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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Wednesday, March 1, 2017, Vol. 20, No. 43

                            Headlines


A U S T R A L I A

BELLAMY'S AUSTRALIA: Cameron Fails Board Bid; Chairman Resigns
LINZAC PTY: First Creditors' Meeting Set for March 9
NIMBLE ASSET: First Creditors' Meeting Set for March 9
NTRDS PTY: First Creditors' Meeting Set for March 8
ORGANIC RESPONSE: First Creditors' Meeting Set for March 7

R&F PROPERTIES: Mulls Filing Suit Against Creditor
SHARK LAKE: First Creditors' Meeting Set for March 8


C H I N A

CHINA EVERGRANDE: Proposed Amendment No Impact on Fitch B+ Rating
CHINA XD: Privatisation Offer No Impact on Fitch's B+ Rating
FOSUN INT'L: Debt Equity Swap No Impact on Moody's Ba3 CFR

* CHINA: Bankruptcy Cases Surge in 2016 as Economy Slows


I N D I A

ARORA YARN: CRISIL Reaffirms 'B' Rating on INR4MM Cash Loan
ASAI VISHWA: CARE Reaffirms B+ Rating on INR22.65cr LT Loan
BANSAL STARCH: CRISIL Reaffirms 'B' Rating on INR4.4MM LT Loan
BLS IMPEX: CRISIL Reaffirms 'B+' Rating on INR15MM Cash Loan
DEWAN HOUSING: Fitch Affirms 'BB' Long-Term IDRs; Outlook Stable

EASTERN COPPER: CRISIL Lowers Rating on INR5MM Loan to 'D'
ELLENBARRIE TEA: CRISIL Assigns 'B+' Rating to INR4.25MM Loan
ESS EMM: CRISIL Lowers Rating on INR18MM Term Loan to 'B'
GIRIDHAR TECHFAB: CARE Reaffirms 'B' Rating on INR11.05cr Loan
GOYAL RICE: CRISIL Assigns 'B' Rating to INR8MM Whse Financing

GTN TEXTILES: CARE Reaffirms 'D' Rating on INR34.49cr Bank Loan
GURUDEVA CHARITABLE: CRISIL Reaffirms B- Rating on INR10.5MM Loan
JAWAHAR SHETKARI: CRISIL Upgrades Rating on INR40MM Loan to 'B'
KARTIK CONSTRUCTION: CRISIL Reaffirms B Rating on INR4MM Loan
KARUPPASWAMY BUILDERS: CRISIL Assigns B+ Rating to INR5MM Loan

KESHRANAND GINNING: CRISIL Reaffirms B+ Rating on INR6MM Loan
KRUSHNA COTEX: CARE Reaffirms B+ Rating on INR22.65cr LT Loan
M. CHANDRAVADANA: CRISIL Assigns B+(SO) Rating to INR5MM Loan
MAA KAMAKHYA: CRISIL Reaffirms B- Rating on INR12MM LT Loan
MANJUNATHA AGRO: CRISIL Assigns 'B' Rating to INR10MM Cash Loan

MS SAWA: CARE Reaffirms 'B+' Rating on INR19.34cr LT Loan
NAGARSHETH SHIPBREAKERS: CRISIL Reaffirms D Rating on INR85M Loan
PATSPIN INDIA: CARE Reaffirms 'D' Rating on INR154.97cr Loan
RADHAKRISHNA OIL: CRISIL Assigns B+ Rating to INR7.2MM Cash Loan
REED AND PICK: CARE Reaffirms B+ Rating on INR0.75cr LT Loan

RIDDHI SIDDHI: CARE Assigns 'B' Rating to INR15.10cr LT Loan
S R METALLIZERS: CARE Assigns B+ Rating to INR6.76cr LT Loan
SAHARA POULTRY: CRISIL Reaffirms B+ Rating on INR5.5MM Loan
SAMRADDHI COT: CARE Lowers Rating on INR7.01cr LT Loan to 'D'
SARWATI POLYMERS: CRISIL Reaffirms 'B' Rating on INR3.0MM Loan

SHAJI MATHEW: CRISIL Assigns B+ Rating to INR6.1MM Overdraft
SIGNET CORPORATION: CRISIL Assigns B Rating to INR9MM Term Loan
SILVER OAK: CRISIL Reaffirms B+ Rating on INR41.32MM Term Loan
TULSI TRADING: CARE Assigns 'B+' Rating to INR6.25cr LT Loan
USK AGRO: CRISIL Assigns 'B' Rating to INR5MM Cash Loan

VISION METALIK: CRISIL Reaffirms B+ Rating on INR5.8MM Term Loan
WELLBORE ENGINEERING: CRISIL Cuts Rating on INR6.85MM Loan to D
YARLAGADDA EXPORTS: CRISIL Reaffirms B+ Rating on INR17MM Loan
YAZDANI STEEL: CRISIL Lowers Rating on INR47.38MM Term Loan to D


J A P A N

TAKATA CORP: Formally Pleads Guilty to Airbag Fraud, to Pay $1BB


N E W  Z E A L A N D

PUMPKIN PATCH: Union to Back Firm's Liquidation


P H I L I P P I N E S

COUNTRYSIDE COOP: Depositors' Claims Deadline Set for April 3
RURAL BANK OF BAROTAC: Placed Under PDIC Receivership


T H A I L A N D

UNITED OVERSEAS: Fitch Affirms Viability Rating at 'bb+'


                            - - - - -


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


BELLAMY'S AUSTRALIA: Cameron Fails Board Bid; Chairman Resigns
--------------------------------------------------------------
The Australian reports that major Bellamy's shareholder Jan
Cameron, who on Feb. 28 missed out on being elected as a director
of the infant milk formula group, has warned the troubled
business could be in for even more turmoil after a recent fact-
finding visit to China where she said pricing was "a complete
shemozzle".

Addressing the media after the Bellamy's EGM where two of her
dissident nominees, lawyer Rodd Peters and Asian dairy executive
Chan Wai-Chan were elected to the board, Ms.  Cameron also
demanded the company (BAL) produce a plan within a month to turn
around the fortunes of the food company in the face of collapsing
sales and a sliding share price, according to The Australian.

"I think the plan needs to be set in place within the month," the
report quotes Ms. Cameron as saying.

She was speaking after a three-hour meeting in Melbourne during
which shareholders yelled criticisms of the sitting board from
the floor, The Australian notes.

Ahead of the EGM had come the surprise announcement that chairman
Rob Woolley resigned on Feb. 28 and was not turning up, the
report says.

During the meeting Ms. Cameron - Bellamy's biggest shareholder
with just under 18% - made her presence felt, sitting in the
front row as she eyed off the incumbent board, The Australian
relates.

According to the report, director Launa Inman resigned before the
vote on her tenure was taken, while fellow directors Charles
Sitch and Michael Wadley were ejected on a show of proxy votes.
Director Patria Mann was returned by shareholders.

The Australian relates that Ms. Cameron failed to gain a board
seat after proxy votes revealed 28.5 million shares against her
bid for a directorship and only 20.5 million shares in favor.

Bellamy's Australia Limited (ASX:BAL) --
http://bellamysorganic.com.au/-- is engaged in the supply, sale
and distribution of organic food and formula products for babies
and toddlers. The Company's segments include Australia, which
focuses on the sales to retailers within Australia; China/Hong
Kong, which focuses on the sales to Chinese distributors and
online sales from third-party Websites to Chinese customers, and
Other/South East Asia, which focuses on sales to other
distributors and retailers, predominantly in South East Asia. It
produces over 40 organic food and formula products, including
infant formula, toddler milk drink, snacks, cereals, pastas and
ready to eat pouches. The Company's products are distributed in
Australia, Vietnam, Singapore, Malaysia, People's Republic of
China, Hong Kong and New Zealand. Its products are also available
through various online retail platforms. The Company's
subsidiaries include Bellamy's Organic Australia Pty Ltd,
Bellamy's Kitchen Pty Ltd, Yum Mum Pty Ltd and others.


LINZAC PTY: First Creditors' Meeting Set for March 9
----------------------------------------------------
A first meeting of the creditors in the proceedings of Linzac Pty
Ltd will be held at the offices of Heard Phillips Chartered
Accountants, Level 12, 50 Pirie Street, in Adelaide, on March 9,
2017, at 11:00 a.m.

Mark Lieberenz and Andrew Heard of Heard Phillips Chartered
Accountants were appointed as administrators of Linzac Pty on
Feb. 27, 2017.


NIMBLE ASSET: First Creditors' Meeting Set for March 9
------------------------------------------------------
A first meeting of the creditors in the proceedings of Nimble
Asset Management (Aust) Pty Ltd will be held at the offices of
Grant Thornton Australia Limited, The Rialto, Level 30, 525
Collins Street, in Melbourne, Victoria, on March 9, 2017, at
11:00 a.m.

Stephen Dixon and Ahmed Bise of Grant Thornton Australia were
appointed as administrators of Nimble Asset on Feb. 27, 2017.


NTRDS PTY: First Creditors' Meeting Set for March 8
---------------------------------------------------
A first meeting of the creditors in the proceedings of NTRDS Pty
Ltd (T/as Roller Door Services N.T.) will be held at the Offices
of Hall Chadwick Chartered Accountants, Paspalis Business Centre,
Level 1, 48-50 Smith Street, in Darwin, NT, on March 8, 2017, at
10:00 a.m.

Blair Pleash and Kathleen Vouris of Hall Chadwick Chartered
Accountants were appointed as administrators of NTRDS Pty on Feb.
27, 2017.


ORGANIC RESPONSE: First Creditors' Meeting Set for March 7
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Organic
Response Investors Pty Ltd will be held at the offices of
Cliftons Melbourne, Level 1, 440 Collins Street, in Melbourne, on
March 7, 2017, at 10:00 a.m.

John Maxwell Morgan and Geoffrey Davis of Cliftons Melbourne were
appointed as administrators of Organic Response on Feb. 24, 2017.


R&F PROPERTIES: Mulls Filing Suit Against Creditor
--------------------------------------------------
Rosanne Barrett at The Australian Business Review reports the
Australian arm of multi-billion-dollar Chinese developer R&F
Properties is threatening legal action against a former creditor
after its court-ordered liquidation order was lifted.

R&F Development Holdings has engaged high-profile lawyer Leon
Zwier, a partner at Arnold Bloch Leibler Lawyers, to "pursue its
legal rights" over the stoush, as it announced it would implement
new systems to improve communication and track invoices,
according to The Australian Business Review.

The Australian revealed that the Supreme Court in Victoria issued
an order to wind up R&F Mega Property and appointed Deloitte as
liquidator on February 1, following action by creditor Metropolis
Agency, the report notes.

Mr. Zwier said the court should not have been asked to wind up a
solvent company, "let alone one which is owned by a multi-
billion-dollar parent," the report relays.

"Our client will pursue its legal rights against those
responsible for this wrongful conduct," Mr. Zwier said, the
report notes.

Mr. Zwier accused the creditors of failing to call the company or
their lawyers, or take "genuine steps" to resolve the dispute,
the report discloses.

A Metropolis spokesman said the process to receive payment took
almost nine months, including repeated invoices, the appointment
of a credit collection agency and a letter of demand.  "The only
final option that we had was to wind them up," Mr. Zwier said,
the report relays.

The report notes an affidavit attached to the application stated
they served a statutory demand for more than AUD41,000 in
October.

R&F Mega Property said it did not receive notification of the
wind-up application and did not appear at court, the report
discloses.

R&F Development Holding -- the shareholder of R&F Mega Property
-- successfully applied to have the ordered lifted on
February 20.

The report discloses R&F Development Holding managing director
James Cui said it applied to have the order terminated once they
were aware.

The report relays "We were surprised and shocked when we were
contacted by the liquidator, as we have no record or being served
by representatives of the creditor," he said.

The report notes Mr. Cui said the company had spoken with
suppliers and contractors to "clarify the situation".

According to the report "We are making changes to our account
systems and processes to improve communication and tracking of
our contractors' and suppliers' invoices," Mr. Cui said.

The report says through a number of subsidiaries, the Hong Kong-
listed R&F Properties has spent more than AUD200m on three sites
in Brisbane and one in Melbourne.

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


SHARK LAKE: First Creditors' Meeting Set for March 8
----------------------------------------------------
A first meeting of the creditors in the proceedings of Shark Lake
Food Group Pty Ltd will be held at Lot 21, Coolgardie-Esperance
Highway, in Esperance, WA, on March 8, 2017, at 12:30 p.m.

Philip Newman and David Charles Quin of PCI Partners Pty Ltd were
appointed as administrators of Shark Lake on Feb. 24, 2017.



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


CHINA EVERGRANDE: Proposed Amendment No Impact on Fitch B+ Rating
-----------------------------------------------------------------
The ratings on Chinese homebuilder, China Evergrande Group
(B+/Negative), and its US dollar senior notes due 2019 will
remain unchanged even if it adopts proposed amendments in a
consent solicitation announced that could increase its
indebtedness, says Fitch Ratings.

The proposed amendments would loosen existing indentures on the
notes to provide increased funding and operational flexibility to
support the company's expansion and proposed reorganisation.
Fitch does not expect to change its view on Evergrande solely due
to the adoption of the proposed amendments. However, the rating
may be downgraded if the expansion drives leverage, measured by
net debt/adjusted inventory, to above 60% on a sustained basis.
Fitch will start reviewing Evergrande after it announces its 2016
results by end-March 2017.

Fitch expects Evergrande's net debt to continue rising in 2H16,
but at a slower pace than the 39% increase in 1H16 that may have
pushed up leverage to above 60% at end-2016, from 52% at end-2015
(1H16: 59.6%).

The proposed amendments include lowering the fixed-charge
coverage ratio requirement to not less than 2.50x, from not less
than 2.75x; increasing the size of the purchase money
indebtedness basket to 40% of total assets, from 35%; and
increasing the guarantee cap on unrestricted and restricted
subsidiaries to 7.5% of total assets, from 5%. Other amendments
affect the Limitation on Transactions with Shareholders and
Affiliates covenant, which would increase the thresholds for
affiliate transactions that require board resolutions from USD5m
to USD25m and trustee resolutions from USD10m to USD50m.


CHINA XD: Privatisation Offer No Impact on Fitch's B+ Rating
------------------------------------------------------------
China XD Plastics Co Ltd's (B+/Stable) preliminary non-binding
privatisation offer will not affect its ratings in the short-term
due to the limited deal size and long transaction timeline, says
Fitch Ratings.

XD Plastics announced on 17 February 2017 that it had received a
joint proposal from a consortium comprised of Mr. Jie Han,
Chairman and CEO of XD Plastics, and a British Virgin Islands
company wholly owned by Mr. Han and Morgan Stanley Private Equity
Asia, to acquire the outstanding shares of XD Plastics at USD5.21
per share. The effective ownership of the consortium is currently
at 74%, therefore valuing the transaction at an estimated USD91m.

Moody's do not believe the privatisation would immediately affect
XD Plastics' ratings, as the company's liquidity can comfortably
cover any covenant triggered by the transaction, including an
offshore loan repayment totalling USD180m, of which USD22.5m is
repayable in November 2017. The remaining principal repayment is
due in 2018.

The company estimates a nine- to twelve-month timeline to
complete the transaction. Fitch expects XD Plastics' FFO-adjusted
net leverage to decrease in 2017 due to new plants starting
production and limited capex.


FOSUN INT'L: Debt Equity Swap No Impact on Moody's Ba3 CFR
----------------------------------------------------------
Moody's Investors Service says that the proposed debt equity swap
of Nanjing Iron Steel Development (NJSD, unrated) is credit
positive for Fosun International Limited (Ba3 positive), because
it will reduce credit contagion risk related to the weak steel
business. The debt equity swap will also improve NJSD's liquidity
profile. However, it has no immediate rating impact on Fosun's
Ba3 corporate family rating.

On February 24, NanJing Iron & Steel Co. Ltd (NJIS, unrated)
announced that a fund set up by China Construction Bank
Corporation (A1 negative) and other investors (collectively
referred to as the investors), together with Nanjing Nangang Iron
and Steel United (NISU, unrated) -- the major shareholder of NJIS
-- will inject around RMB3.75 billion in the form of a debt
equity swap into NJSD, which is a 100% owned subsidiary of NJIS.

Moody's expects the majority of the proceeds will be used to
repay NJSD's short-term debt and to supplement its working
capital needs. As such, the transaction will alleviate liquidity
pressure for NJIS by lowering the portion of short-term debt
maturing within 1 year to 54% from 68% of its total reported
debt. NJIS had around RMB8.2 billion of short-term debt and
around RMB12 billion of total reported debt as of end-June 2016.

NJIS expects the debt equity swap will lower its total
liabilities to total assets ratio to 69.95% from 80.44% as of
end-September 2016.

