TCRAP_Public/170227.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, February 27, 2017, Vol. 20, No. 41

                            Headlines


A U S T R A L I A

ARMSTRONG & SHAW: Philip Whiteman-Linked Cos. Owe Millions to ATO
CLOUD DATA: First Creditors' Meeting Set for March 6
FR8 PTY: First Creditors' Meeting Set for March 6
ICRG NORTH: First Creditors' Meeting Slated for March 6
REAL ESTATE: First Creditors' Meeting Set for March 7

URBAN WALKABOUT: First Creditors' Meeting Set for March 6


H O N G  K O N G

I-CABLE COMMUNICATIONS: Sale Up in the Air as Losses Mount


I N D I A

ASHTECH BUILDPRO: CRISIL Reaffirms B Rating on INR10.98MM Loan
B.B. STYRO: CRISIL Reaffirms B+ Rating on INR3.0MM Term Loan
B. T. INDUSTRIES: CRISIL Assigns B+ Rating to INR7.75MM Term Loan
BALAJI RICE: CRISIL Reaffirms 'B' Rating on INR4MM LT Loan
BALLARPUR INDUSTRIES: Ind-Ra Corrects Feb. 22 Ratings Release

BILT GRAPHIC:  Ind-Ra Corrects Feb. 22 Ratings Release
BSL ENGINEERING: CRISIL Reaffirms B Rating on INR3MM Cash Loan
CHIRAG RICE: CRISIL Hikes Rating on INR5MM Cash Loan to B+
DECOR PAPER: ICRA Upgrades Rating on INR13cr LT Loan to 'B+'
ELKOSTA SECURITY: CARE Assigns 'B' Rating to INR12cr LT Loan

EMBOZA GRANITO: CRISIL Reaffirms B+ Rating on INR26.25MM Loan
FOREMOST INTERNATIONAL: CRISIL Cuts Rating on INR9MM Loan to D
GDJD EXPORTS: ICRA Reaffirms B+ Rating on INR5cr Packing Credit
HAMD FOODS: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
KESHRANAND COTEX: CRISIL Reaffirms B+ Rating on INR10MM LT Loan

KUDROW SBL: ICRA Confirms B+ Rating on INR1.07cr PTC Series A2
KUNAL LOHACHEM: CARE Reaffirms 'B' Rating on INR6cr LT Loan
MAHAMAYA CASTINGS: CRISIL Reaffirms B+ Rating on INR8.25MM Loan
MALEBENNUR FOODS: CRISIL Upgrades Rating on INR4.5MM Loan to 'B'
MODIGOLD PIPES: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating

OMMI FORGE: CRISIL Reaffirms 'B' Rating on INR7.5MM Cash Loan
PARK HEALTH: ICRA Upgrades Rating on INR5.14cr Term Loan to BB-
PHARMCHEM: CRISIL Assigns B+ Rating to INR3MM Cash Loan
POPURI STEELS: ICRA Reaffirms B- Rating on INR10cr Loan
PRECISION ENGINEERING: ICRA Assigns 'D' Rating to INR10.08cr Loan

PRERNA BEVERAGES: CRISIL Assigns B+ Rating to INR5.75MM Loan
PRINCE STEEL: CRISIL Assigns 'B+' Rating to INR7MM Cash Loan
PROAGRI SEEDS: CARE Assigns B+ Rating to INR8.50cr LT Loan
PURITA WATER: CRISIL Reaffirms B+ Rating on INR5.5MM LT Loan
PV KNIT: CRISIL Assigns B+ Rating to INR1.50MM LT Loan

RAMEE HOTELS: ICRA Assigns B+ Rating to INR8.75cr Loan
ROOP TECHNOLOGY: ICRA Assigns 'B' Rating to INR0.50cr Loan
S. THARTIUS: CRISIL Reaffirms B+ Rating on INR5MM Overdraft
SAI RADHA: ICRA Raises Rating on INR8.25cr Fund Based Loan to B+
SHREE SITA: Ind-Ra Assigns 'B' Long-Term Issuer Rating

SHRI GAUTAM: CRISIL Upgrades Rating on INR5MM Cash Loan to B+
SHRI KRISHNA: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
SRI MANJUNATHA: ICRA Reaffirms 'B' Rating on INR22.47cr LT Loan
SUPER INFRATECH: CRISIL Reaffirms 'D' Rating on INR8.74MM Loan
SUYASH MOTORS: CRISIL Lowers Rating on INR7.0MM Loan to B+

SVM CERA: CARE Assigns 'D' Rating to INR4.50cr Long Term Loan
UNITED CONCEPTS: ICRA Lowers Rating on INR6.25cr LT Loan to D
VIJAY TRADING: ICRA Ups Rating on INR10cr Loan to 'B'


J A P A N

TOSHIBA CORP: U.S. Unit to Explore Ch. 11 Bankruptcy, Sources Say


N E W  Z E A L A N D

ARENA CAPITAL: Liquidators Recover NZ$35K More from Clients


S I N G A P O R E

COSCO CORP: Annual Net Loss Narrows to SGD976.1MM in 2016


S O U T H  K O R E A

HYUNDAI MERCHANT: Set to Get Fresh Funding from State-Backed Firm


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A U S T R A L I A
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ARMSTRONG & SHAW: Philip Whiteman-Linked Cos. Owe Millions to ATO
-----------------------------------------------------------------
ABC News reports that companies linked to a Melbourne man under
investigation over an alleged multi-million dollar tax evasion
scheme owe millions of dollars to the tax office.

The ABC has obtained Australian Tax Office documents showing the
ATO is chasing more than AUD3.5 million in unpaid tax from
companies controlled by "pre-insolvency adviser" Philip Whiteman.

According to the report, Mr. Whiteman has previously been accused
of ripping off clients who invested money with him, including two
former AFL footballers who claimed to have lost millions of
dollars.

The ABC says the garnishee notices have been sent to clients of
Mr. Whiteman's companies -- which include DNV Accountants, Bolton
& Swan solicitors, A & S Services and Armstrong and Shaw --
instructing them to pay any money they owe to the Whiteman
companies to the ATO instead.

The notices said A & S Services owes the ATO AUD1.5 million,
Armstrong & Shaw AUD1.9 million, Bolton & Swan AUD304,700 and DNV
Accountants AUD86,593, the ABC relays.

The ABC notes that although Mr. Whiteman -- who was previously
barred from managing corporations and has pleaded guilty to
corporate offences -- is not listed as a director of any of these
companies, a number of former clients and employees have stated
emphatically that he directed their activities.

Armstrong & Shaw -- which is marketed as an expert in "managing
insolvency" -- was placed into liquidation earlier this month,
raising the prospect that its inner workings will be closely
examined by liquidators, the report says.

The report notes that Mr. Whiteman, who also calls himself Phil
Damon, Phil Graham, and Phil Norman, and a number of associates
are under investigation by a joint ATO and Australian Securities
and Investment Commission (ASIC) taskforce, which is targeting
"phoenixing", or the hiding of assets and manipulation of records
to allow companies to avoid paying creditors.

The ABC's 7.30 program revealed last year that Mr. Whiteman
installed people as "dummy" directors of companies, sometimes
without their knowledge, to help the legitimate directors avoid
liability when the companies went into liquidation.

After that story, Mr. Whiteman moved premises to the bustling
shopping strip of Chapel Street in Prahran, and is now
advertising his services in the names of Debt Advice Business
Solutions, and Business Debt Advisory.

The ABC has seen emails where prospective clients are urged to
consult "Phil Damon" about how to install replacement directors
in their companies.

DNV Accountants was deregistered as a tax agent by the Tax
Practitioners Board last year, after allegedly altering the
details of two Melbourne companies in order to divert a tax
refund into its own accounts, the report adds.  However, DNV
appealed the decision and the Administrative Appeals Tribunal
stayed the deregistration.


CLOUD DATA: First Creditors' Meeting Set for March 6
----------------------------------------------------
A first meeting of the creditors in the proceedings of Cloud Data
Centre Ltd will be held at Level 10, 12 Creek Street, in
Brisbane, Queensland, on March 6, 2017, at 10:00 a.m.

David Whyte and Andrew Fielding of BDO were appointed as
administrators of Cloud Data on Feb. 22, 2017.


FR8 PTY: First Creditors' Meeting Set for March 6
-------------------------------------------------
A first meeting of the creditors in the proceedings of FR8 Pty
Ltd will be held at Level 27, 259 George Street, in Sydney,
New South Wales, on March 6, 2017 at 10:30 a.m.

Amanda Young of Jirsch Sutherland was appointed as administrator
of FR8 Pty on Feb. 22, 2017.


ICRG NORTH: First Creditors' Meeting Slated for March 6
-------------------------------------------------------
A first meeting of the creditors in the proceedings of ICRG North
Pty Ltd will be held at Signature Room of Hilton Darwin, 32
Mitchell Street, in Darwin, on March 6, 2017, at 11:00 a.m.

Stuart Reid and Austin Taylor of Meertens were appointed as
administrators of ICRG North on Feb. 22, 2017.


REAL ESTATE: First Creditors' Meeting Set for March 7
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Real
Estate 1 Pty Ltd will be held at Level 15, 114 William Street, in
Melbourne, on March 7, 2017, at 10:30 a.m.

Paul Burness & Matthew Jess of Worrells Solvency & Forensic
Accountants were appointed as administrators of Real Estate on
Feb. 23, 2017.


URBAN WALKABOUT: First Creditors' Meeting Set for March 6
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Urban
Walkabout Pty Ltd will be held at Suite 1, Level 15, 9
Castlereagh Street, in Sydney, on March 6, 2017, at 9:30 a.m.

Christopher Darin of Worrells Solvency & Forensic Accountants was
appointed as administrator of Urban Walkabout on Feb. 22, 2017.



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


I-CABLE COMMUNICATIONS: Sale Up in the Air as Losses Mount
----------------------------------------------------------
Bien Perez at South China Morning Post reports that shares of
i-Cable Communications dropped to a five-week low on Feb. 23 as
the struggling pay-television and broadband internet service
provider's losses surpassed HK$300 million last year.

The report relates that the continued bleeding will likely put
more pressure on parent The Wharf (Holdings) to speed up its
divestment of i-Cable, after its Wharf T&T subsidiary was sold
last year.

"There may still be interest in i-Cable because it has content on
its books, just like TVB," Alfred Lau, an analyst at Bocom
International, told the South China Morning Post.

The pay-television business of i-Cable is run by subsidiary
Hong Kong Cable Television, which produces more than 10,000 hours
of programming each year, the report says.

Net losses for i-Cable widened to HK$313 million last year, from
HK$233 million in 2015, on the back of a weak advertising market
and harsh competition in Hong Kong, SCMP discloses citing i-
Cable's regulatory filing.

Total revenue decreased 7% to HK$1.4 billion, down from HK$1.5
billion a year earlier, the report relays.

Its shares fell 2.15% to 91 Hong Kong cents on Feb. 23, their
lowest close since reaching 90 cents on January 18, SCMP notes.

"Recurrent losses have significantly weakened the liquidity
position and increased the dependency on external financing,
currently short term in tenor," i-Cable, as cited by SCMO, said
in its filing. "Initiatives to contain costs have been more
effective than those to improve revenues."

Its pay-television business segment revenue was down 8% year on
year to just over HK$1 billion, while its internet and multimedia
business segment saw sales decline 4% to HK$336 million, adds
SCMP.

Hong Kong-based i-CABLE Communications Limited --
http://www.i-cablecomm.com/about/profile/index.php-- is an
investment holding company principally engaged in the provision
of television services. The Company operates through two business
segments. The Television segment is engaged in the provision of
subscription, advertising, channel carriage and relay of
television services, as well as the program licensing, network
maintenance and miscellaneous television related businesses. The
Internet and Multimedia segment is engaged in the provision of
broadband Internet access services, voice over Internet protocol
telephony services, as well as the portal operation, mobile
content licensing and other Internet access related businesses.



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I N D I A
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ASHTECH BUILDPRO: CRISIL Reaffirms B Rating on INR10.98MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its long-term rating on the bank facilities
of Ashtech Buildpro India Pvt. Ltd. at 'CRISIL B/Stable'.

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

   Proposed Long Term
   Bank Loan Facility       0.52    CRISIL B/Stable (Reaffirmed)

   Term Loan               10.98    CRISIL B/Stable (Reaffirmed)

The rating reflects ABIPL's early stage of operations and modest
financial risk profile, with modest debt protection metrics and
networth These rating weaknesses are partially offset by the
strong demand prospects for aerated autoclave concrete (AAC)
blocks.

Key Rating Drivers & Detailed Description
Weaknesses
* Early stage of operations: ABIPL started its manufacturing
operations for AAC blocks from November 2015.

* Modest financial risk profile: Both debt protection metrics and
networth were modest and are expected to remain modest over the
medium term. The interest coverage ratio and net cash accrual to
total debt ratio were 1.6 times and 0.02 times respectively in
fiscal 2016 and networth was around INR6.5 crore as on March 31,
2016.

Strengths
* Strong demand prospects for aerated autoclave concrete (AAC)
blocks: AAC blocks has high demand and is used in all types of
construction such as residential homes, high-rises, mid-rise
apartments, cold storages, commercial and industrial buildings,
schools, hospitals and hotels. The high demand for this product
is due to better insulation and heat rejection as compared to the
conventional clay bricks.
Outlook: Stable

CRISIL believes ABIPL will continue to benefit over the medium
term from the promoters' established relationships with customers
and suppliers. The outlook may be revised to 'Positive' if
substantial increase in revenue, profitability and cash accrual,
or sizeable capital infusion by the promoters strengthens
financial risk profile. Conversely, the outlook may be revised to
'Negative' if liquidity weakens, driven by decline in
profitability and accrual, stretch in working capital cycle, or
any large capital expenditure.

Incorporated in 2013, promoted by Mr. Sandeep Kumar Jindal and
Mr. Shiv Kumar Agarwal, ABIPL manufactures AAC blocks, and has a
capacity of 150,000 cubic metre per annum.

ABIPL reported a profit after tax (PAT) of INR0.04 crore on net
sales of INR5.25 crore for fiscal 2016 as against negative PAT on
net sales of INR 0.08 crore for fiscal 2015.


B.B. STYRO: CRISIL Reaffirms B+ Rating on INR3.0MM Term Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of B.B. Styro Extrusion Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         .67       CRISIL A4 (Reaffirmed)

    Cash Credit          2.33       CRISIL B+/Stable (Reaffirmed)

   Inland/Import
   Letter of Credit      4.00       CRISIL A4 (Reaffirmed)

   Term Loan             3.00       CRISIL B+/Stable (Reaffirmed)

The ratings reflect BBSEPL's modest scale of operations, exposure
to intense competition, and subdued financial risk profile
because of small networth and weak debt protection metrics. These
weaknesses are partially offset by promoters' extensive
experience in the disposable kitchenware industry.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: The company's modest scale,
reflected in net sales of INR20 crore in fiscal 2016, restricts
its ability to negotiate with customers or suppliers.

* Exposure to intense competition: BBSEPL faces intense
competition in the fragmented disposable kitchenware segment,
which has many unorganised players with modest capacity because
of low entry barriers, small gestation period, and easy
availability of raw materials.

* Subdued financial risk profile: BBSEPL's financial risk profile
is constrained by modest networth of INR6.8 crore and high total
outside liabilities to adjusted debt ratio of 2 times as on March
31, 2016, and weak interest coverage ratio of 2.8 times in fiscal
2016.

Strength
* Promoters' extensive industry experience: Its promoters'
experience of over a decade in the disposable kitchenware segment
has helped the company register healthy growth in revenue, and
establish relationships with major suppliers and customers,
strengthening its market position.
Outlook: Stable

CRISIL believes BBSEPL will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if there is a sustained increase in revenue
and operating margin, or if capital structure improves. The
outlook may be revised to 'Negative' if revenue is low, or if
financial risk profile weakens because of an increase in working
capital requirement or large, debt-funded capital expenditure.

BBSEPL was incorporated by Mr. Kishan Goyal and Mr. Rohit Goyal
in 2009 in Howrah, West Bengal. The company manufactures
disposable polystyrene plates, trays, donas, and bowls. BBSEPL's
plant is at Domjur in Howrah, which is 25 kilometre from central
Kolkata. The plant has installed capacity of 1500 tonne per
annum. The company recently started manufacturing polyethylene
foam sheet mattresses.

Profit after tax (PAT) was INR0.46 crore on net sales of INR20
crore in fiscal 2016, vis-a-vis PAT of INR1.29 crore on net sales
of INR26.8 crore in fiscal 2015.


B. T. INDUSTRIES: CRISIL Assigns B+ Rating to INR7.75MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities B. T. Industries Private Limited.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit            6.00        CRISIL B+/Stable
   Term Loan              7.75        CRISIL B+/Stable

The rating reflects the small scale of operations, large working
capital requirement in a highly fragmented and competitive
business, and susceptibility to volatility in raw material
prices. These weaknesses are partially offset by the promoters
experience in diversified industries, healthy ramp-up of
operations, and above-average financial risk profile because of
healthy operating profitability and comfortable debt protection
metrics.
Analytical Approach

Unsecured loans of INR1.80 crore are interest bearing, but have
been treated as neither debt nor equity as they are expected to
remain in the business.

Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations and large working capital
requirement: With revenue of INR29.1 crore in fiscal 2016 and
installed capacity of 200 tonne per day, BTIPL is a small player
in the highly fragmented edible oil extraction industry.
Furthermore, it had substantial gross current assets of 136 days
as on March 31, 2016, driven by large inventory of over 4 months.

* Susceptibility of profitability to volatility in raw material
prices: The prices of edible oils are linked to domestic prices
of oilseeds and rice bran, which are volatile.

Strengths
* Promoters' experience in the diversified industries and healthy
ramp-up of operations: Mr. Amit Agarwal and his family members
have experience of more than a decade in diversified businesses
through other concerns. The promoters' experience has helped
BTIPL scale up operations within a short span of time. It started
commercial operations in February 2015.

* Above-average financial risk profile: Operating margin was
11.8% and debt protection metrics are healthy, with interest
coverage and net cash accrual to total debt ratios of 2.2 times
and 0.12 time, respectively, in fiscal 2016
Outlook: Stable

CRISIL believes BTIPL will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if there is a sustained increase in revenue
and working capital management improves, or if sizeable capital
infusion leads to better capital structure. The outlook may be
revised to 'Negative' if profitability declines steeply, or if
the capital structure weakens due to large, debt-funded capital
expenditure or a stretch in working capital cycle.

BTIPL was incorporated by Mr. Amit Agarwal with his family in
2009, and started commercial operation in February 2015. The
company manufactures crude rice bran oil with installed capacity
of 200 tonne per day based in Lucknow, Uttar Pradesh.

