TCRAP_Public/170224.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

          Friday, February 24, 2017, Vol. 20, No. 40

                            Headlines


A U S T R A L I A

BIS INDUSTRIES: S&P Lowers CCR to 'CCC-' on Performance
FIRSTMAC MORTGAGE 1-2007: Fitch Affirms BBsf Rating on Cl. B Debt
FORTESCUE METALS: 1HFY2017 Performance Credit Pos., Moody's Says
MACRO REALTY: ASIC Applies to Appoint Provisional Liquidator
NATIONAL DAIRY: Creditors Opt to Place Firm Into Liquidation

PARKVIEW ESTATE: First Creditors' Meeting Set for March 3
VIEWBANK HOUSE: In Administration, Residents to be Homeless


C H I N A

CANADIAN SOLAR: Moody's Withdraws Ba2 Corporate Family Rating
YINGDE GASES: Drops 'Standstill Agreement' Requests
YINGDE GASES: CEO Plans to Resign Amid Ongoing Corporate Battle


H O N G  K O N G

PARKSON RETAIL: Moody's Lowers CFR to B3; Outlook Negative


I N D I A

AGRAWAL COTSPIN: CARE Reaffirms B+ Rating on INR8cr Loan
AKAS MEDICAL: CRISIL Reaffirms B+ Rating on INR5.50MM Cash Loan
AKSHAYA SIGNATURE: CARE Withdraws 'C' Rating on INR80cr NCD Issue
ARTHI TEXTILES: CRISIL Reaffirms B+ Rating on INR7.50MM Cash Loan
ATUL COMMODITIES: CRISIL Assigns B+ Rating to INR4MM Cash Loan

BADARPUR FARIDABAD: CARE Reaffirms 'D' Rating on INR386.71cr Loan
BONZA VITRIFIED: ICRA Assigns 'B' Rating to INR35cr FB Loan
BORAH AUTOMOBILES: CARE Reaffirms B+ Rating on INR12cr LT Loan
CAPITAL AGRO: CRISIL Reaffirms 'B' Rating on INR7MM Cash Loan
DHANRAJ & CO: CARE Assigns 'B' Rating to INR15cr LT Loan

DUNGARMAL DHANRAJ: CARE Assigns 'B' Rating to INR15cr LT Loan
FLEXI CAPS: ICRA Raises Rating on INR19.30cr Loan to B+
GAUTAM TRADING: Ind-Ra Affirms 'B' Long-Term Issuer Rating
GHANTA FOODS: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
GLAZETECH INDUSTRIES: CARE Puts B Rating on Notice of Withdrawal

GMR AVIATION: ICRA Raises Rating on INR3.60cr Loan to BB-
GOYAL AGENCIES: CRISIL Reaffirms 'B' Rating on INR24MM Cash Loan
HIMACHAL FIBRES: CARE Lowers Rating on INR22cr LT Bank Loan to D
HOTEL SWOSTI: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
JIVA PLYWOOD: CARE Assigns 'B' Rating to INR5.50cr LT Loan

KAJUWALLA: CRISIL Reaffirms B+ Rating on INR10MM Demand Loan
KERA VITRIFIED: ICRA Assigns 'B' Rating to INR33.32cr Term Loan
MALAIYA TRACTORS: CARE Reaffirms B+ Rating on INR5.81cr LT Loan
N. R. C. INDUSTRIES: CRISIL Reaffirms B+ Rating on INR22MM Loan
NEMCARE HOSPITALS: Ind-Ra Assigns 'BB' Long-Term Issuer Rating

OYSTER PRINTERS: CRISIL Assigns B+ Rating to INR7MM Cash Loan
PARAMOUNT STEELS: ICRA Lowers Rating on INR10cr Loan to B
PARAS TARP: CRISIL Assigns B+ Rating to INR5.0MM Long Term Loan
PATIL & COMPANY: CARE Assigns B- Rating to INR10cr LT Bank Loan
PERMALI WALLACE: ICRA Reaffirms 'D' Rating on INR41.23cr Loan

PRINCE MARKETING: ICRA Reaffirms B+ Rating on INR33cr LT Loan
PROZONE INTU: CRISIL Assigns 'B+' Rating to INR105MM Debentures
R.K. INDUSTRIES: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
RAJ WATERSCAPE: CRISIL Lowers Rating on INR25MM Cash Loan to D
RANGA PARTICLE: CARE Assigns BB- Rating to INR79cr LT Loan

RAVINA HEALTH: CRISIL Reaffirms 'B' Rating on INR16MM Term Loan
SAATVEEKA TRADING: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
SARVAJANIK JANKALAYAN: CARE Reaffirms B+ Rating on INR51.5cr Loan
SGS MARKETING: CARE Assigns B+ Rating to INR2.50cr LT Loan
SRI VAISHNAVI: CRISIL Assigns 'B' Rating to INR10MM Whse Loan

SUNGRO SEEDS: Ind-Ra Assigns 'BB' Rating on INR100MM Capital
SUNRISE AQUA: ICRA Raises Rating on INR15cr LT Loan to B+
SUSHEE HI-TECH: CRISIL Lowers Rating on INR.2MM Bank Loan to B+
TATA MOTORS: CARE Lowers Rating on INR20cr LT Loan to B+


M A L A Y S I A

PRIME GLOBAL: Poh Chai Ham Resigns as Director
R&A TELECOM: Obtains Time Extension to Submit Regularisation Plan


P A K I S T A N

PAKISTAN: China Should Ensure Country Avert Debt Default


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A U S T R A L I A
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BIS INDUSTRIES: S&P Lowers CCR to 'CCC-' on Performance
-------------------------------------------------------
S&P Global Ratings said that it had lowered its corporate credit
rating on Australia-based resource logistics company BIS
Industries Ltd. (BIS) to 'CCC-', from 'B-'.  The outlook is
negative.

At the same time, S&P lowered its rating to 'C' from 'CCC', on
the payment-in-kind (PIK) notes issued by BIS' related entity
Artsonig Pty Ltd.  The recovery rating on the PIK notes is '6',
reflecting S&P's expectation of negligible recovery prospects in
the event of default.

"We lowered the ratings because we consider BIS' current capital
structure is unsustainable due to the company's limited ability
to materially improve its weak earnings and fully refinance its
A$615 million debt due in 2018," said S&P Global Ratings credit
analyst Sam Heffernan.

S&P still believes the company would have sufficient funds to
meet its upcoming interest payments.  Nevertheless, the company's
prevailing operating performance and the increasing influence of
specialist lenders and private equity have increased the
probability over the next six months of a capital restructuring
that could fall under S&P's definition of a selective default.
The company's specialist lenders and private equity owner have
purchased BIS' outstanding debt at a deep discount.

The recent rebound in commodity prices have improved the
operating performance of many miners and eased conditions for
mining services companies.  However, S&P believes the environment
remains challenging to some degree, with mining companies
remaining focused on cost-efficiency.  In addition, mining
companies have maintained low capital investment over the past
one to two years compared with earlier years.  This limits a
significant expansion in volumes across the industry that could
increase opportunities for mining services companies such as BIS.

As a result, S&P believes BIS is unlikely to significantly
improve earnings to a level that would sustain its capital
structure and enable it to negotiate a full refinancing prior to
its debt maturing in December 2018.  The company's weak operating
performance and the loss of the contract with Fortescue Metals
Group Ltd. have significantly reduced BIS' revenue and EBITDA in
the year ended June 30, 2016.

S&P don't expect BIS' revenue to materially recover over 2017.
S&P forecasts its EBITDA interest coverage will remain weak at
slightly above 1.0x and debt to EBITDA (after our adjustments) at
approximately 10.0x in fiscal 2017.  As such, the prospect of a
restructuring of the balance sheet has significantly increased.

Over the past 12 months, various specialist lenders and private
equity firms have purchased BIS' outstanding debt at a deep
discount to the original face value.  S&P believes the increasing
influence and investment philosophy of these lenders support its
view of a heightened probability that a restructuring of the
balance sheet could occur over the next six months.  Such a
restructuring is likely to result in lenders receiving less than
the original price.

S&P has revised its assessment of BIS' business risk profile to
vulnerable from weak, due to the company's exposure to the
volatile mining and metals industry.  In addition, S&P considers
the company's competitive advantage has deteriorated, with the
decline in revenues and the company's inability to sufficiently
replace lost contracts.

S&P's assessment also takes into consideration BIS' relative size
compared with peers', and its limited diversity of operations.
BIS operates in four segments: off-road load and haulage
transportation; specialized logistics management; site services;
and underground services.

The negative outlook reflects S&P's view that current operating
conditions limit BIS' ability to materially improve earnings.  In
the absence of any unforeseen favorable change in BIS'
circumstances, S&P believes the prospect of a debt restructuring
is highly likely.

Mr. Heffernan added: "We could lower the ratings to 'CC' if the
company announces an intention to undertake an exchange offer or
similar restructuring that we would classify as distressed."

A revision of the outlook to stable is unlikely given S&P's view
of BIS' limited ability to materially improve earnings in a
relatively short period of time prior to maturity of a
significant portion of debt in 2018.

The issue rating on the US$250 million senior unsecured payment-
in-kind (PIK) security is 'C', reflecting a recovery rating of
'6' and S&P's expectation of negligible recovery prospects (0% to
10%) in the event of default.


FIRSTMAC MORTGAGE 1-2007: Fitch Affirms BBsf Rating on Cl. B Debt
-----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of 38 classes from 14
FirstMac RMBS transactions. All transactions are backed by pools
of conforming Australian residential mortgages sourced directly
or through third-party introducers. The mortgages were originated
in the name of nominee companies on behalf of the trustee,
FirstMac Fiduciary Services Pty Ltd, and sold to the various
trusts through FirstMac warehouses.

KEY RATING DRIVERS
The affirmations reflect Fitch's view that available credit
enhancement supports the notes' current ratings, the agency's
expectations of Australia's economic conditions and the
performance of the underlying loans, which have remained in line
with the agency's expectations.

FirstMac Mortgage Funding Trust Series 1-2007 had the highest
level of 30+days arrears at 3.85% at end-2016, while FirstMac
Mortgage Funding Trust No.4 Series 3-2016 recorded the lowest
level of 0.16%. This compared with Fitch's 2Q16 Dinkum RMBS Index
of 1.14%.

The transactions have performed within Fitch's expectations, with
minimal losses. The transactions have lenders' mortgage insurance
(LMI), with policies provided by Genworth Financial Mortgage
Insurance Pty Limited (Insurer Financial Strength Rating:
A+/Stable) and QBE Lenders' Mortgage Insurance Limited (Insurer
Financial Strength Rating: AA-/Stable). Since closing 88 loans
have defaulted across the 14 FirstMac transactions rated by
Fitch, resulting in zero losses across the outstanding Fitch-
rated notes. LMI covered 87% of the losses, with the rest covered
by excess spread.

The default model was only run for FirstMac 3-2016. It was not
run for the remaining transactions in accordance with Fitch's
criteria, as the outstanding ratings are either only 'AAAsf' or a
rated junior note is present with no subordination, the
transactions do not have revolving periods and a review of pre-
determined performance triggers indicates the transactions
display stable asset performance.

RATING SENSITIVITIES
Sequential pay down has increased credit enhancement for each
transaction's senior notes, with the 'AAAsf' rated notes able to
withstand many 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 FirstMac
transactions' class A notes are independent of downgrade to the
LMI providers' ratings.

Class B notes of FirstMac 1-2007 may be downgraded if there is
deterioration in performance, with losses being above
expectations, a significant reduction in the payment of LMI
claims or a significant decrease in excess spread. The notes may
also be downgraded if Fitch no longer expects the issuer to call
the transaction.

Fitch's analysis excludes credit to excess spread. No charge-offs
have been recorded on any notes.

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.

As part of its ongoing monitoring, Fitch reviewed a small
targeted sample of FirstMac Limited's origination files and found
the information contained in the reviewed files to be adequately
consistent with the originator's policies and practices and the
other information provided to the agency about the asset
portfolio.

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.

SOURCES OF INFORMATION
The information below was used in the analysis:
Loan-by-loan data provided by FirstMac Limited as at end-2016;
Transaction reporting data provided by FirstMac Limited as at
end-2016; and
Loan enforcement details provided by FirstMac Limited as at end-
2016.

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

The full list of rating action is shown below with balances as at
end-2016:

FirstMac Mortgage Funding Trust Series 1-2007:
AUD63.4m Class A notes (ISIN AU0000FMAHA0) affirmed at 'AAAsf';
Outlook Stable;
AUD7.7m Class AB notes (ISIN AU3FN0001889) affirmed at 'AAAsf';
Outlook Stable; and
AUD27.0m Class B notes (ISIN AU3FN0001897) affirmed at 'BBsf';
Outlook Stable.

FirstMac Mortgage Funding Trust Series 1-2010:
AUD92.3m Class A-3 notes (ISIN AU3FN0011441) affirmed at 'AAAsf';
Outlook Stable; and
AUD18.3m Class AB notes (ISIN AU3FN0011458) affirmed at 'AAAsf';
Outlook Stable.

FirstMac Mortgage Funding Trust Series 2-2011:
AUD10.8m Class A-2 notes (ISIN AU3FN0014775) affirmed at 'AAAsf';
Outlook Stable;
AUD87.7m Class A-3 notes (ISIN AU3FN0014783) affirmed at 'AAAsf';
Outlook Stable; and
AUD7.8m Class AB notes (ISIN AU3FN0014791) affirmed at 'AAAsf';
Outlook Stable.

FirstMac Mortgage Funding Trust Series 1-2012:
AUD83.4m Class A-2 notes (ISIN AU3FN0016135) affirmed at 'AAAsf';
Outlook Stable; and
AUD8.7m Class AB notes (ISIN AU3FN0016143) affirmed at 'AAAsf';
Outlook Stable.

FirstMac Mortgage Funding Trust Series 3-2012:
AUD71.9m Class A-1 notes (ISIN AU3FN0017570) affirmed at 'AAAsf';
Outlook Stable;
AUD73.0m Class A-2 notes (ISIN AU3CB0203313) affirmed at 'AAAsf';
Outlook Stable; and
AUD12.6m Class AB notes (ISIN AU3FN0017588) affirmed at 'AAAsf';
Outlook Stable.

FirstMac Mortgage Funding Trust Series 1E-2013:
AUD59.2m Class A-1 notes (ISIN AU3FN0019436) affirmed at 'AAAsf';
Outlook Stable;
AUD125.8m Class A-2R notes (ISIN AU3FN0031571) affirmed at
'AAAsf'; Outlook Stable; and
AUD17.8m Class AB notes (ISIN AU3FN0019279) affirmed at 'AAAsf';
Outlook Stable.

FirstMac Mortgage Funding Trust Series 2E-2013:
AUD24.8m Class A-1 notes (ISIN AU3FN0020939) affirmed at 'AAAsf';
Outlook Stable; and
AUD133.1m Class A-2R notes (ISIN AU3FN0033478) affirmed at
'AAAsf'; Outlook Stable.

FirstMac Mortgage Funding Trust No.4 Series 1A-2014:
AUD57.8Class A-1 notes (ISIN AU3FN0023453) affirmed at 'AAAsf';
Outlook Stable;
AUD248.5m Class A-2R notes (ISIN AU3FN0031670) affirmed at
'AAAsf'; Outlook Stable; and
AUD11.7m Class A-3 notes (ISIN AU3FN0023461) affirmed at ' AAAsf
'; Outlook Stable.

Firstmac Mortgage Funding Trust No.4 Series 2-2014:
AUD110.9m Class A-1 notes (ISIN AU3FN0024618) affirmed at
'AAAsf'; Outlook Stable;
AUD188.4m Class A-2 notes (ISIN AU3FN0024626) affirmed at
'AAAsf'; Outlook Stable; and
AUD14.8m Class A-3 notes (ISIN AU3FN0024634) affirmed at 'AAAsf';
Outlook Stable.

FIRSTMAC MORTGAGE FUNDING TRUST NO. 4 SERIES 3PP-2014:
AUD319.3m Class A-1 notes (ISIN AU3FN0025813) affirmed at
'AAAsf'; Outlook Stable; and
AUD18.8m Class A-2 notes (ISIN AU3FN0025821) affirmed at 'AAAsf';
Outlook Stable.

Firstmac Mortgage Funding Trust No. 4 Series 1-2015:
AUD318.3m Class A-1 notes (ISIN AU3FN0027405) affirmed at
'AAAsf'; Outlook Stable;
AUD212.2m Class A-2 notes (ISIN AU3FN0027413) affirmed at
'AAAsf'; Outlook Stable; and
AUD25.9m Class A-3 notes (ISIN AU3FN0027421) affirmed at 'AAAsf';
Outlook Stable.

Firstmac Mortgage Funding Trust No.4 Series 2-2015:
AUD275.7m Class A-1a notes (ISIN AU3FN0029427) affirmed at
'AAAsf'; Outlook Stable;
AUD25.0m Class A-1b notes (ISIN AU3CB0233880) affirmed at
'AAAsf'; Outlook Stable;
AUD0.0m Class A-1R notes affirmed at 'AAAsf'; Outlook Stable; and
AUD19.8m Class A-2 notes (ISIN AU3FN0029435) affirmed at 'AAAsf';
Outlook Stable.

Firstmac Mortgage Funding Trust No. 4 Series 2-2016:
AUD339.5m Class A-1a notes (ISIN AU3FN0031365) affirmed at
'AAAsf'; Outlook Stable;
AUD17.1m Class A-1b notes (ISIN AU3FN0031373) affirmed at
'AAAsf'; Outlook Stable; and
AUD31.4m Class A-2 notes (ISINAU3FN0031381) affirmed at 'AAAsf';
Outlook Stable.

Firstmac Mortgage Funding Trust No. 4 Series 3-2016:
AUD478.0m Class A-1 notes (ISIN AU3FN0032728) affirmed at
'AAAsf'; Outlook Stable; and
AUD40.3m Class A-2 notes (ISIN AU3FN0032736) affirmed at 'AAAsf';
Outlook Stable.


FORTESCUE METALS: 1HFY2017 Performance Credit Pos., Moody's Says
----------------------------------------------------------------
Moody's Investors Service says that Fortescue Metals Group Ltd's
first-half results for the six-month period ended December 31,
2016 (1HFY2017) are credit positive, but in line with Moody's
expectations. As such, there is no immediate impact on
Fortescue's ratings or stable outlook, including Fortescue's Ba1
Corporate Family Rating (CFR), and FMG Resources (August 2006)
Pty Ltd's Baa3 senior secured and Ba2 senior unsecured debt
ratings.

"The strong rebound in the iron ore price, combined with the
continued low cost levels achieved during 1H FY2017, have led to
significant growth in earnings and improvement in credit metrics"
says Matthew Moore, a Moody's Vice President and Senior Credit
Officer, "However, the strong results are in line with Moody's
expectations and are reflected in the recent ratings upgrade".

For 1HFY2017, Fortescue's revenue increased significantly to
around USD4.5 billion, which led to a material improvement in
underlying EBITDA to around USD2.6 billion. As a result,
underlying EBITDA margin also grew to around 59%, compared to
around 39% over the same prior period.

Fortescue continued to reduce its unit costs and improve its
breakeven levels throughout the 2016 calendar year. The company's
C1 unit costs were USD12.54 per wet metric tonne (wmt) for the
December quarter whilst the average C1 unit cost for 1HFY2017 was
USD13.06/wmt.

The company has maintained its guidance of achieving a C1 cost of
USD12-13/wmt for FY2017. However, Moody's expects that unit cost
reductions will be more challenging to achieve going forward,
given the stronger Australian dollar and rising input commodity
prices.

Fortescue continued to apply its free cash flow to reduce debt,
paying down USD1.7 billion in 1HFY2017. Higher earnings and
substantial debt repayments have led to Fortescue's leverage, as
measured by adjusted debt/EBITDA, improving to around 1.2x for
the twelve months ended 31 December versus 2.2x for FY2016.

"The significant debt reduction achieved will enable Fortescue to
better withstand iron ore price volatility and downside risk
going forward. This has created significant headroom in the
company's credit metrics versus its current rating tolerance
levels", Moore adds.

Moody's expects the company's credit metrics to remain strong for
its current rating level even if iron ore prices decline towards
the lower end of the rating agency's medium price range of USD45-
65 per tonne.

Notwithstanding the debt repayments during 1HFY2017, liquidity
remained solid in the period with cash balances remaining at
around USD1.2 billion as at 31 December 2016. The rating agency
expects that Fortescue will generate strong free cash flow,
allowing the company's liquidity to improve further in the second
half of fiscal 2017.

Moody's expects Fortescue will increase its capital spending over
time. This largely reflects the need to replace its Firetail mine
at its Solomon operations. The mine is an integral part of its
blending strategy and helps to reduce overall costs.

Fortescue Metals Group Ltd, based in Perth, is an iron ore
producer engaged in the exploration and mining of iron ore for
export, mainly to China. Fortescue produces around 165-175mt of
iron ore annually making it the fourth largest seaborne producer
globally. In the first half fiscal 2017 that company generated
USD4.5 billion of revenue and USD2.6 billion of underlying
EBITDA.

Moody's expects production to be maintained around 170mt in
FY2017 and for unit cost to be maintained around USD13/wmt.

This publication does not announce a credit rating action. For
any credit ratings referenced in this publication.


