TCRAP_Public/170223.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 23, 2017, Vol. 20, No. 39

                            Headlines


A U S T R A L I A

CLIFFS NATURAL: Has Underwritten Offering of 55 Million Shares
DOVER FISHERIES: First Creditors' Meeting Set for March 2
ISLAMIC COLLEGE: Parents Seek Control of Troubled School
LIGHT TRUST NO 2: Fitch Affirms 'Bsf' Rating on Cl. B Notes
NORTH ALBURY: To Hold Annual Meeting on February 28

R&F PROPERTIES: Australian Unit Pays Fine; Escapes Liquidation
SA HEALTH: Partnership Consortium Calls Insolvency Firm
SWEET HOUSE: First Creditors' Meeting Set for March 2
TAPENDIUM PTY: First Creditors' Meeting Set for March 2
TODD YOUNG: Staff Lose Thousands as Former Boss Goes to Vegas

WARROOLABA INVESTMENTS: First Creditors' Meeting Set for March 2


C H I N A

GREENLAND HK: Vulnerable to 10% RMB Depreciation, Moody's Says
SOHU.COM INC: Q4 2016 GAAP Net Loss Widens to US$66 Million


H O N G  K O N G

CITIC RESOURCES: 2016 Net Profit No Impact on Moody's 'B1' CFR
FIRST NATURAL: Former Chairman Ordered to Repay HK$84.9 Million


I N D I A

ASTALAKSHMI AGENCIES: CRISIL Ups Rating on INR8MM Loan to 'BB'
BSES RAJDHANI: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
DEVI FIRE: CRISIL Assigns 'B' Rating to INR2.5MM Cash Loan
GAJRA GEARS: CRISIL Assigns B+ Rating to INR14.50MM Cash Loan
GOLDEN AGRARIAN: CRISIL Reaffirms B+ Rating on INR25MM Cash Loan

GOYAL GLASSWARE: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
HEADWORD PUBLISHING: CRISIL Reaffirms B+ Rating on INR7MM Loan
JAGANNATH TRADERS: CRISIL Reaffirms B+ Rating on INR10MM Loan
JMK ENTERPRISES: CRISIL Reaffirms B+ Rating on INR9MM Loan
LAXMI RICE: CRISIL Assigns B+ Rating to INR12.5MM Cash Loan

MAA PADMAWATI: CRISIL Lowers Rating on INR11.1MM Loan to 'D'
MAHAVISHNU RICE: CRISIL Assigns B+ Rating to INR9MM Cash Loan
MAHIDHARA PROJECTS: CRISIL Reaffirms B+ Rating on INR5MM Loan
MANISH INTERNATIONAL: CRISIL Reaffirms B Rating on INR5MM Loan
MNG OVERSEAS: CRISIL Assigns B+ Rating to INR9.5MM Whse Receipts

NARENDRA NATH: CRISIL Reaffirms 'B' Rating on INR6.5MM Cash Loan
PASUPATI RICE: CRISIL Reaffirms B+ Rating on INR8MM Cash Loan
PVS LABORATORIES: CRISIL Lowers Rating on INR6MM Cash Loan to B+
RAIHAN HEALTHCARE: CRISIL Reaffirms 'B' Rating on INR32MM Loan
RAJASTHAN FASTENERS: CRISIL Assigns 'D' Rating to INR8MM Loan

S.R. COLLECTION: CRISIL Raises Rating on INR7.5MM Loan to B+
SARA INTERNATIONAL: CRISIL Lowers Rating on INR70MM Loan to 'D'
SARA TEXTILES: CRISIL Lowers Rating on INR51MM Cash Loan to B+
SHANKER FORGE: CRISIL Assigns B+ Rating to INR4.0MM Cash Loan
SHIBSATI COLD: CRISIL Reaffirms B Rating on INR5.87MM Cash Loan

SHRI RADHE: CRISIL Assigns B+ Rating to INR3.75MM Cash Loan
SHRI RAM: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
SHRIDHAR KRAFTPACK: CRISIL Reaffirms 'B' Rating on INR5.3MM Loan
SREE ANJANEYA: CRISIL Raises Rating on INR24MM LT Loan to B+
SREE GURUDEVA: Ind-Ra Assigns 'BB-' Rating on INR13.22MM Loans

SRI SAI: CRISIL Reaffirms B- Rating on INR11.5MM Fund Based Loan
TIRVANI RICE: CRISIL Assigns B Rating to INR8MM Cash Loan
VASU ALLOYS: CRISIL Reaffirms B- Rating on INR4.9MM Cash Loan
VEDA ENGINEERING: CRISIL Assigns 'B' Rating to INR2MM Cash Loan
VIRENDRA KUMAR: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating


J A P A N

TOSHIBA CORP: To Sell 65% Stake in Medical Leasing Unit to Canon


P H I L I P P I N E S

COUNTRYSIDE COOPERATIVE: PDIC to Continue Processing Claims
RURAL BANK OF MAGSINGAL: Depositors Claims Deadline Set March 6


                            - - - - -


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A U S T R A L I A
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CLIFFS NATURAL: Has Underwritten Offering of 55 Million Shares
--------------------------------------------------------------
Cliffs Natural Resources Inc., proposes to issue and sell to
Goldman, Sachs & Co., as representative to several underwriters,
an aggregate of 55,000,000 common shares, par value $0.125 per
share, of the Company and, at the option of the Underwriters, up
to an additional 8,250,000 common shares, par value $0.125 per
share, of the Company.

In connection with the offering of Shares, the Company will
commence a cash tender offer for up to the maximum aggregate
principal amount of its outstanding 5.90% Senior Notes due March
2020, 4.80% Senior Notes due October 2020 and 4.875% Senior Notes
due 2021 that it can purchase for up to $250,000,000 in aggregate
purchase price.  The net proceeds from the Equity Offering will
be used to (i) pay consideration to holders who tender
Outstanding Notes in the Tender Offer and (ii) pay fees and
expenses in connection with the Tender Offer and the Equity
Offering.  The Company may also pursue additional refinancing
transactions, which may include an offering of debt securities.

The Company has prepared and filed with the Securities and
Exchange Commission under the Securities Act of 1933, as amended,
and the rules and regulations of the Commission thereunder, a
registration statement on Form S-3, including a base prospectus
to be used in connection with the public offering and sale of the
Shares.

A full-text copy of the Underwriting Agreement is available for
free at https://is.gd/jmt7pM

                 About Cliffs Natural Resources

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

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

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

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

                          *    *     *

As reported by the TCR on Feb. 14, 2017, Moody's Investors
Service upgraded Cliffs Natural Resources Inc.'s Corporate Family
Rating (CFR) and Probability of Default Rating to B2 and B2-PD
from Caa1 and Caa1-PD, respectively, and assigned a B3 rating to
the new senior unsecured guaranteed notes.  The upgrade follows
the company's announcement of a $500 million senior unsecured
guaranteed note issuance and an approximate $590 million equity
issuance.

In February 2017, S&P Global Ratings said it raised its long-term
corporate credit rating on Cliffs Natural Resources Inc. to 'B'
from 'CCC+' after the company announced a $591 million equity
issuance and the tender offer for high-cost debt.  The outlook is
stable.


DOVER FISHERIES: First Creditors' Meeting Set for March 2
---------------------------------------------------------
A first meeting of the creditors in the proceedings of
Dover Fisheries Pty Ltd will be held at the offices of Cor Cordis
Chartered Accountants, Level 5, Suite 511, Tower 2, 121 King
William Street, in Adelaide, SA, on March 2, 2017, at 11:00 a.m.

Ozem Kassem & Mr Jason Tang of Cor Cordis were appointed as
administrators of Dover Fisheries on Feb. 20, 2017.


ISLAMIC COLLEGE: Parents Seek Control of Troubled School
--------------------------------------------------------
Meredith Booth at The Australian reports that Islamic College of
South Australia's principal and chairman have resigned amid a
"toxic" board environment, leaving parents to seek control of the
600-student school in peril of losing government funding.

The Australian relates that acting principal Lynda Mac-leod
resigned on Feb. 3, days into the new school year, while chairman
Mohamad Abdalla was expected to step down Feb. 7 after a two-
month stint in the role in which he "just couldn't function in a
toxic environment".

According to the report, Professor Abdalla, University of South
Australia Centre for Islamic Thought and Education director, said
he had not managed to convene a full board meeting and refused to
be dragged into legal proceedings.

It follows recent resignations of two independent directors and
"concerns from parents that it is not appropriate for the
remaining two board members to manage the school because of their
connections with the landlord Muslims Australia," The Australian
says.

Formerly the Australian Federation of Islamic Councils, Muslims
Australia is believed to be in dispute with the federal
government over rent being charged at the school in Adelaide's
inner-western suburbs, the report recounts.

The Australian relates that Dr. Macleod, an experienced educator
and former independent Schools Board Association consultant, said
the college's kindergarten to Year 12 campus had been operating
well in the first weeks of the year, with a 15 per cent increase
in student enrolments from the previous year before the recent
board ructions.

"I'm very worried for both state funding and commonwealth. I
don't know what terms and conditions have been placed on it but
the school needs a board and it needs a functioning board," the
report quotes Dr. Macleod as saying.

The Australian says parents, who met on Feb. 6 to install a
caretaker board, hope to reinstate Dr. Macleod for 28 days until
a new principal and board can be appointed.

A spokeswoman for the parents, Fatima Kazem, who has a son and a
daughter in early primary years at the school, said parents were
"devastated" with the board's conflict but were confident that
the school had a strong future, according to the Australian.

"We do have the children's best interest at heart and we do want
to work with the government and its requirements," the Australian
quotes Ms. Kazem as saying.

According to the Australian, Education Minister Simon Birmingham
said last month that the Adelaide college, alongside a sister
school in Canberra, had not been meeting strict conditions placed
on them and were required to demonstrate that they were operating
in compliance with funding.

The report says the school receives about $4.5 million a year,
one of six Islamic schools around Australia that have come under
scrutiny over the use of funds.

Three schools under the Muslims Australia banner in Perth,
Brisbane and Melbourne were found to comply with government
requirements, the report discloses.


LIGHT TRUST NO 2: Fitch Affirms 'Bsf' Rating on Cl. B Notes
------------------------------------------------------------
Fitch Ratings has affirmed 12 tranches from five Light Trust
residential mortgage-backed security transactions. These
transactions are securitisations of first-ranking residential
mortgages originated by People's Choice Credit Union (a trading
name of Australian Central Credit Union Ltd.).

KEY RATING DRIVERS
The affirmations reflect Fitch's view that available credit
enhancement is sufficient to support the notes' current ratings,
and the agency's expectations of Australia's economic conditions.
The credit quality and performance of the loans in the collateral
pools have also remained in line with expectations.

In accordance with Fitch's criteria, the default model was not
run for Light Trust No. 2, Light Trust No .3 and Light Trust No.
6 as the outstanding ratings are 'AAAsf'; the transactions do not
have revolving periods; and a review of pre-determined
performance triggers indicates that the transactions display
stable asset performance. The default model was run for the Light
Trust No. 4 and Light Trust No. 5R transactions.

At 31 December 2016, Light Trust No. 2 and Light Trust No. 3 had
30+ days arrears, above Fitch's 30+days Dinkum Index (2Q16:
1.14%). The 30+ days arrears for the remaining three transactions
were below Fitch's Dinkum Index.

At Dec. 31, 2016, Light Trust No. 2, Light Trust No. 3, Light
Trust No. 4 and Light Trust No. 6 were 100% covered by lenders'
mortgage insurance (LMI) provided by QBE Lenders' Mortgage
Insurance Limited (QBE, Insurer Financial Strength Rating: AA-
/Stable). Light Trust No. 5R has 43% of the pool covered by
either QBE or Genworth Financial Mortgage Insurance Pty Limited
(Insurer Financial Strength Rating: A+/Stable). All LMI claims
have been fully paid by LMI.

RATING SENSITIVITIES
The initial sequential pay-down has resulted in an increase in
credit enhancement levels for the senior notes of all the
transactions except Light Trust No. 5R as it remains within its
revolving period. The 'AAAsf' rated notes are able to withstand
multiples of the latest reported arrears. The ratings are not
expected to be affected by any foreseeable change in performance.

The ratings of all the 'AAAsf' rated notes are independent of
downgrades to the LMI providers' ratings except the class A2
notes of the Light Trust No. 2, class AB notes of Light Trust No.
3 and the class AB notes of Light Trust No. 6 transactions, which
are LMI dependent.

The Light Trust No. 5R class A notes are currently independent of
downgrades to the LMI providers' ratings. The class A notes may
become dependent on the LMI providers' ratings should the
transaction's portfolio materially change during the revolving
period. At Fitch's 'AAAsf' breakeven default rate of 23.42%, the
class A notes can withstand an additional 20.82% defaults at
Fitch's 'AAAsf' loss severity.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. There were no findings that were
material to this analysis. Fitch has not reviewed the results of
any third party assessment of the asset portfolio as part of its
ongoing monitoring.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.

Light Trust No. 5R has a 10-year revolving period of which eight
years remain. Fitch is of the view that the risks associated with
the long revolving period are commensurate with the ratings
because the credit profile of the transaction will be maintained
during the revolving period as adequate loan eligibility criteria
and pool parameters are in place.

SOURCES OF INFORMATION

The information below was used in the analysis:

Loan-by-loan data provided by People's Choice Credit Union as at
31 December 2016

Transaction reporting data provided by People's Choice Credit
Union as at 23 January 2017

Loan enforcement details provided by People's Choice Credit Union
as at 31 December 2016

The issuer has informed Fitch that not all relevant underlying
information used in the analysis of the rated notes is public.

The rating actions are:

Light Trust No. 2:
AUD24.4m Class A1 notes affirmed at 'AAAsf'; Outlook Stable;
AUD4.5m Class A2 notes affirmed at 'AAAsf'; Outlook Stable; and
AUD1.4m Class B notes affirmed at 'Bsf'; Outlook Stable.

Light Trust No. 3:
AUD88.9m Class A3 notes affirmed at 'AAAsf'; Outlook Stable; and
AUD6.6m Class AB notes affirmed at 'AAAsf'; Outlook Stable.

Light Trust No. 4:
AUD107.8m Class A notes affirmed at 'AAAsf'; Outlook Stable;
AUD13.9m Class AB notes affirmed at 'AAAsf'; Outlook Stable; and
AUD5.8m Class B1 notes affirmed at 'AA-sf'; Outlook Stable.

Light Trust No. 5R:
AUD635.4m Class A notes affirmed at 'AAAsf'; Outlook Stable.

Light Trust No. 6:
AUD312.0m Class A1 notes affirmed at 'AAAsf'; Outlook Stable;
AUD11.2m Class A2 notes affirmed at 'AAAsf'; Outlook Stable; and
AUD9.0m Class AB notes affirmed at 'AAAsf'; Outlook Stable.


NORTH ALBURY: To Hold Annual Meeting on February 28
---------------------------------------------------
David Johnston at Border Mail reports that North Albury Sports
Club will conduct its first annual meeting since honouring the
final requirement of a brush with extinction in late 2014.

According to the report, administrator Chris Chamberlain
confirmed the club completed the final payment of its deed of
company arrangement before December 31 last year.

Border Mail relates that Mr. Chamberlain said the final
outstanding payment of AUD160,000 was made well before the
deadline and hoped the club could have a prosperous future.

"It is all systems go from my end," the report quotes Mr.
Chamberlain as saying.  "Everyone has received their final
dividend and it's a case of happy days hopefully going forward
for North Albury.

"There was no issue with them complying with their remaining
obligations."

Attention turns to the annual meeting to be held on February 28,
the report says.

Border Mail notes that 14 nominations for the nine-member board
were received before the deadline late on Feb. 20 ensuring an
election for spots will take place.

North Albury Sports Club went into voluntary administration mid-
way through 2014 with debts of about AUD900,000 before a rescue
deal was crunched by Mr. Chamberlain, according to Border Mail.

A new constitution was drafted in 2015 following the separation
of the football-netball and bowls clubs even though they remained
based at Bunton Park, the report says.


R&F PROPERTIES: Australian Unit Pays Fine; Escapes Liquidation
--------------------------------------------------------------
Summer Zhen at South China Morning Post reports that Chinese
developer R&F Properties said a legal dispute involving an
investment in Australia, which almost sent its local subsidiary
into liquidation, had been resolved after payment of a fine.

R&F Mega Property, an arm of the Hong Kong-listed and Guangzhou-
based developer, which owns a high-profile residential project in
Brisbane, was ordered to be wound up by the Supreme Court of the
state of Victoria earlier this month.  A Deloitte partner was
appointed as liquidator, SCMP reports citing The Australian
newspaper.

"The problem was settled, and the company will not be
liquidated," Michael Lee, corporate finance director at R&F
Properties, told the South China Morning Post in a phone
interview.

Without elaborating, Mr. Lee said the dispute had been caused by
miscommunication with creditors. However, he did confirm that the
unit has paid tens of thousands of Australian dollars as a fine
to settle the case, SCMP relates.

R&F Properties has been one of the most active Chinese developers
in buying global properties. Apart from projects in Malaysia and
Korea, Australia has been the company's key target and it
currently owns four projects in the country, the report notes.

R&F Properties, with a market capitalisation of AUD5.7 billion,
has six subsidiaries in Australia.


SA HEALTH: Partnership Consortium Calls Insolvency Firm
-------------------------------------------------------
Bridget Carter and Scott Murdoch at The Australian report that
some of Australia's biggest listed companies including Cimic,
Macquarie Group and Spotless have been hit by the fallout of the
delays to the construction of the new Royal Adelaide Hospital.

