TCRAP_Public/170302.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, March 2, 2017, Vol. 20, No. 44

                            Headlines


A U S T R A L I A

A & J GREEN: First Creditors' Meeting Set for March 9
BADGE SEAGLE: First Creditors' Meeting Set for March 10
DAVIS GROUP: First Creditors' Meeting Slated for March 8
ENERGY DRINKS: First Creditors' Meeting Set for March 8
POLLENIZER: Startup Incubator to Close down in June


C H I N A

COUNTRY GARDEN: Fitch Affirms 'BB+' LT Issuer Default Rating


H O N G  K O N G

CHINA FISHERY: Fitch Affirms 'D' Issuer Default Rating
NOBLE GROUP: 2016 Results No Impact B2 CFR, Moody's Says


I N D I A

AKS ALLOYS: ICRA Reaffirms C+ Rating on INR14cr LT Loan
BUILDQUICK INFRA: CRISIL Assigns B+ Rating to INR4.5MM Loan
CHABBRA'S ASSOCIATES: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
DWARKA GEMS: CARE Reaffirms 'B-' Rating on INR10.38cr Loan
EROS INTERNATIONAL: S&P Assigns 'B+' CCR; Outlook Stable

ESSEM ENTERPRISE: CARE Assigns 'B' Rating to INR8.86cr LT Loan
GARG RICE: CARE Assigns 'B' Rating to INR13.75cr LT Loan
GOLDEN APPLE: CRISIL Assigns 'B+' Rating to INR18MM LT Loan
INDCON PROJECTS: CRISIL Reaffirms B+ Rating on INR13.5MM Loan
INDUSTRIAL FORGING: ICRA Assigns B+ Rating to INR11.95cr Loan

JEYA SATHYA: CRISIL Upgrades Rating on INR14MM Cash Loan to B
LAXMI SOPAN: CARE Reaffirms 'B' Rating on INR5.22cr LT Loan
LUNI POWER: CRISIL Lowers Rating on INR15MM Term Loan to 'D'
MAHAVIR POLYPLAST: CARE Reaffirms B+ Rating on INR8.75cr Loan
MANJEERA CONSTRUCTIONS: ICRA Cuts Rating on INR30cr Loan to C

MANJEERA RETAIL: ICRA Reaffirms 'D' Rating on INR300cr Loan
MATHIYAN CONSTRUCTION: ICRA Cuts Rating on INR10cr Loan to C+
MID INDIA: ICRA Upgrades Rating on INR105cr LT Loan to BB-
NUWAY ORGANIC: ICRA Assigns 'D' Rating to INR18cr Term Loan
PALLAVI MOTORS: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating

PKM PROJECTS: ICRA Reaffirms 'D' Rating on INR40cr LT Loan
PLUTO PLAZA: ICRA Assigns B+ Rating to INR35cr Term Loan
PROTAC FOODS: ICRA Assigns 'B' Rating to INR18cr Term Loan
RAJARAMSEVAK MULTIPURPOSE: CARE Puts B Rating on INR12.94cr Loan
RAMA PAPER: ICRA Reaffirms 'D' Rating on INR53.81cr Term Loan

SCAN ENERGY: CRISIL Reaffirms 'D' Rating on INR80.83MM LT Loan
SENTHUR TEXTILES: CARE Reaffirms 'B' Rating on INR8.04cr Loan
SHETRON LIMITED: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
SHIV SUNDER: CARE Reaffirms 'B' Rating on INR9cr LT Loan
SKILLED CONSTRUCTION: CARE Ups Rating on INR2.90cr Loan to BB-

SPARSH FAB: CRISIL Raises Rating on INR6MM Term Loan to BB
SRI CHAITANYA: CRISIL Assigns B+ Rating to INR16MM Cash Loan
SRI SOMESHWARA: ICRA Reaffirms B+ Rating on INR12cr LT Loan
TEAM INTERVENTURE: CRISIL Lowers Rating on INR127MM Loan to 'D'
TEAM UNIVERSAL: CARE Lowers Rating on INR18cr LT Loan to 'D'

VEDBHUMI BUILDERS: CARE Assigns 'D' Rating to INR32cr LT Loan
VICTORIAN MARKETING: CRISIL Reaffirms 'B' Rating on INR8.5MM Loan
VIJAYA RAJA: ICRA Assigns B+ Rating to INR10cr Unallocated Loans
VINAYAK INTERNATIONAL: CARE Reaffirms B+ Rating on INR1.5cr Loan
WINSOME INTERNATIONAL: Ind-Ra Lowers Issuer Rating to 'D'


J A P A N

TAKATA CORP: Four Automakers Knew of Airbag Hazard, Suit Says
TOSHIBA CORP: Not Aware of Westinghouse Considering Chapter 11


N E W  Z E A L A N D

BOUTIQUE HAIR: Placed in Receivership; Owner Seeks Buyer
HERBERT CONSTRUCTION: Liquidators Seeks to Bankrupt Owner


P H I L I P P I N E S

TV5 NETWORK: No More Layoffs for Now, Chairman Says


S I N G A P O R E

EZRA HOLDINGS: Creditor May Drop Winding-Up Action vs. Emas AMC


S R I  L A N K A

CEYLON DOLLAR: Fitch Affirms 'B+f' Credit Quality Rating


                            - - - - -


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A U S T R A L I A
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A & J GREEN: First Creditors' Meeting Set for March 9
-----------------------------------------------------
A first meeting of the creditors in the proceedings of A & J
Green Haulage Pty Limited will be held at the offices of TPH
Insolvency, 133 Macquarie Street, in Sydney, NSW, on March 9,
2017, on March 9, 2017, at 11:00 a.m.

Timothy Heesh and Amanda Lott of TPH Insolvency were appointed as
administrators of A & J Green on Feb. 27, 2017.


BADGE SEAGLE: First Creditors' Meeting Set for March 10
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Badge
Seagle Pty Ltd, trading as Mister Minit Carlingford, Mister Minit
Stanhope, Mister Minit Top Ryde, Mister Minit Macquarie, Mister
Minit Hornsby, will be held at the offices of Deloitte Financial
Advisory Pty Ltd, Eclipse Tower, Level 19, 60 Station Street, in
Parramatta, NSW, on March 10, 2017, at 11:00 a.m.

Neil Cussen and David Mansfield of Deloitte Financial were
appointed as administrators of Badge Seagle on Feb. 28, 2017.


DAVIS GROUP: First Creditors' Meeting Slated for March 8
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Davis
Group Pacific Pty Limited will be held at the Boardroom of
Chifley Advisory, Suite 3.04, Level 3, 39 Martin Place, in
Sydney, NSW, on March 8, 2017, at 11:00 a.m.

Gavin Moss and Trent McMillen of Chifley Advisory were appointed
as administrators of Davis Group on Feb. 25, 2017.


ENERGY DRINKS: First Creditors' Meeting Set for March 8
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Energy
Drinks Distributing Pty Ltd will be held at the offices of
Veritas Advisory, Level 5, 123 Pitt Street, in Sydney, NSW, on
March 8, 2017, at 11:00 a.m.

David Iannuzzi and Steve Naidenov of Veritas Advisory were
appointed as administrators of Energy Drinks on Feb. 24, 2017.


POLLENIZER: Startup Incubator to Close down in June
--------------------------------------------------- Paul Smith at
The Australian Financial Review reports that pioneering
Australian start-up incubator and consultancy Pollenizer will
shut down after conceding that it had failed to find a
sustainable business model for its operations.

The company, which has nurtured hundreds of local start-ups since
being founded in 2007 by Phil Morle and Mick Liubinskas,
officially told staff and investors on Feb. 28 that it had
reached the end of the road, the report relates.

According to the report, Mr. Morle had been running Pollenizer as
sole chief executive since Mr. Liubinskas left to join Telstra-
backed incubator Muru-D.  The report says Mr. Liubinskas has been
based in San Francisco since last year as Muru-D's venture
portfolio manager, but remained a director at Pollenizer.

Mr. Morle told The Australian Financial Review the company's move
away from its roots as the country's first incubator, to become a
consultant to larger organisations on the start-up arts, had not
been enough to satisfy the entrepreneurial aspirations Pollenizer
was founded on, or make enough money.

"We are entrepreneurs and we get out of bed in the morning to do
something massive, and while it is certainly possible that
Pollenizer could have continued indefinitely as a boutique
consulting business, everyone on the team is motivated to do
something huge and change the world somehow," the report quotes
Mr. Morle as saying.  "In the end we just couldn't see the path
to that, and now the important thing for me is that the amazing
team around me get to move on and do amazing things."

The company was employing 22 people until it recently began to
wind things back, and Mr. Morle said it would move down to zero
by the end of June, the report relays.

The Australian Financial Review adds that Pollenizer still has a
portfolio of start-ups under its wing and said it was cutting out
its other operations in order to retain enough capital to be able
to assist them to their next stages as previously planned. These
start-ups are Lawpath, HiveXchange, Mezo, CohortIQ and Spot.



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C H I N A
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COUNTRY GARDEN: Fitch Affirms 'BB+' LT Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed China-based Country Garden Holdings
Co. Ltd.'s Long-Term Issuer Default Rating (IDR) at 'BB+'. The
Outlook is Stable. Fitch has also affirmed Country Garden's
senior unsecured rating and the ratings on its outstanding notes
at 'BB+'.

Country Garden's ratings are supported by strong contracted sales
growth, high financial flexibility with low interest cost and a
record of strong execution. The ratings are constrained by its
opportunistic growth strategy, which increases financial
performance volatility, and a negative trend in its cash flow
from operation (CFO). Moving into higher-tier cities is a
positive development in Country Garden's progression to becoming
a nationwide homebuilder. However, it may take another 12-18
months before the process reaches fruition.

KEY RATING DRIVERS

Expansion Increases Volatility: Fitch has observed that Country
Garden's growth and expansion follows a three-to-four year cycle.
It achieved significant contracted sales growth of 89% in 2016
and 116% in 2013, which considerably raised its leverage and
churn ratio. Leverage peaked at 42% in 1H16 and 36% in 2013,
compared with a recent low of 32%-33% in 2011-2012. Its asset
turnover ratios peaked at 1.7x-1.8x in 1H16, compared with its
lowest level of 1.1x-1.2x in 2015. Fitch has tightened its
negative rating sensitivities and uses three-year average ratios
to reflect this volatility. Fitch expects Country Garden to
maintain its three-year average leverage through the cycle at
30%-32% and its three-year average asset turnover ratio at 1.5x-
1.6x.

Positive CFO Unsustainable: Fitch estimates that Country Garden's
CFO was close to neutral in 2016; the closest that CFO has been
to positive since 2012. However, it is likely to turn negative
again in 2017 due to landbank acquisitions and construction
expenditure for the large surge in projects it sold in 2016.
Positive rating action depends on whether Country Garden can
balance its expansion pace while maintaining neutral CFO in the
next one to two years.

Robust Contracted Sales: Country Garden achieved an 89% increase
in attributable contracted sales to CNY235bn during 2016; one of
the highest growth rates achieved by Chinese homebuilders during
the year. This was supported by its landbank repositioning since
late 2015, with nearly 60% of its 2016 contracted sales from
products targeted at tier 1 and 2 cities, compared with 52% in
2015; 65% of its newly acquired CNY128bn attributable landbank in
2016 also targets tier 1 and 2 cities.

Guangdong Leadership Supports Growth: Fitch believes Country
Garden's strong home-base position in Guangdong province enables
its rapid landbank repositioning to support sales growth. Around
67% of the value of saleable resources targeting tier 1 and 2
cities in 1H16 also targeted customers in Shenzhen and Guangzhou,
compared with only 8% for Beijing and Shanghai. Given Country
Garden's land bank repositioning was mainly in Guangdong, Fitch
expects the contracted sales contribution from Guangdong to
remain at around 30%.

Gradual Margin Recovery: Fitch estimates that the 2016 EBITDA
margin remained stable at around 17%-18%, due to the recognition
of wider-margin contracted sales. The 2015 EBITDA margin was at
its historical low, as the company recognised lower-margin
products, such as high-rise residential apartments. Fitch
believes its margins could gradually improve to around 20%-21% by
2018-2019 as the company recognises more higher-margin contracted
sales and continues de-stocking low-margin products. Successful
product repositioning to target tier 1 and 2 cities will help
EBITDA due to better margins, churn and liquidity.

Corporate Action Potential: Country Garden has continued its
share buyback plans, having purchased over 1.2 billion shares for
HKD4.7bn (equivalent to around CNY 4.4bn) on the open market
between the start of 2016 to 15 February 2017. The company also
made two acquisitions of auxiliary homebuilding businesses in
2015-2016. Fitch expects Country Garden to continue making bolt-
on acquisitions to strengthen these auxiliary businesses.

DERIVATION SUMMARY

Country Garden is well positioned between its relative peers with
'BBB-' and 'BB' ratings. Country Garden's CFO trend remains
negative, while CFO of Longfor Properties Co. Ltd. (BBB-/Stable)
and Shimao Property Holdings Limited (BBB-/Stable) has a neutral
to positive trend. Country Garden has the largest contracted
sales, EBITDA and churn in the peer group. This is offset by its
EBITDA margin, which is similar to that of Greenland Holding
Group Company Limited (BB+/Negative, standalone assessment:
BB/Negative). In addition, Country Garden's leverage is weaker
compared with pure homebuilders, such as Shimao, and similar to
'BBB-' rated homebuilders with large investment properties, such
as Longfor and China Jinmao Holdings Group Limited (BBB-/
Stable); but with greater volatility.

No Country Ceiling or parent/subsidiary linkage aspects affect
Country Garden's rating. Companies in this sector are unlikely to
be rated above 'BBB+' due to operating environment risks.

KEY ASSUMPTIONS

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

- contracted sales by gross floor area to increase by 10%-20%
   over 2017-2018;

- average selling prices for contracted sales to increase by
   0%-5% over 2017-2018;

- EBITDA margin to improve to 17%-18% in 2017-2018; and

- net debt, including perpetuals, to be around CNY70bn-95bn in
   2016-2017.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action

- Achieving sustainable neutral or positive cash flow from
   operation. This may be achievable if Country Garden maintains
   a stable growth pace.

Developments that May, Individually or Collectively, Lead to
Negative Rating Action

- A three-year average EBITDA margin below 20% on a sustained
   basis (average 2013-2015: 22%).

- A three-year average net debt/adjusted inventory ratio above
   40% on a sustained basis (average 2013-2015: 36%).

- A three-year average contracted sales/gross debt ratio below
   1.3x on a sustained basis (average 2013-2015: 1.6x).

LIQUIDITY

Sufficient Liquidity: Country Garden had CNY49bn of cash on hand,
including CNY19bn in restricted cash, with undrawn bank
facilities of approximately CNY145.8bn, as at end-June 2016. This
was more than sufficient to cover its short-term debt of CNY18bn.

Diversified Funding Channels: Country Garden has many financing
options, including equity issuance, perpetual capital securities,
offshore notes, onshore debentures and bank borrowings. Its
weighted-average borrowing cost was 5.76% in 1H16.

FULL LIST OF RATING ACTIONS

Country Garden Holdings Co. Ltd.'s

- Long-Term IDR affirmed at 'BB+'; Outlook Stable

- Foreign-currency senior unsecured rating affirmed at 'BB+'

- USD900m 7.500% senior unsecured notes due 2020 affirmed
   at 'BB+'

- USD550m 7.875% senior unsecured notes due 2019 affirmed
   at 'BB+'

- USD650m 4.750% senior unsecured notes due 2023 affirmed
   at 'BB+'

- USD350m 5.625% senior unsecured notes due 2026 affirmed
   at 'BB+'


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H O N G  K O N G
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CHINA FISHERY: Fitch Affirms 'D' Issuer Default Rating
------------------------------------------------------
Fitch Ratings has revised the Recovery Rating on China Fishery
Group Limited's senior unsecured rating and the rating on the
USD300m senior notes issued by its financing vehicle CFG
Investment S.A.C. to 'RR5' from 'RR4'. The senior unsecured
rating and rating on the notes are affirmed at 'C' and China
Fishery's Issuer Default Rating (IDR) has been affirmed at 'D'.

The revision of the Recovery Rating reflects a lower valuation
assumption for the Peruvian fishmeal operations, as well as
Fitch's expectation that China Fishery may not be able to fully
recover the prepayments made to its Russian suppliers. In
addition, the provision of a debt guarantee by a Peruvian
subsidiary to club loan lenders may allow club loan lenders to
access funds ahead of senior noteholders.

KEY RATING DRIVERS

Asset Sale on Hold: China Fishery previously said that the
company was considering a sale of its Peruvian fishing operations
at an indicative enterprise value of USD1.7bn. Following the
company's bankruptcy filing, Fitch believes a sale is no longer
likely in the near term. Instead, a key focus of the
restructuring plan will be on stabilising the Peruvian operations
to maximise value. Fitch views China Fishery's Peruvian anchovy
fishing and processing operations as the most important driver of
earnings and value among China Fishery's subsidiaries.

Peruvian Business Operational: China Fishery's Peruvian fishing
business saw its access to funding curtailed after the
appointment of China Fishery's provisional liquidators in late-
2015, but it has since resumed normal operations. China Fishery
caught 100% of its fishing quota in the season ended 27 January
2017 in the important North/Centre region. Fishing is currently
under way in the South zone of Peru and China Fishery has caught
14% of its quota to date.

LSA Prepayment Recovery Unlikely: Prior to 2014, China Fishery
made large prepayments to finance the operations of Russian
suppliers under long-term supply agreements (LSA). After the
agreements were terminated in early 2014, the company expected to
recover the prepayments either in cash or fish stock over the
next several years. The company in 3Q15 reported the prepayment
balance was USD62m, and it claims to have recovered another
USD30m subsequently. Based on recent discussions with the issuer,
Fitch does not expect any further amounts to be recovered.

DERIVATION SUMMARY

China Fishery's IDR is rated at 'D' as the company filed for US
bankruptcy protection under Chapter 15 and Chapter 11 of the US
bankruptcy code in June 2016.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for China Fishery
include:

- Peruvian fishing business operates as a going concern.

RATING SENSITIVITIES

Fitch will re-examine China Fishery's credit profile if it
successfully restructures its debt.

LIQUIDITY

China Fishery has not published financial statements since June
2015.

As of June 2015, China Fishery's outstanding debt consisted of a
USD129m inventory loan secured by fishmeal inventory, the 9.75%
USD300m senior notes issued by CFG Investment S.A.C. due 2019, as
well as the USD600m club loan facility, of which USD455m was
outstanding.

FULL LIST OF RATING ACTIONS

China Fishery Group Limited

- IDR affirmed at 'D'

- Senior unsecured rating affirmed at 'C', Recovery Rating
   revised to 'RR5' from 'RR4'

CFG Investment S.A.C.

- USD300m senior notes guaranteed by China Fishery affirmed
   at 'C', Recovery Rating revised to 'RR5' from 'RR4'.



NOBLE GROUP: 2016 Results No Impact B2 CFR, Moody's Says
--------------------------------------------------------
Moody's Investors Service says that Noble Group Limited's 2016
results have no immediate impact on its B2 corporate family
rating or the negative rating outlook.

"Noble Group's capital raising initiatives allowed the company to
reduce debt and alleviate immediate pressure on liquidity, but
the company remains challenged by volatile operating cash flow
and significant debt maturities in 2018," says Joe Morrison, a
Moody's Vice President and Senior Credit Officer.