MACRO REALTY: ASIC Applies to Appoint Provisional Liquidator
------------------------------------------------------------
Australian Securities and Investment Commission has applied to
the Federal Court of Australia for the appointment of a
provisional liquidator to six companies within the Macro Group,
all of which have Desiree Veronica Macpherson as a director.
These are:

    Macro Realty Developments Pty Ltd;
    Macro Realty Developments AFSL Pty Ltd;
    Macro All State Investments and Securities Ltd;
    Pilbara Property Developments Pty Ltd;
    Macro Realty Pty Ltd, and
    511 GTN Pty Ltd (under external administration since
    April 14, 2016).

In particular, ASIC:

   * alleges that the companies have been involved in multiple
     contraventions of corporations legislation and are not
     complying with their obligations under that legislation; and

   * is concerned that the companies are not being properly
     managed and are suspected to be insolvent.

ASIC seeks from the Court:

   * the appointment of Mr. Hayden White and Mr. Matthew Woods of
     KPMG as provisional liquidators of the companies; and
   * orders requiring the provisional liquidator to provide a
     detailed report to the Court that sets out, among other
     things, the financial position of each of the companies so
     the Court can consider at a later date whether it ought to
    make orders to wind up the companies.

ASIC's application has been listed for hearing in the Federal
Court of Australia at Perth on March 14, 2017 at 10:15am.

ASIC had previously obtained a range of interim orders in the
Perth Federal Court on July 21, 2016, restraining Ms Macpherson
and the Macro Group companies (except 511 GTN Pty Ltd) from
providing financial services advice, dealing in financial
products, promoting financial products and otherwise carrying on
a financial services business. ASIC also obtained various travel
restraint and asset preservation orders at this time.

The provisional liquidator appointment is sought as part of
ASIC's ongoing investigation into a number of land developments
in the Pilbara region of Western Australia, particularly one
known as 'The Newman Estate' that was subject to ASIC action and
Federal Court permanent restraint orders in May 2016.

ASIC's investigation is ongoing.


NATIONAL DAIRY: Creditors Opt to Place Firm Into Liquidation
------------------------------------------------------------
Peter Hemphill at The Weekly Times reports that unsecured
creditors of National Dairy Products have voted to place the milk
supply company into liquidation.

A reconvened creditors meeting held in Melbourne on Feb. 22 was
told there was no Deed of Company Arrangement on offer by NDP's
owner and director, Tony and Violetta Esposito, and there was
little option but to place the company into liquidation, the
report relates.

Deloitte's Glen Kanevsky and Salvatore Algeri, administrators of
NDP since last November, were appointed liquidators of the milk
company, the report notes.

According to the report, Mr. Kanevsky said a committee of
creditors was also formed at the meeting.

It now looks likely the Espositos will have to face a public
examination under oath in a court in coming months, the report
says.

"We will now continue our investigations into the company and
possible avenues of recovery for creditors," the report quotes
Mr. Kanevsky as saying.  "Subject to the availability of funding,
a public examination of current and former directors is likely to
take place in the short term.  "As our investigations continue,
we will consult with the committee of creditors as required."

NDP collapsed in November with debts claimed by unsecured
creditors at between AUD10.1 million and AUD17.8 million, adds
The Weekly Times.

                        About National Dairy

National Dairy Products (NDP) is a milk brokering company based
in Victoria, Australia.

Salvatore Algeri and Glen Kanevsky of Deloitte were appointed as
administrators of National Dairy on Nov. 17, 2016.


PARKVIEW ESTATE: First Creditors' Meeting Set for March 3
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Parkview
Estate Pty Ltd will be held at the Regus Meeting Rooms, Level 10,
20 Martin Place, in Sydney, NSW, on March 3, 2017, at 2:00 p.m.

Barry Frederic Kogan & Joseph David Hayes of McGrathNicol were
appointed as administrators of Parkview Estate on Feb. 21, 2017.


VIEWBANK HOUSE: In Administration, Residents to be Homeless
-----------------------------------------------------------
Jamie First at The Herald Sun reports twenty elderly Melbourne
residents will be left homeless after their cash-strapped nursing
home was placed into administration.

Viewbank House in Banyule Rd, Rosanna has given occupants only 45
days to find alternative accommodation, telling families the
news, according to The Herald Sun.

The report notes ten workers also fear they have lost their jobs.

The report says Viewbank House had been put up for sale without
success and was several months behind on rent payments.

Deloitte confirmed it had been appointed administrator, but
deferred comments to the Department of Health and Human Services,
the report adds.



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C H I N A
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CANADIAN SOLAR: Moody's Withdraws Ba2 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has withdrawn Canadian Solar Inc.'s Ba2
corporate family rating with a negative outlook.

RATINGS RATIONALE

Moody's has withdrawn the rating for its own business reasons.
Please refer to the Moody's Investors Service's Policy for
Withdrawal of Credit Ratings, available on its website,
www.moodys.com.

Headquartered in Ontario, Canadian Solar Inc. is a leading
vertically integrated provider of solar power products and system
solutions and operations, with operations mainly in the US,
Canada, Japan, China, the UK and Southeast Asia. It was
incorporated in 2001 and listed on NASDAQ in 2006.


YINGDE GASES: Drops 'Standstill Agreement' Requests
---------------------------------------------------
Daniel Ren at South China Morning Post reports that shares in
Yingde Gases Group jumped nearly 5% on Feb. 22 after the company
dropped requests for potential suitors, including US-based Air
Products and Chemicals (AP), to sign a "standstill agreement".

The decision is now likely to pave the way for a sale of the
mainland's largest industrial gases supplier, which is
nonetheless still embroiled in a boardroom dispute, the report
says.

A standstill agreement is a contract that stalls or stops the
process of a hostile takeover. The action stops the current
attack and give the company time to take preventative measures
against future takeovers, SCMP discloses.

H-shares in Yingde, which supplies gases such as oxygen, hydrogen
and nitrogen, added 25 HK cents to close at HK$5.30 on Feb. 22,
chalking up an 84.7 per cent gain for the year to date, the
report notes.

"Having considered the views received from shareholders and in
order to press on with due diligence, the company has decided not
to insist on signing the standstill agreement with Air Products,
or with others, and to start to grant access to its data room as
from Feb. 22, 2017," the report quotes Yingde as saying in a
filing to the Hong Kong stock exchange.

According to SCMP, Yingde's majority board led by chairman Zhao
Xiangti, requested American rival AP, seen by the market as the
most likely bidder for the company, to sign a three-month
standstill agreement before starting the due diligence process
last week.

AP refused to sign it while criticising Zhao's camp for the slow
pace of engagement, the report relates.

Former Yingde chairman Sun Zhongguo and ex-chief operating
officer Trevor Strutt, two ousted directors, said they would seek
attractive offers from suitors if they were to win a battle to
regain their places on the board at an extraordinary meeting of
shareholders on March 8.

Debt-ridden Yingde triggered a corporate drama in November 2016
when the board appointed Zhao as chairman to replace Sun who,
along with Strutt, were re-designated as non-executive directors,
SCMP recounts.

The report says AP expressed its non-binding interest in taking
over Yingde in December.

At the shareholders' meeting, the two ousted directors will
request to resume their executive roles while Zhao's camp will
again propose to remove them from their seats, according to the
report.

SCMP relates that Yingde also said in the filing that a
subcommittee of the board that includes at least Sun, Zhao and
Strutt, would be established to oversee the day-to-day
operations, and have decision-making controls on key issues,
including the sales process.

Morgan Stanley is the financial advisor to Yingde on the
potential sale of the company, adds SCMP.

                         About Yingde Gases

Yingde Gases Group Company Limited --
http://www.yingdegases.com/html/index.php-- is principally
engaged in the production and sales of industrial gases in the
People's Republic of China (the PRC). The Company engages in the
sales of industrial gases to on-site customers and merchant
customers. The products include Oxygen, Nitrogen, Argon and some
specialty gases. The Company's customers are mainly from iron and
steel, chemical, non-ferrous metals, electronics and energy
industries.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 3, 2017, S&P Global Ratings lowered its long-term corporate
credit rating on Yingde Gases Group Co. Ltd. to 'CCC-' from 'B-'.
S&P also lowered the issue rating on the outstanding senior
unsecured notes that Yingde guarantees to 'CC' from 'CCC+'.  In
addition, S&P lowered its long-term Greater China regional scale
rating on Yingde to 'cnCCC-' from 'cnB-', and on the notes to
'cnCC' from 'cnCCC+'.  All the ratings remain on CreditWatch,
where they were first placed with negative implications on Dec.
15, 2016.

The downgrade reflects S&P's view of an increased likelihood that
Yingde will not make a timely payment of its Hong Kong dollar
(HK$) 820 million offshore bank loan due Jan. 3, 2017, if it
fails to secure new funding alternatives.

The TCR-AP reported on Jan. 9, 2017, Fitch Ratings has affirmed
Yingde Gases Group Company Limited's Long-Term Foreign-Currency
Issuer Default Rating at 'B+' and removed it from Rating Watch
Negative (RWN), on which it was placed on Dec. 15, 2016.  The
Outlook is Negative.

The rating actions follow the company's refinancing of its
HKD820 mil. offshore loan due on Jan. 3, 2017, with a new one-
year loan.  Fitch do not foresee similar refinancing risk for
both its onshore and offshore loans in the next 6-12 months.

The Negative Outlook reflects Fitch's view that the ongoing
shareholder dispute may have adverse impact on the company's
business and financial profile.


YINGDE GASES: CEO Plans to Resign Amid Ongoing Corporate Battle
---------------------------------------------------------------
Celine Ge at South China Morning Post reports that the chief
executive of China's largest industrial gas supplier said he
wants to step down only three months after being appointed to his
current position, adding a new twist to what has already become
one of the country's most intense corporate tussles.

He Yuanping, named chief executive of Hong Kong-listed Yingde
Gases Group last November, informed the company of his intention
to "transition his duties to other management members as soon as
can be arranged in a manner not disruptive to the stability of
the company", SCMP relays citing a filing to the Hong Kong stock
exchange.

According to the report, the 51-year-old has been serving as
chief financial officer of Shenzhen-listed Beijing OriginWater
Technology and as a non-executive director of Yingde for years
before he was appointed Yingde's chief executive at a board
meeting on November 5.

However, the meeting's validity was contested by Yingde's ex-
chairman Sun Zhongguo and former chief operating officer Trevor
Strutt, who were re-designated as non-executive directors by a
vote on the same day on the grounds of their "unsatisfactory
performance".

SCMP says the troubled gas supplier has been waiting on a suitor
that might take it over, but was recently drawn into a
contentious boardroom dispute between two camps of current and
ousted directors over the introduction of Beijing OriginWater --
an unrelated business -- as a shareholder to help it repay debt.

In the filing issued on Feb. 21, OriginWater said it has no
intention to pursue any strategic transaction with Yingde and
does not intend to build up its ownership in the gas supplier,
the report says.

SCMP relates that in a series of decisions that reshuffled
Yingde's top management, the November meeting made Zhao Xiandi,
who was an executive director previously responsible for managing
Yingde's domestic financial planning and operations, the
company's new chairman.

The board -- excluding Sun and Strutt -- also struck a deal to
sell new shares to Beijing OriginWater in November, which would
see the latter's stake rise from 4.2 per cent to 20.2 per cent
and become its largest shareholder, according to the report.

With its US rival Air Products expressing an interest in buying
out Yingde, the company scrapped its share placement deal with
Originwater in January, the report recalls.

Sun and Strutt are fighting to resume their executive roles, and
an extraordinary meeting for shareholders on March 8 will decide
the fate of the two directors. At the meeting Zhao's camp will
propose to remove them from the board, adds SCMP.

                         About Yingde Gases

Yingde Gases Group Company Limited --
http://www.yingdegases.com/html/index.php-- is principally
engaged in the production and sales of industrial gases in the
People's Republic of China (the PRC). The Company engages in the
sales of industrial gases to on-site customers and merchant
customers. The products include Oxygen, Nitrogen, Argon and some
specialty gases. The Company's customers are mainly from iron and
steel, chemical, non-ferrous metals, electronics and energy
industries.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 3, 2017, S&P Global Ratings lowered its long-term corporate
credit rating on Yingde Gases Group Co. Ltd. to 'CCC-' from 'B-'.
S&P also lowered the issue rating on the outstanding senior
unsecured notes that Yingde guarantees to 'CC' from 'CCC+'.  In
addition, S&P lowered its long-term Greater China regional scale
rating on Yingde to 'cnCCC-' from 'cnB-', and on the notes to
'cnCC' from 'cnCCC+'.  All the ratings remain on CreditWatch,
where they were first placed with negative implications on Dec.
15, 2016.

The downgrade reflects S&P's view of an increased likelihood that
Yingde will not make a timely payment of its Hong Kong dollar
(HK$) 820 million offshore bank loan due Jan. 3, 2017, if it
fails to secure new funding alternatives.

The TCR-AP reported on Jan. 9, 2017, Fitch Ratings has affirmed
Yingde Gases Group Company Limited's Long-Term Foreign-Currency
Issuer Default Rating at 'B+' and removed it from Rating Watch
Negative (RWN), on which it was placed on Dec. 15, 2016.  The
Outlook is Negative.

The rating actions follow the company's refinancing of its
HKD820 mil. offshore loan due on Jan. 3, 2017, with a new one-
year loan.  Fitch do not foresee similar refinancing risk for
both its onshore and offshore loans in the next 6-12 months.

The Negative Outlook reflects Fitch's view that the ongoing
shareholder dispute may have adverse impact on the company's
business and financial profile.



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


PARKSON RETAIL: Moody's Lowers CFR to B3; Outlook Negative
----------------------------------------------------------
Moody's Investors Service has downgraded Parkson Retail Group
Limited's corporate family and senior unsecured debt ratings to
B3 from B2.

The rating outlook remains negative.

RATINGS RATIONALE

"The rating downgrade reflects the continued deterioration in
Parkson's profitability and cash flows, which has weakened its
financial profile to a level that is more commensurate with a B3
rating," says Gloria Tsuen, a Moody's Vice President and Senior
Analyst.

"Parkson continues to face structural challenges in China's
retail market and intense competition from online retailers. It
has been rectifying its operations and business strategies, but
these initiatives have yet to make a significant impact on its
financial performance," adds Tsuen.

Parkson closed six underperforming stores in 2016 to help reduce
losses. Same-store sales for 4Q 2016 rose 1.4% year-on-year, an
improvement from the 9.0% decline in the first nine months of
2016, but it continued to record operating losses during the
quarter.

Its gross sales proceeds declined by 8.3% year-on-year to RMB16.6
billion in 2016, and its reported operating loss widened to
RMB201.9 million from RMB94.5 million in 2015. At the same time,
its adjusted EBITDA declined by around 20% year on year to around
RMB1.3 billion.

Moody's estimates that Parkson's adjusted debt/EBITDA was around
9x and retained cash flow (RCF)/net debt (including principal
guaranteed deposits) around 7%-8% in 2016.

For 2017-2018, Moody's expects leverage will remain around 9x,
and for RCF/net debt to decline to 6%-7% due to weak cash flows.
These ratios will be weak for the B2 rating category.

In addition, Moody's expects Parkson's adjusted EBIT/interest
expense coverage will be weak at around 0.5x-0.6x, and for
adjusted free cash flow to be negative in 2017 and 2018 without a
turnaround in its operations.

"At the same time, the company needs to address the refinancing
of its USD500 million (RMB3.3 billion) bond due in May 2018,"
says Tsuen.

Parkson had cash and deposits totaling RMB5.2 billion as of the
end of 2016, helped by the disposal of its Beijing Sun Palace
property in December 2016.

This amount can cover the company's short-term debt of RMB539
million, but refinancing will be needed for the offshore bond.

Parkson's corporate family rating continues to reflect its long
operating history in China's highly fragmented department store
industry, its well-recognized brand name and national presence,
and the low level of collections risk in its concessionaire sales
business model.

On the other hand, the rating also reflects the company's weak
profitability and cash flows, as a result of intense competition,
and rising operating costs.

The rating outlook is negative, reflecting the challenging
conditions in China's retail market and uncertainty over the
company's ability to turn around its weak revenue and
profitability, as well as the need to address the refinancing of
its US dollar bond.

There is no rating upgrade pressure, given the negative outlook.
However, the outlook could return to stable if the company (1)
successfully refinances its US dollar bond, and (2) arrests the
decline, on a sustained basis, in its gross sales proceeds,
operating cash flow and profit margins.

Downward ratings pressure could emerge if (1) Parkson is unable
to refinance the US dollar bond in the near team; and/or (2) its
revenue, profitability, liquidity or financial metrics
deteriorate further.

Any sign that the company is extending financial support to its
indirect owner, the Lion Group (unrated), could also pressure
Parkson's corporate family rating.

The principal methodology used in these ratings was Retail
Industry published in October 2015.

Parkson Retail Group Limited, listed on the Hong Kong Stock
Exchange, is one of the largest operators of department store
chains in China. At end-2016, it owned and managed 50 stores
spread across 32 Chinese cities. The company targets the middle-
end of the Chinese retail market. It is 54.49%-owned by Parkson
Holdings Berhad (unrated), a member of Malaysia's Lion Group.



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


AGRAWAL COTSPIN: CARE Reaffirms B+ Rating on INR8cr Loan
--------------------------------------------------------
The ratings assigned to the bank facilities of Agrawal Cotspin
Private Limited continue to remain constrained on account of
moderate scale of operations, thin profit margins along with
moderately leveraged capital structure and weak debt coverage
indicators during FY16 (refers to the period April 1 to
March 31).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             8.00       CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities             1.20       CARE A4 Reaffirmed

The ratings are further constrained by moderate liquidity
position with elongated working capital cycle and presence of
ACPL in the highly fragmented and competitive cotton ginning
industry and susceptibility of operating margins to raw material
price fluctuation risk.

The rating, however, continues to derive benefits from the
experience of the promoters in the cotton industry. ACPL's
ability to increase its scale of operations with improvement in
profitability, capital structure, debt coverage indicators and
efficient management of its working capital requirement would be
the key rating sensitivity.

Detailed description of the key rating drivers
Key rating weaknesses
Moderate scale of operations
During FY16, ACPL's total Operating Income (TOI) grew by 31.42%
to INR32.17 crore as against INR24.48 crore in FY15 on the back
of improved demand from end customers. However, it continues to
remain at moderate level. Thin profit margins along with
moderately leveraged capital structure and weak debt coverage
indicators Owing to low value addition nature of operations i.e.
primarily of ginning and pressing, profit margins of ACPL
continue to below unity and thin during FY16. Capital structure
marked by overall gearing stood moderately leveraged on the back
of low net worth base and moderate level of debt. Furthermore,
with low cash accruals and moderate debt, debt coverage
indicators also stood weak marked by total debt to GCA of 30.36
times as on
March 31, 2016.

Elongated working capital cycle
Operating cycle remained elongated on the back of high inventory
level maintained by the company owing to seasonality associated
with overall operations. On account of this, operating cycle
remained elongated at 141 days during FY16.

Presence of ACPL in highly fragmented and competitive cotton
ginning industry and susceptibility of operating margins to raw
material price fluctuation risk Cotton ginning business is highly
fragmented with large number of organized and unorganized players
in India operating at regional levels. There is high level of
competition within the industry due to low entry barriers.
Furthermore, prices of raw material, ie, raw cotton are highly
volatile in nature and depend upon factors like, area under
production, yield for the year, international demand supply
scenario, export quota decided by government and inventory carry
forward of the last year. On account of this, profit margins
remain susceptible to fluctuation in prices of the raw material.

Key rating strengths
Experienced promoters in the cotton industry
Mr Manubhai Agrawal, managing director, has an experience of more
than two decades in cotton & ginning business. He is actively
involved in overall management of the company. He is supported by
his wife Mrs Madhuben Agrawal and his son Mr Jignesh Agrawal who
have an experience of more than a decade in cotton and ginning
industry.

Bodeli-based (Baroda) ACPL is a private limited company engaged
in the business of cotton ginning & pressing and cotton seed
crushing. Established in the year 1997, by Mr Manubhai Agrawal,
ACPL is operating from its plant located at Badeli- Gujarat. ACPL
has installed capacity of 60,000 metric tonnes of cotton bales
and 2700 metric tonnes of cotton seed per annum as on March 31,
2016.

During FY16 (A), ACPL reported PAT of INR0.17 crore on a TOI of
INR32.17 crore as against net profit of INR0.13 crore on a
TOI of INR24.48 crore during FY15. During 9MFY17 (Prov.), ACPL
has achieved a turnover of INR38 crore.


AKAS MEDICAL: CRISIL Reaffirms B+ Rating on INR5.50MM Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed the ratings on the bank facilities of Akas
Medical (AM) at 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          .60      CRISIL A4 (Reaffirmed)
   Cash Credit            5.50      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       1.08      CRISIL A4 (Reaffirmed)
   Long Term Loan         2.82      CRISIL B+/Stable (Reaffirmed)

The rating reaffirmation reflects AM's below-average financial
risk profile because of leveraged capital structure, and modest
scale of operations in the intensely competitive healthcare
equipment industry. These weaknesses are partially offset by
promoters' extensive experience, and the firm's diversified
customer profile.

Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations in the highly fragmented medical
equipment distribution industry: AM is a modest player in the
highly fragmented medical equipment trading and manufacturing
industry as indicated by its revenues of INR16.1 Crores in FY
2016. Majority of the firm's revenues are from trading of medical
equipment like patient monitor, oxy concentrator, infusion pumps,
syringe pumps etc.

