TCRAP_Public/170309.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 9, 2017, Vol. 20, No. 49

                            Headlines


A U S T R A L I A

A1 STEELFAB: First Creditors' Meeting Slated for March 17
AUSTRALIAN CAREERS: Closes All Training Campuses and Courses
DARWIN STEEL: First Creditors' Meeting Scheduled for March 16
MANDURAH HERITAGE: First Creditors' Meeting Set for March 14
MARVILLA KNIGHT: First Creditors' Meeting Set for March 15

NISRIX PTY: First Creditors' Meeting Set for March 15
RAPID PERSONAL: Enters Liquidation on Cashflow Problems


C H I N A

GUORUI PROPERTIES: Fitch Publishes 'B' IDR; Outlook Stable
GUORUI PROPERTIES: S&P Assigns 'B' CCR; Outlook Stable
KWG PROPERTY: S&P Puts 'BB-' CCR on Watch Neg. on Land Purchase
YANLORD LAND: S&P Affirms 'BB-' CCR & Revises Outlook to Positive
YULONG ECO-MATERIALS: Receives NASDAQ Delinquency Letter


I N D I A

ADROIT CORPORATE: CRISIL Lowers Rating on INR18.53MM Loan to D
AJIT AGRO: CARE Assigns 'B+' Rating to INR7.0cr LT Loan
ANTONY COMMERCIAL: CRISIL Raises Rating on INR16MM LT Loan to BB-
AVANI TEXTILES: Ind-Ra Lowers Long-Term Issuer Rating to 'BB-'
B. D. AGRO: CRISIL Upgrades Rating on INR3MM Cash Loan to B-

BLACKBERRY TILES: CRISIL Raises Rating on INR6.5MM Loan to B+
COTS KNITS: CRISIL Upgrades Rating on INR7.24MM Loan to B+
DHARESHWAR GINNING: CARE Assigns B+ Rating to INR6.63cr LT Loan
EXPAT ENGINEERING: CARE Reaffirms B+ Rating on INR11cr Loan
GALAXY MICA: CRISIL Upgrades Rating on INR5.95MM LT Loan to B+

GATIMAN AUTO: CRISIL Upgrades Rating on INR4.6MM Loan to 'B'
GOPAL CHAKRABORTY: Ind-Ra Raises Rating on Bank Loans to 'BB-
GOVARDANAGIRI AGRO: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
GURU KIRPA: CRISIL Upgrades Rating on INR6MM Cash Loan to B+
H.V. EQUIPMENTS: CRISIL Reaffirms B+ Rating on INR4MM Overdraft

INDIAN SUCROSE: CRISIL Raises Rating on INR150MM Cash Loan to BB-
JUMBO BAG: CRISIL Reaffirms B+ Rating on INR34.5MM Cash Loan
KIRTI SOLAR: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
KSC ENGINEERS: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
LALWANI INDUSTRIES: Ind-Ra Cuts Long-Term Issuer Rating to 'BB-'

MILAN INFRASTRUCTURES: CRISIL Cuts Rating on INR8MM Loan to 'D'
NANCY KRAFTS: CRISIL Lowers Rating on INR7.84MM Loan to 'B'
NANDI GRAIN: CARE Assigns 'D' Issuer Not Cooperating Ratings
NEUROGEN BRAIN: CRISIL Raises Rating on INR22MM Loan to BB-
PEKON ELECTRONICS: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating

PGH INTERNATIONAL: CARE Assigns 'B' Rating to INR88.74cr LT Loan
PODDAR CAR: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
RAGHAV INDUSTRIES: CRISIL Reaffirms B+ Rating on INR8MM Loan
RAGHUVANSHI COTTON: CARE Puts 'D' Issuer Not Cooperating Rating
RAJARSHI CARS: CRISIL Reaffirms B+ Rating on INR10.55MM Loan

RAJKAMAL TEXTILES: CRISIL Reaffirms B+ Rating on INR5.0MM Loan
RIO GLASS: CARE Assigns 'B+' Rating to INR5.34cr LT Loan
RSI SOFTECH: CRISIL Reaffirms B+ Rating on INR4.5MM Cash Loan
SAKET ENGINEERS: CRISIL Reaffirms 'B' Rating on INR40.5MM LT Loan
SARDAR INDUSTRIES: CRISIL Reaffirms B+ Rating on INR8MM Loan

SAVALIA COTTON: CARE Assigns 'D' Issuer Not Cooperating Ratings
SHIV-OM SULZ: CARE Upgrades Rating on INR6.73cr Loan to BB-
SHREE RK: CARE Assigns 'B' Rating to INR4.90cr LT Loan
SHRI SAI: CRISIL Reaffirms B+ Rating on INR5MM Cash Loan
SINGAN PROJECTS: CARE Assigns 'D' Issuer Not Cooperating Ratings