On Feb. 27, 2017, Noble Group announced FY2016 results that
indicated continued pressure on the company's operations.
Reported revenue and operating income from supply chains --
excluding exceptional non-cash items and losses from
discontinuing or to be discontinued businesses -- were $45.5
billion and $808 million, respectively, down 25% and 30% year-on-
year. Its reported operating margin for 2016 at 1.79% was down 12
basis points.

In addition, reported cash flow from operating activities was
negative $592 million, a deterioration from the negative $236
million in the prior year.

However, reported debt decreased to $4.0 billion at end-2016 from
$5.9 billion at end-2015, following the company's successful $500
million equity rights offering and receipt of $1.156 billion in
proceeds from the sale of its Noble Americas Energy Solutions
(NES) business.

"Noble Group's operating results and cash flow in 4Q 2016
improved quarter-on-quarter, supported by cost-cutting measures
and a working capital surplus," says Morrison.

The company's operating income from supply chains grew to $211
million in 4Q 2016 from $170 million in 3Q 2016, and cash flow
from operating activities turned to positive $275 million from
negative $79 million.

At end-2016, Noble Group had cash on hand -- excluding restricted
cash with brokers -- of $1.1 billion and availability under
committed credit facilities of $943 million, amounts sufficient
to cover the $1.2 billion in short-term debt, comprised of $817
million in unsecured bank loans and $476 million in secured bank
loans due in 2017. The company has further debt maturities,
however, of $378 million in unsecured notes due in March 2018 and
$1.1 billion in senior unsecured bank loans due in May 2018.

Noble Group's profitability and cash flow in 2017 should benefit
from its cost reduction efforts, as well as the new $1.0 billion
borrowing base facility at its UK unit, Noble Clean Fuels Limited
(unrated), that will support working capital and trade facilities
and which should help the company to better utilize its
operational assets.

However, whether the company can improve profitability and cash
flow on a sustained basis remains uncertain, given the
unfavorable operating environment and the loss of profits and
cash flow contribution from the NES business.

In addition, the company announced on 13 February that it is in
discussions regarding a strategic investment in Noble Group.
Although no binding arrangements are in place, Moody's expects
that if successful, a strategic investment would bring
operational benefits and help alleviate pressure on Noble Group's
liquidity profile.

Noble Group's adjusted net debt/EBITDA for FY2016 rose to about
7.6x from 4.1x in 2015, mainly because of a weakening in
earnings. Moody's expects net debt/EBITDA to trend down in 2017
toward 7.0x as earnings should improve moderately.

The senior unsecured ratings are not notched down for legal
subordination. At end-2016, secured debt of about $533 million
amounted to 13% of total debt, and Moody's views that additional
borrowings under the $3 billion borrowing base facilities are
likely to be limited, because a large portion of those facilities
are, or will be, used to issue trade finance instruments such as
letters of credit.

The principal methodology used in these ratings was Trading
Companies published in June 2016.

Noble Group Limited is the largest global physical commodities
supply chain manager in Asia by revenue. Its diversified
activities across the supply chain include the sourcing, storage,
processing, transportation, and distribution of over 20 commodity
products.

Founder and Chairman, Mr. Richard Elman, holds an approximate 18%
stake in the company. China Investment Corporation - the Chinese
sovereign wealth fund - owns about 10%.



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AKS ALLOYS: ICRA Reaffirms C+ Rating on INR14cr LT Loan
-------------------------------------------------------
ICRA has reaffirmed its long term rating assigned to the INR14.00
crore Fund based facilities of AKS Alloys Private Limited at
[ICRA]C+. The short term rating for INR10.00 crore non fund based
facilities has also been reaffirmed at [ICRA]A4.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long Term Fund
  Based                  14.00       Reaffirmed at [ICRA]C+

  Short Term Non
  Fund Based             10.00       Reaffirmed at [ICRA]A4

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with AAPL, ICRA had sent repeated reminders to the company for
payment of surveillance fee that became overdue and had been
trying to seek information from the company so as to undertake a
surveillance of the rating; however despite multiple requests;
the company's management has remained non-cooperative. ICRA's
Rating Committee has taken a rating view based on best available
information. In line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated Nov. 1, 2016, the company's
rating is now denoted as: "[ICRA] C+/A4 ISSUER NOT COOPERATING ON
INFORMATION AND FEE". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

Incorporated in 2000, AAPL is engaged in manufacturing steel
ingots and trading steel scrap / ingots. The Company operates a
steel ingot manufacturing facility with a capacity of 18,000
tonnes per annum (TPA), at Pondicherry. The Company is closely
held and managed by the promoter group, mainly comprising Mr.
Sanjay Kumar Sharma and Mr. Nemi Chand Kothari. The Company holds
80% equity stake in SAR Ispat Private Limited, which is engaged
in manufacturing steel billets at Pondicherry with a capacity of
36,000 TPA.


BUILDQUICK INFRA: CRISIL Assigns B+ Rating to INR4.5MM Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Buildquick Infrastructure Private Limited and has
assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
facilities. CRISIL had suspended the ratings on Dec. 5, 2016, as
BIPL had not provided information required for a rating review.
The company has now shared the requisite information, enabling
CRISIL to assign ratings to the bank facilities.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee          2.5        CRISIL A4 (Assigned;
                                      Suspension Revoked)

   Cash Credit             4.5        CRISIL B+/Stable (Assigned;
                                      Suspension Revoked)

The ratings reflects modest scale of operations and operating
profitability, exposure to demand-related risk on the ongoing
bungalow project, and weak financial risk profile. These rating
weaknesses are partially offset by the promoters' extensive
experience and the company's moderate medium-term revenue
visibility.

Analytical Approach

For arriving at the rating, CRISIL has treated as neither debt
nor equity, unsecured loans of INR6 crore that BIPL has received
from the directors and family members as on March 31, 2016. 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

* Modest scale of operations and operating profitability:
Dependence on orders received from government departments and
other customers for revenue constrains scalability in
operations'revenue reduced to INR5.15 crore in fiscal 2016, from
INR15.39 crore the previous fiscal'and operating profitability,
which reduced to 3.79% from 8.65% during the period.

* Demand-related risk on real estate project: Construction on the
bungalow project, Abhinandan, is almost complete, though only 80
of its 138 bungalows have been booked so far.

* Weak financial risk profile: Debt protection metrics are weak
due to losses incurred in fiscal 2016. The metrics have been
below average in the past too, due to low cash accrual. Modest
networth also constrains financial risk profile

Strengths
* Extensive experience of the promoters: Benefits from the
promoters' extensive experience of more than three decades in
civil and commercial construction, and in execution of real
estate development will continue to support business risk
profile.

* Moderate revenue visibility: Moderate outstanding orders of
about INR33.37 crore as on January 31, 2017, support revenue
visibility for the medium term.
Outlook: Stable

CRISIL believes BIPL will continue to benefit over the medium
term from the extensive experience of its promoters and moderate
order book. The outlook may be revised to 'Positive' if revenue
and operating margin exceeds expectations, or substantial sales
of real estate units leads to increased cash inflows. Conversely,
the outlook may be revised to 'Negative' if low cash accrual,
stretch in working capital cycle, or any large capital
expenditure weakens financial risk profile, particularly
liquidity.

Set up as a partnership firm in 1984, and incorporated as a
private limited company in 2008, BIPL is engaged in construction
of industrial and commercial projects and in real estate
development. Mr. Sunil Patel and Mr. Paresh Thaker are the
promoters. The company's registered office is at Anand, Gujarat.

Revenue was INR5.15 crore and net loss was INR0.95 crore in
fiscal 2016, against revenue of INR15.40 crore and net profit of
INR0.23 crore in fiscal 2015


CHABBRA'S ASSOCIATES: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Chabbra's
Associates' (CA) Long-Term Issuer Rating at 'IND BB'.  The
Outlook is Stable.  The instrument-wise rating actions are:

   -- INR135 mil. Fund-based limits affirmed with IND BB/Stable
      Rating; and

   -- INR200 mil. Non-fund-based limits affirmed with IND A4+
      Rating

                         KEY RATING DRIVERS

The affirmation reflect CA's continued moderate scale of
operations with net revenue of INR845 million in FY16 (FY15:
INR930 million).  The ratings are constrained by the firm's
partnership nature of business.  The ratings are further
constrained by the firm's geographical concentration risk
emanating from its contract execution activities mostly based in
and around Andhra Pradesh and Telengana.

The ratings, however, continue to be supported by CA's improved
credit metrics with interest coverage (operating EBITDAR/gross
interest expense) of 4.6x in FY16 (FY15: 4.5x) and net financial
leverage (total adjusted net debt/operating EBITDAR) of negative
0.01x (0.9x).  Improvement in the credit metrics was on account
of low working capital requirement.

The ratings are further supported by CA's strong liquidity
profile as reflected in its 45% use of working capital limits on
average during the 12 months ended January 2017.  The ratings are
also supported by over two decades of experience of the promoters
in construction of buildings, roads, etc.

                       RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations
along with an improvement in net financial leverage could be
positive for the ratings.

Negative: A further decline in the operating EBITDA margins
leading to deterioration in net financial leverage could be
negative for the ratings.

COMPANY PROFILE

CA is a partnership firm incorporated on Dec. 1, 1996.  The
firm's registered office is in Secunderabad, Telangana.  The firm
is engaged mainly in the civil construction works.

CA is promoted by Suresh Kumar Chabbra, Ramesh Kumar Chabbra and
Vidya devi Chabbra.


DWARKA GEMS: CARE Reaffirms 'B-' Rating on INR10.38cr Loan
----------------------------------------------------------
The ratings of Dwarka Gems Limited (DGL) continue to remain
constrained on account of continuous cash losses registered in
last three financial years ended FY16 (FY refers to the period
from April 1 to March 31), weak debt coverage indicators and
stressed liquidity position. The ratings, further, continue to
remain constrained on account of the company's exposure to the
volatility in gold and diamond prices and foreign exchange rates.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term/Short       10.38       CARE B-; Stable/CARE A4
   term Bank                         Reaffirmed
   Facilities

The ratings, however, continue to factor in the vast experience
of promoters in gems & jewellery industry and its moderate
capital structure.

The ability of DGL to enhance its scale of operations and improve
its profitability in the light of price fluctuation risk
associated with the precious metals is the key rating
sensitivity.

Detailed description of the key rating drivers

Key Rating Weakness
Continuous cash losses, weak debt coverage indicators and
stressed liquidity position The profitability of the company is
exposed to volatile raw material prices and foreign exchange rate
that led to fluctuating profitability margins. The company has
registered continuous cash losses in last three financial years
ended FY16. Due to continuous cash losses and elongated operating
led to its stress liquidity position. Further, due to cash
losses, debt coverage indicators stood weak.

Key Rating Strengths
Growth in Total Operating Income (TOI) During FY16, TOI of the
company has improved by 26.43% over FY15 mainly on account of
increase in export sales by 90.37% over FY15 which offset to an
extent with decline in domestic sales by 22.32% over FY15.
Moderate capital structure The capital structure of the company
stood moderate owing to high net-worth base.

DGL is the flagship company of Dwarka Group which was promoted by
Mr. Krishna Behari Goyal and Mr. Ashok Goyal as a private limited
company in 1992 and was converted into public limited company in
1996. However, later on, Mr. Ashok Goyal left the company. DGL
has a track record of more than two decades and is engaged in the
manufacturing, whole selling and retailing of plain gold &
diamond studded jewellery and gold coins. DGL has two retail
showrooms located in Chandigarh and Jaipur. The company majorly
export its product in USA and U.K. Further, DGL is also involved
in the export of jewellery mainly through its two subsidiaries
companies namely Dwarka Gems Inc (New York) and Dwarka Gems
(Europe) Ltd. (London).

During FY16 (FY refers to the period April 1 to March 31), DGL
has reported a total operating income of INR11.54 crore
and net loss of INR0.26 crore.


EROS INTERNATIONAL: S&P Assigns 'B+' CCR; Outlook Stable
--------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term corporate credit
rating to Eros International Plc.  The outlook is stable.  At the
same time, S&P assigned its 'B+' rating to the proposed U.S.
dollar-denominated senior unsecured notes, maturing 2022, that
Eros Films Ltd. will issue.  Eros will guarantee the proposed
notes.

Eros is a New York Stock Exchange-listed Indian film production
and distribution company.  Eros also runs the digital
entertainment streaming service Eros Now.

"Our rating reflects Eros' good market presence in the fragmented
Bollywood (Hindi) film production industry, which is smaller than
Hollywood's," said S&P Global Ratings credit analyst Ashutosh
Sharma.  "The rating also reflects Eros' higher leverage from a
volatile financial performance and our belief that the company
would successfully refinance its upcoming maturities and other
high-cost borrowings through the proposed senior unsecured
notes."

Eros' business risk profile reflects the company's relatively
larger footprint in the fragmented Bollywood and Indian movie
business compared with its much larger and concentrated Hollywood
peers such as Metro-Goldwyn Mayer, Lionsgate, and Dreamworks
Animation.

S&P expects Eros' revenue and cash flow to remain volatile due to
its dependence on new movie releases, significant upfront
investments with a relatively shorter shelf life, and the rapidly
changing tastes of the Indian audience.  However, with more than
50 movies every year, Eros has a much larger movie slate than its
international peers, which means a more distributed risk pattern
compared with international peers, who run higher risks with big-
budget films.

"Unpredictable cash flows because of variations in audience
tastes and attendance at theatres, and risks related to high
upfront investments are key considerations in our ratings on film
production and distribution companies.  India's sizable
population, rising income levels, increasing multiplex
penetration, and rising television and Internet reach make the
country's movie market lucrative," Mr. Sharma said.

Eros commands roughly 30% of the Bollywood box-office collections
and about 40% of all Indian language films released in theatres
in the U.K. and the U.S.  However, S&P believes Eros' slate has
high content and geographical concentration because it mainly
caters to the Indian diaspora.  More than 50% of its box office
revenue is from the top five or six Bollywood movies it produces.

Eros is also expanding in regional Indian languages, further
diversifying its overall revenue.  Catalog sales contribute more
than a fourth of Eros' revenue.  However, the company's own
library size (3,000+ films) is small when compared with that of
its western peers.

The stable rating outlook reflects S&P's expectation that Eros
will successfully refinance its upcoming maturities and maintain
its business position over the next 12 months while improving its
operating cash flow through prudent content acquisition and
working capital management.

S&P may lower the rating if Eros is unable to refinance its debt
maturities.  S&P may also lower the rating if the company's ratio
of funds from operations (FFO) to debt moves sustainably below
12%.  Poor box-office performance or higher-than-expected content
and working capital investments could indicate such a situation.

S&P may raise the rating if Eros' operating cash flow improves
such that the FFO-to-debt ratio moves sustainably above 20% with
adequate liquidity.  Higher growth with prudent content
acquisition and a faster receivables collection would reflect
such a scenario.


ESSEM ENTERPRISE: CARE Assigns 'B' Rating to INR8.86cr LT Loan
--------------------------------------------------------------
The ratings assigned to the bank facilities of Essem Enterprise
are constrained by its small scale of operations with moderate
profit margins, proprietorship nature of constitution, client
concentration risk albeit satisfactory clientele, volatility in
input prices, working capital intensive nature of operations,
leveraged capital structure with moderate debt coverage
indicators, its presence in an intensely competitive industry and
sluggish economic scenario.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             8.86       CARE B; Stable Assigned

   Short-term Bank
   Facilities             1.43       CARE A4 Assigned

The ratings, however, derive strength from the experience of the
management, its long track record of operations and healthy order
book position.

Going forward, the ability of Essem to increase its scale of
operations by executing orders in hand within stipulated time
period, timely receipts of contract proceeds and effective
management of working capital will be the key rating
sensitivities.

Detailed description of the key rating drivers:

Key Rating Weaknesses
Small scale of operations with moderate profit margins: The size
of the operations of the entity remained small with total
operating income of INR15.14 crore in FY16 and total capital
employed of INR16.83 crore as on March 31, 2016. The profit
margins of the entity remained moderate with operating margin at
16.34% and PAT margin of 7.58% in FY16.

Proprietorship nature of constitution: Essem Enterprise, being a
proprietorship entity, is exposed to inherent risk of the capital
being withdrawn at time of personal contingency of the proprietor
and the entity being dissolved upon the death/insolvency of the
proprietor. Moreover, the proprietorship entity has restricted
access to external borrowing as credit worthiness of the
proprietor would be the key factors affecting credit decision for
the lenders.

Client concentration risk albeit satisfactory clientele: Essem
executes orders mainly for various public sector units like
Kolkata Municipal Corporation, Indian Railway, Hindustan
Aeronautics Ltd and earns revenue of about 90% of its total
operating income from the above clients which exposes it to
client concentration risk.

Volatility in input prices: The major inputs for any civil
contractors are bitumen, asphalt, murram, stone chips and metals,
the prices of which are volatile. Furthermore, all the contracts
executed by the entity do not contain any price escalation clause
and the entity is exposed to volatility in prices of input
materials. This apart, it does not enter into any agreement with
contractees to safeguard its margins against any increase in
labour prices and being present in a highly labour intensive
industry, it remains susceptible to the same.

Working capital intensive nature of operations: The operations of
the firm are highly working capital intensive mainly due to high
inventory and debtor collection period. The average inventory
period was on the high side mainly due to work uncertified as on
account closing dates. Most of the customers of Essem are public
sector units like Indian Railway, Kolkata Municipal Corporation.
Due to its low bargaining power coupled with high competition in
the industry Essem has to allow high credit period to its
customer. This apart, stretched payment mechanism adopted by the
government authorities has also lead to high collection period
for the firm which ultimately resulted in high average working
capital utilization restricting the overall financial
flexibility.

Moreover, it receives credit of about three months from its
creditors which mitigates its working capital intensity to a
certain extent.

Leveraged capital structure with moderate debt coverage
indicators: The capital structure of Essem has remained leveraged
as on March 31, 2016 marked by overall gearing of 2.65x. The debt
protection indicators remained moderate marked by satisfactory
interest coverage of 2.27x and moderate total debt to GCA of 8.26
years in FY16.

Intense competition and sluggish economic scenario: The entity
has to bid for the contracts based on tenders opened by the
various public sector units like Kolkata Municipal Corporation,
Indian Railway. Upon successful technical evaluation of various
bidders, the lowest bid is awarded the contract. Since the type
of work done by the entity is mostly commoditised, the entity
faces intense competition from other players. The firm receives
projects which majorly are of a short to medium tenure (i.e. to
be completed within maximum period of one to two years). Apart
from this, present economic slowdown is also having a negative
bearing on the construction sector which may also hinder the
growth of the entity.

Key Rating Strengths
Long track record of operations and experienced management: The
entity is into civil construction activities since 1985 and thus
has more than three decades of track record of operations.
Furthermore, the proprietor, Mr. Santanu Mukherjee has around 31
years of experience in the civil construction industry, looks
after the day to day operations of the entity. Healthy book
position: The order book position has been healthy and as on
January 06, 2017 the value of orders in hand was INR50.77 crore
(3.35 times of FY16 total income) which needs to be completed by
October 2018.