Strength
* Extensive experience of the promoters in the healthcare
equipment industry: AM's business risk profile benefits from the
extensive experience of its promoters in the healthcare equipment
industry. The promoters of the firm Mr. Arjun Sooraj and Mr. Arun
Krishna are engineers by qualification and have over 15 years of
experience in the medical equipment manufacturing and trading
industry.
Outlook: Stable

CRISIL believes AM will continue to benefit over the medium term
from promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of significant increase in revenue
and profitability, or substantial equity infusion, leading to
improvement in financial risk profile. Conversely, the outlook
may be revised to 'Negative' if financial risk profile declines
on account of reduced cash accrual, or aggressive debt-funded
expansion, or increased working capital requirement.

AM, set up in 2007 in Chennai (Tamil Nadu), manufactures and
trades in medical equipment. It is promoted by Mr. Arjun Sooraj
and Mr. Arun Krishna.

AM's net profit was INR0.3 crores on sales of INR16.1 crores for
2015-16 (refers to financial year, April 1 to March 31), against
net profit of INR0.2 crores on sales of INR14.8 crores for 2014-
15.


AKSHAYA SIGNATURE: CARE Withdraws 'C' Rating on INR80cr NCD Issue
-----------------------------------------------------------------
CARE has withdrawn the rating assigned to the proposed Non-
Convertible Debenture issue of Akshaya Signature Homes Private
Limited aggregating to INR80 crore with immediate effect, as the
company has not mobilized funds and there is no amount
outstanding under the issue as on date.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Proposed Non-
   Convertible
   Debenture issue       80.00       CARE C Withdrawn

Akshaya Signature Homes Private Limited was floated as a Special
Purpose Vehicle by Akshaya Private Limited which holds 76.58%
stake, ICICI Prudential Asset Management Company Limited (ICICI
Pru. AMC) (9.91%) and by the promoter (13.51%) to develop high-
end residential apartments in prime area of Chennai. ASHPL is
part of Chennai-based Akshaya group which is primarily engaged in
development of residential real estate projects in Chennai, Tamil
Nadu. The group was promoted by Mr T. Chitty Babu, by setting up
a partnership firm in 1995 in the name of Akshaya Structurals for
carrying out civil construction contracts. He then ventured into
real estate development in 1998 through the sole proprietorship
firm, Akshaya Homes. During 2005, Akshaya Private Limited (APL)
was incorporated.


ARTHI TEXTILES: CRISIL Reaffirms B+ Rating on INR7.50MM Cash Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Arthi Textiles at 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            7.50      CRISIL B+/Stable (Reaffirmed)
   Long Term Loan         2.84      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     0.66      CRISIL B+/Stable (Reaffirmed)

The rating reflects modest liquidity on account of high bank
limit utilisation and net cash accruals expected to be tightly
matched against repayment obligation. However, liquidity is
expected to be supported by marginal cushion in bank lines and
fund support from promoters.

The rating also factors in CRISIL's belief that the business risk
profile will remain stable because of sustained revenue and
profitability. Revenue is expected to improve with capacity
expansion in fiscal 2018.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations and exposure to intense competition:
Revenue was low at INR29.64 crore in fiscal 2016, mainly
constrained by intense competition from a large number of
spinners in the industry.

* Susceptibility of operating margin to volatility in raw
material prices: The operating margin was modest, at 2.5-3.8%, in
the three fiscals through fiscal 2016, due to volatility in
prices of raw material (mainly cotton).

* Below-average financial risk profile: Gearing was 2.41 times as
on March 31, 2016, and interest coverage ratio 1.31 times in
fiscal 2016. The financial risk profile is expected to remain
below-average owing to debt-funded capital expenditure plans and
modest accretion to reserves.

Strength
* Extensive experience of the promoter and established
relationship with customers: The promoters have around two
decades of experience in the spinning industry. Before setting up
AT, they had been associated with their family business of
manufacturing grey fabric. The firm has thus been able to
establish a large and diversified customer base.
Outlook: Stable

CRISIL believes AT will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of a significant increase in revenue and
profitability, resulting in a considerable improvement in the
financial risk profile, particularly liquidity. The outlook may
be revised to 'Negative' in case of a considerable decline in
cash accrual, larger-than-expected debt-funded capital
expenditure, deterioration in working capital management, or
substantial withdrawal of capital, resulting in further weakening
of the financial risk profile.

AT, set up in 1995 and based in Coimbatore, Tamil Nadu,
manufactures cotton yarn. Its operations are managed by Mr P
Ramaswamy.

Net Profit was INR2.41 lakh on net sales of INR29.64 crore in
fiscal 2016 against net profit of INR2.37 lakh on net sales of
INR29.22 crore in fiscal 2015.


ATUL COMMODITIES: CRISIL Assigns B+ Rating to INR4MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Atul Commodities Private Limited (ACPL).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Secured Overdraft
   Facility                3.15       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      0.35       CRISIL B+/Stable
   Cash Credit             4          CRISIL B+/Stable
   Letter of Credit        3          CRISIL A4

The ratings reflect ACPL's modest scale of operations and working
capital-intensive operations. These weaknesses are partially
offset by promoters' extensive experience in trading of polyvinyl
chloride (PVC) products.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: With revenue of around INR32 crore
in fiscal 2016, ACPL has modest scale of operations in trading of
PVC products. The market is price driven and intensely
competitive with the presence of many small and medium sized
players who cater to the domestic requirements. This coupled with
the trading nature of operations results in low value addition,
leading to low operating margin.

* Working capital-intensive operations: Gross current assets of
278 days, driven by debtors of 122 days and inventory of 91 days,
reflect working capital-intensive operations.

Strength
* Extensive experience of promoters: The promoters, Mr Atul
Kamdar and Mr Ketan Kamdar, have over two decades' experience in
the trading of PVC products. Their experience and established
relationship with major suppliers and customers will continue to
support the business.
Outlook: Stable

CRISIL believes ACPL will continue to benefit over the medium
term from the promoters' extensive experience. The outlook may be
revised to 'Positive' if the company achieves significant and
sustained increase in revenue while improving its margins and
capital structure or if the working capital cycle is efficient.
Conversely, the outlook may be revised to 'Negative' if modest
profitability leading to lower-than-expected cash accrual or
stretch in working capital cycle weakens financial risk profile
or liquidity.

Established in 1997, ACPL, trades in PVC sheets, flexes and other
PVC products used for printing advertisements and signs. The
company is in Kolkata with branch offices in Delhi and Mumbai. Mr
Atul Kamdar and Mr Ketan Kamdar are the promoters.

Profit after tax was INR0.5 crore on net sales of INR32.0 crore
in fiscal 2016 against INR0.48 crore and INR38.5 crore,
respectively, in fiscal 2015.


BADARPUR FARIDABAD: CARE Reaffirms 'D' Rating on INR386.71cr Loan
-----------------------------------------------------------------
The rating assigned to the bank facilities of Badarpur Faridabad
Tollway Ltd has been reaffirmed owing to continuing delays in
servicing of debt obligations on term loan. The liquidity
position of the company is constrained due to significant traffic
leakage occurring on account of the non-tolling operating road
traversing below the project highway, which adversely affected
toll revenue of BFTL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            386.71      CARE D Reaffirmed


Detailed description of the key rating drivers
Key Rating Weaknesses
Constrained liquidity: There is a significant amount of traffic
leakage occurring due to the at grade road impacting the
revenue generation ability. The below expectation toll collection
has resulted in weak liquidity for the company and it has
defaulted in repayment of dues to lenders.

Delays in Debt Servicing: The weak liquidity has constrained the
company's ability to service its debt in a timely manner
and there have been continuing delays in servicing of debt
obligations to the lenders and they have invoked SDR in August
2016.

BFTL is a Special Purpose Vehicle (SPV) incorporated by Hindustan
Construction Company Limited (HCC) to undertake the construction
of an Elevated Six Lane Highway of 4.4 km [from 16.10 km to 20.50
km (including its approaches)] on the Delhi-Agra stretch on
National Highway (NH-2) on Design Build Finance Operate and
Transfer (DBFOT) pattern under National Highway Development
Programme (NHDP). The Concession Agreement was signed between
National Highways Authority of India (NHAI) and BFTL on
September 4, 2008, for a concession period of 20 years including
construction period of two years. The highway has become
operational from November 2010 onwards vis-a-vis the scheduled
commercial operation date (COD) of December 2010. BFTL reported
loss of INR41.03 crore on a Net operating income of INR18.99
crore for FY16 (refers to the period April 1 to March 31) as
against loss of INR37.89 crore against a Net operating income of
INR22.02 crore in FY15.


BONZA VITRIFIED: ICRA Assigns 'B' Rating to INR35cr FB Loan
-----------------------------------------------------------
ICRA assigns/reaffirms the long term rating of [ICRA]B to the
INR25.00 crore term loan facility and to the INR10.00 crore cash
credit facility of Bonza Vitrified Private Limited. The outlook
on the long term rating is 'Stable'. ICRA also assigns the short
term rating of [ICRA]A4 to the INR4.00 crore short-term non-fund
based facility of BVPL.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based Limits      35.00      [ICRA]B (Stable) Assigned/
                                    Outstanding

  Non Fund Based Limits   4.00      [ICRA]A4 Assigned

Rationale
The assigned rating is constrained by the BVPL's start up nature
of operations as the same is still in the project phase and the
risk associated with stabilisation of the plant as per the
expected operating parameters. The rating also remains
constrained by the highly fragmented nature of the tiles
industry, resulting in intense competitive pressures; the
cyclical nature of the real estate industry which is the main
consuming sector; and the exposure of the company's profitability
to volatility in raw material and gas prices as well as to
adverse foreign exchange fluctuations. Further, the assigned
rating takes into account the company's financial profile, which
is expected to remain stretched in the near term given the debt-
funded nature of the project and impending debt repayment.

The assigned rating, however, favorably factors in the experience
of the promoters in the ceramic industry, the location advantage
of the company for raw material procurement by virtue of its
presence in Morbi (Gujarat) and the benefits derived from its
group concerns in terms of marketing and distribution.

Going forward, the timely commissioning of operations within the
estimated cost will remain important from the credit perspective.
The ability of the company to establish a market for its
products; scale up its operations in a profitable manner amidst
intense competition and maintain a healthy financial risk profile
will be some of the key rating sensitivities.

Key rating drivers
Credit Strengths
* Extensive experience of the promoters in the ceramic industry
* Proximity to raw material sources
* Marketing and operational support from associate concerns

Credit Weakness
* Risks associated with stabilisation and successful scale up of
operations as per expected operating parameters
* Significant debt repayments coupled with long gestation period
likely to keep the credit profile constrained over the near term
* High competitive intensity in the industry
* Profitability to remain susceptible to volatility in raw
material and fuel prices

Description of key rating drivers highlighted:

Bonza Vitrified Private Limited plans to manufacture medium and
large sized glazed vitrified tiles in the sizes - 600mmx600mm,
1000mmx1000mm, 800mmx800mm and 800mmx1200mm. The unit has an
estimated installed capacity of producing 87,000 metric tonnes of
tiles per annum. The project cost is INR48.54 crore. The land has
been acquired & developed and the building construction work is
completed. The majority of machineries has been received and is
under installation which is scheduled to get completed by Jan
2017 and the commercial operations are expected to commence from
April 2017. Timely completion of the project without any cost
overrun and scaling up of operation remains critical from the
credit perspective. The aggressive D/E ratio for the project and
significant debt repayments coupled with long gestation period is
likely to keep the credit profile constrained over the near term.
The company's ability to compete with number of organised and
unorganised players in ceramic industry with maintaining adequate
profitability despite volatility in raw material and fuel prices
remains the key rating sensitivities. Nevertheless, the extensive
experience of promoter through their association with group
entity along with established marketing and distribution network
is expected to support the operations of the company.

Bonza Vitrified Private Limited, incorporated in January 2016, is
setting up a greenfield project at Morbi in Gujarat to
manufacture medium and large sized glazed vitrified tiles. The
unit has an estimated installed capacity of producing 87,000
metric tonnes of tiles per annum. The commercial operations are
expected to commission from April 2017. The promoters have proven
experience in the ceramic industry by virtue of their association
with other ceramic units as partners or directors namely Big Tile
and Racy Sanitary Wares.


BORAH AUTOMOBILES: CARE Reaffirms B+ Rating on INR12cr LT Loan
--------------------------------------------------------------
The rating assigned to the bank facilities of Borah Automobiles
Private Limited are constrained by its small scale of
operation and short track record, risk of non-renewal of
dealership agreement, pricing constraints and margin pressure
arising out of competition, high leverage ratio and working
capital intensive nature of business. The aforesaid constraints
are partially offset by its experienced promoter, sole authorized
dealership a reputed brand and integrated nature of business.

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

   Short term Bank
   Facilities              0.10      CARE A4 Reaffirmed

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

Detailed description of the key rating drivers

Key Rating Strengths
Experienced promoters: The overall affairs of the company are
managed by the promoter, Shri Manash Protim Konwar (MD), aged 37
years and having over a decade of experience in the auto
dealership business. He is being duly supported by a team of
experienced professionals.

Sole Authorized Dealership of a reputed brand: BAPL has sole
authorized dealership of Tata Motors Limited for three
districts of Assam. Tata Motors is the largest commercial vehicle
(CV) manufacturer of India having a market share of 44%.

Key Rating Weaknesses
Small scale of operation and short track record: The scale of
operations of BAPL remained small marked by total operating
income of INR52.63 crore with a PAT of INR0.35 crore in FY16. The
company has a low net worth base as on March 31, 2016. The small
size restricts the financial flexibility of the company in times
of stress and deprives it from the benefits of economies of
scale. The company started its commercial operation from March
2012. Thus the company has very short track record of operation.

Risk of non-renewal of dealership agreement: BAPL has entered
into a dealership agreement with Tata Motors Ltd (TML) in April
2016. The dealership agreement with TML is valid till March 31,
2021 subject to renewal of the agreement afterwards at the
discretion of TML. Furthermore, the agreements may get terminated
at any time on violation of certain clauses. However, the risk is
mitigated to some extent in view of its long association with
TML.

Pricing constraints and margin pressure: BAPL faces aggressive
competition on account of established presence of authorized
dealers of other commercial vehicle manufacturers. Considering
the existing competition, BAPL is required to offer better terms
like providing discounts on purchases to attract new customers.
This creates margin pressure and may negatively impact the
revenue earning capacity of the company.

High leverage ratio: Capital structure of the company remained
leveraged marked by high overall gearing ratio as on March 31,
2016. The debt service coverage indicators remained depressed
over the years marked by its high total debt to GCA ratio in FY16
owing to lower cash accruals and higher dependence on external
borrowings. Interest coverage ratio remained above unity in FY16.

Working capital intensive nature of business: Automobile
dealership business has inherent high working capital intensity
due to high inventory holding requirements. The company has to
maintain fixed level of inventory for display to guard against
supply shortages. This apart, the principles or dealers demand
payment in advance and deliver vehicle only after receipt of full
payment or against the release order from financial institution
which takes around 5-15 days. Thus, the business depends heavily
on working capital borrowings and inventory funding channels. The
average utilization of its bank limit was high during the last 12
month ended on Jan.31, 2017.

Borah Automobiles Private Limited (BAPL) was incorporated in May,
2011 by Shri Manash Protim Konwar of Dibrugarh, Assam. The
company commenced operations from March, 2012 as an authorized
dealer of TML for its commercial vehicles, spares & accessories
in Purnea, Bihar. BAPL has its main commercial vehicles showroom
at Dibrugarh (Assam) where it also provides repair and
refurbishment services for TML commercial vehicles. Besides, the
company has small showrooms in rented premises in Tinsukia and
Sivasagar districts of Assam.

During FY16 (refers to the period April 1 to March 31), the
company reported a total operating income of INR52.63 crore
and PAT of INR0.35 crore in FY16 vis-a-vis total operating income
of INR63.23 crore and PAT of INR0.36 crore in FY15. Furthermore,
the company has achieved a total operating income of INR50.00
crore during 10MFY17 (refers to the period April 1, 2016 to
January 31, 2017).


CAPITAL AGRO: CRISIL Reaffirms 'B' Rating on INR7MM Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Capital Agro Export Private Limited at 'CRISIL B/Stable'.

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

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

Despite a significant increase by around 41%, operating revenue
remained modest at INR14.18 crore in fiscal 2016. Also, net cash
accrual was low at INR0.21 crore for the fiscal, driven by a
decline in the operating margin to 5.54% from 8.05% in fiscal
2015, due to fall in rice prices.

The rating continues to reflect a small scale of operations in
the highly fragmented rice industry, large working capital
requirement, and an average financial risk profile. These rating
weaknesses are partially offset by the extensive industry
experience of the promoters.
Analytical Approach

CRISIL has treated unsecured loans of INR0.50 crore as on March
31, 2016, from promoters as neither debt nor equity. That's
because the loans are interest-free and expected to remain in the
business over the medium term.

Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations in a highly fragmented industry:
Operating income was around INR14.18 crore in fiscal 2016 and
capacity was low at 6 tonne per hour (tph). Though revenue has
increased over that in fiscal 2015, it remains modest. Revenue is
expected to remain low over the medium term amid intense industry
competition.

* Large working capital requirement: Gross current assets (GCAs)
were sizeable at 259 days, with inventory and debtors of 196 and
6 days, respectively, and credit received of 10 days, as on
March 31, 2016. Operations are likely to remain working capital
intensive over the medium term as well, with GCAs expected at
around 300 days.

* Average financial risk profile: The total outside liabilities
to tangible networth ratio was moderate at 2.36 times as on March
31, 2016, due to a modest networth of INR2.78 crore and large
working capital requirement. Debt protection metrics were average
as indicated by interest coverage ratio of 1.61 times for fiscal
2016.

Strength
* Extensive industry experience of the promoters: The promoters
have an experience over 17 years in the basmati rice industry;
this has enabled the company to establish a strong relationship
with customers and suppliers.
Outlook: Stable

CRISIL believes CAEPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if the capital structure improves, either because
of equity infusion or larger-than-expected cash accrual backed by
an increase in scale of operations and better working capital
management. The outlook may be revised to 'Negative' if the
financial risk profile, especially liquidity, deteriorates on
account of a decline in revenue and profitability, larger-than-
expected debt-funded capital expenditure, or more-than-expected
increase in working capital requirement.

CAEPL was incorporated in 1998, promoted by Mr Hari Prakash
Sharma, Mr Rajan Sharma, Mr Surendar Kumar Agarwal, and Mr
Vaishno Das Agarwal. The Delhi-based company mills and sorts
basmati rice for sales in the domestic market.

Profit after tax (PAT) was INR0.06 crore on net sales of INR14.18
crore in fiscal 2016, against PAT of INR0.28 crore on net sales
of INR10.06 crore in fiscal 2015.


DHANRAJ & CO: CARE Assigns 'B' Rating to INR15cr LT Loan
--------------------------------------------------------
For arriving at the ratings of the bank facilities of M/s.
Dhanraj & Co., CARE has considered the combined financial and
business profile of two entities, namely, DCO and M/s. Dungarmal
Dhanraj & Co. (DDCO; rated 'CARE B; Stable'), collectively known
as Dhanraj group (DHG) owing to their operational, managerial and
financial linkages.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             15.00      CARE B; Stable Assigned

The rating of DHG is constrained on account of its thin
profitability owing to trading nature of operations, highly
leveraged capital structure, weak debt coverage indicators,
working capital intensive operations, constitution as
proprietorship firms and its presence in a highly regulated,
competitive and fragmented sugar industry.

The rating, however, continues to derive strength from experience
of its proprietors, established relationship with its customers
and suppliers and its wide geographical reach and low inventory
risk led by policy of maintenance of minimal inventory.

The ability of DHG to improve its profitability margins along
with improvement in its leverage position and debt coverage
indicators while efficiently managing its working capital
requirements would be the key rating sensitivities.

Detailed description of the key rating drivers
Key Rating Weaknesses
High overall gearing and weak debt coverage indicators: DHG's
total operating income (TOI) has remained volatile over last
three years ended FY16. Its PBILDT margin, though thin, has
remained above 1.90% during FY15 and FY16. DHG's overall gearing
remains high on account of low capital base, which is
characteristic to proprietorship firms and high working capital
borrowings used for providing advances to its suppliers.

Key Rating Strengths
Experienced Proprietors: The proprietor of DCO, Mr. Dhanrajbhai
Govindram Kella, is a graduate and has experience of over three
decades in the sugar trading business. His son, Mr. Lalit
Dhanrajbhai Kella, proprietor of DDCO is also a graduate and has
experience of around two decades in the business.

Established track record in sugar trading business and low
inventory risk: DHG is engaged in the sugar trading industry
for over three decades and has a reputed customer base which
includes private players as well as government controlled
warehouses. It has a vast geographical reach with supplies to
eight states in India. Moreover, despite being in the trading
business, DHG has had negligible inventory over last three years
ended FY16 (refers to the period April 1 to March 31).

DCO, a proprietorship firm, was established in 1986. The firm is
engaged in trading of sugar. The firm procures sugar from sugar
mills and sells them to government warehouses i.e. District
Supply Officer (DSO) controlled warehouses and other private
players. The proprietor's son operates another group entity in
the same line of business, DDCO.

During FY16, DHG, on a combined basis, reported a PAT of INR0.95
crore on a TOI of INR172.45 crore as against a PAT of INR0.47
crore on a TOI of INR131.57 crore in FY15. As per provisional
results of 8MFY17, DHG achieved a combined TOI of INR194.14
crore.

During FY16, DCO, on a standalone basis, reported a PAT of
INR0.41 crore on a TOI of INR68.72 crore as against a PAT of
INR0.24 crore on a TOI of INR46.52 crore in FY15.