BTIPL posted net profit of INR0.07 crore on sales of INR29.07
crore in fiscal 2016, against net profit of INR0.02 crore on
sales of INR4.80 crore in fiscal 2015.


BALAJI RICE: CRISIL Reaffirms 'B' Rating on INR4MM LT Loan
----------------------------------------------------------
CRISIL has reaffirmed its rating on the INR7.0 crore long-term
bank facilities of Balaji Rice Industries - Nellore (Balaji) at
'CRISIL B/Stable'.

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

   Long Term Loan          4         CRISIL B/Stable (Reaffirmed)

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

The rating reflects Balaji's susceptibility to regulatory changes
in the rice industry, and an average financial risk profile
because of moderate gearing and small networth. These weaknesses
are partially offset by the extensive experience of promoters in
the rice industry.

Key Rating Drivers & Detailed Description
Weaknesses
* Susceptibility to regulatory changes in the rice industry:
India's rice industry is highly regulated in terms of paddy
prices, export/import policies for rice, and rice-release
mechanism, which affects the credit quality of players.

* Below-average financial risk profile: The financial risk
profile is below average, with a small networth of INR3 crore and
high gearing at 1.2 times as on March 31, 2016, and weak debt
protection metrics.

Strength
* Extensive experience of partners in the rice industry: Mr.
Lokesh and his family have been in the rice mill industry for
over a decade. Also, the promoters have established relationships
with key customers and suppliers.
Outlook: Stable

CRISIL believes Balaji will continue to benefit over the medium
term, from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the revenue and
profitability margin improve substantially, or the net worth
increases considerably backed by sizeable equity infusion from
promoters. Conversely, the outlook may be revised to 'Negative'
in case of a decline in the profitability margin, or significant
deterioration in the capital structure caused by a large, debt-
funded capital expenditure programme or a stretched working
capital cycle.

Set up in 2011 as a partnership between Mr. Lokesh and his family
members, Balaji is setting up a rice mill in Nellore (Andhra
Pradesh), with processing capacity of 8 tonne per hour.

Balaji is expected to report a net profit after tax of INR0.3
crore on expected net sales of INR11 crore for fiscal 2017.


BALLARPUR INDUSTRIES: Ind-Ra Corrects Feb. 22 Ratings Release
-------------------------------------------------------------
This announcement corrects the version issued on Feb. 22, 2017,
to correctly state the rating on commercial paper. An amended
version follows:

India Ratings and Research (Ind-Ra) has downgraded Ballarpur
Industries Limited's (BILT) Long-Term Issuer Rating to 'IND D'
from 'IND BBB-' while resolving the Rating Watch Negative (RWN).
The instrument-wise rating actions are:

   -- INR490 mil. Term loans rating lowered to 'IND D';

   -- INR7.52 bil. Fund-based and Non-fund-based working capital
      Limits rating lowered to 'IND D/IND D';

   -- INRINR5.0 bil. Non-convertible debenture (NCDs) rating
      lowered to 'IND C'; and

   -- INR2.470 bil. Commercial paper rating lowered to 'IND A4'

                       KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by the company.
BILT continues to face delays in the necessary deleveraging, as
efforts to monetize its assets have not fructified within planned
timelines.  The company has also been unable to refinance its
debt or elongate the maturity profile of its near-term debt
obligations fully.

Cash flows veer reduced its ability to fund debt obligations
through internal accruals, creating an immediate need for
refinancing.  In 9MFY17, BILT reported consolidated revenue of
INR16.9 billion (down 44.8% yoy) and consolidated EBITDA losses
of INR744 million (INR5.6 billion) with net loss of INR9,037
million (negative INR781 million).  BILT reported EBIT margin of
negative 12.1% in 9MFY17 in the key paper segment (9MFY16:
16.1%).

According to the management, BILT raised working capital limits
of INR500 million in January 2017, due to which capacity
utilisation has improved at its existing facilities.  However, it
will require significant deleveraging through asset sales to
improve the credit profile.  At FYE16, BILT had a consolidated
balance sheet debt of around INR72.3 billion (excluding perpetual
bonds).  According to the management, it is in the advanced
stages of raising more working capital lines for operations as
well as equity and debt infusion through asset sales.

In FY16, BILT reported consolidated revenue of INR42.7 billion
(FY15: INR32.4 billion; FY14: INR52.8 billion) and EBITDA margin
of 16.6% (21%; 17.8%).  The company has classified its subsidiary
Sabah Forest Industries as discontinued operations for FY15 and
FY16, which resulted in lower revenue and higher EBITDA margins
for these years when compared with FY14 financials.

Ind-Ra continues to take a consolidated view of BILT's business
and financial profiles for the ratings.  BILT Graphic Paper
Products Limited (IND D) has strong operational and strategic
linkages with its ultimate parent, BILT, due to their similar
business profiles, common treasury and management team.

                        RATING SENSITIVITIES

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

Negative: Delay in servicing of NCD and commercial paper
obligations would lead to a negative rating action on the
instruments.

COMPANY PROFILE

BILT, on a consolidated basis, has one production facility in
Malaysia and six production facilities across India, of which
Ballarpur, Bhigwan, Sewa and Ashti units are under BILT Graphic
Paper Products, while Kamplapuram and Shree Gopal units are under
BILT.  Overall, the company has a paper capacity of around 1
million MT and a pulp capacity of around 0.8 million MT
(including rayon grade pulp capacity).


BILT GRAPHIC:  Ind-Ra Corrects Feb. 22 Ratings Release
------------------------------------------------------
This announcement corrects the version issued on Feb. 22, 2017,
to correctly state the rating on commercial paper. An amended
version follows:

India Ratings and Research (Ind-Ra) has downgraded BILT Graphic
Paper Products Limited's (BGPPL) Long-Term Issuer Rating to 'IND
D' from 'IND BBB-' while resolving the Rating Watch Negative
(RWN).  The instrument-wise rating actions are:

   -- INR4.76 bil. Term loans rating lowered to 'IND D';

   -- INR8.7 bil. Fund-based and non-fund-based working capital
      Limits rating lowered to 'IND D/IND D';

   -- INR8.5 bil. NCDs rating lowered to 'IND C'; and

   -- INR3.88 bil. Commercial paper rating lowered to 'IND A4'

                         KEY RATING DRIVERS

The downgrade reflects delays in servicing of debt by the
company. BGPPL and its parent Ballarpur Industries Limited (BILT;
'IND D') continue to face delays in the necessary deleveraging,
as efforts to monetize its assets have not fructified within
planned timelines.  The company has also been unable to refinance
its debt or elongate the maturity profile of its near-term debt
obligations fully.

Cash flows have been impacted by BILT's poor operational
performance due to lack of adequate working capital.  This has
further reduced its ability to fund debt obligations through
internal accruals, creating an immediate need for refinancing.
In 9MFY17, BILT reported consolidated revenue of INR16.9 billion
(down 44.8%yoy) and consolidated EBITDA losses of INR744 million
(INR5.6 billion) with net loss of INR9,037 million (negative
INR781 million).  BILT reported EBIT margin of negative 12.1% in
9MFY17 in the key paper segment (9MFY16: 16.1%).

According to the management, BILT raised working capital limits
of INR500 million in January 2017, due to which capacity
utilization has improved at its existing facilities.  However, it
will require significant deleveraging through asset sales to
improve the credit profile.  At FYE16, BILT had a consolidated
balance sheet debt of around INR72.3 billion (excluding perpetual
bonds).  According to the management, it is in the advanced
stages of raising more working capital lines for operations as
well as equity and debt infusion through asset sales.

In FY16, BILT reported consolidated revenue of INR42.7 billion
(FY15: INR32.4 billion; FY14: INR52.8 billion) and EBITDA margin
of 16.6% (21%; 17.8%).  The company has classified its subsidiary
Sabah Forest Industries as discontinued operations for FY15 and
FY16, which resulted in lower revenue and higher EBITDA margins
for these years when compared with FY14 financials.

Ind-Ra continues to take a consolidated view of BILT's business
and financial profiles for the ratings.  BGPPL has strong
operational and strategic linkages with BILT, due to their
similar business profiles, common treasury and management team.

                       RATING SENSITIVITIES

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

Negative: Delays in the servicing of NCD and commercial paper
obligations would lead to a negative rating action on the
instruments.

COMPANY PROFILE

BILT, on a consolidated basis, has one production facility in
Malaysia and six production facilities across India, of which
Ballarpur, Bhigwan, Sewa and Ashti units are under BGPPL, while
Kamplapuram and Shree Gopal units are under BILT.  Overall, the
company has a paper capacity of around 1 million MT and a pulp
capacity of around 0.8 million MT (including rayon grade pulp
capacity).

In FY16, BGPPL reported revenue of INR36.5 billion in FY16 (FY15
(9M): INR27.8 billion) with EBITDA margins of 17.7% (17.7%) and
net profit of INR259 million (INR28 million).


BSL ENGINEERING: CRISIL Reaffirms B Rating on INR3MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
BSL Engineering Services Ltd at 'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          4        CRISIL A4 (Reaffirmed)
   Cash Credit             3        CRISIL B/Stable (Reaffirmed)

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

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

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

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

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

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

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

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

BEPL reported net profit of INR0.50 crores on net sales of
INR18.89 crores in FY 2015-16, against net profit of INR0.35
crores on net sales of INR14.06 crores in FY 2014-15

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

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

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


CHIRAG RICE: CRISIL Hikes Rating on INR5MM Cash Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Chirag Rice & Pulse Mill (CRPM) to 'CRISIL B+/Stable' from
CRISIL B/ Stable.

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

   Proposed Long Term       0.01     CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan                0.69     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects improvement in financial risk profile on
account of better capital structure. Total outside liabilities to
adjusted networth ratio improved to 1.7 times as on March 31,
2016, from 3.9 times as on March 31, 2015, and is expected to
sustain at a similar level over the medium term. Capital of
INR1.14 crore from the promoters increased networth to INR3.4
crore in fiscal 2016 from INR2.1 crore in fiscal 2015.

Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations and exposure to intense competition
in the rice milling business: With installed capacity of 3.5
tonne per hour (tph) and revenue of INR18.9 crore in fiscal 2016,
scale remains small in the competitive rice milling industry,
which is also exposed to government's regulatory pricing
mechanisms and trade restrictions.

Strengths
* Extensive experience of promoters: Presence of over 20 years in
the rice milling business has enabled the promoters to maintain
strong relationship with farmers and customers.
Outlook: Stable

CRISIL believes CRPM will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if significant increase in revenue
and profitability results in large cash accrual, or if
substantial capital infusion improves capital structure. The
outlook may be revised to 'Negative' if liquidity weakens because
of decline in profitability, stretched working capital cycle, or
large debt-funded capital expenditure.

Established in 1991 as a partnership firm, CRPM mills non-basmati
rice at its facility in Anand, Gujarat, which has capacity of 3.5
tph. Operations are managed by Mr. Hira M Patel, Mr. Dashrathsinh
V Gohil, and Mr. Nikulkumar D Chapaneri. The firm sells under the
Anupam brand.

For fiscal 2016, profit after tax (PAT) was INR15 lakh on net
sales of INR18.9 crore, against a PAT of INR8 lakh on net sales
of INR13.1 crore for fiscal 2015.


DECOR PAPER: ICRA Upgrades Rating on INR13cr LT Loan to 'B+'
------------------------------------------------------------
ICRA has upgraded the long term rating from [ICRA]B to [ICRA]B+
for the INR13.00 crore fund based limit of Decor Paper Mills
Limited. ICRA has also re-affirmed the short-term rating at
[ICRA]A4 for the INR0.13 crore non fund based limit of DPML. The
outlook on the long term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long term Fund
  Based Limits           13.00       Upgraded from [ICRA]B
                                     to [ICRA]B+ (Stable)

  Non-Fund Based Limits   0.13       Re-affirmed at [ICRA]A4

Detailed Rationale
The upgrade in the long term rating takes into account the
improvement in liquidity position of the group company-Kolar
Paper Mills Limited towards which DPML has extended corporate.
ICRA also takes into consideration the long track record of the
Group in the kraft paper business, the company's established
distributor network and comfortable capital structure maintained
by the company in the last financial years.

However, ratings continue to remain constrained by the company's
average financial profile characterized by declining
profitability, modest coverage indicators, and tight liquidity
position arising out of stretched receivables as reflected by
high utilization of working capital limits. The ratings also
factor in the company's modest scale of operations in a highly
competitive paper industry, and the susceptibility of its
profitability and cash flows to adverse fluctuations in prices of
raw materials and volatility in exchange rates.

Key rating drivers
Credit Strengths
* Long track record of the group in the business of
   manufacturing of Kraft paper
* Longstanding association with dealers and end customers
   reduces market risk
* Improvement in the liquidity position of Kolar Paper Mills
   Limited (rated [ICRA]B+) towards which DPML has extended a
   corporate guarantee
Credit Weakness
* Average financial risk profile characterised by declining
   profit margins and modest debt coverage indicators
* Tight liquidity profile as evident from consistently high
   limit utilization arising out of stretched receivable position
* Vulnerability of profitability exposed to volatility in waste
   paper and coal prices
* Competitive business environment due to fragmented nature of
   industry, leads to a pressure on margins
* Profitability vulnerable to currency fluctuations in the
   absence of any firm hedging policy

Moderate scale of operations

Detailed description of key rating drivers highlighted above:

DPML is engaged in the manufacturing of Kraft paper which finds
applications in the packaging industry, especially for making
corrugated boxes. It has a manufacturing facility in Hyderabad
with a production capacity of 60,000 tons per annum (TPA). DPML
manufactures kraft papers ranging from 12 BF2 to 22 BF with
higher focus on 18 BF to 22 BF production of kraft paper. The
operating income of the company has seen a steady growth in last
few fiscals primarily due to ability of the company to produce
higher BF kraft papers coupled with aggressive pricing strategy.
The company faces intense competition from various organized as
well as unorganized players in the vicinity, which coupled with
limited ability of the company to pass on increase in raw
material prices has resulted in decline in profitability levels
in the last couple of years. DPML has extended a corporate
guarantee to the bank limits availed by its group company Kolar
Paper Mills Limited which has reported improvement in its
financial and operational performance in FY2016 and 9M FY2017.
The working capital requirement of DPML remains on higher side on
account of stretched receivable days which keeps its liquidity
under stress.

Analytical approach: To arrive at the ratings ICRA has taken into
account the standalone business risk profile, financial risk
drivers and the management profile. The company operates as a
standalone entity and doesn't have any subsidiary in place.

Incorporated in 2007, Decor Paper Mills Limited (DPML) is engaged
in the manufacturing of kraft paper which finds applications in
the packaging industry, especially for making corrugated boxes.
The company has its manufacturing unit located in Hyderabad
having a production capacity of around 60,000 MTPA of kraft paper
of various grades. The grades manufactured by the company include
12 BF, 14 BF, 16 BF, 18 BF, 20 BF, and 22 BF.

DPML is promoted by the Agarwal group, which has a long track
record in the paper and pulp industry. The key group companies
are Bazargaon Paper and Pulp Mills Private Limited (Nagpur,
25,000 MTPA) and Kolar Paper Mills Limited (plant being setup at
Chittoor, Andhra Pradesh with an installed capacity of 105,000
MTPA).

DPML recorded a net profit of INR2.60 crore on an operating
income of INR84.42 crore for the financial year ended March 31,
2016 as against a net profit of INR1.43 crore on an operating
income of INR64.84 crore for the year ended March 31,2015.
Further, as per unaudited provisional financials for 9MFY2017,
the company has reported operating income of INR60.32 crore and
profit before depreciation and tax of INR1.74 crore.


ELKOSTA SECURITY: CARE Assigns 'B' Rating to INR12cr LT Loan
------------------------------------------------------------
The ratings assigned to the bank facilities of Elkosta Security
Systems India are primarily constrained by its small and
fluctuating scale of operations and moderate though profitability
margins. The ratings are also constrained by the highly elongated
operating cycle and tender-driven business with intense
competition in the industry.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             12         CARE B; Stable Assigned

   Short-term Bank
   Facilities              3         CARE A4 Assigned


The ratings, however, continue to take comfort from Experienced
promoters with, long track record and group concerns in the same
line of business, moderate profitability margin and reputed
customer base.

Going forward, the Ability of ESSI to improve its scale of
operations while improving its profitability margins, along with
efficient working capital requirements shall be the key rating
sensitivities.

Detailed description of the key rating drivers

The scale of operations of the company stood fluctuating for the
past three financial years (FY14-FY16; refers to the period
April 1 to March 31) mainly on account of tender driven nature of
business. Since ESSI did not get major tender/orders to execute
in FY15 & FY16, the total operating income of the firm
fluctuated. The profitability margin of the firm has been
fluctuating during the said period on account of tender-based
nature of business, complexities involved in the contract,
bidding aggression and fluctuations in raw material prices etc.
The capital structure stood leveraged mainly on account of high
dependence on external borrowings to meet the working capital
requirements.

The operating cycle of the firm stood elongated mainly on account
of high collection and inventory holding period. The firm's
customers are Delhi Secretariat, Parliament House, RBI, Luckhnow
Vidhan Sabha, ONGC etc. which are attributable to varying
inspection and approval timelines.

ESSI operates in a highly competitive industry with competition
from both organized and unorganized players established in
vicinity of the company. Furthermore, the award of contracts are
tender driven and lowest bidder gets the work.

Hence, going forward, due to increasing level of competition and
aggressive bidding, the profits margins are likely to be under
pressure in the medium term Mr. Abhay Kumar Jha, proprietor of
ESSI is an engineer by profession and manages the overall
operations of
the firm. He has more than two decades of experience in the
technical field with his association with defence and in
individual capacity.

ESSI was established in the year 2003 as a proprietorship entity
by Mr. Abhay Kumar Jha of Delhi. The company is engaged in The
company is engaged in providing manufacturing and installation
and maintenance services of security systems e. g CCTVs and
signal jammers etc, with their managing office located at
Laxminagar, Delhi.

The company is engaged in providing manufacturing and
installation and maintenance services of security systems to the
government and a few private players such as ECIL, Delhi
International Airport, RBI, DSIIDC etc.

The services include installation and management of security
systems e.g. CCTVs Signal Jammers, Automated License Readers,
Automated surveillance etc. in the origination.

The company has its presence through its 4 branches in all over
India and over 125+ Engineers and technical Staff deployed across
the country on project basis.

In FY16, ESSI has achieved a total operating income (TOI) of
INR19.12 crore with PAT of INR2.00 crore as against total
operating income (TOI) of INR17.10 crore and PAT of INR2.90 crore
in FY15.


EMBOZA GRANITO: CRISIL Reaffirms B+ Rating on INR26.25MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed 'CRISIL B+/Stable/CRISIL A4' ratings on the
bank facilities of Emboza Granito Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          4        CRISIL A4 (Reaffirmed)
   Cash Credit             9        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       .75     CRISIL B+/Stable (Reaffirmed)
   Term Loan              26.25     CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the working capital intensive
operations and average financial risk profile and start up nature
of operations. These rating weaknesses are partially offset by
extensive experience of the company's promoters in the ceramic
industry and strategic location of its plant at Morbi, Gujarat
which ensures availability of raw materials and labour.