However, the deleveraging benefit is limited and is contingent on
NJIS' ability to issue stocks in the equity market to repay the
fund from investors over the next three years. According to the
announcement, NISU is obliged to purchase back the investors'
stakes if NJIS fails to issue stocks in the equity market to
purchase the stakes within three years. Thus, Moody's considers
the transaction as a debt-like instrument from the perspective of
NISU and Fosun. Fosun owns 60% in NISU, which in turn owns an
approximate 48% stake in NJIS.

Although Fosun deconsolidated NJIS in 2016 after it assigned a
10% voting right to Najing Iron Steel Group (unrated), it still
owns a 60% stake in NJSU. In addition, NISU and NJIS pose some
reputation risk to Fosun, as Fosun's investment in the companies
in the early 2000s represented a successful case of restructuring
of a local SOE by a private enterprise.

While Moody's views Fosun as an Investment Holding Company, Fosun
is subject to credit contagion risk from its underlying
investments, especially those with weak credit profile. NJIS
reported high leverage, with debt/EBITDA of around 13x as of 1H
2016. Severe overcapacity in China's steel industry has weakened
NJIS' profitability.

The principal methodology used in this rating was Investment
Holding Companies and Conglomerates published in December 2015.

Fosun Group was founded in 1992. Fosun International Limited
(Fosun), the holding company of Fosun Group is listed on the Hong
Kong Stock Exchange in 2007.

Fosun is an investment holding company. Its principal businesses
are in integrated finance (wealth) and industrial operations. The
integrated finance (wealth) business involves three major
segments: insurance, investment, wealth management & innovative
finance, while the industrial operations business involves four
key segments: health, happiness, property development & sales and
resources.

At 31 December 2016, Fosun was 71.55% beneficiary-owned by its
chairman and co-founder, Mr. Guangchang Guo, and the company's
two other co-founders.


* CHINA: Bankruptcy Cases Surge in 2016 as Economy Slows
--------------------------------------------------------
The Financial Times reports that bankruptcy cases surged in China
last year, indicating growing economic stress as well as progress
in the ruling Communist party's efforts to use the country's
courts to deal with indebted "zombie" companies and reduce
industrial overcapacity.

Chinese courts accepted 5,665 bankruptcy cases in 2016, an
increase of 54 per cent from the year before, the country's top
court said on Feb.24, the FT relates. About 3,600 of those cases
were resolved, with 85% of the resolved cases resulting in
liquidation.

"It is linked to getting rid of zombie companies and making the
economy more efficient," the FT quotes Susan Finder, law scholar
in residence at Peking University's Shenzhen Graduate School, as
saying. "Provincial courts state this when they report the number
of bankruptcy cases. The idea is to save the companies that can
be saved and liquidate the ones that can't."

According to the FT, the court did not give full regional figures
but companies from China's eastern regions, which are known for
manufacturing by small and medium-sized enterprises, appeared to
contribute a large chunk of cases, with more than 1,600 coming
from the provinces of Zhejiang and Jiangsu alone.

Many of the cases were also from economically troubled north-east
China, with 346 coming from Liaoning province, which recorded a
23 per cent decline in nominal gross domestic product last year
amid a downturn in heavy industry, the FT discloses. The province
was home to one of last year's highest profile bankruptcy cases,
when Dongbei Special Steel Group formally entered into a
restructuring process in October following serial bond defaults,
according to the FT.

The FT says China is home to thousands of economically unviable
"zombie" enterprises that survive with the support of local
governments and state-owned banks. China's top state-owned asset
regulator last year compiled a list of central government-owned
zombie enterprises, identifying 2,041 entities with total assets
of Rmb3.1tn.

China's legislature approved a modern bankruptcy law in 2007 but
for years it was seldom used, the FT notes. Debt disputes were
often handled through backroom negotiations, mainly because local
officials are typically more worried about the prospect of
creating unemployment than they are about angering creditors.

"China's economy is on a downward trend that increases the number
of bankruptcy cases," the FT quotes Ye Zengsheng, a law professor
at Zhejiang University, as saying. Overall, the number of
bankruptcy case numbers remained low as governments used "roguish
methods" such as debt-for-equity swaps and private-public
partnerships to keep insolvent firms alive, he added.

China's 6.7% growth last year was the lowest since 1990, the FT
notes.

The FT notes that just under 20,000 bankruptcy cases in total
were accepted between 2008 and 2015. For each insolvency case
accepted by China's courts, another 100-250 enterprises are
estimated to have gone out of business, mostly through
deregistration and business licence cancellation, the
International Monetary Fund said in a working paper last year,
the report recalls.



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


ARORA YARN: CRISIL Reaffirms 'B' Rating on INR4MM Cash Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facilities of Arora Yarn Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Buyer's Credit          1        CRISIL B/Stable (Reaffirmed)
   Cash Credit             4        CRISIL B/Stable (Reaffirmed)
   Term Loan               1.86     CRISIL B/Stable (Reaffirmed)

Business risk profile was stable, reflected in operating income
of INR19-22 crore in the three fiscals through March 2016. The
operating income is likely to grow 8-10% over the medium term,
backed by promoter's extensive experience in the textile industry
and established relationships with key clients. Operating margin
is expected at around 8.5%over the medium term.

With stretch in working capital cycle because of increase in
receivables, debt remained large, leading to high total outside
liabilities to tangible networth (TOLTNW) ratio and below-average
debt protection metrics. However, absence of significant capital
expenditure (capex) and rising net cash accrual should lead to
improvement in financial risk profile over the medium term.

Key Rating Drivers & Detailed Description
Weaknesses
* Working capital-intensive operations: Gross current assets were
235 days as on March 31, 2016, driven by large inventory and
increased receivables, resulting in substantial short-term debt.
With expected ramp-up in scale of operations, working capital
management will be a rating sensitivity factor.

* Small scale of operations: Small scale of operations and
limited track record in the intensely competitive cotton ginning
industry constrain the company's business risk profile.

* Weak financial risk profile: The financial risk profile is weak
because of high TOLTNW ratio of 5.33 times as on March 31, 2016,
and below-average debt protection metrics with interest coverage
ratio of 1.47 times and net cash accrual to adjusted debt ratio
of 0.06 time in fiscal 2016. While the financial metrics will
improve in the absence of debt-funded capex, they will remain
weak because of large working capital requirement

Strength
* Promoter's extensive industry experience and established
customer relationships: The promoter's industry experience of
more than a decade has helped AYPL establish healthy
relationships with customers and suppliers.
Outlook: Stable

CRISIL believes AYPL will continue to benefit from its promoter's
extensive industry experience. The outlook may be revised to
'Positive' if capacity utilisation increases, leading to ramp-up
of operations and higher-than-expected cash accrual, while
improving its working capital cycle, or if capital structure and
debt protection metrics improve significantly, strengthening the
financial risk profile. The outlook may be revised to 'Negative'
if low profitability leads to muted cash accrual, or if working
capital management is weak, or if the financial risk profile
deteriorates due to large, debt-funded capex.

AYPL was taken over by the present management in 2009 from B J
Woollens Pvt Ltd. The company is managed by Mr. Krishan Kumar
Arora. It manufactures woollen yarn at its plant in Bikaner,
Rajasthan, and has branches at Panipat in Haryana, and Badhoi in
Uttar Pradesh.

The company's profit after tax and net sales were INR5.07 lakhs
and INR19.59 crore, respectively, for fiscal 2016, against
INR3.22 lakhs and INR18.89 crore, respectively, for the previous
fiscal.


ASAI VISHWA: CARE Reaffirms B+ Rating on INR22.65cr LT Loan
-----------------------------------------------------------
The rating assigned to the bank facilities of aSai Vishwa
Speciality Chemicals Private Limited (AVSCPL) continues to be
constrained by inherent project execution & stabilization risk,
nascent stage and small scale of operations, moderately
leveraged capital structure and debt coverage Indicators. The
rating continues to be constrained by fluctuation in the raw
material prices, highly regulated industry and presence in a
highly competitive and fragmented pharma industry.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            22.65       CARE B+, Stable Reaffirmed

These factors far offset the benefits derived from experienced
and qualified management, reputed clientele, location advantage
and favorable industry scenario.

The ability of AVSCPL to successfully complete and stabilize the
project within the envisaged time and cost and thereafter
achieving the envisaged sales and profitability are the key
rating sensitivities.

Detailed description of the key rating drivers
Key Rating Strengths
Experienced promoters:
AVSCPL is promoted and managed by qualified directors having
extensive experience in various fields of pharmaceutical industry
and carry an average experience of around 21 years in
pharmaceutical industry. Apart from qualified and experienced
promoters, AVSCPL also hired other technically qualified
personnel to handle the day to day operations of the company.

Reputed clientele:
The company is already dealing with reputed customers having
established presence in pharmaceutical industry and also
has received orders from them.

Location advantage:

The manufacturing unit is being setup at Patalganga MIDC, Panvel,
where in skilled and unskilled workers, transport and
communication facilities are easily available and also the
location is comes under "A" class developed area as per
government of Maharashtra notification. Furthermore, locality is
also surrounded by many pharmaceutical companies from whom AVSCPL
can directly procure raw material, thereby saving time and
transportation cost.

Key Rating Weaknesses
Project execution risk:
The project is at nascent stage of execution; hence, any delay in
execution may result in implementation and cost escalation.
Further project stabilization and subsequently start of
commercial operations at envisaged cost and time along with the
generation of adequate business volumes and profitability amidst
competitive nature of the industry remains crucial.

Modest scale of operations with moderate capital structure:
AVSCPL's operations remained at nascent stage and small scale
with total operating income of INR1.07 crore during FY16 (refers
to the period April 01 to March 31). Furthermore, the
profitability margins remained low and capital structure remained
moderately leveraged during FY16. However, the same is expected
to deteriorate due to large-sized debtfunded capex undertaken by
the company.

Presence in regulated and competitive pharma industry:
Products and companies in the pharmaceutical industry are
regulated by several policies and bodies in terms of pricing,
quality control, safety and health standards, and several other
certifications and control standards. Any policy changes or
regulations by the regulatory bodies may hamper the business of
the companies prevailing in the industry.

Incorporated in 2012 by Dr Archis A. Yawalkar, Dr Manish V.
Mandlecha, Mrs Rupali P. Joshi and Dr Kishore N. AVSCPL is
currently setting up unit to manufacture active pharmaceutical
ingredients (API) and intermediaries at Rasayani MIDC
(Panvel), Maharashtra and also planning to apply for cGMP
certification for the said facility.

The manufacturing facility will be spread across 25,000 sq. feet
and would have total installed capacity of 200 metric tons of
API's per annum. The company plans to manufacture anti-cancer,
anti-glaucoma, anti-asthma and several other products in
different segments. The company proposes to import 25% of its raw
material and 75% would be purchased from domestic market.
Furthermore, AVSCPL plans to export 80% of API's to countries
like US, UK and others and remaining would be sold domestically.
The company has already setup in-house research and development
facility at Taloja.

During FY16, AVSCPL reported total income of INR1.07 crore with
PAT of INR0.01 crore. Furthermore, the company has
booked the sales of INR1.44 crore for the period April 2016 to
January 2017.


BANSAL STARCH: CRISIL Reaffirms 'B' Rating on INR4.4MM LT Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Bansal Starch And Foods Private Limited at 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             1        CRISIL B/Stable (Reaffirmed)
   Long Term Loan          4.4      CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      0.6      CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the start-up nature of
operations, moderate project implementation risk, and a modest
networth. These weaknesses are partially offset by the extensive
entrepreneurial experience of the promoters.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest networth:
The networth was INR1.25 crore as on March 31, 2016, as the
company's plant is expected to start operations in March 2017.

* Moderate implementation risk:
Operations were earlier expected to start from March 2016, but is
now expected to start in March 2017. The delay was on the account
of receiving regulatory approvals.

Strength
* Extensive industry experience of the promoters:
Mr Rakesh Kumar Bansal, one of the promoters, has been in the
rice milling business since the past two decades. He is also a
distributor for various pharmaceutical companies (Ranbaxy
Laboratories Limited, Sun Pharmaceutical Industries Limited,
Pfizer, and Torrent Pharmaceuticals Ltd) under the firm, JMS
Marketing, in Haryana and Punjab. His son, Mr. Anuj Bansal, is a
partner in JMS Marketing.
Outlook: Stable

CRISIL believes BSFPL will commence commercial operations without
any further time or cost overrun. The outlook may be revised to
'Positive' in case of substantial ramp up in revenue and
profitability, backed by efficient working capital management,
resulting in healthy cash accrual. The outlook may be revised to
'Negative' in case of a significant time or cost overrun in the
project, leading to low cash accrual or lower than expected
demand.

Incorporated in 2014, BSFPL is promoted by Mr. Rakesh Kumar
Bansal and Mr. Anuj Bansal. The company is setting up a unit in
Solan, Himachal Pradesh, to manufacture malto-dextrin powder and
cattle feed.


BLS IMPEX: CRISIL Reaffirms 'B+' Rating on INR15MM Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of Bls Impex Private Limited at 'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            15        CRISIL B+/Stable (Reaffirmed)

The rating reflects a below-average financial risk profile, with
a modest networth, high total outside liabilities to tangible
networth ratio and weak debt protection metrics, trading nature
of operations, and small scale of operations in the intensely
competitive rice-trading industry. These weaknesses are partially
offset by the extensive experience in the rice trading industry,
and its established clientele.

Key Rating Drivers & Detailed Description
Weaknesses
* Below-average financial risk profile
Networth was small at INR5.5 crore, and total outside liabilities
to tangible networth ratio high at 3.3 times as on March 31,
2016. Debt protection metrics were subpar, with interest coverage
and net cash accrual to total debt ratios at 1.4 times and 2.1
times, respectively, for fiscal 2016.

* Trading nature of operations and small scale of operations in
the intensely competitive rice-trading industry
BLS is small player based in Hyderabad which derives its revenue
primarily from export of basmati and non-basmati rice to middle-
east countries. BLS's modest scale of operations is marked by a
revenue size of INR23.5 Crores in 2015-16.

Strength
* Extensive experience of in the rice trading industry, and its
established clientele
The promoters, Mr. G Shekhar, Mr. R Srinivas and others, have
around 20 years of experience in the rice trading business and
also have developed established relationships with customers.
Outlook: Stable

CRISIL believes BIPL will continue to benefit over the medium
term from its promoters' extensive experience. The outlook may be
revised to 'Positive' in case of a significant and sustained
improvement in revenue and operating profitability, along with an
improvement in the financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of a decline in
revenue or operating profitability, or a stretch in its working
capital cycle, or any debt-funded capital expenditure, further
weakening the financial risk profile.

Established as a private limited company in 2011 and based in
Hyderabad (Telangana), BIPL is a trader and exporter of rice
(basmati/non-basmati). It is promoted by Mr. G Shekhar, Mr. R
Srinivas and others.

Profit after tax (PAT) stood at INR0.16 crore on net sales of
INR23.5 crore for fiscal 2016, vis-a-vis INR0.13 crore and
INR21.4 crore, respectively, for fiscal 2015.


DEWAN HOUSING: Fitch Affirms 'BB' Long-Term IDRs; Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Dewan Housing Finance Corporation
Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default
Ratings (IDRs) at 'BB'. The Outlook is Stable. At the same time,
Fitch has chosen to withdraw the ratings of DHFL for commercial
reasons.

KEY RATING DRIVERS
DHFL's ratings, which are based on its standalone credit profile,
reflect its established presence and franchise in the low- to
middle-income (LMI) housing finance business in Tier 2 and Tier 3
cities in India. The ratings also take into account its wholesale
funding profile - a common feature for non-bank financial
institutions in India - moderate profitability and liquidity
position, and satisfactory capitalisation.

The LMI segment has become intensely competitive in the last few
years, which has put pressure on DHFL's yields and margins.
However, this is partly offset by some portfolio rebalancing
towards project loans and loan against property and the lower
cost of funding. This rebalancing does raise DHFL's risk profile
but the company plans to limit the share of non-housing exposure
to moderate levels. Reasonably tight underwriting practices along
with good management track record underpin Fitch's expectation
that DHFL will be able to manage the incremental risk.

DHFL's funding profile has benefited from the improving diversity
within its wholesale funding sources while gains from the planned
sale of a stake in its life insurance business should also
significantly improve core capitalisation ratios in the medium
term. However, DHFL's profitability would need to improve if it
is to sustain higher capital buffers.

RATING SENSITIVITIES
Rating sensitivities are not applicable as the ratings have been
withdrawn.


EASTERN COPPER: CRISIL Lowers Rating on INR5MM Loan to 'D'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Eastern Copper Manufacturing Company Private Limited to 'CRISIL
D/CRISIL D' from 'CRISIL C/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           2        CRISIL D (Downgraded from
                                     'CRISIL A4')
   Bill Discounting         2        CRISIL D (Downgraded from
                                     'CRISIL C')
   Cash Credit              3.88     CRISIL D (Downgraded from
                                     'CRISIL A4')
   Foreign Discounting
   Bill Purchase            3        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Letter of Credit         5        CRISIL D (Downgraded from
                                     'CRISIL C')

   Proposed Fund-Based      4.62     CRISIL D (Downgraded from
   Bank Limits                       'CRISIL C')

   Working Capital          4.50     CRISIL D (Downgraded from
   Term Loan                         'CRISIL C')

The downgrade reflects a substantially overdrawn cash credit
limit and delays in interest payment.