DUNGARMAL DHANRAJ: CARE Assigns 'B' Rating to INR15cr LT Loan
-------------------------------------------------------------
For arriving at the ratings of the bank facilities of M/s.
Dungarmal Dhanraj & Co., CARE has considered the combined
financial and business profile of two entities, namely, DDCO and
M/s. Dhanraj & Co. (DCO; rated 'CARE B; Stable'), collectively
known as Dhanraj group (DHG), owing to their operational and
financial linkages.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             15.00      CARE B; Stable Assigned

The rating of DHG is constrained on account of its thin
profitability owing to trading nature of operations, highly
leveraged capital structure, weak debt coverage indicators,
working capital intensive operations, constitution as
proprietorship firms and its presence in a highly regulated,
competitive and fragmented sugar industry.

The rating, however, continues to derive strength from experience
of its proprietors, established relationship with its customers
and suppliers and its wide geographical reach and low inventory
risk led by policy of maintenance of minimal inventory.

The ability of DHG to improve its profitability margins along
with improvement in its leverage position and debt coverage
indicators while efficiently managing its working capital
requirements would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

High overall gearing and weak debt coverage indicators: DHG's
total operating income (TOI) has remained volatile over last
three years ended FY16. Its PBILDT margin, though thin, has
remained above 1.90% during FY15 and FY16. DHG's overall gearing
remains high on account of low capital base, which is
characteristic to proprietorship firms and high working capital
borrowings used for providing advances to its suppliers.

Key Rating Strengths
Experienced Proprietors: The proprietor of DCO, Mr. Dhanrajbhai
Govindram Kella, is a graduate and has experience of
over three decades in the sugar trading business. His son, Mr.
Lalit Dhanrajbhai Kella, proprietor of DDCO is also a graduate
and has experience of around two decades in the business.
Established track record in sugar trading business and low
inventory risk: DHG is engaged in the sugar trading industry
for over three decades and has a reputed customer base which
includes private players as well as government controlled
warehouses. It has a vast geographical reach with supplies to
eight states in India. Moreover, despite being in the trading
business, DHG has had negligible inventory over last three years
ended FY16 (refers to the period April 1 to March 31).

Analytical approach: Combined
CARE has presented combined view for two entities namely DCO and
DDCO (collectively referred to as DHG) due to their operational
and financial linkages.

DDCO was established by Kella family in 1986 as a partnership
firm with three partners. Thereafter, it was converted into a
proprietorship firm with Mr. Lalit Dhanrajbhai Kella as the
proprietor. The firm is engaged in trading of sugar. The firm
procures sugar from sugar mills and sells them to government
warehouses i.e. District Supply Officer (DSO) controlled
warehouses and other private players. The proprietor's father
operates another group entity in the same line of business,
DCO.

During FY16, DHG, on a combined basis, reported a PAT of INR0.95
crore on a TOI of INR172.45 crore as against a PAT of INR0.47
crore on a TOI of INR131.57 crore in FY15. As per provisional
results of 8MFY17, DHG achieved a combined TOI of INR194.14
crore.

During FY16, DDCO, on a standalone basis, reported a PAT of
INR0.54 crore on a TOI of INR103.72 crore as against a PAT of
INR0.23 crore on a TOI of INR85.05 crore in FY15.


FLEXI CAPS: ICRA Raises Rating on INR19.30cr Loan to B+
-------------------------------------------------------
ICRA has upgraded the long-term rating from [ICRA]B to [ICRA]B+
for the INR19.30-crore fund-based facility and has reaffirmed the
short-term rating of [ICRA]A4 for the INR5.00-crore non-fund
based limits of Flexi Caps and Polymers Private Limited. ICRA has
also upgraded its long-term rating from [ICRA]B to [ICRA]B+ and
has reaffirmed its short-term rating at [ICRA]A4 on the INR0.45-
crore unallocated limits of FCPPL. The outlook on long-term
rating is "Stable"

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limits      19.30      [ICRA]B+(Stable); Upgraded
                                    from [ICRA] B

  Non-fund Based Limits   5.00      [ICRA]A4; Reaffirmed

  Unallocated Limits      0.45      [ICRA]B+ (Stable)/A4; Revised
                                    from [ICRA]B, reaffirmed
                                    [ICRA]A4

Rationale
The ratings upgrade takes into account the successful
commissioning of the company's project as well as the healthy
ramp up in capacity utilisation in the current year. The same is
supported by the available synergies with the already established
customer base of the group, which has a long track record in the
field of packaging.

However, the rating is constrained by the limited track record of
the company's operations, the vulnerability to fluctuation in raw
material prices, the exposure to foreign exchange fluctuation
risk and the competition from organised as well as unorganised
players in the fragmented flexible packaging industry. Moreover,
the company's ability to arrange growth funding so as to improve
its liquidity and leverage position remains to be seen. Going
forward, the ability of the company to stabilise its operations
across product segments and improve its coverage and liquidity
metrics will be the key rating sensitivity.

Key rating drivers
Credit strengths
* Long and established track record of promoters through its
   group companies in packaging business
* Commencement of commercial operations and healthy ramp up in
   capacity utilisation in the current year
Credit weaknesses
* Limited track record of operations
* Vulnerability of profitability to fluctuation in raw material
   prices
* Competition from organised as well as unorganised players in
   the fragmented flexible packaging industry
* High limit utilisation and debt levels

Description of key rating drivers highlighted:

FCPPL manufactures low-density polyethylene (LDPE) and poly-vinyl
chloride (PVC) films, which will find application in the
pharmaceutical and the food packing industries. Timely
commencement of production operations within the budgeted cost
and healthy utilisation levels (~65%) for product divisions has
helped the company to register sales of INR59.16 crore in
9mFY2017. Support from the promoter group, which has established
presence in the packaging industry, has helped it garner
clientele. Moreover, the company is manufacturing LDPE/PVC films,
which is backward integration for the group, as some entities are
already consuming/trading these products in other associate
concerns. Nevertheless, given the fragmented nature of the
industry, the company remains exposed to competitive pressures.
The company remains exposed to raw material price fluctuation and
forex fluctuation risk though it does enter into forward
contracts to an extent. Furthermore, the company remains highly
leveraged and given the healthy growth, remains dependent on
promoters for additional equity funding so as it improve its
coverage metrics. The company's working capital limits have
remained highly utilised and its ability to receive enhancements
will be critical to ascertain its liquidity position.

Incorporated in August 2012, FCPPL is promoted by Chordia Family
of Indore with Mr. Rajesh Chordia and Mr. Ajay Chordia as its
directors. The company is a part of a well established group that
has a long standing experience of around two decades in the
packaging industry. The company manufactures LDPE-films, PVC
films and aluminium blister foils, which find application in the
pharmaceutical and food packing industry. Located in Indore, the
plant has an installed capacity of 9000 metric tonnes per annum.
FCPPL recorded a net profit of INR-0.71 crore on an operating
income of INR4.27 crore for two months for the ending March 31,
2016. Also as per provisional for 9 months FY2017, FCPPL has
recorded a net profit of INR0.94 crore on an operating income of
INR59.16 crore.


GAUTAM TRADING: Ind-Ra Affirms 'B' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Gautam Trading
Company's Long-Term Issuer Rating at 'IND B'.  The Outlook is
Stable.  The instrument-wise rating actions are:

   -- INR250 mil. (increased from INR150) Fund-based working
      Capital affirmed at IND B/Stable/IND A4 rating

                         KEY RATING DRIVERS

The affirmation reflects weak credit metrics and volatile revenue
and EBITDA margin.  In FY16, interest coverage (operating
EBITDA/gross interest expense) was 1.21x (FY15: 1.16x; FY14:
1.21x), leverage (total adjusted debt/operating EBITDAR) was
9.22x (9.96x; 10.30x), EBITDA margin was 4.05% (5.26%; 2.48%) and
revenue was INR570 million (INR422 million; INR560 million).

The ratings, however, are supported by GTC's comfortable
liquidity position, indicated by an 88% average utilization of
fund-based limits over the 12 months ended January 2017, and
founders' decade-long experience in the spice trading and
processing business.

                        RATING SENSITIVITIES

Negative: A decline in EBITDA margin leading to a deterioration
in credit metrics will be negative for the ratings.

Positive: Substantial revenue growth while maintaining or
improving EBITDA margin leading to an improvement in credit
metrics will be positive for the ratings.

COMPANY PROFILE

GTC is a proprietorship firm engaged in the trading of whole
spices, oil seeds and agro commodities.


GHANTA FOODS: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Ghanta Foods
Private Limited's Long-Term Issuer Rating at 'IND BB'.  The
Outlook is Stable.  The instrument-wise rating actions are:

   -- INR77 mil. Fund-based working capital limits affirmed at
      IND BB/stable/IND A4+ rating;

   -- INR5 mil. Term loan withdrawn rating; and

   -- INR18 mil. Term loan assigned with IND BB/Stable rating

                        KEY RATING DRIVERS

The affirmation reflects Ghanta's continued small scale of
operations and moderate credit metrics.  In FY16, revenue was
INR648.4 million (FY15: INR329.1 million), net financial leverage
was 3.8x (34.6x) and interest coverage was 1.6x (0.4x).  EBITDA
margin has been stable in the range of 8%-9.9% since FY12.  FY15
was six months ended March 2015, as the company changed its
financial year-end to March 31, from Sept. 30.

The ratings remain constrained by the company's tight liquidity
position with its almost full use of the fund-based facilities
over the 12 months ended January 2017.

The ratings continue to be supported by the company's about
three-decade-long established brand Bambino under which it sells
its products and strong distribution network.

                       RATING SENSITIVITIES

Positive: Substantial growth in the revenue and/or EBITDA margin
leading to a sustained improvement in the credit metrics will
lead to a positive rating action.

Negative: A decline in revenue and/or EBITDA margin leading to
sustained deterioration in the credit metrics could lead to a
negative rating action.

COMPANY PROFILE

Established in 1981 by M Kishan Rao, Ghanta manufactures spices
and ready-to-eat products ranging from spaghetti, macaroni to
instant pasta besides spices, masalas, food mix, ready to eat
sweets, snacks, soup powders, and compounded asafoetida.  Revenue
booked till January 2017 was INR520 million.


GLAZETECH INDUSTRIES: CARE Puts B Rating on Notice of Withdrawal
----------------------------------------------------------------
CARE has placed the outstanding ratings assigned to the bank
facilities of Glazetech Industries Private Limited on 'Notice
of Withdrawal' with immediate effect.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term bank
   Facilities             3.75       CARE B Rating placed on
                                     Notice of withdrawal for
                                     90 days

   Short-term bank
   facilities             4.60       CARE A4 Rating placed on
                                     Notice of withdrawal for
                                     90 days

The aforesaid ratings would continue to remain on 'Notice of
Withdrawal' for a period of ninety days, after which they would
stand withdrawn. The above action has been taken at the request
of Glazetech Industries Private Limited and 'No Objection
Certificate' received from State Bank of Bikaner and Jaipur that
have extended the facilities rated by CARE/ investors of the
instruments rated by CARE.

Incorporated in 2004, Glazetech Industries Private Limited (GIPL)
is promoted by Mr Brijesh Ghiya and is engaged into manufacturing
of Aluminium Composite Panels (ACP) and trading of aluminium
coils which find application in the real estate industry
(interior and external designs used in high rise buildings,
shopping malls, etc), infrastructure industry and automobile
industry.


GMR AVIATION: ICRA Raises Rating on INR3.60cr Loan to BB-
---------------------------------------------------------
ICRA has upgraded the long-term rating from [ICRA]B to [ICRA]BB-
and reaffirmed the short-term rating at [ICRA]A4 for the INR8
crore, fund-based, non-fund based and proposed bank facilities of
GMR Aviation Private Limited.  Outlook on the long-term rating is
stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term Fund-        3.00       [ICRA]BB- (Stable) upgraded
  based bank                        from [ICRA]B
  facilities

  Long-term/Short-       3.60       [ICRA]BB- (Stable) upgraded
  Term Non-fund                     from [ICRA]B/[ICRA]A4
  based bank                        reaffirmed
  facilities

  Long-term/Short-       1.40       [ICRA]BB- (Stable) upgraded
  Term Unallocated                  from [ICRA]B/[ICRA]A4
  bank facilities                   reaffirmed

Detailed Rationale

The rating-upgrade factors in the expectations of material
improvement in company's operational and financial risk profile,
supported by certain key initiatives taken to improve its
capacity utilisation, operational efficiencies as well as capital
structure. Further, the ratings continue to draw comfort from the
demonstrated track record of funding support from GMR Aviation's
parent (GMR Infrastructure Limited or GIL) and its continued
commitment to the venture.

GMR Aviation's performance remained under pressure during the
past few years owing to sub-optimal utilisation of its fleet
resulting in consistently declining operating margins and
inadequate cash accruals vis-a-vis debt obligations, thereby
keeping the company reliant on funding support from promoters for
servicing its debt obligations as well as for meeting its other
funding requirements. Particularly during FY2016, company's
performance witnessed a sharp deterioration owing to a mandatory
overhauling and maintenance requirement in one of its aircrafts,
which besides affecting its flying hours also involved a sizeable
expenditure (~INR13 crore). Besides cash losses, the continued
losses in FY2016 resulted in erosion of company's net-worth.
Further, delays in receipt of payments from external customers
resulted in a further pressure on company's liquidity position.
Nonetheless, with no major incremental maintenance requirements
in the short to medium term and steps taken by the company to
improve the fleet utilisation such as increased contracted flying
hours, increased focus on external clients (reducing reliance on
group companies) and outsourcing operations to an independent
operator as well as to reduce receivable turnover period,
company's revenues, operating profits and cash flows are expected
to improve.

Although the company continues to have sizeable debt repayment
obligations over the next 12 months (~INR25 crore in FY2018)
which will keep it partially reliant on funding support from GIL,
ICRA draws comfort from demonstrated track record of funding
support from GIL as well as its continued commitment to the
venture. This is also reflected in conversion of a sizeable
amount infused as debt by GIL into equity during the current
financial year (thereby turning the net-worth positive (INR101.79
crore as on December 31, 2016)) and an undertaking issued as per
which it'll continue to provide adequate liquidity to support
company's operations and debt obligations as and when the payment
of interest and instalment fall due.

In ICRA's view, the company's ability to further improve
utilization of its existing fleet, thereby achieving an
improvement in revenues and profitability will be the key rating
sensitivity. Further, the company's ability to effectively manage
its working capital cycle and get its debt refinanced in a timely
manner thereby aligning the scheduled repayments with its
expected cash flows would also be a determinant of its liquidity
position and credit profile, and hence would be a key rating
sensitivity.

Key rating drivers

Credit Strengths
* Demonstrated track record of funding support from the
   parent (GMR Infrastructure Limited) and its continued
   commitment to the venture
* Contract with A.P. Aviation Corporation Pvt. Ltd. for
   helicopter rental upto September 2018, which provides
   visibility of revenues; further steps taken to improve
   fleet utilization are expected to help support revenue
   growth
Credit Weaknesses
* Under-utilisation of fleet which has put pressure on
   company's operating profitability
* Continued reliance on group companies for a large part of
   revenues as well as funding support for meeting its debt
   obligations, given the inadequacy of cash flows
* Delays in receipt of payments from external clients which
   resulted in a further pressure on company's liquidity
   position

Detailed description of key rating drivers highlighted:

GMR Aviation owns a fleet of two aircrafts and one helicopter.
Although the aircrafts account for a majority of revenues for the
company, they continue to remain under-utilized given the
reliance on ad-hoc business. This together with an accident and a
major overhauling requirement in one of the aircrafts resulted in
a sharp decline in revenues during FY2016. Bell Helicopter, on
the other hand, has been a stable source of revenues for the
company as it has been chartered by the A.P. Aviation Corporation
Pvt. Ltd. The contract which typically has a tenor of 3 years
gets renewed at the end of the tenor.

Owing to pressure on utilisation of its existing fleet, GMR
Aviation's operating income reported a year-on-year
decline at an annualized rate of ~20% in FY2016 from the peak
achieved in FY2012. Given the presence of fixed expenses, decline
in revenues resulted in a corresponding decline in operating
profits and net losses (after providing for interest on debt from
group companies, which kept getting accrued and hence did not
affect cash flows) over the years. Further, a sharp increase in
maintenance expenditure resulted in an operating loss of INR4.89
crore during the year. Continued losses resulted in complete
erosion of company's net-worth during FY2016. Further, delays in
receipt of payments from external clients resulted in a further
pressure on company's liquidity position. Given the inadequate
cash accruals, the company has been relying primarily on funding
support from promoter entities for funding cash losses as well as
meetings its debt obligations.

Accordingly while the quantum of external debt outstanding in the
books of the company has come down over the past few years, debt
availed from GIL has gone up, keeping the total debt outstanding
at ~INR200 crore.

Nevertheless, GIL continues to be committed to the venture as
reflected in conversion of unsecured loans and debentures to the
tune of INR131.2 crore into equity during the current financial
year which helped the networth turn positive. Further, GIL has
provided an undertaking stating that it'll continue to provide
adequate liquidity to support company's operations and debt
obligations as and when the payment of interest and instalment
fall due.

In order to improve its fleet utilisation further and reduce
reliance on group companies for business, the company has entered
into an agreement with JetSetGo, which is a private jet concierge
service that uses technology to link passengers to planes through
an online marketplace. Besides improving fleet utilisation, the
arrangement is expected to help the company lower operating costs
because of their presence in operations of a larger fleet size
resulting in cost optimization.

Analytical approach: Standalone operational and financial profile
has been considered to arrive at the standalone rating of the
issuer. The standalone rating has been subsequently notched up
based on the strength of the parent and an assessment of its
ability and willingness to extend support to the Issuer if and
when the need so arises.

GMR Aviation Private Limited is a wholly-owned subsidiary of GMR
Infrastructure Limited. It was incorporated to carry on the
business of providing consultancy services in aviation security
and other aviation related activities and to provide management
and operations of non scheduled aircrafts and helicopters. The
company has the mandate to carry out all activities for the GMR
Group related to business aviation. At present, the company has a
fleet of two aircrafts and one helicopter.

For the financial year ended March 2016, GMR Aviation reported an
operating income of INR38.36 crore and a net loss of INR35.04
crore as compared to an operating income of INR49.56 crore and a
net loss of INR19.92 crore in the financial year ended March
2015.


GOYAL AGENCIES: CRISIL Reaffirms 'B' Rating on INR24MM Cash Loan
----------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Goyal
Agencies Pvt Ltd at 'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             24        CRISIL B/Stable (Reaffirmed)
   Letter Of Guarantee      0.5      CRISIL A4 (Reaffirmed)
   Letter of Credit         8        CRISIL A4 (Reaffirmed)

The ratings reflect the company's modest scale of operations,
large working capital requirement, and below-average financial
risk profile because of small networth, high total outside
liabilities to tangible networth (TOLTNW) ratio, and average debt
protection metrics. These weaknesses are partially offset by the
extensive experience of promoters in the industrial equipment
trading business and established relationship with principals.

Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations: With an operating income of
INR48.41 crore in fiscal 2016, scale remains small due to intense
competition.

* Working capital-intensive operations: Inventory is sizeable and
expected at 180 days while customers are extended credit of 90
days. Furthermore, low credit of 30 days from suppliers results
in large working capital requirement.

* Weak financial risk profile: The TOLTNW ratio was 6.12 times as
on March 31, 2016, and interest coverage ratio weak at 1.35 times
for fiscal 2016. Ratios are expected to remain at similar levels
over the medium term.

Strengths
* Extensive experience of promoters: Presence of around five
decades in the industrial machinery trading business has enabled
the promoters to successfully set up sales offices in Punjab,
Delhi, Maharashtra, and Haryana.
Outlook: Stable

CRISIL believes GAL will continue to benefit over the medium term
from the extensive experience of its promoters and established
relationship with principals. The outlook may be revised to
'Positive' in case of sustained improvement in working capital
cycle or capital structure on the back of sizeable equity
infusion by promoters. The outlook may be revised to 'Negative'
in case of a steep decline in profitability margins, or
significant deterioration in capital structure due to stretch in
working capital cycle.

Set up in 1958 in Jalandhar, Punjab, as a partnership firm by Mr.
Rajinder Prashad and his family members and reconstituted as a
public limited company in 1985, GAL trades in industrial
machinery such as welding, cutting, and grinding equipment.

Profit after tax was 16 lakhs over operating income of INR48.41
crore in fiscal 2016 vis-a-vis net loss of INR5 lakhs over
operating income of INR64.13 crore in fiscal 2015.


HIMACHAL FIBRES: CARE Lowers Rating on INR22cr LT Bank Loan to D
----------------------------------------------------------------
The revision in the ratings assigned to the bank facilities of
Himachal Fibres Limited takes into account the ongoing delays in
debt servicing due to the stressed liquidity position of the
company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              22        CARE D Revised from
                                     CARE C+

   Short-term Bank
   Facilities               5        CARE D Revised from
                                     CARE A4

Detailed description of the key rating drivers
Key rating weaknesses
Ongoing delays in debt servicing: On account of the stressed
liquidity position, there are ongoing delays in the servicing
of the interest and principle repayments of the term loans.
Furthermore, there are ongoing overdrawals in the cash credit
limits which have not been settled for a period exceeding 30
days.
Weak financial risk profile: The total operating income of the
company declined by about 44% to INR47.65 crore in FY16, on
account of lower demand. The company reported a PAT of INR0.17
crore in FY16 as compared to a net loss of INR1.24 crore in FY15
on account of the reduced interest expenses. However, in 6MFY17
(Provisional), HFL has reported a total operating income of
INR11.03 crore with a net loss of INR1.05 crore. The capital
structure remained leveraged with longterm debt to equity ratio
and overall gearing ratio of 1.34x and 2.25x respectively as on
March 31, 2016 as compared to 1.34x and 2.28x respectively as on
March 31, 2015. The debt coverage indicators viz. total debt to
GCA also remained weak at 18.44x, as on March 31, 2016 while the
interest coverage ratio stood at 1.85x in FY16.

