMC used in the construction
industry, and UPVC panels. Based in Hyderabad, the company is
promoted by Mr. T Narsimha Rao and his family.

TIPL had a loss of INR7.21 crore on net sales of INR35.73 crore
for fiscal 2016, against a loss of INR2.24 crore on net sales of
INR21.81 crore for fiscal 2015.


TRINITY EYE: CRISIL Assigns B+ Rating to INR31.5MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Trinity Eye Hospital (Part of Trinity
Group).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term
   Bank Loan Facility      31.5      CRISIL B+/Stable

   Long Term Loan          12.0      CRISIL B+/Stable

   Overdraft                1.5      CRISIL B+/Stable

The rating reflects the group's small scale of operations and
risks pertaining to implementation and stabilization of
operations in the new region. These weaknesses are offset by
promoter's extensive experience in the eye specialty treatment
and fund support. Equity of about INR7 crore is expected to have
been infused by the promoters in the current fiscal to support
the liquidity and financial risk profile of the group.

Analytical Approach

For arriving at the rating, CRISIL has consolidated the financial
and business risk profiles of TEH with Trinity Eye Centre '
Alathur and Trinity Eye Centre ' Mannarkad. This is because the
three firms, together referred to as the Trinity group, have
common promoters, senior management. Moreover the group plans to
merge these entities in to a private limited company going
forward.

Key Rating Drivers & Detailed Description
Weaknesses
* Risks pertaining to the new project: The group is exposed to
implementation risks on the new project to setup 2 new branches
at a total cost of about INR30 crore. The group is also exposed
to funding risk as the financial closure is yet to be achieved.

* Small scale of operations: Geographic concentration risks and
specialty in the services offered continue to constrain scale of
operations. The same subsequently led to moderate net worth
levels despite healthy operating margins.

Strength
* Established market position and the promoters' extensive
experience: Benefits from the Trinity group's established market
position in Kerala, and the promoters' extensive experience of
more than 2 decades in the eye specialty segment should continue
to support business risk profile.
Outlook: Stable

CRISIL believes the Trinity group will continue to benefit over
the medium term from the hospital's established market position,
and the promoters' extensive experience. The outlook may be
revised to 'Positive' if timely completion of new projects lead
to sustainable improvement in scale of operations and margins and
subsequent improvement in financial risk profile. The outlook may
be revised to 'Negative' in case of delay in execution of project
or undertaking of sizeable debt weakens the financial risk
profile of the group.

Established in 1999, the Trinity group has 1 specialty hospital
and 4 sub-centres in Kerala. The operations of the group are
managed by Dr. Sunil Sreedhar.

Net profit was INR0.44 crore on revenue of INR7.1 crore in fiscal
2016, against a net profit of INR0.26 crore on revenue of INR5.69
crore in fiscal 2015.

Status of non-cooperation with previous CRA: TEH has not
cooperated with ICRA, which suspended its ratings vide release
dated November 28, 2016. Reason provided by ICRA is absence of
requisite information to carry out rating surveillance.


UNIVERSAL CONSTRUCTIONS: CRISIL Cuts Rating on INR12MM Loan to D
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Universal Constructions to 'CRISIL D' from 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              12        CRISIL D (Downgraded from
                                   'CRISIL B/Stable')


The downgrade reflects instances of delay in debt servicing owing
to weak liquidity due to cash-flow mismatch. The rating also
factors in susceptibility to risks and cyclicality in India's
real estate industry. These rating weaknesses are mitigated by
the extensive experience of the partners in the real estate
sector in Aurangabad, Maharashtra.

Key Rating Drivers & Detailed Description
Weaknessses
* Delay in debt servicing owing to cash-flow mismatch:  The firm
has been delaying the repayment of its bank loan because of its
weak liquidity following a slowdown in demand in the real estate
sector.

* Susceptibility to risks and cyclicality in India's real estate
industry: The real estate sector in India has a highly fragmented
market structure because of the presence of many regional
players; its cyclical nature results in sharp movements in
prices.


Strength
* Extensive experience of the promoter: The promoter, the Disha
group, has completed over 64 real-estate projects, most of which
were undertaken in Aurangabad, where it has an established market
position in the real estate business.