Key Rating Drivers & Detailed Description
Weakness
* Stretched liquidity: Liquidity remained weak because of
negative cash accrual and high dependence on bank debt to fund
working capital requirement. This resulted in delay in payment of
interest and overdrawing of the cash credit limit.

Strength
*Extensive experience of the promoters in the copper industry and
established relationship with customers and suppliers: The
promoters, Mr. Ravi Choudhary and Mr. Rajiv Choudhary, have more
than two decades of experience in the copper business. The
company has an established relationship with major players such
as Bharat Sanchar Nigam Ltd and Chittaranjan Locomotive Works
(CLM). CLM has classified ECMC as a 'Grade A' bidder based on
supply and fulfilment of orders.

ECMC, established in 1997 by Mr. Ravi Choudhary and Mr. Rajiv
Choudhary, is a Kolkata- based manufacturer of critical
industrial copper semis. The Choudhary family has been in the
copper business since 1948.

In fiscal 2016, net loss was INR1.74 crore on net sales of
INR47.52 crore, as against net loss of INR3.48 crore on net sales
of INR61.18 crore in the previous fiscal.


ELLENBARRIE TEA: CRISIL Assigns 'B+' Rating to INR4.25MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the INR8 crore-bank facilities of Ellenbarrie Tea And Industries
Limited.

                           Amount
   Facilities             (INR Mln)      Ratings
   ----------             ---------      -------
   Proposed Fund-Based
   Bank Limits               1.75        CRISIL B+/Stable
   Long Term Loan            1.50        CRISIL B+/Stable
   Bank Guarantee             .50        CRISIL A4
   Cash Credit               4.25        CRISIL B+/Stable

The rating reflects the modest scale of operations,
susceptibility to seasonality in tea production and climatic
conditions, and the below-average financial risk profile, marked
by a small networth and weak debt protection metrics. These
rating weaknesses are partially offset by extensive experience of
the promoters.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations, susceptibility to seasonality in
tea production and climatic conditions: Scale of operations
(expected revenue of INR13-14 crore in fiscal 2017, vis-a-vis
INR8.8 crore in fiscal 2016) is likely to remain modest,
constrained by intense competition. Presence of established
players also constrains growth prospects of small players like
ETIL. Further, tea plantations are susceptible to seasonality in
production and climatic conditions.  Pest attacks and inadequate
rainfall may lead to less-than-normal production and
deterioration in the quality of the crop, and thus, adversely
affect revenue and profitability.

* Below-average financial risk profile: Financial risk profile
was constrained by a small networth (Rs 4.52 crore) and moderate
gearing (1.44 times), as on March 31, 2016. Debt protection
metrics have been weak, owing to low profitability and high
reliance on bank debt. Interest coverage ratio was low at 0.12
time, while the net cash accrual to total debt was a negative
0.06 time for fiscal 2016, owing to negative cash accrual.

Strength
* Extensive experience of the promoters: Benefits from the four
decade-long experience of the promoters, their keen grasp over
industry dynamics, and healthy relationships with labourers,
customers, and raw material suppliers, will continue.
Outlook: Stable

CRISIL believes ETIL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if the company reports substantial and sustained
increase in scale of operations, stable operating margin, and
hence, higher accrual, and demonstrates better working capital
management. The outlook may be revised to 'Negative' if low
operating income or profitability, stretch in the working capital
cycle, or any significant, debt-funded capital expenditure,
weakens the financial risk profile, particularly liquidity.

ETIL, incorporated in 2010, is engaged in plantation and
processing of tea. It is promoted by Mr. Shanti Prasad Agrawal,
who is based in West Bengal, and owns a tea estate called Karala
Valley Tea Garden, Dooars. The operations of the Company has
started from May 2016 onwards.

For fiscal 2016, ETIL recorded net loss of INR0.38 crores on
operating income of INR8.88 crores.


ESS EMM: CRISIL Lowers Rating on INR18MM Term Loan to 'B'
---------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Ess Emm Enterprises to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'

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


   Proposed Term Loan    18        CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The downgrade reflects deterioration in the financial risk
profile, particularly liquidity, due to stretched working capital
cycle. Owing to a longer inventory holding period and stretched
debtors, reliance on the working capital bank line is high. As a
result, there is no cushion in the bank line leading to stretched
liquidity. At the same time liquidity is constrained by
withdrawals from the partners. While operations are expected to
remain working capital intensive, any enhancement in the bank
line, or long-term fund infusion by the promoter will be a key
rating driver over the medium term.
Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans
of INR8.34 crore (as on March 31, 2016) extended to Ess Emm by
its partners as neither debt nor equity as the loans are expected
to be retained in the business over the medium term.
Key Rating Drivers & Detailed Description
Weaknesses
* Below-average financial risk profile: The financial risk
profile is marked by high TOL/TNW ratio of 15 times as on March
31, 2016 primarily on account of modest net worth of INR3.31 cr.
and capital withdrawal of around INR6 cr in FY 2015-16. The firm
has average debt protection metrics as reflected by interest
coverage of 2.01 times and Net cash accruals to total debt
(NCATD) of 0.05 times for 2016-17.

* Working capital-intensive operations: Ess Emm has high working
capital requirements as reflected in GCA days of about 414 days
as on March 31, 2016 primarily on account of high receivable
holding of 214 days and inventory days of 154 days as on March
31, 2016. Working capital intensive operations has led to high
utilization of its short term bank lines

Strength
* Partners extensive experience in the electrical goods trading
business and Established relationship with customers and
suppliers: The promoter has nearly four decades of experience in
this business. This has resulted in strong relationship with its
key suppliers like Polycab Wires Pvt Ltd (Polycab) and Havells
India Pvt Ltd (Havells). The key supplier, Polycab, is one of the
leading manufacturers of wires and cables in India. Ess Emm has
healthy relations with Polycab as evident from the firm availing
loyalty discount on any sales made beyond the year's targets set
by Polycab.
Outlook: Stable

CRISIL believes Ess Emm will continue to benefit over the medium
term from promoters' extensive experience. The outlook may be
revised to 'Positive' if financial risk profile, especially
capital structure, improves because of its if long term fund
infusion from its partners shores up its liquidity. Conversely,
the outlook may be revised to 'Negative' if financial risk
profile deteriorates due to substantial increase in working
capital requirement, decline in revenue or profitability, or
significant capital withdrawal.

Established as a proprietorship in 1999 and reconstituted as a
partnership firm in November 2015, Ess Emm has five partners and
is the authorised dealer for electrical goods (cables, wires, and
switches) manufactured by Polycab Wires Pvt Ltd and Havells India
Pvt Ltd. Based in Bengaluru, the firm has branches in
Secunderabad and Chennai.

For fiscal 2016, profit after tax (PAT) was INR90 lakhs on net
sales of INR53.44 crore, against a PAT of INR2.14 crore on net
sales of INR94.09 crore for fiscal 2015.


GIRIDHAR TECHFAB: CARE Reaffirms 'B' Rating on INR11.05cr Loan
--------------------------------------------------------------
The ratings assigned to the bank facilities of Giridhar Techfab
Private Limited are constrained by its modest scale of operations
along with cash losses incurred during the last 3 years ended
FY16 (refers to the period April 1 to March 31), moderate
leverage, weak debt coverage indicators and susceptibility of its
profitability to raw material price fluctuations.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            11.05       CARE B; Stable Reaffirmed

   Long-term/Short-       0.45       CARE B; Stable/CARE A4
   term Bank                         Reaffirmed
   Facilities

The ratings, however, derive comfort from the vast experience of
the promoters of GTPL in the textile business through its group
concern and increasing awareness of technical textile products in
developing countries.

The ability of GTPL to significantly increase its scale of
operations through achieving optimum capacity utilization and
improve its profitability would be the key rating sensitivities.
Furthermore, effective management of its working capital
requirement would also be crucial.

Detailed description of the key rating drivers
Key Rating Weaknesses
Modest scale of operations along-with cash losses; Moderate
leverage

The total operating income of GTPL grew by around 26% at INR7.41
crore in FY16 as compared with FY15. However, on account of sub-
optimum utilisation of capacity levels and initial teething
issues post-commissioning of plant, GTPL reported losses of
INR1.22 crore with cash loss of INR0.50 crore in FY16.

Long-term debt-equity ratio and overall gearing deteriorated and
remained moderate at 1.36x and 1.80x respectively as on March 31,
2016 (0.67x and 0.83x, respectively, as on March 31, 2015) due to
losses in FY16 and disbursement of additional term loans.

Subdued operating performance of the green field geotextile
manufacturing project

The operational performance of GTPL had not picked up as
envisaged mainly due to initial teething issue post commissioning
of the plant and time taken for the products approval and
certification. However, the promoters had infused funds in form
of unsecured loan to fund the losses as well as term loan
repayment. Total unsecured loan outstanding as on March 31, 2016
stood at INR9.07 crore.

Susceptibility of operating margin to raw material price
volatility risk
Operating margins of GTPL are susceptible to volatility
associated with price of Glass fibre yarn (major raw material)
which is being procured from overseas as well as domestic market
and it is primarily driven by international demand and supply
scenario.

Key Rating Strengths
Experienced and resourceful promoters group

GTPL is part of Ahmedabad-based Balkrishna Group having track
record of more than three decades in textile business. Balkrishna
Textile Private Limited (BTPL, rated 'CARE BBB-/CARE A3') is the
flagship company of the group which is involved in processing of
cotton fabric. The group is managed by Mr. Nitin Thakkar and his
brother Mr. Ketan Thakkar.

Ahmedabad-based GTPL, incorporated in June 2006, is promoted and
managed by Mr. Nitin Thakkar and Mr. Ketan Thakkar. GTPL is
engaged in manufacturing of various technical textile products
including Fiber glass geogrids, Fiberglass filter fabrics,
Fiberglass Mesh etc, which find application in various industries
like defence, aviation, and construction amongst others. As on
March 31, 2016, GTPL had an installed capacity of 6 million
square meters per annum. GTPL's products are gaining acceptance
in export and domestic market and it is registered vendor with
Military Engineer Services (MES) of India and Airports Authority
of India (AAI).

As per audited FY16 results, GTPL reported a total operating
income (TOI) of INR7.41 crore with a net loss of INR1.22 crore
as against a TOI of INR5.89 crore and a net loss of INR1.54 crore
in FY15.


GOYAL RICE: CRISIL Assigns 'B' Rating to INR8MM Whse Financing
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Goyal Rice Mills - Moonak (Punjab).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Warehouse Financing     8        CRISIL B/Stable
   Cash Credit             5        CRISIL B/Stable
   Term Loan               1.4      CRISIL B/Stable

The ratings reflect a small scale of operations in the highly
fragmented rice milling industry, and a weak financial risk
profile because of high gearing. These weaknesses are partially
offset by the extensive industry experience of the partners.

Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations in a highly fragmented industry
Revenue was around INR16 crore in fiscal 2016. The milling and
sorting capacities are small in comparison with other large
players in the industry.

* Weak financial risk profile
The debt protection metrics were weak, with interest coverage
ratio of 1.75 times in fiscal 2016. The gearing was high at 5.33
times and networth small at INR1 crore, as on March 31, 2016. The
financial risk profile is likely to remain weak over the medium
term.

Strength
* Extensive industry experience of the partners
The partners have more than four decades of experience in the
rice business. They had been commission agents for food grains
since 1973. Revenue has grown to INR16 crore in fiscal 2016 from
INR1 crore in fiscal 2014.
Outlook: Stable

CRISIL believes GRM will continue to benefit from extensive
industry experience of its partners. The outlook may be revised
to 'Positive' in case of growth in revenue and improvement in
operating profitability, leading to high cash accrual, along with
capital infusion and efficient working capital management,
resulting in a better financial risk profile. The outlook maybe
revised to 'Negative' if low cash accrual, large working capital
requirement, or debt-funded capital expenditure further weakens
liquidity.

GRM was established in 1997 and is currently being managed by Mr.
Rajesh Kumar, Mr. Raj Kumar, Mr. Rakesh Kumar, and Mr. Suresh
Kumar. The firm primarily mills and sorts basmati rice, which is
sold in the domestic market. The manufacturing unit, based in
Moonak, Punjab, has a capacity of 3 tonne per hour for milling
and 4 tonne per hour for sorting.

Book profit was INR0.14 crore on sales of INR16 crore in fiscal
2016, against a profit after tax of INR0.11 crore on sales of
INR11 crore in fiscal 2015.


GTN TEXTILES: CARE Reaffirms 'D' Rating on INR34.49cr Bank Loan
---------------------------------------------------------------
The reaffirmation in the ratings assigned to the long term bank
facilities of GTN Textiles Limited takes into account the
instances of delays in servicing of term loans on account of
losses and relatively lower cash accruals in FY16 (refers to the
period April 1 to March 31). The ratings also take note of
established track record of operations of the group and synergy
of operation among group companies.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             34.49      CARE D Reaffirmed

   Short-term Bank
   Facilities             79.70      CARE A4 Reaffirmed

Detailed description of the key rating drivers
Key Rating Strengths

Established track record of operations through an experienced
management team: GTL is part of GTN-BKP group which is operating
three textile mills with total spinning capacity of around
2,15,000 spindles. The promoters have an established track record
for over 45 years. The promoters are assisted by a well-
experienced and professional management team. Major activities of
the group companies such as procurement, marketing and allocation
of orders to different units are done at the group level. The
group has been a pioneer in bringing several new technologies
into the Indian spinning industry and is among the few early
exporters of textile products from India.

Synergy of operations among group companies: The group is
operating three textile mills in the states of Tamil Nadu &
Kerala. Major activities such as procurement, marketing and
allocation of orders to different units are done at the group
level. Companies are likely to benefit from this synergy of
operations.

Key Rating Weaknesses
Instances of delays in debt servicing due to losses in FY16:
Total income declined by 19% to INR165 crore in FY16 from INR204
crore in FY15. PBILDT margin declined from 5.19% in FY15 to 2.17%
in FY16. The drop in PBILDT margin is mainly due to drop in yarn
realisation.

The decline in PBILDT margin along with the higher interest
expense due to high leverage levels resulted in the company
reporting a net loss of INR7 crore in FY16 as against a loss of
INR3 crore in FY15. On account of loss and lower cash accruals,
there have been instances of delays in servicing of term loans.

The primary business activity of GTN Textiles Ltd (GTL) is
production and sale of cotton yarn. GTL is part of Kerala-based
GTN-BKP (GTNBK Patodia) having its production facilities in the
state of Kerala. As on March 31, 2015, GTL had a capacity of
58,864 spindles which includes 34,896 compact spindles. The
company produces fine and super fine counts of cotton yarn.
During FY16, the company reported total income of INR165 crore
and after tax loss of INR7 crore against total income of INR204
crore and PAT of INR3 crore in FY15.


GURUDEVA CHARITABLE: CRISIL Reaffirms B- Rating on INR10.5MM Loan
-----------------------------------------------------------------
The rating continue to reflect Gurudeva Charitable Trust small
scale of operations, geographic concentration in revenue,
susceptibility to risks related to regulatory changes, and a
below-average financial risk profile because of a negative
networth. These weaknesses are partially offset by the extensive
experience of the trustees in the education industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term
   Bank Loan Facility     4.5       CRISIL B-/Stable (Reaffirmed)
   Secured Overdraft
   Facility               6.0       CRISIL B-/Stable (Reaffirmed)
   Term Loan             10.5       CRISIL B-/Stable (Reaffirmed)
   Working Capital
   Demand Loan            6.0       CRISIL B-/Stable (Reaffirmed)

CRISIL had assigned its CRISIL B-/Stable rating to the long term
bank facilities of GCT vide its rating rationale dated Jan. 31,
2017.

Key Rating Drivers & Detailed Description
Weaknesses
* Susceptibility to risks related to regulatory changes: The
education sector is highly regulated sector and compliance with
specific operational and infrastructure norms set by regulatory
bodies, such as the Medical Council, is essential. Thus, regular
investment in the workforce and infrastructure are needed and
approvals have to be received even to set up new courses or
increase the number of seats for any course.

* Small scale of operations and geographical concentration in
revenue: The entire revenue is derived from a medical college in
Kerala and a single course, resulting in a small scale of
operations. Revenue was INR40.86 crore in fiscal 2016.
Furthermore, as revenue is derived from just the one college, the
trust is exposed to geographical concentration risks.

* Below-average financial risk profile: The networth was a
negative INR5.55 crore as on March 31, 2016, due to the losses,
and the debt protection metrics were weak in fiscal 2016.
However, the promoters provide need-based fund support through
unsecured loans, the balance of which was INR19.27 crore as on
March 31, 2016.