Kolkata-based (West Bengal) Essem was established as
proprietorship entity in the year 1985 by Mr. Santanu Mukherjee.
Since its inception, the entity has been engaged in civil
construction activities in the segment like construction of road,
bridges, water drain, box culvert and buildings. Along with civil
construction activities, the entity has also been engaged in
allied electrical, underground pipeline and mechanical jobs.
During FY16 (Audited; refers to the period April 1 to March 31),
Essem reported PAT of INR1.15 crore (INR0.83 crore in FY15) on
total operating income of INR15.14 crore (INR12.28 crore in
FY15). Furthermore during 9MFY17, the entity has achieved revenue
of INR15.50 crore.


GARG RICE: CARE Assigns 'B' Rating to INR13.75cr LT Loan
--------------------------------------------------------
The ratings assigned to the bank facilities of Garg Rice Mills
are constrained by its small scale of operations with low
profitability margins, highly leveraged capital structure, weak
total debt to GCA and foreign exchange fluctuation risk.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             13.75      CARE B; Stable Assigned


   Short-term Bank
   Facilities              0.25      CARE A4 Assigned

The ratings are further constrained by elongated operating cycle,
susceptibility of margins to fluctuation in raw material prices,
fragmented nature of industry coupled with high level of
government regulation and partnership nature of its constitution.
The ratings, however, derive strength from experienced partners,
established track record of the entity and locational advantages.
Going forward, the ability of the firm to increase its scale of
operations while improving its profitability margins and solvency
position and managing its working capital requirements
efficiently would remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths
Experienced partners and established track record: Mr. Radhe
Shyam and  Mr. Ramesh Garg have total work experience of three
decades, Mr. Nilesh Garg and Mr. Nitin Garg have total work
experience of around one decade and Mr. Sachin Garg has industry
experience of 2 years. The firm has been in operations for more
than two and a half decades. This has aided in having established
relationship with customers and suppliers. Location advantages:
The firm's processing facility is situated at Taraori, Haryana
which is one of the largest producers of paddy in India. Its
presence in the region gives additional advantage over the
competitors in terms of easy availability of the raw material as
well as favorable pricing terms.

Key Rating Weaknesses
Small scale of operations with low profitability margins: Despite
being in operations for more than two and a half decades, the
firm's scale of operations has remained small marked by TOI of
INR89.93 crore for FY16 (refers to the period April 1 to
March 31). The PBILDT margin and PAT margin of the firm stood at
1.56% and 0.33% respectively in FY16. Highly leveraged capital
structure: GRM has highly leveraged capital structure with
overall gearing ratio of 6.25x as on March 31, 2016 as compared
to 11.76x as on March 31, 2015 Weak total debt to GCA: The total
debt to GCA stood weak at 38.28x for FY16 as compared to 50.35x
for FY15.

Foreign exchange fluctuation risk: The firm is dependent upon
exports and its exports contribution to total sales stood at 89%
in FY16. With significant chunk of sales realization in foreign
currency, the firm is exposed to the fluctuation in exchange
rates as around 50% of its exports remain unhedged exposing it to
sharp appreciation in the value of rupee against foreign currency
which may impact its cash accruals. Elongated operating cycle:
The average operating cycle of the firm stood elongated at 94
days for FY16 (113 days for FY15).

Susceptibility of margins to fluctuation in raw material prices:
The firm is susceptible towards fluctuation in raw material
prices and monsoon dependent operations Fragmented nature of
industry: The commodity nature of the product makes the industry
highly fragmented.

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

Garg Rice Mills (GRM) was established in 1980 as a partnership
firm and is currently being managed by Mr. Radhe Shyam, Mr.
Nilesh Garg, Mr. Ramesh Garg, Mr. Nitin Garg and Mr. Sachin Garg
as its partners sharing profit and loss equally. The firm is
engaged in processing of paddy and milling of rice at its
manufacturing facility located at Taraori (Haryana) having an
installed capacity of 11500 tonnes per annum as on March 31,
2016. The firm is also engaged in trading of rice [income from
trading constituted around 60% of the total revenue in FY16
(refers to the period April 1 to March 31)]. The firm is majorly
engaged in export of basmati and non-basmati rice to countries
such as Saudi Arabia, Israel and other Middle East countries. The
export constituted approximately 89% of total income in FY16. The
firm procures rice from wholesalers based in Rajasthan,
Jharkhand, Uttar Pradesh, Punjab, West Bengal, Haryana, etc and
procures paddy directly from local grain markets located in
Haryana. Furthermore, the firm also sells rice domestically in
the states of Delhi, Punjab and Haryana directly as well as
through brokers. Besides GRM, the one of the partners is also
engaged in another group concern namely RT Overseas, a
partnership firm engaged in trading and milling of rice since
2011.

In FY16, GRM has achieved a total operating income of INR89.93
crore with PAT of INR0.30 crore, as against the total
operating income of INR78.45 crore with PAT of INR0.28 crore in
FY15. In 8MFY17 (Provisional), the firm has achieved total
operating income of INR35 crore.


GOLDEN APPLE: CRISIL Assigns 'B+' Rating to INR18MM LT Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Golden Apple and has assigned its 'CRISIL
B+/Stable' rating to the facilities. CRISIL had suspended the
rating on Dec. 27, 2016, as GA had not provided the information
required for a rating review. GA has now shared the requisite
information, enabling CRISIL to assign a rating to its bank
facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              9        CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)
   Long Term Loan          18        CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

The firm's business risk profile is stable with revenue expected
to double in fiscal 2017 and grow 15-20% over the medium term,
supported by the capacity enhancement from 1500 tonne per annum
(tpa) to 5250 tpa, and healthy demand for apples in the off
season.

Liquidity is constrained by high bank limit utilisation of 90%
over the 12 months through December 2016, but supported by need-
based fund support from promoters, and sufficient cash accrual to
meet debt obligation, given 30 months of moratorium.

Key Rating Drivers & Detailed Description

Weaknesses
* Small scale of operations: The firm commenced commercial
operations in fiscal 2012, and had modest revenue of INR80.8
million in fiscal 2016. Small scale of operations in a
competitive industry limits ability to bargain with suppliers and
customers, leading to pressure on working capital. Following
capacity expansion, revenue should grow at a healthy pace over
the medium term. However, scale of operations will remain modest.

* Working capital-intensive operations: GA had gross current
assets of 353 days as on March 31, 2016, mainly because of large
inventory of 5-6 months to meet demand in the off season.
Operations will remain working capital intensive and effective
management will remain a rating sensitivity factor.

* Susceptibility to climatic conditions: GA's revenue depends on
apple yield in a particular year, which may be affected by
adverse climatic conditions such as ground frost or hailstorm,
and by proliferation of pests, disease outbreak, loss of soil
fertility, water availability, and natural calamities.

Strengths
* Extensive experience of promoters: The firm is managed by Mr.
Ehsan Jawed and two other partners, who have been trading apples
since 1960 and own 10 hectares of apple orchards with annual
capacity of 5250 tpa. Mr. Javed has also entered the cold storage
business to tap his established customer base.

* Average Financial risk profile: Financial risk profile should
remain average, backed by healthy debt protection metrics. Total
outside liabilities to adjusted net worth (TOLANW) will weaken on
account of large, debt-funded capital expenditure (capex)
undertaken in fiscal 2015, but will remain comfortable. Healthy
profitability, stable working capital cycle, and absence of
additional debt-funded capex will keep the financial risk profile
average over the medium term.

* Financial support from promoters in the form of unsecured
loans: The promoters have extended unsecured loans in fiscal 2017
which will support the firm's growing scale of operations.
Outlook: Stable

CRISIL believes GA will continue to benefit from its promoters'
industry experience. The outlook may be revised to 'Positive' if
there is a substantial increase in revenue or improvement in
operating profitability, while working capital management is
efficient. The outlook may be revised to 'Negative' if there is a
considerable increase in working capital requirement, or if
profitability is low, weakening the financial risk profile. Any
delay in commissioning of the storage facility, leading to lower-
than-expected revenue, may result in a 'Negative' outlook.

GA trades in, and provides controlled-atmosphere storage for,
apples. It commenced commercial operations in fiscal 2012. The
firm is based in Pulwama, Jammu & Kashmir.

GA's profit after tax (PAT) was INR27.6 lakh on net sales of
INR6.05 crore in fiscal 2016, vis-a-vis INR15.01 lakh and INR5.89
crore, respectively in fiscal 2015.


INDCON PROJECTS: CRISIL Reaffirms B+ Rating on INR13.5MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed the ratings on Indcon Projects and
Equipment Limited ratings at 'CRISIL B+/Stable/ CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         13.5      CRISIL A4 (Reaffirmed)
   Cash Credit            13.5      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        1.5      CRISIL A4 (Reaffirmed)

The ratings reflect the weakened liquidity profile marked by
insufficient net cash accrual to meet term debt obligations;
tender-based business operations leading to volatility in sales;
large working capital requirement and average financial risk
profile. These weaknesses are partially offset by the extensive
experience of IPEL's promoters in the engineering equipment
industry, the company's diversified revenue profile, and strong
and long-term relationships with customers and suppliers.

Key Rating Drivers & Detailed Description
Weaknesses
* Weakened liquidity profile: Liquidity profile is marked by
insufficient net cash accrual to meet term debt obligations of
INR2.37 crores and INR2.5 crores in fiscal 2017 and 2018 and high
bank limit utilisation driven by lower than expected turnover.
Further, the company has large debt contracted from banks and
non-banking financial institutions (NBFCs), resulting in a
weakened liquidity profile.

* Tender-based business operations leading to volatility in
sales: IPEL derives significant portion of its revenue from
tender-based orders. This exposes the company to volatile revenue
profile as inability to bag a tender may lead to revenue losses.

* Large working capital requirement: IPEL's working capital
requirements were high as indicated by gross current assets
(GCAs) estimated at 250 days as on March 31, 2016. This is on
account of higher debtor and inventory days.

* Average financial risk profile: IPEL has average financial risk
profile marked by gearing levels increased to to 1.75 times due
to increase in dependency over working capital funding to meet
the increased working capital requirements and increase in term
loans from the NBFCs.

Strengths
* Extensive experience of IPEL's promoters: IPEL was set up in
1986. The promoters have experience of nearly three decades in
the industrial manufacturing for engineering equipment skid
mounted compressed air, gas and liquid driers, pressure vessels.

* Diversified revenue profile and strong and long-term
relationships with customers and suppliers: The established
industry position of the promoters established strong relations
with suppliers and customers such as Reliance Industries Ltd
(CRISIL AAA/Stable/CRISIL A1+), Indian Oil Corporation Ltd
(CRISIL AAA/Stable/CRISIL A1+),Hindustan Petroleum Corporation
Ltd (CRISIL AAA/Stable/CRISIL A1+), and helped IPEL in terms of
pricing and assured demand supply. IPEL derives roughly 40% of
its revenue from manufacturing segment and 60% from the EPC
segment.
Outlook: Stable

CRISIL believes IPEL will continue to benefit from the extensive
industry experience of its promoters and their established
relationships with customers. The outlook may be revised to
'Positive' if increase in scale of operations and profitability
and efficient working capital management, lead to better cash
accrual and financial risk profile. The outlook may be revised to
'Negative' if reduced cash accrual or large working capital
requirement or debt-funded capital expenditure weakens financial
risk profile.

Incorporated in 1986 by Mr. Prakash Narain Misra, IPEL designs
and manufactures engineering equipment such as skid-mounted
compressed air, gas, and liquid driers; pressure vessels;
columns; and heat exchangers. It is also engaged in engineering,
procurement, and construction of pipeline infrastructure for the
oil and gas sector. The company is based in Delhi, and has
manufacturing facilities in Faridabad (Haryana), Gujarat, and
Delhi.

In fiscal 2016, IPEL earned profits of INR1.19 crores on net
sales of INR56.93 crores, against INR0.87 crores and INR62.77
crores for fiscal 2015.


INDUSTRIAL FORGING: ICRA Assigns B+ Rating to INR11.95cr Loan
-------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the
INR11.95-crore fund based bank limits of Industrial Forging
Industries. ICRA has also assigned the short-term rating of
[ICRA]A4 to the INR1.50-crore non-fund based limits of the
entity. The outlook on the long-term rating is Stable.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Rated on Long-term
  scale

  Fund Based Limits      11.95       [ICRA]B+ (Stable) assigned

  Rated on Short-term
  scale

  Non-Fund Based Limit     1.50      [ICRA]A4 assigned

Detailed rationale
The assigned ratings take into account IFI's moderate scale of
current operations and its weak financial profile characterised
by low operating profitability, high gearing and weak debt
coverage indicators. The entity's liquidity position also remains
stretched owing to high working capital intensity of operations
due to high debtor days and inventory days, reflected by high
utilisation of its fund-based working capital limits. ICRA also
notes that IFI's profitability remains susceptible to the
fluctuation in raw material prices. Moreover, the assigned
ratings take into account the company's exposure to foreign
currency fluctuation risks in the absence of a formal hedging
mechanism.

The ratings, however, favourably factor in long experience of the
promoters in the forging of steel and alloys. Repeat orders from
the existing clientele highlight acceptable product quality. ICRA
notes that effective management of the entity's working capital
requirement would remain a key rating sensitivity.

Key rating drivers
Credit strengths
* Long experience of the promoters in the forging of steel and
   alloys
* Repeat orders from existing clients indicates acceptable
   product quality
Credit challenges
* Weak financial profile characterised by low operating
   profitability, adverse capital structure and weak coverage
   indicators

* High working capital intensity of the entity's operations
   adversely impacts its liquidity position, notwithstanding
   the improvement in FY 2016

* Moderate Scale of Current Operations

* Vulnerability of profitability to fluctuation in raw material
   Prices

* Exposure to foreign currency fluctuation risks in the absence
   of a formal hedging mechanism

Detailed description of key rating drivers highlighted:

The promoters are involved in forging of steel products since
1989. The products manufactured by the entity include cross arm,
clamps, eye hook, ball hook etc., which find application in the
overhead lines for transmission of power. The entity has an
installed forging capacity of 12,000 MT per annum at its
facilities located in Howrah and Jungalpur. The facilities are
operating at an optimum capacity at present. While forging of the
company's products is carried out at its own facilities,
galvanising of the same is carried out at the facility of a group
entity, IFI Industries which is involved in galvanising of the
products. The entity sells its products in the international
markets like South Africa, Kenya, Uganda, Jordan, the UAE and
Mozambi as well as in the domestic market in the states of West
Bengal, Chhattisgarh, Odisha and Jharkhand.

The entity has registered an operating income of INR65.71 crore
in FY2016 of which around 29% is on account of sales in the
export market and the balance is from domestic sales. Although
the revenue of the entity improved over the last three years, the
current scale of the entity's operations continued to remain
moderate. Moreover, the low-value additive nature of operations
put pressure on its profitability as reflected by a low operating
profitability of 2.98% in FY2016. Although foreign currency
fluctuation gain in FY2016 supported the net profitability of the
company to some extent, the net profit margins continued to
remain on the lower side. The capital structure of the company
remained aggressive and debt coverage indicators remained weak.

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

Industrial Forging Industries (IFI) is involved in forging of
steel products such as MS round, MS flat, MS angle and MS channel
for manufacturing of structural items such as cross arm, clamps,
eye hook etc, which find application in overhead lines for
transmission of power. The entity's manufacturing facilities are
located at Howrah and Jangalpur in West Bengal and have an
installed capacity of 12,000 MT per annum.


JEYA SATHYA: CRISIL Upgrades Rating on INR14MM Cash Loan to B
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Jeya Sathya Agro Food Products Private Limited to 'CRISIL
B/Stable' from 'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              14       CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade reflects improvement in the business risk
profile following successful stabilisation of operations in
January 2016. Revenue is expected at around INR60 crore in fiscal
2017, higher than CRISIL's earlier expectation .The better-than-
expected operating performance is expected to result in cash
accrual of INR1.1-1.2 crore, against maturing obligations of
around INR0.84 crore, per fiscal over the medium term.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest financial risk profile: The capital structure is highly
leveraged and debt protection metrics are modest. The total
outside liabilities to tangible networth ratio is expected to be
over 2.5 times as on March 31, 2017. The interest coverage ratio
is likely to be modest at less than 1.5 times for fiscal 2017.

* Susceptibility to changes in government regulations and
volatility in raw material price: The domestic rice industry is
highly regulated in terms of paddy prices, export/import policy,
and rice release mechanism, which affects the credit quality of
players in the industry. The minimum support price of paddy and
prevailing rice prices are two important factors that determine a
rice mill's profitability. CRISIL believes that the profitability
of millers, such as JSA, will remain susceptible to volatility in
raw material prices and to any changes in government regulations.

Strength
* Extensive experience of the promoters in the agricultural
commodities industry: The promoters, Mr. Kasinathan
Manickavasagan and his family members, Mr. Chidambaram Raju, Mrs
Ramaiah Sathya, and Mrs Muthukannan Jaya, have an experience of
10-15 years in the industry. Mr. Manickavasagan has an interest
in this industry through his food agency. The experience helps
procure paddy from local farmers and traders at competitive
prices, and is expected to ensure regular supply of paddy.
Outlook: Stable

CRISIL believes JSA will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of an improvement in the financial risk
profile, particularly capital structure , driven by higher-than-
expected revenue or operating profitability. The outlook may be
revised to 'Negative' in case of a decline in revenue or
operating profitability, or higher-than-expected debt-funded
capital expenditure, resulting in weakening of the financial risk
profile.

JSA was incorporated in 2013. The company operates a rice mill
with a capacity of 8 tonne per hour in Kallur, Tamil Nadu. It
commenced commercial operations in January 2016.


LAXMI SOPAN: CARE Reaffirms 'B' Rating on INR5.22cr LT Loan
-----------------------------------------------------------
The rating assigned to the bank facilities of Laxmi Sopan
Agriculture Produce Marketing Company Limited (LAPL) continues to
remain constrained on account of small scale of operations with
low capitalization, leveraged capital structure, weak debt
coverage indicators and weak profitability margins owing to
limited value addition nature of business.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.22       CARE B; Stable Reaffirmed

The rating is further constrained by agreement roll back and
vacancy risk and non existence of rent escalation clause.
However, the rating derives strength from experienced and
resourceful promoters along with 100% occupancy rates of leased
assets and comfortable operating cycle. The ability of the entity
to increase its scale of operations, improve its solvency
position and profit margins amidst competitive scenario along
with efficient management of working capital requirements is the
key rating sensitivity.

Detailed description of the key rating drivers
Key Rating Strengths
Experienced and resourceful promoters and comfortable occupancy
status: LAPL's promoters have experience of over 15 years in
industry and are ably supported by experience personnel in
second- tier management. Furthermore, the promoters have been
supporting the business by continuous infusion of funds. Further
with the experience the promoters have been able to maintain
healthy occupancy level of 100% for the total developed area of
7.40 lakh square feet for the marketing of agriculture produce
for the farmers.

Key Rating Weaknesses
Modest scale with low profitability and leveraged capital
structure: Despite being in existence for around three years, the
scale of operations of the company remained small with low
networth base thus depriving it of scale benefits. Furthermore,
owing to limited value addition nature of business and high
degree of competition the profit margins remained low. Dependence
on external borrowings remained high resulting in leveraged
capital structure owing to low networth base.