Key Rating Drivers & Detailed Description
Weaknesses
* Start-up nature of operations: The company's business risk
profile is constrained on account of its start-up nature of
operations. The commercial production of the company started in
February, 2016. The company is expected to register revenues of
about INR50.0 crores during 2016-17 underpinning its moderate
scale of operations in a competitive industry.

* Working capital-intensive nature of operations: Operations will
remain working capital intensive, as reflected in gross current
assets of 80-90 days expected as on March 31, 2017, mainly
because of large receivables and inventory. The company needs to
maintain inventory of 30-40 days, in line with industry practice.
Working capital requirement will be partly supported by credit
from suppliers.

* Average financial risk profile: Financial risk profile is
expected to remain average, marked by high gearing of 1.74 times
as on March 31, 2017 and comfortable debt protection metrics,
with interest coverage and net cash accrual to total debt ratios
of 1.98 times and 0.09 time, respectively, in fiscal 2017.

Strengths
* Extensive experience of promoters in the ceramic industry:
Benefits from the promoters' experience of around one decade, and
healthy relationships with dealers will continue to support the
business risk profile. Prior to setting up LGL, the promoters
were in the vitrified and wall tiles industry through associate
entities.

* Strategic location ensuring availability of raw materials and
labour: The manufacturing facilities are located at Morbi, which
accounts for 65-70% of India's ceramic tile production. Hence,
the company is likely to enjoy easy access to clay (main raw
material), contractors and skilled labourers, other critical
infrastructure such as gas and power, and low transportation
cost, given the proximity to major ports of Kandla and Mundra
(both in Gujarat).

Outlook: Stable
CRISIL believes EGPL will benefit from the extensive experience
of its promoters in the medium term. The outlook may be revised
to 'Positive' if the company reports substantial improvement in
revenue, profitability and cash accrual, and demonstrates
efficient working capital management. The outlook may be revised
to 'Negative' if lower-than-expected revenue or operating margin,
in the initial stages, exerts pressure on financial risk profile
and liquidity.

Incorporated in July, 2015, EGPL is Morbi, Gujarat based company
engaged into manufacturing of vitrified tiles. The commercial
operations of the company started in February, 2016.

Any other information
The business risk profile is constrained by start-up nature of
operations leading to moderate scale. The company commenced
commercial operations in February 2016 and reported net sales of
INR0.58 crore in fiscal 2016. The company has already recorded
top line of INR 41.0 crore till January, 2017. The company is
estimated to report revenues of INR50.0 crores and operating
margins of 13.0 per cent in fiscal 2017, its first year of
operations, post commencement of operations in February 2016.
This expected increase in sales will support the business risk
profile of the firm over the medium term.

Operations are expected to remain working capital intensive with
gross current assets (GCA) of 80-90 days as on March 31, 2017.

Financial risk profile is expected to remain average marked by
high gearing of 1.74 times and comfortable debt protection metric
with interest coverage of 1.98 times and net cash accruals to
total debt of 0.09 times for fiscal 2017. Company is expected to
generate sufficient cash accruals against maturing debt
obligations in 2017-18.


FOREMOST INTERNATIONAL: CRISIL Cuts Rating on INR9MM Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Foremost International Private Limited to 'CRISIL D/CRISIL D'
from 'CRISIL B-/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Foreign Bill             9        CRISIL D (Downgraded from
   Discounting                       'CRISIL A4')

   Foreign Letter of        2.65     CRISIL D (Downgraded from
   Credit                            'CRISIL A4')

   Long Term Loan           1.1      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Packing Credit           9        CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The downgrade reflects irregularity in paying instalments on term
loan due to stretched liquidity.

The ratings continue to reflect modest scale of operations with
high customer concentration, large working capital requirement,
and low cash accrual, constraining the financial risk profile,
particularly liquidity. These weaknesses are partially offset by
offset by the extensive experience of promoters in the ready-made
garments (RMG) industry.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations and customer concentration in
revenue: FIPL recorded revenue of INR42.66 crore in fiscal 2016,
underpinning its small scale of operations in a highly fragmented
industry. Given low entry barriers in the industry, it faces
increasing competition from other exporters in the industry.
Also, FIPL derives most of its revenue from exports to Mango and
Zara. Any downfall in business from Mango or Zara on account of
low demand or procurement from other suppliers may adversely
affect the business and financial risk profiles.

* Delays in servicing instalment on term loan: Low cash accrual
led to weak liquidity, which in turn resulted in delays in
servicing term loan.

* Working capital-intensive operations: Working capital
requirement is large, as reflected in high gross current assets
of 407 days as on March 31, 2016, primarily on account of
sizeable inventory holding requirement of 293 days and debtors of
124 days.

* Weak financial risk profile: High gearing at 4.12 times as on
March 31, 2016, and weak debt protection metrics, with interest
coverage and net cash accrual to adjusted debt ratios at 1.07
times and 0.02 time, respectively, in fiscal 2016. Liquidity has
remained constrained by barely sufficient net cash accrual
against debt obligation.

Strength
* Promoters' experience in the textile industry: The promoters
have been in the RMG exports segment for over a decade. Supported
by the extensive experience of its promoters, FIPL has
established relations with prominent customers such as Zara and
Mango.

Incorporated in 2002, FIPL manufactures and exports RMG,
predominantly for women, to Europe. The company, promoted by Mr.
Varun Moudgil and Ms Shailja Khanna, has its manufacturing plant
in Gurgaon (Haryana).

Net profit was INR53.70 lakh on net sales of INR42.65 crore in
fiscal 2016, against net profit of INR20.21 lakh on net sales of
INR36.98 crore in fiscal 2015.


GDJD EXPORTS: ICRA Reaffirms B+ Rating on INR5cr Packing Credit
---------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ outstanding
on the INR8.00 crore fund based facilities of GDJD Exports. ICRA
has also re-affirmed the short term rating of [ICRA]A4
outstanding on the Rs.1.40 crore fund based facilities of the
firm. The outlook on the long term rating is Stable.

                          Amount
  Facilities           (INR crore)   Ratings
  ----------           -----------   -------
  Export Packing Credit     5.00     [ICRA]B+ (Stable) reaffirmed
  Foreign Bill Discounted   3.00     [ICRA]B+ (Stable) reaffirmed
  Fund based facility       1.40     [ICRA]A4 reaffirmed

Rationale
The ratings factor in the longstanding experience of the
promoters, and the firm's established supplier base spread across
India, which enables steady supply of high quality yarn. ICRA
notes GDJD's negligible inventory levels and its consequent
positive impact on the holding costs and working capital
intensity. The ratings also factor in the improvement in revenues
witnessed during 9M, FY2017 on the back of higher sales volumes
on account of entry into new geographies. The ratings are,
however, constrained by the firm's weak financial profile
characterised by thin profit margins owing to the trading nature
of the business, and the stretched capitalization and coverage
metrics. Due to the small scale of operations in a highly
fragmented industry and the limited value additive nature of its
trading business, the firm has limited pricing flexibility. The
profitability of the firm remains susceptible to volatility in
yarn prices and to foreign exchange fluctuations. GDJD also
remains exposed to demand volatility in key importing regions and
has high customer churn rates, although its ability to add new
customers and enter new geographies year on year, provides some
comfort. Going forward, ability of the firm to sustain the
revenue growth and improve its profit margins while efficiently
managing its working capital cycle will be critical to generate
strong cash flows and hence improve its overall credit profile.

Key rating drivers
Credit Strengths
* Long standing experience of the promoters spanning over 25
years
* Diversified and established supplier base ensures steady
supply of high quality yarn
* Negligible inventory levels save on holding costs for the firm

Credit Weakness
* Financial profile characterized by thin profit margins,
stretched capitalization and coverage indicators
* Intense competition in a highly fragmented industry structure
with low product differentiation limits pricing flexibility
* Margins exposed to foreign exchange fluctuations and
volatility in yarn price movements although hedging and order
backed procurement mechanisms mitigate risks to an extent.
* High customer churn rates and high geographic concentration;
however, ability to add new customers and plans to expand in
existing geographies and entry into new geographies to mitigate
risk to an extent.

Description of key rating drivers highlighted:

GDJD Exports was established in 1990, and the promoters have a
long standing experience spanning over more than two decades in
the textile markets. The firm procures its yarn from over forty
established spinning mills pan India depending upon suitability
to customer requirements. GDJD places its orders with these mills
upon order receipt from customers and ships the goods directly to
customers once ready, in a majority of cases, resulting in low
inventory holdings. While the established and diversified
supplier base ensures steady supply of high quality yarn, direct
shipping to customer locations results in considerable savings on
holding and inventory costs for the firm. The impact of
fluctuations in yarn price movements and foreign exchange rates
is mitigated to an extent through the order backed procurement
mechanism and the working capital borrowings being through
foreign currency based packing credit facilities. The firm
operates in a segment characterized by low value addition and low
product differentiation; this coupled with the fragmented
industry structure exposes GE to intense competition from other
domestic yarn manufacturers/traders and restricts GE's pricing
flexibility, which results in thin margins.

GDJD Exports, which was established in 1990 as an offshoot of
Gocooldoss Jumnadoss and Co., is primarily engaged in the trading
of various varieties of yarn such as cotton yarn, polycot yarn,
polyester yarn and viscose yarn, apart from small quantities of
fabrics. Cotton yarn constitutes over 80% of GDJD's sales. The
firm procures raw material from spinning mills across India and
supplies the yarn to customers in several overseas markets,
including China, Bangladesh, Sudan, and Korea to name a few. GDJD
currently has about eleven employees and is managed by the three
partners - Mr. Bharat Kumar Shah, Mrs. Hema Bharat Shah and Mr.
Tapan Tanmay B Shah.


HAMD FOODS: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Hamd Foods
Private Limited (HFPL) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable.  Instrument-wise rating action is:

   -- INR108 mil. Fund-based limits rating assigned with IND A4+
      rating

                         KEY RATING DRIVERS

The ratings reflect HFPL's moderate scale of operations and
credit profile.  HFPL's FY16 financials indicate revenue of
INR1,197 million (FY15: INR1,510 million), operating EBITDA
margin of 1.2% (0.6%), net financial leverage of 7.5x (1.1x) and
interest coverage ratio of 1.7x (1.9x).  The net leverage
deteriorated in FY16 due to a substantial increase in short-term
debt availed to fund its day-to-day operations.

The ratings also factor in HFPL's tight liquidity position with
an average maximum utilization of fund-based limits of 94.5%
during the 12 months ended January 2017.

However, the ratings are supported by the promoter's over three
decades of experience in meat processing and livestock trading.

                       RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations,
along with an improvement in the overall credit metrics would be
positive for the ratings.

Negative: Deterioration in profitability margin leading to
deterioration in the overall credit metrics would be negative for
the ratings.

COMPANY PROFILE

Incorporated in 2005 by Mohammed Hasir and his family, HFPL
processes and exports frozen buffalo meat.  The company is also
engaged in livestock trading, which contributes a majority
portion to the revenue.


KESHRANAND COTEX: CRISIL Reaffirms B+ Rating on INR10MM LT Loan
---------------------------------------------------------------
CRISIL has reaffirmed its ratings on the long-term bank
facilities of Keshranand Cotex Private Limited (KCPL; part of the
Keshranand group).

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

   Proposed Long Term
   Bank Loan Facility      10        CRISIL B+/Stable
(Reaffirmed)

   Term Loan                3        CRISIL B+/Stable
(Reaffirmed)

The ratings continue to reflect the group's below-average
financial risk profile because of a modest net worth, high
gearing, and below-average debt protection metrics. The rating
also factors in a modest scale of operations in the fragmented
cotton ginning and pressing industry. These rating weaknesses are
partially mitigated by the extensive industry experience of the
group's promoters, and their funding support.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KCPL and Keshranand Ginning and
Pressing Factory Pvt Ltd (KGPFPL). This is because the two
companies, together referred to as the Keshranand group, belong
to the same promoters, are in the same line of business, and have
business and financial linkages.

Key Rating Drivers & Detailed Description
Weaknesses
* Below-average financial Risk Profile: Networth is modest at
INR7.41 cr as on March 31, 2016 driven by muted accretion to
reserves and limited capital infusions. Accretion to reserves is
constrained by small scale of operations and low profitability.
In the absence of significant capital infusion over the medium
term, net worth will remain modest. Group has operated at
moderately high gearing of over 1.9 times for the past three
years through 2015-16. High gearing was an outcome of the
significant debt funding of working capital requirement and the
modest net worth. Gearing is likely to come below 1.5 times over
the medium term with repayment of term loans. High gearing and
low profitability led to weak debt protection metrics. Interest
coverage and net cash accrual to total debt ratios were 2.1 times
and 0.07 time, respectively, in 2015-16 and are expected to
slightly improve over the medium term.

* Modest scale of operations: The group has modest scale of
operations, reflected in sales of INR51 cr in 2015-16 (refers to
financial year, April 1 to March 31). The cotton ginning and
pressing industry is marked by low entry barriers in terms of
capital investment and technological requirement. Modest scale of
operations restricts pricing flexibility with suppliers and
customers. Furthermore, its scale of operations fluctuates
depending on cotton prices and the overall economic environment.
With no major expansion plans over the medium term, scale of
operations will remain modest.

Strength
* Extensive industry experience of the group's promoters, and
their funding support: The promoters have longstanding experience
in the cotton industry of over 10 years in processing of raw
cotton and manufacturing of cotton seed oil and cakes. Over the
years, they gained sound understanding of the market dynamics and
have established presence in the Maharashtra cotton market.
Furthermore, the group has established an understanding with
customers and suppliers enabling a regular flow of orders and
supplies. Benefits from the promoters' experience are expected to
continue over the medium term. The promoters and their associates
have extended funding support via unsecured loans of around
INR2.07 cr as on March 31, 2016. The promoters are likely to
continue providing need-based funding support over the medium
term.
Outlook: Stable

CRISIL believes the Keshranand group will continue to benefit
over the medium term from its promoters' extensive industry
experience. The outlook may be revised to 'Positive' in case of
more-than-expected cash accrual or substantial capital infusion.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected cash accrual, a stretched working capital
cycle, or large, debt-funded capital expenditure, constraining
the group's financial risk profile.

Established in 2010, KCPL undertakes cotton ginning and pressing,
and extracts oil from cotton seeds. The company commenced
production at its facility in Dhule, Maharashtra, in October
2012. Incorporated in 2005, KGPFPL is in the same line of
business. It also sells dried oil cakes. Its manufacturing
facility at Dhule has a ginning and pressing capacity of 350
bales per day; it commenced operations from November 2005. The
Keshranand group is owned and managed by Mr. Dyaneshwer Bhamre
and his family.

KCPL reported a profit after tax (PAT) of INR12 lakh on net sales
of INR23.2 cr for 2015-16, as against a net loss of INR10 lakh on
net sales of INR9.7 cr for 2014-15.

KGPFPL reported a profit after tax (PAT) of INR5.8 lakh on net
sales of INR23.2 cr for 2015-16, as against a net loss of INR10.2
lakh on net sales of INR9.7 cr for 2014-15.


KUDROW SBL: ICRA Confirms B+ Rating on INR1.07cr PTC Series A2
--------------------------------------------------------------
ICRA has confirmed the provisional ratings assigned to PTCs
issued by Kudrow SBL IFMR Capital 2016 as final. The PTCs are
backed by receivables from a INR13.38 crore pool of small
business loans originated by Zen Lefin Private Limited (Capital
Float).

                         Amount
  Facilities           (INR crore)     Ratings
  ----------           -----------     -------
  PTC Series A1             11.37      Provisional rating of
                                       [ICRA]A-(SO) confirmed
                                       as final

  PTC Series A2              1.07      Provisional rating of
                                       [ICRA]B+(SO) confirmed
                                       as final

  Over collateral            0.94      Provisional rating of
                                       [ICRA]B+(SO) confirmed
                                       as final


Rationale
In Oct 16, ICRA had assigned Provisional [ICRA]A-(SO) rating to
PTC Series A1 and Provisional [ICRA]B+(SO) rating to PTC Series
A2 issued by Kudrow SBL IFMR Capital 2016. Since the executed
transaction documents are in line with the rating conditions and
the legal opinion and due diligence audit certificate for the
transaction have been provided to ICRA, the said ratings have now
been confirmed as final.

Key rating drivers
Credit Strengths
* Availability of credit enhancement in the form of
Subordination, EIS and Cash Collateral;
* Moderate average pool seasoning of 8 months;
* Favorable pool selection filters like absence of any overdue
contracts as on pool cut-off date;
Credit Weakness
* The obligor and geographical concentration is slightly high in
the pool;

Description of key rating drivers highlighted:

The first line of support for Series A1 PTCs in the transaction
is in the form of subordination of 15.00% of the pool principal
(includes principal payable to PTC A2 and over
collateralization). After PTC A1 has been fully paid,
subordination of 7.00% of the pool principal will be available
for PTC A2 (i.e. over collateralization). An important feature of
the structure in this transaction is that any collection in
excess of the promised interest payouts to PTC A1 would be first
utilised for payment of scheduled principal of PTC A1 and then
for expected interest payouts to PTC A2. After PTC A1 is
completely amortised the same would be utilised for payment of
promised interest and scheduled principal to PTC A2.

Cash collateral of 9% of the initial pool principal (Rs. 1.20
crore) provided by Capital Float, acts as further credit
enhancement in the transaction. The cash collateral will be in
the form of a fixed deposit maintained with a bank acceptable to
ICRA. In the event of shortfall in meeting the promised PTC
payouts during any month, the Trustee will utilise the cash
collateral to meet the shortfall. The cash collateral not only
provides credit support against losses on the pool, but also
imparts liquidity.
The pool consists of monthly-paying loan contracts, with moderate
seasoning profile and absence of any overdue contracts. However,
the pool has a slightly higher obligor and geographical
concentration.

Analytical approach:
The rating action is based on the trustee confirming compliance
with the terms of the transaction and the executed transaction
documents being in line with the terms initially shared with
ICRA.

Zen Lefin Credit Pvt Ltd. (Trade name for the company is Capital
Float) is an NBFC which started its operations in 2013 by co-
founders Mr. Sashank Rishyasringa and Mr. Gaurav Hinduja. It
adopts a hybrid model to lend to SMEs using an online platform
whereby the company finances some proportion of the money from
its own balance sheet while the balance proportion is off-balance
sheet and is financed by the co-lenders which can be financial
institutions or HNIs. The current on-book portfolio comprises 80%
of the portfolio while the rest 20% is off-balance sheet
portfolio. As per the co-founders, they have chosen to work on a
hybrid model unlike pure marketplace model as the business model
is new and they would want to have some skin in the game
initially, to gain confidence from the co-lenders. The co-lender
(FIs & HNIs), Zen Lefin and the borrower have a tri-partite
agreement in every loan.