UC was set up in August 2010 as a partnership firm between Mr.
Devanand Kotgire, his wife Ms Anita Kotgire (promoters of the
Aurangabad-based Disha group), and Motiwala Square (a partnership
firm of Mr. Ashfaque Motiwala and his son, Mr. Atique Motiwala).
UC develops and sells real estate projects. Currently, it is
undertaking a residential-cum-commercial project, Disha -
Silverwoods, in Aurangabad, comprising 196 flats and 39 shops.


VICHITRA PRESTREESED: ICRA Reaffirms C+ Rating on INR5cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR20.00
crore1 fund based and non fund based limits of Vichitra
Prestreesed Concrete Private Limited.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Cash Credit             5.00       Reaffirmed at [ICRA]C+
  Bank Guarantee         15.00       Reaffirmed at [ICRA]A4

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

Based in Delhi, Vichitra Prestressed Concrete Udyog Private
Limited (VPC) was incorporated on 27th March 1989. The company is
closely held by promoters. The company undertakes contracts for
manufacture and lying and water and sewerage pipes for various
government agencies like Haryana Urban Development Authority
(HUDA), U.P. Jal Nigam, Rajasthan Urban Sector Development
Investment Program (RUSDIP), etc.

VPC undertakes manufacturing of different types of pipes like
Prestressed Concrete Pipes, RCC Pipes and MS Pipes. The main
manufacturing facility of the firm is located in Gurgaon,
Haryana. Apart from this, the company also has two other
manufacturing units located at Nashik (Maharashtra) and Unnav
(U.P.).


VISHNURAAM TEXTILES: CRISIL Reaffirms B Rating on INR6.82MM Loan
----------------------------------------------------------------
CRISIL's rating on the bank loan facilities of Vishnuraam
Textiles Limited continues to reflect moderate scale of
operations, tightly matched accruals against repayment
obligations and highly working capital intensive operations.
These strengths are offset by moderate financial risk profile
marked by low gearing and fund support from promoters.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee       0.11       CRISIL A4 (Reaffirmed)
   Cash Credit          4.30       CRISIL B/Stable (Reaffirmed)
   Letter of Credit     2.75       CRISIL A4 (Reaffirmed)
   Long Term Loan       6.82       CRISIL B/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description
Weaknesses
* Moderate scale of operations and susceptibility of operating
margin to volatility in raw material prices: Scale of operations
is moderate as reflected in revenues of INR 28.8 crore in fiscal
2016. Also, the operating margin has been fluctuating to the
extent of about 15% over the past 5 years through March 2016, due
to susceptibility to volatility in cotton prices.

* Tightly matched accrual against repayment obligations; weaker
than CRISIL's expectation: Net cash accrual is expected to be
tightly matched against repayment obligation of about INR 1.5
crore on account of modest scale of operations and moderate
operating margin.

* Working capital intensive operations: Operation is working
capital intensive marked by gross current asset (GCA) days of
243 days as on March 31, 2016, driven by high inventory and
moderate debtor days of 83 and 53 respectively.

Strengths
* Moderate financial risk profile: Financial risk profile is
moderate marked by low gearing but average debt protection
metrics with interest coverage and net cash accrual to adjusted
debt of 1.18 and 0.04 times for fiscal 2016.

* Fund support from promoters: Promoters are expected to continue
to support the company with unsecured loans as and when the need
arises.

* Extensive experience of promoters in the textile industry:
Benefits from the three-decade long experience of the promoters
is expected to continue.
Outlook: Stable

CRISIL believes VTL will continue to benefit from the promoters
extensive industry experience. The outlook may be revised to
Positive if improvement in profitability and working capital
cycle strengthens financial and liquidity profile. The outlook
may by revised to negative if decline in profitability or
deterioration in working capital cycle weakens financial risk
profile.

Incorporated in 1990, VTL is into manufacturing of cotton yarn.
The company has its manufacturing facilities in Tirupur and
Udumalpet.

The company incurred a loss of INR2.54 Cr on revenue of INR28.8
Cr in fiscal 2016, against loss of INR0.81 Crore on revenue of
INR27.5 Cr in fiscal 2015.