The Australian relates that the public-private partnership
consortium behind the hospital has called in insolvency firm
McGrath Nicol after costly delays to the AUD2.23 billion hospital
has placed them at the mercy of their lenders.

The SA Health Partnership Consortium that includes builder Hansen
Yuncken, Cimic's construction arm CPB Contractors, the listed
catering company Spotless and Australian banking group Macquarie
are believed to owe a syndicate of at least 20 financiers more
than AUD1 billion, The Australian says.

South Australia's new hospital, which ranks as Australia's most
expensive building, was supposed to be completed in April last
year, but is yet to reach technical completion, according to The
Australian.  The South Australian government and SA Health
Partnership on Feb. 12 reached an out-of-court agreement over
alleged defects, the report says.

SA Premier Jay Weatherill on Feb. 12 announced the government and
construction consortium SA Health Partnerships had signed a deed
of agreement "to pave the way for the delivery of the new Royal
Adelaide Hospital". This paves the way for technical completion
of the hospital in several weeks.

The Australian says McGrath Nichol is understood to have been
brought in to the project in recent months, but the consortium
and the insolvency firm have declined to comment on the
situation.

According to The Australian, sources said that facing the
greatest headwinds from the project is likely to be Melbourne-
based Hansen Yuncken, which was overseen by managing director Joe
Barr until he departed six months ago.

The design and construction cost of the project is AUD1.85bn, but
the total cost, which includes transition overheads, is expected
to come in closer to AUD2.23bn, The Australian discloses.

The Australian notes that the delays to the project have
compounded the problems currently facing the South Australian
government.

Hurting the state has been recent power outages, caused by what
Prime Minister Malcolm Turnbull has described as Labor's policy
for a national rollout of the renewable energy "experiment," The
Australian relays.

The Australian notes that South Australia has also been hit by
the collapse of the owner of the loss-making Whyalla Steelworks,
Arrium, and the closure of car manufacturing facilities,
including Holden and Toyota in recent years.

Adelaide Hospital is earmarked to be Australia's most advanced
hospital and the single largest infrastructure project in the
state's history, The Australian discloses. Once finished, it will
have 800 beds and the capacity to admit about 80,000 patients per
year, and the state's greenest hospital with numerous
economically sustainable initiatives incorporated into the
design. CIMIC's exposure to the project at the end of 2014 was
AUD921 million, The Australian notes.


SWEET HOUSE: First Creditors' Meeting Set for March 2
-----------------------------------------------------
A first meeting of the creditors in the proceedings of
Sweet House Confectionery Pty Ltd will be held at the offices of
Mackay Goodwin, Suite 2, Level 8, 10 Bridge Street, in Sydney, on
March 2, 2017, at 11:00 a.m.

Domenic Calabretta and Grahame Ward of Mackay Goodwin were
appointed as administrators of Sweet House on Feb. 20, 2017.


TAPENDIUM PTY: First Creditors' Meeting Set for March 2
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Tapendium
Pty Ltd will be held at J P Downey & Co, Level 1, 22 William
Street, in Melbourne, on March 2, 2017, at 11:00 a.m.

James Patrick Downey of J P Downey was appointed as administrator
of Tapendium Pty Ltd on Feb. 20, 2017.


TODD YOUNG: Staff Lose Thousands as Former Boss Goes to Vegas
-------------------------------------------------------------
Scott Sawyer at Sunshine Coast Daily reports that ex-staff of a
prominent Mooloolaba restaurant will only receive about 13 cents
for every dollar of superannuation they're owed by former boss
Todd Young.

According to the report, Mr. Young hit Las Vegas with his partner
just days after winding up Todd Young Investments Pty Ltd on
December 29, 2015.

His company operated Bella Venezia restaurant at Mooloolaba
through a trust.

The Daily says Bella Venezia Group Pty Ltd was registered on
October 8, 2015 by Kristine Ruth, and is today business name
holder of Bella Venezia. Facebook posts show the restaurant,
Bella Venezia Restaurant and Bar, is open for business.

At the time of its liquidation Mr. Young's company owed more than
AUD738,000 to unsecured creditors, the Daily discloses.

According to the Daily, liquidator Travis Pullen of TJP Advisory
said the Australian Taxation Office lodged a proof of debt claim
with him for AUD167,000 in unpaid staff superannuation on behalf
of about 120 staff.

After costs of the liquidation, Mr. Pullen's letter advised
former staff they would receive a small dividend to be paid for
outstanding wages and super, between 10-15 cents in every dollar
owed, the report relays.

Mr. Pullen told the Daily the payment would be about 13 cents in
the dollar, equating to about AUD22,000 of the AUD167,000 owed.

The Daily relates that Mr. Pullen confirmed Mr. Young declared
himself bankrupt on May 6 last year, effectively quashing any
hope of funds being available in an insolvent trading legal
action "and therefore any legal action was no longer viable",
despite evidence indicating insolvent trading may have occurred.

"My preliminary investigations revealed that the director may
have allowed the company to trade while insolvent," the report
quotes Mr Pullen as saying.  "However, on 6 May, 2016 Mr Young
declared himself bankrupt.  At this point, I discontinued my
insolvent trading investigations as I did not consider that
incurring any further costs in this regard would result in any
return to creditors, as the director would be unlikely to have
the ability to meet any eventual judgment made against him,
especially when the high costs of commencing an insolvent trading
action are taken into account."

He said his report was then provided to Australian Securities and
Investments Commission which advised it would not take further
action, the Daily relays.

The Daily adds that Mr. Pullen said it was up to ex-staff and
other creditors to explore legal options if they wished to take
further action.


WARROOLABA INVESTMENTS: First Creditors' Meeting Set for March 2
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Warroolaba
Investments Pty Ltd, trading as ShedBoss Mackay and Whitsundays,
will be held at Peppers Airlie Beach Resort, Mount Whitsunday
Drive, in Airlie Beach, Queensland, on March 2, 2017, at
10:00 a.m.

Domenic Calabretta and Grahame Ward of Mackay Goodwin were
appointed as administrators of Warroolaba Investments on Feb. 20,
2017.



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C H I N A
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GREENLAND HK: Vulnerable to 10% RMB Depreciation, Moody's Says
--------------------------------------------------------------
Moody's Investors Service says 52 of the 59 high-yield non-
financial companies it rates in China (Aa3 negative) could absorb
the adverse effects on their leverage and interest coverage of a
hypothetical 10% depreciation of the renminbi against the US
dollar from the beginning of 2017 to USD/RMB7.7.

"These companies have cushion under their financial rating
triggers based on Moody's expectations for revenue and margin
improvement in 2017, or sufficient mitigants in place, such as
low levels of foreign currency exposure to absorb the adverse
effects of such depreciation on their leverage and interest
coverage," says Anthony Lee, a Moody's Analyst.

Lee was speaking on the release of a Moody's report entitled
"Rated High-Yield Non-Financial Companies -- China: Most
Companies Could Manage 10% RMB Depreciation vs US Dollar in
2017".

The report is an update to a report published by Moody's in
August 2016, with a further hypothetical renminbi depreciation
scenario. This hypothetical scenario of a depreciation of the
renminbi against the US dollar is not Moody's base case scenario.

The vast majority of the 59 companies generate nearly all of
their revenues in renminbi but rely on a portion of foreign
currency debt, primarily the US dollar, to help fund their
operations. This foreign currency debt is largely unhedged.

Of the 59 rated companies, seven are vulnerable to negative
rating action under a hypothetical depreciation scenario, with
five of those seven already identified in Moody's August report.

Four of these companies would breach their respective rating
triggers in the hypothetical depreciation scenario: property
developers Greenland Holding Group Company Limited (Ba1
negative), Country Garden Holdings Company Limited (Ba1 stable)
and Shimao Property Holdings Limited (Ba2 stable), and cement
producer West China Cement Limited (B1 negative).

The fifth company, Greenland Hong Kong Holdings Limited (Ba2
negative), is vulnerable because its rating is tied to that of
its parent, Greenland Holding.

Two additional companies are vulnerable to a hypothetical 10%
depreciation of the RMB against the USD: Hydoo International
Holding Limited (B2 negative) and United Photovoltaics Group
Limited (Ba3 stable).

Finally, five companies are now less, or no longer, vulnerable to
depreciation-driven rating action. These companies are Guangzhou
R&F Properties Co., Ltd. (Ba3 stable), Hengdeli Holdings Limited
(Ba3 review for downgrade), Central China Real Estate Limited
(Ba3 stable), KWG Property Holding Limited (B1 stable) and Sunac
China Holdings Limited (B2 negative).


SOHU.COM INC: Q4 2016 GAAP Net Loss Widens to US$66 Million
-----------------------------------------------------------
Sohu.com Inc. reported unaudited financial results for the fourth
quarter and fiscal year ended December 31, 2016.

Fourth Quarter Highlights

  * Total revenues were US$412 million[1], down 12% year-over-
    year and flat quarter-over-quarter.
  * Brand advertising revenues were US$99 million, down 30% year-
    over-year and 11% quarter-over-quarter.
  * Sogou[2] revenues were US$172 million, up 4% year-over-year
    and 3% quarter-over-quarter.
  * Online game revenues were US$95 million, down 25% year-over-
    year and 3% quarter-over-quarter.
  * GAAP net loss attributable to Sohu.com Inc. was US$66
    million, or US$1.71 loss per fully-diluted share.
  * Non-GAAP[3] net loss attributable to Sohu.com Inc. was US$69
    million, or US$1.79 loss per fully-diluted share.

[1] For the fourth quarter of 2016, on a yearly basis,
depreciation of the RMB against the U.S. dollar impacted our
reported financial results. If the exchange rate in the fourth
quarter of 2016 had been the same as it was in the fourth quarter
of 2015, or RMB6.39=US$1.00, total revenues in the fourth quarter
of 2016 would have been US$440 million, or US$28 million higher
than GAAP total revenues, and down 6% year-over-year.

[2] Sogou operates the search and search-related business and
offers Internet value-added services ("IVAS") with respect to Web
games developed by third-party developers. In the statements of
operations, revenues from search and search-related services are
recorded as "Search and search-related" revenue, and revenues
from IVAS are recorded as "Others" revenue.

[3] Non-GAAP results exclude share-based compensation expense,
non-cash tax benefits from excess tax deductions related to
share-based awards, income/expense from the adjustment of
contingent consideration previously recorded for acquisitions and
dividend and deemed dividend to non-controlling preferred
shareholders of Sogou. Explanation of the Company's non-GAAP
financial measures and related reconciliations to GAAP financial
measures are included in the accompanying "Non-GAAP Disclosure"
and "Reconciliations of Non-GAAP Results of Operation Measures to
the Nearest Comparable GAAP Measures."

Fiscal Year 2016 Highlights

* Total revenues were US$1.65 billion, down 15% compared with
   2015.
* Brand advertising revenues were US$448 million, down 22%
   compared with 2015.
* Sogou revenues were US$660 million, up 12% compared with 2015.

* Online game revenues were US$396 million, down 38% compared
   with 2015.

* GAAP net loss attributable to Sohu.com Inc. was US$226
   million, or US$5.83 loss per fully-diluted share.

* Non-GAAP net loss attributable to Sohu.com Inc. was US$219
   million, or US$5.65 loss per fully-diluted share.

Dr. Charles Zhang, Chairman and CEO of Sohu.com Inc., commented,
"Looking back at 2016, we faced a challenging operating
environment. The sluggish economy, intensified competition and
tightening regulatory rules on search industry impacted Sohu
Group's financial performance. However, these challenges didn't
stop us from pursuing innovation across our key products and
exploring new business opportunities. We saw encouraging progress
in each of our major business lines. For Sohu Media Portal,
through improved content and product design, the Sohu News App
gained solid user traction. For Sohu Video, we made original
production one of our top priorities as we released several hit
shows and the exclusive content helped us rapidly expand our
subscriber base. For Sogou, mobile search traffic and revenues
continued to outgrow the industry, and we have made artificial
intelligence, or AI, a major cornerstone of our long-term
strategic direction. And lastly, Changyou focused their efforts
on building a pipeline of high quality mobile games. It now
prepares to roll out a few promising titles, including the Legacy
TLBB mobile game, in 2017."

Mr. Xiaochuan Wang, CEO of Sogou, commented, "In 2016, Sogou
strengthened its competitive position through product
differentiation and AI-powered technology innovation. We launched
and upgraded a series of vertical channels, including English,
Academic and Healthcare. We also rolled out the first cross-
language search engine globally that uses our proprietary machine
translation technology. Sogou's traffic and revenue share trended
higher. Compared to a year ago, mobile search traffic grew 70%.
As the No. 1 mobile app for voice input in China, Sogou Mobile
Keyboard's daily voice input more than doubled to over 200
million times. For 2016, our total revenues reach RMB4.4 billion,
up 19% from 2015. Excluding the impact of certain one-time items,
non-GAAP net income reached RMB640 million."

Fourth Quarter Financial Results

Revenues

Total revenues for the fourth quarter of 2016 were US$412
million, down 12% year-over-year and flat quarter-over-quarter.

Total online advertising revenues, which include revenues from
the brand advertising and search and search-related businesses,
for the fourth quarter of 2016 were US$251 million, down 14%
year-over-year and 4% quarter-over-quarter.

Brand advertising revenues for the fourth quarter of 2016 totaled
US$99 million, down 30% year-over-year and 11% quarter-over-
quarter. The year-over-year decrease was mainly attributable to a
decrease in the video advertising business. The quarter-over-
quarter decrease was mainly attributable to decreases in revenues
from the media portal and 17173 advertising businesses.

Search and search-related revenues for the fourth quarter of 2016
were US$153 million, up 1% year-over-year and quarter-over-
quarter.

Online game revenues for the fourth quarter of 2016 were US$95
million, down 25% year-over-year and 3% quarter-over-quarter.

Gross Margin

Both GAAP and non-GAAP gross margin was 44% for the fourth
quarter of 2016, compared with 57% in the fourth quarter of 2015
and 46% in the third quarter of 2016.

Both GAAP and non-GAAP gross margin for the online advertising
business for the fourth quarter of 2016 was 33%, compared with
47% in the fourth quarter of 2015 and 32% in the third quarter of
2016.

Both GAAP and non-GAAP gross margin for the brand advertising
business in the fourth quarter of 2016 was 9%, compared with 38%
in the fourth quarter of 2015 and 8% in the third quarter of
2016. The year-over-year decrease was mainly due to decreased
video revenues and increased video content cost.

Both GAAP and non-GAAP gross margin for the search and search-
related business in the fourth quarter of 2016 was 48%, compared
with 55% in the fourth quarter of 2015 and 49% in the third
quarter of 2016. The year-over-year decrease was mainly due to
higher traffic acquisition cost as a percentage of search and
search-related revenues.

Both GAAP and non-GAAP gross margin for online games in the
fourth quarter of 2016 was 78%, compared with 78% in the fourth
quarter of 2015 and 76% in the third quarter of 2016.

Operating Expenses

For the fourth quarter of 2016, GAAP operating expenses totaled
US$232 million, down 6% year-over-year and 3% quarter-over-
quarter. Non-GAAP operating expenses were US$229 million, up 3%
year-over-year and 1% quarter-over-quarter.

Operating Profit/(Loss)

GAAP operating loss for the fourth quarter of 2016 was US$52
million, compared with an operating profit of US$19 million in
the fourth quarter of 2015 and an operating loss of US$52 million
in the third quarter of 2016. The year-over-year change in
profitability was mainly attributable to the decrease in brand
advertising and online games revenues, coupled with the increase
in video content cost.

Non-GAAP operating loss for the fourth quarter of 2016 was US$49
million, compared with an operating profit of US$44 million in
the fourth quarter of 2015 and an operating loss of US$38 million
in the third quarter of 2016.

Other Income

Other income for the fourth quarter of 2016 was US$6 million,
compared with other income of US$2 million in the fourth quarter
of 2015 and other income of US$4 million in the third quarter of
2016.

Income Tax Expense

Both GAAP and non-GAAP income tax expense was US$6 million for
the fourth quarter of 2016, compared with income tax expense of
US$20 million in the fourth quarter of 2015 and income tax
expense of US$1 million in the third quarter of 2016.

Net Income/(Loss)

Before deducting the share of net income pertaining to non-
controlling interest, GAAP net loss for the fourth quarter of
2016 was US$37 million, compared with a net income of US$9
million in the fourth quarter of 2015 and net loss of US$42
million in the third quarter of 2016. Before deducting the share
of net income pertaining to non-controlling interest, non-GAAP
net loss for the fourth quarter of 2016 was US$34 million,
compared with a net income of US$34 million in the fourth quarter
of 2015 and net loss of US$29 million in the third quarter of
2016.

GAAP net loss attributable to Sohu.com Inc. for the fourth
quarter of 2016 was US$66 million, or US$1.71 loss per fully-
diluted share, compared with a net loss of US$31 million in the
fourth quarter of 2015 and net loss of US$75 million in the third
quarter of 2016. Non-GAAP net loss attributable to Sohu.com Inc.
for the fourth quarter of 2016 was US$69 million, or US$1.79 loss
per fully-diluted share, compared with a net loss of US$13
million in the fourth quarter of 2015 and net loss of US$65
million in the third quarter of 2016.

Liquidity

As of December 31, 2016, the Sohu Group had cash and cash
equivalents and short-term investments of US$1.30 billion
compared with US$1.42 billion as of December 31, 2015.

Fiscal Year 2016 Financial Results

Revenues

Total revenues for 2016 were US$1.65 billion, down 15% compared
with 2015.