The company disburses three types of loans viz. E-commerce loans,
Uber loans and SME loans. In case of the SME loans, the company
disburses small business loans to small manufacturers, service
providers, retail businesses for tenure of 1-3 years. The E-
commerce finance loans are given to established merchants in the
e-commerce marketplace with tenure of 90 days to 180 days. The
Uber loans are given to Uber drivers for purchase of their own
vehicles and have tenure of 3-4 years.

As on September 2016, the company has a managed asset book of
around INR291 crore and is present across 12 states. The company
reported a net loss of around INR23.34 crore for H1FY2017 on a
total managed asset base of INR409.39 crore as on September 2016.
The reported net worth of the company stood at around INR219.67
crore as on September 2016 after the company raised Series B
funding of INR170 crore in May 2016. The SME loan portfolio
stands at INR153 crore as on September 2016. The major states of
operation where SME loans are disbursed are Karnataka, Tamil
Nadu, NCR region and Maharashtra which together account for close
to 70% of the portfolio. ICRA has a rating outstanding of
[ICRA]BBB-(Stable) for the long-term bank facilities and
subordinated debt programs of Zen Lefin.


KUNAL LOHACHEM: CARE Reaffirms 'B' Rating on INR6cr LT Loan
-----------------------------------------------------------
The rating assigned to the bank facilities of Kunal Lohachem
Private Limited continues to take into account its small scale of
operation with thin profit margin due to presence in the highly
competitive and fragmented industry, working capital intensive
nature of operation and leveraged capital structure with weak
debt protection metrics. The rating, however, derives strength
from KLPL's experienced promoters, long track record of operation
and stable financial performance in FY16 (refers to the period
April 1 to March 31).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              6         CARE B; Stable Reaffirmed


Growth in the scale of operation with improvement in
profitability and capital structure along with effective
management of working capital are the key rating sensitivities.

Detailed description of the key rating drivers
Key Rating Weaknesses
Small scale of operation: KLPL is a small player in steel wire
trading segment, having an annual turnover of INR100.17 crore in
FY16 (Rs.78.83 crore in FY15).

Thin profit margin: Given the trading nature of business and
intense competition, KLPL continues to operate on a thin margin.
The PBILDT margin remains thin at 1.12% in FY16 (1.20% in FY15).

Working capital intensive nature of operation: KLPL's operations
are working capital intensive in nature as the company need to
extend higher credit period to its clients on account of its low
bargaining power owing to its small size of operations.

Leveraged capital structure and weak debt protection metrics: The
overall gearing ratio deteriorated from 3.75x as on March 31,
2016, to 11.88x as on March 31, 2016, due to increase in
unsecured loans availed for its money lending activities whereby
the company borrow and lend funds to outside & associate
companies and receive interest. Total debt/GCA remains vulnerable
at 198.69x in FY16 as against 81.75x in FY15.

Key Rating Strengths
Experienced promoters and long track record of operation: KLPL
was promoted by Mr. Praveen Kumar Jain, having around a decade of
experience in trading of steel products and is involved in the
strategic planning and running the day to day operations of the
company. Furthermore, KLPL commenced operations in May 1997 and
accordingly has track record of around two decades.

Stable financial performance in FY16: KLPL's total operating
income grew by about 27% y-o-y to INR100.17 crore in FY16 with
increase in its trading sales. However, the PBILDT margin
deteriorated marginally from 1.20% in FY15 to 1.12% in FY16. The
interest coverage ratio improved from 1.28x in FY15 to 1.40x in
FY16 mainly led by growth in absolute level of PBILDT.
Furthermore, KLPL generated cash accruals of INR0.20 crore in
FY16 (Rs. 0.14 crore in FY15). The current ratio improved and
continued to remain comfortable at 1.71x as on March 31, 2016, as
compared with 1.35x as on March 31, 2015. Till 9MFY17, the
company has achieved net sales of about INR57.38 crore.

Kunal Lohachem Private Limited incorporated in May 1997 was
promoted by one Mr. Praveen Kumar Jain of Raipur. KLPL is engaged
in the trading of Hard Bright (H.B) wire, Galvanised Iron (G.I)
wire, MS Round bar, Barbed wire and Wire Nails which are largely
used in industries like power, construction, automobile,
engineering, etc. Apart from this, the company is also engaged in
job work for converting H.B wire into G.I wires. The company
mainly sells its products to dealers and retailers located in
Chhattisgarh. Furthermore, it also undertook money lending
activities, whereby the company borrow and lend funds to outside
& associate companies and received interest (accounted for about
0.72% of the total operating income in FY16). The day-to-day
affairs of the company are looked after by Mr. P.K. Jain,
Director.

KLPL earned a PAT of INR0.20 crore on total operating income of
INR100.17 crore in FY16 as compared with a PAT of INR0.14 crore
on a total operating income of INR78.83 crore in FY15. In 9MFY17,
the company, has achieved net sales of about INR57.38 crore.


MAHAMAYA CASTINGS: CRISIL Reaffirms B+ Rating on INR8.25MM Loan
---------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of
Mahamaya Castings Private Limited at 'CRISIL B+/Stable/CRISIL
A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          .81      CRISIL A4 (Reaffirmed)
   Cash Credit            8.25      CRISIL B+/Stable (Reaffirmed)
   Foreign Exchange
   Forward                5.00      CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      .94      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect large working capital
requirement, and modest return on capital employed (RoCE). These
rating weaknesses are partially offset by the extensive
experience of the promoter in the steel industry.

Analytical Approach

CRISIL has treated INR1.40 crore of unsecured loans, outstanding
as on March 31, 2016, from the directors as neither debt nor
equity. That's because these funds are subordinated to bank debt,
the interest rate charged on the same is less than bank
borrowings and are expected to remain in the business over the
medium term.

Key Rating Drivers & Detailed Description
Weakness
* Highly working capital-intensive operations:
Gross current assets were 224 days as on March 31, 2016 driven by
large inventory and receivables, as is the case for most
companies manufacturing stainless steel long products. Inventory
was high at 142 days as on March 31, 2016. Trade credit from
suppliers was 66 days as on March 31, 2016. Due to modest trade
credit and low internal accrual, reliance on bank lines to meet
incremental working capital requirement remains high. Operations
are likely to remain working capital intensive over the medium
term.

* Modest RoCE:
The RoCE has remained low at 6-8.5% in the three fiscals through
2016 because of operating profitability of 6-8% and working
capital-intensive nature of operations. The RoCE is expected to
improve gradually over the medium term, backed by higher cash
accrual from increased scale of operations.

Strengths
* Extensive industry experience of the promoter
The promoter, Mr. Bhir Bhan Jindal, has experience of around two
decades in the steel industry through group concern, Avtar Steel
Ltd (ASL; rated 'CRISIL BB-/Stable/CRISIL A4+'). Backed by this,
MCPL can anticipate price trends of raw materials and calibrate
purchasing and stocking decisions. The business acumen of the
promoter has also led to an established relationship with
customers and suppliers.
Outlook: Stable

CRISIL believes MCPL will continue to benefit from the extensive
industry experience of its promoter. The outlook may be revised
to 'Positive' in case of substantial cash accrual and improvement
in the working capital cycle leading to better liquidity. The
outlook may be revised to 'Negative' if the financial risk
profile deteriorates, most likely because of large debt-funded
capital expenditure, a decline in cash accrual, or deteriorating
working capital management.

Established in 2004 in Delhi, MCPL is promoted by Mr. Bhir Bhan
Jindal. It manufactures stainless steel bright bars, which find
application in the construction, automotive, and engineering
sectors.

MCPL reported a profit after tax (PAT) of INR0.76 Crores on net
sales of INR48.00 Crores for fiscal 2016, vis-a -vis INR0.59
Crores and INR48.74 Crores, respectively in fiscal 2015, on a
standalone basis.


MALEBENNUR FOODS: CRISIL Upgrades Rating on INR4.5MM Loan to 'B'
----------------------------------------------------------------
CRISIL has upgraded its rating to 'CRISIL B/Stable' from 'CRISIL
B-/Stable' rating to the long-term bank facility of Malebennur
Foods Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             1.5       CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Long Term Loan          4.5       CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade reflects MFPL's modest scale- and working
capital intensive nature- of operations in the fragmented rice
industry, its below-average financial risk profile marked by high
gearing, modest debt protection metrics and net worth. The rating
also factors in its susceptibility of its operating profitability
to volatility in raw material prices. These rating weaknesses are
partially offset by the benefits derived from the promoters'
extensive experience in the rice milling industry and its
established relationships with its customers and suppliers.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale and working capital intensive nature of operations
in the fragmented rice industry: The company has a small scale of
operations with estimated revenues of around INR 12.32 crores in
2015-16. The small scale of operations prevents the company from
taking advantage of benefits that come out of economies of scale.
The company has an installed milling capacity of 5 tons per hour
(tph). With no immediate plans to increase the installed
capacities, this is moderate milling capacity given the presence
of players with capacities of around 50 tph ' 70 tph in
Karnataka. While large players have better efficiencies and
pricing power because of their scale of operations small players
are exposed to intense competition and low pricing flexibility
which constrains their profitability. Also the rice milling
business in Karnataka is marked by high fragmentation and intense
competition

* Susceptibility of its operating profitability to volatility in
raw material prices: The domestic rice industry is highly
regulated in terms of paddy prices, export/import policy for
rice, and rice release mechanism. This affects the credit quality
of players in the industry. The minimum support price of paddy
and prevailing rice prices are two key factors that determine a
rice mill's profitability.

Strength
* Promoters extensive experience with established relationships
in the rice milling industry: The family of the promoters has
been involved in Processing and trading of rice for almost 10
years in their individual proprietorship concern. In order to
leverage on the extensive experience of his family members in
rice and industry and their established relationship with
dealers, Mr. Syed Hussaian Azghar has set up MFPL to undertake
milling of rice. CRISIL believes that MFPL will continue to
benefit from its promoters' experience over the medium term.
Outlook: Stable

CRISIL believes that MFPL will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' if the MFPL's revenue and
profitability increase substantially, leading to better financial
risk profile. Conversely, the outlook may be revised to
'Negative' if the company undertakes aggressive debt-funded
expansions, or its revenue and profitability decline
substantially, leading to weakening in its financial risk
profile.

Set up in 2013, MFPL is engaged in milling and processing of
paddy into rice, rice bran, broken rice and husk. Its rice mill
is located in Malebennur (Karnataka). The company is promoted by
Mr. Syed Hussaian Azghar

MFPL, reported profit after tax (PAT) of INR0.06 crores on net
sales of INR12.32 crores in 2015-16 (refers to financial year,
April 1 to March 31).


MODIGOLD PIPES: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Modigold Pipes
Private Limited (MPPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.  Instrument-wise rating action is:

   -- INR58 mil. Fund-based working capital limit rating assigned
      with IND BB-/Stable rating

                        KEY RATING DRIVERS

The ratings reflect MPPL's small scale of operations with revenue
of INR65 million in FY16 (FY15: INR63 million).  However, Ind-Ra
expects a healthy revenue visibility starting FY17 owing to
enhanced fund-based working capital limit, which will aid the
company in attaining new orders.  As per the interim financials,
MPPL has achieved revenue of INR109 million until December 2016.

However, the ratings are supported by the company's strong credit
metrics and comfortable liquidity position.  EBITDA margins were
6.8% in FY16 (FY15: 8.6%), EBITDA interest coverage (operating
EBITDA/interest) was 3.2x (2.4x) and net financial leverage (net
debt/operating EBITDA) was 0.6x (2.8x).  MPPL's maximum average
use of fund-based limits was 51% during the 12 months ended
December 2016.

The ratings also draw comfort from the founders' more than three
decades of experience in the high density polyethylene (HDPE)
pipes, lines and water tanks manufacturing business.

                        RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations,
along with an improvement in the credit metrics will be positive
for the ratings.

Negative: A decline in the scale of operations and deterioration
in the credit metrics will be negative for the ratings.

COMPANY PROFILE

Incorporated in 1996 in Butibori, Maharashtra, MPPL manufactures
and exports water tanks, polyvinyl chloride pipes, high density
polyethylenepipes, unplasticised polyvinyl chloride pipes,
suction pipes, low density pipes, sprinkler systems and garden
pipes, among others.  The company is promoted by Mr. Rajendra
Bansal and Mr. Sourabh Bansal.


OMMI FORGE: CRISIL Reaffirms 'B' Rating on INR7.5MM Cash Loan
-------------------------------------------------------------
CRISIL reaffirmed its ratings on the bank facilities of Ommi
Forge Private Limited at 'CRISIL B/Stable/CRISIL A4'. The ratings
continue to reflect the company's modest scale of operations in
the intensely competitive forging industry, and susceptibility to
volatile raw material prices. The ratings also factor in the
below-average financial risk profile, with high gearing and weak
debt protection metrics. These rating weaknesses are partially
offset by the promoters' extensive experience in the forging
industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          2.5       CRISIL A4 (Reaffirmed)
   Cash Credit             7.5       CRISIL B/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations and exposure to intense competition
in highly fragmented segment
With revenue of INR28.8 cr in 2015-16 (refers to financial year,
April 1 to March 31), the company's scale of operations remains
modest despite being in the industry for around 4 decades. The
management does not have major capacity expansion plans and
hence, its scale of operations is expected to remain at current
levels over the medium term. Further, the forging segment is
intensely competitive due to low capital requirement. Hence,
players in the segment have limited bargaining power against
customers.

* Susceptibility of operating margin to volatility in raw
material prices
OMFPL's operating margin remains susceptible to volatility in raw
material prices. Raw material cost accounts for about 60 per cent
of its total cost. Further, OMFPL has limited pricing flexibility
with its customers due to intense competition, which restricts
the firm's ability to pass on any increase in raw material prices
to its customers. The operating margin (7.2 percent in 2015-16)
has remained volatile (4.8-7.2 percent range) over the past three
years ended 2015-16 due to exposure to prices of key raw
materials, mild steel and alloy steel, which have been volatile
in the past.

* Below-average financial risk profile
The financial risk profile of PMFPL is below average driven by
modest net worth, high gearing and weak debt protection metrics.
Low initial capital and modest accretion to reserves, arising
from moderate profitability and modest scale of operations, led
to a small networth of INR2.4 cr as on March 31, 2016. Going
forward, CRISIL expects the net worth to remain small in the
range of INR2.5 to 2.8 cr over the medium term. The modest net
worth and has resulted in high gearing to the tune of 4.3 times
as on March 31, 2016. The gearing is expected to improve over the
medium term with repayment of term debt. The debt protection
metrics of OMFPL are weak, with interest coverage and net cash
accruals to total debt ratios at 1.4 times and 0.07 times,
respectively for 2015-16. The metrics are expected to remain in a
similar range over the medium term on account of moderate
accruals.

Strength
* Extensive experience of promoter
OMFPL benefits from the extensive experience of its promoters,
who have a long standing experience of around 4 decades in the
forging segment. On account of the long standing experience, the
company had well established relationships with major customers,
for which the company acts a supplier of made-to-order critical
components. This has helped the company in getting repeat orders
from its customers on a regular basis. CRISIL believes that OMFPL
benefits from the extensive experience of its promoters over the
medium term.
Outlook: Stable

CRISIL believes OMFPL will continue to benefit over the medium
term from the promoters' extensive experience. The outlook may be
revised to 'Positive' if better-than-expected revenue and
profitability leads to sizeable cash accrual and a stronger
financial risk profile. Conversely the outlook may be revised to
'Negative' if low accrual, any large, debt-funded capex, or
deterioration in working capital management weakens the financial
risk profile.

Set up in 1975, OMFPL manufactures forged steel alloys and
jointless forgings for the automobile and other industries. The
manufacturing facility is in Bengaluru. The company is managed by
Mr. Anil Ashwath.

OMFPL reported a profit after tax (PAT) of INR27 lakh on net
sales of INR28.6 cr for 2015-16, as against a net loss of INR20
lakh on net sales of INR29.8 cr for 2014-15.


PARK HEALTH: ICRA Upgrades Rating on INR5.14cr Term Loan to BB-
---------------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR5.14
crore (revised from INR7.36 crore) term loan limits, INR2.50
crore cash credit limits and INR2.36 crore (revised from INR0.14
crore) unallocated limits of Park Health Systems Private Limited
from [ICRA]B+ (pronounced as ICRA B plus)2 to [ICRA]BB-. The
outlook on long term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Term Loan Limits        5.14      [ICRA]BB- upgraded from
                                    [ICRA]B+; Outlook is Stable

  Cash Credit Limits      2.50      [ICRA]BB- upgraded from
                                    [ICRA]B+; Outlook is Stable

  Unallocated Amount      2.36      [ICRA]BB- upgraded from
                                    [ICRA]B+; Outlook is Stable

Rationale
The rating upgrade factors in the consistent growth in revenues
over the past four years from INR19.20 crore in FY2012 to
INR34.87 crore in FY2016 at a CAGR of 16% owing to improvement in
in-patient occupancy levels and outpatient consultations which
has further increased by 31% to INR34.15 crore in 9MFY2017; and
improvement in cash accruals over the years. The rating also
factors in moderate operating margins in the range of 17-19% over
the last four years; healthy coverage indicators with interest
coverage of 4.58 times and NCA/TD of 27% for 9MFY2017. Further,
ICRA notes the high average inpatient revenue per admission
indicating the complex and high end nature of the procedures
performed at the hospital; and experienced and reputed team of
doctors coupled with central location of the hospital ensuring
good patient footfalls. The rating is, however, constrained by
operational risks inherent to a single location hospital and high
competition with presence of large number of established players
in the vicinity of the hospital and also from other major
hospitals in Hyderabad. The ratings are also constrained by weak
liquidity position as indicated by high working capital
utilization on account of delayed receivables from central
government entities with whom the company has tie up. Further,
retaining doctors given high competition in the healthcare
industry and ramp up of operations at newly started hospital to
remain key challenges for the company.

Going forward, increase in scale of operations while managing
working capital requirements would remain key rating
sensitivities from credit perspective.