Working capital intensive nature of operations: The operations of
the company remain highly working capital intensive in nature
with an elongated operating cycle of around 258 days as on
March 31, 2016 deteriorating from about 159 days as on March 31,
2015, on account of higher inventory days. The operations of the
company therefore remained highly working capital intensive in
nature with ongoing overdrawals in the cash credit limits.

Incorporated in 1980, Himachal Fibres Limited (HFL) was promoted
by Mr B K Garodia in collaboration with Himachal Pradesh Minerals
& Industrial Development Corporation Limited. It was subsequently
acquired by the 'Shiva' group in 2010. The company is engaged in
the manufacturing of polyester spun yarn, acrylic yarn, blended
yarn and knitted cloth.

HFL operates from its manufacturing facility in Baddi, Himachal
Pradesh at an installed capacity of 20,344 spindles and 504
rotors as on March 31, 2015. Other group entities of the company
include Shiva Speciality Yarns Limited (rated, 'CARE D'), K.K.
Fibres Limited, Yogindera Worsted Limited (rated, 'CARE D'),
Indian Yarns Limited (rated, 'CARE D'), Shiva Texfabs Limited
(rated, 'CARE D'), Shiva Spin N Knit Limited etc.

During FY16 (refers to the period April 1 to March 31),HFL has
reported a PAT of INR0.17 crore on a total operating income
of INR47.65 crore as against a net loss of INR1.24 crore on a
total operating income of INR84.71 crore in FY15. Status of non-
cooperation with previous CRA: SMERA has suspended HFL's ratings
vide its press release dated July 14, 2015 on account of its
inability to undertake the surveillance of ratings in the absence
of adequate information.


HOTEL SWOSTI: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Hotel Swosti
Pvt. Ltd.'s (HSPL) Long-Term Issuer Rating at 'IND BB'.  The
Outlook is Stable.  The instrument-wise rating actions are:

   -- INR30.79 mil. (reduced from INR48.45) Term loan affirmed
      with IND BB/Stable rating

   -- INR7.5 mil. Fund-based limits affirmed with IND BB/Stable
      rating

                         KEY RATING DRIVERS

The affirmation reflects continued moderate scale of operations
and credit profile.  In FY16, revenue was INR89 million (FY15:
INR80 million), net financial leverage (total adjusted net
debt/operating EBITDAR) was 2.28x (1.62x) and interest coverage
(operating EBITDA/gross interest expense) was 3.01x (3.26x).  The
liquidity position of the company remained moderate, with a 65%
average utilization of fund-based limits during the 12 months
ended January 2017.

The ratings, however, continue to draw comfort from the three
decades of experience of a promoter in the hospitality industry.

                        RATING SENSITIVITIES

Negative: Sustained deterioration in interest coverage could lead
to a negative rating action.

Positive: A substantial increase in scale of operations, along
with a sustained improvement in interest coverage, could lead to
a positive rating action.

COMPANY PROFILE

Incorporated in 1981, HSPL operates a three-star hotel (Hotel
Swosti) in Bhubaneswar, Odisha.  The hotel, which commenced
operations in 1984, is managed by Jitendra Kumar Mohanty,
Bijendra Kumar Mohanty, Chiranjiv Mohanty, Bipasa Mohanty and
Sasmita Mohanty.


JIVA PLYWOOD: CARE Assigns 'B' Rating to INR5.50cr LT Loan
----------------------------------------------------------
The ratings assigned to Jiva Plywood Private Limited are
primarily constrained by the short track record of operations,
susceptibility to fluctuation in log prices and government
regulations. The ratings are further constrained by foreign
exchange fluctuation risk and presence in a highly fragmented
plywood sector with low entry barriers and high competition.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            5.50        CARE B; Stable Assigned

   Short-term Bank
   Facilities            2.50        CARE A4 Assigned

The ratings, however, draw comfort from experienced proprietor
and location advantage of processing unit of JPS.

Going forward, the ability of the company to profitably scale up
its operations in the highly competitive industry while managing
the exchange rate fluctuations shall be the key rating
sensitivities.

Detailed description of the key rating drivers

JPS has started its commercial operations during October 2016 and
has a relatively short track record of operations as compared
with other established players. However, the promoters have more
than three decades of experience in same line of industry through
their other associate concern which partially offsets this risk.

JPS's procurement is majorly in the form of imports and company
does have policy to hedge its foreign current exposure.
Therefore, the company's profitability margins are exposed to
volatility in foreign exchange. Furthermore, the company is also
exposed to adverse changes in the government policies of those
exporting countries with respect to wooden log export. This
apart, the plywood trading sector is highly competitive,
comprising a large number of players in the organized segment as
a result of low entry barriers.

Kutch-based (Gujarat) Jiva Plywood Private Limited is a private
limited company incorporated in 2015 and started its commercial
operations in year October 2016 and is currently being managed by
Mr Moolji Patel and Mr Govind Patel. The company is trading and
processing of wooden log into plywood. The company
imports/procures the raw material mainly wooden logs like teak,
pine, hardwood from China, Malaysia, Vietnam and which are
subsequently sized at its saw mill unit in Gandhidham into
various commercial sizes as per the requirement of its customers.
The company is majorly selling its plywood in domestic market to
traders, wholesalers, civil engineering and construction
companies mainly in Northern India.


KAJUWALLA: CRISIL Reaffirms B+ Rating on INR10MM Demand Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of Kajuwalla at 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit &
   Working Capital
   demand loan              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 the firm's
proprietor in the dry-fruit-trading industry.

Analytical Approach

Unsecured loans, extended by the proprietor (Rs 1 crore as on
March 31, 2016) have been treated as neither debt nor equity, as
these loans are subordinated to bank debt, and expected to remain
in business over the medium term.
Key Rating Drivers & Detailed Description
Weaknesses
* 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, in line with fiscal 2015
and is expected to remain modest over the medium term.

* High bank limit utilisation: Kajuwalla's average bank limit
utilisation was high at 98% over the 12 months through December
2016 with instances of overutilization; however same got
regularized in less than 5 days.

Strength
* Proprietor's extensive experience in the dry fruit trading
industry: Proprietor has experience of over decades in the
industry.
Outlook: Stable

CRISIL believes Kajuwalla will continue to benefit over the
medium term from the extensive experience of its proprietor. The
outlook may be revised to 'Positive' in case of higher-than-
expected operating margin, along with improvement in scale of
operations, resulting in significantly better net cash accrual
and 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
improvement in operating margin, or a stretch in the working
capital cycle, or large, debt-funded capital expenditure,
weakening the financial risk profile.

Established in 2012, Kajuwalla, a proprietorship concern by Mr
Jatin Sharma, trades in dry fruits. It is based in Delhi.

The profit after tax was INR0.22 crore on net sales of INR70
crore for fiscal 2016, against a profit after tax of INR0.20
crore on net sales of INR56 crore for fiscal 2015.


KERA VITRIFIED: ICRA Assigns 'B' Rating to INR33.32cr Term Loan
---------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B with stable
outlook to the INR10.00 crore cash credit facility (enhanced from
INR9.75 crore) and to the INR33.32 crore term loan facility
(enhanced from nil) of Kera Vitrified LLP. KVL has short term
rating of [ICRA]A4 outstanding for the INR3.25 crore non fund
based facility.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based Limits-
  Cash Credit            10.00      [ICRA]B (Stable)
                                    Assigned/outstanding

  Fund Based Limits-
  Term Loan              33.32      [ICRA]B (Stable) assigned

  Non-Fund Based
  Limits-Bank Guarantee   3.25      [ICRA]A4 outstanding

Rationale
The assigned ratings reflect the risks associated with greenfield
project such as the stabilisation of the plant as per the
expected operating parameters. The ratings are constrained by the
highly fragmented and competitive nature of the tiles industry;
the cyclical nature of the real estate industry, which is the
main end-user sector for tile industry; and the exposure of the
firm's profitability to volatility in raw material and gas
prices. Furthermore, the assigned rating takes into account the
firm's financial profile, which is expected to remain stretched
in the near term given the debt-funded nature of the project and
the impending debt repayments.

The assigned ratings, however, favourably factors in the
experience of the promoters in the ceramic industry, the location
advantage of the firm for raw material procurement by virtue of
its presence in Morbi (Gujarat) and the benefits derived from its
group concerns in terms of marketing and distribution.

Key rating drivers
Credit Strengths
* Extensive experience of the promoters in the ceramic industry
* Proximity to raw material sources due to
* Marketing and operational support from associate concerns
Credit Weakness
* Start up nature and risks associated with stabilisation and
   successful scale up of operations as per the expected
   operating parameters
* Significant debt repayments coupled with long gestation period
   likely to keep the credit profile constrained over the near
   term
* Competitive business environment given the fragmented nature
   of the industry that has a large number of regional ceramic
   tile manufacturers
* Profitability to remain susceptible to volatility in raw
   material and fuel prices

Description of key rating drivers highlighted:

Kera Vitrified LLP is setting up a greenfield project at Morbi in
Gujarat to manufacture medium-and large-sized glazed vitrified
tiles. The unit has an estimated installed capacity of producing
24,60,000 boxes of tiles per annum. The estimated project cost is
INR55.16 crore. The progress of the project is as per the
schedule and the commercial operations are expected to commence
from April 2017. The aggressive D/E ratio for the project and
significant debt repayments coupled with long gestation period is
likely to keep the credit profile constrained over the near term.
The ceramic industry is characterised by intense competition with
presence of many organised and unorganised players. However, the
extensive experience of promoters in ceramic industry coupled
with established marketing and distribution network of group
concerns is expected to benefit the company to establish a market
for its products.

Established in April 2016, Kera Vitrified LLP (KVL) is setting up
a greenfield project at Morbi in Gujarat to manufacture medium-
and large-sized glazed vitrified tiles of 600mmX600mm,
800mmX800mm, 800mmX1000mm and 800mmX1200mm. The proposed plant
would have an installed capacity of producing 24,60,000 boxes of
tiles per annum. The commercial operations are expected to
commission on April 2017. The promoters have past experience in
the ceramic industry by virtue of their association with other
ceramic units as partners or directors.


MALAIYA TRACTORS: CARE Reaffirms B+ Rating on INR5.81cr LT Loan
---------------------------------------------------------------
The ratings assigned to the bank facilities of Malaiya Tractors
(MTR) continue to remain constrained on account of moderate scale
of operations, low profit margins, leveraged capital structure
and weak debt coverage indicators. The ratings also remained
constrained on account of working capital intensive nature of
operations and presence into the industry where demand is
directly linked to the performance of the agriculture industry.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              5.81      CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities              1.50      CARE A4 Reaffirmed

The rating, however, continues to derive benefits from the
experience of the promoters along with long association with
reputed OEM (Original Equipment Manufacturer).  MTR's ability to
increase its scale of operations with improvement in
profitability, capital structure, debt coverage indicators and
efficient management of its working capital requirement would be
the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Moderate Scale of operations and low profit margins TOI of MTR
declined marginally by 5% to INR22.52 crore in FY16 on the back
of decline in sales volume of tractors over previous year and
continues to remain at a moderate level. Profit margins continue
to remain below unity and low on the back of dealership nature of
operations.

Leveraged capital structure and weak debt coverage indicators
The capital structure of MTR continued to remain leveraged marked
by an overall gearing ratio of 3.67 times as on March 31, 2016
and the debt coverage indicators of MTR continue to remained weak
during FY16 marked by total debt to Gross Cash Accruals (GCA)
which has declined to 19.95 times as on March 31, 2016.
Furthermore, its interest coverage ratio reduced marginally to
1.49 times in FY16 as against 1.71 times in FY16.

Working capital intensive nature of operations
Gross Current Asset days stood at 94 days in FY16 which primarily
consists of inventory level as MTR has to maintain high inventory
owing to dealership nature of its operations. On account of this,
average utilization of its working capital bank borrowing for the
past 12 month period ended November 2016 remained high at 73%.

Presence into competitive industry with demand linkages to growth
of agriculture industry Tractor dealership business is highly
fragmented and competitive with presence of large number of
tractor dealers catering to different brand on account of easy
entry to the dealership business. MP being agriculture driven
state has always remained an attractive destination for the
tractor industry. Thus, MTR faces high competition from other M&M
tractor dealers and dealers of other established brands such as
Eicher, Escort, HMT Tractors, Sonalika and TAFE in the same or
nearby locality.

Furthermore, demand for the tractors are linked to the changes in
general economy and seasonal changes. Especially demand for the
tractors are largely dependent upon the monsoon levels and
minimum support price (MSP) offered by the government. Thus,
fortune of the industry and in turn of the dealers is dependent
upon uncontrollable external factors.

Key Rating Strengths
Experienced promoters along with long association with reputed
OEM
MTR was established by Mr Mahesh Kumar Malaiya and Mr Kapil Kumar
Malaiya. Mr Mahesh Kumar Malaiya, 71 years old, has more than
four decades of experience in the field of dealership business.
Mr Kapil Kumar Malaiya, a post graduate, also has more than two
decades of experience in dealership business. The partners are
also associated with Adinath Motors (rated CARE BB-/A4 - dealer
of Maruti Suzuki India Ltd's passenger vehicles) and Economy
Centre
(Dealers of Yamaha Motors) at Sagar MP. Thus, partners have good
business network, business connections and reputation in MP which
gives MT competitive advantage over others.

Since its inception MTR has been dealing in the tractors of M&M,
a market leader and one the largest tractors manufacturing
company in India. Furthermore, being the dealer of M&M, MTR also
gets support for after sales and maintenance services from the
wide network of M&M.

Established in 1989, MTR is a partnership firm promoted by Mr
Mahesh Kumar Malaiya and Mr Kapil Kumar Malaiya having experience
of four decades in automobile dealership business. MTR is an
authorized dealer of Mahindra & Mahindra Limited (M&M) and is
engaged in sale of tractors and its spare parts. MTR also runs an
authorized service centre of Mahindra & Mahindra at Sagar (Madhya
Pradesh). It also provides value addition service such as sale of
old used tractors of the farmers. The partners are also
associated with Adinath Motors (rated CARE BB-/A4 - engaged into
dealership of passenger vehicles of Maruti Suzuki India Limited
since 2000) at Sagar, MP.

It operates mainly from one showroom at Sagar (Madhya Pradesh)
along with authorized service centre. Furthermore, it also has
small branches in Shahgarh, Deori, Rehli, Garhkota, Bilehra &
Rahatgarh to facilitate trade with farmers and to
cover reasonably entire MP region.

During FY16 (A), MTR reported PAT of INR0.22 crore on a TOI of
INR22.52 crore as against net profit of INR0.28 crore on a TOI of
INR23.81 crore during FY15. During 9MFY17 (Provisional), MTR has
achieved a turnover of INR22 crore.


N. R. C. INDUSTRIES: CRISIL Reaffirms B+ Rating on INR22MM Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of N. R. C. Industries Ltd.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              22      CRISIL B+/Stable (Reaffirmed)

   Letter of credit &
   Bank Guarantee           33      CRISIL A4 (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility        3      CRISIL A4 (Reaffirmed)

Revenue growth is expected to be moderate at 5-10% over the
medium term supported by steady order flow. Operating margin is
expected at 7.7-8.0%, but will remain susceptible to the tender
based business. The financial risk profile is comfortable because
of healthy networth and total outside liabilities to adjusted
networth (TOLANW), albeit constrained by weak debt protection
metrics. With moderate profitability, stable capital working
cycle, and absence of debt-funded capital expenditure (capex),
the financial risk profile should remain comfortable over the
medium term. Liquidity is weak, reflected in high bank limit
utilisation due to a shift in inventory holding policy, leading
to stretched working capital cycle. However, absence of
significant capex will support the liquidity.

Key Rating Drivers & Detailed Description
Weakness
* Large working capital requirement: NIL had gross current assets
of 228 days as on March 31, 2016, and funds a large part of its
working capital requirement through payables. CRISIL believes
NIL's operations will remain working capital intensive, driven by
substantial receivables and inventory, and fund requirement for
tender-based business.

* Modest scale of operations: NIL had low revenue of INR79.89
crore for fiscal 2016, and of INR70-80 crore over the past three
fiscals. NIL's scale of operations will remain modest over the
medium term because of intense competition, cyclical demand, and
limited presence overseas.

* Susceptibility to cyclicality in end-user industries: The
conveyor belts manufactured by NIL are predominantly used in the
iron and steel, power, cement, and mining industries. The
performance of capital goods and mining industries is linked to
investment cycles in the economy. Any economic downturn will
result in a decline in spending in the infrastructure sector,
which will adversely affect NIL.

Strengths
* Extensive experience of promoters: Experience of more than 40
years and strong track record have helped NIL's promoter, Mr
Ranbir Singh, establish relationships with major customers and
suppliers.
Outlook: Stable

CRISIL believes NIL will benefit from its promoter's extensive
industry experience. The outlook may be revised to 'Positive' if
there is a substantial increase in revenue, profitability, and
cash accrual, easing the pressure on financial risk profile,
particularly liquidity. The outlook may be revised to 'Negative'
if NIL has large working capital requirement, or undertakes
sizeable, debt-funded capex, weakening its financial risk
profile, especially its liquidity.

NIL, promoted by Mr Ranbir Singh, manufactures rubber conveyor
belts and transmission belts. It has two manufacturing units at
Amritsar: one for fabric-reinforced rubber conveyor belts and the
other for rubber transmission belts.

NIL, on a standalone basis, had a profit after tax (PAT) of
INR1.26 Cr on net sales of INR79.79 Cr in fiscal 2016, vis-a vis
INR0.95 Cr and INR73.93 Cr, respectively, in fiscal 2015.


NEMCARE HOSPITALS: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Nemcare
Hospitals Private Limited (NHPL) a Long-Term Issuer Rating of
'IND BB'.  The Outlook is Stable.  The instrument-wise rating
actions are:

   -- INR490 mil. Term loan assigned with IND BB/Stable rating

                         KEY RATING DRIVERS

The ratings reflect that NHPL's hospital project is still under
the implementation stage.  The project is expected to commence
commercial operations by 4QFY17.  The commencement of commercial
operations was extended by three months due to a delay in
approvals from the concerned authority.  The delay led to an
increase in project cost to INR871.6 million from the previously
estimated INR861.1 million.  The increased project cost has been
funded through share capital.

The ratings, however, are supported by the promoters' decade-long
experience in the healthcare industry.  Moreover, the hospital
has a specialized cardiovascular division and will operate under
the brand of existing Nemcare Hospital, which is run by associate
entity North East Medicare Care and Research Centre Pvt Ltd.
Nemcare Hospital has been operating for almost two decades now.

                        RATING SENSITIVITIES

Negative: Any further delay in the commencement of commercial
operations will lead to a further cost overrun, resulting in a
negative ration g action.

Positive: Stabilization of operations within the next one year
will be positive for the ratings.

COMPANY PROFILE

Incorporated on July 2008, NHPL is setting up a 200-bed multi-
speciality hospital in Guwahati, Assam.


OYSTER PRINTERS: CRISIL Assigns B+ Rating to INR7MM Cash Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Oyster Printers and Publishers Private Limited and
has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to these
bank facilities. CRISIL had suspended the rating on December 13,
2011, as the company had not provided the necessary information
required for a rating review. Oyster has now shared the requisite
information enabling CRISIL to assign the rating.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee           2         CRISIL A4 (Assigned;
                                      Suspension Revoked)

   Cash Credit              7         CRISIL B+/Stable (Assigned;
                                      Suspension Revoked)

The rating reflects Oyster's modest business risk profile marked
by small scale of operations and moderate profitability. This
rating weakness is partially offset by promoter's extensive
expertise in the printing industry and it's above average
financial risk profile.

Key Rating Drivers & Detailed Description
Weakness
* Small scale of operations due to seasonality in revenue
profile: As the books are distributed at the start of the
academic session (beginning in June/ July), tenders are floated
by the state governments from September onwards in the previous
year, with the delivery schedule till March - May. Hence, the
company generates majority of its revenues from March to May
period, thus resulting in seasonality in its revenue profile.

Strengths
* Extensive experience of the promoters: The promoters have
extensive experience of almost two decades in the printing
industry which is expected to benefit the business risk profile
of the firm over the medium term.

* Above average financial risk profile marked by low gearing and
strong net worth: The financial risk profile of the company is
above average as reflected in its striong net worth of INR17 crs
and low gearing of less than 1 times as on March 31st, 2016.
Outlook: Stable

CRISIL believes that Oyster will sustain its stable business and
financial risk profile over the medium term, on the back of its
successful track record and satisfactory debt protection
measures. The outlook may be revised to 'Positive' if the company
maintains its revenue growth, while sustaining profitability, and
if the company's financial risk profile improves significantly
led by equity infusion. Conversely, the outlook may be revised to
'Negative' if Oyster's operating profitability declines
materially, or if the company takes on larger than expected debt
to fund capital expenditure, adversely affecting its financial
risk profile.