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


GAJAH TUNGGAL: Moody's Lowers CFR to Caa1; Outlook Negative
-----------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating (CFR) of Gajah Tunggal Tbk (P.T.) and the rating on its
$500 million senior secured notes due February 2018 to Caa1 from
B3.

The rating outlook is negative.

RATINGS RATIONALE

"The downgrade of Gajah Tunggal's CFR to Caa1 reflects the
increasing refinancing risk surrounding the maturity of its $500
million notes due February 2018," says Brian Grieser, a Moody's
Vice President and Senior Analyst.

The Caa1 rating reflects Moody's views that Gajah Tunggal's
inability to secure funding one-year prior to its February 2018
notes maturity exposes it to material market risk thus increasing
the probability of a distressed exchange, which Moody's considers
a default.

Given the increased pressure on Gajah Tunggal's liquidity due to
the upcoming maturity, Moody's would likely view a coercive
extension of the notes as a distressed exchange even if the
company is able to secure partial refunding of the notes through
bank loans or the IDR bond market.

Gajah Tunggal has stated that it is in the advanced stages of
raising onshore funding to refinance the bonds with the intention
of addressing both the single maturity and single currency issue
of the current debt structure. GJTL has also successfully
completed a consent solicitation in November 2016 allowing it
raise secured refinancing indebtedness.

While the company's intentions and consent solicitation are both
viewed positively, GJTL has yet to demonstrate access to either
bank or bond refinancing options sufficient to refinance its
upcoming maturity.

The Caa1 rating reflects Moody's view that if a distressed
exchange were to occur, recovery would be better than average
given Gajah Tunggal's moderate leverage of less than 3.2x at 30
September 2016 and strong performance in both its domestic and
export tire businesses.

The negative outlook reflects Moody's view that refinancing risk
that will continue to intensify over the next 12 months to the
bond maturity date.

The ratings could be downgraded further if Gajah Tunggal is
unable to demonstrate access to capital markets to fund the $500
million notes refinancing in the next six to nine months. To stem
the downgrade pressure, Moody's would expect Gajah Tunggal to
execute loan facilities, access the IDR bond market or launch a
new USD bond.

The ratings are unlikely to be upgraded or the outlook stabilized
prior to the completion of its refinancing of the 2018 notes.

The successful completion of the refinancing and rebalancing of
the debt maturity profile could trigger a multiple notch upgrade
as it would materially improve the GJTL's liquidity profile and
capital structure, given that refinancing risk was the key driver
of recent rating downgrades.

The principal methodology used in these ratings was Global
Automotive Supplier Industry published in June 2016.

Indonesia-based GJTL is Southeast Asia's largest integrated tire
manufacturer with capacity to produce 55,000 tires/day of radial,
14,500 tires/day of bias, 95,000 tires/day of motorcycle tires
and 600 tires/day of truck and bus radial tires (TBR).

Gajah Tunggal Tbk (P.T.)'s key shareholders include Denham Pte
Ltd (49.5%), a subsidiary of Chinese Tire Manufacturer Giti Tire
(unrated) and Compagnie Financiere Michelin SCmA (10%, A3
stable). The remaining shares are publicly traded on the
Indonesian Stock Exchange.


MITRA PINASTHIKA: Divestment Plan No Effect on Fitch BB- Rating
---------------------------------------------------------------
PT Mitra Pinasthika Mustika Tbk's (MPM, BB-/Stable) plans to
divest 20% of its shares in its subsidiary, PT Mitra Pinasthika
Mustika Finance (MPMF, A-(idn)/Stable), will not affect its
rating or the rating on its outstanding bonds, as MPMF is not a
guarantor, says Fitch Ratings.

MPM announced on 3 February 2016 its plan to sell a portion of
its shares in MPMF to its strategic partner, JACCS Co Ltd. The
transaction, if approved, will lower MPM's shareholding to 40%
and result in JACCS becoming the majority shareholder, with a 60%
share.

The transaction is likely to be completed in April 2017 and will
potentially add cash of at least IDR350bn to MPM, lowering its
leverage, assuming the price is more than 1x book value. The sale
amount is uncertain at this point. Fitch believes the divestment
will not considerably affect MPM's cash flow profile, as MPMF
only contributed around 9% to MPM's net income in 9M16 and has
not been paying any dividends.