Key rating drivers
Credit Strengths
* Consistent increase in hospital revenues over the last four
   years owing to improvement in in-patient occupancy levels and
   outpatient consultations
* Healthy coverage indicators with interest coverage of 4.58
   times and NCA/TD of 27% for 9MFY2017
* Experienced and reputed team of doctors and central location
   of the hospital ensures good patient footfall
* High average inpatient revenue per admission indicating the
   complex and high end nature of the surgeries performed at the
   hospital

Credit Weakness
* Weak liquidity position as indicated from high working capital
   utilization on account of delayed receivables from central
   government entities with whom the company has tie up
* High competition with presence of large number of established
   players in the vicinity of the hospital and also from other
   major hospitals in Hyderabad.
* Retaining doctors given high competition in the healthcare
   industry and ramp up of operations at newly started hospital
   to remain key challenges for the company

Description of key rating drivers highlighted:

Park Health Systems Private Limited (PHSPL) operates a 130 bed in
Somajiguda, Hyderabad. It has recently added a 113 bedded
hospital with major focus in cardiology and the commercial
operations of the same was started from October 2016. The total
capex incurred was INR18.70 crore which was funded by INR12.83
crore term loans, INR1.95 crore equity infusion, INR0.75 crore of
unsecured loans and remaining from internal accruals. The company
has reputed team of doctors and central location of the hospital
is ensuring good patient footfall. The company has seen
consistent growth in revenues over the last four years INR19.20
crore in FY2012 to INR34.87 crore in FY2016 mainly due to
increase in occupancy levels from 45% in FY2012 to 78% in FY2016.
The operating margins of the hospital have been consistent at
17%-19% levels over the years with moderate net margins in 5%-7%
levels owing to high depreciation and interest expenses. The
liquidity position of the company is weak as indicated by high
working capital utilization on account of delayed receivables
from central government entities. The company is also exposed to
high competition with presence of large number of established
players in the vicinity of the hospital and also from other major
hospitals in Hyderabad. The ramp up of operations by increase in
occupancy levels at the newly started hospital along with
retaining the doctors given high competition would be major
challenges for the company in the near term.


PHARMCHEM: CRISIL Assigns B+ Rating to INR3MM Cash Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Pharmchem.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Packing Credit          2          CRISIL A4
   Cash Credit             3          CRISIL B+/Stable
   Letter of Credit        9.9        CRISIL A4

The ratings reflect a small scale, and working capital-intensive
nature of operations with exposure to intense competition in the
bulk drugs manufacturing industry. The ratings also factor in
below average financial risk profile because of weak debt
protection metrics and low operating profitability. These rating
weaknesses are partially offset by the extensive experience of
the partners in the pharmaceutical industry.

Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of, and working capital-intensive operations: Sales
were around INR15.97 crore in fiscal 2016. Moreover, gross
current assets were high at over 225 days as on March 31, 2016,
driven by substantial inventory of 118 days and moderate debtors
of 75 days.

* Below average financial risk profile because of weak debt
protection metrics: In fiscal 2016, interest coverage and net
cash accrual to total debt ratios were 1.3 times and 0.1 time,
respectively due to low profitability of 5.7% during fiscal 2016.
Further the networth of the firm is also small at around INR4.34
crore on March 31, 2016.

Strength
* Extensive industry experience of the partners: The partners
have an experience of about four decades in the pharmaceutical
industry; this has assisted in developing a healthy relationship
with customers and suppliers.
Outlook: Stable

CRISIL believes Pharmchem will continue to benefit from the
extensive industry experience of its partners. The outlook may be
revised to 'Positive' in case of more-than-expected cash accrual,
driven by an increase in the scale of operations and operating
margin, along with better working capital management, leading to
an improvement in the financial risk profile. The outlook may be
revised to 'Negative' in case of lower-than-expected cash
accrual, a decline in the operating margin, a stretched working
capital cycle, or large, debt-funded capital expenditure,
resulting in deterioration in the financial risk profile.

Pharmchem is a partnership firm established in 1973 by Mr. Lalit
Kumar Jain and his family. The firm manufactures and trades in
bulk drugs; its manufacturing unit at Bahadurgarh, Haryana, has
an installed capacity of 300 tonnes per annum. The firm
manufactures erythromycin stearate, erythromycin succinate,
erythromycin estolate, ofloxacin IP, and mefenamic acid IP, which
it supplies to formulators and trading houses across India and in
the overseas market.

Book profit was INR0.02 crore on net sales of INR15.5 crore in
fiscal 2016, against INR0.14 crore and INR27.3 crore,
respectively, in fiscal 2015.


POPURI STEELS: ICRA Reaffirms B- Rating on INR10cr Loan
-------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B- assigned to
INR10.00 crore fund based limits of Popuri Steels Limited.  The
outlook assigned on long term rating is Stable.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund based limits       10.00      [ICRA]B-(Stable) re-affirmed

Rationale
The rating continues to be constrained by the modest scale of
operations, and stretched financial profile with operating
losses, weak coverage indicators, and high working capital
intensity due to high inventory levels of Popuri Steels Limited
(PSL). The rating is also constrained by exposure of revenues and
profitability to raw material price fluctuations and inherent
cyclicality in the steel industry. The rating also considers high
customer concentration of the company. The rating, however,
derives comfort from the promoter's long experience of over 3
decades in steel industry and their established relationship with
customers to get regular orders. ICRA takes comfort from increase
in capacity utilization levels of PSL in current financial year.
Going forward, the company's ability to improve its scale of
operations, profitability and manage its working capital
requirements effectively will be key rating sensitivities from
credit perspective.

Key rating drivers
Credit Strengths
* Over 3 decades of experience of the promoters in the
manufacture of sponge iron
* Established base of customers reduces off take risk to an
extent
* Improved capacity utilization in FY 2016.
Credit Weakness
* Modest scale of operations.
* Risks associated with raw material availability and
fluctuations in the raw material prices
* Inventory carrying risk, given high amount of inventory stored
by the company to ensure the availability throughout the year
* Limited value addition in the existing standalone sponge iron
business which adversely impacts the profitability.
* Cyclicality inherent in the steel industry.

Description of key rating drivers highlighted:

The company has been engaged in manufacturing of sponge iron with
installed capacity of 45000 MT per anum. The operations of the
company have been impacted since FY2015 on account of subdued
demand and adverse industry scenario leading to revenue de-growth
over the past two years. The capacity utilization improved in the
current fiscal, the company records annualized growth of 41% in
7m, FY2017. The company has incurred operating losses over the
past two years on account of decline in scale of operations,
higher fixed overheads and raw material costs. The company has
installed a stone crushing unit in FY2017 with an installed
capacity of 45000 MT per month and the company has incurred
~INR5.00 crore capex towards the same as on December 31, 2016,
which has been funded through unsecured loans .The revival in
sponge iron demand and commencement of new unit Is expected to
support revenue growth and margins going forward. The working
capital intensity of the company continues to remain high on
account of high inventory levels.

Popuri Steels Limited (PSL) was incorporated in the year 2004
with the establishment of a 1 x 50 TPD DRI (Direct reduced Iron
or Sponge Iron) at Mundargi Industrial area, Bangalore Road,
Bellary. The plant was shut down in 2009 and the company started
another 2 x 50 TPD DRI plant in Halakundi village, Bellary in
2009 onwards. The company is involved in the manufacturing of
sponge iron using rotary klin process. Mr. Popuri Akineedu is the
current Managing Director of the company.

PSL has reported an operating income of INR25.78 crore in FY 2016
as against INR26.51 crore in FY 2015 and it has reported a net
operating loss of INR1.24 crore in FY2016 as against a net
operating loss of INR3.92 core in FY2015.


PRECISION ENGINEERING: ICRA Assigns 'D' Rating to INR10.08cr Loan
-----------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]D to the INR9-crore
cash credit and INR1.08-crore working capital term loan of
Precision Engineering Corporation. ICRA has also assigned a
short-term rating of [ICRA]D to the INR1.92-crore non fund-based
bank facilities of PEC.

                          Amount
  Facilities           (INR crore)     Ratings
  ----------           -----------     -------
  Fund-based Limits       10.08        [ICRA]D assigned
  Non-fund based Limits    1.92        [ICRA]D assigned

Detailed Rationale
The assigned ratings primarily take into the recent delays in
debt servicing by PEC on account of its nominal cash accrual from
business. The ratings also factor in the firm's stretched
liquidity position on account of significant receivables and
inventory buildup which resulted in over-utilisation of the
working capital limit, restricting its financial flexibility. The
ratings are also constrained by PEC's declining turnover,
unfavourable capital structure and depressed debt coverage
indicators. ICRA also takes note of the risks of capital
withdrawal, given PEC's legal status as a partnership firm.
The ratings, however, take note of the that the firm's strong
operational track record of more than three decades in the
manufacturing of engineering products, and its acceptable product
quality reflected by the accreditation as an approved vendor for
reputed clients.

The firm's top-line growth would be constrained by its limited
financial flexibility, given the working capital limit remains
over-utilised as a result of piling up of receivables and
inventories. Sustainable improvement in the firm's liquidity
position and regularisation of debt servicing would be the key
rating sensitivity going forward.

Key rating drivers
Credit Strengths
* Strong operational track record of more than three decades in
the manufacturing of engineering products
* Accreditation as an approved vendor for reputed customers,
which reflects the firm's acceptable product quality
Credit Weaknesses
* Irregularity in debt servicing due to nominal cash accruals
vis-a-vis debt repayment obligation
* Weak financial profile characterized by declining turnover,
aggressive capital structure and depressed debt coverage
indicators
* High receivables and inventory buildup are likely to keep
liquidity stretched
* Risks associated with PEC's legal status as a partnership
firm, including the risks of capital withdrawal

Description of key rating drivers highlighted:

PEC supplies engineering products to its clients in various
sectors like steel, cement, sugar, power etc. The firm is
accredited by the Research Designs & Standards Organisation
(RDSO) for supplying steel bridge girder to the Indian Railways.
PEC is also an approved vendor for a number of reputed Government
and private sector clients. The firm's established operational
track record as a manufacturer of engineering products and its
reputed clientele reflect its operational strength.

The operating income (OI) of the firm has witnessed a declining
trend during the period FY2014-16 on account of decline in the
scale of operations due to a tight liquidity position. PEC's OI
declined by 46% in FY2016 and stood at a modest level of INR6.70
crore (provisional). De-growth in turnover, in turn, led to
deterioration in the firm's profitability at an absolute level,
as reflected by the profit before tax of INR0.16 crore
(provisional) only in FY2016. This led to delay in repayment of
the working capital term loan availed of by the firm. PEC's
working capital limit has also remained over-utilised in recent
months on account of the high receivable and inventory levels,
affecting its financial flexibility.

Set up in 1982 as a proprietorship firm, PEC was converted into a
partnership firm in 2009. The firm is involved in the
manufacturing of tubular pressure parts, steam pipe lines,
bridges and structures for the Indian Railways and other
engineering products as well as execution of construction
projects for thermal and co-generation power plants. PEC has
manufacturing facility in Bhilai, Chhattisgarh.

PEC posted a profit before tax of INR0.16 crore (provisional) on
an operating income of INR6.70 crore (provisional) during FY2016.
The firm reported a net profit of INR0.02 crore on an operating
income of INR12.41 crore during FY2015.

Status of non-cooperation with previous CRA:
CRISIL has in its rationale published on December 22, 2016 stated
that Precision Engineering Corporation has been non co-operative
due to lack of adequate information to enable it to undertake the
review process.


PRERNA BEVERAGES: CRISIL Assigns B+ Rating to INR5.75MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Prerna Beverages Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               2.35      CRISIL B+/Stable
   Proposed Term Loan      5.75      CRISIL B+/Stable
   Cash Credit             0.4       CRISIL B+/Stable
   Proposed Cash
   Credit Limit            1.5       CRISIL B+/Stable

The rating reflects the company's limited track record of
operations, and exposure to risks related to project execution
and ramp-up of sales. The rating also factors in below-average
financial risk profile because of small networth and large debt
availed to fund its project and working capital. These weaknesses
are partially offset by the company's sales tie-up with Pernod
Ricard India which will alleviate demand risk.

Key Rating Drivers & Detailed Description
Weaknesses
* Limited track record of operations, and exposure to risks
related to execution of project: PBPL started operations in
January 2016 and is expanding its mineral water capacity and
installing soda water capacity. Timely implementation of the
project and successful ramp-up of operations remain critical.

* Below-average financial risk profile: Networth is expected to
be small and gearing high, at INR1.2 crore and 4.5 times,
respectively, as on March 31, 2017. Debt contracted for funding
the project and working capital requirement has resulted in
below-average debt protection metrics.

Strength
* Sales tie-up: The company has a 5-year tie-up with Pernod
Ricard India for supply of mineral water and soda water, which
mitigates sales risk.
Outlook: Stable

CRISIL believes PBPL will benefit from its tie-up with Pernod
Ricardo India. The outlook may be revised to 'Positive' if the
company records higher-than-expected sales and cash accrual in
its initial phase, supported by rapid ramp-up of operations. The
outlook may be revised to 'Negative' if significant time and cost
overruns in project lead to low sales and cash accrual, leading
to deterioration in the financial risk profile, especially
liquidity.

PBPL is a Nashik, Maharashtra-based company, established and
promoted in 2015 by Dr Sanjay Sanghale and Ms Sunita Sanghale.
The company has set up a plant with capacity to produce 50,000
litre per day of mineral water, which commenced operations in
January 2016. It is increasing its mineral water capacity to 2
lakh litres per day and setting up soda water capacity, which is
expected to start operations in the second quarter of fiscal
2018.

PBPL had a net loss of INR26 lakh on net sales of INR35 lakh in
fiscal 2016.


PRINCE STEEL: CRISIL Assigns 'B+' Rating to INR7MM Cash Loan
------------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable' rating to the bank
facilities of Prince Steel Industries.

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

The rating reflects increasing yet modest scale of operations and
low operating margin in a fragmented stainless steel (SS)
utensils industry and below-average financial risk profile
because of modest networth and high gearing driven by working
capital debt. These weaknesses are partially offset by the
entrepreneurial experience of the partners, and their funding
support.
Key Rating Drivers & Detailed Description

Weaknesses
* Below-average financial risk profile due to a modest net worth
and leveraged capital structure: With expected increase in
networth'at INR1.02 crore in fiscal 2016-due to equity infusion
in the current fiscal, gearing should improve to 2.5 times (3.7
times in fiscal 2016). Interest coverage ratio remains weak at
less than 1.5 times due to low profitability.

* Sizeable working capital requirement: Operations are working
capital intensive as reflected in gross current assets of 150-180
days on account of large debtors and moderate inventory. The
requirements are predominantly funded by debt and fund infusion
from promoters.

* Increasing yet modest scale of operations and low operating
margin amid intense competition: The industry is highly
competitive and fragmented given the limited capital requirement.
Despite increasing, scale of operations remains modest as
reflected in expected revenue of less than INR40 crore in current
fiscal (INR18.47 crore in previous fiscal). The operating margin
has also remained low at less than 3% given the competition and
limited value addition.

Strength
* Promoters' entrepreneurial experience and funding support: The
partners have 5 years of experience in the industry. Also the
partners' family has been engaged in various business activities
of trading and operating merchant shops for many years. Moreover,
the partners have been supporting growth by infusing capital and
unsecured loans.
Outlook: Stable

CRISIL believes PSI's credit risk profile will improve backed by
increasing scale and partners' fund support. The outlook may be
revised to 'Positive' if increase in scale of operations and
profitability leads to high cash accrual. The outlook may be
revised to 'Negative' if low cash accrual, or stretch in working
capital cycle or debt funded capital expenditure weakens
financial risk profile and liquidity.

Set-up in 2014, PSI, a Jodhpur, Rajasthan based firm manufactures
stainless steel houseware, tableware and other lifestyle products
under the brand name Prince. It is promoted by Mr. Nilesh
Bhansali and Mr. Anil Bhansali. The manufacturing unit commenced
commercial production from July 2014. In the current year, the
firm has leased a rolling mill for backward integration.

The profit after tax and operating income increased to INR0.07
crore and INR18.4 crore, respectively in fiscal 2016, from
INR0.01 crore and INR1.25 crore the previous fiscal.


PROAGRI SEEDS: CARE Assigns B+ Rating to INR8.50cr LT Loan
----------------------------------------------------------
The rating assigned to the bank facilities of Proagri Seeds is
constrained by its small scale of operations, low net worth base,
weak financial profile, susceptibility to the vagaries of nature,
working capital intensive nature of business, PAS's constitution
being partnership and its presence in the highly competitive and
fragmented industry. The ratings further derive strength from
experienced partners & established track record of the firm,
growing scale of operations with presence in the agro cluster at
Uttarakhand.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             8.50       CARE B+; Stable Outlook

Going forward, the ability of the company to scale up its
operations while maintaining its profitability margins and
capital
structure and effective working capital utilization would remain
the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths
Experienced partner
Incorporated in 2005, PAS has a track of more than a decade of
track record of operation and as on March 31, 2016. The firm is
managed by Mr. Baldev Raj Bhusri, Partner, who is engaged in the
field of processing of seeds has an experience of around one and
a half decade with his association with PAS and Om Seeds private
Limited(est. in 1999).

Presence in the agro cluster at Uttarakhand
PAS is favorably located in the vicinity of the major wheat &
paddy-growing areas of the country. Here, the firm has easy
access to raw material and also to farmers who germinate seeds
for PAS. Its presence in the region gives an additional
advantage over the competitors in terms of easy availability of
the raw material as well as favorable pricing terms. Owing
to its location, it is in a position to save on the freight
component of incoming of raw material and outgoing finished
goods.

Key Rating Weaknesses
Small though growing scale of operations with low net worth base
The scale of operations has remained small marked by total
operating income and gross cash accruals of INR11.31 crore
and INR0.10 crore, respectively, during FY16 (refers to the
period April 1 to March 31). Furthermore, the firm's capital base
was relatively small at INR3.08 crore as on March 31, 2016. The
small scale limits the company's financial flexibility in times
of stress and deprives it of scale benefits.

Weak financial risk profile

The company's profitability margins have been historically on the
lower side owing to the limited value addition and intense market
competition given the highly fragmented nature of the industry.
This apart, interest burden on working capital borrowing also
restricts the net profitability of the company. The company
has low partners' capital base against high depended on external
debt to meet the working capital requirement. Furthermore, the
company's debt coverage indicators as marked by interest coverage
and total debt to GCA stood weak on account of low profitability
as against debt levels.

Working capital intensive nature of business
The business model of PAS entails involvement of high working
capital requirement. The company has high reliance on external
borrowing to meet the working capital requirements which resulted
in almost full utilization of its working capital limits for the
past 12-month period.

Susceptibility to vagaries of nature
PAS is engaged in the business of agro products. As agro products
are highly dependent on the climatic conditions, thus the
performance of PAS may get adversely affected due to adverse
weather conditions resulting into lower availability of required
commodities &/or volatility in price movement.

Fragmented and competitive nature of industry
The firm operates in an industry characterized by high
competition with presence of few established players and a large
number of unorganized players in view of low investment and
technological requirements. Intense competition has a negative
impact on margins of the seed processors like NASP.