Total online advertising revenues, which include revenues from
the brand advertising and search and search-related businesses,
for 2016 were US$1.05 billion, down 6% compared with 2015.

Brand advertising revenues for 2016 were US$448 million, down 22%
compared with 2015, mainly due to the drag of the video
businesses.

Search and search-related revenues for 2016 were US$597 million,
up 11% compared with 2015. The increase was mainly driven by
continued growth in mobile traffic.

Online game revenues for 2016 were US$396 million, down 38%
compared with 2015. The year-over-year decrease was mainly due to
the natural decline in revenues of Changyou's older games, and a
decrease in Web game revenues upon the completion of the sale of
the 7Road business in 2015.

Gross Margin

Both GAAP and non-GAAP gross margin was 48% for 2016, compared
with 56% in 2015.

Both GAAP and non-GAAP gross margin for the online advertising
business for 2016 was 37%, compared with 44% in 2015.

Both GAAP and non-GAAP gross margin for the brand advertising
business for 2016 was 17%, compared with 34% in 2015. The
decrease mainly reflected a decrease in advertising revenues and
increasing video content cost.

Both GAAP and non-GAAP gross margin for the search and search-
related business for 2016 was 51%, compared with 56% in 2015. The
decrease in gross margin was mainly due to higher traffic
acquisition costs as a percentage of search and search-related
revenues.

Both GAAP and non-GAAP gross margin for online games for 2016 was
76%, compared with 75% in 2015.

Operating Expenses

For 2016, GAAP operating expenses totaled US$908 million, down 9%
compared with 2015. Non-GAAP operating expenses were US$889
million, down 6% compared with 2015. The decreases were primarily
due to decreases in salary and compensation expenses.

Operating Profit/(Loss)

GAAP operating loss for 2016 was US$117 million, compared with an
operating profit of US$82 million in 2015.

Non-GAAP operating loss for 2016 was US$98 million, compared with
an operating profit of US$136 million in 2015.

Other Income/(Expense)

Other expense for 2016 was US$11 million, mainly related to a
donation of US$27.8 million made by Sogou to Tsinghua University
in the second quarter of 2016, compared with other income of
US$75 million in 2015, which included gain recognized from the
divestment of 7Road in the third quarter of 2015.

Income Tax Expense

Both GAAP and non-GAAP income tax expense for 2016 was US$21
million, compared with income tax expense of US$77 million in
2015.

Net Income/(Loss)

Before deducting the share of net income pertaining to non-
controlling interest, GAAP net loss for 2016 was US$115 million,
compared with net income of US$109 million in 2015. Before
deducting the share of net income pertaining to non-controlling
interest, non-GAAP net loss for 2016 was US$96 million, compared
with net income of US$162 million in 2015.

GAAP net loss attributable to Sohu.com Inc. for 2016 was US$226
million, or US$5.83 loss per fully-diluted share, compared with a
net loss of US$51 million in 2015. Non-GAAP net loss attributable
to Sohu.com Inc. for 2016 was US$219 million, or US$5.65 loss per
fully-diluted share, compared with a net loss of US$4 million in
2015.

Business Outlook

For the first quarter of 2017, Sohu estimates:

* Total revenues to be between US$345 million and US$375
   million.
* Brand advertising revenues to be between US$75 million and
   US$85 million; this implies an annual decrease of 32% to 40%
   and a sequential decrease of 14% to 24%.
* Sogou revenues to be between US$145 million and US$155
   million; this implies an annual decrease of 2% to an annual
   increase of 5% and a sequential decrease of 10% to 15%.

* Online game revenues to be between US$80 million and US$90
   million; this implies an annual decrease of 12% to 22% and a
   sequential decrease of 6% to 16%.

* Before deducting the share of non-GAAP net income pertaining
   to non-controlling interest, non-GAAP net loss to be between
   US$45 million and US$55 million. Assuming no new grants of
   share-based awards and that the market price of our shares is
   unchanged; we estimate that compensation expense relating to
   share-based awards will be around US$5 million. Including the
   impact of these share-based awards, GAAP net loss before non-
   controlling interest to be between US$50 million and US$60
   million.

* Non-GAAP net loss attributable to Sohu.com Inc. to be between
   US$60 million and US$70 million, and non-GAAP loss per fully-
   diluted share to be between US$1.55 and US$1.80. Including
   the impact of the aforementioned share-based awards, and
   netting off approximately US$1 million of Sohu's economic
   interests in Changyou and Sogou, GAAP net loss attributable to
   Sohu.com Inc. to be between US$64 million and US$74 million,
   and GAAP loss per fully-diluted share to be between US$1.65
   and US$1.90.

For the first quarter 2017 guidance, the Company has adopted a
presumed exchange rate of RMB7.00=US$1.00, as compared with the
actual exchange rate of approximately RMB6.53=US$1.00 for the
first quarter of 2016, and RMB6.83=US$1.00 for the fourth quarter
of 2016.

                           About Sohu.com

Sohu.com Inc. is an online media, search and game service company
providing online products and services on personal computers
(PCs) and mobile devices in the People's Republic of China (the
PRC). The Company operates through three segments: the Sohu
segment; the Sogou segment, and the Changyou segment. Sogou is an
online search, client software and mobile Internet product
provider in China. Changyou is an online game developer and
operator in China as measured by its MMOG Tian Long Ba Bu (TLBB)
and its mobile game TLBB three-dimensional (TLBB 3D), and engages
primarily in the development, operation and licensing of online
games for PCs and mobile devices. The Sohu segment's main
business is the brand advertising business, which offers to
users, over its matrices of Chinese language online media,
various content, products and services across multiple Internet-
enabled devices.



================
H O N G  K O N G
================


CITIC RESOURCES: 2016 Net Profit No Impact on Moody's 'B1' CFR
--------------------------------------------------------------
Moody's Investors Service says that CITIC Resources Holdings
Limited's announcement of its profit for 2016 is credit positive,
reflecting improving performance and debt leverage trends.

However, the announcement will not immediately affect its B1
corporate family rating and the negative outlook on the rating
because the company has not fully recovered from its operating
loss and still demonstrates high levels of debt leverage.

On Feb. 19, 2017, CITIC Resources announced its annual results
for 2016. The company achieved a net profit of HKD363 million for
the year compared with a net loss of HKD6.1 billion the year
before.

The financial turnaround was attributable to a variety of
nonrecurring factors and, to a lesser extent, its narrowing
operating losses during the year.

Moody's notes that while CITIC Resources incurred operating
losses in 2016, the company reported gradual improvements in its
operational performance, driven by cost control measures and a
mild recovery in oil and commodity prices through the year.

As a result, it narrowed its total operating losses to HKD227
million from HKD478 million in 2015. During 2016, three of its
four reportable segments posted operating profits as against only
one in 2015.

CITIC Resources also reduced its adjusted debt by HKD291 million
to HKD7.8 billion in 2016, with its internally generated cash
flows and cash on hand. After repaying debt, the company still
held HKD1.16 billion in cash at end-2016.

Moody's estimates that CITIC Resources' debt leverage - as
measured by adjusted debt/EBITDA - improved to 13x in 2016, down
from 19.4x in 2015, driven by better EBITDA and lower debt
levels.

With oil prices having risen modestly so far in 2017, Moody's
says that CITIC Resources' debt leverage could fall to below 10x
by end-2017. This result is in line with the company's current
standalone credit strength.

Moody's believes that CITIC Resources will continue to enjoy
strong support from its parent, CITIC Group Corporation (A3
negative), and that the strong parental support facilitated the
refinancing in December 2016 of CITIC Resources' USD310 million
debt with a syndicate of financial institutions.

The principal methodology used in this rating was Global
Independent Exploration and Production Industry published in
December 2011.

CITIC Resources Holdings Limited is an energy and natural
resources investment holding company, with interests in aluminum
smelting; coal; the import and export of commodities; manganese;
and bauxite mining and alumina refining. It also has interests in
the exploration, development and production of oil.

The company serves as the principal natural resources and energy
arm of its parent, CITIC Group.


FIRST NATURAL: Former Chairman Ordered to Repay HK$84.9 Million
---------------------------------------------------------------
The Securities and Futures Commission (SFC) has obtained
disqualification and compensation orders in the Court of First
Instance against Yeung Chung Lung, former chairman and executive
director of First Natural Foods Holdings Limited (First Natural
Foods) over embezzlement of HK$84 million and provision of false
bank statements to auditors.

Yeung, without leave of the court, cannot be a director or be
involved in the management of any listed or unlisted corporation
in Hong Kong for 12 years.  He has been ordered to repay
HK$84,880,000, with compound interest, to Topping Chance
Development Limited, which has taken up all First Natural Foods'
causes of actions.

The court has also ordered that both Mr. Yang Le and Mr. Ni Chao
Peng, First Natural Foods' former executive directors, be
disqualified for eight years.

Yeung, Yang and Ni were absent from the trial in which the court
found that:

* Yeung embezzled HK$84,880,000 in December 2008 from First
   Natural Foods' subsidiary.

* Yeung, Yang and Ni knew that First Natural Foods provided
   false bank statements that overstated the cash balance of
   a key subsidiary on Mainland China to its auditors and
   deceived creditors and shareholders about the true financial
   position of the company and its subsidiaries.

* Yeung, Yang and Ni obstructed the provisional liquidators of
   First Natural Foods' investigation into its affairs and
   prevented the provisional liquidators from gaining control
   of the company's subsidiaries which had led to the
   dispossession of the subsidiaries from First Natural Foods.

* Yeung was negligent in publishing a false announcement in
   December 2008.

First Natural Foods was listed on the Main Board of the Stock
Exchange of Hong Kong Limited on Feb. 11, 2002.  Provisional
liquidators were appointed on July 7, 2009 and their duties were
discharged on Sept. 4, 2012, upon completion of restructuring.
First Natural Foods is now called Imperial Pacific International
Holdings Limited.

The SFC commenced proceedings under section 214 of the Securities
and Futures Ordinance in April 2013.

Yeung was the founder, chairman and executive director of First
Natural Foods until Aug. 27, 2009.

Topping Chance is a special purpose vehicle set up by the
provisional liquidators for the purposes of taking up First
Natural Foods' causes of action upon completion of the
restructuring.

Yang is Yeung's son and was the chief executive officer and
executive director until Dec. 12, 2008.  Ni is Yeung's son-in-law
and was an executive director until Dec. 12, 2008.

The disqualification orders made against Yeung, Yang and Ni
became effective on Feb. 17, 2017.



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


ASTALAKSHMI AGENCIES: CRISIL Ups Rating on INR8MM Loan to 'BB'
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Astalakshmi Agencies (part of the Astalakshmi group) to 'CRISIL
BB/Stable/CRISIL A4+' from 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              5        CRISIL BB/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Proposed Cash            8        CRISIL BB/Stable (Upgraded
   Credit Limit                      from  'CRISIL B+/Stable')

   Proposed Letter          4.4      CRISIL A4+ (Upgraded from
   of Credit                         'CRISIL A4')

   Proposed Working         4.1      CRISIL BB/Stable (Upgraded
   Capital Facility                  from 'CRISIL B+/Stable')

The rating upgrade reflects CRISIL's belief that that Astalakshmi
group's operating performance will continue to improve over the
medium term supported by steady demand and increasing share of
revenues from refining segment.. The revenues are expected to
grow at moderate rate over the medium term while its Operating
margins are expected to improve to around 1.5 percent for fiscal
2017 from around 0.19 percent for fiscal 2015 aided by increasing
share of revenues from the refining segment. Improvement in
operating performance is expected to result in cash accruals of
around INR1.5 to 1.8 crore over the medium term that shall remain
adequate to meet maturing term debt obligations of around INR0.30
crore

The ratings also reflect the extensive experience of the
proprietor in the edible oil trading and refining industry and
its established brand position. These strengths are partially
offset by its susceptibility of operating margins to volatility
in raw material prices and forex rates, and dependence on
adequate monsoon and its exposure to high fragmentation and
intense competition in the edible oil industry.
Analytical Approach

For arriving at the ratings CRISIL has consolidated the business
and financial risk profiles of Astalakshmi and Devi Enterprises
as both these entities are in similar lines of business under a
common management. CRISIL had earlier taken a standalone view of
the business and financial risk profiles of Astalakshmi due to
limited information provided by the management. The change in
analytical approach follows fresh information provided by the
management on operational linkages.

Key Rating Drivers & Detailed Description
Strengths
* Extensive experience of the proprietor in the edible oil
trading and refining industry
Astalakshmi' s  group's business risk profile benefits from its
proprietor's extensive experience in the edible oil refining and
trading industry. The proprietor, Mr. Ramesh Kumaar has been in
this line of business for over two decades prior to setting up of
Astalakshmi in the year 1995. Over the years, the proprietor has
established healthy relationship with his suppliers and
customers.

* Established Brand Position: Astalakshmi group sells its
products widely in Kerala and parts of Karnataka under its own
brand name "Jai Gold". "Jai Gold" is one of the well-known edible
oil brands in Kerala and has a good brand recall in its target
market.

Weaknesses
* Susceptibility of operating margin to volatility in raw
material prices and forex rates, and dependence on adequate
monsoon
Raw material expenses account for nearly 98 per cent of the total
cost of sales of Astalakshmi. The prices of unrefined sunflower
oil are volatile and are prone to fluctuations in supply of
sunflower seeds. Being an agricultural commodity, availability
and price of edible oil seeds is subject to vulnerability to
scanty/excess rainfall, crop diseases, pest attacks, low yield,
limited availability of fertilisers, and other related concerns.
The group is also exposed to risks related to volatility in forex
rates. The group imports around 60 percent of its raw material
requirement and hedges its forex exposure on a case to case
basis. CRISIL believes that the operating profitability will
remain susceptible to volatility in raw material prices and forex
rates.

* High fragmentation and intense competition in edible oil
industry
The edible oil industry is marked by low capital and
technological intensity and is highly fragmented, marked by
presence of a large number of small, unorganised, regional
players across the entire value chain ranging from crushing to
solvent extraction. As the demand for edible oil in India is
largely price sensitive, these players cater primarily to
regional demand to avoid high marketing and distribution costs.
Astalakshmi faces intense competition not only from non-branded
edible oil segment but also from established brands in the
branded segment.
Outlook: Stable

CRISIL believes Astalakshmi group will continue to benefit over
the medium term from the extensive experience of its proprietor.
The outlook may be revised to 'Positive' if sustainable ramp-up
in scale of operations and operating profitability, and sizeable
capital infusion by the proprietor considerably strengthen
financial risk profile. Conversely, the outlook may be revised to
'Negative' if any large capital expenditure, decline in cash
accrual, or additional support to extended to group firms,
weakens the financial metrics.

Setup in 1995 and based out of Chittode (near Erode, Tamil Nadu),
Astalakshmi is involved in trading and refining of edible oil.
The day-to-day operation of the proprietorship firm is managed by
the proprietor Mr. Ramesh Kumaar.

Devi Enterprises was set up in 1995 by Mr.Ramesh Kumaar and his
wife Mrs. Devi Ramesh and is engaged in the trading and refining
of edible oil.
The day-to-day operation of the proprietorship firm is managed by
the proprietor Mr. Ramesh Kumaar.

The group has reported a profit after tax (PAT) of INR1.6 crore
on an operating income of INR177 crore for fiscal 2016 against
PAT of INR8 crore on an operating income of INR186.7 crore for
fiscal 2015.


BSES RAJDHANI: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned BSES Rajdhani
Power Limited (BRPL) a Long-Term Issuer Rating of 'IND BB-'.  The
Outlook is Stable.  The instrument-wise rating actions are:

   -- INR11.5 mil. Term loan assigned with IND BB-/Stable rating;

   -- INR2.97 mil. Fund-based limits assigned with IND BB
      -/Stable/IND A4+ rating;

   -- INR4.12 mil. Non-fund-based limits assigned with IND BB
      -/Stable/IND A4+ rating

   -- INR2.82 mil. Proposed unallocated working capital limits*
      provisionally assigned with IND BB- /Stable/Provisional
      IND A4+ rating

                        KEY RATING DRIVERS

Regulatory Asset Recovery to Continue in FY17 and FY18: Ind-Ra
expects the regulatory asset (RA) recovery to continue in FY17
and FY18 on the expectations of power purchase costs (PPC)
remaining close to FY16 levels, a further improvement in the
operating efficiencies and the continuity of an 8% regulatory
surcharge. BRPL recovered INR4.1 billion of RAs in FY16, driven
by a decline in short-term power prices and lowering of incentive
income billed by generators.  This was due to a change in
regulations in the FY14-FY19 regulatory framework and the tariff
hikes allowed by the regulator in the past, leading to an
increase in average realization to INR7.69/unit in FY16 (FY15:
INR7.32/unit).  However, PPC declined to INR6.86/unit in FY16
(FY15: INR6.09/unit), resulting in an improvement in gross
margins to around INR1.60/unit (INR0.47/unit).  However, RA
recovery could be lower in case of a muted volume growth or a
higher-than-expected PPC.

RA Recovery Underway: The ratings factor in BRPL's exposure to
regulatory risks in terms of tariffs, PPC and amortization of
accumulated RAs.  Despite the expected recovery, BRPL continued
to have RAs of INR81 billion in FY16.  The RA build-up was
largely attributable to under-recovery of costs during FY12-FY15,
a part of which is under regulatory review.  In the present
situation, the complete recovery of an RA is likely to driven by
the Supreme Court's judgment on the matter.