SOOD STEEL: CRISIL Upgrades Rating on INR7.5MM Cash Loan to B+
STATUS SERAMIK: CARE Reaffirms B+ Rating on INR4.21cr LT Loan
STERLING IMPEX: CRISIL Assigns 'B' Rating to INR10MM Overdraft
SUPER PLATECK: CRISIL Reaffirms B- Rating on INR3.75MM Loan
TOOLFAB ENGINEERING: CARE Ups Rating on INR19.92cr Loan to BB-

UNITY FABTEXT: CRISIL Lowers Rating on INR1.9MM LT Loan to B+


I N D O N E S I A

PERISAI PETROLEUM: Offers to Pay Bond Holders in Cash and Stocks


J A P A N

TOSHIBA CORP: Speeds Up Nuclear Unit's Chapter 11 Filing
TOSHIBA CORP: To Hold Extraordinary Shareholders Meeting March 30
TOSHIBA CORP: BlackRock Lends 46 Million Shares


S R I  L A N K A

SRI LANKA: S&P Affirms 'B+' LT Sovereign Credit Rating


                            - - - - -


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


A1 STEELFAB: First Creditors' Meeting Slated for March 17
---------------------------------------------------------
A first meeting of the creditors in the proceedings of A1
Steelfab Pty Limited will be held at the offices of McLeod &
Partners, Hermes Building, Level 1, 215 Elizabeth Street, in
Brisbane, Queensland, on March 17, 2017, at 10:00 a.m.

Jonathan Paul Mcleod of McLeod & Partners was appointed as
administrator of A1 Steelfab on March 7, 2017.


AUSTRALIAN CAREERS: Closes All Training Campuses and Courses
------------------------------------------------------------
Administrators to the Australian Careers Institute, George
Georges and John Lindholm of Ferrier Hodgson, on March 8
announced the closure of all training campuses and courses.

The Australian Careers Institute Group has approximately 1,600
students and 200 employees across campuses in three states.

Administrator George Georges said, "Unfortunately, there was no
proposal forthcoming for a Deed of Company Arrangement to
continue the operations of the business".

"As a result, classes have been cancelled in Queensland and New
South Wales and suspended in Victoria for one week.

"Discussions are ongoing with an interested party for the
continuation of the Victorian classes.

"The Administrators will be working with the Australian Skills
Quality Authority (ASQA) and the Australian Council for Private
Education and Training (ACPET) to determine the current position
of the students and the assistance that will be made available
going forward.

"Wherever possible we will look to minimise disruption to
students. Students should make contact with the ACPET Activations
team on 1800 875 474 to discuss this process," Mr. Georges said.

Mr. Georges said this is a disappointing outcome for the
employees who are extremely committed to furthering the education
and training of their students.

"Employees were notified late yesterday and they will be provided
with appropriate support. All employee entitlements will rank as
priority unsecured claims," Mr. Georges said.

Ferrier Hodgson partners, George Georges and John Lindholm on
Feb. 8, 2017, were appointed as joint and several Voluntary
Administrators of Australian Careers Institute Pty Ltd and a
number of associated entities (the Group) pursuant to a
resolution of the Board of Directors.

The associated entities are:

  - Nexus Institute Pty Ltd, trading as WYN Institute
  - ACN 162 266 668 Pty Ltd (Sage Institute of Education)
  - 24 Hours Fitness Pty Ltd
  - Cyberlife Pty Ltd
  - Cyberfit Pty Ltd
  - Cyberscene Pty Ltd


DARWIN STEEL: First Creditors' Meeting Scheduled for March 16
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Darwin
Steel & Pipe Supplies Pty Ltd will be held at Paspalis Business
Centre, Level 1, 48-50 Smith Street, in Darwin, Northern
Territory, on March 16, 2017, at 2:30 p.m.

Christopher Powell and Nicholas Gyss of DuncanPowell were
appointed as administrators of Darwin Steel on March 7, 2017.


MANDURAH HERITAGE: First Creditors' Meeting Set for March 14
------------------------------------------------------------
A first meeting of the creditors in the proceedings of
Mandurah Heritage Gastropub Pty Ltd, trading as The Heritage
Gastropub and The Heritage Restaurant, will be held at the
offices of SM Solvency Accountants, level 8/490 Upper Edward
Street, in Spring Hill, Queensland, on March 14, 2017, at
10:00AM (AWST)/12:00PM (AEST).