Uttarakhand-based Proagri Seeds (PAS), partnership firm, was
incorporated in 2005 by Mr. Baldev Raj Bhusri and Mrs Sonia. The
entity is engaged in the processing of certified wheat and paddy
seeds in the domestic market. The seed processing unit of the
firm is located at U.S. Nagar, Uttarakhand, having a processing
and grading capacity of 8 Tonne Per Hour (TPH). PAS purchases the
breeder seeds (initial level or raw seeds) of wheat and paddy
from the agriculture universities and provides them to farmers
for germination. After the receipt of germinated foundation seeds
from the farmers, the firm gets them certified from a seed
certifying agency. These certified seeds are graded and then sold
majorly to the wholesalers and distributors in Uttar Pradesh and
Bihar comprising 80% of the total sales and remaining 20% in
state of Punjab, Haryana and West Bengal. PAS sells the certified
seeds under the brand name of 'Proagri Seeds'.

In FY16 (refers to the period April 1 to March 31), PAS has
achieved a total operating income (TOI) of INR11.31 crore
with PBILDT and PAT of INR0.71 crore and INR0.09 crore,
respectively, as against total operating income (TOI) of INR10.32
crore with PBILDT and PAT of INR0.71 crore and INR0.01 crore,
respectively, in FY15. In 9MFY17 (unaudited) (refers to the
period April 2016 to December 2016), the company achieved TOI of
INR10.22 crore.


PURITA WATER: CRISIL Reaffirms B+ Rating on INR5.5MM LT Loan
------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities
of Purita Water Solutions Private Limited at 'CRISIL
B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          2.5      CRISIL A4 (Reaffirmed)

   Cash Credit             1.5      CRISIL B+/Stable (Reaffirmed)

   Inland/Import
   Letter of Credit        1.5      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      1.5      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      5.5      CRISIL B+/Stable (Withdrawal)

Additionally CRISIL has withdrawn its rating on the company's
Proposed Long Term Bank Loan Facility of INR 5.5 Crore at
company's request and after obtaining no dues certificate from
its banker. The rating action is in line with CRISIL's policy on
withdrawal of its ratings on bank loans.

The ratings reflect the company's modest scale of operations,
large working capital requirement, and small networth. These
weaknesses are partially offset by the extensive experience of
promoters in the water treatment industry.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations
With net sales of INR8.1 crore in fiscal 2016, scale remains
small in the competitive water treatment industry, which
restricts ability to negotiate with customers or suppliers.

* Large working capital requirement
Gross current assets were over 319 days as on March 31, 2016, due
to stretched receivables and sizeable inventory.

* Small networth
Networth was INR4.5 crore as on March 31, 2016, and is expected
to deteriorate in fiscal 2017 on account of loss incurred on sale
of land.

Strength
* Extensive experience of promoters
Presence of over two decades in the water treatment industry has
enabled the promoters to register revenue growth and establish
strong relationship with major suppliers and customers.
Outlook: Stable

CRISIL believes Purita will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' in case of a substantial and
sustained improvement in revenue, profitability margins, or
working capital management. 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.

Incorporated in 2005 and promoted by Mr. Ravindra Wadel and Mr.
Harsh Wadel, Purita assembles and installs water treatment plants
for industrial use. It undertakes turnkey water treatment
projects that include designing, procurement, installation,
commissioning, and maintenance activity.

Profit after tax (PAT) was INR0.39 crore on net sales of INR8.1
crore in fiscal 2016, against PAT of INR0.98 crore on net sales
of INR16.8 crore.


PV KNIT: CRISIL Assigns B+ Rating to INR1.50MM LT Loan
------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of PV Knit Fashions.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility      .85        CRISIL B+/Stable
   Packing Credit         4.50        CRISIL A4
   Long Term Loan         1.50        CRISIL B+/Stable
   Bank Guarantee          .15        CRISIL A4
   Bill Discounting       3.00        CRISIL A4

The ratings reflect the firm's modest scale of operations,
customer concentration in revenue, and weak financial risk
profile because of small networth and below-average debt
protection metrics. These weaknesses are partially offset by the
extensive experience of its promoters in the garments industry.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations and high customer concentration in
revenue: With turnover of around INR20 crores in the past three
years, scale remains small in the intensely competitive garment
export industry. This limits negotiating power with customers and
suppliers. Moreover, the firm mainly exports to Europe and
derives over 85% of income from a single client, KGS Sourcing
Limited.

* Weak financial risk profile: Networth was small at INR4.3 crore
and gearing moderate at 1.6 times as on March 31, 2016. Interest
coverage ratio was also weak at 2.04 times in fiscal 2016. Net
cash accrual was negative due to capital withdrawal of INR1.11
crore in the two years through fiscal 2016 following change in
partnership.

Strength
* Extensive experience of promoter: Presence of around three
decades in the garment business has enabled the promoters to
establish strong relationship with key customer and suppliers.
Outlook: Stable

CRISIL believes PVKF will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if significant growth in revenue and profitability
leads to sizeable cash accrual and improved liquidity. The
outlook may be revised to 'Negative' if large, debt-funded
capital expenditure, increased working capital requirement, or
capital withdrawal further weakens financial risk profile,
especially liquidity.

Established in 1989 by Mr. Raamasamy as a partnership firm in
Tiruppur, Tamil Nadu, PVKF manufactures and exports knitted
garments. It undertakes knitting, printing, cutting, sticking,
and packaging in-house.

Net profit was INR60 lakh on revenue of INR20 crore in fiscal
2016, against a net profit of INR33 lakh on revenue of INR19.7
crore in fiscal 2015.

Status of non-cooperation with previous CRA: PVKF has not
cooperated with ICRA, which has classified the firm as 'non-
cooperative' vide release dated January 13, 2017.


RAMEE HOTELS: ICRA Assigns B+ Rating to INR8.75cr Loan
------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the
INR8.75-crore fund-based working capital facility of Ramee Hotels
Private Limited. ICRA has also assigned the short-term rating of
[ICRA]A4 to the INR3.50-crore non-fund based facility of Ramee.
The outlook on the long-term rating is 'Stable'.

                         Amount
  Facilities           (INR crore)     Ratings
  ----------           -----------     -------
  Fund-based Working
  Capital Facilities        8.75       [ICRA]B+ (Stable) assigned

  Non-fund Based Limits     3.50       [ICRA]A4 assigned

Rationale
The assigned ratings takes into account the experience of the
promoters in developing and ramping up operations in various
hotel properties under the Ramee Guestline Hotels brand in India
as well as abroad; the advantageous location of the Dadar and
Pune hotels; which has translated into healthy occupancy levels
and the company's strong net worth base.

The ratings are, however, constrained by the stressed financial
profile of the company, characterised by net losses in the last
few fiscal years; modest cash accruals; and the weak credit
history till FY2015. The ratings are further constrained by the
pressures on average room rate (ARR) and revenue per available
room (RevPAR) owing to slowdown in business activity and rising
competition. Given the inherently high operating leverage of the
hospitality industry, the reliance on remunerative RevPAR will be
critical to improve profitability from the current levels. ICRA
also notes that the company has significant investments in
subsidiaries/group entities, wherein lack of commensurate returns
has kept the return indicators subdued. Furthermore, judicious
funding mix for its upcoming Khar project will be critical for
its near term credit profile.

Key rating drivers
Credit strengths
* Proven track record of the promoters in developing and ramping
up operations in various hotel properties under the Ramee
Guestline Hotels brand in India as well as abroad
* The healthy occupancy level of the Dadar and Pune hotels
* The company's strong net worth base

Credit weaknesses
* Stressed financial profile of the company characterised by
losses at net level, modest cash accruals and debt coverage
indicators
* Pressures on average room rate (ARR) at both the hotels
* Stretched liquidity position as reflected in the high
utilisation of its bank limits
* Inherently high operating leverage of the hospitality industry
increases the reliance on remunerative RevPARs to improve
profitability from current levels
* Significant investment made in subsidiaries/group entities,
wherein lack of commensurate returns suppresses the return
indicators
* Upcoming debt-funded capex for its new project in Khar to put
pressure on its credit metrics in the near term
* Vulnerability to industry risks such as cyclicality, general
economic slowdown and exogenous shocks

Description of key rating drivers:

Ramee is a part of the Ramee Group, which operates two hotels
under the "Ramee Guestline Hotels" brand. The group has 34 hotels
worldwide, including six in India. The Ramee Group is focused on
the West Asian countries, and has interests in hospitality, real
estate, and construction. Ramee operates two hotels in India and
both these hotels are favourably located either in commercial
hubs (where numerous reputed IT/ITeS and financial services
companies are present) or in tourist spots. The 58-room Dadar
hotel is a four-star property that is 800 meters from the Dadar
station, 500 meters from Dadar TT Circle, ~14 km from the
international airport, ~11 km from the domestic airport and in
proximity to tourist places such as Shree Siddhivinayak Temple
and Worli sea face. The 88-rooms Pune hotel is ~6kms from Pune
station, ~13 kms from Pune Airport, 1.2 km from Shaniwar Wada,
1.6 km from the Raja Dinkar Kelkar Musuem and 2.4 km from Nehru
Stadium. The average occupancy rate is 84% in the Dadar Hotel and
68% in the Pune hotel. Nevertheless, pressures on ARR and RevPAR
persist owing to slowdown in business activity and increase in
competition.

In the light of the impending capex (FY2018) towards the third
service apartment property in Khar, the company's ability to
limit external funding to meet funding gaps and improve its debt
metrics remains to be seen. In the event of the company availing
external debt, its ability to timely service debt obligations
will be a key monitorable, given the modest cash accruals. ICRA,
however, draws comfort from the timely and the adequate support
from the parent in the past. Furthermore, with significant
investment in subsidiaries/group companies, the company's
investments are vulnerable to any diminution in the value, given
the modest revenue generation and weak profitability of its
subsidiaries. While the revenues will remain susceptible to
adverse market conditions, as its operations are limited to two
geographies (Mumbai and Pune) and a single sector (hospitality),
lower-than-anticipated ARRs (Average Room rate) and maintenance
of high occupancy levels will be important to scale up of
operations as well as profitability.

Incorporated in 1998 and promoted by the Shetty family, Ramee
Hotels Private Limited (Ramee or the company) is engaged in the
hospitality business and operates two hotels in Mumbai and Pune.
The registered office is in Santacruz, Mumbai.

The promoter Mr. Vardaraj M Shetty is actively involved in the
group's business. The Ramee India group, comprising two other
companies and around six subsidiaries, is engaged in the
hospitality, construction and security and protection business.
Ramee acts as a holding company to its subsidiaries and also
holds stake in two other companies under the same group. The
three companies operating in India namely; Ramee Hotels Pvt. Ltd
(RHPL), Ramani Hotels Limited (RHL) and Creative Hotels Pvt. Ltd
(CHPL), have a common management and brand - Ramee Guestline
Hotels, and derive considerable synergy from intra group
operational and financial linkages.

The group also operates 34 hotels world-wide, with focus on the
Gulf countries and has a total room capacity of ~3000 rooms.
Ramee recorded a net loss of INR3.06 crore on an operating income
of INR27.16 crore for the year ending March 31, 2016.


ROOP TECHNOLOGY: ICRA Assigns 'B' Rating to INR0.50cr Loan
----------------------------------------------------------
ICRA has assigned a long -term rating of [ICRA]B to the INR0.50-
crore fund-based limit of Roop Technology Private Limited. ICRA
has also assigned a short-term rating of [ICRA]A4 to the INR13.87
crore non-fund based limit of RTPL. The outlook on the long-term
rating is 'Stable'.

                           Amount
  Facilities            (INR crore)    Ratings
  ----------            -----------    -------
  Fund Based Limits         0.50       [ICRA]B(Stable); Assigned
  Non-Fund Based Limits    13.87       [ICRA]A4; Assigned

Detailed rationale
The assigned ratings factor in the longstanding experience of the
promoters in the distribution business of LCDs, IT and security
products; and the company's established network across western
and southern regions of the country. However, the ratings
continue to remain constrained by the company's weak financial
profile as reflected by low profitability, leveraged capital
structure, weak debt coverage indicators and tight liquidity
position, arising from stretched receivables. The ratings also
take into account the company's modest profitability on account
of limited value addition, exposure to high competitive intensity
in the distribution business, and vulnerability of the company's
profitability to fluctuations in foreign exchange rates, owing to
sizeable import purchases. ICRA also notes that the company has
sizeable repayment obligations in the near to medium term; hence
scaling up of revenues along with improvement in profitability
would remain critical from a credit perspective.

Key rating drivers
Credit strengths
* Authorized dealer for prominent brands
* Long standing experience of promoters in the product
dealership business
Credit weaknesses
* Weak financial profile characterised by highly leveraged
capital structure and weak coverage indicators
* Tight liquidity position arising from stretched receivables,
resulting in high utilisation of working capital borrowings
* Inherently low profitability margins on account of trading
nature of business
* High competition among dealers with pressure to pass on price
discounts to customers
* Vulnerability of profitability to foreign exchange
fluctuations on account of large imports

Detailed description of key rating drivers highlighted:

RTPL is a distributor of several IT and security related
products, LCDs and projectors. The company is an authorised
distributor of View Sonic for its LCD monitors, ZICOM for
security products, TP-Link for networking products, Godrej and
Boyce for security safes and Optoma for projectors. The company
has ten branches across India and supplies to around 1200 dealers
across India, with a concentration on south and west. In the
northern and eastern regions, the company generally deals with
clearing and forwarding agents for sales. The client base remains
diversified and largely consists of dealers/system integrators
spread across India. RTPL is exposed to intense competition from
other dealers/distributors of the products it deals with, as well
as from other dealers selling other branded products. With
imports constituting majority of the procurement, the company is
exposed to foreign currency fluctuation risk. RTPL's revenue
growth remained volatile in the last five years given that the
demand is correlated with the overall sentiment in the economy.
The credit period generally extended to the resellers remains in
the range of 60-90 days; however, delays in payments has resulted
in increase in working capital intensity of RTPL over the last
few fiscals.

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 does not have any subsidiary
in place.

Incorporated in 1998, Roop Technology Private Limited (RTPL) is a
company that distributes several IT and security-related
products, LCDs and projectors. It is an authorised distributor of
View Sonic for its LCD monitors, ZICOM & Dahua for security
products, TP-Link for networking products, Godrej and Boyce for
security safes and Optoma for projectors. The company has ten
branches across India, covering south and west. The company is a
pan-India distributor for View Sonic LCDs, Optoma Projectors and
Godrej safety valves. For ZICOM and TP-Link, it operates in
Gujarat, Hyderabad and Maharashtra.

RTPL recorded a net profit of INR0.07 crore on an operating
income of INR51.26 crore for the financial year ended March 31,
2016, as against a net profit of INR0.04 crore on an operating
income of INR55.08 crore for the year ended March 31, 2015.


S. THARTIUS: CRISIL Reaffirms B+ Rating on INR5MM Overdraft
-----------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
S. Thartius Engineering Contractors at 'CRISIL B+/Stable/CRISIL
A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          10       CRISIL A4 (Reaffirmed)
   Overdraft                5       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect STEC's exposure to risks related
to tender-based business, modest scale of operations, and large
working capital requirement. These rating weaknesses are
partially offset by extensive experience of STEC's promoters in
the engineering construction business, established relationship
with its key clients, and moderate order book.

Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations and exposure to risk related to
tender-based business: Modest scale of operations (indicated by
revenue of INR13.23 crore in fiscal 2016) and presence in the
highly competitive industry restrict the ability to bid for
larger tenders and thereby limits growth prospects over the
medium term.

* High working capital requirement: Gross current assets of 80-
300 days over the four years through fiscal 2016 reflect working
capital-intensive operations.

Strengths
* Extensive experience of partners and established relations with
key customers and suppliers: With over four decades' experience,
the partners gained significant market insights and established
relationships with key customers such as Indian Oil Corporation
Ltd, Bharat Petroleum, and Hindustan Petroleum Corporation Ltd,
leading to steady order flow.
Outlook: Stable

CRISIL believes STEC will continue to benefit over the medium
term from the partners' experience. The outlook may be revised to
'Positive' if increase in scale of operations with stable
profitability or efficient working capital management strengthens
financial risk profile. Conversely, the outlook may be revised to
'Negative' if stretched working capital cycle or large, debt-
funded capital expenditure weakens financial risk profile.

STEC, a Tuticorin (Tamil Nadu)-based partnership firm, executes
engineering, procurement, and construction work of pipelines for
oil, gas, and water. Its operations are managed by Mr. S Thartius
and family.

The firm reported net profit of INR0.76 core on net sales of
INR14.83 crore for fiscal 2016, vis-a-vis INR1.46 crore and
INR30.62 crore, respectively, in fiscal 2015.


SAI RADHA: ICRA Raises Rating on INR8.25cr Fund Based Loan to B+
----------------------------------------------------------------
ICRA has upgraded the long term rating from [ICRA]B to [ICRA]B+
for the INR7.25 crore cash credit facility and INR1.00 crore term
loans of Sai Radha Pharma (India) Private Limited. The outlook on
the long term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund Based Limit        8.25       Upgraded from [ICRA]B
                                     to [ICRA]B+ (Stable)

Rationale
The upward revision in rating factors in the improvement in
capital structure during FY2016 owing to increase in net worth on
the back of healthy operating accruals. The revision also takes
into consideration the healthy growth in operating income during
the year, supported by additions made to the product portfolio of
the company. The rating continues to draw comfort from the long
standing presence of the promoters in the pharmaceutical
distribution business and the strong brand name that the company
has built that support growth prospects. The rating continues to
factor in the strong relationship that the company has built over
the years with the suppliers, established customer base and wide
product portfolio that enhance revenue visibility in the near to
medium term. The rating also takes into account the expected
increase in scale of operations in the near to medium term with
the addition of a new store in Manipal in FY2018.

The rating, however, remains constrained by the moderate
financial profile of the company marked by low profit margins
owing to regulated nature of product prices and trading nature of
business; weak coverage indicators; and high gearing, despite an
improvement in the last two years marked by increase in operating
accruals. The rating factors in the small scale of operations and
low net worth that limit financial flexibility to an extent, and
exposure to regulatory changes in the pharmaceutical industry.
The rating also takes into account the fragmented nature of the
pharmaceutical distribution industry that reduces bargaining
power to an extent and high geographical concentration risk with
majority of the revenues derived from a few districts in
Karnataka.

Going forward, the company's ability to scale up business while
improving its margins and optimizing the capital structure would
remain the key rating sensitivities.