RA Recognition by DERC: Delhi Electricity Regulatory Commission
(DERC) recognized RAs of INR51.05 billion at FYE14, as against
the company's booking of INR73.41 billion at FYE14.  Although
Appellate Tribunal for Electricity has approved a part of the
company's claims, it is yet to be reflected in the tariffs.  BRPL
has approached the Supreme Court and the matter is sub judice.
BRPL's cash flows would remain sensitive to the final fixation of
the RA amount under legal and regulatory processes.

Reduction in Debt: The ratings factor in an improvement in the
company's payment track record on its bank loans.  BRPL's
borrowings reduced to INR21.20 billion at FYE16 (FYE13: INR45.20
billion) on account of cost savings resulting from a decline in
PPC; an improvement in operating efficiencies such as reduction
in aggregate technical and commercial (AT&C) losses, and
operation and maintenance expenses; and stretched creditor
payments, which increased to INR73.06 billion (INR35.19 billion).
The majority of the creditors are state-owned power sector
entities and are interest bearing in the form a late payment
surcharge.  BRPL expects creditor liquidation to be funded from
RA liquidation; however, any timing mismatch would result in an
increase in external debt obligation.

Reduction in AT&C losses: BRPL has progressively reduced AT&C
losses to 12.68% in FY16 (FY12: 18.11%) through improvement in
billing, collection, and transmission and distribution losses,
thus reducing the gap between the targeted and actual losses.
Although the AT&C losses are still above the target under the
last tariff order, BRPL has been able to reduce the gap, thus
minimizing disallowances.  BRPL expects to undertake a
significant capex annually for network strengthening and
upgradation, which would lead to additional borrowings and the
consequent increase in leverage.

                       RATING SENSITIVITIES

Negative: Higher-than-expected PPC leading to a fresh RA creation
and/or a lower-than-expected RA recovery and/or an unfavourable
settlement through regulatory/legal process leading to worsening
of the liquidity and the credit profile would be negative for the
ratings.

Positive: Favourable settlement through regulatory/legal process
leading to a recovery of outstanding RAs over a finite period,
and non-creation of a fresh RA while improving its liquidity and
credit profile would be positive for the ratings.

COMPANY PROFILE

BRPL was incorporated in July 2001 upon privatization of
unbundled entities of erstwhile Delhi Vidyut Board.  The
company's license area spans over 750 square kilo meters and is
the largest of the three private distribution companies in Delhi.
BRPL reported revenue of INR91.22 billion in FY16 (FY15: INR84.49
billion).  The company is 51%-owned by Reliance Infrastructure
Limited ('IND A+'/Rating Watch Negative), while the balance 49%
is owned by the Government of National Capital Territory of Delhi
through Delhi Power Company Ltd.


DEVI FIRE: CRISIL Assigns 'B' Rating to INR2.5MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Devi Fire Services.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Working
   Capital Facility         1         CRISIL B/Stable

   Proposed Cash
   Credit Limit             2.5       CRISIL B/Stable

   Bank Guarantee           1         CRISIL A4

   Cash Credit              2.5       CRISIL B/Stable

The ratings reflect DFS's modest scale of operations, average
financial risk profile, and exposure to risks related to tender-
based nature of business and intense competition. These rating
weakness are partially offset by the promoters' extensive
experience in the fabrication of special vehicles.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale and working capital intensity in operations in the
intensely competitive fabrication industry: Intense competition
constrains scale of operations, with revenue likely to remain
modest at INR10 crore in fiscal 2017, despite improving from
INR2.6 crore the previous fiscal 2016. Operations are also
working capital intensive, with gross current assets exceeding
300 days as on March 31, 2016, because of large receivables and
inventory.

* Average financial risk profile: Networth (Rs 2.83 crore as on
March 31, 2016) may remain low over the medium term due to modest
scale and accretion to reserve. Large working capital debt may
keep capital structure and debt protection metrics average.

* Exposure to risks related to tender-based business:  Entire
revenue is derived from tender-based contracts, exposing
profitability to competitive pressure.

Strengths
* Extensive experience of the partners: Benefits from the three
decade-long experience of the partners, Mr Devidas Raut and Mr
Dilip Raut, in fabricating special-purpose vehicles, and their
established relationships with customers, should continue to
support business risk profile.
Outlook: Stable

CRISIL believes DFS will continue to benefit over the medium term
from its promoters' extensive experience. The outlook may be
revised to 'Positive' if significant and sustained improvement in
revenue, profitability and accrual strengthens financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
revenue declines, or if financial risk profile weakens, most
likely due to stretch in working capital cycle or any large
capital expenditure.

DFS is a partnership firm set up by Mr Devidas Raut and Mr. Dilip
Raut in 1985. The firm manufactures special vehicles such as
fire-fighting vehicles, diesel tankers and truck mounted cranes.
The manufacturing facilities is located in MIDC in Solapur.

DFS reported a profit after tax (PAT) of INR0.17 crore on net
sales of INR2.59 crore for fiscal 2016, vis-a -vis INR0.24 crore
and INR5.64 crore, respectively in fiscal 2015.


GAJRA GEARS: CRISIL Assigns B+ Rating to INR14.50MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Gajra Gears Pvt Ltd.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Letter of Credit        25         CRISIL A4
   Bank Guarantee           0.25      CRISIL A4
   Cash Credit             14.50      CRISIL B+/Stable

The ratings reflect a below-average financial risk profile,
especially liquidity, constrained by highly utilised bank limits
on account of a long working capital cycle. Moreover, the
operating performance is susceptible to high end-user industry
concentration and fluctuation in input prices owing to intense
competition. The extensive experience of the promoters and their
ability to provide funding support partially offset these
weaknesses.
Analytical Approach

CRISIL has treated unsecured loans of INR8.5 crore from a group
company as neither debt nor equity as these are subordinated to
bank borrowing, and are expected to be retained in the business
over the medium term.

Key Rating Drivers & Detailed Description
Weakness
* Below-average financial risk profile: The financial risk
profile, especially liquidity, has been constrained by high bank
limit utilisation. This is driven by a long working capital cycle
primarily on account of high inventory requirement. Moreover, a
weak operating margin and high reliance on bank borrowing to fund
working capital requirement, constrains the interest coverage
ratio.

* High end-user industry concentration in revenue: The main end-
user is the commercial vehicles segment, which is cyclical.

* Susceptibility of operating performance to volatility in raw
material prices: Fluctuation in raw material prices can impact
the operating margin as the company has limited bargaining power
to increase prices owing to the presence of several small players
in the industry.

Strengths
* Extensive experience of the promoters and a long track record
in the gears industry: The company has been in operations for the
past 54 years and has developed a healthy relationship with key
customers.

* Funding support from promoters: The promoters, through their
associate concerns, have infused unsecured loans INR8.5 crore
(treated as neither debt nor equity). These will continue to
support the capital structure.
Outlook: Stable

CRISIL believes GGPL will continue to benefit from the extensive
industry experience of its promoters and an established market
position. The outlook may be revised to 'Positive' if there is a
substantial and sustained increase in revenue while profitability
margins improve, leading to higher cash accrual. The outlook may
be revised to 'Negative' in case of a steep decline in
profitability margins, or significant deterioration in the
capital structure caused most likely by larger-than-expected
debt-funded capital expenditure or a stretched working capital
cycle.

Established in 1962, GGPL is part of the Gajra group, which is
promoted by Mr Gautam Gajra. The company manufactures
transmission gears, shafts and axles, engine gears, automatic
transmission parts, gear box accessories, planetary assemblies,
housings, castings, and other automotive products. These are used
in tractors, commercial vehicles, and earth-moving equipment.

Profit after tax (PAT) was INR0.61 crore on operating income of
INR132.28 crore in fiscal 2016, as against PAT of INR0.93 crore
on operating income of INR141.37 crore in fiscal 2015.

Status of non-cooperation with previous CRA: GGPL has confirmed
that it is not cooperating with Credit Analysis & Research Ltd
where its rating is currently outstanding. The nature of non-
cooperation is by way of not sharing information.


GOLDEN AGRARIAN: CRISIL Reaffirms B+ Rating on INR25MM Cash Loan
----------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Golden Agrarian Private Limited at 'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             25       CRISIL B+/Stable (Reaffirmed)

Revenue grew significantly by around 38% in fiscal 2016, led by a
substantial increase in sales volume following the recent
capacity expansion, despite a fall in rice prices. The business
risk profile is likely to remain stable driven by expected
revenue growth of around 10% per fiscal over the medium term.
Operating profitability remained moderate at 5.28% in fiscal
2016, and is expected to remain at 5.0-6.0% over the medium term.

Liquidity is supported by promoter funding through unsecured
loans, and sufficient cash accrual to meet debt repayment
obligation over the medium term. However, the bank limit remains
fully utilised, owing to large working capital requirement.
Analytical Approach

For arriving at the rating, CRISIL has treated unsecured loans
(INR14.02 crore outstanding as on March 31, 2016) extended by the
promoters as neither debt nor equity in calculating the financial
ratios. That's because these loans are interest-free and are
expected to remain in the business over the medium term.

Key Rating Drivers & Detailed Description
Weaknesses
* Weak financial risk profile:
The total outside liabilities to tangible networth ratio was high
at 3.19 times as on March 31, 2016, mainly due to considerable
reliance on bank borrowing for funding the large working capital
requirement. The debt protection metrics were weak: interest
coverage and net cash accrual to total debt ratios were 1.2 times
and 0.02 time, respectively, in fiscal 2016.


* Moderate scale of operations in the highly fragmented rice-
milling industry:
Operating revenue was INR117.75 crore in fiscal 2016.
Furthermore, as there are no direct exports, the scale of
operations is likely to remain moderate compared with other
players amid intense industry competition.

* Large working capital requirement:
Gross current assets (GCAs) were sizeable at 277 days, with
inventory and debtors of 220 and 28 days, respectively, and
credit received of 73 days, as on March 31, 2016. Operations are
likely to remain working capital intensive over the medium term
as well, with GCAs expected at 270-280 days.

Strength
* Extensive industry experience of the promoters and their
funding support: The promoters have more than three decades of
experience in this industry. This has helped to develop an
established relationship with suppliers and customers and has
enabled a compound annual growth rate of around 20% over the four
fiscals through 2016. Promoters have also supported the company
through unsecured loans, the balance of which stood at INR14.02
crore as on March 31, 2016.
Outlook: Stable

CRISIL believes GAPL will continue to benefit from the extensive
industry experience of its promoters and their funding support.
The outlook may be revised to 'Positive' in case of higher-than-
expected cash accrual, substantial equity infusion, or efficient
working capital management, resulting in a better financial risk
profile. The outlook may be revised to 'Negative' in case of
lower-than-anticipated cash accrual or larger-than-expected
working capital requirement, or any unanticipated, large, debt-
funded capital expenditure, adversely impacting liquidity.

GAPL was established in 1980 as a partnership firm, Samra
Industries, by Mr Harendra Jeet Singh and his brother, Mr Sardar
Malkeet Singh. It was reconstituted as a private limited company
in 2012. GAPL is currently managed by Mr Rajvir Singh. The
company processes basmati and non-basmati rice at its plant in
Faridkot, Punjab, which has a total milling capacity of 9 tonne
per hour.

Profit after tax (PAT) was INR0.57 crore on net sales of
INR117.75 crore in fiscal 2016, vis-a vis INR0.49 crore and
INR85.27 crore, respectively, in fiscal 2015.

Status of non-cooperation with previous CRA
GAPL has not provided required information for carrying out a
review of the rating and hence Brickworks ratings was unable to
carry out surveillance due to non-availability of information,
despite follow 'up.


GOYAL GLASSWARE: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Goyal Glassware
Private Limited (GGPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.  The instrument-wise rating actions are:

   -- INR180 mil. Fund-based working capital limits assigned with
      IND BB+ /Stable/IND A4+ rating;

   -- INR42.5 mil. Non-fund-based working capital limits assigned
       with IND A4+ rating; and

   -- INR106.48 mil. Term loans assigned with IND BB+ /Stable
      rating

                        KEY RATING DRIVERS

The ratings are constrained by GGPL's relatively short
operational track record as it commenced operations from April
2013.  The ratings are further constrained by the customer
concentration risk faced by the company, with Pernod Ricard India
Pvt. Ltd. contributing more than 50% to its topline.

The ratings, however, are supported by the company's comfortable
liquidity position as evidenced by around 87% average utilization
for the 12 months ended January 2017.

The ratings are further supported by moderate scale of
operations, stable EBITDA margins and moderate credit metrics as
reflected in revenue of INR1,163.41 million in FY16 (FY15:
1,026.15 million), EBITDA margins of 9.08% (9.77%), interest
coverage (operating EBITDA/gross interest expense) of 2.51x
(2.23x) and net leverage (total adjusted debt/operating EBITDAR)
of 3.20x (4.32x).

                       RATING SENSITIVITIES

Negative: Dip in the operating margins and any unexpected debt
led capex leading to deterioration in credit metrics could be
negative for the ratings.

Positive: Substantial increase in size of operations coupled with
diversification in the customer profile while maintaining current
credit metrics could be positive for the ratings.

COMPANY PROFILE

Incorporated in 2013, GGPL is engaged in manufacturing of glass
bottles and caters to the packaging needs of liquor and
pharmaceutical industry.  The company is promoted by Mr. Nitesh
Gupta and has a daily installed capacity of 190mt.


HEADWORD PUBLISHING: CRISIL Reaffirms B+ Rating on INR7MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facility of Headword Publishing Company Private
Limited.

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

The rating continues to reflect Headword's large working capital
requirement, small scale of operations, and geographical
concentration in revenue. These weaknesses are partially offset
by its promoters' extensive experience in the publishing
industry, and its comfortable financial risk profile.
Analytical Approach

CRISIL has treated Headword's unsecured loans of INR1.14 crore as
on March 31, 2016, from its promoters as neither debt nor equity,
as the loans are non-interest bearing and are likely to remain in
the business.

Key Rating Drivers & Detailed Description
Weaknesses
* Large working capital requirement:
Headword had gross current assets of 193 days as on March 31,
2016, because of sizeable receivables of 153 days. The company
extends credit of 2-3 months and has inventory of 1-2 months.
Receivables are usually higher in March as most of the company's
sales are in the last quarter to schools, which usually start
sessions in April. The company contracts short-term debt to fund
its working capital requirement.

* Small scale and geographically concentrated operations, and
exposure to competition from established players: Headword has a
small market share in the publishing industry in India, with
revenue of INR16.35 crore in fiscal 2016. Also, most of its
revenue comes from eastern Uttar Pradesh, Northern Capital
Region, and North-East India, though the company has expanded in
other geographies in fiscal 2016, such as Jammu and Kashmir,
Punjab, north-western India, and more of West Bengal. Its
business risk profile will remain susceptible to competition or
unfavorable changes in demand. Small scale limits the company's
bargaining power and pricing flexibility, leading to pressure on
operating margin and working capital. Ramp-up of operations will
remain a key rating sensitivity factor.

Strengths
* Promoters' extensive industry experience:
Headword's key promoter, Mr Manzar Khan, has experience of more
than a decade in the publishing industry through other companies.
Before setting up Headword in 2013, he was the managing director
of Oxford University Press, a leading publishing company in
India. He is actively involved in the functional areas of the
business and has developed strong relationships with suppliers
and customers. Also the company has a diversified product
portfolio with around 100 titles in subjects such as English,
social studies, science, mathematics, and computer science.

* Comfortable financial risk profile
Headword's financial risk profile is driven by moderate gearing
of 1.89 times as on March 31, 2016, and above-average debt
protection indicators, with interest coverage and net cash
accrual to total debt ratios of 2.83 and 0.24 time, respectively,
for fiscal 2016. However, networth was small, at INR1.24 crore as
on March 31, 2016.
Outlook: Stable

CRISIL believes Headword will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if there is a substantial and sustained
improvement in revenue and working capital management, while the
operating margin remains stable. The outlook may be revised to
'Negative' if the capital structure weakens because of lower-
than-expected profitability or considerable increase in working
capital requirement.

Headword, incorporated in 2013, publishes books for Central Board
of Secondary Education (CBSE), Indian Certificate of Secondary
Education (ICSE), and Nagaland Board of School Education (NBSE).
Headword is promoted by Mr Manzar Sayeed Khan and Mr. Kapil
Gupta.

Its net profit was INR0.41 crore on net sales of INR16.35 crore
in fiscal 2016, against INR0.25 crore and INR7.88 crore,
respectively, in fiscal 2015.

Any other information
In fiscal 2016, Headword entered Jammu and Kashmir, Punjab,
north-western India, and more of West Bengal, and increased its
titles to 100 for all its subjects from 40 in the previous
fiscal. As a result, revenue increased in fiscal 2016. Also, till
fiscal 2015, the company only published books till standard 8,
but in fiscal 2016, it started publishing books for standards 9
and 10. Its operating margin remained at 5.81% in fiscal 2016 and
should remain stable over the medium term.


JAGANNATH TRADERS: CRISIL Reaffirms B+ Rating on INR10MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of Jagannath Traders - Delhi at 'CRISIL B+/Stable'.

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

The rating reflects moderate operating margin, modest interest
coverage ratio, and high bank limit utilisation. These weaknesses
are partially offset by the extensive experience of partners in
the dry fruit trading industry.

Key Rating Drivers & Detailed Description
Weakness
* Moderate operating margin: The commoditised nature of products
and low value addition continue to constrain operating margin.

* Modest interest coverage ratio: In fiscal 2016, interest
coverage ratio was modest at 1.2 times (1.4 times in fiscal
2015), and is expected to remain modest over the medium term.