Oyster incorporated in 1999 by Mr. Ashok Chopra in Mathura, Uttar
Pradesh, and is engaged in printing and publishing of text books
for government education councils of various states in northern
India.

Oyster reported a profit after tax (PAT) of INR-27 lacs on net
sales of INR1.94 Crores for fiscal 2016, vis-a -vis INR21 lacs
and INR14.14 crores, respectively in fiscal 2015.

Status of non-cooperation with previous CRA: Oyster has not
cooperated with CARE Ltd which suspended its rating on the
company in Feb 26, 2016. The reason provided by CARE Ltd is non-
furnishing of information required for monitoring of ratings.


PARAMOUNT STEELS: ICRA Lowers Rating on INR10cr Loan to B
---------------------------------------------------------
ICRA has revised the long-term rating to [ICRA] B from [ICRA]B+
for the INR10.00-crore fund-based facility of Paramount Steels
Limited. The outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based Limits      10.00       Revised from [ICRA]B+ to
                                     [ICRA]B; Stable outlook
                                     assigned

Rationale
The rating revision is driven by the deterioration in PSL's
financial profile as evident from the decline in the operating
income in FY2016 as well as the significant erosion in its
operating profit margins due to weak market demand and high
volatility and cyclicality observed in the steel prices in
FY2016, which had resulted in low realisations. The decline in
the operating margins (from 4.13% in FY2015 to 0.04% in FY2016)
has resulted in losses at the net level and erosion of net worth.
This has also been accompanied by increased reliance on external
borrowings to fund the working capital requirements of the
company, resulting in deterioration of the capital structure
(gearing increased from 4.69x in FY2015 to 17.84x in FY 2016) and
coverage indicators. Moreover, the liquidity of the company
continues to be stretched because of elevated working capital
caused by high receivables, leading to high utilisation of the
working capital limits availed from the bank. The ratings
continue to be further constrained by the high competitive
intensity and the fragmented structure of the steel industry as
well as the cyclical nature of the industry which makes its
vulnerable to fluctuations in steel prices.

However, ICRA continues to favourably factor in the rich
experience of the promoters, the strategic location of its
integrated manufacturing facility and the established
relationships with key customers. Going forward, PSL's ability to
increase its scale of operations, improve its profit margins and
optimally manage its working capital cycle, which would result in
sustained improvement in liquidity position, will be the key
rating sensitivity.

Key Rating Drivers
Credit Strengths
* Long track record of promoters with more than three decades
   of experience in the manufacturing of steel bars and ingot
* Established relationship with key customers (distributors &
   retailers) enables the company to secure repeat orders

Credit Weaknesses
* Significant deterioration in the financial risk profile in
   FY2016 as reflected in the decline in sales, losses at net
   level, increase in gearing levels and stretched debt coverage
   indicators
* The company's moderate scale of operations, which coupled with
   its weak profitability and high dependence on external
   borrowings for working capital funding, has resulted in weak
   debt protection indicators and high gearing
* Vulnerability of profitability to fluctuations in the raw
   material prices; highly competitive industry marked by the
   presence of numerous unorganised players and various
   established players
* Cyclical nature of the steel industry is likely to keep the
   company's cash flows volatile

Description of key rating drivers highlighted:

The operating income of the company declined by 23% in FY2016 on
account of high volatility observed in the steel prices in FY2016
against low realisations and subdued demand scenario. However,
the company, on a provisional basis, reported sales of INR39.01
crore and a net profit of INR0.09 crore in 9M FY2017 on account
of improved realisations against the backdrop of increase in
price of steel prices and higher operational efficiency due to
the replacement of old furnace. The company is expected to
achieve sales of INR52 crore by FY2017. The company has
integrated its downstream operations by including wire drawing in
its production facility, which is comparatively a higher margin
product since it requires more processing and precision. This
segment is expected to contribute around INR5-7 crore in the
sales in FY2017.The company had taken loan against property of
INR9.45 crore in FY2015, which are to be repaid in 180 monthly
installments. The loan was used in the company's operations to
support its liquidity. The company has taken raw material
assistance against a bank guarantee of INR3 crore from NSIC Ltd,
at an interest rate of 10% and overdraft facility of INR2.30
crore from Deutsche Bank.

Paramount Steels Limited, incorporated in 1981, manufactures
steel ingots and rolls them into hex bars and rounds. The
manufacturing unit of the company is in Ludhiana, Punjab and has
a rolling unit and induction furnace with annual capacities of
19,000 metric tonnes each.

PIL reported a net loss of INR2.83 crore on an operating income
of INR51.00 crore in FY2016, as against a net profit of INR0.27
crore on an operating income of INR65.83 crore in FY2015. The
company, on a provisional basis, reported an operating income of
INR39.01 crore in 9M FY2017.


PARAS TARP: CRISIL Assigns B+ Rating to INR5.0MM Long Term Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Paras Tarp Industries and assigned its 'CRISIL
B+/Stable' rating to the bank facilities. CRISIL had, on
August 24, 2016, suspended the ratings as PTI 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             1.8       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Long Term Loan          5.0       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Proposed Long Term      0.2       CRISIL B+/Stable (Assigned;
   Bank Loan Facility                Suspension Revoked)

The rating reflects PTI's exposure to its ongoing project, modest
scale of operations in the highly competitive plastic and
packaging industry, and its working capital-intensive operations.
These weaknesses are partially offset by its promoters' extensive
experience in the ceramics industry and proximity of
manufacturing facilities to raw material and labour resources.
Key Rating Drivers & Detailed Description

Weaknesses
* Modest scale of operations: The scale is likely to be small in
the intensely competitive tarp industry.

* Small networth: Networth was at INR2.00 crore as on March 31,
2016.

* Working capital-intensive operations: Operations remain highly
working capital intensive driven by inventory days.

Strengths
* Extensive experience of promoters: Long standing presence of
promoters and already established dealer network are likely to
reduce demand risk for ongoing capital expenditure.

* Healthy operating margin: Operating margin in fiscal 2016, the
first year of operations, was at 22% driven by product quality.
Outlook: Stable

CRISIL believes PTI will benefit over the medium term from its
promoters' experience. The outlook may be revised to 'Positive'
if timely stabilisation of operations leads to healthy cash
accrual and improvement in the financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
significantly low operating margin or any large, debt-funded
capital expenditure, or its working capital management
deteriorates, weakening the financial risk profile.

Established in 2014, PTI is promoted by the Hirabhai Patel and
family. The firm, based in Ahmedabad, is into manufacture and
trade in high-density polyethylene/polypropylene woven sacks and
laminated tarp at its production facilities in Ahmedabad. It
commenced its production in June 2015 only.

For fiscal 2016, PTI's net profit was INR18.00 lakh on net sales
of INR9.37 crore.


PATIL & COMPANY: CARE Assigns B- Rating to INR10cr LT Bank Loan
---------------------------------------------------------------
The ratings assigned to the bank facilities of Patil & Company
are constrained by its small scale of operations with declining
revenue and moderate profit margins, geographical concentration
with business exposure in a single state, its presence in a
highly fragmented industry with intense competition and exposure
to tender-driven process. The ratings are also constrained on
account of the working capital-intensive nature of operation and
partnership nature of constitution.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities               10       CARE B-; Stable Assigned

   Long/ Short-term          7       CARE B-; Stable/CARE A4
   Bank Facilities                   Assigned

The above constraints outweigh the comfort derived from the long
track record of operations of the firm along with experienced
partners, comfortable solvency position and moderate order book
position.

The ability of the firm to strengthen its order book and execute
the order in a timely manner, increase its scale of operations
while improve its profitability and solvency position along with
efficient management of working capital requirement are the key
rating sensitivities.

Detailed description of the key rating drivers
Key Rating Strengths
Long track record and experienced partners: established in 1976,
PC has a long track record of 40 years in the industry.

Furthermore, the long standing experience and relationship of the
partners has enabled the firm to reinforce its footing in
the construction business.

Comfortable capital structure and debt coverage indicators: the
low debt profile of the company as against the healthy net worth
base resulted in comfortable capital structure for the firm as
marked by the overall gearing of 0.36x as on March 31, 2016.
Moreover, with moderate profitability and low debt profile, the
debt coverage indicators of the firm can also be classified as
satisfactory as at the end of FY16 Moderate order book position:
PC has an outstanding order book of 1.57x of FY16 TOI, as on
December 30, 2016, which is to be executed over a period of three
to six months providing revenue visibility in the short term.

Key Rating Weaknesses
Small scale of operations and moderate profitability margins: The
total operating income of the firm has been declining since the
last three years ended FY16, on account of the lower orders
executed during the years. Profit margins of the firm although
moderate have been fluctuating owing to the higher cost of raw
materials and competitive bidding process owing to fragmented
nature of industry. However, the PBILDT margin remained moderate
and in the range of 16%-23%. Working capital intensive nature of
operations: The liquidity position of the firm remained stretched
with funds being mainly blocked in inventory as reflected by high
gross current asset days of over 255 days during last three years
ending FY16. The same resulted in high utilization of its working
capital limits.

Presence in a highly fragmented industry: The firm is a small
sized player involved in executing civil construction contracts.
The construction sector is plagued by numerous unorganized and
organized players making it highly competitive. The high
concentration on government contracts makes PC susceptible to any
drop in government spend on infrastructure projects and changes
pertaining to government policy regarding awarding of tenders to
contractors.

Partnership nature of constitution: PC being a partnership
concern is exposed to inherent risk of partner's capital being
withdrawn at times of personal contingency and limited ability to
raise capital. Moreover, poor succession planning may result in
dissolution of firm

PC was established in the year 1976 as a partnership firm and is
engaged in civil construction of roads and is registered as
a Class 1-A contractor with Public Work Department (PWD),
Maharashtra, and Karnataka by virtue of which it is eligible to
undertake all types of civil works contract within the respective
states. The partners of the firm have an extensive
experience of more than four decades since the inception of the
firm.

During FY16 (refers to a period from April 1 to March 31), the
firm registered a total operating income of INR28.68 crore
and profit after tax of INR1.47 crore.


PERMALI WALLACE: ICRA Reaffirms 'D' Rating on INR41.23cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA] D on the
INR53.23-crore fund-based limits and the short-term rating of
[ICRA] D on the INR13.25-crore non-fund based limits of Permali
Wallace Private Limited. ICRA has also reaffirmed rating of
[ICRA]D on the INR3.00-crore unallocated limits of PWPL.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Term Loans             41.23        [ICRA] D; Reaffirmed
  Cash Credit            12.00        [ICRA] D; Reaffirmed
  Non Fund Based
  facilities             13.25        [ICRA] D; Reaffirmed
  Unallocated
  facilities              3.00        [ICRA] D; Reaffirmed

Rationale
The rating reaffirmation reflects the continuous delay in debt
servicing on account of stretched liquidity position of the
company. The high working capital intensity coupled with the
company's debt-funded capital expenditure has resulted in the
liquidity constraints. ICRA, however, takes note of the
longstanding experience of the promoters in the laminates
industry and the company's diversified product portfolio, which
enables it to cater to various industries such as electrical,
defense, railways, and foundries.

Going forward the ability of the company to increase its scale in
line with installed capacity and improve its working capital
cycle after demonstrating a track record of timely debt servicing
will be the key rating sensitivity.

Key Rating Drivers
Strengths
* Long standing experience of the promoters in laminates
   industry
* Diversified product portfolio enables the company to cater to
   multiple industries
Credit Weakness
* Delay in debt servicing due to stretched liquidity position
* Continuous net losses erode the net worth of the company;
   though promoters continue to infuse funds, the company is
   expected to continue to incur net losses in the near term
   due to high depreciation and interest costs.
* Continuously decline in capacity utilisation, only ~23% of
   installed capacity was utilised in FY2016
* High import dependence exposes the company to adverse foreign
   exchange movement
* Highly industry competition due to the presence of a large
   number of players
* High working capital intensity due to high receivables and
   inventory days

Description of key rating drivers highlighted:

The long standing experience of the promoters in the laminates
industry and the company's diversified product portfolio enable
it to cater to various industries such as electrical, defense,
railways, foundries etc. PWPL had carried out debt-funded capital
expenditure in FY2013 and FY2014. However, lower demand,
particularly from the power sector led to lower-than-expected
ramp up in capacity utilisation. The capacity utilisation of the
company was low at around 23% in FY2016. The business remained
working capital intensive owing to high debtor and stock levels,
also evident from the high limit utilisation. Furthermore, the
sizeable repayment towards debt-funded capital expenditure
incurred by PWPL to enhance capacity exerted pressure on the debt
servicing capability of the company. Continuous losses at the net
level continue to erode the net worth of the company. Promoters
have infused capital in the form of equity, non convertible
redeemable shares (NCDs) and cumulative redeemable convertible
shares in FY2016 to fund the repayments and interest payments of
PWPL. However, there are delays in timely servicing of the debt.
While promoters continue to infuse funds, the company is expected
to continue to incur net losses in the near term due to lower
capacity utilisation, leading to high fixed costs, accompanied by
high depreciation and interest costs.

PWPL was established in 1961 in technical and financial
collaboration with Permali Limited, Gloucester, the U.K. and
Chase Lowe & Co., Manchester, the U.K. The company started as a
manufacturer of wood-based densified impregnated laminates for
industrial and engineering applications and expanded its product
range to include veneer-based components, glass reinforced
composites, sheet moulding compounds, dough moulding compounds,
moulded components, epoxy resin castings, etc.

PWPL reported a net loss of INR2.67 crore on an operating income
of INR53.76 crore in FY2016, as against a net loss of INR6.24
crore on an operating income of INR53.88 crore in the previous
year.


PRINCE MARKETING: ICRA Reaffirms B+ Rating on INR33cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR33.00
crore term loan of Prince Marketing at [ICRA]B+ and the short-
term rating assigned to the INR25.00 crore non fund based
facility of Prince Marketing at [ICRA]A4. The outlook on the long
term rating is Stable.

                         Amount
  Facilities          (INR crore)    Ratings
  ----------          -----------    -------
  Long term: Fund
  based                   33.00      [ICRA]B+(Stable); Reaffirmed

  Short term: Non
  Fund Based              25.00      [ICRA]A4; Reaffirmed

Rationale

The reaffirmation of ratings takes into account moderate scale of
operation and high customer concentration risks with entire
trading operation dedicated for group Company. The ratings are
further constrained by debt funded purchase of property which has
led to leveraged capital structure. ICRA also notes the low value
added nature of operations which has kept the profit metrics weak
owing to trading nature of business. The ratings also factor in
the risk arising from partnership nature of the organization
including the risk of capital withdrawal by the partners.
The ratings, however, positively takes into account the long
standing experience of partners in the polymer industry and its
affiliation to an established group providing operational
synergies. The ratings also consider the strategic investment of
the firm in distressed assets in Bhuj and Mumbai which leaves
scope for future value unlocking.

Going forward, the company's ability to ramp up its scale of
operation, improve its profit metrics, so as to timely meet its
financial obligations from operational cash-flow as well as
timely financial assistance from partners remains key rating
sensitivities.

Key rating drivers
Credit Strengths
* Long standing experience of the partners in the polymer
industry and its affiliation to an established group provides
operational synergies
* Strategic investment in distressed assets in Bhuj via a one-
time-settlement leaves scope for future value unlocking
Credit Weakness
* Moderate scale of operation
* High customer concentration risks with entire trading
operations dedicated for group company i.e. Prince Pipes and
Fittings Private Limited
* Debt funded purchase of property has led to leveraged capital
structure although there have been some moderation as on March
31, 2016
* Low value added nature of operations has kept profit metrics
weak owing to trading nature of business;
* Risk arising from partnership nature of the organization
including the risk of capital withdrawal by the partners

Description of key rating drivers highlighted:

PM was incorporated as a stockiest agent for its group company
Prince Pipes and Fittings Private Limited. With the acquisition
of Chemplast Sanmar's PVC manufacturing division - Trubore - and
its facilities in Kolhapur and Chennai, PPFL's manufacturing
network has strengthened considerably as a result of which, PPFL
supplies to its dealers and distributors directly, not involving
Prince Marketing in the supply chain. Thus, the Chennai and Pune
warehouses of Prince Marketing were closed in Q1FY14 and the
Indore warehouse was closed in Q4 FY 2014. Since FY 2015, the
firm has been involved only in imports of polymers like Poly
Vinyl Chloride (PVC), Chlorinated PVC (CPVC) and PolyPropylene
Random (PPR) for its group company PPFL and derives 100% of its
revenues from the same. The firm primarily uses the Haridwar
warehouse for storing the raw materials for PPFL. The firm is
jointly partnered by Mr. Jayant Chheda who has an experience of
more than two decades in polymer industry and is the founder
chairman and managing director of Prince Pipes and Fittings
Private Limited.

In November 2009, the firm purchased distressed assets (five
plots and a commercial building) which were a part of Kenson
Group in a one-time-settlement with Syndicate Bank. Additionally,
in FY 2012, the firm had also purchased an office space in
Mumbai. Nonetheless, the firm's capital has been deployed for
asset creation and sale/lease of the assets will aide improvement
in liquidity profile of the firm.

Currently the firm operates mainly from the Haridwar warehouse
which stocks imported polymers like Poly Vinyl Chloride (PVC),
Chlorinated PVC (CPVC) and PolyPropylene Random (PPR) and
supplies the same to PPFL in Haridwar. Meanwhile, the Bhiwandi
warehouse is used to store domestically purchased raw materials
and is employed only when there is a gap in the pricing between
the domestic procurement and (Letter of Credit) LC backed
imports. Thus, the Bhiwandi warehouse generates revenues only
during volatility in prices of raw materials.

Recent Results:

The company has recorded an operating income of INR101.46 crore
and profit after tax of INR0.90 crore in FY2016 as compared to an
operating income of INR113.84 crore and profit after tax of
INR1.50 crore in FY2015.

Analytical approach: To arrive at the ratings ICRA has taken into
account the standalone financials of the company along with key
operational developments in the recent past. The company operates
as a standalone entity and doesn't have any subsidiary in place.

Prince Marketing (PM) is a partnership firm incorporated in 2001
and engaged in trading of polymers like PolyVinyl Chloride (PVC)
resins, PVC pipes, PVC ball valve, and other petroleum products
such as ethyl vinyl acetate (EVA) poly propylene (PPE) and high
density poly ethylene (HDPE) used in plastic manufacturing. The
firm is jointly held by Mr. Jayant Chheda (Managing Director,
Prince Pipes and Fittings Private Limited [PPFL]) and family. The
firm operates depots at Bhiwandi (Maharashtra) and Haridwar
(Uttarakhand) which are rented premises.


PROZONE INTU: CRISIL Assigns 'B+' Rating to INR105MM Debentures
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to Prozone Intu
Developers Private Limited proposed INR105 crore Non-Convertible
Debenture (NCD).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Debentures              105        CRISIL B+/Stable

PIDPL intends to use the receipts from the issue of the proposed
NCDs to fund the acquisition of operational Mall in Uttar
Pradesh.

The rating reflects moderate risk related to completion of
acquisition, and vulnerability to risks related to contract
renewal as about 40% of the leased area will come up for renewal
in a single year. These weaknesses are partially offset by the
advantageous location of the operational Mall, resulting in
strong footfalls and healthy occupancy, and the experience of
promoter in operating retail properties.

Key Rating Drivers & Detailed Description
Weakness
* Below-average financial risk profile
PIDPL will be acquiring the operational Mall with a mix of debt
from banks and NCD at low interest rate from overseas investors.
While the NCD is expected to be replaced by equity over the
medium term or will be rolled over at similar terms, any change
in terms or requirement of payout at maturity can adversely
affect the financial profile of the company and hence will remain
a key rating sensitivity factor.

* Moderate concentration in revenue profile on key tenants
coupled with vulnerability of cash flow to risks related to
contract renewal
The operational Mall has about 95 tenants with about 5 key
tenants that contribute more than 35 % of the Mall's turnover.
Moreover, about 40 % of the agreements with tenants will come up
for renewal in a single year in 2018-19 (refers to financial
year, April 1 to March 31). Non-renewal of contract by any of the
large tenants or by a significant number of tenants can lead to
supressed cash inflows in that year and hence is a key rating
sensitivity factor.

* Risk related to completion of acquisition within budgeted cost
and time
The acquisition of the operational Mall is in the initial phase
with funding tie-up underway and with financial and operational
due diligence of the target pending. The acquisition is therefore
exposed to uncertainties related to closure within stipulated
time and budgeted cost.

Strengths
* Favourable location leading to stable revenue profile of the
operational Mall marked by healthy occupancy
The operational Mall is located in the central business district
of a large city of Uttar Pradesh. The Mall has a residential
catchment within a radius of about 5 km. Due to its favourable
location, the Mall has healthy footfalls and has garnered healthy
occupancy of about 85 %.

* Experience of PIDPL's promoters in operating retail properties
Prozone Intu Properties Limited (Prozone Intu), which is the
promoter of PIDPL, has a long experience in development and
management of retail assets. The parent company operates Malls in
Aurangabad (Maharashtra) and Coimbatore (Tamil Nadu). Intu
Properties PLC, which is a strategic investor in Prozone Intu
Properties Ltd, has an experience of operating 17 Mall assets in
Europe.
Outlook: Stable

CRISIL believes that post acquisition of the operational Mall,
PIDPL will benefit over the medium term from steady cash flow,
supported by existing and expected lease agreements with a
reputed clientele. The outlook may be revised to 'Positive' if
the acquisition in completed within stipulated budget and if
higher-than-expected cash flow improves debt protection metrics.
The outlook may be revised to 'Negative' if debt protection
metrics weaken owing to contraction of higher than anticipated
debt.