Vacancy and rollback risk: Although the occupancy remained
healthy but the same is susceptible to agreement roll out and
vacancy risk and risk arising out of non existence of rent
escalation clause and lock in period of five years. Laxmi Sopan
Agricultural Produce Marketing Company Limited (LAPM) was
incorporated on February 08, 2014. The company has developed an
area of around 18 acres of land located at Solapur for providing
a market for the selling of agriculture produce by the farmers.
The overall operations of LAPL are spearheaded by Mr. Rajendra
Vitthal Raut, Mr. Sanjay Vitthal Raut, Mr. Vijay Vitthal Raut and
Mr. Abhijeet Ashok Raut with two and half decades, two decades,
around one and half decade and half a decade, respectively,
through association with group entities engaged in similar
segment.

The entity reported TOI of INR0.97 crores with net losses of
INR0.49 crore against TOI of INR0.31 crore with a net loss of
INR0.20 crore in FY15 (refers to the period April 1 to March 31).


LUNI POWER: CRISIL Lowers Rating on INR15MM Term Loan to 'D'
------------------------------------------------------------
CRISIL has revised its rating on the long-term bank facilities of
Luni Power Company Private Limited to 'CRISIL D' from 'CRISIL BB-
/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               15        CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The downgrade reflects irregularity in payment of interest on
term loan.  Continuous time and cost overrun in the project has
resulted in stretched liquidity and irregularity in servicing the
interest on term loan.

CRISIL's rating on the long-term bank facility of LPCL continues
to reflect LPCL's exposure to risks related to project
implementation. The company is also susceptible to hydrological
risks and to single site concentration in its revenue profile.
These rating weaknesses are partially offset by the extensive
experience of LPCL's promoters in the hydroelectric power
generation and infrastructure sectors.

Key Rating Drivers & Detailed Description
Weakness
* Stretched liquidity resulting from time and cost overruns
LPCL is implementing a 4.5 MW hydro-based power plant under a 40-
year concession contract entered in to with Himachal Pradesh
state government on build, own, operate and transfer (BOOT) basis
for generation of electricity by utilising the water resource of
the Luni Khad, a tributary of river Beas. At a total cost of
INR37.5 crore, the project was expected to become operational in
October 2014, however delay in acquisition of land, led the date
of commencement to be pushed to March 2016, with project cost
increasing to INR48.5.0 crore. The repayment period has also been
moved in line with the shift in beginning of operations. However,
on account of climatic factors, the project was delayed further
and is yet to become operational. The total cost incurred till
date is INR55.5 crore.  The repayment is scheduled from June
2017. The excess cost has been entirely funded through unsecured
loans. The time and cost overrun has resulted in stretched
liquidity and irregularity in servicing the interest on term
loan.

Strength
* Extensive experience of promoters
SPML Infra Ltd, a majority shareholder of LPCL, is an
infrastructure development company based out of New Delhi and is
the flagship company of SPML group. SPML has 32 years of
experience in water infrastructure, 16 years in power
infrastructure and 10 years in civil infrastructure development.

LPCL, incorporated in 2001, is setting up a small hydro-power
plant under a 40-year concession contract with the Government of
Himachal Pradesh on a build-own-operate-and-transfer basis.


MAHAVIR POLYPLAST: CARE Reaffirms B+ Rating on INR8.75cr Loan
-------------------------------------------------------------
The ratings assigned to the bank facilities of Mahavir Polyplast
Private Limited continue to remain constrained by its small scale
of operations coupled with low net worth base, thin profitability
margin, leveraged capital structure and weak debt coverage
indicators. The ratings are further constrained by working
capital intensive nature of operations, raw material price
fluctuation risk and intense competition in the industry due to
low entry barriers.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              8.75      CARE B+;Stable Reaffirmed

   Short-term Bank
   Facilities               4.25     CARE A4 Reaffirmed

The rating constraints are partially offset by experienced
promoters and growing scale of operations. Going forward, the
ability of the company to increase the scale of operations while
improving the profitability margins and capital structure along
with effective working capital management shall be the key rating
sensitivities.

Key rating weakness
Growing though small scale of operations with low net worth base:
The total operating income of the company increased in FY16 on
account of increase in the sales of UPVC pipes, screen pipes,
etc, to its new and existing customers. Despite growth
registered, the same continued to remain small; the small scale
limits the company's financial flexibility in times of stress and
deprives it from scale benefits.

Working capital intensive nature of operations: Operations of the
company continues to remain working capital intensive marked by
an average operating for FY16. The operating cycle of the company
continue to remain high on account of elongated inventory
holding.

Weak financial risk profile: The profitability margins as marked
by the PBILDT and PAT margins of the company continued to remain
thin for FY16. The PBILDT and PAT margins stood at 8.23% and
0.62%, respectively, during FY16.

The capital structure of the company as marked by overall gearing
continues to remain leveraged at 8.37x as on March 31, 2016, on
account of high dependence of working capital borrowing against
low net worth base.

Coverage indicators continue to remain weak owing to high debt
levels. Interest coverage and total debt to GCA of the company
stood at 1.47x and 16.99x, respectively, as on March 31, 2016, as
against 1.51x and 19.25x as on March 31, 2015.

Raw material price fluctuation: The prices of raw materials of
the company required for the manufacturing of PVC pipes and
fittings are volatile in nature and since the cost of raw
materials accounting for significant portion of the total
production cost, an upward movement in the raw material prices
adversely affects the profitability of the industry players.

Intense competition in the industry due to low entry barriers:
The company operates in a highly fragmented industry marked by
the presence of a large number of players in the organized as
well as unorganized sector. The industry is characterized by low
entry barriers due to low technological inputs and easy
availability of standardized machinery for the production.

Key rating strengths
Experienced management: The company is currently managed by Mr.
Ram Niwas Gupta and Mr. Rishi Gupta, and have an experience of
around two and a half decades in trading and manufacturing of
plastic products.

MPP was incorporated in 2007 and commenced its commercial
operations in 2008. The company is currently being managed by Mr.
Ram Niwas Gupta and Mr. Rishi Gupta. The company is engaged in
the manufacturing of pipes such as unplasticized polyvinyl
chloride (UPVC) pipe, casing pipe, ribbed screen pipe, plumbing
pipe and column pipe, etc, with installed capacity of 11,500 M.T.
per annum as on March 31, 2016, at its manufacturing facility
located at Agra, Uttar Pradesh. MPP mainly procures its key raw
material, ie, polyvinyl chloride (PVC) resin, calcium carbonate
and chemical from manufacturing companies located in Uttar
Pradesh. The company mainly supplies to traders located in Agra
and nearby regions. Mahavir Pipe Store (MPS), an associate
concern, is engaged in trading of pipes.

In FY16 (refers to the period April 1 to March 31), MPPL achieved
a total operating income (TOI) of INR28.91 crore with PAT of
INR0.64 crore, as against total operating income of INR26.27
crore with PAT of INR0.01 crore in FY15. Furthermore, the company
has achieved total operating income of INR31.50 crore in 9MFY17
(refers to the period April 1 to December 31; based on
provisional results).


MANJEERA CONSTRUCTIONS: ICRA Cuts Rating on INR30cr Loan to C
-------------------------------------------------------------
ICRA has downgraded the long term rating assigned to the INR15.00
crore fund based limits, INR30.00 crore non fund based limits and
INR15.00 crore unallocated limits of Manjeera Constructions
Limited to [ICRA]C from [ICRA]B-.

                          Amount
  Facilities            (INR crore)    Ratings
  ----------            -----------    -------
  Fund based limits         15.00      [ICRA]C /downgraded from
                                       [ICRA]B-

  Long term Non Fund        30.00      [ICRA]C /downgraded from
  based                                [ICRA]B-

  Long term: Unallocated    15.00      [ICRA]C /downgraded from
                                       [ICRA]B-

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

Manjeera Constructions Limited was incorporated in the year 1987
as Manjeera Constructions Private Limited by Mr. G. Yoganand. The
company was later converted into a public listed company, with
the shares being listed on BSE as well as NSE. From FY 2007-08,
the company started executing civil work contracts involving
construction of apartments, hostels etc.


MANJEERA RETAIL: ICRA Reaffirms 'D' Rating on INR300cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the
INR300.00 crore fund based limits and INR14.00 crore unallocated
limits of Manjeera Retail Holdings Private Limited at [ICRA]D.

                            Amount
  Facilities             (INR crore)     Ratings
  ----------             -----------     -------
  Fund based limits          300.00      Reaffirmed at [ICRA]D
  Long term: Unallocated      14.00      Reaffirmed at [ICRA]D

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

Manjeera Retail Holdings Private Limited is a Special Purpose
Vehicle (SPV) created in 2007 for the development of a 2.08
million sft mixed use real estate development at Kukatpally,
Hyderabad comprising of Manjeera Majestic Homes (residential)-
0.35 million sft; Manjeera Majestic Commercial (retail cum
office) - 0.33 million sft; Manjeera Trinity Mall (cum multiplex)
- 0.45 million sft and Manjeera Trinity Corporate (office) - 0.95
million sft under JDA with Andhra Pradesh Housing Board (APHB)
with a revenue sharing agreement (5%). The entire development is
spread across 8.295 acres.


MATHIYAN CONSTRUCTION: ICRA Cuts Rating on INR10cr Loan to C+
-------------------------------------------------------------
ICRA has revised its long-term rating on the INR10.0-crore fund-
based facilities of Mathiyan Construction Pvt Ltd to [ICRA]C+
from [ICRA]B-. ICRA has reaffirmed its short-term rating of
[ICRA] A4 on the INR24.0 crore non-fund based facilities of MCPL.

                          Amount
  Facilities           (INR crore)    Ratings
  ----------           -----------    -------
  Fund-based Limits         10.0      [ICRA]C+; revised from
                                      [ICRA]B-

  Non-fund Based Limits     24.0      [ICRA]A4; reaffirmed

Rationale
The ratings revision takes into account the continuously
stretched liquidity position of the company as evident from the
over utilisation of working capital limits because of high
receivable and inventory days. The ratings are also constrained
by the decline in the company's revenue in FY2016 due to delayed
execution, which along with high repayment obligation resulted in
weak debt service indicators.

The ratings, however, draw comfort from MCPL's healthy pending
order book, the promoter's extensive experience in road
construction and the company's status as a 'Class A' contractor
under the Public Works Departments (PWD) of Uttar Pradesh (U.P.)
and Uttarakhand state governments.

The ability of the company to improve its liquidity position,
ramp up its operating scale and improve its coverage metrics will
be the key rating sensitivity.

Key rating drivers
Credit strengths
* Experience of the promoters in the construction business

* Healthy pending order book
Credit weaknesses

* Stretched liquidity position resulting in over utilisation of
   Limits

* High working capital intensity

* Continuous delays in project execution

* High geographical and client concentration risk

Description of key rating drivers highlighted:

The revenue declined by 30% in FY2016 due to continuous delay in
project execution. However, the presence of the price escalation
clause in majority of projects has limited the price risk, as
evident from the increase in operating profitability from 10.43%
in FY2015 to 11.75% in FY2016. MCPL's working capital intensity
was high (44.96%) in FY2016 due to high debtor (96 days in
FY2016) and inventory (107 days in FY2016) days. The liquidity
position of the company remains stretched as evident from the
over utilisation of working capital limits. The company faces
high geographical and client concentration risk as its order book
is confined to road construction orders from PWD and Pradhan
Mantra Gram Sadak Yojan (PMGSY) in U.P., Uttarakhand and Goa. The
company has a long experience in the construction business and is
registered class A contractor under the state PWD departments.
The company has a healthy pending order book worth ~Rs 129.0
crore as of Jan 31, 2017, which provides revenue visibility over
the medium term, with an order backlog/OI ratio of 3.15x.

Based at Muzaffarnagar in U.P., MCPL was incorporated in 2007 by
Mr. Rajeev Kumar and his brother, Mr. Subhash Chand. The
promoters have a decade-long experience in the construction
business. The company undertakes work related to road
construction and maintenance mainly for PWD and PMGSY.

The company reported an OI of INR40.81 crore and a profit after
tax (PAT) of INR1.41 crore in FY2016, as compared to an OI of
INR58.17 crore and a PAT of INR1.78 crore in the previous year.


MID INDIA: ICRA Upgrades Rating on INR105cr LT Loan to BB-
----------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]BB- from its
earlier ratings of [ICRA]B+ on the INR105.00-crore fund-based
(term loan) bank facility of Mid India Creations LLP. The outlook
on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Long-term fund-        105.00       Upgraded to [ICRA]BB- with
  based term loan                     "Stable" outlook from
                                      earlier rating of [ICRA]B+

Detailed Rationale
ICRA's rating revision favorably factors in the change in the
terms of MIC's agreement with the property's operator (TGB
Banquets and Hotels) as well as the improvement in the former's
operational metrics. The change in the management agreement
places MIC in a better position as it ensures minimum monthly
guarantee (operating profit before interest, depreciation and
taxes), which would reduce its degree of dependence on the
promoter's support. The commencement of hotel's operations in
November 2016 would complement the adjacent banquet property,
resulting in higher occupancies. The rating also takes into
account the low credit risk since the revenue would be first
received by MIC and then shared with the operator after taking
the minimum guarantee on a monthly basis. Nevertheless, MIC is
likely to continue to be dependent on its promoters for meeting
its debt obligations. Going forward, the timely infusion of
promoter funds to support repayments and ability to achieve
targeted realisations and occupancies to ensure timely debt
servicing would remain the key rating sensitivities.

Key Rating Drivers

Credit Strengths
* Revision in the management agreement with "The Grand Bhagwati"
   ensures minimum operating profit

* Low credit risk in the dealings with the operator as the gross
   revenue is received by MIC first, before the payment of
   management fee is made to TGB.

* Negligible working capital funding requirement in MIC as the
   operating expenses are incurred by TGB (MIC shares the revenue
   in the subsequent month)

* Popularity of hotels-cum-marriage destination in Indore and
   nearby cities augurs well in terms of demand potential;
   development of residential projects around the proposed hotel
   add to the demand potential

Credit Weaknesses
* Dependence on promoters for funding support to meet debt
   obligations on time

* Ability to achieve targeted room revenues and occupancies for
   the ongoing and future developments

* Cyclical industry, vulnerable to general economic slowdown and
   exogenous shocks (geo-political crisis, disease outbreak etc.)

* Risks such as limited ability to raise equity capital and risk
   of dissolution due to death/retirement/insolvency of partners
   inherent in a partnership firm

Description of Key Rating Drivers Highlighted:

The service agreement with the property's operator (TGB banquets
and Hotels Limited) has been revised to ensure a minimum net
revenue guarantee of INR1.00 crore on a monthly basis to MIC
irrespective of the level of occupancy in the hotel or bookings
in the banquets. This would ensure a minimum operating profit of
~Rs. 12.00 crore on a yearly basis, which can be revised upward
with the increase in banquet bookings and hotel occupancy.
Furthermore, the credit risk of the firm would remain low as the
operating expenses are borne by TGB in the first instance and
then the revenue sharing takes place in the subsequent month
subject to the minimum guarantee of net income (OPBITA) to MIC.
This would also result in low working capital intensity in MIC's
operations and enhance the predictability of operating profits in
the near-medium term.

However, the rating remained constrained by the nascent stage of
operations, which would restrict the occupancy and booking in the
near term. Therefore, the firm is still dependent on the support
from promoters for meeting the debt obligations. The firm has a
single property in Indore, Madhya Pradesh, exposing it to the
risks pertaining to cyclical industry and making it vulnerable to
general economic slowdown and exogenous shocks (geo-political
crisis, disease outbreak etc.)

MIC is a partnership firm incorporated in October, 2011, under
the Limited Liability Partnership Act 2008. It is constructing a
120-room hotel in Indore, Madhya Pradesh. MIC has three partners
belonging to the BCM Group of Indore, the Naidunia Group of
Madhya Pradesh, and the Surana Group of Jaipur. The BCM Group has
undertaken many real estate projects in Madhya Pradesh, while the
Naidunia Group is engaged in the print media business in Madhya
Pradesh and is also present in the information technology
services. The Surana Group has presence in the jewellery and
construction business and also operates a multiplex, a hotel and
a convention centre. The banquet property commenced operations in
June, 2015, while the hotel property was soft launched in July,
2016.

MIC has registered an operating income (OI) of INR8.08 crore with
a profit after tax (PAT) of INR0.02 crore in FY2016.


NUWAY ORGANIC: ICRA Assigns 'D' Rating to INR18cr Term Loan
-----------------------------------------------------------
ICRA has assigned the rating of [ICRA]D to the INR32-crore bank
lines of Nuway Organic Natural (India) Limited.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund Based Limits-
  Cash Credit              8.00      [ICRA]D; assigned

  Fund Based Limits-
  Term Loan               18.00      [ICRA]D; assigned

  Unallocated Amount       6.00      [ICRA]D; assigned

Rationale
The assigned rating takes into account the stretched liquidity
position as reflected by the delays in the term loan repayments
and near full utilization of working capital limits along with
weak financial risk profile with net losses in the last 5 years,
high gearing levels, weak coverage indicators and inadequate free
cash outflows. Additionally due to the company's limited track
record of operations in the liquor industry and high competitive
intensity in the industry owing to the presence of other
distilleries in the region, the company has not been able to
scale up the sales of PML whats this in the open quota due to
which it sells ENA which has contributed to the weak
profitability and cash flows. The aforementioned factors would
continue to weigh on the business of the company and accordingly
ICRA expects that the company's profitability and cash flows will
remain weak in the medium term. The rating also factors in the
vulnerability of profitability of the liquor industry to the
regulatory scenario, given that prices are fixed by the excise
policy of the state governments with the implication that any
significant increase in grain prices may impact the profitability
of the liquor manufacturers. Further, profitability is also
vulnerable to fluctuations in RM (nakku) prices and fall in
molasses prices, in which case price competition from molasses-
based liquor will increase.

The rating, however, factor in the favorable demand prospects for
alcohol consumption and favourable location of the manufacturing
plant which aids in procurement of raw material from the
surrounding agricultural belt.

Key rating drivers
Credit Strengths
* Ease of procurement due to raw material availability from
   surrounding agrarian belt

Credit Weakness
* Significant delays in the debt servicing of the company.

* High competitive intensity owing to the presence of other
   distilleries in the region; weak competitive position of the
   company in the Punjab market as on date as reflected by low
   sales volumes of PML in excess of quota quantity

* Profitability vulnerable to regulatory scenario, since prices
   are fixed by the state government excise policy; any
   significant increase in grain prices subsequently may impact
   profitability

* Weak financial risk profile with net losses in the last 5
   years and to the tune of INR3.53 crore in FY2016, high gearing
   levels, weak coverage indicators and free cash outflows; cash
   generation of the company is insufficient to service upcoming
   term loan repayments

Description of key rating drivers highlighted:

The company has stretched liquidity position as reflected by the
delays in the debt servicing and near full utilization of working
capital limits. The operating income of the company stood at
INR39.19 crore in FY2016 as against INR50.56 cr in FY2015 with
net losses to the tune of INR3.53 crore in FY2016.