* High bank limit utilisation: Average bank limit utilisation was
high at 99% over the 12 months through December 2016 with
instances of overutilization; however same got regularized in
less than 5 days.

Strengths
* Partners' extensive experience in the dry fruit trading
industry: Partners have experience of over three decades in the
industry.
Outlook: Stable

CRISIL believes JT will continue to benefit over the medium term
from the extensive experience of its partners. The outlook may be
revised to 'Positive' if higher-than-expected operating margin,
along with improvement in scale of operations, significantly
improves the interest coverage ratio or if bank limit gets
enhanced, improving liquidity. Conversely, the outlook may be
revised to 'Negative' in case of lower-than expected growth in
revenue and margins, or stretch in working capital cycle or any
large, debt-funded capital expenditure weakening the financial
risk profile.
Established in 2014 as a partnership between Mr Pawan Sharma and
Mr Jatin Sharma, JT trades in dry fruits such as almonds, and
herbs and spices like cloves and poppy seeds. It is based in
Delhi.

JT's profit after tax was INR0.21 crore on net sales of INR70
crore for fiscal 2016, against a PAT of INR0.09 crore on net
sales of INR27 crore for fiscal 2015.


JMK ENTERPRISES: CRISIL Reaffirms B+ Rating on INR9MM Loan
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of JMK Enterprises Pvt Ltd.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Channel Financing        9       CRISIL B+/Stable (Reaffirmed)

   Drop Line Overdraft
   Facility                 1.3     CRISIL B+/Stable (Reaffirmed)

   Long Term Loan           3.5     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       4.3     CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the company's stretched
liquidity, with cash accrual likely to be barely adequate to meet
debt obligation in fiscal 2017. While the operations are working
capital intensive, there is some cushion in the working capital
bank line, supporting liquidity. With no major capital
expenditure (capex) plan and steady accretion to reserves,
gearing should improve gradually over the medium term.
Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans
of INR22 lakhs (as on March 31, 2016) extended to JMK Enterprises
Pvt ltd by its promoters as neither debt nor equity as the loans
are expected to be retained in the business over the medium term.

Key Rating Drivers & Detailed Description
Weakness
* Small scale of operations and geographical concentration in
revenue in the highly fragmented jewellery industry: JEPL's small
scale is reflected in revenue of INR32 crore in fiscal 2016.
Furthermore, the jewellery industry in India is highly fragmented
and dominated by the unorganised sector. CRISIL believes JEPL
will remain exposed to geographical concentration risk and to
intense competition.

* Below-average financial risk profile
The financial risk profile is below average due to stretched
liquidity and aggressive gearing. The gearing was 2.61 times as
on March 31, 2016.

Strengths
* Promoters' industry experience
The company benefits from its promoters' experience of eight
years in the gems and jewellery industry, insight into buying
patterns, and ability to identify trends in jewellery designs.
Moreover, the promoters' established presence has led to trust
among consumers, which is an important factor influencing
jewellery-buying decisions. CRISIL believes JEPL will continue to
benefit from its promoters' extensive industry experience.
Outlook: Stable

CRISIL believes JEPL will benefit from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
the company reports large cash accrual due to significant
increase in revenue, leading to a better financial risk profile.
The outlook may be revised to 'Negative' if growth in revenue and
operating margin is less than expected, or if working capital
cycle lengthens, or if JEPL undertakes large, debt-funded capex,
weakening its financial risk profile.

JEPL was incorporated in 2007. It operates a dealership for
Tanishq Jewellery (a brand of Titan Company Ltd) in Jhansi. Mr
Rakesh Singh Baghel and Ms Pratibha Singh Baghel are directors in
the company. Mr Baghel manages its operations.

For fiscal 2016, JEPL's profit after tax (PAT) was INR0.2 crore
on net sales of INR31 crore, against a PAT of INR0.1 crore on net
sales of INR35 crore for fiscal 2015.


LAXMI RICE: CRISIL Assigns B+ Rating to INR12.5MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Laxmi Rice Mills.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             12.5      CRISIL B+/Stable (Assigned)
   Term Loan                1        CRISIL B+/Stable (Assigned)

The rating reflects the moderate scale of, and working capital
intensity in, operations in the intensely competitive basmati
rice industry, with below-average financial risk profile, because
of high gearing and weak debt protection metrics. These
weaknesses are partially offset by the extensive experience of
partners and funding support provided by them.
Analytical Approach

Unsecured loans of INR2.11 crore, received from partners as of
March 2016, have been treated as neither debt nor equity.

Key Rating Drivers & Detailed Description
Weaknesses
* Moderate scale of operations in the intensely competitive rice
milling industry: Intense competition in the rice milling
business restricts the scale of operations (revenue of INR61.8
crore in fiscal 2016) and low bargaining power with suppliers and
customers (operating margin of 7% in fiscal 2016).

* Working capital-intensive operations: Operations are working
capital intensive as reflected in gross current assets of 294
days as on March 31, 2016, mainly due to the considerable
inventory.

* Below-average financial risk profile: Modest profitability and
scale of operations, and sizeable working capital debt continue
to constrain the financial risk profile. Resultantly, gearing was
high at 12.2 times as on March 31, 2016, and debt protection
metrics were weak with interest coverage of around 1.3 times.

Strength
* Partners' extensive industry experience: Benefits from the
three decade-long experience of the partners, their established
relationships with customers and local suppliers, and keen grasp
over market dynamics, will continue.
Outlook: Stable

CRISIL believes LRM will continue to benefit from the extensive
experience of its partners and their funding support. The outlook
maybe revised to 'Positive' if substantial growth in revenue and
cash accrual, or a capital infusion by the partners, along with
efficient working capital management, strengthens the financial
risk profile. The outlook may be revised to 'Negative' if lower-
than-expected cash accrual, large working capital requirement or
capital expenditure, weakens liquidity.

LRM was promoted as a partnership firm, by Mr Darshan Lal Garg
and Ms Anita Rani, in 1995. The firm mills and processes basmati
and non-basmati rice, and mainly caters to large export houses.
Production facilities at Muktsar Sahib, Punjab, have a milling
capacity of 8 tonnes and sorting capacity of 6 tonnes per hour,
utilised at around 80-85%.

LRM had a book profit of INR0.41 crore on sales of INR61.8 crore
in fiscal 2016, against INR0.35 crore and INR39.6 crore,
respectively, in fiscal 2015.


MAA PADMAWATI: CRISIL Lowers Rating on INR11.1MM Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Maa Padmawati Agro Foods Private Limited to 'CRISIL D' from
'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              6        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Long Term
   Bank Loan Facility       1        CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Term Loan               11.1      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The downgrade reflects irregularity in paying instalments on term
loan and interest on cash credit facility due to stretched
liquidity.

The rating continues to reflect its working capital-intensive and
modest scale of operations in a highly fragmented and intensely
competitive rice milling business, volatility in raw material
prices, regulatory changes, and erratic rainfall. These rating
weaknesses are partially offset by the extensive experience of
the promoters in the rice milling segment and stable demand for
rice.

Key Rating Drivers & Detailed Description
Weakness
* Delays in servicing instalment on term loan
Low cash accrual and sizeable working capital debt led to weak
liquidity, which in turn resulted in delays in servicing
instalment on term loan and in meeting interest obligation on
cash credit facility.

Strength
* Experience of promoters in the rice industry: Presence of
almost three decades in trading in basmati and non-basmati rice
and various fast-moving consumer goods has enabled the promoter
to establish healthy relationship with customers and suppliers.

Established in 2011 by Mr. Mintoo Gupta, MPAFPL processes paddy
into non-basmati, parboiled, and basmati rice. Facility in
Aurangabad has capacity of 16 tonne per hour.

The company has reported profit after tax of INR0.24 crore on net
sales of INR12.59 crore in 2015-16.


MAHAVISHNU RICE: CRISIL Assigns B+ Rating to INR9MM Cash Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the long term
bank facilities of M/s. Mahavishnu Rice Industries and assigned
its 'CRISIL B+/Stable ratings to the firm's facilities. CRISIL
had, on December 28, 2016, suspended the ratings as MVRI had not
provided the necessary information required for a rating review.
The firm has now shared the requisite information, enabling
CRISIL to assign its ratings.

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

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

CRISIL's continue to reflect MVRI's below-average financial risk
profile, marked by high gearing and moderate debt protection
metrics, and susceptibility of its operating profitability to
volatility in raw material prices. These rating weaknesses are
partially offset by the extensive industry experience of MVRI's
promoter in the rice milling industry.

Key Rating Drivers & Detailed Description
Weakness
* Below-average financial risk profile, marked by high gearing
and moderate debt protection metrics
MVRI has high gearing, which stood at around 1.8 times as on
March 31, 2016. Its gearing is expected to remain at similar
levels over the medium term mainly on account of large short-term
borrowings to meet its large working capital requirements. The
firm has low net worth estimated to be around INR6.2 crores as on
March 2016; the net worth is expected to remain small on account
of low accretions to reserves due to low profitability and small
scale of operations.

* Susceptibility of its operating profitability to volatility in
raw material prices
The domestic rice industry is highly regulated in terms of paddy
prices, export/import policy for rice, and rice release
mechanism, which affects the credit quality of players in the
industry. The minimum support price of paddy and prevailing rice
prices are two important factors that determine a rice mill's
profitability. Cost of paddy accounts for about 85 per cent of
the cost of producing rice.

Strengths
* Partners' extensive experience in rice milling industry
MVRI's managing partner, Mr. G Krishnaiah, and his family have
been in the rice milling business since the 1980s through various
rice mills on lease basis. In 2010, in order to undertake milling
on a large scale, they set up MRI. The firm's mill is
strategically located in the middle of paddy growing areas. MRI
has established strong relationships with Food Corporation of
India (FCI) and farmers.
Outlook: Stable

CRISIL believes that MVRI will benefit over the medium term from
the extensive industry experience of its promoter in the rice
milling industry. The outlook may be revised to 'Positive' in
case of a significant and sustained increase in the firm's
revenues and profitability, or a substantial infusion of capital
by its partner, resulting in an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
MVRI's revenues and profitability decline substantially, or it
undertakes a larger-than-expected, debt-funded capital
expenditure programme, or its promoter withdraws capital from the
firm, leading to weakening in its financial risk profile.

Set up in 2010, MVRI is engaged in milling and processing of
paddy into rice, rice bran, broken rice and husk. The firm is
promoted by Mr.G.Krishnaiah and his family.

MVRI reported a profit after tax (PAT) of INR0.37 crore on net
sales of INR33.02 crore for fiscal 2016, vis-a-vis INR0.16 crore
and INR35.70 crore, respectively, for fiscal 2015.


MAHIDHARA PROJECTS: CRISIL Reaffirms B+ Rating on INR5MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed its ratings on the long term bank loan
facilities of Mahidhara Projects Private Limited at 'CRISIL
B+/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Secured Overdraft
   Facility                  5      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect MPPL's susceptibility to
implementation and offtake risks for its ongoing and upcoming
projects. These weaknesses are partially offset by the extensive
experience of MPPL's promoters in the real estate segment.

Key Rating Drivers & Detailed Description
Weakness
* Implementation and offtake risk: MPPL is exposed to risks
related to the execution and saleability of its ongoing and
upcoming projects, especially given the slowdown in the real
estate segment following demonetization of high value currencies
in 3rd quarter of fiscal 2017.

Strengths
* Extensive experience of promoters: MPPL has a track record in
the residential real estate and open plot development, backed by
its promoters' extensive experience in the construction business
and healthy execution capabilities.
Outlook: Stable

CRISIL believes MPPL will benefit over the medium term from its
promoters' extensive experience in the Chennai and Bengaluru real
estate markets. The outlook may be revised to 'Positive' if large
cash flows are generated, supported by earlier-than-expected
completion of, or significantly higher realizations for its
upcoming projects. Conversely, the outlook may be revised to
'Negative' if MPPL faces delays in project completion or in
receipt of customer payments, or if it is unable to sell its
upcoming projects, or undertakes significantly large debt-funded
projects.

Incorporated in 2007, Chennai-based MPPL develops residential
real estate projects in Chennai and Bengaluru. Its operations are
managed by the managing director, Mr. T Prashanth Reddy, and the
executive director, Mr. Ramakrishna Prasad.


MANISH INTERNATIONAL: CRISIL Reaffirms B Rating on INR5MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on bank facilities of Manish
International at 'CRISIL B/Stable/CRISIL A4'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Export Packing Credit     2       CRISIL B/Stable (Reaffirmed)

   Foreign Bill Purchase     5       CRISIL B/Stable (Reaffirmed)

   Letter of credit &
   Bank Guarantee            0.2     CRISIL A4 (Reaffirmed)


   Standby Line of Credit    0.55   CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect a small scale of operations and
large working capital requirement. These rating weaknesses are
partially offset by the experience of the partners in the
building hardware industry, and an established relationship with
key customers.

Key Rating Drivers & Detailed Description
Weakness
*Small scale of operations: Operating income was INR12.34 crore
in fiscal 2016, despite a presence of more than three decades in
the industry, on account of intense competition owing to low
capital requirement in the business. Moreover, there is high
customer and geographic concentration with 75-80% of sales to
European countries. The operating income is expected to decline
in fiscal 2017 due to low offtake from existing customers in
Europe.

*Large working capital requirement: The firm funds its high
inventory and receivables through creditors and bank debt.
Inventory was 242 days as on March 31, 2016, primarily funded
through a stretch in creditors.

Strength
*Extensive industry experience of the partners: The partners have
been in the business for more than 30 years. The firm started
exporting to customers such as Frisco (UK) Sales Ltd in 1989, and
has established a strong relationship with customers in the
global market, mainly in the UK
Outlook: Stable

CRISIL believes MI will continue to benefit from the extensive
experience of its partners. However, the scale of operations is
likely to remain constrained over the near term. The outlook may
be revised to 'Positive' if liquidity improves, driven by a
significant increase in cash accrual. The outlook may be revised
to 'Negative' if the financial risk profile, particularly
liquidity, deteriorates further on account of a significant
increase in working capital requirement.

MI was established in 1985 as a partnership firm by the Gaur
family of Aligarh, Uttar Pradesh. The firm manufactures and
exports building hardware. Its products include architectural
hardware such as door knobs, handles, and door fittings. Its
manufacturing facility is in Aligarh.

Profit after tax was INR40 lakhs over operating income of
INR12.35 crore in fiscal 2016 vis-a-vis profit after tax of INR56
lakhs over operating income of INR16.87 crore in fiscal 2015.


MNG OVERSEAS: CRISIL Assigns B+ Rating to INR9.5MM Whse Receipts
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the long-
term bank facilities of MNG Overseas Private Limited.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit              5         CRISIL B+/Stable
   Warehouse Receipts       9.5       CRISIL B+/Stable

The rating reflects company's working capital-intensive
operations, weak financial risk profile marked by high gearing,
and low operating margin due to trading nature of operations.
These weaknesses are partially offset by extensive experience of
promoters in the rice trading industry.

Key Rating Drivers & Detailed Description
Weaknesses
* Working capital-intensive operations: Operations are expected
to remain working capital intensive, reflected in gross current
assets of around 162 days as on March 31, 2016, resulting from
large inventory of 99 days.

* Low operating profitability: Operating profitability (4.34% as
on March 31, 2016) will remain low at 3-4.5% over the medium term
due to trading nature of operations and limited value addition to
products.

* Weak financial risk profile: The financial risk profile will
remain weak over the medium term owing to low networth (Rs 1.51
crore as on March 31, 2016), high gearing (4.94 times) and weak
debt protection metrics (interest coverage and net cash accrual
to total debt ratios were 1.41 times and 0.04 time, respectively,
in fiscal 2016).

Strength
* Experience of promoters: Over their decade-long experience, the
promoters established healthy relationship with key customers,
thereby ensuring steady sales. Benefits from the promoters'
experience will continue to support the business.
Outlook: Stable

CRISIL believes MNGOPL will continue to benefit over the medium
term from the promoters' experience. The outlook may be revised
to 'Positive' if significant increase in scale of operations and
operating profitability strengthens financial risk profile.
Conversely, the outlook may be revised to 'Negative' if decline
in profitability or large working capital requirement weakens
financial risk profile.

MNGOPL, is a Delhi-based company, established and promoted in
2012 by Mr Mitihilesh Gupta, Ms Geeta Gupta and their son, Mr
Namit Gupta. The company trades in rice and maize, both locally
and globally.

Net profit was INR0.21 crore on net sales of INR18.82 crore in
fiscal 2016, against INR0.3 crore and INR27.62 crore,
respectively, in fiscal 2015.


NARENDRA NATH: CRISIL Reaffirms 'B' Rating on INR6.5MM Cash Loan
----------------------------------------------------------------
CRISIL has reaffirmed the ratings of Narendra Nath Cold Storage
Pvt Ltd at 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             6.5       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      0.5       CRISIL B/Stable (Reaffirmed)

The ratings reflect susceptibility to regulatory changes and to
intense competition in the West Bengal cold storage business, and
vulnerability to delays in payment by farmers because of adverse
market conditions. These weaknesses are partially offset by the
extensive industry experience of the promoters and above-average
debt protection metrics.

Key Rating Drivers & Detailed Description
Weakness
* Exposure to regulatory changes and to intense competition: The
potato cold storage industry in West Bengal is regulated by the
West Bengal Cold Storage Association, which fixes storage rent
and marketing, drying, and insurance charges. Fixed rentals limit
the ability to generate profits based on individual strengths and
geographical advantages. Furthermore, since the cold storage
segment is fragmented, players have limited bargaining power with
customers and need to offer discounts to ensure healthy
utilisation of the storage capacity.