Strength
* Extensive industry experience of the trustees: The trust is
managed by a group of professionals who have extensive experience
in the industry. This has helped to establish itself as one of
the leading institutes providing medical education.
Outlook: Stable

CRISIL believes GCT will continue to benefit from the extensive
industry experience of its trustees. The outlook may be revised
to 'Positive' in case of sustainable increase in the scale of
operations with higher student intake, leading to significant
improvement in liquidity. The outlook may be revised to
'Negative' if the financial risk profile, particularly liquidity,
weakens, most likely due to sizeable debt-funded capital
expenditure, an adverse impact of any regulatory change, or
deterioration in cash flow management.

GCT, based in Ernakulam, was set up in 2003 by a group of non-
resident Indians and businessmen from Kerala. It is registered
under the Indian Trust Act, 1881. The trust comprises of a
medical college and hospital, Sree Narayana Institute of Medical
Sciences, offering the MBBS course.

For fiscal 2016, GCT made a net loss of INR4.54 crores on total
income of INR40.86 crore, against a net loss of INR2.96 crore on
total income of INR40.70 crore for the previous fiscal.


JAWAHAR SHETKARI: CRISIL Upgrades Rating on INR40MM Loan to 'B'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Jawahar Shetkari Sahakari Soot Girni Limited to 'CRISIL
B/Stable' from 'CRISIL B-/Stable', while reaffirming the short-
term facilities at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          6.03      CRISIL A4 (Reaffirmed)

   Cash Credit            40.00      CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Letter of Credit       20.00      CRISIL A4 (Reaffirmed)

   Proposed Long Term      2.17      CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

The upgrade reflects improvement in liquidity supported by higher
cash accrual, moderation in bank limit utilisation due to limited
incremental working capital requirement, a five-year interest
subvention for state government-backed loans, and no debt
repayment obligation over the medium term. The upgrade also
factors in the sustained operating performance in the current
fiscal driven by moderate revenue growth and average operating
profitability, leading to adequate cash accrual.

During fiscal 2016, sales declined by about 33.6% due to reduce
yarn demand from China; however, profitability improved backed by
sales of high-count yarn and better realisations. Cash accrual
was over INR6.3 crore vis-a-vis INR3.5 crore in the previous
fiscal. Cash accrual is expected to remain at a similar level in
the current fiscal.

Key Rating Drivers & Detailed Description
Weaknesses
* Weak financial risk profile: Jawahar Shetkari has weak
financial risk profile constrained by modest net worth, high
leverage and weak debt protection measures. The networth was
INR10.63 crore and gearing over 10 times as on March 31, 2016.
High losses in the past have significantly eroded the net worth
and led to sharp weakening in the capital structure.

However, the financial risk profile has marginally improved due
to moderate accretion to reserves. Furthermore, most of the long-
term debt is from the government or backed by the government and
hence has liberal terms.

* Large working capital requirement: The yarn-manufacturing
business is working capital intensive on account of the seasonal
availability of cotton and hence the requirement to hold higher
inventory. Spinning units generally stock cotton for three to
four months, leading to large working capital requirement.
Inventory was large at around 130 days as on March 31, 2016. The
society gets limited credit on procurement and funds the
inventory largely by a working capital bank line.

Strength
* Established market position in the cotton yarn business: The
society is one of the leading cotton spinning mills in
Maharashtra's co-operative sector. It has a healthy track record
of 30 years, during which it has won several awards. Being a co-
operative, the society receives support from its members, from
whom it sources nearly 50% of its cotton requirement. It has also
developed a long-standing relationship with some of its
customers, including traders and end-users of yarn, particularly
hosiery garment manufacturers. The society also has an
established position in overseas markets such as Europe, the
Middle East, Egypt, and Guatemala, among others.
Outlook: Stable

CRISIL believes Jawahar Shetkari will continue to benefit over
the medium term from its established position in the yarn
manufacturing industry. However, its financial risk profile will
remain constrained over this period by a highly leveraged capital
structure and a small networth. The outlook may be revised to
'Positive' in case of a significant and sustained increase in
profitability and sales, while the capital structure improves.
Conversely, the outlook may be revised to 'Negative' if liquidity
weakens, most likely because of lower-than-expected cash accrual,
deterioration in working capital management, or larger-than-
expected capital expenditure.

Jawahar Shetkari was set up in 1981 as a co-operative society by
Mr. Rohidas Patil. The society manufactures yarn in the count of
24s to 42s, and sells to wholesalers and hosiery garment
manufacturers. It has a cotton spinning mill with installed
capacity of 88,704 spindles in Dhule, Maharashtra. It exports 50%
of the yarn produced to Europe, the Middle East, Egypt,
Guatemala, other countries.

Jawahar Shetkari reported a net surplus of INR3.34 crore on net
sales of INR158.52 crore in fiscal 2016, as against net surplus
of INR33 lakh on net sales of INR238.77 crore in fiscal 2015.


KARTIK CONSTRUCTION: CRISIL Reaffirms B Rating on INR4MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Kartik Construction Company at 'CRISIL B/Stable/CRISIL A4'.

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

With an operating income of INR11.07 crore in fiscal 2016, scale
remains small. Notwithstanding outstanding orders of INR9.30
crore as of January 2017, to be executed in the next 12-18
months, scale is expected to remain modest over the medium term.
However, operating margin should remain at 9-10%, over the medium
term, susceptible to risks related to the tender-based nature of
business.

Financial risk profile is expected to remain moderate over the
medium term in the absence of any debt-funded capital expenditure
(capex) and sustained operating margin. Liquidity should continue
to be stretched, marked by tightly matched cash accrual against
debt repayment obligation over the medium term, and full
utilisation of the bank limit, over the 12 months through
November 2016.

Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations amid intense competition: The small
scale restricts the ability to bid for large projects. Moreover,
given the low entry barrier and tender-based nature of business,
the firm faces intense competition. Also, revenue is susceptible
to the quantum of tenders floated and the ability to bid
successfully for them.

* Large working capital requirement: Operations are highly
working capital intensive as reflected in gross current assets
(GCAs) of 547 days as on March 31, 2016, driven by receivables of
170 days and inventory of 51 days. The high GCA days are also
because of substantial advances of INR8.18 crore to suppliers for
traded properties (unrelated activity), and earnest money
deposits (EMD) of INR0.98 crore. Operations are likely to remain
working capital intensive over the medium term, thereby
constraining financial flexibility.

* High geographical and customer concentration in revenue: The
operations are concentrated in the National Capital Region (NCR),
making it highly dependent on local tenders and vulnerable to
changes in state government's policies. Moreover, Delhi Metro
Rail Corporation (DMRC) and Public Works Departments (PWD)
contribute 80-90% to firm's revenue. Lack of revenue diversity
and geographical concentration restrict the firm's growth
potential.

Strength
* Extensive experience of promoter: Presence of almost three
decades in the civil construction business has enabled the
promoter to develop strong relationship with customers and
suppliers.
Outlook: Stable

CRISIL believes Kartik will benefit over the medium term from the
extensive experience of its promoter. The outlook may be revised
to 'Positive' if geographic and customer diversification,
increase in scale of operations and efficient working capital
management improves financial risk profile, particularly
liquidity. The outlook may be revised to 'Negative' if a decline
in revenue and profitability, or any large, debt-funded capital
expenditure, or a delay in realisation of receivables weakens
financial risk profile, particularly liquidity.

Set up in 1994, Kartik, is a Delhi based proprietorship firm
promoted by Mr. D K Singh. It undertakes civil construction work
for PWD, DMRC, Indian Oil Corporation Ltd, and other public
sector undertakings across Delhi ' NCR.

Kartik, had a profit after tax of INR0.35 crore on net sales of
INR11.07 crore in fiscal 2016, against INR0.47 crore and INR11.01
crore, respectively, in fiscal 2015.

Status of non-cooperation with previous CRA: Kartik has not
cooperated with SMERA Ratings Ltd, which has suspended its rating
vide release dated May 14, 2016, on account of non-provision of
information required for monitoring of ratings.


KARUPPASWAMY BUILDERS: CRISIL Assigns B+ Rating to INR5MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of Karuppaswamy Builders Private Limited. The ratings
reflect exposure to risks related to completion and saleability
of its ongoing projects and geographical concentration in revenue
profile and susceptibility to risks inherent in the real estate
industry. These weaknesses are mitigated by the established track
record and promoter's extensive experience in real estate
construction segment in Chennai.

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

Key Rating Drivers & Detailed Description
Weaknesses
* Risks related to timely completion of projects and geographical
concentration in revenue profile: The company is currently
executing two residential real estate development project in
Chennai. Any delay in the sale of apartments and receipt of
customer advances could affect project implementation. KBPL's
business risk profile is also susceptible to geographical
concentration in revenue profile, as projects are executed only
in Chennai.

* Exposure to inherent risks in the real estate industry and
intense competition: The real estate sector in India is cyclical
and marked by volatile prices, opaque transactions, and a highly
fragmented market structure. The execution of the real estate
projects in India is affected by multiple property laws and non-
standardised government regulations across states.

Strength
* Extensive experience of promoter: The promoters have been
operating in the real estate industry for over two decades. Over
the years, the promoter has completed 15 projects in Chennai and
the extensive experience of the promoter is expected to benefit
the company over the medium term.
Outlook: Stable

CRISIL believes KBPL will continue to benefit from the extensive
experience of the promoter. The outlook may be revised to
'Positive' in case of healthy cash flow from ongoing projects and
significant increase in scale of operations, while improving the
capital structure. Conversely, the outlook may be revised to
'Negative' if large, debt-funded capital expenditure or delay in
payment by customers, resulting in significant time or cost
overrun in ongoing projects, weakens liquidity.

Set up in 2000 as a proprietary concern and converted into a
private-limited company in 2016, KBPL develops residential real
estate in Chennai. The company is promoted by Mr. Sivasaravanan.


KESHRANAND GINNING: CRISIL Reaffirms B+ Rating on INR6MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed its ratings on the long-term bank
facilities of Keshranand Ginning and Pressing Factory Private
Limited (KGPFPL; part of the Keshranand group).

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

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

   Standby Line of
   Credit                   0.5     CRISIL B+/Stable (Reaffirmed)

   Warehouse Financing      3.0     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 Keshranand Cotex Pvt Ltd (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.


KRUSHNA COTEX: CARE Reaffirms B+ Rating on INR22.65cr LT Loan
-------------------------------------------------------------
The ratings assigned to the bank facilities of Krushna Cotex
Private Limited continue to be constrained by the relatively
moderate scale of operation with declining trend, low
profitability margins, working capital intensive nature of
operations, leveraged capital structure and weak coverage
indicators. The ratings further continue to take into account
susceptibility of margins to raw material price fluctuation and
foreign exchange fluctuation risk and presence in the highly
fragmented and competitive industry.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            22.65       CARE B+, Stable Reaffirmed

   Short-term Bank
   Facilities             5.68       CARE A4 Reaffirmed

These factors far offset the benefits derived from experienced
management and operational support from group entities.
The ability of KCPL to increase the scale of operations and
improve profitability amidst increasing competition coupled
with efficient management of working capital requirement are the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths
Experienced management and support from group entities: KCPL's
promoters have experience of over seven years in the textile
industry. Furthermore, KCPL is a part of Deesan group which has
been in textile business since 1996 and having several companies
operating under it and has presence in all segments of cotton
textile starting from cultivation of cotton to manufacturing of
garments. KCPL receives operational support from the other group
companies in terms of procurement of materials and building
customers.

Key Rating Weaknesses
Modest scale with declining income: KCPL's scale of operations
remained moderate with declining trend of total operating income
during the last three years ended FY16 (refers to the period
April 1 to March 31). The same is due to receiving low orders
from exporting countries as well as the company has also
discontinued its trading business from FY15.

Low profitability and weak solvency position: Also, the
profitability margins remained fluctuating and low during past
three years ending FY16. KCPL's capital structure although has
shown improving trend, however, remained leveraged during FY14-
FY16 with high dependence on external borrowings. Operations
remained working capital intensive with high gross current asset
days of over 300 days leading to high utilisation of limits.

Presence in fragmented and competitive industry: KCPL is into
manufacturing of terry towel which are dominated by
numerous independent players which lead to high degree of
fragmentation resulting into high level of competition in the
segment. Due to high competition in the industry, the players in
the industry have limited bargaining power with their
customers and hence, players in this industry are operating at
low margin.

Incorporated in 2007, Krushna Cotex Private Limited (KCPL) is
engaged in the manufacturing of terry towels with plant located
at Shirpur, Maharashtra. During FY16 KCPL exported around 23.77%
(47% in FY15) of its total production primarily to USA and other
countries and procured raw material from domestic market.

KCPL's plant is established under the "Group Work Shed Scheme"
(Scheme of Integrated Textile Park (SITP) of Ministry of Textile,
the Government of India) promoted by Deesan Infrastructure
Private Limited (part of Deesan group and rated CARE BB). GWSS
consist of several SSI units within it out of which around 18 SSI
units have installed capacity of 30 looms (3240 tonnes PA, was
utilised over 60% in FY16) with capacity to manufacture around
300 tonnes of yarn will provide job work services only to KCPL.

During FY16, KCPL has posted a total operating income of INR55.73
crore (vis-a-vis INR71.82 crore FY15) with PAT of INR0.39 crore
(vis-a-vis INR0.51 crore in FY15). Moreover, the company has
posted revenue of INR26.40 crore (entirely from manufacturing)
for the period April 2016 to December 2016.


M. CHANDRAVADANA: CRISIL Assigns B+(SO) Rating to INR5MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+(SO)/Stable' rating to the bank
facility of M. Chandravadana.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Lease Rental
   Discounting Loan         5         CRISIL B+(SO)/Stable

The rating reflects the firm's high dependence on regular lease
rental receipts for servicing term loan, and limited information
available on the proprietor's personal assets and liabilities.
These weaknesses are partially offset by stable revenue
visibility, aided by the long-term agreement with the lessee, and
benefits from locational advantage. The ratings are also
constrained by the absence of adequate information on the
personal assets and liabilities, details of all past income tax
reports (ITR), and details on other incomes or liabilities which
may adversely impact the credit risk profile. The absence of such
information constrains the credit risk assessment of the
proprietor.
Analytical Approach

CRISIL has applied its criteria for lease rental discounting
(LRD) in rating the bank loan facilities of MC. This is because
the loan has been contracted specifically to invest in a
property, and will be repaid utilising rentals received from the
lessee. Therefore, the rental income generated has been treated
as the only arrangement to repay the said loan; the suffix 'SO'
appended to the rating indicates the structured obligation
structure.

Key Rating Drivers & Detailed Description
Weaknesses
* High dependence on regular lease rental receipts for servicing
term loan: Despite borrower's long-term lease agreement with
Trelleborg Sealing Solutions India Pvt Ltd, exposure to event
risks such as early termination of contracts and delays in lease
receipts persists.

* Limited information on proprietor's personal assets and
liabilities: The proprietor is an individual and CRISIL does not
have information on the borrower's personal assets and
liabilities, details of all past ITR, and of her other incomes or
liabilities. The absence of these details makes a comprehensive
assessment of the credit risk profile of the individual
challenging for CRISIL. Therefore CRISIL has based its assessment
of liabilities of the proprietor solely on limited information
made available to it.

Strength
* Benefits from stable revenue visibility and locational
advantage: Stable revenue, backed by long-term (ten-year) lease
agreements and prime location of the property near Begur,
Bangalore, support business risk profile.
Outlook: Stable

CRISIL believes the proprietor's credit risk profile benefits
from her financial flexibility. The outlook may be revised to
'Positive' If an increase in lease rent results in higher net
cash flows from the project. Conversely, the outlook may be
revised to 'Negative' if the proprietor is required to discharge
additional liabilities such as maintenance of the leased building
or if the interest costs increase substantially resulting in
decline in net cash flows from the project.

Set up in 2011, Mrs. M. Chandravadana (individual) owns an
industrial building in Begur Hobli, Bangalore. MC has a 10-year
lease agreement with Trelleborg Sealing Solutions India Pvt Ltd
and receives rental income each month. Operations are managed by
Mrs Chandravadana and her daughters, Mrs Latha Reddy, Mrs Lavanya
R Reddy and Mrs. Bhavani R.


MAA KAMAKHYA: CRISIL Reaffirms B- Rating on INR12MM LT Loan
-----------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of Maa Kamakhya Multipurpose Himghar Private Limited (MKMHPL) at
'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term
   Bank Loan Facility       12      CRISIL B-/Stable (Reaffirmed)

The rating continues to reflect the company's weak financial risk
profile because of high gearing and weak debt protection metrics,
and exposure to intense competition in the highly regulated and
fragmented cold storage industry in West Bengal. These rating
strengths are partially offset by the extensive industry
experience of the company's promoters.

Key Rating Drivers & Detailed Description
Weakness
* Susceptibility to regulatory changes and intense competition:
The potato cold storage industry in West Bengal is regulated by
the West Bengal Cold Storage Association. Rental rates are fixed
by the state's department of agricultural marketing, which limits
a player's ability to earn profit based on respective strengths
and geographical advantages. Furthermore, intense competition
restricts MKMHPL's bargaining power against clients (farmers),
forcing it to offer discount to ensure healthy utilisation of
storage capacity.