Nuway Organic Naturals India Limited (NONIL) is primarily engaged
in the production and sale of alcoholic products. The company was
incorporated as Mahindra Papers Limited in July 1995. The
management of the company was taken over by the Ayur Group in
2003 and was renamed as Nuway Organic Naturals India Ltd. in July
2003. Ayur Group is in the business of herbal cosmetic products
since 1984 and sells its products under the brand name "Ayur".
NONIL's distillery is located in Rajpura (Punjab) with a capacity
of 45 kilolitres per day (KLPD) of potable alcohol and uses grain
(primarily nakku or broken rice) to manufacture liquor. The
distillery began operations in June 2011. It manufactures Extra-
Neutral Alcohol (ENA), which is used for internal consumption,
i.e. for production of country liquor (Punjab-made Liquor or
PML), and for external sales. The company also markets Indian-
made Foreign Liquor (IMFL) under the brand name of "Chairman".
Besides the liquor business, the company has also been engaged in
trading of cosmetics, mineral water and cold-drinks manufactured
by group companies and has a manufacturing unit for soaps, hand
wash, and other personal care products in Baddi (Himachal
Pradesh).

NONIL recorded a net loss of INR3.53 crore on an operating income
of INR39.19 crore for the year ending March 31, 2016.


PALLAVI MOTORS: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Pallavi Motors
Private Limited's (PMPL) Long-Term Issuer Rating at 'IND BB+'.
The Outlook is Stable.  Instrument-wise rating actions are:

   -- INR103 mil. Fund-based limits affirmed with IND BB+/Stable
      rating;

   -- INR25 mil. Non-fund-based limits affirmed with IND A4+
      rating; and

   -- INR30 mil. Long term loans assigned with IND BB+/Stable
      Rating

                        KEY RATING DRIVERS

The affirmation reflects PMPL's continued moderate scale of
operations and credit metrics.  In FY16, revenue was INR1,123
million (FY15: INR961 million), interest coverage (operating
EBITDAR/gross interest expense) was 2.4x (2.0x) and net financial
leverage (total adjusted net debt/operating EBITDA) was 1.5x
(2.7x).  The ratings factor in PMPL's continued low operating
EBITDA margin of 2.3% in FY16 (FY15: 2.6%) due to the
distributorship nature of the business.

The ratings, however, reflect PMPL's comfortable liquidity
profile as indicated by its 70% average working capital
utilization during the 12 months ended January 2017.

The ratings benefit from PMPL's dealership with Maruti Suzuki
India Limited whose current domestic market share is 46.8% in the
Indian passenger vehicle market.  The ratings draw comfort from
over 15 years of experience the promoters in the automobile
dealership business.

                        RATING SENSITIVITIES

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

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

COMPANY PROFILE

Assam-based PMPL was incorporated in 1999 as an authorized dealer
of Maruti Suzuki India for the passenger cars.  It has one
showroom, four outlets and one service centre.  PMPL is a family
run business and promoted by Mr. Om Prakash Lahoty, Mr. Avadesh
Lahoty and Mrs. Sita Devi Lahoty.


PKM PROJECTS: ICRA Reaffirms 'D' Rating on INR40cr LT Loan
----------------------------------------------------------
ICRA had suspended the long-term rating of [ICRA]D in August 2016
for the INR40-crore bank lines of PKM Projects Private Limited.

ICRA has reaffirmed the long-term rating of [ICRA] D on the Rs.40
crore long-term bank lines of PKM.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long-term Fund
  Based-TL               40.00       [ICRA]D reaffirmed;
                                     Suspension revoked

Rationale
The rating reaffirmation factors in the continued delays in debt
servicing by PKM on the loans availed for acquisition of a hotel
property in Goa. The company has invested almost the entire
estimated funds; however, the hotel is yet to commence
operations. Further, PKM is yet to tie up with an operations and
management (O&M) partner, resulting in delay in the commencement
of its operations. The company will remain dependent on promoter
support for servicing its debt obligations.

Going forward, the timely debt servicing will be the key
monitorable.

Key rating drivers
Credit Strengths
* Favourable location of the project at Candolim Beach in Goa

Credit Weaknesses
* Delay in debt servicing

* Delay in the proposed sale of the hotel property

* Delay in commencement of operations

* Operations and management (O&M) tie up with any franchisee not
   yet finalized

PKM Projects Private limited (PKM) was incorporated in December
2006 and is a part of the Mahesh Mehta Group of companies, which
has interests in hotel business, real estate business and in also
into manufacturing of Kattha Products. The company had acquired
one hotel property in Goa, which is expected to start its
operations from April 2017.

The company continues to delay its debt servicing as the
commercial operations of the hotel are yet to start. The company
is yet to tie up with an O&M partner, resulting in delay in
commencement of operations.

The hotel property is located at a favourable location, which is
200 meters from the beachfront, in the prime entertainment hub of
North Goa's Candolim beach.

PKM Projects Private limited (PKM) was incorporated in December
2006 and is a part of the Mahesh Mehta Group of companies, which
has interests in hotel business, real estate business and is also
into manufacturing of Kattha Products. The company had acquired
one hotel property in Goa, which is expected to start its
operations from April 2017. The hotel property is located 200
meters from the beachfront, in the prime entertainment hub of
North Goa's Candolim beach and is located near to some other
prime properties such as Taj Holiday Village, Kingfisher Villa,
Taj Fort Aguada Heritage etc.


PLUTO PLAZA: ICRA Assigns B+ Rating to INR35cr Term Loan
--------------------------------------------------------
ICRA has assigned the long-term rating for the INR35.00-crore
bank facilities of Pluto Plaza Private Limited at [ICRA]B+. The
outlook on the long-term rating is 'Stable'.

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

Rationale
The assigned rating takes into account the project execution risk
with 83% of construction cost yet to be incurred of the total
project cost of INR79.04 crore and exposure to significant market
risk with the entire project yet to be sold/ leased. The rating
also takes into account high liquidity risk with a significant
portion of the project envisaged to be leased, resulting in
smaller and spread out cash flows. Further, any delay in
leasing/sale can lead to funding gaps given the limited
moratorium available.

The rating, however, positively factors in the attractive
location of the project 'Plutone', in close proximity to the
central business area of Chhend, Rourkela, which strengthens the
project attractiveness. The achievement of financial closure for
the project and the escrow mechanism followed by PPPL towards the
rated term loan provide a higher priority to debt-servicing
obligations.

Key rating drivers
Credit strengths
* Favourable location of the project and its proximity to the
   central commercial area of Chhend, Rourkela, strengthens
   project attractiveness

* Achievement of financial closure for the project along with
   significant contribution by the promoters

* Provision of escrow mechanism, stipulating priority towards
   repayment of debt obligations (from the lease rentals)

Credit weaknesses

* Exposed to project execution risk, as it is at a very nascent
   stage

* Exposure to market risk with the entire portion of the project
   to be leased/sold

* Liquidity risk given that large part of the project is
   envisaged to be leased, resulting in smaller and spread out
   cash flows. Further, delay in leasing/sale can lead to funding
   gaps given the limited moratorium available.

Description of key rating drivers highlighted:

PPPL is developing a shopping mall in the Chhend area of Rourkela
on a plot of land measuring around 3.88 acres taken on a 99-year
lease from the Rourkela Development Authority. Chhend is one of
the most populous colonies of the Rourkela city and strengthens
project attractiveness. Of the total carpet area of 1,70,583 sq.
ft., the company plans to sell 29.5% to various parties and rent
out the balance 70.5%.

The capital outlay of the project is estimated at around INR79.04
crore. Till January 2017, around INR13.50 crore has been incurred
towards development of the project. The construction work on the
project started in the third quarter of FY2016 and is scheduled
to be completed by March 2019. During the interim period, the
company would face significant project related risks, including
the risk associated with the execution of the project as per
scheduled timeframe and within budgeted cost. However, with
majority of the statutory approvals in place, project execution
risk is mitigated to some extent. The company has already
achieved the financial closure for the project while it is yet to
start any bookings for the property, resulting in high off-take
risk for the area to be sold and leased out. Going forward,
funding and execution progress would be the key rating
sensitivities.

Analytical approach: For arriving at the rating, ICRA has taken
into account the business risk profile of PPPL, financial risk
drivers and the management profile.

Incorporated in August 2005 as a private limited company, Pluto
Plaza Private Limited (PPPL) is developing a shopping mall
'Plutone' over 3.88 acres of land at Chhend, which is adjacent to
the Ring Road in Rourkela, Odisha. The proposed shopping mall is
likely to host a multiplex, restaurants, food court, shops and an
anchor store. The mall will be partially sold out and the balance
part will be put on rent. The proposed shopping mall-cum-
multiplex is scheduled to start operations from April 2019.


PROTAC FOODS: ICRA Assigns 'B' Rating to INR18cr Term Loan
----------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to INR18.00
crore term loan and INR4.00 crore cash credit facilities of
Protac Foods International Private Limited. The outlook on the
long term rating is stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long term-Fund
  Based-Term Loan        18.00      [ICRA]B (Stable); assigned

  Long term-Fund
  Based-Cash Credit       4.00      [ICRA]B (Stable); assigned

Rationale
The assigned rating is constrained by PFIPL's limited track
record and small scale of operations, resulting in limited
operational and financial flexibilities. The rating is also
constrained by sizeable debt repayment obligations on account of
high dependency on external funding for construction of the
processing plant; combined with modest net worth levels,
resulting in high gearing level of 3.70 times as on 30th
November, 2016. With low capacity utilization during the initial
months of operations, the cash accruals remained negative,
straining the liquidity position of the company. Going forward,
the ability of the company to ramp up its volumes and achieve the
desired operational efficiency within a short span of time
remains critical to ensure timely servicing of debt obligations.
ICRA further notes vulnerability of the company to inherent risks
in poultry industry like disease out breaks, seasonal nature of
business, volatility in broiler prices and processed chicken
prices, and competition from large number of organised and
unorganized players exerting pressure on the margins.

The rating, however, favorably factors in the experience of the
promoters in the food processing and poultry industry, proximity
of the plant to poultry farms and its diversified customer base
of reputed clients. ICRA notes receiving of exports approvals and
other certificates such as Agricultural and Processed Food
Products Export Development Authority (APEDA) and Food Safety and
Standards Authority of India (FSSAI) enhances the business growth
prospects. ICRA also takes note of healthy long term demand
prospects for the domestic poultry industry on back of favourable
socio-economic factors.

Key rating drivers
Credit Strengths
* Experience of the promoters in the food processing and poultry
   Industry

* Favourable location of the plant with close proximity to
   poultry farms

* Diversified customer base with customers from institutional as
   well as retail markets

* Favorable demand prospects for the domestic poultry industry,
   given the limited per capita animal protein consumption in
   India, and favorable socio-economic factors

* APEDA and FSSAI certification enhances business prospects

Credit Weakness
* Nascent stage of operations with company reporting losses at
   operational level as of November, 2016

* Limited track record and small scale of operations

* Weak capital structure with low net-worth and significant
   term loan debt

* Strained liquidity profile due to sizeable scheduled
   repayments on the term loans; request for enhancement in
   the working capital loans is yet to be sanctioned

* Vulnerability of operations to inherent risks of poultry
   industry like disease out breaks, seasonal nature of business,
   volatility in broiler prices and processed chicken prices,
   high competitive pressure, etc.

Description of key rating drivers highlighted:

The company processes live birds for the production of fresh and
frozen chicken. The promoters of PFIPL were in the related line
of activities prior to the establishment of the company, due to
which they have gained significant industry experience. The plant
location is in a region where there are many poultry farms, which
ensures adequate and continuous availability of live birds and
the company benefits from easy procurement. The company's
products cater to institutional as well as retail markets. PFIPL
currently supplies products at restaurants, fresh provisions
shops, wet markets and supermarkets in the domestic market and
proposes to sell at international markets as well. The company
has received supply orders of its products from multinationals
like Vista Processed Foods Pvt. Ltd. (Subsidiary of McDonald),
KFC, METRO, Licious and Big Basket. Also, the poultry meat demand
in India has witnessed growth on account of favorable socio
economic factors such as changing eating habits, higher
purchasing power, urbanization, growing numbers of fast food
chains, increasing health consciousness, thus giving ample
opportunity for growth.

The company started its operations in July 2016 and has been
reporting losses at operating level as of November, 2016. Due to
limited track record of operations, the ability of the company to
ramp up its production levels, increase the capacity utilization
and break even, is yet to be demonstrated. There has been high
dependency on external funding for the capital expenditure
incurred towards construction of the processing plant, resulting
in a weak capital structure with a gearing of 3.70 times as on
November 30, 2016. Also, with additional debt funding planned for
the incremental capital expenditure and working capital
requirements, the capital structure is likely to weaken further.
PFIPL has sizeable debt repayment obligations in the near term.
With negative accruals as on date and repayment of term loans
already having begun, timely servicing of debt is dependent on
the ability of promoters to bring in additional funds. While, the
company has requested for enhancement in the working capital
limits to ease the liquidity constraint and meet the increasing
working requirements of the growing business, the same is yet to
be sanctioned, posing significant funding risk.

Incorporated in February 2014, Protac Foods International Private
Limited (PFIPL) started its commercial operations from July 2016.
The company is engaged in processing of poultry birds for
production of dressed and frozen chicken. The product portfolio
of the company consists of fresh chilled chicken, frozen chicken,
chicken cut parts (whole, boneless and portions) and ready to eat
product (marinated chicken pieces). The company's processing
plant is located in Kolar district of Karnataka and has an
installed capacity of processing 6000 birds per hour. However,
with certain capital expenditure yet to undertaken, the current
operational capacity stands at 2500 birds per hour.

As per provisional results for FY2017, the company reported a net
loss of INR5.64 crore on an operating income of INR10.96 crore
for the period from July 2017 to November 2017.


RAJARAMSEVAK MULTIPURPOSE: CARE Puts B Rating on INR12.94cr Loan
----------------------------------------------------------------
The ratings assigned to the bank facilities of Rajaramsevak
Multipurpose Cold Storage Private Limited are constrained by its
short track record with small scale of operations, presence in a
regulated industry, seasonality of business with susceptibility
to the vagaries of nature, risk of delinquency in loans extended
to farmers, working capital intensive nature of operations, high
leverage ratios and competition from other players. The ratings,
however, derive strength from the experience of the promoters and
its close proximity to potatoe-growing area.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            12.94       CARE B; Stable Assigned

   Short-term Bank
   Facilities             0.20       CARE A4 Assigned

Going forward, the ability of RMCPL to increase its scale of
operations with improvement in profit margins and effective
management of working capital will be the key rating
sensitivities.

Detailed description of the key rating drivers
Key Rating Weaknesses
Short track record with small scale of operations: RMCPL has
commenced commercial operations from February 2014 onwards and
thus has very short track record of operations. The size of the
operations of the company remained small with total operating
income of INR5.55 crore in FY16 (refers to the period April 01 to
March 31) and total capital employed of INR15.16 crore as on
March 31, 2016. Regulated nature of business: 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. Due to severe
government intervention, the cold storage facility providers
cannot enhance rental charge commensurate with increased power
tariff and labour charge.

Seasonality of business with susceptibility to vagaries of
nature: RMCPL'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. Additionally, with potatoes
having a preservable life of around eight months in the cold
storage, farmers liquidate their stock from the cold storage by
end of season, ie, generally in the month of November. The unit
remains non-operational during the period from December to
February. Furthermore, lower agricultural output may have an
adverse impact on the rental collections as the cold storage
units collect rent on the basis of quantity stored and the
production of potato is highly dependent on vagaries of nature.

Risk of delinquency in loans extended to farmers: Against the
pledge of cold storage receipts, RMCPL provides interest bearing
advances to the farmers & traders. Before the closure of the
season in November, the farmers & traders are  required to clear
their outstanding dues with the interest. In view of this, there
exists a risk of delinquency in loans extended, in case of
downward correction in potato or other stored goods prices, as
all such goods are agro commodities. Working capital intensive
nature of business: RMCPL 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
utilization of fund based limit remained at about 95% during the
last 12 months ended January 31, 2017.

High leverage ratios: The capital structure of the company
remained leveraged marked by debt equity of 2.92x and
overall gearing of 8.56x as on March 31, 2016.

Competition from other local 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.

Key Rating Strengths
Experienced promoters: The key promoter, Mr. Raja Chakraborty
(Managing Director) has over two decades of experience
in the trading of potatoes and cold storage services through his
family business. He looks after the day-to-day operations
of the company. He is supported by other directors who are also
having long experience in this line of business.

Close proximity to potato-growing area: RMCPL's storing facility
is situated in Kamarhati, Barasat in 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.

RMCPL was incorporated in February 2012 and presently managed by
Mr. Raja Chakraborty, Mr. Shyamal Kumar Dutta, Mrs Koyanta
Chakraborty and Mrs Rita Chakraborty. After remaining dormant for
around two years, it has commenced operations of cold storage
services and trading of potatoes from February 2014. The cold
storage facility of RMCPL is located at Kamarhati, Barasat (West
Bengal) with aggregate storage capacity of 18300 metric ton.
RMCPL earned revenue of around 50% (75% in FY15) from trading
activities and rest from rental business in FY16.

During FY16 (Audited), RMCPL reported net loss of INR0.15 (PAT of
INR0.58 crore in FY15) crore on total operating income
of INR5.55 crore (Rs.9.41 crore in FY15). Furthermore, during
9MFY17, the company has reported a total operating income
of INR7.69 crore.


RAMA PAPER: ICRA Reaffirms 'D' Rating on INR53.81cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR71.81
crore fund based limits of Rama Paper Mills Limited at [ICRA]D.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Cash Credit            18.00       Reaffirmed at [ICRA] D
  Term Loan              53.81       Reaffirmed at [ICRA] D

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

Rama Paper Mills Limited, which is in the business of
manufacturing and selling of paper and board related products was
established in December 1985 at Kiratpur, (District Bijnor, Uttar
Pradesh). The company has been promoted by Mr. Pramod Agarwal and
his brother Mr. Arun Goel, who are professionally qualified.
While RPML started off with an initial installed capacity of
61000 Metric Ton (MT). With four production lines, RPML has a
presence in product segments such as Newsprint, cream woven
paper, duplex board and poster paper.


SCAN ENERGY: CRISIL Reaffirms 'D' Rating on INR80.83MM LT Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Scan Energy and Power Limited at 'CRISIL D/CRISIL D'.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit             59         CRISIL D (Reaffirmed)
   Letter of Credit         7         CRISIL D (Reaffirmed)
   Long Term Loan          80.83      CRISIL D (Reaffirmed)

The ratings reflect delays in servicing term debt and the cash
credit facility. The delays were due to weak liquidity.

The company has working capital-intensive and a modest scale of
operations in the cyclical steel industry. These rating
weaknesses are mitigated by the extensive industry experience of
the promoters.

Key Rating Drivers & Detailed Description
Weaknesses
* Working capital-intensive operations, resulting in stretched
liquidity
Operations are highly working capital intensive owing to large
inventory (3-4 months on an average). Furthermore, moderate
credit of 30-45 days is offered by its vendors, while debtors
remain around 35-55 days; these are expected to remain stable
over the medium term. The large working capital requirement is
primarily funded through a cash credit facility from the bank.
Working capital requirement is likely to remain sizeable over the
medium term resulting in high bank limit utilisation.

* Vulnerability to cyclical downturns due to a modest scale of
operations
The steel industry is cyclical and sensitive to changes in
general economic conditions. The demand for steel products thus
generally correlates with fluctuations in the domestic and global
economies. The prices of steel products are influenced by many
factors, including demand, worldwide production capacity,
capacity utilisation rates, raw material costs, exchange rates,
trade barriers, and improvement in steel-making processes. The
overall economy has been facing a downturn in the past 2-3 years
owing to which sales and profitability of various steel players
faced tremendous pressure.