* Vulnerability to delays in payment by farmers: The company
provides loans to farmers against stored products. However,
during adverse market conditions, farmers do not find it
profitable to pay rental and interest charges along with loan
repayment, and hence do not retrieve potatoes from cold storages.
Thus, there is exposure to delays in payment.

Strengths
* Extensive experience of the promoters: A presence of around a
decade in the cold storage industry has enabled the promoters to
establish a strong relationship with farmers and traders, thereby
ensuring healthy utilisation of the storage capacity.
Outlook: Stable

CRISIL believes NCSPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if improved cash accrual or infusion of capital by
the promoters strengthens the financial risk profile and risk
absorption capacity. The outlook may be revised to 'Negative' if
stretched receivables, non-recovery of loans extended to farmers,
a long working capital cycle, or large, debt-funded capital
expenditure weakens liquidity.

Incorporated in 2008, NCSPL provides cold storage facility to
potato farmers and traders in West Medinipur (WB). It is promoted
by Mr. Manas Kanti Roy and Mr. Nimai Chandra Manna, who also
manages the operations.

Profit after tax (PAT) was INR23 lakhs on revenue of INR1.96
crore in fiscal 2016, against PAT of INR30 lakh on revenue of
INR2.18 crore in fiscal 2015.


PASUPATI RICE: CRISIL Reaffirms B+ Rating on INR8MM Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed the long-term bank facilities of Pasupati
Rice Mills Pvt Ltd at 'CRISIL B+/Stable'.

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

The rating continue to reflect the company's small scale of
operations, raw material price risk, dependence on monsoon, and
vulnerability to regulations. These weaknesses are partially
offset by the promoters' extensive experience in rice milling and
a diversified customer base.

Key Rating Drivers & Detailed Description
Weakness
* Small scale of operations: Scale of operations (reflected in
revenue of INR38.97 crore for fiscal 2016) is expected to remain
modest over the medium term due to small capacity and moderate
utilisation.

* Exposure to risks pertaining fluctuations in raw material
prices, irregular monsoon and vulnerability to regulations:
Availability of paddy, being an agriculture product, is seasonal
and dependent on monsoon/irrigation. This exposes the company to
the risk of limited availability of raw material, and hence
fluctuations in its price, during unfavourable climatic
conditions. The Indian rice industry is highly regulated in terms
of paddy prices, export/import of rice, and rice release
mechanism. The minimum support price of paddy and the prevailing
rice prices are two key factors that determine a rice mill's
profitability. The government also controls export of non-basmati
rice to ensure adequate availability of rice in domestic market.
CRISIL believes that although these policies are timely measures
to curb inflation, SRMPL remains exposed to any unfavourable
changes in government's policies over the medium term.

Strengths
* Promoters' experience and diversified customer base: With over
a decade of experience, the promoters, Mr Abhay Pratap Singh and
Mr Niraj Singh, have established healthy relationships with
diversified clientele and suppliers.
Outlook: Stable

CRISIL believes PRMPL will maintain its business risk profile
backed by the promoters' extensive experience and diversified
customer base. The outlook may be revised to 'Positive' if scale
of operations increases substantially along with improvement in
profitability resulting in higher-than-expected cash accrual or
if infusion of substantial capital strengthens financial risk
profile, particularly liquidity. Conversely, the outlook may be
revised to 'Negative' if lower-than-expected cash accrual,
higher-than-expected stretch in working capital cycle, or any
large, debt-funded capital expenditure weakens financial risk
profile, particularly liquidity.

Incorporated in 2011, PRMPL has set up an 8-tonne-per-hour, non-
basmati rice mill in Patna. The mill commenced operations in
November 2014. The company is promoted by the Singh family (based
in Bihar) that also manages the operations.

PRMPL had operating income of INR38.97 crore and profit after tax
(PAT) of INR0.30 crore for fiscal 2016, against operating income
of INR12.35 crore and PAT of INR0.21 crore for the previous
fiscal.


PVS LABORATORIES: CRISIL Lowers Rating on INR6MM Cash Loan to B+
----------------------------------------------------------------
CRISIL has downgraded its rating on the INR6 crore long-term bank
facilities of PVS Laboratories Ltd to 'CRISIL B+/Stable' from
CRISIL BB-/Stable.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              6        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The rating downgrade reflects weakening in financial risk profile
on account of large debt-funded capital expenditure. The
downgrade also takes in to account stretched liquidity marked by
tightly matched expected cash accrual against maturing debt
obligations over the medium term.

The rating reflects modest scale and working capital intensive
operations. It also factors in below-average financial risk
profile constrained by modest net worth and below average debt
protection metrics. These weaknesses are partially offset by the
extensive industry experience of promoters and established
relationship with customers and suppliers.

Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations: With revenue of INR52.89 crore in
fiscal 2016, scale remains small in the intensely competitive
animal feed supplement manufacturing industry.

* Working capital intensive operations: Operations are expected
to remain working capital intensive over the medium term'with
gross current assets of 337 days, as on March 31 2016, on account
of large receivables.

* Below average financial risk profile: Modest net worth, at
INR13.3 crore as on March 31, 2016, against total debt of INR2.19
crore, kept gearing low at 0.16 time. Though gearing is set to
increase with fresh term loan of INR14.0 crore availed for
capital expenditure, the same is expected to remain low. Debt
protection metrics is below average on account of small scale of
operations and hence modest cash accrual against interest cost
and total debt.

Strengths
* Extensive industry experience of promoters: The experience of
promoters has enabled PVS to establish strong relationship with
customers and suppliers, resulting in repeat orders and
uninterrupted supply of raw materials, respectively. Benefits
from the experience of promoters should support business risk
profile.
Outlook: Stable

CRISIL believes PVS will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of sizeable scale of operations and
improved operating margin. The rating may be revised to
'Negative' if low scale of operations or operating margin; or
sizeable debt-funded capex or increase in working capital cycle
weakens financial risk profile.

Incorporated in 1997 and based in Vijayawada (Andhra Pradesh),
PVS manufactures animal feed supplement. It is promoted by Dr.
Seshaiah V Pamulapati.

PVS reported a profit after tax of INR3.61 crore on net sales of
INR52.89 crore for fiscal 2016, against INR0.39 crore and
INR50.59 crore in fiscal 2015.


RAIHAN HEALTHCARE: CRISIL Reaffirms 'B' Rating on INR32MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facility of Raihan
Healthcare Pvt Ltd at 'CRISIL B/Stable'. The rating continues to
reflect the modest scale of operations, geographic concentration
in revenue, and below-average financial risk profile, marked by
high gearing and average debt protection metrics. These rating
weaknesses are partially offset by extensive experience of the
promoters in the healthcare industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Long Term Loan           32      CRISIL B/Stable (Reaffirmed)

   Foreign Letter of
   Credit                   10      CRISIL B/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations and geographic concentration in
revenue: The nascent stage of operations and concentration of
revenue in the Kottayam district of Kerala, keep the scale of
operations modest, as reflected in revenue of INR12.78 crore in
fiscal 2016. In contrast, large healthcare chains operate
multiple hospitals across locations. Geographical concentration
restricts the customer base and makes the company vulnerable to
dynamics of a single market; entry of any big player in the
region could also adversely affect the business risk profile.

* Below-average financial risk profile: Capital structure was
below-average, in the initial stage of operations, marked by
modest networth, and high gearing of around 3.12 times, as on
March 31, 2016. Debt protection metrics should be moderate, with
interest coverage of around 1.32 times expected in the medium
term.

Strengths
* Extensive experience of promoters in the healthcare industry:
The two decade-long experience of the promoters, Dr Mohammed
Ismail and Dr Satheesh in the field of medicine, and the wide
network of doctors and paramedical professionals, established
over the years, (which also ensures good quality of visiting
faculty at the hospital), will continue to support the business
risk profile.
Outlook: Stable

CRISIL believes RHPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if stabilisation of operations, and higher revenue,
resulting in improved cash accrual, and strengthen the financial
risk profile. The outlook may be revised to 'Negative' in case of
delays in stabilisation of operations, leading to lower-than-
expected revenue or operating margin, thereby weakening the
financial risk profile.

RHPL, incorporated in 2014, is setting up a 273-bed super-
speciality hospital in Erattupetta (Kerala). Operations are
managed by Dr Mohammed Ismail and Dr Satheesh.

The company reported a net loss of INR20.85 crore on revenue of
INR12.78 crore for fiscal 2016, the first year of its operations.


RAJASTHAN FASTENERS: CRISIL Assigns 'D' Rating to INR8MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Rajasthan Fasteners Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Packing Credit          8         CRISIL D
   Foreign Letter of
   Credit                  0.3       CRISIL D
   Foreign Bill Purchase   3.0       CRISIL D
   Bank Guarantee          0.25      CRISIL D
   Cash Credit             2.00      CRISIL D

The ratings reflect the company's overdrawn working capital
limits due to stretched receivables and large inventory. The
company also has modest scale of operations in a highly
fragmented industry; large working capital requirements and
extensive experience of promoters in the automotive ancillary
industry.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in a highly fragmented industry
RFPL's modest scale, revenue expected at around INR20-25 crore in
fiscal 2017, in the fragmented automotive ancillary industry.

* Large working capital requirement: The company had gross
current assets of 367 days as on March 31, 2016, mainly due to
substantial inventory of 240 days.

Strength
* Extensive experience of promoters in the automotive ancillary
industry
RFPL's promoters have established presence of over two decade in
the automotive ancillary industry which will help maintain
operations over the medium term.

RFPL, incorporated on 1998 and based in Jaipur, manufactures
slotted dowell spring pins, disc springs, spiral coiled springs,
and other products used in motor vehicles and their engines. The
company's directors are Mr Neelmani Jain, Mr Prasann Mal Lodha,
and Mr Binod Kumar Jain.

In fiscal 2016, the company's net profit was INR0.15 crore on
operating income of INR22.72 crore, against a net profit of
INR0.21 crore on operating income of INR25.11 crore in fiscal
2015.


S.R. COLLECTION: CRISIL Raises Rating on INR7.5MM Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of S.R. Collection Private Limited to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              4        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term       0.35     CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan                7.5      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects CRISIL's belief that the business and
financial risk profiles will improve significantly driven by
moderate offtake in the newly started operations. Sales grew to
Rs28.54 crore in fiscal 2016 from Rs2.70 crore in the previous
fiscal. Cash accrual is expected to be moderate at Rs1.23 crore
in fiscal 2017, backed by modest operating profitability of
around 9%.

The financial risk profile is average. Gearing was high at 3.20
times as on March 31, 2016, against 1.40 times a year earlier on
account of debt-funded capital expenditure (capex) and
incremental working capital requirement. The debt protection
metrics are expected to remain modest with interest coverage and
net cash accrual to total debt (NCATD) ratios at 1.8 to 2.0 times
and 0.10 to 0.15 time, respectively, over the medium term.
Liquidity continues to be comfortable due to sufficient cushion
between cash accrual and term debt obligation, no major debt-
funded capex plans over the medium term, and moderate bank limit
utilisation at an average of 88% during the 12 months through
August 2016.

Analytical Approach

For arriving at the rating, CRISIL has treated unsecured loans
from the promoters as neither debt nor equity as these loans are
at a lower-than-market interest rate and should remain in the
business over the medium term.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations
With manufacturing business having commenced only in fiscal 2016
(revenue of Rs28.53 crore in fiscal 2016), the scale of
operations remains modest. This limits any benefit from economies
of scale, which is available to players with larger volumes.
Furthermore, the fabric manufacturing industry is competitive due
to low entry barrier, resulting in many unorganised players
having small capacities. This limits pricing and bargaining power
with customers and suppliers.

* Average financial risk profile
The gearing was high at above 3 times as on March 31, 2016, and
is expected to be around 2.5 times over the medium term. The debt
protection metrics are modest, with interest coverage and NCATD
ratios expected at 1.8-2.0 times and 0.10-0.15 time,
respectively, over the medium term.

Strength
* Extensive experience of the promoters
The main promoter, MrAvinash Somani, has experience in the
textile trading business, which led him to make a smooth
transition to the manufacturing segment (capacity of 36 looms)
and develop robust industry insight. The experience has also
helped to anticipate price trends and calibrate purchasing and
stocking decisions.
Outlook: Stable

CRISIL believes SRCPL will continue to benefit from the extensive
experience of its promoters in the textile industry. The outlook
may be revised to 'Positive' in case of a significant increase in
scale of operations while profitability is sustained or improved
and the capital structure and financial risk profileare bettered.
The outlook may be revised to 'Negative' if there is a
significant decline in revenue or profitability, a further
stretch in the working capital cycle, or larger-than-expected
debt-funded capex, leading to deterioration in the financial risk
profile.

SRCPLis promoted by MrAvinash Somani, Mr Abhishek Somani, and Mr
Ankit Somani. The company weaves and processes yarn into fabric.
It started by trading activity but later, in fiscal 2016, it
began manufacturing. Its unit is in Bhilwara, Rajasthan.

In fiscal 2016, profit after tax was INR0.31 crore on operating
income of INR28.53 crore, against INR0.02 crore and INR2.70
crore, respectively, in fiscal 2015.


SARA INTERNATIONAL: CRISIL Lowers Rating on INR70MM Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Sara
International Private Limited (part of the Sara group) to 'CRISIL
D/CRISIL D' from 'CRISIL BB+/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              70       CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Foreign Documentary      25       CRISIL D (Downgraded from
   Bills Purchase                    'CRISIL A4+')

   Letter of credit &       70       CRISIL D (Downgraded from
   Bank Guarantee                    'CRISIL BB+/Stable')

   Packing Credit           25       CRISIL D (Downgraded from
                                     'CRISIL BB+/Stable')

   Term Loan                 4       CRISIL D (Downgraded from
                                     'CRISIL BB+/Stable')

   Proposed Fund-Based      26       CRISIL D (Downgraded from
   Bank Limits                       'CRISIL BB+/Stable')

The rating downgrade reflects recent instances of delay in
servicing of debt, owing to insufficient net cash accrual. Though
the group has maintained healthy unencumbered cash and liquid
investment, this is regularly required for business needs such as
margin money for availing letter of credit facilities etc. Net
cash accrual is expected to remain insufficient owing to weak
operating performance, and is likelihood that delay in servicing
of debt repayment may continue over medium term.
Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SIPL and Sara Textiles Ltd (STL). This
is because the two companies, together referred to as the Sara
group, are under common directors and management. SIPL has a 64%
stake in STL's equity, and is likely to support STL in case of
exigencies. SIPL has also provided an undertaking to CRISIL for
timely servicing of STL's debt, in case the latter does not have
the requisite cash flow to meet principal and interest
obligations in a timely manner.

Key Rating Drivers & Detailed Description
Weaknesses
* Weak financial risk profile:
The capital structure is highly leveraged and debt protection
metrics are weak. The total outside liabilities to tangible
networth ratio was 3.37 times as on March 31, 2016, and is
expected at 3.5-3.7 times over the medium term because of
increasing dependency on working capital debt. Furthermore,
driven by a weak operating performance and increasing debt
requirement, the debt protection metrics'interest coverage and
net cash accrual to adjusted debt ratios'are expected to remain
subdued at 1.2-1.32 times and 0.02-0.03 times over the medium
term

* Low operating margin due to susceptibility to fluctuations in
prices of traded commodities
The group primarily trades in iron ore fines and chrome ore, the
prices of which are volatile and hence could impact the operating
margin because group has moderate inventory requirement and
volatile price may impact its valuation. Further operating margin
of the group is subdued and for the fiscal is around 1.2%.In the
medium term owing to high exposure in volatile commodities, the
operating margins will remain susceptible.

Strength
* Promoters' extensive experience in the businesses and its
geographically diversified presence:
The group has a varied product profile: SIPL trades in iron ore
fines, chrome ore, steel, and cement, while STL manufactures
terry towels. In fiscal 2016, operating revenue was INR711 crore
(trading business contributed around 72% and the rest was from
the manufacturing business) against INR657 crore in fiscal 2015.

The group has also diversified geographically with a presence in
both the domestic and export markets. STL exports to countries
such as China and Singapore. STL derives almost 75% of its
revenue from Europe, Australia, the Middle East, and Israel,
among other regions.

CRISIL believes the group will continue to benefit from the
extensive experience of the promoters and a presence in different
geographies.

SIPL, set up by Mr D P Singh in 1973, trades in iron ore fines,
hot-rolled steel coils, textiles, cement, steel, and coal. The
company had formed a joint venture, Gopalpur Port Ltd, with
Odisha Stevedores Ltd for developing the port in Gopalpur,
Odisha.

STL, incorporated in 2005, manufactures terry towels and trades
in bath mats and bed sheets. The company has its manufacturing
facility in Nalagarh, Himachal Pradesh. It is attempting to
increase the share of its manufactured products in its total
sales.


SARA TEXTILES: CRISIL Lowers Rating on INR51MM Cash Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sara Textiles Limited to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB+/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              51       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB+/Stable')

   Letter of credit &        8       CRISIL A4 (Downgraded from
   Bank Guarantee                    'CRISIL A4+')

   Proposed Long Term        7       CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB+/Stable')


   Term Loan                13       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB+/Stable')

The ratings downgrade reflects deterioration in the financial
risk profile, particularly liquidity owing to insufficient cash
accrual against large debt obligation and working capital-
intensive operations.

Driven by subdued operating levels accentuated by intense
competition, cash accrual is expected to be below INR6 crore per
annum over the next two fiscals, against debt repayment
obligation of INR6-9 crore.