* Small networth: Continuous losses in the last 2-3 years eroded
networth. Networth is expected to remain small over the medium
term on account of small accretion to reserves

Strengths
* Experience of promoter in the cold storage business: Presence
of around 15 years in the cold storage industry will enable the
promoter to help sustain operations over the medium term. Current
promoter acquired the company in June 2015.
Outlook: Stable

CRISIL believes MKMHPL will continue to benefit over the medium
term from the extensive experience of its promoter. The outlook
may be revised to 'Positive' if a substantial increase in scale
of operations results in higher cash generating ability and hence
better liquidity. The outlook may be revised to 'Negative' if
considerably low cash accrual or significant debt-funded capital
expenditure puts pressure on liquidity.

Incorporated in 2011, MKMHPL was acquired by its current
promoter, Mr. Prasad Kumar Ghosh, in June 2015. The company
provides cold storage facilities for potatoes and also undertake
opportunistic trading in potatoes. Its cold storage in Hazipur
village, Mednipur West, West Bengal, has capacity of 165,000
quintals.

The company has reported profit after tax of INR0.06 crore on net
sales of INR2.33 crore in 2015-16.


MANJUNATHA AGRO: CRISIL Assigns 'B' Rating to INR10MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to long-term
bank facilities of Manjunatha Agro Foods LLP.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Cash
   Credit Limit            10         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       2         CRISIL B/Stable

The rating reflects the firm's exposure to implementation and
stabilisation risks related to ongoing project. This weakness is
partially offset by the extensive experience of its promoters.

Key Rating Drivers & Detailed Description
Weakness
* Exposure to implementation and stabilisation risks related to
ongoing project
Though work at the plant has neared completion and commercial
operations are expected to begin from April 2017, any further
time or cost overrun will affect sales.

Strength
* Extensive experience of promoters
Presence of over five decades in the agricultural commodities
trading and processing segment through other entities has enabled
the promoters to establish healthy relationship with customers
and suppliers.
Outlook: Stable

CRISIL believes MAF will benefit over the medium term from the
extensive experience of its promoters and healthy demand
prospect. The outlook may be revised to 'Positive' in case of
timely execution of project within budgeted cost, or if
substantial revenue and profitability lead to sizeable cash
accrual and hence a better financial risk profile. The outlook
may be revised to 'Negative' if time or cost overrun in project
adversely affects financial risk profile.

Set up in 2016 in Andhra Pradesh as a proprietorship firm by Mr.
Kotta Siva Raghaviah and his son, Mr. K Ashok Kumar, MAF will
process and trade in black gram, and turmeric and chilli powder.


MS SAWA: CARE Reaffirms 'B+' Rating on INR19.34cr LT Loan
---------------------------------------------------------
The rating assigned to the bank facilities of Ms.  Sawa Clay &
Minerals Private Limited is primarily constrained on account of
stabilization risk associated with its recently completed
greenfield project for processing of minerals. The rating further
continues to remain constrained owing to highly fragmented and
competitive nature of the industry. The rating, however,
continues to derive strength from the experienced management and
location advantage of the production facility.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             19.34      CARE B+; Stable Reaffirmed

The ability of the company to stabilize the operations to achieve
envisaged levels of sales and profitability will be the key
rating sensitivities.

Detailed description of the key rating drivers
Key Rating Weakness
Project stabilization risk
The company has completed its greenfield project for processing
of mineral and started commercial operations by end of April
2016. However, project stabilization risk is associated with the
company.

Highly fragmented and competitive nature of the industry In next
few years, Indian mining industry is expected to get consolidated
and structured resulting in better economies of scale, efficient
management and safer work environment. Minerals like Ochre,
Silica sand, China Clay and Kaolin are produced at abundance in
Rajasthan coupled with extensive reserves. These minerals find it
application in various industries like cement, glass, ceramic,
paint, sanitary, rubber, etc, making MSSCM insulated from
downturn in one particular industry.

Key Rating Strengths
Experienced management and location advantage The management of
the company has vast experience in mining and processing of
minerals. Furthermore, the processing plant of the company is
situated nearby to raw material source and customer base.

Chittorgarh-based (Rajasthan) MSSCM was incorporated in 2012 and
promoted by Mr. Mohd. Sher Khan. However, due to demise of Mr.
Mohd Sher Khan in January 2016, the management of the company has
changed and currently, it is managed by Mrs Tamana Begam along
with her sons, Mr. Juned Khan and Mr. Saeed Khan. MSSCM was
incorporated with an objective to set up a greenfield plant for
sand washing and clay processing with state-of-the-art
technology. The project of MSSCM is completed its project and
started commercial operation from April 2016.

The company will purchase silica sand and kaolin from its group
company, Progressive and Popular Minerals Private Limited
(PPMPL). PPMPL has eight mines on lease having mineral reserve of
red ochre, silica sand and china clay spread across Chittorgarh
region. Furthermore, it has two clay washing plant and two
grinding powder plants for processing of minerals to produce more
finesse products and minerals which find its applications in
various industries.


NAGARSHETH SHIPBREAKERS: CRISIL Reaffirms D Rating on INR85M Loan
-----------------------------------------------------------------
CRISIL rating on the bank loan facilities of Nagarsheth
Shipbreakers continue to reflect instance of devolvement in
letter of credit for more than 30 days owing to its weak
liquidity caused due to weak business performance. These
weaknesses are partially offset by the extensive industry
experience of the promoter.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Line of Credit           85       CRISIL D (Reaffirmed)

Key Rating Drivers & Detailed Description
Weaknesses
* Susceptible to cyclicality and intense competition in the ship-
breaking industry and to volatility in foreign exchange rates :
The viability of the ship-breaking business is inversely
proportional to the Baltic freight index1. If the freight index
is low, the revenue earned by ships declines and therefore it is
more profitable to dispose the old ships, thus improving the
prospects for the ship-breaking industry. When the freight index
is high, old ships become costlier.

* Below-average financial risk profile: The firm's financial risk
profile is below-average marked by its small net-worth, high
gearing and weak debt protection metrics.

Strength
* Extensive industry experience of promoters : The promoter, Mr.
Mukund Nagarsheth, and his son manage the overall activities of
the firm. Mr. Mukund Nagarsheth is one of the promoters of this
firm and thereby has over 26 years of industry experience. During
this period, he has achieved domain expertise and is also able to
maintain good relationship with suppliers and cash buyers for
purchasing ships.

NS was set up in 1983 and is engaged in ship-breaking in Alang,
Gujarat. The firm's operations are managed by Mr. Mukund
Nagarsheth and his son, Mr. Devang Nagarsheth.

NS has reported a negative profit after tax (PAT) of INR7.69
crore on net sales of INR74.37 crore for fiscal 2016 and PAT of
INR0.05 crore on net sales of INR62.60 crore for fiscal 2015.


PATSPIN INDIA: CARE Reaffirms 'D' Rating on INR154.97cr Loan
------------------------------------------------------------
The reaffirmation in the ratings of Patspin India Limited takes
into account the instances of delays in servicing of term loans
on account of relatively lower cash accruals in FY16 (refers to
the period April 1 to March 31). The ratings also take note of
experience of the promoters & management and synergy of
operations among the group companies.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            154.97      CARE D Reaffirmed

   Short-term Bank
   Facilities            157.50      CARE A4 Reaffirmed

   Long/Short-term         7.00      CARE C; Stable/CARE A4
   Bank Facilities                   Reaffirmed

Detailed description of the key rating drivers
Key Rating Strengths

Well-experienced promoters and management: Mr. B K Patodia,
current Chairman of Patspin India Limited (PIL) is an engineering
graduate from BITS, Pilani. He has over 40 years of experience in
the textile industry, yarn marketing and cotton trade. He has
held the position of Chairman of the Indian Cotton Mills
Federation (ICMF) and Southern India Mills Association (SIMA). He
is also an executive member of the Cotton Textiles Export
Promotion Council, Mumbai. Mr. Umang Patodia (son of B K Patodia)
is the current MD of PIL and has 20 years of experience in the
textile industry. He is ably supported by a well-qualified and
experienced management team to handle the day-to-day affairs of
the company.

Synergy of operations among the group companies: The group is
operating three textile mills in the states of Tamil Nadu &
Kerala. Major activities such as procurement, marketing and
allocation of orders to different units are done at the group
level. Companies are likely to benefit from this synergy of
operations.

Key Rating Weaknesse

Instances of delays in debt servicing: Total income declined by
14% to INR502 crore in FY16 from INR581 crore in FY15. The
company reported a profit of INR77 lakh in FY16 compared to net
loss of INR6 crore in FY15. On account relatively lower cash
accruals, there have been instances of delays in servicing of
term loans.

The primary business activity of PIL is production and sale of
cotton yarn. In addition to this, it is also engaged in
valueadding activities like TFO (Two-For-One) twisting and
gassing of the textile yarn. PIL has two spinning units located
at Palakkad, Kerala and Ponneri, Tamil Nadu with a total capacity
of 113,856 spindles as on March 31, 2016. The Palakkad unit
produces medium and fine counts yarn ranging from 24s to 100s.
The company's second spinning unit at Ponneri, Tamil Nadu which
was established in 2007 produces counts ranging from 20s to 80s.

During FY16, the company reported total income of INR502 crore
and net profit of INR77 lakh against total income of INR581 crore
and net loss of INR6 crore in FY15.


RADHAKRISHNA OIL: CRISIL Assigns B+ Rating to INR7.2MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Radhakrishna Oil Industries.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit             7.2        CRISIL B+/Stable

The rating reflects the firm's modest scale of operations in the
highly competitive cotton ginning market, its large working
capital requirement, and weak financial risk profile because of
small networth and subdued debt protection matrices. These
weaknesses are partially offset by its proprietor's extensive
experience in cotton ginning and trading, and its strong
relationships with cotton traders all over India. Also, nil debt
obligation has led to comfortable liquidity.

Key Rating Drivers & Detailed Description
Weaknesses
* Below-average financial risk profile: The firm's financial risk
profile is constrained by high gearing of 3.7 times as on
March 31, 2016, and subdued debt protection metrics, with
interest coverage ratio of 1.4 times and net cash accrual to
total debt ratio of 0.04 time in fiscal 2016.

* Working capital-intensive operations: Substantial inventory of
3-4 months leads to large working capital requirement and high
bank line utilisation.

* Modest scale in a fragmented industry: ROI's scale of
operations (operating revenue of INR20.28 crore in fiscal 2016)
will remain modest over the medium term. Operations are
susceptible to government regulations regarding cotton and
intense competition in a fragmented industry.

Strength
* Proprietor's extensive industry experience and financial
support: The proprietor's experience of more than two decades has
led to longstanding relationships with customers and suppliers.
The proprietor has extended unsecured loans to the firm.
Outlook: Stable

CRISIL believes ROI will continue to benefit from its
proprietor's industry experience and established relationships
with customers and suppliers. The outlook may be revised to
'Positive' if steady sales growth and better profitability lead
to higher cash accrual. The outlook may be revised to 'Negative'
if decline in accrual; large, debt-funded capital expenditure; or
increase in working capital requirement weakens the financial
risk profile, especially liquidity.

ROI was established as a partnership firm in 1999. Its operations
are managed by Jaiswal family, which has experience in cotton
ginning and farming in Bhikangaon, Madhya Pradesh. ROI gins
cotton and extracts oil, and has installed capacity of 250 bales
per day.

For fiscal 2016, ROI's net profit was INR13.00 lakh on net sales
of INR20.28 crore, against a net profit of INR10.00 lakh on net
sales of INR26.33 crore for fiscal 2015.


REED AND PICK: CARE Reaffirms B+ Rating on INR0.75cr LT Loan
------------------------------------------------------------
The ratings assigned to the bank facilities of Reed and Pick
continue to remain constrained by its small scale of operations,
leveraged capital structure and weak debt service coverage
indicators. The ratings are further constrained by working
capital intensive nature of operation, foreign exchange
fluctuation risk coupled with volatility in raw material prices,
its presence in highly competitive industry and partnership
nature of constitution. The ratings, however, continue to take
comfort from the experienced partners, growing scale of
operations, location advantage and moderate profitability
margins.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             0.75       CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities             7.00       CARE A4 Reaffirmed

Going forward, the ability of the firm to scale up its operations
while improving its profitability margins and capital structure,
effectively managing its working capital requirement to support
the growing scale of operations and manage exchange rate
fluctuations would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses
Small scale of operations though growing
Despite the growth in TOI on y-o-y basis in the last 3 financial
years (FY14-FY16 [refers to the period April 1 to March 31]),
the same continues to remain small which inherently limits
company's financial flexibility in times of stress and deprives
it from scale benefits.

Leveraged capital structure and weak coverage indicators The
capital structure as marked by debt equity and overall gearing
continue to remain leveraged on account of high dependence on
external borrowings. Furthermore, the debt coverage indicators
(interest coverage and total debt to GCA) continue to remain weak
owing to high debt levels. Working capital intensive nature of
operations RAP's operations continues to remain working-capital
intensive marked by elongated operating cycle. The firm maintains
large product portfolio (based on different product profile,
styles, patterns, sizes, etc.) has to maintain minimum inventory
levels to meet the demand of its customers and adopts liberal
credit policy to its customers, on account of its operations in
highly competitive market. The working capital borrowings of the
firm remained fully utilized during past 12-month period ending
December 2016.

Risk associated with fluctuation in Foreign exchange and raw
material prices

The firm's export contribution to total sales stood at ~90% for
FY16. The traded goods and raw materials are completely procured
from domestic markets. With initial cash outlay for procurement
in domestic currency and significant chunk of sales realization
in foreign currency, the firm is exposed to the fluctuation in
exchange rates, which the firm does not hedge. The total material
cost for constitutes around 90% of its total operating income.
The basic raw material for production of carpet is cotton and
polyester yarn, whose prices are volatile in nature. Thus, any
volatility in the prices of the same can have an impact on the
profitability of RAP's business.

Presence in highly competitive and fragmented industry
The Indian textiles industry is characterized by numerous small
players and is concentrated in Northern part of India, RAP
operates in highly fragmented textile industry wherein the
presence of a large number of entities in the unorganized
sector limits the bargaining power with the customers.

Key Rating Strengths
Experienced partners
Mrs Neelam Garg has experience of more than two and half decades
in trading and manufacturing of home dÇcor products. She was
supported by her son Mr. Sumit Agarwal. Mr. Kapil Agarwal also
has more than a decade of experience in trading and manufacturing
of home dÇcor products through their association with RAP. All
the partners collectively look after the overall operations of
the firm. Locational advantage and moderate profitability margins
Considering trading business constitutes significant portion of
total operating income of the entity (85% in FY16) and highly
competitive nature of industry, the profitability margins of the
firm stood moderate.

RAP is located in Panipat, the hub of home dÇcor and textile
products. Panipat being textile hub and one of the major
centres of manufacturing of rug, therefore most of the production
input are available in close proximity.

RAP is a Panipat-based (Haryana) proprietorship firm established
in 2001, promoted by Mr. Kapil Aggarwal. Subsequently, In April
2010, RAP was reconstituted into partnership firm with Mr. Kapil
Aggarwal, Mr. Sumit Aggarwal and Mrs Neelam Garg as partners. The
firm is engaged in trading and manufacturing of home dÇcor such
as bathmat, towel, carpet, rugs and handlooms. The manufacturing
unit of RAP is located at G.T. road, Panipat, Haryana, with
installed capacity of 3,000,000 pieces per annum.

In FY16, RAP achieved a total operating income (TOI) of INR30.13
crore with PAT of INR0.29 crore. Furthermore, the company has
achieved total operating income of INR22.00 crore in 9MFY17
(refers to the period April 1 to December 31, based on
provisional results).


RIDDHI SIDDHI: CARE Assigns 'B' Rating to INR15.10cr LT Loan
------------------------------------------------------------
The ratings assigned to the bank facilities of Riddhi Siddhi Cold
Storage Pvt Ltd are primarily constrained by its small scale with
nascent stage of operation, regulated nature of the industry,
seasonality of business with susceptibility to the vagaries of
nature, competition from other players and working capital nature
of operations and high leverage ratios.

The ratings, however, derive strength from RSCS's experienced
promoters and proximity to potato-growing area.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            15.10       CARE B; Stable Assigned

   Short-term Bank
   Facilities             0.21       CARE A4 Assigned

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

Detailed description of the key rating drivers
Key Rating Weaknesses

Small scale with nascent stage of operation: RSCS has commenced
operations in March 2016 and therefore has an operational track
record of only about a year. Furthermore, the scale of operations
of RSCS remained small marked by total operating income of
INR0.02 crore with a net loss of INR0.94 crore in FY16 (refers to
the period April 1 to March 31).

The total capital employed was also low at INR18.00 crore as on
March 31, 2016. According to the management, the
company has earned INR8.58 crore during 9MFY17.