Strength
* Extensive industry experience of the promoters
While SEPL is a new entity and is yet to stabilise operations,
its promoters, the Agarwal family, have extensive experience of
over two decades in trading and manufacturing of iron and steel
products. The promoters operate other companies such as Scan
Steels Ltd and Nav Durga Fuels Pvt Ltd, which are in the same
business and have fully integrated manufacturing facilities. They
are also experienced in setting up steel plants and currently
have manufacturing facilities in Odisha, Jharkhand, Karnataka,
and Andhra Pradesh. Furthermore, they have an established
relationship with customers, which the company will be able to
leverage once it is fully operational. The extensive experience
is expected to help in completion of  the ongoing project on time
and stabilise operations at the earliest.

SEPL, part of the Scan group promoted by Mr. G S Agarwal and his
family, was incorporated in 2007. The company has set up a steel
billet and thermo-mechanically treated bar manufacturing unit
with capacities of 450 tonne per day (tpd) and 500 tpd,
respectively in the Mahboobnagar district of Telangana, around 60
kilometre from Hyderabad.

SEPL has incurred net loss of INR12.04 crore on net sales of
INR199 crore in 2014-15.


SENTHUR TEXTILES: CARE Reaffirms 'B' Rating on INR8.04cr Loan
-------------------------------------------------------------
The rating assigned to the bank facilities of Senthur Textiles
Private Limited continues to be constrained by small scale of
operations, financial risk profile marked by low profitability,
leveraged capital structure, weak debt coverage indicators and
working capital intensive nature of operations. The rating is
further constrained by susceptibility of profit margins due to
fluctuating raw material prices and presence in highly fragmented
and competitive industry.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities             8.04       CARE B; Stable Reaffirmed

The rating, however, derives comfort from experience of promoter
in cotton yarn manufacturing, marginal growth in total operating
income in FY16 (refers to period April 01 to March 31) and
increasing demand for yarn in local market. Going forward, the
ability of the company to increase its scale of operations and
profitability, improve capital structure and debt coverage
indicators and efficiently manage its working capital
requirements will be the key rating sensitivities.

Detailed description of the key rating drivers
Key Rating Weaknesses
Modest scale of operations: The company has small scale of
operations marked by total operating income (TOI) of INR24.67
crore in FY16 and low networth of INR2.22 crore as on March 31,
2016. Weak financial risk profile marked by low profitability and
high leverage: Overall gearing ratio continues to remain
leveraged although improved marginally from 4.52x as on March 31,
2015 to 4.18x as on March 31, 2016 on back of reduction in the
total debt.

Working capital intensive nature of operations: Inventory period
has improved from 120 days in FY15 to 96 days in FY16 on back of
increased orders resulting in fast moving inventories. With
moderately high average inventory period, the operating cycle
also stood elongated at 101 days in FY16 (as against 114 days in
FY15).

Key Rating Strengths
Experience of promoter in cotton yarn manufacturing: Senthur
Textiles Private Limited is managed by Mr. P.J. Ramkumar Rajha
who is the Managing Director of the company. The Managing
Director of STPL has a rich experience of around three decades in
the textile industry and is with the company since its inception.

Growth in total operating income: The total operating income of
the company grew by 10% in FY16 over FY15 and stood at INR24.67
crore with PAT of INR0.04 crore due to increased orders and
favorable market conditions for the textile industry in FY16.

Senthur Textiles Private Limited was incorporated in the year
1994, promoted by Mr. P. J. Ramkumar Rajha. STPL is completely
owned and managed by the family members and is engaged in the
cotton yarn manufacturing. The firm procures raw cotton from
traders in Andhra Pradesh, Telangana, Karnataka, Maharashtra and
Gujarat and sells cotton yarn through agents in the form of cones
to textile companies in Erode, which is a cluster of textile
business with huge demand for cotton yarn. The manufacturing unit
is located at Rajapalyam, Tamil Nadu with an installed capacity
of 9,240 spindles. The capacity utilization ranged between 90%-
95% as of January 24, 2017.

Mr. P.R. Jagadeesh Chandar (S/o Mr. Ramkumar Rajha) has joined
the business in FY15 after completing his MBA in Human Resource
and industry experience of 1 ยด years in a Human Resource
Management company in Bangalore. The day to day operations are
managed by Mr. P. J. Ramkumar Rajha, Managing Director (who has
got wide experience of more than three decades in the business of
yarn production) along with Mr. P.R. Jagadeesh Chandar.

In FY16 STPL reported a PAT of INR0.04 crore on a total operating
income of INR24.43 crore, as against a net loss and TOI
of INR0.04 crore and INR22.24 crore respectively in FY15.


SHETRON LIMITED: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shetron
Limited's Long-Term Issuer Rating to 'IND D' from 'IND BB+'.  The
Outlook was Stable.  The instrument-wise rating actions are:

   -- INR438.31 mil. (reduced from INR550) Long term loans rating
      lowered to 'IND D';

   -- INR287.5 Fund-based facilities rating lowered to
      'IND D/ IND D';

   -- INR370 mil. (reduced from INR372.5) Non-fund-based
      facilities rating lowered to 'IND D/IND D'

                        KEY RATING DRIVERS

The downgrade reflects the instances of delays of up to 15 days
in servicing of term loans by Shetron during the three months
ended January 2017, due to its tight liquidity position.

                       RATING SENSITIVITIES

Positive: The ratings could be upgraded if the loan's interest
and principal obligations are serviced in a timely manner for at
least one quarter.

COMPANY PROFILE

Shetron is a Bangalore-based company, listed on the Bombay Stock
Exchange.  It was established in 1980 by Diwakar S. Shetty and
his associates jointly with the Karnataka State Industrial &
Investment Development Corporation.  The company produces and
sells dry cell metal battery jackets & components, metal food
cans, printed metal sheets, etc.


SHIV SUNDER: CARE Reaffirms 'B' Rating on INR9cr LT Loan
--------------------------------------------------------
The rating assigned to the bank facilities of Shiv Sunder and
Company is primarily constrained on account of stabilization risk
associated with its recently completed greenfield project for the
hotel. The rating, further, continues to remain constrained due
to competitive nature of the industry with dependence on tourist
arrivals and its constitution as a partnership concern which led
to risk of withdrawal of capital. The rating, however, continues
to derive strength from the experienced management and location
advantage of the hotel. The rating, further, derives strength
from tie up with Royal Orchid Hotels Limited (ROHL) for
management and marketing of the hotel.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              9         CARE B; Stable Reaffirmed

The ability of the firm to stabilize the operation with achieving
envisaged levels of sales and profitability will be the key
rating sensitivities.

Detailed description of the key rating drivers
Key Rating Weakness
Stabilization risk associated with its recently completed hotel
It has completed the work on hotel by January 2017 end with minor
finishing work remaining. With this hotel, stabilization risk is
associated owing to its presence in the cyclical and competitive
nature of the hotel industry with dependence on tourist arrivals.
The Indian hotel industry is highly fragmented in nature with the
presence of large number of organized and unorganized players
spread across all regions. The hospitality industry is highly
cyclical in nature and sensitive to any untoward events such as
slowdown in the economy. Tourism in India has witnessed
significant growth in the recent years.

Key Rating Strengths
Agreement with Royal Orchid Hotels Limited (ROHL) for management
and marketing of the hotel For its hotel, SSC has entered into an
agreement with ROHL for its brand Regent Central. As per
agreement, ROHL will looks after management and marketing of the
hotel. Renowned for attention to detail and design, Royal Orchid
hotels offers myriad options of business hotels ranging from
luxurious 5-star hotels to economy business hotels. Owing to
agreement with ROHL, the hotel of SSC will be benefited due to
experienced management and marketing.

Indore-based (Madhya Pradesh) SSC was formed in December, 2011 as
a partnership concern by Mr. Dinesh Verma along with his family
members. SSC was established with an objective to set up a two
star hotel in Indore (Madhya Pradesh). The hotel will have
facility of total 42 room includes; 4 suits, 18 Deluxe rooms, 20
Super Deluxe rooms which is now revised to 52 room includes; 4
suits, 12 Deluxe/Super Deluxe rooms and 36 Simple rooms along
with separate Vegetarian and Non-Vegetarian restaurant and bar,
Gym, Spa as well as two banquet halls and marriage garden of
26000 Sq. Ft. It has started commercial operation from March
2017.


SKILLED CONSTRUCTION: CARE Ups Rating on INR2.90cr Loan to BB-
--------------------------------------------------------------
The revision in long-term rating assigned to the bank facilities
of Skilled Construction Company Limited takes into account
marginal growth in total operating income and increase in
profitability margins in FY16 (refers to the period April 1 to
March 31). The ratings also take comfort from the long experience
of the promoters and operational track record of the business and
comfortable capital structure and satisfactory debt coverage
indicators.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         2.90       CARE BB-; Stable Outlook:
   Facilities                        Stable Revised from
                                     CARE B+

   Short-term Bank
   Facilities             4.85       CARE A4 Reaffirmed

The ratings, however, continue to be constrained by small scale
of operation, working capital intensive nature of
operations and short-term revenue visibility in order book
position along with low diversification of customer base and
geographical concentration risk.

Going forward, the ability of SCC to improve the scale of
operations by diversifying geographical and diversifying
customer base is the key rating sensitivities.

Detailed description of the key rating drivers
Key Rating Weaknesses
Small scale of operation: The operations of the entity is small
as measured by Total operating income of INR16.07 crore in
FY16 (INR15.40 crore in FY15) and also marked by networth of
INR4.43 crore as on March 31,2016 (INR3.67 crore as on
March 31,2015).

Working capital intensive nature of operations: The operations
are working capital intensive with funds being blocked in
inventory. On procurement of raw materials from its suppliers,
SCC enjoys a credit period of around 2 months and also provides
credit period of around 20 days. However ,the average collection
days stood satisfactory though increased from 17 days in FY15 to
33 days in FY16 due to majority of works being executed during
Q4FY16 resulting in delay in billing and collection of payments.
All these factors led to operating cycle at 73 days in FY16
compared to 70 days in FY15. The company relies on overdraft
facilities to manage working capital requirements and overdraft
limit was utilized around 95% during the 12 months ended December
31, 2016. Short-term revenue visibility in order book position
along with low diversification of customer base and geographical
concentration risk: The Company since inception has been engaged
primarily in building of road over bridges (ROB) and has
completed around 27projects. SCC's major clients include Roads &
Bridges Development Corporation (RBDC) of Kerala and Southern
Railways; it also receives contracts from M/s KITCO Ltd, National
Highway Authority of India and others. The entity has an order
book to the tune of INR13.50 crore (translates to 0.84x of FY16
total operating income) which is expected to be completed by
September 2017. The entity has a concentrated and less
diversified customer base, which has however remained with the
entity over years.

Key Rating Strengths
Long experience of the promoters and operational track record:
The management team of SCC includes MrBenny Thomas, Mr. Sobha
Sunil, Mr. Jose Philip, Mr. R Prasad and Mr. Roney Siby Jacob who
have more than a decade experience in the construction industry.
SCC was incorporated in 1991 as a private limited company. SCC
was later reconstituted into a public limited company in the year
1997. The entity since inception has been engaged primarily in
building of road over bridges.

Marginal growth in total income and profitability margins: The
total operating income (TOI) stood stable with a marginal growth
of 5% to INR16.07 crore in FY16 over FY15 as SCC has received a
government project from the Konkan railways due to which the TOI
improved in FY16. The Konkan Railway project is currently work in
progress and is expected to be completed by December 2017. The
PBILDT margin increased by 49 bps from 9.42% in FY15 to 9.91% in
FY16 on the back of decrease in material cost. PAT margin
improved by 43 bps to 4.13% in FY16 over FY15due to increase in
PBILDT. For H1FY17 (provisional), ETPL reported total revenue of
INR9.50 crore with a PBT of INR0.95 crore.

Comfortable capital structure and satisfactory debt coverage
indicators: The Company has a comfortable capital structure as on
March 31, 2016. The Debt equity ratio, though declined marginally
to 0.32x as on March 31, 2016 against 0.30x on March 31, 2015 on
the back of increase in term loans, stood comfortable at below
unity. SCC availed additional bank facilities to execute an over
bridge project at Etumannur(Kerala) which is expected to be
completed by September 2017. Overall gearing stood at 0.98x as on
March 31, 2016 against 0.93x as on March 31, 2015 due to higher
utilisation of working capital facilities as at financial year
end. TD/GCA stood stable and satisfactory at 5.10x in FY16 due to
moderate debt levels along with increase in gross cash accruals.
The interest coverage ratio improved marginally to 2.66x in FY16
compared to 2.54x in FY15 due to the increase in PBILDT.

SCC is engaged in the civil construction business.Incorporated in
1991 as a private limited company, SCC was later reconstituted
into a public limited company in the year 1997. The entity is a
Class A contractor registered with Kerala State Public Works
Department and is engaged in the construction of bridges,
flyovers, railway over bridge and others miscellaneous work. SCC
is managed by Mr. Benny Thomas, Mr. Sobha Sunil, Mr. Jose Philip,
Mr. R Prasad and Mr. Roney Siby Jacob.

In H1FY17 (provisional) SCC has achieved revenue of INR9.50 crore
with PBT of Rs0.95 crore. SCC has orders in hand of INR13.50
crore which is expected to be completed by September 2017.

In FY16 (refers to the period of April 01 to March 31), the
company has reported a total operating income of INR16.07
crore with net profit of INR0.66 crore (as against a total
operating income of INR15.40 crore on a net profit of INR0.57
crore in FY15).


SPARSH FAB: CRISIL Raises Rating on INR6MM Term Loan to BB
----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Sparsh
Fab Textiles Private Limited to 'CRISIL BB/Stable' from 'CRISIL
B+/Stable'.

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

   Rupee Term Loan           6       CRISIL BB/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The rating upgrade reflects improvement in the company's
financial risk profile particularly its liquidity, backed by its
increasing cash accruals and cushion in the short term bank
lines. Steady growth in the business in Fiscal 2017 and
sustenance of its improved margins of just above 3.5 per cent
will translate into cash accruals of around INR2 cr, which will
be sufficient to repay fixed debt obligation of INR1.3 cr in the
same period. Moreover cushion in the working capital bank lines
and enhancement of INR1 cr in the same is expected to provide
further support the company's liquidity going ahead.
Additionally, with reduction in the interest rate to 9.35 per
cent currently from levels of 12 per cent earlier is expected to
strengthen the debt protection metrics of SFTPL over the medium
term.
Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans
of INR 4.28 crore (as on March 31, 2016) extended to Sparsh Fab
Textiles Pvt Ltd (SFTPL) by its promoters as neither debt nor
equity as the loans are expected to be retained in the business
over the medium term.

Key Rating Drivers & Detailed Description
Strength
* Extensive industry experience of the company's promoters:
SFTPL's promoters have an experience of over 20 years in the
textiles industry. Their extensive experience and understanding
of the textile trading and manufacturing business has enabled the
company to record sales of around INR101 crore in 2015-16, as
against INR66.2 crore in 2012-13. The company also benefits from
its established brand, 'Sparsh Fab' through strong customer
relationships.

Weaknesses
* Though improving yet moderate financial risk profile marked by
high gearing  and modest net worth but supported by healthy debt
protection metrics
While SFTPL's financial risk profile has been improving it
continues to remain moderate due to high gearing of 1.84 times
and moderate net worth of INR 6.8 cr expected as on March 31,
2017. However, owing to steady operating profitability and
reduction in the interest rates, the debt protection metrics of
the company are expected to further strengthen in Fiscal 2018

* Low operating profitability in the fragmented textile industry:
SFTPL's operating margins have remained in the range of 2-3.7 per
cent over past 4 years ending through 2015-16. The operating
margins remain exposed to intense competition from other players
in the fragmented textile trading and manufacturing industry.
Outlook: Stable

CRISIL believes Sparsh Fab Textiles Pvt Ltd (SFTPL) will continue
to benefit over the medium term from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' in
case of higher-than-expected cash accrual, resulting in an
improvement in the financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of a decline cash
accrual, stretched working capital cycle, or large, debt-funded
capital expenditure, leading to deterioration in the financial
risk profile, especially liquidity.

SFTPL was incorporated in 2009, promoted by the Bhiwandi,
Maharashtra-based Todi family. The company trades in fabric for
uniforms, shirting, and others. It undertakes designing work and
outsources the manufacturing and processing of the fabric, which
it sells under the Sparsh Fab brand. Operations are managed by
Mr. Girish Todi, the managing director.

For fiscal 2016, profit after tax (PAT) was INR91 lakhs on net
sales of INR101.18 crore, against a PAT of INR62 lakhs on net
sales of INR85.48 crore for fiscal 2015.


SRI CHAITANYA: CRISIL Assigns B+ Rating to INR16MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Sri Chaitanya Rice Mill - East Godavari.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit             16         CRISIL B+/Stable

The rating reflects the company's moderate scale and working
capital intensive operations in the intensely competitive rice
mill industry and below-average financial risk profile, marked by
high gearing and weak debt protection metrics. These weaknesses
are partially offset by the extensive industry experience of
partners and funding support provided by them.

Key Rating Drivers & Detailed Description
Weaknesses
* Moderate scale of operations in the intensely competitive rice
milling industry: Intense competition in the rice milling
business restricts the scale of operations (revenue of INR34.6
crore in fiscal 2016) and constrains bargaining power with
suppliers and customers (operating margin of 9.5% in fiscal
2016).

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

* Below-average financial risk profile: Moderate profitability
and scale of operations, and sizeable working capital debt
continue to constrain the financial risk profile. Resultantly,
gearing was high at 5 times as on March 31, 2016, and debt
protection metrics were weak with interest coverage of around 1.3
times.

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

CRISIL believes that SCRM will continue to benefit over the
medium term from its partners' industry experience. The outlook
may be revised to 'Positive' if there is substantial and
sustained improvement in the firm's revenue and profitability
margins, leading to healthy accruals and improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if SCRM's working capital cycle lengthens or its
accruals decline, thereby weakening its financial risk profile.

Set up in 2004 as a partnership firm by Mr. Ramesh Reddy and his
family members, SCRM and processes paddy into rice, and generates
by-products such as broken rice, bran, and husk. Its milling unit
is in East Godavari District (Andhra Pradesh).

SCRM had a book profit of INR0.18 crore on sales of INR34.6 crore
in fiscal 2016, against INR0.47 crore and INR34.6 crore,
respectively, in fiscal 2015.