Fitch believes MPMF's funding access will improve if JACCS
becomes its majority shareholder, particularly from Japanese
banks, and potentially lower its cost of funds. MPM will continue
to provide access to the group's network and channels. Fitch does
not expect any major change in the operations of MPMF.


PAKUWON JATI: S&P Affirms 'BB-' CCR on Debt Servicing Capacity
--------------------------------------------------------------
S&P Global Ratings said that it had affirmed its 'BB-' long-term
corporate credit rating on PT Pakuwon Jati Tbk.  The outlook is
stable.  S&P also affirmed its 'axBB+' long-term ASEAN regional
scale rating on the Indonesian property developer.  In addition,
S&P affirmed its 'BB-' long-term issue rating on the senior
unsecured notes that Pakuwon Prima Pte. issued and Pakuwon
guarantees.

At the same time, S&P assigned its 'BB-' long-term issue rating
to the proposed senior unsecured notes that Pakuwon Prima Pte.
Ltd. will issue and Pakuwon will guarantee.

"The affirmation reflects Pakuwon's intact interest servicing
capacity and ample headroom to absorb more debt despite lower-
than-anticipated property sales in 2016," said S&P Global Ratings
credit analyst Kah Ling Chan.  "We expect the company's debt-to-
EBITDA ratio to not exceed our downgrade threshold of 3.0x even
after the proposed notes issuance."

Pakuwon will use the proceeds from the new notes to fully
refinance its existing US$200 million bonds due 2019 and for
general corporate purposes.

S&P sees limited credit impact of Pakuwon's lower-than-expected
property sales in 2016, given that cash is collected only as
construction progresses.  A sluggish property market and some
delays in project launches kept the company's property sales at
about Indonesian rupiah (IDR) 1.6 trillion for the first nine
months of 2016.  Pakuwon revised its full year target to
IDR2.2 trillion from IDR3.1 trillion previously.  However, annual
property sales had averaged IDR3 trillion from 2013 to 2015,
helping the company build up a substantial buffer of cash
receipts as construction progresses and bolstering revenue
recognition in 2017 and 2018.  A slowdown in 2016 property sales
will only have a material impact in 2018, when the bulk of
construction advances.

S&P has lowered its estimate of Pakuwon's property sales in 2016
by 32% to IDR2.1 trillion, from IDR3.1 trillion previously.  S&P
anticipates that property sales will rebound to IDR2.7 trillion
in 2017, which is slightly lower than the company's 2014 and 2015
sales.  S&P expects Indonesia's tax amnesty program, falling
mortgage rates, and new regulations to underpin a recovery in
property sales in 2017 and 2018.

While property developers in Indonesia were considerably affected
by the slowdown in 2016, Pakuwon was slightly better off than its
peers.  The company has significant recurring rental income,
which insulates it against volatility in the property market.
The prime locations of Pakuwon's rental investment properties in
Jakarta and Surabaya ensure occupancy rates of more than 90%.
S&P believes the company can sustain this level, given the
limited supply of retail spaces in central areas in the coming
years.  Therefore, S&P estimates that its forecast EBITDA from
investment properties of IDR1.4 trillion-IDR1.6 trillion in 2017-
2018 will be adequate to cover interest expenses even if EBITDA
from development were to decline dramatically.

S&P expects Pakuwon's capital expenditure to decline to IDR900
billion in 2017 as the company slows down its land acquisitions
and expansion in investment properties.  Pakuwon's capital
expenditure of IDR1.05 trillion in the first nine months of 2016
was well in line with S&P's full year target of IDR1.6 trillion.
While weaker operating cash flows in 2016 would warrant partly
debt-financed capital spending, S&P expects the company's
stronger operating cash flows to largely fund capital expenditure
in 2017. S&P expects Pakuwon's debt to remain stable at about
IDR6.0 trillion in 2016 and 2017.

"The stable outlook reflects our expectation that Pakuwon will
conservatively manage its growth and capital spending over the
next 12-18 months, and that satisfactory project execution will
support stable cash flow adequacy over the period," said Ms.
Chan.