Regulated nature of industry: In West Bengal, the basic rental
rate for cold storage operations is regulated by the state
government through West Bengal State Marketing Board. The rent of
these cold storages is decided by taking into account political
considerations, not economic viability. Seasonality of business
with susceptibility to vagaries of nature: RSCS's operation is
seasonal in nature as potato is a winter season crop with its
harvesting period commencing in March.

The loading of potatoes in cold storages begins by the end of
February and lasts till March. Furthermore, lower agricultural
output may have an adverse impact on the rental collections as
the cold storage units collect rent on the basis of quantity
stored and the production of potato is highly dependent on
vagaries of nature.

Competition from other players: Despite being capital intensive,
the entry barrier for new cold storage is low, backed by capital
subsidy schemes of the government. As a result, the potato
storage business in the region has become competitive, forcing
cold storage owners to lure farmers by providing them interest
bearing advances against stored potatoes which augments the
business risk profile of the companies involved in the trade.

Working capital nature of operations and high leverage ratios
1Complete definition of the ratings assigned are available at
RSCS is engaged in the cold storage and trading of potatoes
business, accordingly its operation is working capital intensive.
The company procures traded goods in harvesting seasons and sells
it all over the year which has resulted into high inventory
period. Accordingly, the requirement of working capital remains
high and therefore the average utilisation of cash credit
remained at about 95% during the last 12 months ended January
2017.


The capital structure of the company remained leveraged marked by
debt equity of 2.57x and overall gearing of 4.55x as on March 31,
2016.

Key Rating Strengths
Experienced promoter: The promoters, Mr. Raja Chakraborty and Ms.
K Chakraborty, have an experience of more than two decades in the
agro industry and running a cold storage. They are supported by a
team of experienced personnel having experience in the agro
industry.

Proximity to raw material sources: RSCS's storing facility is
situated in the Alipurduar district of West Bengal which is one
of the major potato-growing regions of the state. The favourable
location of the storage unit, in close proximity to the leading
potato-growing areas provides it with a wide catchment and making
it suitable for the farmers in terms of transportation and
connectivity.

Riddhi Siddhi Cold Storage Pvt Ltd (RSCS) was incorporated in
August 2015 by one Mr. Raja Chakraborty and Ms.  K Chakraborty
from Kolkata to set-up a cold storage and potato trading
business. Afterwards the company started to install the cold
storage service at Shamuktala in Alipourduar district of West
Bengal. During March 2016, the company started weighbridge
service at the site and during June 2016 the commercial operation
of cold storage service and trading activities of potato has been
started with an installed capacity of 27,500 MTPA.

During FY16, the company reported a total operating income of
INR0.03 crore and a net loss of INR0.94 crore. The company has
earned INR8.58 crore during 9MFY17.


S R METALLIZERS: CARE Assigns B+ Rating to INR6.76cr LT Loan
------------------------------------------------------------
The ratings assigned to the bank facilities of S R Metallizers
are constrained on account of its moderate scale of operations,
moderate profit margins over past three years, moderate capital
structure, moderate debt coverage indicators, moderate liquidity
position and working capital intensive operations during FY16
(refers to the period April 1 to March 31).

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

   Long-term/Short-       6.97       CARE B+; Stable/CARE A4
   term Bank                         Assigned
   Facilities

The ratings are further constrained on account of susceptibility
of profit margins to foreign exchange price fluctuation,
constitution of the firm as partnership and presence in highly
fragmented industry.  The ratings, however, derive strength from
experience of the partners.

The ability of SRM to increase the scale of operations and with
profit margins along with efficient working capital
management amidst competitive nature of industry and raw material
price volatility are the key rating sensitivities.

Detailed description of key rating drivers
Key Rating Strengths
Experienced partners

SRM is promoted by Mr. Parasmal Ranka who is a graduate and has
an experience of over five decades in manufacturing of metallic
films. SRM was established in 2011 with three other partners who
are also graduates along with the Mr. Parasmal Ranka in Surat.
Mr. Parasmal Ranka handles overall operations of the firm, Mr.
Manekchand Ranka manages Finance, Mr. Neeraj Kumar Ranka and Mr.
Anil Kumar Ranka handles the Marketing Operations of the firm.

Key rating Weaknesses
Moderate scale of operations and moderate profit margins over
past three years ended FY16 The TOI (Total Operating Income) of
the firm increased marginally by 3% from INR52.37 crore during
FY15 to INR54.16 crore during FY16 due to of increase in sales
quantity because of increasing demand. The PBILDT margin of SRM
decreased by 216 bps during FY16 over FY15 and remained moderate
at 7.36% as against 9.51% during FY15 mainly on account of
increase in cost of sales. The firm reported loss of INR0.95
crore during FY16 as against net profit of INR2.08 crore during
FY15 due to high depreciation and interest and finance cost as
against absolute PBILDT. However, the company reported cash
profit of INR1.85 crore during FY16 which reduced from INR3.18
crore during FY15.

Moderate capital structure and debt coverage indicators The
capital structure of SRM remained moderate marked by an overall
gearing of 1.33 times as on March 31, 2016, as against 0.42 times
as on March 31, 2015, owing to increase in total debt as compared
with net worth. The debt coverage indicators of SRM although
deteriorated but remained moderate marked by total debt to GCA of
7.93 years [FY15: 4.58 years] and interest coverage of 1.87 times
[FY15: 2.77 times] in FY16 owing to thin profitability in
absolute terms and lower accretion to reserves.

Moderate liquidity position and working capital intensive
operations

The current ratio of the firm remained moderate at 2.63 times as
on March 31, 2016 as compared to 17.23 times as on March 31,
2015. The operating cycle of SRM remained at 62 days in FY16 as
against 56 days in FY15. The average utilization of working
capital limits has remained almost 75% during past 12 months
ended December 2016.

Presence in highly fragmented industry with constitution as
partnership firm
The firm has to compete with many small players in the region,
restricting growth in its operating margin. SRM's constitution as
a partnership firm restricts its financial flexibility with
limited access to capital markets to fund expansion in its
operations and also faces the risk of withdrawal of capital.

Susceptibility of profit margin to foreign exchange price
fluctuations

SRM procures one of its raw material- aluminum wire by importing,
thereby exposing the firm to volatility in foreign exchange
rates.

S R Metallizers was established in 2011 and is engaged in
manufacturing of metallic yarns which are used as main thread in
jari embroidery work and printed laminated roll used as flexible
packaging material in other industries. The firm has set up its
processing facility at Surat, Gujarat, and has an installed
capacity of 7300 MTPA as on March 31, 2016. The firm is currently
owned and managed by Mr. Parasmal Ranka along with 3 other
partners and has a long experience in the same line of business.
SRM is a group entity of Ranka Group which is based out of Ajmer,
Rajasthan.

As per the audited results for FY16 (refers to the period April 1
to March 31), SRM reported a loss of INR0.95 crore on a total
operating income (TOI) of INR54.16 crore as against a PAT of
INR2.08 crore on a TOI of INR52.37 crore during FY15 (Audited).
Till February 6, 2017, the company had clocked a turnover of
INR42 crore.


SAHARA POULTRY: CRISIL Reaffirms B+ Rating on INR5.5MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short-term bank
facility of Sahara Poultry Farm and reaffirmed its 'CRISIL
B+/Stable' rating on the firm's long-term bank facilities.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             5.5      CRISIL B+/Stable (Reaffirmed)

   Credit Limit Under
   Gold Card               1.1      CRISIL B+/Stable (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility      0.9      CRISIL A4 (Reassigned)

The firm has a stable business risk profile. Its revenue will
grow moderately, by 5%, over the medium term supported by stable
feed prices and encouraging rural demand. Operating margin is
expected at 7.5-8.5% and will remain sensitive to feed prices.
Business risk profile is also supported by strong relationships
with customers and suppliers.

Bank limit utilisation averaged 92% over the 12 months through
December 2016. Net cash accrual will be small, but sufficient,
against nil debt obligation. Absence of capital expenditure
(capex) and need-based fund support from promoters support the
firm's liquidity.

Key Rating Drivers & Detailed Description
Weaknesses
* Large working capital requirement: SPF had gross current assets
of 250 days as on March 31, 2016, driven by large inventory as
the firm has to maintain stock of poultry feed and keeps a buffer
when raw material prices decline.

* Modest scale of operations: SPF is a relatively small player in
the Indian poultry industry, with net sales of INR16.66 crore in
fiscal 2016. It faces competition from organised as well as
unorganised players catering to regional demand.

* Subdued financial risk profile: The financial risk profile is
constrained by modest networth due to small scale of operations
and low profitability, partially offset by healthy total outside
liabilities to adjusted networth (TOLANW) and moderate interest
coverage ratio.

Strength
* Partners' extensive experience in the poultry industry: SPF's
partners have been in the poultry industry since 1998. The
partners' experience has helped the firm establish strong
relationships with customers and suppliers such as Venkateshwara
Hatcheries Pvt Ltd and Skylark Hatcheries Pvt Ltd ('CRISIL
BBB/Positive').
Outlook: Stable

CRISIL believes SPF will continue to benefit from its partners'
extensive industry experience. The outlook may be revised to
'Positive' if revenue or profitability increase substantially,
leading to higher-than-expected cash accrual, while working
capital is managed prudently. The outlook may be revised to
'Negative' if cash accrual declines, or working capital cycle
lengthens, or capital structure weakens because of large, debt-
funded capital expenditure.

SPF, set up as a partnership firm in 1998, operates a poultry
farm in Barwala, Haryana, with 250,000 layer birds. The firm is
promoted by Ms. Kusum Mittal, Ms.  Anita Mittal, Mr. Ram Kumar,
and Mr. Rupak.

SPF, on a standalone basis, had a profit after tax (PAT) of
INR14.69 lakhs on net sales of INR16.65 Cr in fiscal 2016, vis-a
vis INR16.5 lakhs and INR15.34 Cr, respectively, in fiscal 2015.


SAMRADDHI COT: CARE Lowers Rating on INR7.01cr LT Loan to 'D'
-------------------------------------------------------------
The revision in the rating assigned to the bank facilities of
Samraddhi Cot Fibers Private Limited is primarily due to
irregularity in servicing of its debt obligations due to weak
liquidity position.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              7.01      CARE D Revised from
                                     CARE B+

Establishing a clear debt servicing track record with an
improvement in the liquidity position remains the key rating
sensitivity.

SCFPL was incorporated in 2011 and commenced its operation from
December 2012. SCFPL is promoted by Mr. Prakash Mittal, and the
company is engaged into the business of cotton ginning and
pressing. SCFPL operates from its plant located in Sendhwa,
Madhya Pradesh, with a capacity of processing raw cotton for
producing 200 bales per day and is currently utilizing 80% of its
total capacity. SCFPL procures its raw cotton locally through
brokers and mandis. Furthermore, during March 2014, SCFPL set up
warehouse facility for storage of cotton bales and cotton seeds.
During FY15 (A; refers to the period April 1 to March 31), SCFPL
reported a TOI of INR41.01 crore and Net loss of INR0.04 as
against TOI of INR31.11 crore and PAT of INR0.14 crore during
FY14 (A).


SARWATI POLYMERS: CRISIL Reaffirms 'B' Rating on INR3.0MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facilities of Sarwati Polymers Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            3.0       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     2.8       CRISIL B/Stable (Reaffirmed)

   Term Loan              1.2       CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the company's modest scale of
operations in the fragmented packaging industry. The rating also
factors in a below-average financial risk profile, with high
gearing and weak debt protection metrics. These weaknesses are
partially offset by promoter's extensive experience in the
plastic-packaging industry.
Analytical Approach

Unsecured loans of INR1.42 crore are interest free and are
expected to remain in the business and hence CRISIL has treated
these as neither debt nor equity.

Key Rating Drivers & Detailed Description
Weaknesses
*Modest scale of operations: With revenue of INR15.83 crore in
fiscal 2016, scale remains modest in the intensely competitive
packaging industry, constraining the bargaining power and
exposing it to pricing pressure.

*Below-average financial risk profile: Networth, as on March 31
2016, stood at INR2.31 crore, against a total debt of INR4.60
crore, consequently gearing was high at 2.0 times. Gearing is
expected to improve but remain moderately high, over the medium
term, owing to working capital-intensive operations. Debt
protection metrics are subpar, with net cash accrual to total
debt and interest coverage ratios at 0.11 time and 2.3 times,
respectively, for fiscal 2016.

Strength
*Promoter's extensive experience in the plastic-packaging
industry: Promoter, given his experience of over a decade, has
developed longstanding relations with dealers and agents, the
primary customers, which will continue to support the business
risk profile over the medium term.
Outlook: Stable

CRISIL believes SPPL will maintain its business risk profile over
the medium term, backed by its promoter's extensive experience
and established relationships with customers and suppliers. The
outlook may be revised to 'Positive' in case of higher-than-
expected growth in revenue and profitability, while improving its
capital structure. Conversely, the outlook may be revised to
'Negative' if the financial risk profile deteriorates because of
a sharp decline in profitability or revenue, any larger-than-
expected, debt-funded capital expenditure, or deterioration in
the working capital cycle.

Established in 2002, SPPL, promoted by Mr. Jain, manufactures
plastic bags and allied products which find application in
diversified industries. Its manufacturing facility is at Panipat
(Haryana).

For fiscal 2016, SPPL reported a profit after tax of INR0.13
crore on net sales of INR15.83 crore as against a profit after
tax of INR0.21 crore on net sales of INR17.91 crore for fiscal
2015.


SHAJI MATHEW: CRISIL Assigns B+ Rating to INR6.1MM Overdraft
------------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable' rating to the facilities
of Shaji Mathew. The rating reflects SM's below-average financial
risk profile, small scale of operations with revenue
concentration and exposure to intense competition in the civil
construction segment. These weaknesses are mitigated by the
extensive industry experience of the proprietor.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Overdraft                6.1       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility        .4       CRISIL B+/Stable

Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations with revenue concentration risks
SM operates in the highly fragmented civil construction industry
with small scale as reflected in expected revenue of INR17 crore
in fiscal 2017. The public works department (PWD) is the primary
customer and operations are largely confined to Kerala, which
increases both geographical and customer concentration risk.

* Exposure to intense competition
Competition is intense as small unorganised players severely
compete for tenders due to low entry barriers. As almost all
sales accrue from tender-based projects, revenue depends on the
firm's ability to bid successfully for them.

* Below-average financial risk profile
Small networth: Financial risk profile is constrained by small
networth expected at INR2 crore as on March 31, 2017and high
gearing of 4 times.

Strength
* Extensive experience of proprietor
Mr. Shaji Mathew has more than two decades of experience in the
civil construction business. This experience has helped the firm
register revenue estimated at INR17 crore in fiscal 2017 and have
outstanding orders worth INR20 crore to be executed in the next
12 months; and achieve healthy compound annual growth rate of
118% for the three years ending March 2017.
Outlook: Stable

CRISIL believes SM will continue to benefit from the extensive
industry experience of its proprietor. The outlook may be revised
to 'Positive' if increase in scale of operations and
profitability improves financial risk profile. The outlook may be
revised to 'Negative' if inefficient working capital management
lowers liquidity, or sizeable debt-funded capital expenditure
weakens capital structure.

Established as a proprietorship concern by Mr. Shaji Mathew in
2003, SM undertakes civil construction works in Kerala.


SIGNET CORPORATION: CRISIL Assigns B Rating to INR9MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Signet Corporation.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                9        CRISIL B/Stable

The ratings reflect risk averse nature of the promoter of SC
along will its experience in real estate industry. These rating
strengths are partially offset by the susceptibility to risks
inherent in the real estate sector.

Key Rating Drivers & Detailed Description
Weakness
* Susceptibility to risks and cyclicality inherent in the real
estate industry: The real estate sector in India is cyclical
because of sharp movements in prices and a highly fragmented
market structure. With increase in supply, attractive prices
offered by various builders, and constant regulatory changes,
profitability of real estate players is expected to come under
pressure over the medium term.

Strength
* Promoters' extensive experience in real estate segment: SC is
established by Mr. Iilesh Ponkia in 2015. The promoters have
indicated their ability as well as willingness to bring in
additional fund as and when required to meet any liquidity gap.
Over the medium term, SC is expected to be benefitted by the
extensive industry experience of its promoters.
Outlook: Stable

CRISIL believes that SC will maintain its healthy financial risk
profile, because of the experience and risk averse nature of the
promoters in real estate industry. The outlook may be revised to
'Positive' if the company strengthens its financial flexibility
and cash flow adequacies with sizeable revenue from the balance
portion of its completed projects. Conversely, the outlook may be
revised to 'Negative' if SC's liquidity is stretched by
significantly low offtake or weakening of financial risk profile
due to substantial contracting of debt and/or time and cost
overruns in the execution of its new projects.

SC is engaged in the development of commercial real estate. The
company is mainly present in Surat, Gujarat. SC is promoted and
is currently being run by Ilesh Ponkia. Currently it is executing
a single project-Signet Shoppers which was launched in the year
2016-17.