SRI SOMESHWARA: ICRA Reaffirms B+ Rating on INR12cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to INR12.00
crore fund based bank facilities and short term rating of
[ICRA]A4 for the INR10.07 crore non fund based facilities of Sri
Someshwara fertilizers and Chemicals (SFC). The outlook on the
long term rating is stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long term-Fund
  Based-Cash Credit      12.00      [ICRA]B+ (Stable); reaffirmed

  Short term-Non
  Fund based-Bank
  Guarantee              10.07      [ICRA]A4; reaffirmed

Rationale
The reaffirmation of ratings take into account the moderate scale
of operations with further decline in revenues in FY2016 and 9M
FY2017, on account of lower sales volumes of fertilizers due to
weak monsoons. The ratings also take into account the
vulnerability of business to agro climatic conditions given that
demand for fertilizers in India is linked to monsoon conditions
to a large extent. The ratings are constrained by the moderate
financial profile of the firm marked by a gearing of 2.28 times
as on March 31, 2016 and weak coverage indicators; and the high
geographical concentration risk with the operations restricted to
Karnataka. The ratings are also constrained by the moderate
profitability of the firm given the trading nature of operations,
and the sizeable repayment obligations towards housing loans.
However, the ratings continue to draw comfort from the experience
of the promoters in the fertilizer industry, and their long term
associations with reputed suppliers of fertilizers such as Indian
Potash Limited, Krishak Bharati Cooperative Limited, Gujarat
State Fertilizers & Chemicals Limited, Green Star Fertilizers,
Rashtriya Chemicals & Fertilizers Limited and National
Fertilizers Limited etc. The ratings also favorably factors in
the low customer concentration risk, coupled with the repeat
orders from reputed entities such as Mysore Agro Supplies,
Bhavani Agro Agencies etc. In ICRA's opinion, the ability of the
firm to achieve revenue growth, and improving profitability
amidst intense competition to generate adequate cash accruals for
debt servicing, would remain key rating sensitivities, going
forward.

Key rating drivers
Credit Strengths
* Long standing experience of promoters in fertilizers trading
   Business

* Long term associations with reputed suppliers of fertilizers

* Low customer concentration risk, coupled with reputed client
   profile and repeat orders

Credit Weakness
* Moderate scale of operations which limits bargaining power

* Moderate financial profile of the firm marked by high gearing
   and weak debt coverage

* High geographic concentration in the state of Karnataka

* Demand outlook for fertilizers heavily tied to regulatory
   risks in terms of pricing from the government as well as agro-
   climactic conditions and regulatory policies; sensitivity of
   revenue and profitability of the company to agro-climatic
   conditions witnessed in FY2015 and FY2016.

Description of key rating drivers highlighted:

The firm has an established track record of more than 16 years in
the fertilizer trading business, especially in Karnataka market
with network of over 160 retailers. However, this also exposes
the firm to high geographical concentration risk with complete
dependence on single market. The firm has established relations
with major suppliers of fertilizers and has diversified product
portfolio. The customer concentration risk is also low for the
firm with the top 10 customers contributing to 10% of total sales
for FY2016, coupled with reputed client profile and repeat
orders. The revenues of the firm have, however, posted a de-
growth of 25% to INR58.84 crore from INR78.18 crore, on account
of lower sales volumes of fertilizers as well as drop in average
realisation for both urea and NPK complexes. Additionally, the
volumes were impacted due to the discontinuation of supply to
Department of Agriculture. The firm reported an operating income
of INR30.08 crore for the period April 2017 to December 2017,
reflecting a further decline in revenues in the current year. The
firm has a moderate capital structure with a gearing of 2.28
times as on March 31, 2016. The moderate profitability and high
debt levels result in weak coverage indicators with interest
coverage at 1.92 times, NCA/TD of 5.38% and Total debt/OBIDTA at
6.27 times during FY2016. Additionally, with sizable debt
repayment towards housing and vehicle loans, the coverage
indicators are likely to weaken further.

Sri Someshwara Fertilizers & Chemicals was incorporated as a sole
proprietorship in 1990 and commenced commercial operation in
1991. The firm is engaged in the wholesale and retail trading of
chemicals and chemical fertilizers such as Nitrogen Phosphorous-
Potassium (NPK), Single Super Phosphate (SSP), Urea, Monoammonium
Phosphate (MAP), Borax, Zinc Sulphate and Gypsum. The firm is
based in Mandya district of Karnataka. The proprietor of the firm
is also associated with the entities namely Sri Someshwara
Transport, Sri Someshwara Projects Pvt. Ltd and Someshwara
Fertilizers Private Limited. Sri Someshwara Transport is a wholly
owned by SFC and provides facilities for the transport of
fertilizers, food and civil supplies.

For FY2016, the firm reported a net profit of INR2.27 crore on an
operating income of INR58.84 crore.


TEAM INTERVENTURE: CRISIL Lowers Rating on INR127MM Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the short-term bank
facilities of Team Interventure Exports India Private Limited to
'CRISIL D' from 'CRISIL A3'.

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Foreign Bill Purchase      127       CRISIL D (Downgraded from
                                        'CRISIL A3')

   Proposed Short Term         13       CRISIL D (Downgraded from
   Bank Loan Facility                   'CRISIL A3')

The downgrade reflects deterioration in liquidity resulting in
foreign bills remaining overdue for more than 90 days as
confirmed by the banker. Liquidity was stretched due to delays in
realisation of receivables. CRISIL notes the company's management
had concealed the information about the delays and overdue in
bank facilities. On the contrary, TIEIPL's management has
misrepresented by providing undertakings confirming timely
repayments of banking facilities, which is crucial for forming a
credit opinion.

Analytical Approach

For arriving at its rating, unsecured loans of INR39.0 crore from
promoters have been treated as neither debt nor equity as these
are interest-free and are expected to be retained in business
over the medium term.

Key Rating Drivers & Detailed Description
Weaknesses
* Weak liquidity leading to irregularities in bank facilities
TIEIPL's liquidity has deteriorated due to delays in recovery of
receivables from overseas clients leading to its bank facilities
remaining overdue for more than 90 days.

* Low profitability and working capital-intensive operations:
Operating margin has remained modest due to negligible value
addition in trading business. Also, gross current assets were
high at 150 days as on March 31, 2016. The operations of the
company are working capital intensive in nature.

* Susceptibility of business to changes in regulations: Business
depends on policies and regulations in force in the export
market. This is reflected in subdued demand following revision in
China's import policy.

* Small scale of operations in competitive segment: With an
estimated turnover of INR600 crore in fiscal 2016, the company is
a modest player in the cotton yarn and fabric export segment.
Hence, it remains a price taker, thereby exposing itself to
volatility in input prices.

Strength
* Extensive experience of promoters: The promoters have over
three decades of experience in the export market. They began
operations by exporting rubber products and subsequently ventured
into cotton yarn and fabrics, which account for over 95% of total
revenue.

Incorporated in 1990 in Mumbai and promoted by Mr. Suresh
Agarwal, Mr. Mahendra Agarwal, and Mr. Vinod Agarwal, TIEIPL
exports cotton yarn and fabric.


TEAM UNIVERSAL: CARE Lowers Rating on INR18cr LT Loan to 'D'
------------------------------------------------------------
The revision in the rating assigned to the long-term bank
facilities of Team Universal Infratech Private Limited takes into
account the delays in servicing of debt obligations.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank
   Facilities             18       CARE D Revised from CARE BBB-

Detailed description of the key rating drivers
Key Rating Weaknesses
Recent irregularities in debt servicing:
There have been irregularities in the Cash Credit account during
Q3FY17 (refers to the period April 01 to March 31) primarily on
account of stretched collection period. However, as on February
7, 2017, the delays have been regularized. Deterioration in
financial performance during FY16; however the capital structure
continued to remain comfortable: The gross billing has witnessed
a sharp decline of about 50.17% in FY16 from FY15 on account of
slow movement in orders. The profitability margins of the company
also declined during FY16 vis-a-vis FY15.

The capital structure of the company however continued to remain
comfortable at below unity as on March 31, 2016 despite increased
debt levels.

The operating cycle of the company also witnessed significant
deteriorations and was elongated at 213 days for FY16 as
against 103 days for FY15.

Key Rating Strengths
Experienced promoters: The promoters have over two decades of
experience in the construction industry. Two of the
promoters, Mr. Sanjay Agarwal and Mr. Narendra Agarwal have been
involved in the execution of various construction
projects for companies in the past in India and overseas.

Stable industry outlook:
Construction & Infrastructure sector is a key driver for the
Indian economy. The sector is highly responsible for propelling
India's overall development and enjoys intense focus from
Government for initiating policies that would ensure timebound
creation of world class infrastructure in the country. The Indian
construction equipment industry is reviving after a gap of four
years and is expected to grow to US$ 5 billion by FY19-FY20 from
current size of US$ 2.8 billion. India needs INR31 trillion (US$
465 billion) to be spent on infrastructure development over the
next five years, with 70% of funds needed for power, roads and
urban infrastructure segments.

Incorporated in July 2008, Team Universal Infratech Pvt. Ltd.
(TUIPL) has been promoted by Mr. Sanjay Agarwal, Mr. Narendra
Agarwal and Mr. Sunny Sahni of Hyderabad. The company is engaged
in the execution of civil construction contracts on EPC basis.
The construction activity is undertaken for mainly building,
roads, bridges, townships, etc, on subcontract basis. As per the
audited results for FY16, TUIPL reported a PAT of INR1.56 crore
on a total operating income of INR64.76 crore as against a PAT of
INR5.75 crore on a total operating income of INR129.97 crore in
FY15.


VEDBHUMI BUILDERS: CARE Assigns 'D' Rating to INR32cr LT Loan
-------------------------------------------------------------
The ratings assigned to the bank facilities of Vedbhumi Builders
and Developers Private Limited factors in the delay in debt
service obligations of the term loan facility availed by the
company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities               32       CARE D Assigned

Establishing a clear track record of timely debt servicing with
improvement in liquidity position is the key rating
sensitivity.

Detailed description of the key rating drivers
Key Rating Weaknesses
Delay in debt servicing obligations and weak liquidity position:
Due to delay in receipt of payments from customer due to low
demand in the retail real estate market liquidity position of the
entity remained weak. The same resulted in various instances of
delays in repayment of principal and interest obligation of term
facility availed from Dena Bank.

Vedbhumi Builders & Developers Private Limited (VBDPL) was
incorporated in 2005 by Mr. Yogesh Chawda & Mr. Vijay Pawar. The
promoters have been involved in the development of residential
and commercial projects in the city of Nagpur and its catchment
areas since over a decade. VBDPL, in the past, has developed one
residential/commercial project 'Bhumi Arcade' which was completed
in June, 2012. The project was residential cum commercial project
comprising of 21 apartments and 25 commercial units with a total
salable area of 69,379 sq.ft and the same has been completely
sold off.

The promoters in their individual capacities have executed 11
projects with total saleable area of 18,58,175 sq.ft. VBDPL is
currently executing one residential project named 'Vatsalya Bhumi
(VB)' in Nagpur with a total saleable are of 3.71 Lakh Sq.ft. at
the cost of INR97.74 crore. The project was started in June 2012
and was envisaged to be completed by September 2015. However,
given the weak demand situation in the real estate segment the
scheduled completion date of the project got delayed. The project
comprises of 24 row houses and 224 apartments spread across five
buildings.


VICTORIAN MARKETING: CRISIL Reaffirms 'B' Rating on INR8.5MM Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank loan
facility of Victorian Marketing Private Limited at 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             8.5      CRISIL B/Stable (Reaffirmed)

The rating continues to reflect a weak financial risk profile,
modest scale of operations and increased working capital
requirement due to higher debtors. These rating weaknesses are
partially offset by the extensive experience of the promoters in
the coal industry, and an improvement in profitability.

Key Rating Drivers & Detailed Description
Weakness
* Weak financial risk profile: The networth was modest at INR4
crore and the gearing high at 3.37 times, as on March 31, 2016.
Debt protection metrics is modest marked by NCATD of 5% and
interest coverage of 1.3 times as on March 31, 2016.

* Modest scale of operations: Company has reported operating
income of INR37.05 crores in fiscal 2016 against INR42.12 Crores
in fiscal 2015.

* Working capital-intensive operations: Debtors were substantial
at 104 days as on March 31, 2016 on account of change in nature
of business and delay in realization of payments form 2
principals.

Strengths
* Extensive experience of the promoters: The promoters have an
experience of around 4 decades in the coal industry.

* Improved operating profitability: Profitability improved to
9.9% in fiscal 2016 from 7.4% in fiscal 2015 due to value
addition in operations.
Outlook: Stable

CRISIL believes VMPL 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.

VMPL, based in Nagpur, Maharashtra, was established in 1976 by
the Agrawal family. The company was engaged in domestic coal
trading, but currently also undertakes coal beneficiation along
with coal trading.

Profit after tax was INR0.29 crore on net sales of INR37.05
crores in fiscal 2016, against INR0.35 crore and INR42.12 crore,
respectively, in fiscal 2015.


VIJAYA RAJA: ICRA Assigns B+ Rating to INR10cr Unallocated Loans
----------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the
INR10.00 crore unallocated limits of Vijaya Raja Rajeswari
Constructions Private Limited. The outlook on the long term
rating is 'Stable'.

                          Amount
  Facilities           (INR crore)    Ratings
  ----------           -----------    -------
  Unallocated Limits        10.00     [ICRA]B+(Stable) assigned

Rationale
The assigned rating is constrained by the high market risk with
~75% of the total 114 flats yet to be sold as on November 15,
2016; high funding risk with ~53% of the project cost of INR58.22
crore to be funded by customer advances; and moderate execution
risk with about 40% of the construction still left. The rating
further factors in the company's sole presence in the Vijayawada
residential market and its exposure to cyclicality inherent to
the real estate sector.

The assigned rating however positively factors in the attractive
location of the ongoing project, 'VRR Vaibhavam' owing to the
proximity of the project to capital region of new Andhra Pradesh
capital and long standing experience of more than 20 years of
VRRCPL's promoters in the real estate industry. The rating also
draws comfort from the low equity mobilization risk as most of
the equity has already been infused into the project; and

Description of key rating drivers highlighted:

Vijaya Raja Rajeswari Constructions Private Limited was
incorporated in 2007 and is engaged in the business of
construction of residential apartments in Andhra Pradesh and
Telangana. The company is currently developing VRR Vaibhavam in
Vijayawada on a land area of 11527 sq yards; while ~50% of the
project work has been completed as on 30th November, 2016, the
construction of the project is expected to be completed by March,
2018. The promoters have been in the construction industry for
last 20 years. The promoters have carried out 8 real estate
projects till date covering more than 3.3 lakhs sq. ft of flats
in and around Vijayawada. The promoters have already infused
INR7.89 crore of equity and unsecured loans towards the project
completion. Hence, the equity mobilization risk is low as about
83% of the projected promoters amount has already been brought
in. The project is exposed to high market risk with about ~79% of
the total available flats yet to be sold. Also, the project is
exposed to high dependence on customer advances.

Going forward, timely execution of the project without time and
cost overruns and the ability of the firm to achieve sufficient
sales for the term loan repayments and maintain healthy
collection efficiency will remain the key rating sensitivities
from credit perspective.

Vijaya Raja Rajeswari Constructions Private Limited was
incorporated in 2007 and is engaged in the business of
construction of residential apartments in the states of Andhra
Pradesh and Telangana. The company is currently developing VRR
Vaibhavam at an estimated project cost of INR58.22 crore in
Vijayawada on a land area of 11527 sq yards; while ~50% of the
project work has been completed as on 30th November, 2016, the
construction of the project is expected to be completed by March,
2018.


VINAYAK INTERNATIONAL: CARE Reaffirms B+ Rating on INR1.5cr Loan
----------------------------------------------------------------
The ratings assigned to the bank facilities of Vinayak
International Housewares Private Limited continue to remain
constrained by small scale of operations with low net worth base,
declining operating margins, leveraged capital structure and weak
coverage indicators. The ratings are further constrained by
working capital intensive nature of operations and intense
competition in the industry due to low entry barriers. The
ratings, however, continue to draw comfort from the experienced
promoters and growing scale of operations.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              1.50      CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities             17.00      CARE A4 Reaffirmed

Going forward, the ability of the company to increase its scale
of operations while stabilizing its profitability margins and
improving its capital structure shall be the key rating
sensitivities.

Detailed description of the key rating drivers
Key Rating Weakness
Decline in profitability margins
Despite growth registered in the scale of operation PBILDT and
PAT margins declined to 4.79% and 0.70%, respectively, in FY16
(refers to the period April 1 to March 31) as against 5.17% and
0.75% in FY15 due to increase in proportion of trading which
inherently have lower profitability margins. In FY16, the company
generated 75% (57% of sales in FY15) of its revenue from trading
and balances from manufacturing activities.

Leveraged capital structure along with weak coverage indicators
The capital structure of the company continues to remain
leveraged on account high dependence on bank borrowing to fund
the working capital requirements coupled with low net worth base.
Though debt equity and overall gearing has improved from 2.30x
and 5.99x, respectively, in FY15 to 1.95x and 5.19x,
respectively, in FY16 owing to increase in net worth base due to
accretion of profit to reserves. However, the same stood
leveraged. Owing to high financial expenses against low
profitability, the debt service coverage indicators continues to
remain weak marked by interest coverage and total debt to gross
cash accrual of 1.39x and 29.75x for FY16. Working capital
intensive nature of operations.

The business model of VIH continues to entail involvement of high
working capital requirement. VIH has an operating cycle marked by
operating cycle of 85 days in FY16. The average utilization of
working capital borrowings of the firm remained fully utilized
for 12 months ended December 2016. Intense competition in the
industry due to low entry barriers VIH operates in a highly
fragmented industry marked by the presence of a large number of
players in the unorganized sector. The industry is characterized
by low entry barriers due to low technological inputs and easy
availability of standardized machinery for the production. This
further leads to high competition among the various players and
low bargaining power with suppliers.

Key Rating Strengths
Experienced promoters
The promoters of VIH, Mr. Rajendra Prasad Gupta and Mr. Deepak
Gupta are having an experience of more than two decades in
manufacturing and trading of stainless steel utensils. They look
after the day-to-day affairs of the company. Growth in the scale
of operations though remained small The total operating income of
the company grew from INR53.00 crore in FY15 to INR66.77 crore at
a growth rate of 25.98%. The growth in TOI was on account of
higher quantity sold to existing customers and addition of new
customers into the business. Despite growth registered the same
continued to remain small which inherently limits company's
financial flexibility in times of stress and deprives it from
scale benefits.

Vinayak International Housewares Private Limited (VIH) was
incorporated in March 2012 and was promoted by Mr. Rajindra
Prasad Gupta. The company took over the business of
proprietorship concern "Vinayak International" (established in
1996 by Mr. Rajindra Prasad Gupta). It is engaged in
manufacturing and trading of stainless steel utensils. The main
raw material for the company is stainless steel sheets which the
company procures from domestically and also imports the same
mainly from China (around 40% of the total raw material cost).
The company has manufacturing facility located in Wazirpur
industrial area, Delhi. The installed capacity of the company is
5 lakhs pieces per month.

In FY16, the company generated 75% (57% of the sales in FY15) of
its revenue from trading and balance from manufacturing. The
company has manufacturing facility located in Wazirpur industrial
area, Delhi. The installed capacity of the company is 5 lakhs
pieces per month.

For FY16, VIH achieved a total operating income (TOI) of INR66.77
crore with profit after tax (PAT) of and INR0.47 crore,
respectively, as against TOI of INR53.00 crore with PAT of
INR0.40 crore, in FY15. Furthermore, the company has achieved
total TOI of INR46.00 crore till 9MFY17 (refers to the period
April 1 to December 31, based on provisional results).


WINSOME INTERNATIONAL: Ind-Ra Lowers Issuer Rating to 'D'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Winsome
International Limited's Long-Term Issuer Rating to 'IND D' from
'IND BB+'.  The Outlook was Stable.  The instrument-wise rating
action is:

   -- INR160 mil. Fund-based limit rating lowered to 'IND D/IND
      D'

                         KEY RATING DRIVERS

The downgrade reflects Winsome's continuous overutilization of
the cash credit account during the six months ended January 2017,
due to tight liquidity.