PIDPL was incorporated in Sept, 2007 as Jaipur Festival City
Private Limited and its name was changed to PIDPL in May 2016.
PIDPL is a wholly owned subsidiary of Prozone Intu. PIDPL intends
to acquire the assets, liabilities and associated right to
collect lease rentals from the partnership firm, which owns and
operates the Mall in Uttar Pradesh. The Mall has a total leasable
area of about 3.9 million square feet and has been operational
since 2005. On a provisional basis, for 2015-16 (refers to
financial year, April 1 to March 31), the partnership firm that
owns the Mall is estimated to have reported a profit after tax
(PAT) of INR12.3 crore on net sales of INR44.6 crore as against
PAT of INR6.6 crore and net sales of INR34.6 crore in 2014-15.

About Prozone Intu
Prozone Intu was incorporated in 2007 and is promoted by
Chaturvedi family of Mumbai with strategic investment from Intu
Properties PLC of UK through its special purpose vehicle,
Nailsfield Ltd. Prozone Intu creates, develops and manages mixed
use developments and shopping centres in Tier 2 and Tier 3
cities. Prozone Intu, through its SPVs owns and operates retail
properties in Aurangabad (Madhya Pradesh, and Coimbatore (Tamil
Nadu) and is developing residential property in Nagpur
(Maharashtra), Coimbatore and Indore (Madhya Pradesh).

About Intu Properties PLC
Intu Properties PLC is registered in the UK and listed on the
London Stock Exchange. It owns and manages assets worth more than
GBP 8.9 billion (approx. in INR74,290.97 crore). It owns 17
retail properties with a total retail space of more than 21
million square feet. Of these properties, 12 of which are among
the top 25 shopping centres in the UK, representing around 38%
market share of the UK.


R.K. INDUSTRIES: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed R.K. Industries'
(RKI) Long-Term Issuer Rating at 'IND BB-'.  The Outlook is
Stable.  The agency has taken these rating actions on its fund-
based limits:

   -- INR150.00 mil. (increased from INR140.00) Fund-based
      working Capital affirmed with IND BB-/Stable/IND A4+ rating

                        KEY RATING DRIVERS

The affirmation reflects stable operating profitability and
credit metrics.  The operating margins were 3.26% in FY16
(FY15:3.51%); margins remained in the range of 2.90%-3.51% during
FY14-FY16. Interest coverage (operating EBITDA/gross interest
expense) stood at 2.04x in FY16 (FY15:2.36x; FY14:1.54x) and
leverage (total adjusted debt/operating EBITDAR) at 4.05x (2.80x;
5.99x).

The ratings reflect RKI's tight liquidity position as evidenced
by almost full average utilization of the working capital
facilities during the 12 months ended December 2016.

The ratings, however, draw comfort from increase in orders which
led to substantial growth in revenue to INR1,571million in FY16
from INR904 million in FY14; according to unaudited financials
for 9MFY17 revenue was INR974million and orders in hand stood at
around INR500 million.  The ratings are supported by a decade-
long experience of R.K. Industries' founders in the spices
processing and trading business.

                        RATING SENSITIVITIES

Positive: Substantial revenue growth while maintaining or
improving the operating margins leading to the improvement in the
credit metrics could be positive for the ratings.

Negative: Dip in operating margins leading to deterioration in
the credit metrics could be negative for the ratings.

COMPANY PROFILE

Incorporated in 2002, RKI is a Rajasthan-based proprietorship
firm.  The company is engaged in the cleaning, processing and
trading of whole spices, oil seeds and agro commodities.  The
firm is majorly engaged in exports to countries such as  the
United Kingdom, China, Thailand, Canada, Dubai and the Middle
east; exports contributed around 78% to its total sales in FY16
(FY15:72%, FY14: 62%).  The company sell its products under the
brand name Asha Purna and RK Gold.


RAJ WATERSCAPE: CRISIL Lowers Rating on INR25MM Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded the ratings on the bank facilities of
Raj Waterscape Properties Private Limited to 'CRISIL D' from
'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              25       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The delay reflects instances of overdrawals from more than 30
days in its cash credit facility. The overdrawal is on account of
weak liquidity driven by slow booking progress in its project
"Buckingam Garden" in Chennai.

Key Rating Drivers & Detailed Description
Weaknesses
* Overdrawals for more than 30 days in cash credit: The company
has been overdrawing its cash credit facility from November 2016
on account of weak liquidity. The liquidity has been weak
primarily on account of low booking rates in its ongoing project
"Buckingam Garden". CRISIL believes that RWPPL's liquidity will
remain under pressure over the medium term on account of slow
booking in its project and its exposure to project implementation
risks.

* Susceptibility to risks related to completion and salability of
its on-going project: Buckingham Gardens is RWPPL's first venture
in the residential real estate segment. The project is located in
Kanathur, ECR, and has an attractive location owing to its
proximity to many beaches which are a popular tourist destination
in Chennai. However, the project remains exposed to significant
risks pertaining to salability of its ongoing project. The
company has thus far sold only six out of the 17 villas available
for sale

* Exposure to intense competition in the residential real estate
segment
The real estate sector in India is cyclical and marked by
volatile prices and a highly fragmented market structure. The
risk is compounded by aggressive timelines for completion with
shortage of manpower (project engineers and skilled labour) in
this sector. Furthermore, the demand for real estate offerings is
impacted by local as well global economic concerns. The risk is
compounded for RWPPL as it is exposed to geographic concentration
in revenue profile since its entire estimated revenues will be
derived from its Chennai.

Strength
* Extensive entrepreneurial experience of promoters
RWPPL benefits from the extensive entrepreneurial experience of
its promoters. RWPPL is part of the Raj group of companies for
which the primary business interest is export of human hair. The
promoters have been in the hair exports segment for over three
decades through two group entities, Raj Hair International Pvt
Ltd (RHIPL, the Raj group's flagship entity; 'CRISIL
BB/Stable/CRISIL A4+') and B&H Exports. The promoters also have a
large land bank which encouraged them to venture into the
residential real estate segment.

Set up in 2005, RWPPL is undertaking a residential villa project,
Buckingham Gardens, in Chennai. The day-to-day operations of the
company are managed by Mr. George B Cherian. The promoters'
primary business interest is in the export of human hair. They
also have a presence in the print and media industry through
other group entities.


RANGA PARTICLE: CARE Assigns BB- Rating to INR79cr LT Loan
----------------------------------------------------------
The rating assigned to the long-term bank facilities of Ranga
Particle Board Industries Limited factor in significant project
execution risk, funding risk with debt limits partially tied up
and promoter funds yet to be infused, foreign exchange
fluctuation risk, regulatory risk and significant competition
being faced in the thin Medium Density Fiberboard (MDF) segment
from imports.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities
   (Fund-based)-Term
   Loan                   79         CARE BB-; Stable Assigned

   Long-term Bank
   Facilities (Fund-
   based)-Cash Credit     26         CARE BB-; Stable Assigned

However, the above weaknesses are offset to some extent by
promoters experience of over two decades in production and
marketing of engineered wood, availability of license for setting
up MDF plant, incentives from AP government for setting up new
facility, availability of raw material, established dealer
network for marketing and favorable demand supply gap in the
domestic
market.

RPBIL's ability to arrange funds in a timely manner and complete
the project without any time and cost overrun, and ability to
achieve envisaged operating rates, sales and profitability post
completion are the key rating sensitivities.

Detailed description of the key rating drivers
Key Rating Weaknesses
Execution risk of project: While, the land for the project and
the pre-operative approvals and licenses are largely in place,
the project is still under implementation and commercial
operations would commence only post April 2018. Any time over run
in completion of the project may lead to increased costs and
thereby affect the timely cash flows resulting in change in the
IRR for the project.

Funding Risk: The total project cost of INR137.98 crore is
expected be funded by a mix of debt and equity (in debt equity
ratio of 1.17x). The promoters have infused INR13 crore as share
capital and unsecured loan as on September 15, 2016.

The company has already received sanction for term loan from IDBI
Bank for INR39.50 crore (which would be disbursed post the
promoters infuse INR51.23 crores as equity capital) and balance
is yet to be tied up. Any failure on the part of the promoters to
infuse necessary equity capital or inability to raise entire debt
in a timely manner will impact the project time lines and may
lead time and cost overruns.

Foreign exchange fluctuation risk: RPBIL will have exposure to
exchange rate fluctuation while importing foreign machinery as
well as for compulsory exports which it will have to undertake as
per EPCG norms, which can impact the project costs and future
profitability.

Regulatory Risk: While currently the company has the requisite
licenses, given that it operates in an industry which is
susceptible to changes in environmental regulations, there can be
an impact on the company's ability to source raw material and
thereby its operations in case of any adverse change in
regulations.

Key Rating Strengths
Experienced Promoters: Mr Sanjiv Ambadas Agrawal and Mr Rangaiah
Karkala have over two decades of experience in production and
marketing of particle board & MDF. While, the promoters have the
requisite experience in similar products, the organization set up
continues to be largely promoter driven.

Incentive scheme from state government of AP for setting up new
unit: As per the Industrial Policy issued by Government of Andhra
Pradesh, RPBIL is eligible to get refund of (a) fixed power cost
reimbursement of INR 1 per unit consumed for 5 years from date of
commencement of commercial operations (DCCO) & (b) 50%
reimbursement of net VAT/CST/SGST for period of 7 years from DCCO
or up to realization of 100% fixed capital investment, whichever
is earlier.

Location of project close to raw material source: The major raw
material required for the manufacturing of MDF board is soft
wood. RPBIL will be sourcing the raw material from local
suppliers/ cultivators as eucalyptus trees, which are found in
abundance in the nearby region of the proposed project. Also,
accordingly, the freight cost for raw materials procurement would
also be reduced to that extent.

Marketing network in place: RPBIL will have advantage of PGPL's
existing customer base spread across country. The associate
company is well versed and experienced in the marketing of panel
products. RPBIL (through Ranga Overseas Pvt. Ltd) and PGPL have
an established dealer network all over India.

Favorable demand supply gap in domestic market; albeit
significant competition from imports: Domestically, few
manufacturers operate in thin MDF, the segment which RPBIL is
planning to cater. The company has obtained the requisite license
required for setting up the facility. While, there exist a demand
supply gap in thin MDF, and accordingly competition from the
domestic players would be relatively low, but RPBIL may face
significant competition from imports especially from South East
Asian countries and from China.

RPBIL, incorporated on September 02, 2010 by Mr Rangaiah
Kakarala, who originally obtained license for manufacture of
particle board under the company. In the year 2014, Mr Sanjiv
Agrawal promoter & director of Paralam Global Private Limited
(PGPL) a company engaged in manufacturing of particle board for
more than 25 years at Arvi District Wardha in Maharashtra took
over the major control of RPBIL from Mr Rangaiah. The new
promoters applied for fresh license on account of change in
product to be manufactured from particle board to MDF and also
change in the project location.

Furthermore, the new promoters decided to retain, Mr Rangaiah
erstwhile promoter of RPBIL as a Professional Director due to his
experience of the industry and old business association with the
new promoter Mr Sanjiv Agarwal. RPBIL is setting up a Medium
Density Fiberboard (MDF) manufacturing plant at Kandukur
(District Ongole), Andhra Pradesh with a capacity of 300 CBM per
day. The company is proposing to manufacture MDF of various
thicknesses ranging from 2.2 mm - 8mm. The total cost of the
project is estimated at INR137.98 crore. RPBIL reported a
networth of INR10.31 crore as on March 31, 2016.


RAVINA HEALTH: CRISIL Reaffirms 'B' Rating on INR16MM Term Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facility of Ravina Health Care Private Limited.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             16         CRISIL B/Stable (Reaffirmed)

The rating reflects the company's exposure to risks related to
implementation of, and occupancy at, its upcoming hospital in
Chennai. This weakness is partially offset by its promoters'
extensive experience in the healthcare industry.

Key Rating Drivers & Detailed Description
Weakness
* Exposure to risks related to implementation of, and occupancy
at, upcoming hospital
RHPL is constructing a 150-bed hospital in Chennai at a cost of
INR21.50 crore, funded through term loan of INR15.75 crore and
promoters' contribution of INR5.75 crore either as equity or
unsecured loan. RHPL proposes to commence operations at its
hospital by June 2017. Being a new hospital, demand for its
services will increase only gradually as it acquires trust among
people in the region.

Strength
* Promoters' experience in healthcare segment
RHPL is promoted by five doctors. While Dr A Sreenivasulu, Dr M V
Sathyanarayana (orthopaedic surgeons), Dr K Senthil (ENT [ear,
nose, throat], head, and neck injury), and Dr M A Srinivasarao
(anaesthesiologist) have extensive experience in Chennai, Dr
Surya Prakash Irakam is chairman, Department of Medicine, in
Somerset Medical Centre, New Jersey. The promoters expect to
bring in 25 doctors for the hospital.
Outlook: Stable

CRISIL believes RHPL will benefit from its promoters' extensive
experience in the healthcare industry. The outlook may be revised
to 'Positive' if RHPL stabilises operations at its hospital
earlier than expected, resulting in higher-than-expected accrual.
The outlook may be revised to 'Negative' if there is a
significant cost or time overrun in the project, impacting the
company's financial risk profile.

RHPL, incorporated in 2011, is constructing a multi-speciality
hospital in Chennai, and is likely to commence commercial
operations by June 2017.


SAATVEEKA TRADING: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Saatveeka
Trading Company's (SATC) Long-Term Issuer Rating at 'IND BB'.
The Outlook is Stable.  Instrument-wise rating actions are:

   -- INR100 mil. Fund-based limits affirmed with IND BB/Stable
      rating; and

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


                        KEY RATING DRIVERS

The affirmation reflects SATC's continued moderate scale of
trading operations along with its moderate credit profile.  FY16
financials indicate revenue of INR613 million (FY15: INR435
million), an operating EBITDA interest coverage (EBITDA/Interest)
of 1.7x (2.0x) and net leverage (net debt/EBITDA) of 4.5x (3.6x).
EBITDA margins were at 5.3% in FY16 (FY15: 8.8%).  SATC's
liquidity has been tight with almost full average utilization of
fund-based limits in the 12 months ended December 2016.

The ratings continue to remain constrained by SATC's presence in
the highly competitive steel industry, which is vulnerable to
fluctuations in the price of raw materials.

The ratings, however, continue to benefit from its founder's rich
experience of more than three decades in the steel trading
business.

                        RATING SENSITIVITIES

Negative: Positive rating action may result from improvement in
the credit profile from the current level.

Positive: Negative rating action may result from further
deterioration in the credit profile.

COMPANY PROFILE

SATC was set up in 1999 by Bella Matha Sivarraj with its
registered office in Thane.  The company is engaged in trading of
high speed steel and alloy steel.  SATC has been the first in
India to be accredited with ISO 9001-2008 for the trading of high
speed steel and alloy steel.  The company is an authorized
distributor of Graphite India Ltd, Powmex Steels Division.


SARVAJANIK JANKALAYAN: CARE Reaffirms B+ Rating on INR51.5cr Loan
-----------------------------------------------------------------
The rating assigned to bank facilities of Sarvajanik Jankalayan
Parmarthik Nyas (SJPN; refers to SJPN along with People's
University) continues to be constrained on account of accumulated
deficit, modest scale of operations, stressed liquidity and weak
debt coverage indicators. The rating is further constrained by
its presence in the highly regulatory environment and competitive
education industry with low level of entry barriers.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            51.54       CARE B+; Stable Reaffirmed

The rating, however, derives strength from the long and
established presence of group in Bhopal and its resourceful
promoters, strong demand of medical and dental courses along with
well-equipped infrastructure facilities for such courses.

The ability of SJPN to increase the scale of operations along
with improvement in its profitability as well as capital
structure would be the key rating sensitivities.

Detailed description of the key rating drivers
Key Rating Weaknesses
Accumulated deficit
The net worth continued to remain negative owing to accumulated
losses incurred by SJPN in the past. SJPN has negative net worth
of INR115.81 crore as on March 31, 2016, which is being primarily
funded through unsecured loans from the promoter group.

Presence in the highly regulatory environment
SJPN is operating in a highly regulated industry. In addition to
University Grants Commission, Medical Council of India, Dental
Council of India and All India Council for Technical Education,
the educational institutions are regulated by respective State
Governments with respect to the number of management seats,
amount of tuition fee charged for government quota and management
quota giving limited flexibility to the institutions.

Key Rating Strengths
Resourceful promoters having long and established presence in
Bhopal

Mr Suresh Vijaywargia, founder member of the trust has more than
three decades of experience in the fields of engineering,
construction, film financing, retailing and education in India
and abroad. The promoter group has regularly infused funds,
either through capital or unsecured loans to the support the
operations of SJPN.

Strong demand of medical and dental courses
The medical, dentistry, pharmacy and business management course
and the hotel management course of SJPN continued
to receive healthy enrolments during FY16. During FY16, TOI of
SJPN remained stable at INR109.69 crore (Rs.108.68 crore
in FY15).

Analytical approach: Combined
For analysis purpose we have taken a combined view of SJPN and PU
due to their common management and commingling nature of
operations as well as cash flows.

Registered in 2000, Bhopal-based SJPN is a charitable non-
profitable public trust formed by Mr Suresh Vijaywargia. On
May 4, 2011, SJPN received approval for setting up People's
University (PU) via the State Government Notification. PU is
empowered to award degrees as specified by the University Grants
Commission (UGC) under Section 22 of the UGC Act 1956 through its
main campus in regular mode.

SJPN is the sponsoring body of PU and on a combined basis it
operates 13 institutions on its 40-acre campus at Bhanpur,
Bhopal, and offers courses in multiple fields of education such
as medical, dental, nursing, paramedic, physiotherapy, pharmacy,
engineering, management, hotel management, etc. including a
school along with a 750-bed hospital in its campus.

During FY16 (refers to the period April 1 to March 31), SJPN
reported total operating income (TOI) of INR109.69 crore (based
on combined financials of SJPN and PU) and deficit of INR0.76
crore, as against the total operating income of INR108.68 crore
(combined financials of SJPN and PU) and deficit of INR2.85 crore
during FY15. Furthermore, during H1FY17, SJPN has reported total
income (fee income) of INR75.80 crore.


SGS MARKETING: CARE Assigns B+ Rating to INR2.50cr LT Loan
----------------------------------------------------------
The ratings assigned to the bank facilities of SGS Marketing are
primarily constrained by their partnership nature of business,
inherently low-margin business due to trading nature of
operations & pricing constraints, risk of non-renewal of
dealership and distributorship agreement, primarily linked to the
fortunes of Gionee and stiff competition and fast-changing
dynamics of the mobile handset industry. The ratings, however,
derive strength from its experienced partners, wide distribution
network and increasing trend in sales and association with
renowned brands.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             2.50       CARE B+; Stable Assigned

   Short-term Bank
   Facilities             5.50       CARE A4 Assigned

   Long-term/Short-       2.00       CARE B+; Stable/CARE A4
   term Bank Facilities              Assigned

Going forward, the ability of the firm to improve its scale of
operations along with profitability margins and efficient
management of working capital are the key rating sensitivities.
Detailed description of the key rating drivers.

Key Rating Weaknesses
Proprietorship nature of business: SGSM, being a proprietorship
entity, is exposed to inherent risk of proprietor's capital
being withdrawn at time of personal contingency. Furthermore,
limited ability to raise capital and poor succession planning may
result in dissolution of the firm.

Inherently low margin business due to trading nature of
operations & pricing constraints: SGSM operates at low
profitability margins mainly due to the trading nature of firm's
operations and profitability is largely linked to dealership and
distributorship margin. However, there is no major price risk to
the firm as most of price changes in the final product are pass
through the customers. Accordingly, profitability margins
remained on the lower side with the PBILDT margin and the PAT
margin remaining at 2.50% and 0.95%, respectively, in FY16
(refers to the period April 1 to March 31).

Risk of non-renewal of dealership and distributorship agreement:

SGSM has entered into a dealership agreement with Gionee since
October 2014. The dealership is guided by an agreement between
the two parties, which is valid for a period of 1 year, which is
expiring in April 2017. On the expiry of the term a fresh
agreement shall be signed between the two parties based on mutual
consent. Though the renewability of the same would pose a risk to
the business sustenance of the firm, the healthy growth achieved
by the firm specifically in the last two years mitigates the risk
related to renewability to an extent.

Primarily linked to the fortunes of Gionee: The dealership
business of Gionee handsets provides around 75% of total
sales on an average for SGSM. Thereby, the fortune is largely
depended to the performance of Gionee.

Stiff competition and fast changing dynamics of the mobile
handset industry: Even though the overall outlook for the mobile
handset industry is positive, increasing competition with the
advent of number of brands and need for constant innovation have
made the industry highly demanding.

Key Rating Strengths

Experienced partners: The firm is managed by Mr Nitin Jain,
partner, with the help of other partner- Mr Sushil kr
Chhabara. The partners are having around over two decades of
experience in trading operation.

Wide distribution network and increasing trend in sales: SGSM
deals in dealership of wide ranges of Gionee's mobiles and
accessories through a chain of 26 distributors scattered across
seven states in North-East India. The firm has witnessed sharp
jump in revenues over the past three years on the back of robust
demand of Gionee mobile phones coupled with wide distribution
network resulting into continued increase in the volumes.
Association with renowned brands: SGSM has long association with
renowned brands like Gionee, Cadbury India, Everest Spices,
L'OrÇal India, Titan watches, etc. As the said brands are reputed
players in their own segments and has established distribution
network, providing the firm a competitive advantage over its
peers.