Further, the Gross current assets in STL were high at 165 days as
on March 31, 2016, because of large inventory levels of 135 days.
Consequently, working capital borrowing is sizeable owing to
absence of significant promoters' contribution and moderate
support from creditors. Improvement in working capital cycle is
therefore will be critical in ensuring meeting debt obligations
in a time bound manner.
Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Sara International Private Limited
(SIPL) and STL. This is because the two companies, together
referred to as the Sara group, are under common directors and
management. SIL has a 64% stake in STL's equity, and is likely to
support STL in case of exigencies. SIPL has also provided an
undertaking to CRISIL for timely servicing of STL's debt, in case
the latter does not have the requisite cash flow to meet
principal and interest obligations in a timely manner.

Key Rating Drivers & Detailed Description
Weaknesses
* Weak financial risk profile:
The capital structure is highly leveraged and debt protection
metrics are weak. The total outside liabilities to tangible
networth ratio was 3.37 times as on March 31, 2016, and is
expected at 3.5-3.7 times over the medium term because of
increasing dependency on working capital debt. Furthermore,
driven by a weak operating performance and increasing debt
requirement, the debt protection metrics'interest coverage and
net cash accrual to adjusted debt ratios'are expected to remain
subdued at 1.2-1.32 times and 0.02-0.03 times over the medium
term

* Low operating margin due to susceptibility to fluctuations in
prices of traded commodities
The group primarily trades in iron ore fines and chrome ore, the
prices of which are volatile and hence could impact the operating
margin because group has moderate inventory requirement and
volatile price may impact its valuation. Further operating margin
of the group is subdued and for the fiscal is around 1.2%.In the
medium term owing to high exposure in volatile commodities , the
operating margins will remain susceptible.

Strength
* Promoters' extensive experience in the businesses and its
geographically diversified presence:
The group has a varied product profile: SIPL trades in iron ore
fines, chrome ore, steel, and cement, while STL manufactures
terry towels. In fiscal 2016, operating revenue was INR711 crore
(trading business contributed around 72% and the rest was from
the manufacturing business) against INR657 crore in fiscal 2015.

The group has also diversified geographically with a presence in
both the domestic and export markets. STL exports to countries
such as China and Singapore. STL derives almost 75% of its
revenue from Europe, Australia, the Middle East, and Israel,
among other regions.

CRISIL believes the group will continue to benefit from the
extensive experience of the promoters and a presence in different
geographies.
Outlook: Stable

CRISIL believes that the Sara group will continue to benefit over
the medium term from its promoters' extensive experience in the
trading business, supported by its business of terry towel
manufacturing. The outlook may be revised to 'Positive' if
improved profitability, or significant reduction in debt with
proceeds from the stake sale, and efficient management of working
capital requirements strengthens the group's financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the Sara group invests the proceeds of the stake sale in any
large debt-funded capital expenditure (capex), or if its
profitability comes under pressure, resulting in steep
deterioration in capital structure or liquidity

SIPL, set up by Mr D P Singh in 1973, trades in iron ore fines,
hot-rolled steel coils, textiles, cement, steel, and coal. The
company had formed a joint venture, Gopalpur Port Ltd, with
Odisha Stevedores Ltd for developing the port in Gopalpur,
Odisha.

STL, incorporated in 2005, manufactures terry towels and trades
in bath mats and bed sheets. The company has its manufacturing
facility in Nalagarh, Himachal Pradesh. It is attempting to
increase the share of its manufactured products in its total
sales.


SHANKER FORGE: CRISIL Assigns B+ Rating to INR4.0MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Shanker Forge Private Limited.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Term Loan               4          CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      3.5        CRISIL B+/Stable
   Bank Guarantee          0.5        CRISIL A4
   Cash Credit             4.0        CRISIL B+/Stable

The rating reflects the extensive industry experience of
promoters, moderate and stable operating margin, modest scale of
operations in intensely competitive industry, large working
capital requirements and constrained financial risk profile
marked by modest networth and highly geared capital structure.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in intensely competitive industry:
Limited capacities and fragmentation and competition in the
forging industry led to modest scale, reflected in revenue of
INR16.05 crore in fiscal 2016. Modest scale restricts benefits of
economies of scale and limits bargaining power with customers and
suppliers.

* Weak financial risk profile: Modest networth (Rs 2.48 crore as
on March 31, 2016), high total outside liabilities to tangible
networth ratio (5.22 times) and average debt protection metrics
(interest coverage and net cash accrual to total debt ratios were
2.2 times and 0.0 7 time, respectively, for fiscal 2016) indicate
a weak financial risk profile.

* Large working capital requirement: Operations are working
capital intensive as reflected in gross current assets of 125-152
days over the three years, driven by moderate inventory of 40
days and sizeable debtors of 90 days due to intense competition.

Strengths
* Promoters' extensive experience in forging industry: Extensive
experience of promoters, Mr Anil Jindal and Mr Amit Jindal, along
with technological knowhow and established customer relation will
support the business risk profile over the medium term.

* Moderate operating margin: The operating margin (11% over the
three years through fiscal 2016) is expected to remain moderate
and stable over the medium term.
Outlook: Stable

CRISIL believes SFPL will benefit over the medium term from the
promoters' experience. The outlook may be revised to 'Positive'
if increase in scale of operations with stable profitability
results in sizeable cash accrual and improved capital structure.
Conversely the outlook may be revised to 'Negative' if financial
risk profile, particularly liquidity, weakens, because of larger-
than-expected working capital requirement, low cash accrual, or
unanticipated substantial, debt-funded capital expenditure.

SFPL, incorporated in 1995, manufactures machined forged
components for auto components at its unit in Faridabad, Haryana.
The company is promoted and managed by Mr Anil Jindal and Mr Amit
Jindal.

Profit after tax (PAT) was INR0.18 crore on operating income of
INR16.05 crore for fiscal 2016, against a PAT of INR0.21 crore on
operating income of INR15.62 crore, respectively, for fiscal
2015.

Status of non-cooperation with previous CRA
SFPL has not provided required information for carrying out a
review of the rating and hence Brickworks ratings was unable to
carry out surveillance due to non-availability of information,
despite follow 'up.


SHIBSATI COLD: CRISIL Reaffirms B Rating on INR5.87MM Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Shibsati Cold Storage Private Limited at 'CRISIL B/Stable/CRISIL
A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          .20       CRISIL A4 (Reaffirmed)
   Cash Credit            5.87       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     1.13       CRISIL B/Stable (Reaffirmed)
   Term Loan              2.50       CRISIL B/Stable (Reaffirmed)

The ratings reflect susceptibility to regulatory changes and to
intense competition in the West Bengal cold storage business, and
vulnerability to delays in payment by farmers because of adverse
market conditions. These weaknesses are partially offset by the
extensive industry experience of the promoters and above-average
debt protection metrics.

Key Rating Drivers & Detailed Description
Weaknesses
* Exposure to regulatory changes and to intense competition: The
potato cold storage industry in West Bengal is regulated by the
West Bengal Cold Storage Association, which fixes storage rent
and marketing, drying, and insurance charges. Fixed rentals limit
the ability to generate profits based on individual strengths and
geographical advantages. Furthermore, since the cold storage
segment is fragmented, players have limited bargaining power with
customers and need to offer discounts to ensure healthy
utilisation of the storage capacity.

* Vulnerability to delays in payment by farmers: The company
provides loans to farmers against stored products. However,
during adverse market conditions, farmers do not find it
profitable to pay rental and interest charges along with loan
repayment, and hence do not retrieve potatoes from cold storages.
Thus, there is exposure to delays in payment.

Strength
* Extensive experience of the promoters: A presence of around a
decade in the cold storage industry has enabled the promoters to
establish a strong relationship with farmers and traders, thereby
ensuring healthy utilisation of the storage capacity.
Outlook: Stable

CRISIL believes SCSPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if improved cash accrual or infusion of capital by
the promoters strengthens the financial risk profile and risk
absorption capacity. The outlook may be revised to 'Negative' if
stretched receivables, non-recovery of loans extended to farmers,
a long working capital cycle, or large, debt-funded capital
expenditure weakens liquidity.

SCSPL, set up in 2010, is promoted by Mr Debkalyan Roy and Mr
Debabrata Roy of Kolkata. The company provides cold-storage
facilities to potato farmers and traders. Its facilities are in
Paschim Mednipur, West Bengal.

Profit after tax (PAT) was INR11 lakhs on revenue of INR2.22
crore in fiscal 2016, against PAT of INR13 lakhs on revenue of
INR2.37 crore in fiscal 2015.


SHRI RADHE: CRISIL Assigns B+ Rating to INR3.75MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Shri Radhe Foods Product. The rating
reflects the extensive experience of, and funding from, its
promoters. These strengths are partially offset by modest scale
of operations in the intensely competitive rice industry,
exposure to fluctuations in raw material prices and uneven
monsoon, and below-average financial risk profile.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Term Loan              2.25        CRISIL B+/Stable
   Cash Credit            3.75        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     1.00        CRISIL B+/Stable

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale in competitive industry: Limited capacity and
intense competition in the rice industry have led to a small
scale, reflected in expected revenue of INR30 crore for fiscal
2017. Modest scale also restricts benefits of economies of scale
and limits pricing flexibility, thereby constraining
profitability.

* Below-average financial risk profile: As on March 31, 2016,
networth was small at INR1.5 crore and total outside liabilities
to adjusted networth (TOLANW) ratio high at 3.79 times. With
continued large working capital debt, TOLANW ratio is expected to
remain high over the medium term.

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

Strength
* Extensive experience of promoters: SRFP's promoter have
extensive experience and understanding of the market dynamics,
which helps anticipate price trends and calibrate purchasing and
stocking decisions.
Outlook: Stable

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

Set up in 2015 as proprietorship concern, is managed by Mr. Gopal
Agrawal and his son, Mr. Abhinav Agrawal, SRFP mills paddy into
processed rice at its unit in Gondia, Maharashtra. Operations
began from December 2015.

Profit after tax was INR0.06 crore on an operating income of
INR11.07 crore for fiscal 2016.


SHRI RAM: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shri Ram Rubtech
Private Limited (SRPL) a Long-Term Issuer Rating of 'IND B+'.
The Outlook is Stable.  The instrument-wise rating actions are:

   -- INR30 mil. Fund-based limits assigned with IND B+/Stable
      Rating;

   -- INR0.41 mil. Term loan assigned with IND B+/Stable rating;

   -- INR20 mil. Non-fund-based limits assigned with
      IND A4 rating

                        KEY RATING DRIVERS

The ratings reflect SRPL's small scale of operations and credit
profile in FY16.  SRPL's FY16 financial indicate revenue of
INR79.04 million (FY15: INR43.93 million), net financial leverage
of 3.4x (8.5x), interest coverage ratio of 1.9x (0.7x) and
operating EBITDA margin of 12.8% (9.8%).

The ratings also reflect SRPL's tight liquidity as reflected in
its overutilization of the fund based limits at an average of
103.1% during the 12 months ended December 2016.  The use was
however regularized in a period of 3-29 days.

The ratings are supported by the promoter's rich experience of
over two decades in the field of rubber lining.

                       RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations
along with an improvement in the liquidity would be positive for
the company.

Negative: Further deterioration in liquidity profile would be
negative for the company.

COMPANY PROFILE

Incorporated in 1992, SRPL has a 35,000 sq m rubber lining
facility in Gujarat.


SHRIDHAR KRAFTPACK: CRISIL Reaffirms 'B' Rating on INR5.3MM Loan
----------------------------------------------------------------
CRISIL has reaffirmed its long-term rating on the bank facilities
of Shridhar Kraftpack LLP at 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             2.7       CRISIL B/Stable (Reaffirmed)
   Term Loan               5.3       CRISIL B/Stable (Reaffirmed)

The rating continues to reflect a modest scale of operations in
the highly fragmented packaging industry, an average financial
risk profile, and barely sufficient cash accrual to meet
repayment obligation. These rating weaknesses are partially
offset by the extensive industry experience of the promoters.

Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations in a highly fragmented industry:
Commercial operations started in December 2015, and sales were
INR14 crore till December 2016, the first full year of
operations. Moreover, the industry is highly fragmented as there
are numerous players at the bottom of the value chain, and low
entry barriers due to minimum capital and technology
requirements.

* Average financial risk profile: Debt-protection metrics were
average: interest coverage and net cash accrual to total debt
ratios were 2.7 times and 0.07 time, respectively, in fiscal
2016. Gearing was high at around 2.09 times as on March 31, 2016.

* Barely sufficient cash accrual to meet repayment obligation:
Cash accrual is expected at INR0.7 crore against term debt
obligation of INR0.80 crore in fiscal 2017; the shortfall would
be funded by the promoters. However, cash accrual is expected to
be more than sufficient to meet debt obligation in fiscal 2018.

Strengths
* Extensive industry experience of the promoters and established
relationship with suppliers and customers: The promoters are
associated with Hempackaging, Jay Offset, and Kirti Packaging,
which have been present in the packaging industry for almost a
decade. Over the years, they have developed a sound insight in
the industry and identified key suppliers and customers.
Outlook: Stable

CRISIL believes SKL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of a ramp up in scale of operations while
maintaining profitability, leading to sustainable improvement in
cash accrual and hence better liquidity. The outlook may be
revised to 'Negative' in case liquidity deteriorates, most likely
because of a substantial increase in working capital requirement,
lower-than-expected cash accrual, and/or any large, debt-funded
capital expenditure.

SKL was established as a limited liability partnership (LLP) firm
in 2015, promoted by Mr Prayesh Bhayani and Mr Sanjay Patel, who
have 25 years of experience in the packaging industry. The firm
has set up a corrugated box manufacturing unit at Rajkot,
Gujarat. Commercial operations started in December 2015

SKL, reported a negative loss of INR0.39 crore on net sales of
INR2.35 crore in fiscal 2016

Any other information:
The commercial operations of the company started in Dec, 2015.
The company has achieved sales of INR2.35 crore as on March 31,
2016. For current year, SKL has booked revenue of INR14 crores
till November 2016.

Operations remained working capital intensive with gross current
assets (GCA) of 90 days for the three months ended on March 31,
2016.

Financial risk profile remains average marked by high gearing of
2.09 times and moderate debt protection metric with interest
coverage of 2.71 times and net cash accruals to total debt of
0.07 times for fiscal 2016. Liquidity is marked by insufficient
cash accruals against debt obligation, however ably supported by
promoter's fund in the form of unsecured loans.


SREE ANJANEYA: CRISIL Raises Rating on INR24MM LT Loan to B+
------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Sree Anjaneya Medical Trust to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee          12.5       CRISIL A4 (Upgraded from
                                      'CRISIL D')

   Long Term Loan          24         CRISIL B+/Stable (Upgraded
                                      from 'CRISIL D')

   Short Term Bank          4         CRISIL A4 (Upgraded from
   Facility                           'CRISIL D')

   Proposed Short Term      0.25      CRISIL A4 (Upgraded from
   Bank Loan Facility                 'CRISIL D')

The rating upgrade reflects regularisation in debt servicing,
backed by increased cash accrual due to new courses in the
educational institution, higher revenue from the hospital, and
maintenance of healthy operating profitability. Revenue improved
to INR69.58 crore in fiscal 2016 from INR51.66 crore in fiscal
2014, while the operating margin was healthy at around 35%,
resulting in substantial cash accrual of INR18.90 crore against
repayment obligations of INR12 crore. The upgrade also factors in
CRISIL's belief that the improvement in the business risk profile
will be sustained over the medium term, backed by steady increase
in student intake at the medical college and addition of beds in
the hospital.

The rating reflects susceptibility of the operating performance
to regulatory changes. This rating weakness is partially offset
by the extensive experience of the trustees in the medical
industry, and an established market position in Kozhikode,
Kerala.

Key Rating Drivers & Detailed Description
Weakness
* Susceptibility to regulatory restrictions in the education
sector: The establishment and running of higher educational
institutions are governed by various governmental agencies such
as the Medical Council of India (MCI) with detailed procedures
for granting permission and approvals that are renewed every year
till recognition. Furthermore, the course fee charged from
students is not decided entirely by the trust, but by the
affiliated universities, Kerala state government, and other
regulatory agencies, rendering the trust susceptible to
regulations and restrictions by regulatory bodies.

Strength
* Extensive experience of the trustees: The trustees have
extensive experience in the medical education segment; this has
aided in successful stabilisation of operations within a short
span of three years. The student intake has been healthy with
close to 100% occupancy. The medical college is now a recognized
medical college as per the rules of MCI. The extensive experience
of trustees will continue to support the trust's business risk
profile.
Outlook: Stable

CRISIL believes SAMT will continue to benefit over the medium
term from its established position as a multi-specialty hospital
and medical college in Kerala. The outlook may be revised to
'Positive' if the operating performance and cash flow management
are sustained, resulting in steady improvement in liquidity. The
outlook may be revised to 'Negative' if a decline in occupancy or
any adverse impact of regulatory changes results in lower cash
accrual, or larger-than-expected debt-funded capital expenditure
leads to weakening of the financial risk profile.

Established in Kerala in 2005, SAMT is a charitable trust
constituted under the Indian Trust Act. It commenced operations
of hospital in 2008 and medical college in 2010. SAMT runs a
multi-specialty hospital and operates educational institutions
such as Malabar Medical College and Research Centre, Sree
Anjaneya Institute of Dental Sciences, Sree Anjaneya College of
Nursing, Sree Anjaneya College of Paramedical Sciences. The
medical college is Kerala's first private medical college to have
been approved intake of 150 seats since inception.

The trust reported Profit after tax of INR7.32 core on net sales
of INR69.58 crore for fiscal 2016, vis-a-vis INR7.35 crore and
INR61.25 crore, respectively, in fiscal 2015.