S&P could lower the rating if Pakuwon increases its appetite for
debt beyond S&P's expectation and its articulated financial
policies such that the debt-to-EBITDA ratio approaches 3.0x.
Given the high share of recurring income, S&P believes that the
weakening in the ratio would require a sharp deterioration in the
company's operating margins, a substantial increase in its
capital spending, or larger-than-expected land acquisition.  S&P
could also lower the rating if Pakuwon's liquidity erodes due
higher adverse working capital movements.

Rating upside in the next 12 months is unlikely, given the
subdued property market in Indonesia.  However, S&P may raise the
rating if Pakuwon expands its operations and improves its scale
and diversity while remaining within its articulated financial
parameters.



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


TAKATA CORP: Automakers Urge Court-Mediated Restructuring
---------------------------------------------------------
Japan Today reports that automakers are urging embattled air bag
maker Takata Corp to pursue court-mediated restructuring, and
abandon its intention to revamp itself without any court
involvement, industry sources said.

Japan Today relates that Takata confirmed on Feb. 4 that an
outside panel tasked with crafting Takata's rehabilitation plan
proposed the company select U.S.-based Key Safety Systems to help
rehabilitate the Japanese air bag maker as it struggles to pay
for huge cost of the global recall of Takata air bags.  But
Takata said, "Nothing has been finalized yet."

According to the report, Takata has taken the stance that it
prefers out-of-court proceedings both at home and abroad. The
company is expected to decide on a specific restructuring plan
soon.

Japan Today says automakers were initially open to the idea of
out-of-court proceedings, but later tilted toward court-led
reforms to ensure more transparency about burden sharing with
Takata.

On Feb. 4, Takata once again stressed that it will seek an out-of
court restructuring, relays Japan Today. "Our top priority is to
maintain the supply chain of our products and will aim to revive
without court-mandated proceedings," it said.

                         About Takata Corp

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

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

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

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

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

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



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


PRIME GLOBAL: Needs More Time to File Fiscal 2016 Form 10-K
-----------------------------------------------------------
Prime Global Capital Group Incorporated filed a Form 12b-25 with
the Securities and Exchange Commission notifying the delay in the
filing of its annual report on Form 10-K for the year ended
Oct. 31, 2016.  The Company was unable to file the subject report
in a timely manner because it was not able to timely complete its
financial statements without unreasonable effort or expense.

The Company's Consolidated Statements of Operations are expected
to reflect net revenues of approximately $1,646,727 for the
fiscal year ended Oct. 31, 2016, compared with net revenues of
$1,919,743 for the same period ended Oct. 31, 2015.  The decrease
in net revenues is expected to be primarily attributable to the
decrease in real estate revenues and a decrease in oilseeds
revenues generated by the registrant.  The Company expects to
have a net loss of approximately $911,522 for the twelve-month
period ended October 31, 2016, as compared to a loss of
$1,593,434 for the same period ended Oct. 31, 2015.

                        About Prime Global

Kuala Lumpur, Malaysia-based Prime Global Capital Group operated
in the following three business segments during fiscal year 2014:
(i) software business (the provision of IT consulting,
programming and website development services); (ii) plantation
business (including oilseeds and castor seeds business); and
(iii) its real estate business.  In the fourth quarter of fiscal
2014, the Company discontinued its castor seeds business in
China, and in December 2014 it discontinued the software business
(the provision of IT consulting, programming and website
services) in Malaysia.  As a result, the Company no longer
conduct business operations in China and anticipate winding down
or otherwise selling its interests in the following entities:
Power Green Investments Limited; Max Trend International Limited
and Shenzhen Max Trend Green Energy Co Ltd.

Prime Global reported a net loss US$1.59 million for the year
ended Oct. 31, 2015, compared to a net loss of US$1.33 million
for the year ended Oct. 31, 2014.

As of July 31, 2016, the Company had US$48.2 million in total
assets, U$18.3 million in total liabilities and US$29.8 million
in total equity.

Crowe Horwath (HK) CPA Limited, in Hong Kong, China, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Oct. 31, 2015, citing that the
Company has a working capital deficiency, accumulated deficit
from recurring net losses and significant short-term debt
obligations maturing in less than one year as of Oct. 31, 2015.
All these factors raise substantial doubt about its ability to
continue as a going concern.