                       RATING SENSITIVITIES

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

COMPANY PROFILE

Winsome is a public limited company.  It has a manufacturing unit
in the name of Rameshwara Jute Mills in Muktapur, District
Samastipur, in north Bihar and has 400 narrow looms with 5,420
spindles.  Winsome is listed on the Calcutta Stock Exchange.



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


TAKATA CORP: Four Automakers Knew of Airbag Hazard, Suit Says
-------------------------------------------------------------
Hiroko Tabuchi and Neal E. Boudettefe at The New York Times
report that at least four automakers knew for years that Takata
Corp.'s airbags were dangerous and could rupture violently but
continued to use those airbags in their vehicles to save on
costs, lawyers representing victims of the defect asserted in a
court document filed on Feb. 27.

The New York Times says the Justice Department's criminal
investigation into Takata's rupture-prone airbags has so far
painted automakers as unwitting victims duped by a rogue supplier
that manipulated safety data to hide a deadly defect, linked to
at least 11 deaths and over 100 injuries in the United States.

But the fresh allegations against Ford, Honda, Nissan and Toyota,
made as part of a class-action lawsuit in Florida and based on
company documents, point to a far deeper involvement by
automakers that used Takata's defective airbags for years, the
report notes.

The New York Times relates that Honda vehemently denied the new
allegations on Feb. 27. The three other automakers either
declined to comment or said a response would come through legal
channels, the report notes.

Last summer, The New York Times reported indications that
automakers, rather than being the victims of Takata's missteps,
had pressed their suppliers to put cost before all else. That
report focused on General Motors, which is not named in the
Florida case, though plaintiff lawyers said they were preparing
to take action against the company.

The defect has prompted the nation's largest automotive recall
ever, affecting nearly 70 million airbags in 42 million vehicles.

According to the report, the plaintiffs' filing came hours before
Takata pleaded guilty, under a deal announced last month, to
charges of wire fraud for providing the false data, a rare
outcome for businesses accused of wrongdoing. Federal prosecutors
also said last month that they had charged three Takata
executives with fabricating test data and fined the Tokyo company
$1 billion.

"I deeply regret the circumstances that resulted in the agreement
today," the report quotes Yoichiro Nomura, Takata's chief
executive, as saying at the federal court hearing in Detroit. The
company's actions were "completely unacceptable," he said.

"Takata is fully committed to ensuring such conduct never happens
again," he added, notes the report.

The New York Times says the allegations in the Florida case came
in response to a court document filed by the automakers last week
that pointed to Takata's plea deal to argue that the supplier
alone was culpable.

But the plaintiffs, who could gain from suing the deep-pocketed
automakers alongside Takata, argue that the automakers were more
deeply involved in the handling of the defect, according to The
New York Times.  The report says the fines and costs associated
with the scandal have also taken a heavy financial toll on
Takata, and it has been searching for a financial lifeline -
possibly in the form of a white knight that would effectively
take it over.

The New York Times reports that one of the plaintiffs' lawyers,
Kevin R. Dean, filed an objection to Takata's plea deal on
Feb. 27 in Detroit, arguing that the automakers were accomplices
in the cover-up. He urged the judge to reject the agreement and
for the Justice Department to further investigate the automakers'
role, the report relays.

The New York Times relates that the plaintiffs have taken
particular issue with the amount set aside for victims in
Takata's plea - a total of $125 million. In contrast, the
automakers will have recourse to draw on an $850 million fund to
offset continuing recall costs.

Judge George Caram Steeh dismissed Mr. Dean's objections, saying
that Takata's plea deal was in the best interest of the victims,
reports The New York Times.  He said any further action against
the automakers should be pursued in civil court, and approved the
plea deal as is, the report adds.

                        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.


TOSHIBA CORP: Not Aware of Westinghouse Considering Chapter 11
--------------------------------------------------------------
The American Bankruptcy Institute, citing Makiko Yamazaki of
Reuters, reported that Toshiba Corp (6502.T) said it was not
aware that its U.S. nuclear unit Westinghouse was considering
filing for Chapter 11 protection from creditors -- an option
analysts say could jeopardize the entire group.

According to Reuters, citing the Nikkei business daily,
Toshiba was now looking at a potential Chapter 11 filing as
one of several options for Pittsburgh-based Westinghouse, as it
grapples with cost overruns at two U.S. projects that are set to
result in a $6.3 billion writedown.

In theory, such a drastic step could help draw a line under
problems in its nuclear business, Reuters said. But analysts and
sources with knowledge of the matter say that even under a
Chapter 11 filing, Toshiba could still be on the hook for up to
$7 billion in potential liabilities as it has guaranteed
Westinghouse's contractual commitments -- an arrangement typical
for the nuclear industry, the report related.

One source familiar with the matter told Reuters there had been
discussions within Toshiba on the issue, but there was also a lot
of resistance, the report further related.

A spokesman for the TVs-to-construction conglomerate said he was
unsure how any U.S. bankruptcy filing would affect its
Westinghouse contractual commitments, Reuters said.

Reuters pointed out that the ill-fated purchase of nuclear
construction plant firm CB&I Stone & Webster in late 2015 has
plunged Toshiba into crisis, forcing it offer up a majority stake
in its prized memory chips business for sale.

It has been forced to recognize huge cost overruns at two
projects to build the first nuclear reactors in the United States
in 30 years, stemming from design changes such as reinforcing the
plants to withstand aircraft crashes, the report added.

                           About Toshiba

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

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

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



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


BOUTIQUE HAIR: Placed in Receivership; Owner Seeks Buyer
--------------------------------------------------------
Stuff.co.nz reports that a hair and beauty products company owned
by a man who ran what is thought to be a significant ponzi scheme
is looking for a new owner.  Christchurch-based Boutique Hair &
Beauty was last week tipped into receivership.

Its majority owner, Paul Clifford Hibbs, was last year named as
being under investigation by the Serious Fraud Office (SFO) and
Financial Markets Authority (FMA), relating to another of his
companies, Hansa, Stuff.co.nz relates.

According to the report, the SFO and FMA have not provided
further details, but last September investor John Docherty and
his wife claimed they had been left stranded after allegedly
being swindled out of NZ$650,00.

Multiple sources have since said Hansa investors have been told
at least NZ$20 million was missing, Stuff.co.nz says.

Stuff.co.nz relates that the receiver for Boutique Hair & Beauty,
PWC partner Malcolm Hollis, said the receivership was on Mr.
Hibbs' request following discussions he had had with one of the
main banks.

Financing statements showed ANZ had held a security agreement
with Mr. Hibbs relating to the business since 2007, Stuff.co.nz
says.

According to Stuff.co.nz, Mr. Hollis said the receivership was
not because of a business failure but because of an issue with
its ownership.

"It's pretty self-evident in terms of Mr. Hibbs' current
situation," Stuff.co.nz quotes Mr. Hollis as saying.  "He's got
wider issues to deal with."

Stuff.co.nz relates the business, which had 16 staff, would
continue to run and Mr. Hollis said was fairly confident he would
find a buyer.  If not, it would have to be closed down, he said.

Three staff had already lost their jobs, and Mr. Hibb and his
wife were no longer on the payroll, Mr. Hollis said, notes the
report.

"This is to put it in the hands of someone else."

Stuff.co.nz notes that the company under investigation, Hansa,
was last month put in liquidation on application by the investor
who claimed to have lost NZ$650,000.

Waterstone Insolvency liquidator Damien Grant said in December
they had so far identified payments of at least $9m into the
company, adds Stuff.co.nz.


HERBERT CONSTRUCTION: Liquidators Seeks to Bankrupt Owner
---------------------------------------------------------
Stuff.co.nz reports that liquidators are attempting to bankrupt
Napier developer Malcolm Herbert after he failed to make payments
under an agreed settlement involving his failed company Herbert
Construction.

Rhys Cain and Rees Logan of Ernst & Young obtained a default
judgment against Mr. Herbert after he took no steps to defend
proceedings taken after he stopped making payments as agreed
under a settlement deed, according to Stuff.co.nz.

Stuff.co.nz says a subsequent application mas made to the High
Court to bankrupt Mr. Herbert. He applied to have it set aside
and his application is expected to be heard in coming weeks.

Mr. Cain would not disclose how much money Mr. Herbert owed, but
said he defaulted on payments after a written agreement was
signed, Stuff.co.nz says.

Secured creditors claim they were owed NZ$453,800 and unsecured
creditors NZ$427,400, but these figures may increase, the report
adds.

Herbert Construction is a construction company based in Napier.

Herbert Construction was put in court-ordered liquidation in
July, 2013, owing more than NZ$3.6 million, Stuff.co.nz
discloses.  The company built several prominent buildings in
Hawke's Bay, including the NZ$10 million Hawke's Bay Regional
Council headquarters in 2005, which was later found to be a
leaky-building and cost more than NZ$2 million to repair.



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


TV5 NETWORK: No More Layoffs for Now, Chairman Says
---------------------------------------------------
Alena Mae S. Flores at Manila Standard reports that PLDT Inc.
chairman Manuel Pangilinan said on Feb. 27 the dismissal of 100
employees at TV 5 Networks Inc. last week will be the last round
of cost-cutting measures designed to bring back the broadcast
company to profitability by 2019.

According to the report, Mr. Pangilinan, whose group controls
TV 5, confirmed that "pink slips" were given on Feb. 24 to about
100 people working for TV 5.

"We're closely monitoring the situation but that's the last,
that's the last of the cost-cutting for TV 5," the report quotes
Mr. Pangilinan as saying.  "It had to be done. The choice is shut
down the station or keep it alive. We want to save the many
[employees] and I know that few had got to be sacrificed."

The Standard relates that Mr. Pangilinan said the employee
layoffs, which started in 2015, was "always a painful
experience." The company reported having around 1,000 employees
last year.

"So there will always be comments on how it was executed, the
terms under which the separation are being offered. So you know,
we can only do the best we can under the circumstances because TV
5 continues to show losses, albeit the losses are starting to
decline starting 2016," he said.

Mr. Pangilinan said TV 5 would be left with around 600 employees,
because any additional layoffs would mean "cutting it to the bone
and that's not good," the report relays.

The Standard adds that Mr. Pangilinan said he was hoping that TV
5, the country's third biggest broadcast network, would return to
profitability by 2019.

"I think those losses will decline starting 2017. I would say
2019 [is the target].  We reduce debts starting this year 2017,
so by 2019 we will be [debt free]," Mr. Pangilinan, as cited by
the Standard, said.

Mr. Pangilinan said TV 5 was now revamping its content strategy
to compete with other stations.

"I think the news will stay, substantially as it is. The sports
content will still be there and we're expanding the sports
content. Then there will be some entertainment shows that we will
be putting in," the report quotes Mr. Pangilinan as saying.
"It's not a shutdown situation for TV 5. I think it's a selective
kind of programming. I think it's the only way for TV 5 to
compete. The viewing habits for video are slowly changing, so we
want to move in the direction rather than stay with the legacy
where we are not competitive."

He also shot down revival of talks to acquire GMA-7. "There's
been no discussions," he said, the report relays.

MediaQuest Holdings Inc., a unit of PLDT Group, bought TV 5 in
2009 from the Cojuangco family for PHP4 billion, and acquired MPB
Primedia of Malaysia, a TV5 major block-timer, for $16 million.
Media Quest is owned by the Beneficial Trust Fund of PLDT where
Mr. Pangilinan sits as chairman and chief executive, according to
the Standard.



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


EZRA HOLDINGS: Creditor May Drop Winding-Up Action vs. Emas AMC
---------------------------------------------------------------
Business Times reports that EMAS Chiyoda Subsea (ECS) - a joint
venture in which Singapore-listed Ezra Holdings has a 40 per cent
stake - stands to stave off a winding-up petition by a trade
creditor against wholly owned Emas AMC Pte Ltd. But the woes for
ECS and the subsidiary are far from over as other creditors can
also step in to exercise their legal rights to follow through
with the liquidation bid.

BT understands that Emas AMC has paid off the claims made by
Necotrans Singapore Pte Ltd in support of its winding-up
application.

The report relates that the court hearing for application was
scheduled to take place Feb. 24. But with the claims said to have
been settled, Necotrans was expected to withdraw its winding-up
application, in line Singapore's Company's Act rules.

But the rules also provide for other trade creditors, if they so
desire, to step forward to be the substitute plaintiff in the
winding-up application, BT states.

According to BT, several trade creditors are said to have
expressed interest to attend the hearing. While they have not
been identified as at press time, at least two named trade
creditors have pursued legal recourse against Emas AMC or Ezra
Holdings for claims allegedly owed.

BT says Houston-based Helix Energy Solutions, in its annual
report released on Feb. 24, said that a foreclosure had been
filed to secure the remaining principal owed on a US$30 million
promissory note received for the sale of a spoolbase in
Ingleside, Texas, for US$45 million in January 2014.

BT relates that Helix said that it was still owed US$10 million
principal balance due on Dec. 31, 2016, from the unnamed
counterparty that is understood to be Emas AMC.

According to BT, Norwegian vessel owner Forland Subsea had said
that if a settlement could not be reached with Ezra, which acted
as the parent corporate guarantor for Emas AMC towards about 25.5
million Norwegian krone (SGD4.29 million) allegedly owed on a
charterparty, a winding-up application would be filed against the
holding company.

A second Norwegian vessel owner, Ocean Yield, had unilaterally
terminated a bareboat charter with Emas AMC after the latter
allegedly defaulted on payment towards the charter. Both parties
subsequently agreed on a short-term charter at reduced vessel day
rate, the report says.

Against the stark reality of trade claims piling up against the
group and its associates, observers argued that the settlement of
Necotrans claims, though generally considered positive, may just
be the tip of the iceberg of Ezra group's mounting debt problems,
according to BT.

A factor that will weigh in on stakeholder's confidence is the
quantum paid out to Necotrans: it will be meaningful only if it
amounts to at least millions of dollars, one industry veteran
said, BT relays.

Singapore-based Ezra Holdings Limited, an investment holding
company, provides integrated offshore solutions for the oil and
gas industry. The company operates in three divisions: Subsea
Services, Offshore Support and Production Services, and Marine
Services.



================
S R I  L A N K A
================


CEYLON DOLLAR: Fitch Affirms 'B+f' Credit Quality Rating
--------------------------------------------------------
Fitch Ratings has affirmed Ceylon Dollar Bond Fund's
International Fund Credit Quality Rating at 'B+f' and Fund Market
Risk Sensitivity Rating at 'S5'. The fund is managed by Ceylon
Asset Management (CAM).

KEY RATING DRIVERS

The affirmation of the 'B+f' International Fund Credit Quality
Rating is driven by the weighted-average rating factor (WARF),
the fund's rating distribution and its investment guidelines. The
fund has a limited investment space, as it only invests in US
dollar bonds issued by the government of Sri Lanka (B+/Stable),
licensed banks in Sri Lanka and Sri Lankan corporates that are
rated by an international rating agency. This restricts potential
investments to 15 listed issuances totalling around USD10bn as
well as Sri Lanka Development Bonds (SLDBs) of around USD4bn.
SLDBs are unlisted, unrated US dollar bonds issued by the
government domestically.

The affirmation of the Fund Market Risk Sensitivity Rating is
driven by the market risk factor as well as Fitch's consideration
of qualitative factors, such as the fund manager's ability to
extend duration above current levels if it sees fit. The rating
also reflects Fitch's conservative assumptions about potential
volatility in emerging market debt.

ASSET CREDIT QUALITY

The fund's portfolio comprises of four bonds - all rated 'B+' -
that have been issued by the entities detailed above and is
mainly exposed directly to government and to government-
guaranteed debt. The fund currently has a large cash balance (19%
of portfolio), which the manager expects to invest in the near-
term and maintain around 5%-6% of the portfolio in short term US-
dollar fixed deposits in a licensed commercial bank in Sri Lanka.

CONCENTRATION

The portfolio is concentrated and has a large exposure to Sri
Lankan sovereign risk. The concentration risk is a structural
feature given the limited opportunities in the fund's investment
universe. Fitch has conducted stress tests on the target
portfolio. Based on its analysis, Fitch believes the fund has
considerable capacity to withstand negative rating migration in
its investments before it would be downgraded to the 'CCC'
category.

PORTFOLIO SENSITIVITY TO MARKET RISK

The Fund Market Risk Sensitivity Rating is based on an analysis
of the fund portfolio's interest-rate and spread duration. Based
on the fund's market risk factor alone, it could achieve a 'S4'
Fund Market Risk Sensitivity Rating. However, in affirming the
rating at 'S5', Fitch has also taken into consideration wider
market conditions - such as potential volatility in emerging
market debt - in its rating decision as well as recognising that
the fund manager does have discretion to extend duration above
current levels if it sees fit.

According to Fitch's criteria, funds rated 'S5' are considered to
have high sensitivity to market risk. On a relative basis, total
returns or changes in net asset value are expected to experience
extreme variability across a range of market scenarios due to
substantial exposure to interest-rate, credit spread and other
risk factors.

The fund currently has a weighted-average life of 1.3 years due
to the large cash balance it maintains in short-term deposits.
The fund will rely on secondary market liquidity to meet large
redemption requests. However, it has access to an overdraft
facility of up to 10% of assets under management and requires 14
days' notice on redemptions above 3% of the fund. On the asset
side, it holds only a limited proportion of outstanding debt
issues, all of which are listed on the Singapore Exchange.

FUND PROFILE

The fund is regulated by the Securities and Exchange Commission
of Sri Lanka under the Unit Trust Code, 2011. Deutsche Bank Sri
Lanka, a branch of Deutsche Bank AG (A-/RWN/F1), is the trustee.

THE ADVISOR

Fitch considers CAM suitably qualified, competent and capable of
managing the fund. The investment committee has relevant
experience and the company has sufficient sources of information
on which to base its decision-making process. Fitch considers the
systems supporting the fund's investment activities to be
satisfactory.

CAM is 21%-owned by Sri Lanka Insurance Corporation Limited
(SLIC, B+/Stable), 69% by Ceylon Capital Trust (Pvt) Ltd and 10%
by Commercial Credit and Finance PLC (CCF). Fitch believes CAM
has shareholder support, but a key challenge will be
demonstrating sustained growth in assets under management. The
Ceylon Dollar Bond Fund is a key component of its growth
strategy.

CAM has been managing funds since 1999. The current management
team has been in place since 2005 and SLIC and CCF invested in
the business in 2010 and 2013, respectively.

RATING SENSITIVITIES

The ratings may be sensitive to changes in the fund's credit
quality or market risk profile. The International Fund Credit
Quality Rating may be downgraded if Fitch downgrades the rating
of the Sri Lankan sovereign or the ratings of the banks in which
the fund has invested assets, especially the banks whose issues
are not government guaranteed. An upgrade of the assets in the
fund's portfolio could lead to an upgrade of the fund.

Changes in exchange-control regulations that could increase the
fund's transfer and convertibility risks or a weakening in the
liquidity inherent in the fund or changes to liquidity provisions
- such as the manager's ability to borrow against the fund's net
assets or its ability to delay redemptions - would be viewed as
negative.

To maintain the bond fund ratings, CAM will provide Fitch with
portfolio information, including details of the portfolio's
holdings and credit quality. Fitch closely monitors the credit
composition of the portfolio, the credit counterparties used by
the manager and the overall market risk profile of the
investments.



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

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