SREE GURUDEVA: Ind-Ra Assigns 'BB-' Rating on INR13.22MM Loans
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sree Gurudeva
Charitable and Educational Trust's (SGCET) additional bank
facilities these ratings:

   -- INR13.22 mil. Bank loans assigned with IND BB-/Negative
      rating

   -- INR70 mil. Fund-based working capital facilities assigned
      with IND BB-/Negative rating

                        RATING SENSITIVITIES

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

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

COMPANY PROFILE

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


SRI SAI: CRISIL Reaffirms B- Rating on INR11.5MM Fund Based Loan
----------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Sri Sai Pavan Industries Private Limited at 'CRISIL B-
/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan          8.5      CRISIL B-/Stable (Reaffirmed)

   Proposed Fund-
   Based Bank Limits      11.5      CRISIL B-/Stable (Reaffirmed)

The rating continues to reflect SSP's modest scale of operations
in the intensely competitive rice milling industry, the
susceptibility to volatility in paddy prices, the vulnerability
of its operations to unfavorable regulatory changes, and its
small networth limiting the financial flexibility. These rating
weaknesses are partially offset by the extensive experience of
promoters in the rice industry.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in the intensely competitive rice
milling industry
The business risk profile is marginally constrained by modest
scale of operations. Revenue decreased to INR52.81 crores in
2015-16 from INR56.8 crores in 2014-15. The modest scale of
operations does not allow the company the benefits of economies
of scale.

* Susceptibility to volatility in paddy prices and vulnerability
of its operations to unfavorable regulatory changes
SSPIL has a moderate operating margin, which ranged between 8.1
and 9.1 percent over the three years ended March 31, 2016. The
company derives its revenue from sales in the open market. The
domestic rice industry is highly regulated in terms of paddy
prices, export/import policy for rice, and rice release
mechanism, which affects the credit quality of players in the
industry.

* Small net worth limiting its financial flexibility
Despite an equity infusion of INR8.5 crores in FY 2015-16, the
company's net worth is low at around INR8.9 crores as on March
31, 2016. The net worth has remained low due to low initial paid-
up capital and limited accretion to reserves; the latter is a
result of small scale of operations and low profitability margin.

Strength
* Promoters' extensive experience in the rice milling industry
SSPIL's business risk profile benefits from the extensive
industry experience of promoters Mr. Gouru Venkateswarulu and Mr.
Ranga Sridhar, who have been associated with the rice milling
industry for over two decades. The promoters were involved in the
setting up and management of various other rice mills, prior to
the acquisition of SSPIL.
Outlook: Stable

CRISIL believes SSPIL will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a substantial and
sustained increase in profitability or an improvement in
liquidity backed by equity infusion from its promoters.
Conversely, the outlook may be revised to 'Negative' if
profitability margins decline steeply, or liquidity further
weakens most likely because of a stretch in the working capital
cycle.

SSP was set up in 2009 by Mr. Soma Venkateshwarlu and his family
members. The company was acquired by Mr. Gouru Venkateswarulu and
Mr. Ranga Sridhar in 2010.

The company mills and processes paddy into rice; it also
generates by-products such as broken rice, bran, and husk. Its
rice mill is located in Nalgonda, Andhra Pradesh.

Net loss was INR0.19 crore on net sales of INR52.8 crore in
fiscal 2016, against net loss of INR0.18 crore on net sales of
INR56.8 crore in fiscal 2015.


TIRVANI RICE: CRISIL Assigns B Rating to INR8MM Cash Loan
---------------------------------------------------------
CRISIL assigned its 'CRISIL B/Stable' rating on the bank facility
of Tirvani Rice Industry.

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

The rating reflects the weak financial risk profile, modest scale
of operations and working capital intensive operations. These
rating weaknesses are partially offset by extensive experience of
partners in rice industry and funding support received from
partner's associates.

Key Rating Drivers & Detailed Description
Weaknesses
* Weak financial risk profile marked by high TOLTNW of over 6
times as of March 31, 2016 and constrained liquidity owing to
expectation of tightly matched cash accruals versus term loan
repayment obligations. Cash accruals are expected at around
INR0.9 crore in fiscal 18 against term loan repayment
obligationns of INR0.7 crores in fiscal 2018

* Modest scale of operations in a highly fragmented industry is
reflected in its operating revenue of INR29 crores and operating
profit margin of 6.9% in fiscal 2016. Further, the revenues have
moderated in fiscal 2017 as the firm has achieved only INR8
crores till December 2016 and is expected to post nearly INR17 to
INR18 crores for the full fiscal year 2017.

* Working capital intensive operations reflected in gross current
assets in the range of 183 to 430 days over the past 3 years
ending fiscal 2016

Strengths
* Extensive experience of partners in rice industry has enabled
the firm to establish relationship with customers and suppliers
which will continue to benefit the firm over the medium term

* Funding support received by TRI in the form of interest free
unsecured loans from the associates of the partners support the
capital structure and liquidity of the firm.
Outlook: Stable

CRISIL believes TRI's credit profile will remain constrained
owing to tightly matched cash accruals against repayment
obligations. The outlook may be revised to 'Positive' if the
firm's liquidity improves on the back improvement in revenues and
cash accruals leading to improvement in liquidity and capital
structure. Conversely, the outlook may be revised to 'Negative'
if the firm's liquidity weakens owing to lower than expected
revenues and profitability and stretch in working capital cycle.

TRI was set up in 1998 as a partnership firm by four friends -
Charan Das, Gopal Aggarwal, Rahul Bansal and Din Dayal. The firm
has a rice milling and sorting unit with capacity of 10 tons per
day in Faridkot. In 2016, the firm has set up a new unit of rice
bran oil extraction which has commenced operations in November
2016.

TRI's profit before tax (PBT) was INR0.44 crore on net sales of
INR29 crore for fiscal 2016, vis-a-vis INR0.37 crore and INR15
crore, respectively, in fiscal 2015.


VASU ALLOYS: CRISIL Reaffirms B- Rating on INR4.9MM Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Vasu Alloys Private Limited at 'CRISIL B-/Stable'.

                      Amount
   Facilities       (INR Mln)      Ratings
   ----------       ---------      -------
   Cash Credit          4.9        CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    .5        CRISIL B-/Stable (Reaffirmed)

The rating continues to reflect VAPL's limited track record of
operations, and customer concentration in revenue profile. These
rating weaknesses are partially offset by the healthy growth
prospects of the lead industry.
Analytical Approach

As on March 31, 2016, unsecured loans from promoters were INR0.51
crore. These have been treated as neither debt nor equity as they
are subordinate to bank debt, the interest rate of the same is
less than the bank borrowings and are expected to remain in
business over the medium term.

Key Rating Drivers & Detailed Description
Weaknesses
* Limited track record: Operations commenced in March 2014 and
hence there is limited track record of operations.

* Customer concentration in revenue profile: The Company only has
four clients, which exposes it to any change in vendor policy by
a particular customer.

Strength
* Healthy growth prospects for the lead industry: In the last 2-3
years the Indian battery market grew slowly due to weak monsoon
and slow economic growth but with good monsoon and government
push towards promoting domestic manufacturing, the battery
industry, both industrial and automotive segments, are expected
to have healthy growth over the medium term.
Outlook: Stable

CRISIL believes VAPL will continue to benefit over the medium
term from its growth prospects. The outlook may be revised to
'Positive' if substantial increase in revenue and profitability
lead to a better financial risk profile, or if significant equity
infusion improves capital structure. The outlook may be revised
to 'Negative' if capital structure weakens, operating
profitability is low, or inventory piles up due to inability to
cater to new orders.

Incorporated in 2011 in Haryana and promoted by Sanjeev Jindal,
VAPL manufactures re-melted lead ingots, which are commercially
called raw lead or lead bullion. This is further processed into
pure lead and lead alloys. The plant is situated in Karnal,
Haryana.

VAPL reported profit after tax was INR0.67 crore on net sales of
INR13.76 crore in fiscal 2016, against a net loss of INR0.30
crore on net sales of INR1.80 crore in fiscal 2015.


VEDA ENGINEERING: CRISIL Assigns 'B' Rating to INR2MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Veda Engineering Private Limited.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility      1.25       CRISIL B/Stable

   Overdraft               1.08       CRISIL B/Stable

   Cash Credit             2.00       CRISIL B/Stable

   Bank Guarantee          0.41       CRISIL A4

   Bill Discounting        1.26       CRISIL B/Stable

The ratings reflect Veda's modest scale and working capital
intensity in operations, low operating margins and below-average
financial risk profile because of small net worth. These weakness
are partially offset by the promoters' extensive experience in
the engineering industry.

Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations: Scale of operations is expected to
remain small. Revenue was modest at INR18.14 crore in fiscal
2016, constraining business risk profile.

* Large working capital requirement: Sizeable gross current
assets of 183 days as on March 31, 2016, add to pressure on
working capital.

* Below-average financial risk profile: The financial metrics are
weak, with small networth of INR1.54 crore as on March 31, 2016
and average debt protection indicators.

Strengths
* Promoter's experience: Benefits from the promoter's decade-long
experience will continue to support the business.
Outlook: Stable

CRISIL believes Veda will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if substantial and sustained increase in revenue and
profitability lead to higher cash accrual. The outlook may be
revised to 'Negative' if low revenue, or any large capital
expenditure weakens financial risk profile.
Incorporated in 1995, Veda is primarily engaged in designing,
manufacturing and installation of process equipment for major
original equipment manufacturers (OEMs). Veda operates through
unit in Talawade Industrial Area, Pune. Mr K Ramkumaran and Mr V
C Karunakaran are the promoters.

Profit after tax was INR0.02 crore on net sales of INR18.14 crore
in fiscal 2016, against INR0.01 crore and INR10.48 crore,
respectively, in fiscal 2015.


VIRENDRA KUMAR: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Virendra Kumar
Singh (VKS) a Long-Term Issuer Rating of 'IND BB-'.  The Outlook
is Stable.  The instrument-wise rating actions are:

   -- INR40 mil. Fund-based limits assigned with IND BB-/Stable
      rating;

   -- INR20 mil. Non-fund-based limits assigned with IND A4+
      rating;

   -- INR10 mil. Proposed fund-based limits* assigned with
      provisional IND BB-/Stable rating

* The above rating is provisional and final rating shall be
confirmed upon the sanction and execution of the loan documents
for the above facilities by VKS to the satisfaction of Ind-Ra.

                         KEY RATING DRIVERS

The ratings reflect VKS' small scale of operations and moderate
credit profile.  During FY16, revenue was INR177 million (FY15:
INR178 million), operating EBITDA margin was 14.5% (18.3%), net
financial leverage (net debt/EBITDA) was 2.6x (2.6x) and gross
interest coverage (EBITDA/gross interest) was 2.9x (2.4x).  The
firm has projected revenue of INR186 million for FY17.

The ratings factor in VKS' continuous decline in total revenue
since FY14 (INR346 million) due to the competition in the market.

The ratings, however, are supported by VKS' order book of
INR149.43 million as of December 2016, and the proprietor's more
than three decades of experience in government construction
projects.

                        RATING SENSITIVITIES

Negative: A decline in operating profitability, resulting in
deterioration in the interest coverage, will be negative for the
ratings.

Positive: An increase in the revenue and profitability margins,
along with an improvement in the credit metrics, will be positive
for the ratings.

COMPANY PROFILE

VKS was incorporated in August 1985 at Ambikapur in Chhattisgarh
by Mr. Virendra KumarSingh.  The firm is engaged in the
construction of bridges, railways, roads and flyovers.



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


TOSHIBA CORP: To Sell 65% Stake in Medical Leasing Unit to Canon
----------------------------------------------------------------
Toshiba Corp. said Feb. 21 that it will sell all shares of
Toshiba Medical Finance Co., Ltd. (TMF) to Canon Inc. The
transaction will become effective as of March 31, 2017, on which
date TMF will become a consolidated subsidiary of Canon, and no
longer a subsidiary of Toshiba.

On March 17, 2016 Toshiba announced the transfer of shares of
Toshiba Medical System to Canon, as detailed on "Regarding the
Sale of Toshiba Medical Systems Corporation".

"In line with this, Toshiba has been considering the sale of its
65% holding in TMF shares, as TMF specializes in the lease of
medical equipment. Toshiba has been in discussion with Canon
since December 2016, and the companies today have reached
definitive agreement on the sale," Toshiba said in the statement.

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

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

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


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


COUNTRYSIDE COOPERATIVE: PDIC to Continue Processing Claims
-----------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) announced
that deposit insurance claims from depositors of the closed
Countryside Cooperative Rural Bank of Batangas who have not filed
their claims may be filed at the PDIC Public Assistance Center,
3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino
Street, Makati City until January 14, 2019. Claims may also be
filed by mail.

When filing deposit insurance claims at the PDIC Public
Assistance Center, depositors are required to submit directly to
PDIC their original evidence of deposit and present two (2) valid
photo-bearing IDs with signature of the depositor. Depositors may
also file their claims through mail and enclose their original
evidence of deposit and photocopy of two (2) valid photo-bearing
IDs with signature together with a duly accomplished Claim Form
which can be downloaded from the PDIC website, www.pdic.gov.ph.
PDIC reminds depositors to deal only with PDIC authorized
officers.

Depositors who are below 18 years old should submit either a
photocopy of their Birth Certificate issued by the National
Statistics Office (NSO) or a duly certified copy issued by the
Local Civil Registrar as an additional requirement, with the
Claim Form signed by the parent. Claimants who are not the
signatories in the bank records are required to submit an
original copy of a notarized Special Power of Attorney. In the
case of a minor depositor, the Special Power of Attorney must be
executed by the parent. The format of the Special Power of
Attorney may be downloaded from the PDIC website.

In addition, all depositors who have outstanding loans or
payables to the bank have to coordinate with the duly authorized
PDIC Loans Officer prior to the settlement of their deposit
insurance claim.

The procedures and requirements for filing deposit insurance
claims are likewise posted in the PDIC website.

Countryside Cooperative Rural Bank of Batangas was ordered closed
by the Monetary Board through Resolution No. 55 dated January 12,
2017. It is a five-unit rural bank with Head Office located along
National Road, Brgy. Pallocan, Kanluran, Batangas City. Its four
branches are located in Balayan, Lemery, Padre Garcia and
Tanauan, all in Batangas.

For more information, depositors may contact the Public
Assistance Department at telephone numbers (02) 841-4630 to 31,
or e-mail PDIC at pad@pdic.gov.ph. Depositors outside Metro
Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC
(7342).


RURAL BANK OF MAGSINGAL: Depositors Claims Deadline Set March 6
---------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) urges
depositors of the closed Rural Bank of Magsingal (Ilocos Sur),
Inc. to file their deposit insurance claims on or before the last
day of filing claims for insured deposits on March 6, 2017 either
through mail or personally during business hours at the PDIC
Public Assistance Center, 3rd Floor, SSS Bldg., 6782 Ayala Avenue
corner V.A. Rufino Street, Makati City.

The PDIC Charter provides that depositors have until two years
from bank closure to file their deposit insurance claims. Rural
Bank of Magsingal (Ilocos Sur), Inc. was ordered closed by the
Monetary Board of the Bangko Sentral ng Pilipinas on March 5,
2015.

According to PDIC, deposit insurance claims for 18 deposit
accounts with aggregate insured deposits amounting to
PHP475,277.32 have yet to be filed by depositors. Data showed
that as of January 31, 2017, PDIC had paid depositors of the
closed Rural Bank of Magsingal (Ilocos Sur), Inc. in the total
amount of PHP17.2 million, corresponding to 96.8% of the bank's
total estimated insured deposits amounting to PHP17.8 million.

After March 6, 2017, PDIC shall no longer accept any deposit
insurance claims from depositors of Rural Bank of Magsingal
(Ilocos Sur), Inc. Their recourse is to file claims against the
assets of the closed bank through PDIC as liquidator. Payment of
claims shall depend on available assets of the bank for
distribution to creditors and the approval of the Liquidation
Court.

In filing their claims personally, depositors are required to
submit their original evidence of deposit and present two (2)
valid photo-bearing IDs with signature of the depositor.
Depositors may also file their claims through mail and enclose
their original evidence of deposit and photocopy of two (2) valid
photo-bearing IDs with signature together with a duly
accomplished Claim Form which can be downloaded from the PDIC
website, www.pdic.gov.ph.

Depositors who are below 18 years old should submit either a
photocopy of their Birth Certificate issued by the National
Statistics Office (NSO) or a duly certified copy issued by the
Local Civil Registrar. Claimants who are not the signatories in
the bank records are required to submit an original copy of a
notarized Special Power of Attorney of the depositor or parent of
a minor depositor. The format of the Special Power of Attorney
may also be downloaded from the PDIC website.

The PDIC also reminded depositors who have been notified of their
documentary deficiencies to comply with the requirements
indicated in the letter.

The procedures and requirements for the filing of deposit
insurance claims are posted in the PDIC website, www.pdic.gov.ph.

Depositors who have outstanding loans or payables to the bank
will be referred to the duly designated Loans Officer prior to
the settlement of their deposit insurance claims. For more
information, depositors and depositor-borrowers may contact the
Public Assistance Department at telephone numbers (02) 841-4630
to 31, or e-mail at pad@pdic.gov.ph. Those outside Metro Manila
may call the PDIC toll free at 1-800-1-888-PDIC or 1-800-1-888-
7342. Inquiries may also be sent as private message at Facebook
through www.facebook.com/OfficialPDIC.



                             *********

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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