===============
M O N G O L I A
===============


MONGOLIA: Citizens Donate to Help Country Avoid Default
-------------------------------------------------------
The Rakyat Post reports that private citizens in Mongolia are
donating cash, jewellery, gold and even horses to help the
government make a near US$600 million payment to bondholders next
month.

The cash-strapped nation has been embroiled in an economic crisis
brought about by a collapse in foreign investment, slowing growth
in China and weak commodity prices, The Rakyat Post says.

Its currency, the tugrik, lost nearly a quarter of its value last
year, the report relates.

According to The Rakyat Post, the government has been in talks
with China and the International Monetary Fund for assistance,
but investors are worried that any bailouts might not be
negotiated in time, with the Development Bank of Mongolia's
US$580 million of bonds due in March.

Though the Mongolian public has been hit by welfare cuts, rising
food and fuel costs and a tough winter that is threatening to
kill large numbers of livestock, donations began to flood last
week after a campaign was launched by a prominent economist and
MPs, says The Rakyat Post.

The report says corporate groups and legislators were also
chipping in with cash contributions of as much as MNT100 million
(US$40,650).

Mongolia's foreign currency reserves are at a seven-year low,
according to credit rating agency Fitch, and redeeming DBM's
bonds could halve its total stockpile, which stood at US$1.1
billion in September last year, reports The Rakyat Post.

"What is the intention of the government remains the key," the
report quotes a Hong Kong-based trader as saying.  "If they don't
get the IMF bailout, where do they get the resources for this
payment, without which they can't do a new bond to refinance?
It's a chicken and egg situation."

The Rakyat Post adds that Prime minister Jargaltulga Erdenebat
said that while the government would accept the donations, it had
already "found a solution" for the March bond payment and would
spend the cash elsewhere.



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


DAEWOO SHIPBUILDING: KDB Chief Rules Out Additional Aid for Firm
----------------------------------------------------------------
Yonhap News Agency reports that the head of South Korea's state-
run Korea Development Bank (KDB) on Feb. 8 ruled out any
additional injection of taxpayer money into embattled shipbuilder
Daewoo Shipbuilding & Marine Engineering Co.

Yonhap says the comment by Lee Dong-geol comes amid lingering
questions about whether the shipbuilder can pay back its
corporate debts worth KRW940 billion (US$818 million) maturing
this year. Among them, corporate bonds maturing in April reached
KRW440 billion.

According to the report, Mr. Lee said his bank and the government
are looking for ways to secure liquidity for the Geoje, South
Gyeongsang Province-based shipyard.

KDB and another policy lender Export-Import Bank of Korea have so
far injected a combined KRW3.5 trillion into Daewoo Shipbuilding,
Yonhap discloses.

"There could be no further problems if things go as planned,"
Daewoo Shipbuilding spokesman An Wook-hyeon said, noting the
company is considering various measures to secure cash, Yonhap
relays.


Yonhap adds that the shipyard said in January that it plans to
cut its workforce by some 2,000 this year down to 8,500 by the
end of the year as part of self-rescue measures.

Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures.  Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.

The shipyard, along with two other major South Korean
shipbuilders, are currently undergoing self-created debt-
restructuring plans in the face of a decrease in new orders
caused by the protracted global economic slump, according to
Yonhap News.


HANJIN SHIPPING: KDB Puts 10 Shipping Vessels Up For Sale
---------------------------------------------------------
Yonhap News Agency reports that the state-run Korea Development
Bank, the main creditor of the near bankrupt Hanjin Shipping Co.,
has put 10 vessels of the shipping line up for sale, to retrieve
part of its extended loans, industry sources said Feb. 8.

According to the report, sources said potential buyers are
required to submit their bids for the ships -- two container
ships and eight bulk carriers -- by Feb. 21.

Yonhap notes that Hanjin Shipping returned its ships purchased
with bank loans to the respective lender last year as the ocean
carrier was put under court receivership in September with heavy
debts and mounting losses.

Woori Bank and the Export-Import Bank of Korea each sold off four
Hanjin ships last year, relates Yonhap.

Earlier this month, a local court decided to announce the
liquidation for the cash-strapped shipping firm on Feb. 17, says
Yonhap.

                       About Hanjin Shipping

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

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

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

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

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



                             *********

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

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

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


                            *********


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

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

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

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

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



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