Key rating drivers
Credit Strengths
* Long track record of operations as a pharmaceutical drugs
distributor and strong presence in South Karnataka region
* Wide product portfolio encompassing over 28,000 branded drugs
(stock keeping units) supports business prospects
* Long-term association with large customer and supplier base
provides stability to revenues and entails diversification
related benefits
* Financial profile has improved in the last two years on
account of healthy accruals, with the gearing improving from
6.18x as on 31st March 2015 to 2.70x as on 31st March 2016

Credit Weakness
* Intense competition in the pharma distribution space given the
large number of players owing to low entry barriers; increasing
threat from expanding organized retail chains
* Modest scale of operations restricting financial flexibility
* Thin margins owing to limited pricing flexibility given the
regulated nature of product prices and low bargaining power with
suppliers

Description of key rating drivers highlighted:

Having a presence for over 25 years in pharmaceutical drug
distribution, SRPPL has been able to establish strong
relationships with suppliers and customers alike. The company has
a strong presence in South Karnataka region with four retail
outlets spread across Udupi and Mangalore. The company also plans
to set up one more retail outlet in Manipal during FY2018, which
in turn is expected to support revenue growth going forward. The
healthy growth witnessed in the company's operating income during
FY2016 was primarily owing to additions made to the product
portfolio, which currently comprises of over 28,000 branded
drugs.

The pharma distribution industry is highly fragmented in nature
due to presence of large number of players owing to low entry
barriers. The company faces intense competition from unorganized
players as well as expanding organized retail chains. The
regulated nature of product prices and the trading nature of
business with limit scope for value addition limit the pricing
flexibility and have resulted in thin margins for the company.
However, on the back of reduction in sales incentives, the
margins have shown signs of improvement during FY2016.

Established in 2011-12, Sai Radha Pharma (India) Private Limited
is engaged in the retail and wholesale distribution of
pharmaceutical products. Sai Radha group has presence in
pharmaceutical distribution since 1989 through a retail store
operated under a partnership firm Radha Medicals and General
Stores. In 2007, Sai Radha group ventured into whole sale
distribution business through acquisition of Panchavati Pharma.
With a view to consolidate the entire pharmaceutical distribution
business under one Company, Mr. Manohar Shetty started SRPPL in
January 2012. SRPPL has four retail stores at present, two in
Udupi and two in Mangalore. The wholesale segment caters to
retail medical stores, hospitals and doctors in and around Udupi,
Mangalore and nearby regions. Some of its major suppliers include
Lupin Limited, Dr. Reddy's Laboratories, Abbott Laboratories,
Zydus Cadila, Mankind Pharma and Cipla Limited among others.
For FY2016, the company has recorded an operating income of
INR64.14 crore and a net profit of INR2.65 crore.


SHREE SITA: Ind-Ra Assigns 'B' Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shree Sita Ram
Paper Mills Limited (SSPML) a Long-Term Issuer Rating of 'IND B'.
The Outlook is Stable.  The instrument-wise rating actions are:

   -- INR81.5 mil. Fund-based working capital assigned with
      'IND B/Stable/IND A4'

   -- INR26 mil. Non-fund-based working capital assigned with
      IND A4 rating

                        KEY RATING DRIVERS

The ratings reflect SSPML's continuous decline in revenue during
FY13-FY16, and stable-though-weak credit metrics on account of
stable EBITDA.  SSPML's revenue declined to INR307 million in
FY16 from INR339 million in FY15 on account of a fall in the
capacity utilization rate to 70% from 77%, resulting from an
unfavorable market demand and increased competition in the
domestic market. Interest coverage was 1.4x in FY16 (FY15: 1.5x)
and net leverage (net debt/EBITDA) was 6.1x (6x).  The company
has indicated INR230 million of revenue during 10MFY17.

Although the company's EBITDA margins improved continuously over
the last four years to 6.2% (4.88% in FY14), this, Ind-Ra
understands, was on favorable price movements in waste paper
(SSPML's major raw material).

Also, the company faces tight liquidity position.  Its use of the
fund-based facility was almost full on an average for the 12
months ended January 2017.  Net working capital cycle was long at
232 days in FY16, as the company has to maintain a high inventory
to hedge raw material cost.  The ratings factor in the forex risk
faced by the company as it imports 60%-70% of the total raw
requirement from the US.

The ratings are supported by the company's promoter's experience
of over three decades in manufacturing kraft paper.

                       RATING SENSITIVITIES

Positive: A significant increase in the scale of operations and
profitability margins leading to improvement in the credit
metrics would be positive for the ratings.

Negative: A significant deterioration in the EBITDA margin and
credit metrics and could be negative for the ratings.

COMPANY PROFILE

SSPML was incorporated in March 1997 to manufacture kraft paper
from waste paper.


SHRI GAUTAM: CRISIL Upgrades Rating on INR5MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Shri Gautam Ship Breaking Ind. Private Limited to 'CRISIL
B+/Stable' from 'CRISIL B/Stable', while reaffirming the short-
term facility at 'CRISIL A4'.

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

   Letter of Credit        45        CRISIL A4 (Reaffirmed)

   Proposed Long Term       2.25     CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')


The upgrade reflects CRISIL's belief that the business risk
profile will improve backed by the increase in the ship breaking
activities. Sales are likely to grow to Rs54 crore in fiscal 2017
from Rs25.6 crore in the previous fiscal. Liquidity remains
comfortable because of expected adequate cash flow to meet
outstanding letter of credit obligations, and the track record of
the promoters in providing funding support when required.

The ratings reflect SGSBIPL's weak financial risk profile because
of small net worth, and susceptibility to cyclicality in ship-
breaking industry and to volatility in steel scrap prices and
forex rates. These weaknesses are partially offset by extensive
experience of the company's promoters in the ship-breaking
industry.
Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans
from the promoters as neither debt nor equity as these loans are
at a lower-than-market interest rate and should remain in the
business.
Key Rating Drivers & Detailed Description
Weaknesses
* Weak financial risk profile
The networth is small and total outside liabilities to tangible
networth ratio high though expected to improve going forward. The
networth is estimated at Rs7.5 crore as on March 31, 2017 while
TOL/TNW at 3.97 times.

* Susceptibility to cyclicality in the industry and to
fluctuation in the price of steel scrap
The company remains exposed to cyclicality in the ship breaking
industry as was reflected in the decline in sales in fiscal 2016.

Strength
* Extensive experience of the promoters in the ship breaking
industry
The promoters have an experience of more than two decades in the
industry. During this period, the company has dismantled many
ships, and built a healthy relationship with various suppliers
and brokers.
Outlook: Stable

CRISIL believes SGSBIPL will continue to benefit from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' in case of significant improvement in
scale of operations and profitability, while a prudent foreign
exchange management policy is followed. The outlook may be
revised to 'Negative' if liquidity weakens because of any adverse
movement in the price of steel scrap, resulting in inability to
recover the cost of ship purchase, or unfavourable movements in
foreign exchange rates, leading to substantial losses.

SGSBIPL was set up in 1983 by Mr. Vinod Bhayani and his family
members. The company, based in Alang, Gujarat, undertakes ship
breaking. It buys old ships and breaks them into steel plates,
which it then supplied to rolling mills in Gujarat.

In fiscal 2016, profit after tax was Rs2.77crore on operating
income of Rs25.62 crore, against Rs0.54 crore and Rs85.39 crore,
respectively, in fiscal 2015.


SHRI KRISHNA: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shri Krishna
Steelage Private Limited (SKSPL) a Long-Term Issuer Rating of
'IND BB'.  The Outlook is Stable.  The instrument-wise rating
actions are:

   -- INR130 mil. Fund-based working capital limits assigned with
      'IND BB/Stable/IND A4+' rating

   -- INR40 mil. Non-fund-based limits assigned with 'IND A4+'
      rating

                        KEY RATING DRIVERS

The ratings are constrained by SKSPL's moderate scale of
operations and weak credit metrics due to its presence in the
highly fragmented and intensely competitive steel industry, the
susceptibility of the steel industry to cyclicality, and raw
material price volatility.  In FY16, gross interest coverage was
1.25x (FY15: 1.29x), net financial leverage was 4.88x (5.94x) and
revenue was INR910.11 million (INR863.46 million).

The ratings are supported by SKSPL's promoters' two-decade-long
experience in the steel industry and stable operating EBITDA
margins (FY16: 3.9%; FY15: 3.46%).  The ratings are also
supported by the company's healthy relationships with its reputed
customers and suppliers and comfortable liquidity position with
around 94.54% average working capital utilization for the 12
months ended January 2017.

                        RATING SENSITIVITIES

Positive:  An improvement in the operating profit margins,
leading to an improvement in the overall credit metrics will be
positive for the ratings.

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

COMPANY PROFILE

Incorporated in 2004, SKSPL manufactures heavy gauge stainless
steel cold patti products, derived from stainless steel flats.
The company has a 12,000tpa manufacturing facility at Sirmour
District in Himachal Pradesh.  The company is managed by Mr.
Vinod Gautam and Mr. Surender Kumar.


SRI MANJUNATHA: ICRA Reaffirms 'B' Rating on INR22.47cr LT Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
the INR22.47 crore (revised from INR24.84 crore) fund based
limits, INR0.40 crore non-fund based limits and INR5.29 crore
(revised from INR2.92 crore) unallocated limits of Sri Manjunatha
Spinning Mills Limited. The outlook on the long term rating is
Stable.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Long Term Fund         22.47        Reaffirmed at [ICRA]B
  Based Limits                        (Stable)

  Long Term Non-          0.40        Reaffirmed at [ICRA]B
  Fund Based Limits                   (Stable)

  Long Term               5.29        Reaffirmed at [ICRA]B
  Unallocated Limits                  (Stable)

Rationale
The rating reaffirmation factors in small scale of operations of
the company in the highly fragmented and competitive spinning
industry which restricts the ability of the company to pass on
hike in input costs. The rating also notes that the operating
margins declined during FY2016 due to higher trading sales and
lower realizations. The rating is further constrained by weak
financial profile of the company as reflected from high gearing
of 1.89 times as on March 31, 2016 and weak debt coverage
indicators as indicated by interest coverage of 1.59 times, and
Total Debt/OPBDITA at 4.92 times during FY2016. The rating also
takes into account stretched liquidity position of the company
with high working capital utilization of limits during the last
one year; however the company has infused INR1.63 crore
convertible redeemable preference shares which supported the
liquidity during FY2016. SMSPL is exposed to regulatory risk and
fluctuations in raw material (cotton) and yarn prices as seen
during the last two years. The ratings however, positively factor
in the long track record and active involvement of promoters in
the spinning industry and favorable location in Guntur district
of Andhra Pradesh providing easy access to raw material and
savings on logistics cost. ICRA also notes that the TUFS
(Technological Upgradation Fund Scheme) and power subsidy will
provide financial support to the company.

Key rating drivers

Credit Strengths
* Location of spinning unit in proximity to cotton cultivation
   areas of Guntur offers the advantages of better availability
   of raw material and logistics.
* Significant experience and active involvement of the promoters
   in spinning industry.
* Increase in rate of power subsidy to result in lower power
   costs from FY2017; Interest subsidy under TUFS also results
   in low interest costs.

Credit Weakness
* Small scale of operation, commoditized nature of the product
   and highly fragmented nature of the industry limit the
   company's ability to pass on the hike in input costs.
* Decrease in operating margins due to higher trading during
   FY2016 and volatile yarn and cotton price movements
* Weak financial profile with high gearing of 1.89 times as on
   March 31, 2016; interest coverage of 1.59 times and NCA/total
   debt of 6.55% for FY2016, however with infusion of redeemable
   convertible preference shares of INR1.63 crore in FY2016,
   adjusted gearing is 1.58 times
* Stretched liquidity with high utilization of working capital
   limits
* Exposed to regulatory risk and volatility in the cotton and
   yarn prices as witnessed during the last 2 years

Description of key rating drivers highlighted above:

The scale of operations of the company increased from INR47.95
crore in FY2015 to INR54.57 crore in FY2016. The operating
margins of the company decreased from 11.12% in FY2015 to 8.67%
in FY2016 due to higher trading sales and decrease in realisation
during FY2016. The government of Andhra Pradesh has sanctioned
power subsidy of INR2/unit in November 2016, for a period of 5
years in continuation with the previous subsidy which would help
the company reduce its power costs in the current year and near
term. Also the company is eligible for TUFS which would help
reduce interest expenses. However, the liquidity profile of the
company remained stretched during FY2016 and the company has
infused INR1.63 crore redeemable convertible preference shares
for a period of 8 years having a coupon of 6% p.a. which
supported the liquidity position.

Analytical approach:
For arriving at the ratings ICRA has considered the standalone
financial performance of Sri Manjunatha Spinning Mills Limited
along with recent operational developments. The company does not
have any subsidiary and operates as a standalone entity.

Sri Manjunatha Spinning Mills Limited was incorporated as a
private limited company on November 2, 2006. Later, SMSML was
converted to public limited company from November 3, 2010. The
company is based out of Guntur district in Andhra Pradesh, SMSML
started its operation from February 2011 with 12,000 spindles and
is currently running at capacity of 17, 856 spindles which was
increased from 16,800 spindles in May'15. The company caters to
domestic as well as international markets and is largely into
manufacturing of 32s to 40s counts of cotton yarn. SMSML is
promoted by Mr. O. Janardhana Reddy and Mr.O. Srinivasa Reddy
having more than 2 decades of experience in the spinning
industry.

As per audited financials for FY2016, SMSPL reported an operating
income of INR54.57 crore with profit after tax of INR0.45 crore
as against INR47.95 crore of operating income with net loss of
INR0.11 crore in FY2015. As per provisional financials for 6M
FY2017, SMSPL reported an operating income of INR20.21 crore with
OPBDIT of INR2.60 crore (unaudited and provisional).


SUPER INFRATECH: CRISIL Reaffirms 'D' Rating on INR8.74MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Super Infratech Private Limited at 'CRISIL D/CRISIL D'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee        8.74       CRISIL D (Reaffirmed)
   Bill Discounting      4.9        CRISIL D (Reaffirmed)
   Cash Credit           1.9        CRISIL D (Reaffirmed)
   Term Loan              .46       CRISIL D (Reaffirmed)

The ratings continue to reflect instances of delay by SIPL in
servicing debt obligation owing to weak liquidity driven by
stretched debtors. The ratings also reflect small scale of
operations and below-average financial risk profile because of
low networth, moderate gearing, weak debt protection metrics and
sizeable working capital requirement. SIPL, however, benefits
from the extensive industry experience of its promoters.

Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations amid intense competition:
The civil construction industry in Assam is tender-based and
intensely competitive. Hence, SIPL is susceptible to risks such
as delays by authorities in originating tenders and providing
right of way, which result in fluctuating revenues. In fiscal
2016, revenue was low at INR9.78 crore against INR16.24 crore a
year earlier.

* Sizeable working capital requirement due to high security
deposits and stretched receivables
The business is tender-based and has sizeable working capital
requirement, reflected in high gross current assets of 866 days
as on March 31, 2016 'instances of over 400 days in the past.
This is primarily due to stretched receivables and high security
deposit given to counterparties.

Strength
* Extensive experience of promoters
The promoters have over 15 years of experience in the industry.
SIPL is registered with the public works department, Assam, as a
Class-I contractor, making it eligible to bid for any government
project.

Incorporated in 2001, SIPL is promoted by Mr. Sujit Bardole and
his wife. It is engaged in civil construction for state and
central governments. The company develops and maintains roads.


SUYASH MOTORS: CRISIL Lowers Rating on INR7.0MM Loan to B+
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Suyash Motors (Unit of Patton Logistic Services Private
Limited) (SM), a unit of Patton Logistic Services Pvt Ltd, to
'CRISIL B+/Stable' from 'CRISIL BB-/Stable.'

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             2.5       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Electronic Dealer       7.0       CRISIL B+/Stable (Downgraded
   Financing Scheme                  from 'CRISIL BB-/Stable')
   (e-DFS)

   Term Loan               1.45      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The downgrade reflects sharp deterioration in the business risk
profile, marked by a significantly low scale of operations due to
increased competition. Revenue, which declined by around 25% in
fiscal 2016, is expected to increase marginally with moderate
growth of 5%-10%; it would however remain lower than the previous
levels. With net profitability expected to remain subdued at 0.2-
0.3%, the financial risk profile would remain weak because o high
total outside liabilities to adjusted networth (TOL/ANW) and weak
debt protection metrics.

Key Rating Drivers & Detailed Description
Weaknesses
* Below-average financial risk profile: The financial risk
profile continues to remain weak marked by high TOL/ANW of 6.45
times as on March 31, 2016 due to low networth and high working
capital requirement. The interest coverage is weak due to subdued
net profitability margins. Going forward, the financial risk
profile is expected to remain constrained due to large working
capital requirement and weak net profitability margins.

* Presence in the intensely competitive automobile dealership
business: The entire operations are dependent on its principal,
Tata Motors Ltd (TML). In the automobile industry, principals
themselves remain constrained due to competitive pressures in
their respective segments. SM is subjected to competition from
dealers of other original equipment manufacturers such as Maruti
Suzuki Ltd and Hyundai Motor India Ltd (rated: 'CRISIL A1+') as
well as other TML dealers in the region.

* Working capital-intensive operations: The working capital cycle
is intensive marked by gross current assets (GCAs) of 149 days as
on March 31, 2016. This was due to high level of inventory to be
maintained in the form of variants of the different models of
TML. Going forward, GCAs are expected at 125-135 days due to the
large inventory required to be maintained.

Strength
* Promoters' experience: Undertaking dealership of passenger cars
of TML, Mr. Sachin Talwar has had an experience in automobile
dealership business for a decade due to his association with
Hansa Honda (Dealership of Honda Motors India Pvt Ltd passenger
cars) and the group entity, Usha Auto Agencies (Dealership of
Mahindra 2 wheelers). SM's business risk profile will benefit
over the medium term from the promoter's experience and its
established regional presence in the automobile dealership
business.
Outlook: Stable

CRISIL believes SM will continue to benefit, over the medium
term, from an established market position and the promoter's
experience. The outlook may be revised to 'Positive' if volumes
and operating margin increase substantially, improving the
overall financial risk profile. Conversely, the outlook may be
revised to 'Negative' if markets share declines, thereby
significantly impacting revenue and profitability, or if any
large debt-funded capital expenditure programme or modest capital
structure weakens overall financial risk profile.

SM is a unit of PLSL, which was set up in 2005; SM began
operating under PLSL in 2012. SM is an authorised dealer of TML's
passenger vehicles and operates through a showroom and workshop
in Varanasi and two sub outlets in Chandauli and Babatpur (all in
Uttar Pradesh). The operations are managed by Mr. Sachin Talwar.

SM, on a standalone basis, had a profit after tax (PAT) of
INR3.28 lakhs on net sales of INR23.62 Cr in fiscal 2016, vis-a
vis INR1.82 lakhs and INR31.00 Cr, respectively, in fiscal 2015.


SVM CERA: CARE Assigns 'D' Rating to INR4.50cr Long Term Loan
-------------------------------------------------------------
The ratings assigned to the bank facilities of SVM Cera Pvt Ltd.
take into account continual overdrawals in its cash credit
account.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            4.50        CARE D Assigned

   Short-term Bank
   Facilities            2.40        CARE D Assigned

The ratings are further constrained on account of modest scale of
operations with net loss and weak debt coverage indicators;
stretched liquidity position during FY16 (refers to the period
April1 to March 31), susceptibility of profit margins to
volatility in raw material price and presence in the highly
fragmented industry.