SILVER OAK: CRISIL Reaffirms B+ Rating on INR41.32MM Term Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term back facility
of Silver Oak Shops and Office Co-Operative Housing Society
Limited at 'CRISIL B+/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan            41.32      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect a limited track record in the
education sector, and a subdued financial risk profile because of
high gearing. These weaknesses are partially offset by funding
support from the promoters.
Analytical Approach

Unsecured loans of INR12 crore as on March 31, 2016, have been
treated as neither debt nor equity as these are expected to
remain in the business and are non- interest bearing.
Key Rating Drivers & Detailed Description
Weaknesses
* Limited track record and susceptibility to intense competition:
The society has been in operations for only seven years. Gujarat
Technological University, to which it is affiliated, has more
than 100 institutes that offer engineering courses, resulting in
intense competition.

* Below-average financial risk profile: The gearing was high at
3.63 times, and networth modest at INR7.8 crore, as on March 31,
2016.

Strength
* Funding support from the promoters: The promoters extended
unsecured loans of INR12 crore as of March 31, 2016, thus
supporting liquidity. These loans are expected to remain in the
business over the medium term.
Outlook: Stable

CRISIL believes Silver Oak will continue to benefit from promoter
funding support and the healthy demand for education in India.
The outlook may be revised to 'Positive' if the scale of
operations or profitability increases significantly, leading to a
better capital structure. The outlook may be revised to
'Negative' if there is a significant decline in cash accrual,
resulting in deterioration in the debt protection metrics.

Silver Oak, incorporated in 2006, manages Silver Oak College of
Engineering and Technology, which was set up in 2009, and the
recently formed Aditya Silver Oak Institute of Technology
(ASOIT), in Ahmedabad, Gujarat. Fiscal 2015 was ASOIT's first
year of operations. The colleges offer professional programmes in
engineering and technology in five specialisations. All the
courses are approved by All India Council of Technical Education
and affiliated to Gujarat Technological University.

In fiscal 2016, net profit was INR60.77 lakh on net receipts of
INR23.53 crore, against net profit of INR79.31 lakh on net
receipts of INR19.28 crore in fiscal 2015.

Any other information: Operating income, estimated at INR25 crore
in fiscal 2016, was lower than CRISIL's expectation despite
almost full occupancy. The operating margin declined to 31% in
fiscal 2016 from 41% in fiscal 2015 due to expenditure for
upgrade of faculty and higher advertising expense.

The financial risk profile remained subdued because of high
gearing of 3.6 times as on March 31, 2016. However, debt
protection metrics remained comfortable, with interest coverage
ratio estimated at 3.16 times for fiscal 2016 (3.7 times in the
previous fiscal) and net cash accrual to total debt ratio at 0.25
time (0.39 times in the previous fiscal). CRISIL expects the debt
protection metrics to remain stable. Liquidity is likely to
remain comfortable, with sufficient cash accrual to meet debt
obligation, and strong support from the promoters in the form of
unsecured loans.


TULSI TRADING: CARE Assigns 'B+' Rating to INR6.25cr LT Loan
------------------------------------------------------------
The rating assigned to the bank facilities of Tulsi Trading Co.
is primarily constrained on account of its moderate scale of
operations and thin profitability, leveraged capital structure
and weak debt coverage indicators; moderate liquidity position
during FY16 (refers to the period April1 to March 31).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            6.25        CARE B+; Stable Assigned

The rating is further constrained on account of susceptibility of
profit margins to volatility in raw material price. The rating
however, continues to derive strength from experienced partners.
TTC's ability to increase its scale of operations with
improvement in capital structure and liquidity indicators would
be the key rating sensitivity.

Detailed description of the key rating drivers
Key Rating Weaknesses
Moderate scale of operations and thin profitability: The total
operating income (TOI) of TTC remained moderate at INR28.02 crore
during FY16 which was also the first full year of operations for
the firm. The PBILDT margin of the firm stood thin at 0.75%
during FY16. Subsequently, the PAT margin of the firm also stood
modest at 0.33% during FY16. Leveraged capital structure and weak
debt coverage indicators: The capital structure of the firm stood
leveraged marked by overall gearing of 2.48 times as on March 31,
2016 (Audited). Debt coverage indicators of the firm also stood
weak marked by total debt to GCA (TDGCA) of 43.71 years and
interest coverage of 1.76 times in FY16 owing to leveraged
capital structure and thin profitability.

Moderate liquidity position: The current ratio of the firm stood
moderate at 1.35 times as on March 31, 2016. The average
utilization of working capital limits during the last 12-months
ended December, 2016 remained high at 80%. The cash flow from
operations stood positive but modest at INR0.21 crore during FY16
because of modest level of PDILDT.

Susceptibility of profit margins to volatility in raw material
price: TTC is engaged in the business of trading of agriculture
commodities like cotton seeds and cotton bales. Prices of these
commodities are regulated by the government. Therefore, operating
margins are susceptible to cotton price fluctuation and
seasonality associated with the cotton industry.

Key Rating Strengths
Experienced partners: The firm is promoted by Mr. Hiren
Bhagvanjibhai Sakariya, partner, aged 32 years is undergraduate
by qualification, having 10 years of experience in trading
industry. Mr. Kiran Bhagvanjibhai Sakariya, partner, aged 33
years is an undergraduate by qualification, having 13 years of
experience in trading. Mr. Vasantkumar Talshibhai Sakaria,
partner, aged 46 years, is an undergraduate by qualification,
having more than 30 years of experience in the trading industry.

Rajkot-based (Gujarat), Tulsi Trading Co. (TTC) is a partnership
firm established in 2015 by Mr. Hiren Bhagvanjibhai Sakariya, Mr.
Kiran Bhagvanjibhai Sakariya and Mr. Vasantkumar Talshibhai
Sakaria. The firm trades in agriculture commodities like cotton
bales and cotton seeds. TTC supplies agriculture commodities
across India. During FY16 (A), TTC reported net profit of INR0.09
crore on a TOI of INR28.02 crore. Till January 6, 2017, TTC has
achieved a turnover of INR14.00 crore.


USK AGRO: CRISIL Assigns 'B' Rating to INR5MM Cash Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating on the long term
bank facilities of USK Agro Sciences.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            5          CRISIL B/Stable
   Long Term Loan         1.5        CRISIL B/Stable

Rating reflects modest scale of operations and below average
financial risk profile marked by subdued debt protection metrics
and stretched liquidity. However these weakness are partially
offset by extensive experience of promoters.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: Scale of operations is modest
indicated by operating revenue of INR24.36 Crores as on March 31,
2016.

* Below Average financial risk profile: Firm had modest networth
(Rs 6.4 Crores as on March 31, 2016) and subdued debt protection
metrics (NCATD at 10% and interest coverage of 1.7 times as on
March 31, 2016). Liquidity is also stretched marked by over
utilization of bank limits due to working capital intensive
operations.

Strength
* Extensive experience of promoters: Promoters have experience of
around 2 decades in agriculture sector. Business risk profile is
strengthened by extensive experience of promoters.
Outlook: Stable

CRISIL believes USK will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of more-than-expected growth in revenue and
profitability or large equity infusion, leading to an improved
capital structure. The outlook may be revised to 'Negative' in
case of a decline in revenue, deterioration in the capital
structure, or stretched liquidity due to increase in working
capital requirement.

USK Agro Sciences (USK) is a Maharashtra based partnership firm
incorporated in 1999 by Mr. Umakant Mali and Mrs. Manisha
Sambhaji Chavan. USK is engaged in manufacturing of Plant growth
regulators, pesticides, herbicides, insecticides and fungicides.

Profit after tax was INR0.44 crore on net sales of INR24.36
crores in fiscal 2016, against INR0.24 crore and INR21.9 crore,
respectively, in fiscal 2015.


VISION METALIK: CRISIL Reaffirms B+ Rating on INR5.8MM Term Loan
----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Vision Metalik Company.

                      Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Cash Credit          4        CRISIL B+/Stable (Reaffirmed)
   Term Loan            5.8      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect VMC's working-capital-intensive
nature and small scale of operations in the intensely competitive
steel industry. The rating also factors in a moderate financial
risk profile because of a small net worth, moderate gearing and
moderate debt protection metrics. These rating weaknesses are
partially offset by the extensive entrepreneurial experience of
the partners.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: VMC began commercial operations by
mid-2013-14 (refers to financial year, April 1 to March 31).
Although the partners have extensive experience in the iron and
steel industry, the firm still has a small scale of operations
because of lower capacity utilisation; hence, VMC's sales were
around INR31.74 Cr in fiscal 2016.

* Moderate financial risk profile: VMC's financial risk is
moderate marked by a small net worth of INR6.6 Cr as on March 31,
2016, moderate gearing of 1.34 times and moderate debt protection
metrics with interest coverage ratio and net cash accruals to
total debt ratio of 1.9 times and 0.1 time respectively in fiscal
2016.

* Large working capital requirements: VMC's business is marked by
large working capital requirement, as reflected in high gross
current assets (GCAs) of 87 days as on March 31, 2016 mainly
driven by large inventory requirements and other current assets.

Strength
* Extensive entrepreneurial experience of the partners: Mr.
Narendra Kumar Saharia, Ms. Navina Jain, and Ms. Padma Devi
Agarwalla are the main partners in VMC. The partners have been
active in manufacturing iron and steel products for over a decade
and have developed cordial relations with customers and
suppliers.
Outlook: Stable

CRISIL believes VMC will continue to benefit over the medium term
from its partners' extensive entrepreneurial experience. The
outlook may be revised to 'Positive' if the business and
financial risk profiles improve, supported by a significant
increase in revenue and profitability. Conversely, the outlook
may be revised to 'Negative' if profitability declines, or there
is large debt-funded capital expenditure, leading to
deterioration in the financial risk profile.

VMC, incorporated in 2012, manufactures mild steel billets at its
facilities in Dibrugarh (Assam). The firm was established by Mr.
Narendra Kumar Saharia, Mrs. Navina Jain, Mrs. Padma Devi
Agarwalla, and their associate companies; its manufacturing
operations are managed by its partners.

VMC, on a provisional basis, reported a net loss of INR0.23 crore
on net sales of INR31.74 crore for Fiscal 2016, as against a net
loss of INR0.68 crore on net sales of INR29.24 crore for fiscal
2015.


WELLBORE ENGINEERING: CRISIL Cuts Rating on INR6.85MM Loan to D
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Wellbore Engineering Company to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          0.6       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit             1.0       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Proposed Long Term      6.85      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B+/Stable')

   Term Loan               3.55      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The downgrade reflects delays in servicing instalments on term
loan on account of weak liquidity, which was in turn due to
stretched receivables and slowdown in business.

WEC also has a modest scale of operations, large working capital
requirement, and weak financial risk profile. However, the firm
benefits from the extensive experience of its promoters.
Analytical Approach

For arriving at the rating, CRISIL has treated unsecured loans of
INR2.67 crore as on March 31, 2016 that the company has received
from the directors and family members as neither debt nor equity.
This is because the loans bear a nominal interest rate and are
expected to remain in the business over the medium term.
Key Rating Drivers & Detailed Description
Weaknesses
* Weak financial risk profile, particularly liquidity
Stretched liquidity on account of delays in realisation of
receivables led to cash flow mismatch. This resulted in delays in
debt servicing and fully utilised fund-based working capital
limit.

* Working capital-intensive operations
Gross current assets were 193 days as on March 31, 2016, due to
stretched receivables of 122 days. Working capital requirement is
mainly funded with bank debt and payables.

* Modest scale of operations
With an operating income of INR9.18 crore in fiscal 2016 (Rs
10.66 crore in the previous fiscal), scale remains small. Also,
flow of orders keeps fluctuating as it depends on the pace of
economic activity and growth in the engineering sector.

Strength
* Extensive experience of promoters in the engineering goods
industry
The promoters have been manufacturing industrial machines for
more than 34 years, resulting in strong technological and market
knowledge and established relationship with customers.

Set up as a partnership firm by Mr. Shirish Patel and family, WEC
manufactures, on jobwork basis, heavy machinery parts such as
power turbines, table liners, rings, rollers, and other
industrial components used in the power, cement, chemical, and
textile industries.

Revenue was INR9.18 crore and net profit INR0.88 crore for fiscal
2016, against INR10.66 crore and INR0.66 crore, respectively, for
fiscal 2015.


YARLAGADDA EXPORTS: CRISIL Reaffirms B+ Rating on INR17MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Yarlagadda Exports Private Limited and
reassigned the short-term bank facility at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             17       CRISIL B+/Stable (Reaffirmed)

   Foreign Exchange
   Forward                  0.25    CRISIL A4 (Reassigned)

   Proposed Long Term
   Bank Loan Facility      10.75    CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect a modest scale of operations, a
below-average financial risk profile because of weak debt
protection metrics and a modest net worth, and large working
capital requirement. These rating weaknesses are partially offset
by the extensive experience of the promoter in the tobacco
industry and an established customer relationship.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in the highly fragmented tobacco
industry: Revenue was INR31.68 crore in fiscal 2016. The company
is likely to remain susceptible to intense competition from large
established players, which have better efficiencies and pricing
power.

* Below-average financial risk profile: The networth was small at
INR6.58 crore and the total outside liabilities to tangible
networth ratio high at 2.55 times as on March 31, 2016. Low
profitability constrains debt protection metrics: net cash
accrual to total debt ratio was around 1% and interest coverage
ratio around 1.29 times in fiscal 2016.

* Large working capital requirement: Operations are working
capital intensive as reflected in high gross current assets of
195 days as on March 31, 2016, mainly on account of high
inventory of 158 days and receivables of 103 days. Tobacco
procured during the harvesting season is maintained throughout
the year, resulting in high inventory.

Strength
* Extensive industry experience of the promoter
The promoter, Mr. Y A Chowdary, has experience of more than two
decades in the tobacco business. Over the years, he has developed
a strong relationship with major suppliers and customers.
Outlook: Stable

CRISIL believes YEPL will continue to benefit from the extensive
industry experience of its promoter. The outlook may be revised
to 'Positive' in case of an improvement in working capital
management or a significant increase in profitability, leading to
a better financial risk profile. The outlook may be revised to
'Negative' if liquidity deteriorates due to large, debt-funded
capital expenditure or a significant decline in revenue and
profitability.

Incorporated in 1990, YEPL processes and trades in tobacco. Its
office is in Guntur, Andhra Pradesh.

Profit after tax (PAT) was INR0.22 crore on net sales of INR31.68
crore in fiscal 2016; against PAT of INR0.20 crore on net sales
of INR29.42 crore in fiscal 2015.


YAZDANI STEEL: CRISIL Lowers Rating on INR47.38MM Term Loan to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Yazdani Steel and Power Limited to 'CRISIL D/CRISIL D' from
'CRISIL C/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            16.61     CRISIL D (Downgraded from
                                    'CRISIL C')

   Funded Interest         5.42     CRISIL D (Downgraded from
   Term Loan                        'CRISIL C')

   Letter of Credit        6.32     CRISIL D (Downgraded from
                                    'CRISIL A4')

   Proposed Fund-Based    10.07     CRISIL D (Downgraded from
   Bank Limits                      'CRISIL C')

   Term Loan              47.38     CRISIL D (Downgraded from
                                    'CRISIL C')

   Working Capital        11.44     CRISIL D (Downgraded from
   Term Loan                        'CRISIL C')

The downgrade reflects the company's delay in meeting obligation
on its term loan on account of weak liquidity.

Key Rating Drivers & Detailed Description
Weakness
* Delay in debt servicing
YSPL has delayed servicing of its term loan on account of weak
liquidity because of large cash loss and working capital-
intensive operations.

* Modest scale of operations and weak profitability
YSPL's scale of operations remains subdued, indicated by
operating income of INR65.76 crore in fiscal 2016 against
INR78.41 crore in fiscal 2015. Cash loss continued in fiscal 2016
(INR6.76 crore). The company had net loss of INR11.71 crore for
fiscal 2016, against INR9.58 crore in fiscal 2015. The weak
performance was on account of low capacity utilisation and high
interest cost.

Strength
* Promoters' extensive industry experience and established
relationships with customers and suppliers
Presence of over two decades in the iron and steel segment has
enabled the promoters to establish healthy relationships with
suppliers and customers.

YSPL was incorporated in October 2003 as Dinabandhu Steel & Power
Ltd by the Sahoo family. The company got its present name after
it was acquired by the Odisha-based Yazdani group in May 2011. It
manufactures thermo-mechanically treated (TMT) steel bars, mild
steel ingots, and sponge iron.

YSPL, reported net loss of INR11.71 crores on operating income of
INR65.76 crores in fiscal 2016 as against net loss of INR9.58
crores on operating income of INR78.41 crores.



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


TAKATA CORP: Formally Pleads Guilty to Airbag Fraud, to Pay $1BB
----------------------------------------------------------------
Reuters reports that Takata Corp. on Feb. 28 formally pleaded
guilty to fraud and will pay a billion-dollar fine to settle
suits over its defective airbags, the Justice Department said.