Guwahati-based (Assam) SGS Marketing (SGSM) was established in
2007 as a partnership firm by Mr Nitin Jain along with
another partner Mr Sushil Kumar Chhabara. From inception, the
firm has been engaged into dealership and distributorship
business of various FMCG products and mobile handset and
accessories. During October 2014, the firm has been offered sole
dealership of Gionee mobile handsets for entire North-East India
which accounted around 75% of the total operating income for the
firmin FY16. This apart, the firm is enjoying the distributorship
of FMCG products like Cadbury chocolates, Everest cooking
articles, Loreal beauty products, etc. The firm also owns a
showroom of Titan watches in Guwahati.

During FY16, the firm reported a total operating income of
INR107.85 crore (FY15: INR61.02 crore) and a PAT of INR1.03
crore (in FY15: INR0.91 crore). The gross cash accrual was
INR1.11 crore (in FY15: INR0.97 crore) during FY16. The firm has
earned INR79.10 crore during 6MFY17.


SRI VAISHNAVI: CRISIL Assigns 'B' Rating to INR10MM Whse Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Sri Vaishnavi Jute Traders.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Warehouse Receipts     10          CRISIL B/Stable

The rating reflects the firm's exposure to regulations governing
the jute industry and fluctuations in raw material prices, and
weak financial risk profile because of low networth, high gearing
and weak debt protection metrics. These weaknesses are partially
offset by the extensive experience of its proprietor.

Key Rating Drivers & Detailed Description
Weaknesses
* Exposure to risks related to regulated nature of the jute
industry
The domestic jute industry is highly regulated by the government
in key areas such as pricing and sales. A minimum support price
(MSP) for raw jute has been announced by the Cabinet Committee on
Economic Affairs to prop up jute prices and ensure security for
farmers. The MSP, which varies from state to state and with jute
variety, influences end-price of jute products.

* Susceptibility to volatility in raw material prices
Profitability margins correlate highly with fluctuations in raw
material prices, which accounted for 63% of the operating income
in fiscal 2016. Furthermore, raw jute prices depend on MSP fixed
every year. Absence of long-term contracts with suppliers with
regard to either quantity or price compounds the risk.

* Weak financial risk profile
The firm has a small networth, high gearing, and average debt
protection metrics. SVJT has a networth of INR1.04 crores as on
March 31, 2016, because of low initial paid-up capital.
Aggressive financial policy led to peak gearing of 5.31 times
over the past three fiscals through March 2016. Debt protection
measures are also weak.

Strength
* Established presence supported by diverse product portfolio
Presence of more than 30 years in the jute industry has enabled
the proprietor to establish healthy relationship with customers
(local jute dealers) and suppliers.
Outlook: Stable

CRISIL believes SVJT will maintain its established market
position in the jute industry over the medium term on the back of
a diverse product portfolio and strong client relationship. The
outlook may be revised to 'Positive' in case of a substantial and
sustained improvement in scale of operations and profitability
margins. The outlook may be revised to 'Negative' if large, debt-
funded capital expenditure further weakens capital structure,
especially liquidity, or if operations are adversely affected by
any regulatory change.

Established in 2007 as proprietorship firm by Mr. Thirupathi
Naidu Bonu in Srikakulam, Andhra Pradesh, SVJT trades in raw jute
and jute products such as bags and waste paper The firm also owns
two developed warehouses.

Profit after tax was INR3 lakh on net sales of INR71.29 crore for
fiscal 2016, vis-a-vis INR7 lakh and INR165 crore, respectively,
for fiscal 2015.


SUNGRO SEEDS: Ind-Ra Assigns 'BB' Rating on INR100MM Capital
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Sungro Seeds
Private Limited's (SSPL) additional fund-based facility as:

   -- INR100 mil. Fund-based working capital assigned with
      IND BB/Stable rating

                        RATING SENSITIVITIES

Negative: Further stretch in working capital cycle or credit
metrics from current levels could lead to a rating downgrade.

Positive: A sustained improvement in credit metrics from current
levels could lead to a rating upgrade.

COMPANY PROFILE

Established in 1973, SSPL is engaged in the research, development
and production of seeds.  The company is a part of the Barwale
group of companies that has a strong track record in the seed
industry in India.  SSPL produces both hybrid and open-pollinated
seeds, with the former contributing the majority to the turnover
(FY16: 70%).  SSL has an established presence in the industry
across multiple states in India.


SUNRISE AQUA: ICRA Raises Rating on INR15cr LT Loan to B+
---------------------------------------------------------
ICRA has upgraded the long term rating to [ICRA]B+ from [ICRA]B
to the INR15.00 crore1 (enhanced from INR9.90 crore) fund based
limits of Sunrise Aqua Food Exports. ICRA has also upgraded
ratings to [ICRA]B+/[ICRA]A4 from [ICRA]B/[ICRA]A4 to INR1.00
crore (revised from INR0.10 crore) unallocated limits of SAFE.
The outlook on the long term rating is Stable.

                      Amount
  Facilities        (INR crore)    Ratings
  ----------        -----------    -------
  Long Term Fund        15.00      Upgraded to [ICRA]B+ (Stable)
  Based Limits                     from [ICRA]B

  Long/Short Term        1.00      Upgraded to [ICRA]B+ (Stable)/
  Unallocated Limits               [ICRA]A4 from [ICRA]B/[ICRA]A4

Rationale
The upgrade in ratings takes into account the successful ramp-up
of operations in the first year of operations (FY2016) on the
back of healthy order inflows. The firm witnessed healthy revenue
growth in 9m, FY2017 on account of diversification to new
countries like Thailand and US as against sales made only to
Vietnam during FY2016. The ratings are however constrained by
highly fragmented and low value additive nature of the business
with intense competition from domestic and international players.
The ratings consider risks inherent in sea food industry
including susceptibility of earnings to raw material price
fluctuations, susceptibility to disease outbreaks, climatic
risks, and vulnerability to regulations proposed by importing
nations and export benefits provided by the Indian government.
ICRA also notes of the risks arising from partnership nature of
the firm. The ratings factor in the high utilization of working
capital limits during the last one year and high gearing of 2.28
times as on March 31, 2016. The ratings however, positively take
into account more than two decades of experience of the promoters
in the seafood industry and established relationships with
procurement agents and customers which resulted in healthy growth
in revenues. The ratings also draw comfort from the location
advantage with firm's proximity to major aquaculture belt of
Bhimavaram in Andhra Pradesh, export incentives from Indian
government and decrease in anti-dumping duty to 2.20% by US on
Indian exports, which is expected to support the profitability of
the firm.
Going forward, the ability of the firm to increase its scale of
operation and manage its working capital requirements effectively
will be key rating sensitivities.

Key rating drivers
Credit Strengths
* Significant experience of promoters in the seafood business
and established relationship with procurement agents and
customers
* Benefits arising from the favourable location of the firm's
facilities in proximity to the major aquaculture belt of
Bhimavaram in Andhra Pradesh
* Decrease in Anti-dumping duty to 2.20% by US for Indian shrimp
exports and other export incentives like duty draw back (3.0%)
and MEIS benefit (3.5%) helps in better profitability for the
firm.

Credit Weakness
* Highly fragmented and low value additive nature of the
business with intense competition from domestic and international
players
* Inherent risks in sea food industry including susceptibility
to diseases, climate change risks and government policies (both
in India and importing countries)
* Susceptibility of margins to foreign currency fluctuation risk
and various export incentives extended by Government of India
(GOI) and exposure to wide fluctuations in shrimp prices
* Raw material unavailability, owing to change in climatic
conditions and disease outbreaks, may adversely impact revenues
and margins
* Risk inherent in partnership nature of the firm
* Moderate financial profile with high gearing of 2.28 times as
on March 31, 2016, high working capital utilization of limits

Description of key rating drivers highlighted:

The firm witnessed a healthy revenue growth of 69% (annualized)
from INR34.33 crore in FY2016 to INR43.41 crore during 9m, FY2017
on account of healthy orders received by the firm within 2 years
of operations with established relationship with procurement
agents and customers across nations and over 2 decades of
experience of the partners in the seafood industry. The sale
realization is largely dependent on raw material prices which
keep fluctuating due to climatic changes, demand and supply, and
disease outbreak which keep the profitability of the company
under pressure. However, export incentives like duty drawback,
MEIS helps in better profitability of the firm.

Analytical approach:
For arriving at the ratings ICRA has considered the standalone
financial performance of Sunrise Aqua Food Exports along with
recent operational developments. The company does not have any
subsidiary and operates as a standalone entity.

Sunrise Aqua Food Exports (SAFE) was started as a proprietorship
concern in 2015 and was later converted into partnership firm in
2016 with Mrs. I Bhavani and her husband Mr. I Surya Rao (who is
also one of the directors of Suryamitra Exim Private Limited
(SEPL)) as partners of SAFE. SAFE is a merchant packer for sea
food (shrimp) and the processing and storing is completely done
at SEPL. The partners have more than two decade of experience in
this business.

As per audited financials for FY2016, SAFE reported an operating
income of INR34.33 crore with profit after tax of INR1.17 crore.
As per provisional numbers for 9M FY2017, SAFE reported an
operating income of INR43.41 crore with OPBDIT of INR3.16 crore
(unaudited and provisional).


SUSHEE HI-TECH: CRISIL Lowers Rating on INR.2MM Bank Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sushee Hi-Tech Projects Private Limited to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          16.8      CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Cash Credit              0.2      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Overdraft                8.0      CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

The downgrade reflects CRISIL's belief that the SHPPL's credit
risk profile will remain weaker than expected because of
significantly lower than expected revenues and cash accruals. The
company's operating income in fiscal 2016 was INR32.3 crore
against earlier revenue expectation of over INR90 crore resulting
in lower than expected cash accruals. The rating also reflects
CRISIL's belief that SHPPL's financial risk profile will weaken
over the medium term owing to larger than expected debt funded
capital expenditure (capex). SHPPL is expected to incur a capex
of over INR200 crores in the two years ended fiscal 2017, which
would be funded predominantly through external debt. This is
expected to weaken the company's gearing and debt protection
metrics. The high debt levels would also exert pressure on the
company's liquidity in case of delays in execution of orders
resulting in lower than expected cash accruals to service debt.
Timely execution of projects would remain a key rating
sensitivity factor.

The rating reflects SHPPL's weak financial risk profile marked by
high gearing and weak debt protection metrics. The ratings also
factor in SHPPL's revenue concentration risks on account of
significant exposure to a single customer. These rating
weaknesses are partially offset by the benefits that SHPPL
derives from its promoters' extensive experience in the mining
services industry.

Key Rating Drivers & Detailed Description
Weaknesses
* Weak financial risk profile: With larger than expected debt
levels and with decline in revenues, the financial risk profile
has deteriorated in fiscal 2016. The gearing levels weakened to
7.3 times as on March 31, 2016 from 2.2 times a year before. The
debt protection metrics have also weakened in fiscal 2016. With
large debt funded capex plans, the financial risk profile is
expected to remain weak in fiscal 2017 as well.

* Customer concentration risks: SHPPL has a healthy order book
aiding revenue visibility. However, majority of the orders are
from The Singareni Collieries Company Limited, thus exposing
SHPPL to risks related to revenue concentration.

Strength
* Promoter's extensive industry experience: Promoter Mr Anil K
Reddy has around 3 decades of experience in the industry. Over
the years he has developed strong customer and supplier
relationships which would continue to benefit SHPPL.
Outlook: Stable

CRISIL believes that SHPPL will continue to benefit over the
medium term from its promoter's extensive experience in the
mining services industry. The outlook may be revised to
'Positive' in case there is significant and sustained improvement
in the company's revenues, while diversifying its customer base
and improving its capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case of a
significant decline in SHPPL's revenues or profitability margins
or larger than anticipated debt funded capital expenditure
resulting in further weakening in its financial risk profile.

Established as a private limited company in 2011, SHPPL is
primarily engaged in overburden removal for coal mines of Coal
India Limited and its subsidiaries. Based in Hyderabad
(Telangana), SHPPL is promoted and managed by Mr. K. Anil Reddy.

SHPPL reported a profit after tax (PAT) of INR0.5 crore on
operating income of around INR32.3 crore for fiscal 2016 as
against a PAT of INR2.4 crore on operating income of around
INR83.5 crore for fiscal 2015.


TATA MOTORS: CARE Lowers Rating on INR20cr LT Loan to B+
--------------------------------------------------------
The rating revision on TATA Motors Limited (TML) takes into
consideration stressed debt service coverage indicators on
account of significant repayment obligations in medium term.


                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank        20.00       CARE B+; stable Revised
   Facilities                        from CARE BB-

The ratings continue to be constrained by low profit margin,
highly leveraged capital structure and modest scale of
operations. The rating is further tempered by high reliance on
working capital borrowings, dependence on performance of TATA
Motors Limited (TML) and cyclicality of auto industry coupled
with presence in highly competitive market. The ratings, however,
continue to consider the experience of the promoters and their
continued association with the established player TML. The
ability of SMPL to increase its scale of operations, efficient
management of its working capital limits coupled with improvement
in the capital structure and manage its working capital
efficiently remain the key rating sensitivity.

Detailed description of the key rating drivers

SMPL is incorporated in 1960 and has the dealership of Tata
Motors for Aurangabad, Jalna, Hingoli and Parbhani districts of
the Maharashtra. The company has now entered into the dealership
of premium car segments (Jaguar and Land Rover) for Aurangabad.
The company has a weak financial risk profile marked by low
profitability margins due to nature of business and stretched
liquidity position due to long inventory holding period. The
utilization of working capital limits is also high at 80% for the
past 12 months ending November 2016 and provides no backup. SMPL
has executed significant capex in near past relating to setting
up of showrooms for Jaguar Landover which was predominantly
funded by debt.

Thus due to significant repayment obligations in medium term the
debt service coverage indicators remained stressed. The fortunes
of SMPL are linked with performance of TATA Motors Limited (TML);
cyclicality of auto industry; & the intense competition in the
market.

SMPL, incorporated in 1960, is an authorized dealer of Tata
Motors Ltd (TML, rated 'CARE AA+') for Aurangabad, Jalna, Hingoli
and Parbhani districts of the Maharashtra. The company deals in
commercial, passenger and premium cars (Jaguar and Land Rover).
SMPL offers entire range of TML's commercial vehicles (light,
medium & heavy), spare parts and after sales services thereof.
The company has three showrooms, located on owned premises at
Aurangabad & Jalna and on leased premise at Parbhani. Further it
has setup two new showrooms in Aurangabad during FY15 (refers to
the period April 1 to March 31). It has seven sales offices at
taluka level in above-mentioned four districts. The company owns
a two acre plot at Waluj (near Aurangabad) to manage the vehicle
inventory. The company was started by Mr Sobhagmal Lodha and at
present, his grandson Mr Satish Lodha is managing the business.
The promoters also manage the dealership of TML for passenger
vehicles at Akola through a group company, viz, Satish Motors
(Akola) Private Limited.



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


PRIME GLOBAL: Poh Chai Ham Resigns as Director
----------------------------------------------
Poh Chai Ham resigned from his position as a director of Prime
Global Capital Group Incorporated, a Nevada corporation on
Feb. 13, 2017.  His resignation was not due to any dispute or
disagreement with the Company on any matter relating to the
Company's operations, policies or practices, as disclosed in a
filing with the Securities and Exchange Commission.

Also on that date, Jeremy Chia Pei Chai was appointed to serve as
the director of the Company until his successor will be duly
elected or appointed, unless he resigns, is removed from office
or is otherwise disqualified from serving as a director of the
Company.  Mr. Chia will serve on the Company's Board of Directors
in accordance with the terms and conditions of its standard
Director Retainer Agreement.

Dato' Jeremy Chia Pei Chai, age 30, is the director of Marathon
Capital Management Limited, HK, an international investment fund
focusing on early and development stage private companies
spanning the entertainment, security, real estate and investment
industries.

His fund has made investments in Hong Kong, Macau, China,
Philippines and Singapore.  Dato' Jeremy has also started to
build his business as a founder of flea market in 2012 at The
Mines, Seri Kembangan, Selangor.  Prior to founding the fund,
from 2009 to 2011 Dato' Jeremy was a branch manager at Melilea, a
prioneering global green corporation that has won numerous
industry and global awards for its innovative management as a
health and wellness multinational corporation.  From 2008 to
2009, Dato' Jeremy served as a client advisor for United Overseas
Bank.

Dato' Jeremy was a major shareholder in XYEC HOLDINGS CO., LTD, a
Japan limited company, that was listed on the Catalist market on
the Singapore Exchange on Sept. 18, 2013.  XYEC was taken private
by its controlling shareholder Mamezou Holdings Co. Ltd
(TYO:3756) in the second quarter of 2016.

In appreciation of his contributions to the state of Pahang,
Dato' Jeremy was conferred the honourable title of Darjah Indera
Mahkota Pahang on 29th April 2014.  In addition to his business,
Dato' Jeremy has devoted himself to philanthropy.  On September
of 2016, Dato' Jeremy received a Corporate and Social
Responsibilty award from Asia Pacific CSR in recognition of his
contributions to society.

Dato' Jeremy received his bachelors degree in finance and
investment from TAR College in Malaysia in 2007.  The Company
believes that Dato' Jeremy will bring to the Board of Directors
his experience in international business operations as well as
banking and finance expertise.

Dato' Jeremy will receive a monthly compensation of 3,000
Malaysian Ringgit, or approximately US$752, in connection with
his service on Board of Directors.  Dato' Jeremy will serve as an
independent director on each of the Company's audit, compensation
and nomination and corporate governance committees.

Dato' Jeremy does not have a direct family relationship with any
of the Company's directors or executive officers, or any person
nominated or chosen by the Company to become a director or
executive officer.

                     About Prime Global

Kuala Lumpur, Malaysia-based Prime Global Capital Group Inc
(OTCBB:PGCG), through its subsidiaries, is engaged in the
operation of a durian plantation, leasing and development of the
operation of an oil palm plantation, commercial and residential
real estate properties in Malaysia.

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

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

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


R&A TELECOM: Obtains Time Extension to Submit Regularisation Plan
-----------------------------------------------------------------
The Sun Daily reports that R&A Telecommunication Group Bhd (R&A)
has been given a further extension of up to April 30, 2017 to
submit its regularisation plan.

According to the report, the group said in a regulatory filing it
is required to make a requisite announcement on or before
March 15, 2017.

Sun Daily relates that R&A had previously terminated negotiations
for the proposed buy of the entire equity interest in
construction firm Synergy Goldtree Sdn Bhd, which was supposed to
form part of its proposed regularisation plan.

Following the termination, the group said it has entered into an
agreement for the proposed acquisition of the entire stake
Forward Resources and Construction Sdn Bhd (FRCSB) in December
last year, the report relays.

R&A added it has also entered into a framework restructuring
agreement, in which the vendors had deposited an aggregate sum of
MYR2.5 million with their solicitors to be utilised for the
settlement of the scheme creditors of the company and its wholly-
owned subsidiary under the debt restructuring scheme, Sun Daily
relays.

A team of advisers for the company's regularisation plan had been
appointed and commenced the due diligence exercise on FRCSB, it
noted, adds Sun Daily.

R&A Telecommunication Group Berhad, an investment holding
company, provides turnkey design and engineering solutions for
telecommunication networks in Malaysia.

The group slipped into GN3 status in May 2015 after its auditors
expressed a disclaimer of opinion on its audited financial
statements for the financial year ended Dec. 31, 2014, according
to Sun Daily.



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


PAKISTAN: China Should Ensure Country Avert Debt Default
--------------------------------------------------------
The Economic Times reports that China must ensure that the rising
fiscal deficit in Pakistan does not "snowball" into a major
financial crisis as it has invested heavily in the country,
specially in the USD46 billion CPEC project, official Chinese
media said Feb. 21.

"While Pakistan's fast growing economy has made it a darling for
foreign investment, the surge in the country's fiscal deficit and
public debts has increasingly become a source of concern for
international investors and has led to doubts about its
capability to repay its debts," an article in the state-run
Global Times said, the report relays.

According to ET, the article said the investments under the CPEC
alone amounted to US$51 billion.

"Given the massive investment that China has made in the country
as part of the China-Pakistan Economic Corridor (CPEC), China has
a vested interest to ensure that the rising fiscal deficit in
Pakistan not snowball into a major financial crisis," Global
Times, as cited by ET, said.

Write-ups critical of Pakistan are rare in Chinese media,
considering the all weather close relationship between the two,
ET notes.

Citing Mongolia's experience where the fiscal deficit climbed to
around 15% of GDP in 2016, making it hard for to repay foreign
debts, the article said "the worst-case scenario is the last
thing China would desire in Pakistan," according to ET.

Citing Pakistan media reports it said Pakistan's fiscal deficit
surged to around 2.4 per cent of GDP during the first half (July-
December) of the fiscal year 2016-17, the highest in four years,
ET discloses.

In 2014-15, the half-year deficit stood at 2.2 per cent and full-
year deficit at 5.3 per cent, relays ET.

ET notes that the government hopes to keep the deficit below 3.8
per cent of the GDP during the full 2016-17 year.

"A surge in the country's deficit would make it vulnerable to
external shocks and would increase Pakistan's chances of a debt
default. As a major creditor and the largest investor in
Pakistan, China has an obligation to safeguard its investments in
Pakistan and ensure it can recoup its loans," Global Times said.



                             *********

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
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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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                 *** End of Transmission ***