The ratings, however, continue to derive strength from
experienced promoters and its presence in the ceramic hub. Going
forward, SCPL ability to regularize its cash credit account;
increase its scale of operations along with improving the profit
margins, liquidity position and debt service indicator are the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses
Instances of overdrawing in the cash credit account: As per
bankers' feedback and bank statement of SCPL, there were several
instances of overdrawing in the cash credit account in the past
12-months ended December 31, 2016.

Modest scale of operations coupled with net loss: The total
operating income of SCPL remained modest and dipped by 18% y-o-y
to INR15.15 crore during FY16. The PBILDT margin of SCPL remained
moderate and stood at 7.51% during FY16. The company reported net
loss of INR0.41 crore during FY16.

Weak debt coverage indicators: Debt coverage indicators of the
company stood weak marked by total debt to GCA(TDGCA) of 49.54
years and interest coverage of 1.10 times in FY16.

Stretched liquidity position with elongated operating cycle: The
current ratio of the company stood moderate at 1.86 times as on
March 31, 2016. The operating cycle of the company remained
elongated to 302 days during FY16.

Furthermore, the cash credit account remained overdrawn for the
past 12-months ended December 2016 Susceptibility of margins to
volatility associated with raw material: The price of raw
material is market driven which is due to higher demand is
expected to remain volatile and put pressure on the margins of
Loan. Furthermore, the power and fuel cost has remained volatile
during past few years. Thus, any sharp adverse movement in future
may affect profitability of the SCPL.

Presence in highly fragmented industry marked by significant
capacity expansion by existing players along with fortunes
dependent upon real estate market: SCPL operates in ceramic
industry which is highly competitive and fragmented with the
presence of numerous organized as well as unorganized players
operating in the domestic market.

Low entry barriers, easy availability of raw material and limited
initial capital investment requirement has attracted a large
number of regional and unorganized players putting pressure on
profitability of the existing as well as new players.

Key Rating Strengths
Experienced partners: SCPL's management consists of three
directors; among them Mr. Kanti Mal Bhandari is looking after the
Administration Department in SCPL and holds a total experience of
three and half decades in the same line ofbusiness, under the
leadership of Mr. Shri Vardhan Mohta (Director) having a total
experience of four decades and Mr. Ghanshyam Omprakash Chomal
(Director) having a total experience of two and half decades.
Presence in the ceramic hub: The sales office of SCPL is located
at Morbi in Gujarat which is one of the largest ceramic clusters
in India. Over 70% of total ceramic tiles production in India
comes from the Morbi cluster that houses more than 400 units
engaged in manufacturing of wall tiles, vitrified tiles, floor
tiles, sanitary wares, roofing tiles and others such products.

Ankleshwar-based (Gujarat), SVM Cera Private Limited (formerly
known as SVM Cera Tea Limited and SVM Cera Limited) was
incorporated in January, 1986. The registered office of the
company is located at 2, Biplabi Tarilokya Maharaj Sarani,
Kolkata. The management of the company is handled by Mr. K.M.
Bhandari (Director) under the leadership of Mr. S.V. Mohta
(Director) and Mr. Ghanshyam Chomal (Director). Initially, the
company was engaged into the real estate business.

In 1994, the company diversified its area of operations by
entering into the manufacturing of ceramic glaze frit by setting
up a manufacturing unit in Ankleshwar, spread across 14000 Sq.
Metres with total installed capacity of 14490 MTPA as on
March 31, 2016. During FY16 (A), SCPL reported net loss of
INR0.41 crore on a TOI of INR15.15 crore as against net loss of
INR0.42 crore on a TOI of INR18.51 crore during FY15. Till 9MFY17
(Provisional) SCPL achieved a turnover of INR8 crore.


UNITED CONCEPTS: ICRA Lowers Rating on INR6.25cr LT Loan to D
-------------------------------------------------------------
ICRA had suspended the long-term rating of [ICRA]B+ (pronounced
ICRA B plus) and short-term rating of [ICRA]A4 (pronounced ICRA A
four) in November 2016 for the bank lines of United Concepts &
Solutions Private Limited (Unicos).

ICRA has revised the long-term rating to [ICRA]D (pronounced ICRA
D) from [ICRA]B+ (pronounced ICRA B plus) for the Rs. 11.75-crore
long-term bank lines of Unicos. ICRA has also revised the short
term rating of the company to [ICRA]D (pronounced ICRA D) from
[ICRA]A4 (pronounced ICRA A four) for the Rs. 0.75-crore bank
lines.

The rating revision factors in the delay in debt servicing by the
company owing to continued weak demand amid a competitive
environment, resulting in a decline in profit margins and
consequent weak coverage indicators. Further, the company's
liquidity has been under pressure owing to the elongating
working capital cycle. ICRA continues to take note of the
extensive experience of the promoters in the furniture industry.
The rating will remain sensitive to the improvement in the debt
servicing track record of the company.

Unicos manufactures modular furniture and provides solutions for
offices, educational institutes and homes. The product profile
includes workstations, partitions, storages, meeting tables,
institutional furniture etc. The company has seen a decline in
top-line over the years led by weak demand from the commercial
real estate sector, which has led the company to focus on other
sectors like education, healthcare etc.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term Fund-
  Based-TL                3.44      [ICRA]D; revised from
                                    [ICRA]B+; Suspension revoked

  Long-term Fund-
  Based-CC                6.25      [ICRA]D; revised from
                                    [ICRA]B+; Suspension revoked

  Long-term Fund-
  Based-Unallocated       2.06      [ICRA]D; revised from
                                    [ICRA]B+; Suspension revoked

  Non-fund Based-
  BG/LC                   0.75      [ICRA]D; revised from
                                    [ICRA]A4; Suspension revoked

While the company had been undertaking debt-funded expansion, the
decline in the top line has resulted in lower operating profit,
which along with high interest and depreciation, resulted in
weaker cash accruals in FY2016. While the coverage indicators
have weakened (DSCR2 of 0.6 times and Debt/OPBDIT3 of 11.1 times
in FY2016 as compared to 0.6 times and 9.6 times respectively in
FY2015), the company's working capital cycle has substantially
elongated owing to the elevated stock levels and higher
receivables (NWC/OI4 of 62.7% in FY2015 and 113.5% in FY2016).
The company has been irregular in servicing its debt obligations
with regular overdrawals in the cash credit facility.

Unicos manufactures modular furniture and provides solutions for
offices, educational institutes and homes. Unicos is promoted by
the Kochhar family, and is headed by Mr. M.L. Kochhar with over
57 years of experience in the furniture industry. The company was
incorporated in 1999 after it took over "The United Stores," a
furniture trading entity being run by the same promoters. Unicos
is headquartered in Noida, UP and has marketing offices in
Mumbai, Pune, Bangalore, Kolkata and Lucknow Unicos recorded a
net profit of INR0.00 crore on an operating income of INR9.5
crore for the year ending March 31, 2016 as compared to a net
profit of INR0.01 crore on an operating income of INR14.6 crore.


VIJAY TRADING: ICRA Ups Rating on INR10cr Loan to 'B'
-----------------------------------------------------
ICRA has revised its long-term rating on the INR10.0-crore bank
facility of Vijay Trading Company to [ICRA]D from [ICRA]B+ and
simultaneously upgraded to [ICRA]B. The outlook on the long-term
rating is 'Stable'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based Limits       10.0       Revised from [ICRA]B+ to
                                     [ICRA]D and upgraded to
                                     [ICRA]B; stable outlook
                                     Assigned

Rationale
ICRA's rating revision takes into account the overdrawn fund-
based limits for more than 30 days in September 2016 attributable
to elongated working capital cycle due to stretched receivables
and inventory pile up. However, as the company started repaying
its debts from the past three months, the rating has been revised
to [ICRA]B.

The rating of [ICRA]B factors in the firm's low value-adding
operations; its thin profitability resulting from high
fragmentation and industry competition; and the vulnerability of
VTC's profitability to adverse movements in the prices of traded
goods (cotton seed and oil, edible oils and cakes, cattle feed
etc) coupled with the impact of demonetisation as most of the
agro commodities are traded in cash. The rating also factors in
the firm's weak financial profile, characterised by a stretched
liquidity position, low return indicators, and weak coverage
indicators as reflected in the interest coverage of 1.04 times
and the net Cash Accruals/Total debt ratio of 0.5% in FY2016
The rating, however, favorably factors in the established track
record of the promoters in trading edible oils and oil seeds; the
favorable demand outlook for edible oils in the domestic market
and the location advantage the firm enjoys by virtue of its
proximity to the cotton and mustard producing belts of the
country.

VTC's ability to increase its scale of operations, maintain the
profit margins and bring about sustainable improvement in the
liquidity position by managing its working capital effectively
will be the key rating sensitivity.

Credit Strengths
* Experience of promoters in trading edible oils & oil seed
business; strong presence in Punjab through associate concerns
* Firm's location at Muktsar in Punjab, the cotton and mustard
producing belt, eases raw material procurement
* Favourable demand outlook for edible oils in the domestic
market
Credit Weaknesses
* Stretched liquidity position as evident from the almost full
utilisation of fund-based limits
* Low value addition and intense industry competition result in
thin margins; prices are determined largely by the global supply-
demand scenario rather than local factors
* Profitability remains exposed to agro-climatic risks which can
cause volatility in raw material prices
* Weak financial profile characterised by low return indicators,
stretched capital structure and weak debt coverage indicators

Description of key rating drivers highlighted:

VTC trades various agro commodities in the domestic market. The
Indian edible oils and related product industry is highly
fragmented, resulting in high competition and low operating
margins. Punjab in particular has numerous traders/manufacturers
of edible oil, posing intense competition for the firm. Since the
prices vary based on the market demand-supply situation, the
firm's profitability remains exposed to adverse fluctuations in
seed prices. Due to high import dependence, edible oil prices in
India are vulnerable to global price movements, which tend to be
quite volatile, resulting in an unexpected squeeze on margins due
to pricing mismatches between raw materials and final product.
Most of the agro trading business are done in the cash, hence
demonetisation of high value currency has impacted the industry
negatively. Working capital of the business is high and the cash
flow is stretched due to tight liquidity position of the
business.

VTC trades cotton and mustard seeds, oils and cakes.
Historically, the sales mix of the firm had been dominated by
trading of cotton seed and cakes, which constituted around 72% of
the total sales in FY2012-13. However, currently the firm's
revenues are driven by sale of cotton and mustard oils. The
company's product portfolio ensures round the year operations as
the cotton production season is from September/October and
mustard is harvested from April-September. In FY2015, it started
trading cattle feed, which contributed a healthy revenue in
FY2015. The location of the firm at Muktsar in Punjab facilitates
raw material procurement as the city is located in the cotton
belt of Punjab and near the mustard producing states of Rajasthan
and Haryana. The firm procures raw materials from traders and
brokers and sells its products to traders and oil mills in
Punjab.



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


TOSHIBA CORP: U.S. Unit to Explore Ch. 11 Bankruptcy, Sources Say
-----------------------------------------------------------------
Kyodo News reports that Toshiba Corp. will explore Chapter 11
bankruptcy for U.S. nuclear power unit Westinghouse Electric Co.
among options to rebuild the business while using proceeds from
the sale of its mainstay chip business to continue operating it,
sources close to the matter said Feb. 24.

According to the report, Toshiba said earlier last week it
expects to post a loss of JPY712.5 billion ($6.32 billion) for
the April-December period after already posting JPY250 billion in
losses in the previous business year through last March.

Also on Feb. 24, the industrial conglomerate finalized plans to
spin off its NAND flash memory chip business into a separate
company, saying it is considering selling more than half its
stake to restore its fiscal health, Kyodo relates.

Kyodo says Toshiba is second only to South Korea's Samsung
Electronics for producing chips used in devices such as
smartphones. It aims to gain proceeds worth more than JPY1
trillion.

It plans to propose the spinoff at an extraordinary shareholders
meeting slated for March 30 and subsequently establish Toshiba
Memory Corp. on April 1, Kyodo notes.

While Toshiba is examining a plan to use funds from the sell-off
to continue operating Westinghouse, a quick rehabilitation by
filing for Chapter 11 bankruptcy protection from creditors has
been proposed, Kyodo reports citing sources.

According to Kyodo, Toshiba bought Westinghouse, a long-
established nuclear power producer in the United States, for
about JPY600 billion in 2006.

The U.S. nuclear power unit is facing delays in construction of
nuclear power plants at home and in China, adds Kyodo.

                          About Toshiba

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

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

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



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


ARENA CAPITAL: Liquidators Recover NZ$35K More from Clients
-----------------------------------------------------------
NZ Herald reports that liquidators have recovered a further
NZ$35,000 from clients who got more money out than they put into
an alleged Ponzi scheme.

NZ Herald relates that liquidators said the company owes about
1,110 clients about NZ$7 million and its sole director, Jimmie
Kevin McNicholl, has been charged with obtaining by deception
Serious Fraud Office.

Ninety-five Arena Capital clients were paid out about
NZ$2.5 million more than invested with the business, and
liquidators KordaMentha trying to get those funds back, relays NZ
Herald.

In their latest report, released on Feb. 23, the liquidators said
they had agreed repayment arrangements with 40 of these clients -
- up from 38 from August -- and had received a further NZ$35,000,
according to NZ Herald.

A total of NZ$718,000 had been recovered from the 40 clients.

NZ Herald adds that the liquidators' report said the liquidators
also filed an application to the High Court on Feb. 22 seeking
directions on how to distribute the recovered money to creditors
and investors.

"We will remain focused on asset recovery actions. In particular,
we will continue to concentrate on recovering money from debtor
clients," the liquidators, as cited by NZ Herald, said.  "We
await the court's directions on how claims must be treated, and
surplus funds distributed. This will also determine what process
we need to follow to pay clients their entitlement."

While Arena Capital marketed itself as a foreign exchange trader,
co-liquidator Neale Jackson previously said there was no evidence
that it had traded or generated profits for itself or its
clients, NZ Herald notes.

NZ Herald relates that a High Court judge, in a dispute last year
over how to treat funds deposited in Arena's accounts after its
assets were frozen, said the company did not conduct any trades.

"Profits the clients were led to believe existed were in fact
fictitious. Monies disbursed to clients to maintain the facade of
an active operation were paid out from deposits from other
clients. Arena was operating, in essence, a simple Ponzi scheme,"
NZ Herald quotes Justice Cameron Mander as saying.

Arena Capital Limited, trading as Blackfort FX, was a
Christchurch-based investment company.  Grant Graham and Neale
Jackson of KordaMentha were appointed Joint and Several Receivers
and Managers of the assets and undertaking of Arena Capital on
May 27, 2015.  Messrs. Jackson and Graham were subsequently
appointed as liquidators in July 2015.



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


COSCO CORP: Annual Net Loss Narrows to SGD976.1MM in 2016
---------------------------------------------------------
Lee Hong Liang at Seatrade Maritime reports that Cosco
Corporation (Singapore) Limited remained in the red in 2016 on
the back of continuing weakness in the shipping and shipbuilding
markets.

Cosco Corp reported a net loss of SGD976.1 million ($695m) for
2016 compared to a SGD914.8 million net loss in the previous
year.

Revenue for the Singapore-listed company fell by 27% year-on-year
to SGD2.56 billion owing to lower contributions from the shipyard
and shipping businesses.

"Financial year 2017 continues to be tough sailing for our group
under cloudy skies and tumultuous external headwinds engulfing
the shipping and marine industries," commented Gu Jingsong, vice
chairman and president of Cosco Corp.

As at end-2016, the group sat on an orderbook of approximately
$6.4bn with progressive deliveries up to 2019, including modiles
of drillship and FPSO contracts, and offshore marine engineering
projects, according to Seatrade Maritime.

Seatrade Maritime says Cosco Corp warned that the orderbook will
continue to be subject to revision from any new, cancellation,
variation or scheduling of orders that may arise. The group also
expected possible decline in new orders and more project delivery
delays or request for deferments from some customers.

It further warned that it will face difficult and challenging
business and operating conditions in 2017, Seatrade Maritime
relays.

Meanwhile, Seatrade Maritime reports that Cosco Corp has been
informed of a proposed equity acquisition plan by its parent
China Cosco Shipping Corporation (Cosco Shipping) relating to the
restructuring of the shipyard business.

Cosco Shipping will acquire Cosco Corp's equity interests in
Cosco Shipyard Group, Cosco (Nantong) Shipyard and Cosco (Dalian)
Shipyard, for the purpose of centralising operations and
management of the shipyard businesses, the report says.

                           About COSCO Corp

COSCO Corporation (Singapore) Limited -- http://www.cosco.com.sg/
-- is an investment holding company. The Company is engaged in
operating ship repair, ship building, marine engineering and dry
bulk shipping outfits in China and Singapore. The Company
operates through three segments: Shipping; Ship repair, ship
building and marine engineering, and all other segment. Its
segments operates in two geographical areas: People's Republic of
China, which includes the operations of ship repair, ship
building and marine engineering, and Singapore, which includes
the operations of shipping, ship repair and marine related
activities and rental of property. The Company's portfolio
includes deep-water oil rigs, floating production storage and
offloading (FPSO) units, installation vessels, barges and
platform vessels. Its yards cater to a across the world
clientele, delivering builds of varying types and sizes,
including bulk carriers, oil tankers, special purpose carriers
and liquefied natural gas (LNG) carriers.



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


HYUNDAI MERCHANT: Set to Get Fresh Funding from State-Backed Firm
-----------------------------------------------------------------
Yonhap News Agency reports that Hyundai Merchant Marine Co. said
Feb. 24 that its shareholders approved a proposal to raise the
number of stocks and bonds to be sold, paving the way to get
fresh funding from a state-backed firm.

Earlier, Korea Shipping Co. said it would buy stocks and debt to
be sold by Hyundai Merchant, as part of efforts to help jack up
its financial status, Yonhap recounts.

Established earlier this month, Korea Shipping helps local
shipping lines buy new vessels with the aim to support local
shipping firms, as well as shipbuilders, struggling with falling
new orders and mounting losses, according to Yonhap.

Yonhap notes that under the plan, Korea Shipping will provide
some KRW720 billion to Hyundai Merchant this month or next to
shore up its capital base.

Some KRW150 billion will be earmarked to buy Hyundai Merchant
stocks, with the remaining to be used to buy debt convertible
into the shipper's stocks, Yonhap discloses.

According to Yonhap, the official also said earlier the state-
backed firm will buy some 10 container vessels operated by
Hyundai Merchant, and lease them back to the shipper.

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

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



                             *********

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

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

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


                            *********


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

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

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

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

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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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