A Michigan court gave a green light to the agreement reached last
month on the scandal at the heart of the biggest car recall in
history (about 100 million vehicles worldwide), Reuters relates.

Reuters says the defect has been linked to 16 deaths and scores
of injuries.

According to Reuters, the car parts maker had agreed to plead
guilty to fraud and pay US$1 billion to settle the issue with US
regulators.

Reuters notes that the recall of more than 100 million airbags
has affected almost every major automaker.

The report relates that the problem is linked to a defect that
can cause safety devices to inflate with excessive force, sending
shrapnel from the inflator canister hurtling toward drivers and
passengers.

Takata has admitted that from 2000-2015 it defrauded "customers
and auto manufacturers by providing false and manipulated airbag
inflator test data that made the performance of the company's
airbag inflators appear better than it actually was," Reuters
reports citing a Justice Department statement.

"Even after the inflators began to experience repeated problems
in the field - including ruptures causing injuries and deaths -
Takata executives continued to withhold the true and accurate
inflator test information and data from their customers."

Almost every major automaker has been affected: BMW, Fiat
Chrysler, Ford, General Motors, Honda, Nissan and Toyota.

"We hope that today's guilty plea and sentence will send a
message to suppliers of consumer safety products that they must
put safety ahead of profits," Reuters quotes US Attorney Barbara
McQuade as saying.

                         About Takata Corp

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

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

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

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

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

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



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



PUMPKIN PATCH: Union to Back Firm's Liquidation
-----------------------------------------------
Matt Nippert at The New Zealand Herald reports that a union
lobbying for hundreds of Pumpkin Patch workers owed millions by
the collapsed childrens' retailer said it would vote in favor of
liquidation for the company.

The Herald relates that Pumpkin Patch entered voluntary
administration in October, and a watershed meeting of creditors
next week has administrators McGrathNicol urging creditors to
vote for liquidation in order to explore options for recovering
NZ$70 million owed to ANZ bank and others.

According to the report, Robert Reid, the general secretary of
FIRST Union, said he expected his members would vote in favor of
liquidating.

"It can't be returned to directors, there can't be a Deed of
Company Arrangement: It has to go into liquidation," the Herald
quotes Mr. Reid as saying.

The Herald relates that Mr. Reid said FIRST represented a small
portion of the 204 workers at Pumpkin Patch headquarters owed
around NZ$5 million, but was lobbying for all staff after
corporate structuring saw their legal employer -- Pumpkin Patch
Limited -- carrying no assets.

He said the company's receiver, KordaMentha, presumably with
ANZ's permission, had paid out holiday pay in order to keep some
staff on to wind down the business, but redundancy and other
entitlements were still owing, the report says.

A spokesman for ANZ said they did not comment on "individual
customer issues".

"It's worth remembering that ANZ is also in the queue of
creditors," the spokesman, as cited by the Herald, said.

According to the Herald, Mr. Reid said he was undecided on
whether to support McGrathNicol's bid to take over as liquidator.

The Herald understands other insolvency agencies also mulling a
shot at Pumpkin Patch.

A detailed report by voluntary administrators McGrathNicol on the
former sharemarket high-flier - at its peak worth more than $800m
but now effectively worthless - outlined a company that "had been
in a steady state of decline for many years" and recommended
creditors vote for liquidation at the watershed meeting scheduled
for March 7, the Herald relates.

According to the Herald, the administrators noted that the
company's banker, ANZ, was secured and facing a shortfall meaning
that trade suppliers and former employees faced recovering
nothing without additional action.

"Unless there are recoveries that become available in liquidation
. . . there will be no recoveries available to unsecured
creditors," the report, as cited by the Herald, said.

The company's banker ANZ - who appointed receivers KordaMentha in
response to the move of the board to appoint McGrathNicol - is
owed NZ$59 million, according to the administrators' report.

While the administrators did not tally the unsecured debt,
receivers' reports for the five companies in the group suggest
this class of creditors is owed $17.4m, the Herald discloses.

                       About Pumpkin Patch

Based in New Zealand, Pumpkin Patch Limited (NZE:PPL) --
http://www.pumpkinpatch.biz/-- is a designer, marketer, retailer
and wholesaler of children's clothing.  The Company's product
range encompasses all stages of a child's growth, from baby to
toddler, primary school kid to pre and early teen, including
clothing, nightwear, accessories, rainwear, footwear and teddy
collection.  Pumpkin Patch also caters for mums-to-be with a
maternity collection.  The Company also has a fashion mini-brand
for discerning pre and early-teen girls, Urban Angel Girls.  The
Company's collections are available in numerous countries and
regions, including New Zealand, Australia, the United Kingdom,
the United States, South Africa and the Middle East.  Pumpkin
Patch predominantly sells through its own store network in
New Zealand, Australia, the United Kingdom and the United States.
The Company's subsidiaries include Torquay Enterprises Limited,
Pumpkin Patch Originals Limited, Pumpkin Patch LLC, Pumpkin Patch
Direct Limited, Patch Kids Limited and Urban Angel Girls Limited.

On Oct. 26, the Board of Pumpkin Patch has placed the company
into Voluntary Administration under Part 15A of the Companies Act
1993.

The board has therefore appointed Andrew Grenfell and Conor
McElhinney of McGrathNicol as administrators for Pumpkin Patch
and a number of its subsidiaries. Pumpkin Patch's bank has
appointed Neale Jackson and Brendon Gibson of KordaMentha as
receivers.



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


COUNTRYSIDE COOP: Depositors' Claims Deadline Set for April 3
-------------------------------------------------------------
All creditors of the closed Countryside Cooperative Rural Bank of
Batangas have until April 3, 2017 to file their claims against
the assets of the closed bank either personally or by mail.
Creditors refer to any individual or entity with a valid claim
against the assets of the closed Countryside Cooperative Rural
Bank of Batangas and include depositors whose deposits exceed the
maximum deposit insurance coverage (MDIC) of PHP500,000.

The Philippine Deposit Insurance Corporation (PDIC) said that
creditors and depositors with uninsured deposits may file their
claims personally at the PDIC Public Assistance Center located at
the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino
St., Makati City, Monday to Friday, 8:00 AM to 5:00 PM. Claims
may also be filed through mail addressed to the PDIC Public
Assistance Department, 6th Floor, SSS Bldg., 6782 Ayala Avenue
corner V.A. Rufino St., Makati City. A sample Claim Form against
the assets of the closed bank may be downloaded from the PDIC
website, www.pdic.gov.ph.

Claims filed after April 3, 2017 shall be disallowed. PDIC, as
Receiver, shall notify creditors of denial of claims through
mail. Claims denied or disallowed by the PDIC may be filed with
the liquidation court within sixty (60) days from receipt of
final notice of denial of claim. PDIC also clarified that
depositors who filed their deposit insurance claims on or at any
time prior to April 3, 2017 are deemed to have filed their claims
against the closed bank's assets.

Countryside Cooperative Rural Bank of Batangas was ordered closed
by the Monetary Board (MB) of the Bangko Sentral ng Pilipinas on
January 12, 2017 and PDIC, as the designated Receiver, was
directed by the MB to proceed with the takeover and liquidation
of the closed bank in accordance with Section 12(a) of Republic
Act No. 3591, as amended. The bank's Head Office is located along
National Road, Brgy. Pallocan Kanluran, Batangas City. Its four
branches are located in Balayan, Lemery, Padre Garcia and
Tanauan, all in Batangas.

All requests and inquiries relating to Countryside Cooperative
Rural Bank of Batangas shall be addressed to the PDIC Public
Assistance Department through mail at the 6th Floor, SSS Bldg.,
6782 Ayala Avenue corner V.A. Rufino St., Makati City, or through
telephone numbers (02) 841-4630 or 841-4631. Depositors and
creditors outside Metro Manila may call the PDIC Toll Free
Hotline at 1-800-1-888-PDIC (7342). Walk-in clients may also
visit the PDIC Public Assistance Center at the 3rd Floor, SSS
Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City,
Monday to Friday, 8:00 AM to 5:00 PM.


RURAL BANK OF BAROTAC: Placed Under PDIC Receivership
-----------------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
prohibited Rural Bank of Barotac Viejo (Iloilo), Inc. from doing
business in the Philippines. Under Resolution No. 284.A dated
February 23, 2017, the MB directed the Philippine Deposit
Insurance Corporation (PDIC) as Receiver to proceed with the
takeover and liquidation of the bank. PDIC took over the bank on
February 24, 2017.

Rural Bank of Barotac Viejo is a two-unit rural bank with Head
Office located along Zulueta Drive, Brgy. Poblacion, Barotac
Viejo, Iloilo. Its lone branch is located in Concepcion, Iloilo.
Based on the Bank Information Sheet filed by the bank with the
PDIC as of June 30, 2016, Rural Bank of Barotac Viejo is owned by
Ramon R. Tugbang (40.00%), Patrick S. Tugbang (14.24%), Margarita
T. Cajilig (13.98%), Marie S. Tugbang (13.22%), Hugo Mateo F.
Tugbang (12.81%), and Erlinda D. Pomado (3.51%). The Bank's
Chairman and President is Ramon R. Tugbang.

Latest available records show that as of December 31, 2016, Rural
Bank of Barotac Viejo had 4,079 deposit accounts with total
deposit liabilities of PHP142.5 million. Total insured deposits
amounted to PHP117.8 million equivalent to 82.7% of total
deposits.

PDIC assured depositors that all valid deposits and claims shall
be paid up to the maximum deposit insurance coverage of
PHP500,000.00. Depositors with valid deposit accounts with
balances of PHP100,000.00 and below shall be eligible for early
payment and need not file deposit insurance claims, except
accounts maintained by business entities, or when they have
outstanding obligations with Rural Bank of Barotac Viejo or acted
as co-makers of these obligations. Depositors have to ensure that
they have complete and updated addresses with the bank. They may
update their addresses until March 6, 2017 using the Mailing
Address Update Forms to be distributed by PDIC representatives at
the bank premises.

For depositors who are required to file claims for deposit
insurance, the schedule of claims settlement operations will be
announced as soon as possible through posters in the bank
premises and in other public places, the PDIC website,
www.pdic.gov.ph, and PDIC's official Facebook account. PDIC also
reminded borrowers to continue paying their loan obligations with
the closed Rural Bank of Barotac Viejo and to transact only with
designated PDIC representatives at the bank premises. For more
information on the requirements and procedures for filing claims
and settlement of loan obligations, all depositors and borrowers
of the bank are enjoined to attend the Depositors-Borrowers'
Forum which will be held in venues near the two banking offices
of the bank on March 9-10, 2017. Details will be posted in the
bank premises and in other public places.

Depositors may communicate with PDIC Public Assistance personnel
stationed at the bank premises or call the PDIC Public Assistance
Hotlines at (02) 841-4630 to (02) 841-4631, or send their e-mail
to pad@pdic.gov.ph. Depositors outside Metro Manila may also call
PDIC at its Toll Free Hotline at 1-800-1-888-PDIC (7342).
Inquiries may also be sent via private message to the official
PDIC Facebook account at www.facebook.com/OfficialPDIC.



===============
T H A I L A N D
===============


UNITED OVERSEAS: Fitch Affirms Viability Rating at 'bb+'
--------------------------------------------------------
Fitch Ratings has affirmed the ratings on four Thai subsidiaries
of south-east Asian financial institutions as follows:

-- United Overseas Bank (Thai) Public Company Limited's (UOBT)
    Long-Term Foreign-Currency Issuer Default Rating (IDR)
    affirmed at 'A-' and National Long-Term Rating affirmed at
    'AAA(tha)'. The Outlook is Stable.

-- CIMB Thai Bank Public Company Limited's (CIMBT) National
    Long-Term Ratings affirmed at 'AA(tha)'. The Outlook is
    Stable.

-- CIMB Securities (Thailand) Co., Ltd.'s (CIMBS) National Long-
    Term Ratings affirmed at 'AA(tha)'. The Outlook is Stable.

-- Maybank Kim Eng Securities (Thailand) Public Company
    Limited's (MBKET) National Long-Term Rating affirmed at
    'AA+(tha)'. The Outlook is stable.

KEY RATING DRIVERS
IDRS, NATIONAL RATINGS AND SENIOR DEBT
The four entities' ratings are driven by institutional support.
Fitch believes the entities are strategically important
subsidiaries of their respective groups; United Overseas Bank
Limited (UOB; AA-/Stable), CIMB Bank Berhad (CIMB) and Malayan
Banking Berhad (Maybank; A-/Stable). All three parents hold a
large majority stake in their subsidiaries, retain full
management control of their Thai operations and integrate the
subsidiaries closely with the groups. The parents allow the Thai
entities to share their brands and have supported them
financially and operationally.

Fitch rates the senior debt of UOBT and CIMBT at the same level
as the entities' National Ratings, reflecting the unsecured and
unsubordinated nature of these instruments, which rank pari passu
with the banks' other senior unsecured obligations.

VIABILITY RATING
UOBT's Viability Rating primarily reflects its small local
franchise and lower profitability compared with higher-rated
local peers, which may be vulnerable to the continued weak
operating environment. Nevertheless, the bank has exhibited sound
asset-quality metrics, improving liquidity and solid core
capitalisation in the previous few years and has managed the
challenging operating environment better than most other similar
or smaller sized banks.

SUBORDINATED DEBT
The agency rates CIMBT's subordinated unsecured debt instruments
(lower Tier 2, Basel II-compliant instruments) one notch below
the bank's National Long-Term Rating. The notching for these debt
instruments reflects their subordination in the capital
structure, and is consistent with Fitch's rating approach for
such instruments.

RATING SENSITIVITIES
IDRS, NATIONAL RATINGS AND SENIOR DEBT
Any changes in UOB's Long-Term Foreign-Currency IDR would be
unlikely to affect UOBT's IDR unless the parent was downgraded by
more than a category, as it is currently capped by Thailand's
Country Ceiling of 'A-'. A change in Thailand's Country Ceiling
is likely to lead to similar rating action on UOBT's Long-Term
Foreign-Currency IDR. UOBT's National Ratings and Support Rating
are already the highest on each scale, so no upgrades are
possible.

Changes in CIMB's credit profile would be likely to affect the
National Ratings of CIMBT and CIMBS.

Changes in Maybank's rating could lead to changes in MBKET's
National Ratings.

Fitch may downgrade the Thai entities' National Ratings if
Moody's determines that their respective parents have a lower
propensity to provide them with extraordinary support, as
indicated by a large decrease in ownership or a lower commitment
to provide financial support. Neither scenario is expected by
Fitch.

CIMBS's ratings are sensitive specifically to developments
affecting its shareholding structure. CIMB Group is exploring a
strategic partnership with the China Galaxy Securities Company
Limited brokerage business and is negotiating the terms of a
partial sale of its current shareholding. The effect on CIMBS's
ratings will depend on the final business model and shareholding
structure. If the group significantly reduces its shareholding -
not the agency's base case - Fitch may reassess the propensity of
CIMB to support CIMBS. Fitch may also need to assess whether CIMB
remains the support provider for CIMBS, or whether this should be
changed to the group entity overseeing the brokerage business.
These assessments could lead to a change in CIMBS's National
Ratings.

Changes in UOBT's National Long-Term Rating or CIMBT's National
Short-Term Rating would lead to a similar change of their senior
debt ratings.

VIABILITY RATING
Fitch may upgrade UOBT's Viability Rating if, despite the
challenging environment, the bank sustains its sound asset
quality and improves its profitability, with no major increase in
risk appetite. Conversely, the agency may downgrade the bank's
Viability Rating if its reserve coverage or capitalisation
deteriorates significantly over a prolonged period.

SUBORDINATED DEBT
Changes in CIMBT's National Long-Term Rating would similarly
affect the rating of its subordinated debt.

The rating actions are as follows:
UOBT:
- Long-Term Foreign-Currency IDR affirmed at 'A-'; Outlook
Stable
- Short-Term Foreign-Currency IDR affirmed at 'F2'
- Viability Rating affirmed at 'bb+'
- Support Rating affirmed at '1'
- National Long-Term Rating affirmed at 'AAA(tha)'; Outlook
Stable
- National Short-Term Rating affirmed at 'F1+(tha)'
- National Long-Term Rating on senior unsecured debt affirmed at
'AAA(tha)'

CIMBT:
- National Long-Term Rating affirmed at 'AA(tha)'; Outlook
Stable
- National Short-Term Rating affirmed at 'F1+(tha)'
- National Short-Term Rating on senior unsecured debt affirmed
at 'F1+(tha)'
- National Long-Term Rating on subordinated debt (lower Tier 2)
affirmed at 'AA-(tha)'

CIMBS:
- National Long-Term Rating affirmed at 'AA(tha)'; Outlook
Stable
- National Short-Term Rating affirmed at 'F1+(tha)'

MBKET:
- National Long-Term Rating affirmed at 'AA+(tha)'; Outlook
Stable
- National Short-Term Rating affirmed at 'F1+(tha)'



                             *********

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

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

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


                            *********


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

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

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

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

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



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