Brendan Nixon and Leon Lee of SM Solvency Accountants were
appointed as administrators of Mandurah Heritage on March 3,
2017.


MARVILLA KNIGHT: First Creditors' Meeting Set for March 15
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Marvilla
Knight Pty Ltd will be held at United Service Club, 183 Wickham
Terrace, in Spring Hill, Queensland, on March 15, 2017, at
2:00 p.m.

Leon Lee & Brendan Joseph Nixon of SM Solvency Accountants were
appointed as administrators of Marvilla Knight on March 6, 2017.


NISRIX PTY: First Creditors' Meeting Set for March 15
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Nisrix Pty
will be held at the offices of Grant Thornton, Level 1, 10 Kings
Park Road, in West Perth, on March 15, 2017, at 11:00 a.m.

David Hodgson, Ahmed Bise & Stephen Dixon of Grant Thornton were
appointed as administrators of Nisrix Pty on March 3, 2017.


RAPID PERSONAL: Enters Liquidation on Cashflow Problems
-------------------------------------------------------
Dominic Powell at Smart Company reports a small business owner
has opened up about the difficulties of managing cashflow in a
growing business, after his personal training company Rapid
Personal Training entered liquidation.

Insolvency firm Hogan and Sprowles has been appointed to manage
the liquidation of Rapid PT, which employs three full-time staff
and 17 contractors, and has seven locations spread across Sydney
and Perth, according to Smart Company.  The business has ceased
trading.

Rapid PT was established in 2012 by founder Kris Cochrane, who
told SmartCompany about the difficulties the business faced when
it came to managing growth plans.

"We had big plans and big growth. We expanded into Western
Australia and invested into strategies that were, honestly, a
gamble," the report quoted Mr. Cochrane as saying.

"Things like extra staff, online infrastructure, things that cost
money.

"It was a matter of making decisions as a business owner without
a great deal of experience, and without a realistic understanding
of what would happen if things don't go the way you want them
to."

While Cochrane says the business was profitable, he blamed the
business' cash position as its weakest link, saying sales
performance couldn't match payments being made.

The experience has been difficult for Cochrane, who says it all
"happened so fast", says the report.

"It all happened so fast I didn't see it coming. I was looking at
the sales numbers, and for the first time ever I raised the white
flag and said I wouldn't be able to pull this off," the report
quoted Cochrane as saying.  "As an entrepreneur, I've probably
failed."

While Cochrane is helping out the liquidators where he can, he
says he's "virtually unemployed" at the moment and hasn't thought
too much about the future.

"Once I feel everything's been handled appropriately, I'll think
about what I'll do. I'll probably stay in the industry, stick
with what I'm good at," he added, notes the report.

Rapid PT has closed its operations at seven locations, but
trainers will keep their jobs after re-contracted to other gyms,
Cochrane says.

Rapid PT's Facebook page has been shut down and the business's
website now displays only the Rapid PT logo, the report relays.



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


GUORUI PROPERTIES: Fitch Publishes 'B' IDR; Outlook Stable
----------------------------------------------------------
Fitch Ratings has published China-based residential property
developer Guorui Properties Limited's Long-Term Issuer Default
Rating (IDR) of 'B'. The Outlook on the IDR is Stable. The agency
has also assigned Guorui a senior unsecured rating of 'B' and its
proposed US dollar senior unsecured notes an expected rating of
'B(EXP)'. The Recovery Rating is 'RR4'.

Guorui's rating is supported by a healthy EBITDA margin, stable
investment-property rental income and a quality landbank that is
large enough to support sustained improvement in its contracted
sales. However, the rating is constrained by high leverage, as
measured by net debt/adjusted inventory, of 55.1% at end-1H16.
Fitch estimates leverage will hover around 60% in the next 18
months.

The proposed notes are rated at the same level as Guorui's senior
unsecured rating because they will constitute direct and senior
unsecured obligations of the company. The final rating is subject
to the receipt of final documentation conforming to information
already received. Guorui intends to use the net proceeds from the
note issue for general corporate purposes.

KEY RATING DRIVERS
Small to Mid-Sized Developer: Fitch expects Guorui to be able to
expand to contracted sales of more than CNY15bn in the next 18
months. The company had CNY11.1bn in contracted sales in 2016
from projects in eight cities, compared with CNY6.2bn in 2014,
after new projects helped to diversify its sources of sales. It
has a landbank of 7.7 million square metres (sq m), of which just
1.6 million sq m was under construction at end-June 2016.

However, the company is still concentrated geographically, with
four cities - Langfang, Shenyang, Beijing and Haikou - accounting
for about 60% of Guorui's total sellable resources. This
constrains the rating on the company.

Landbanking Drives High Leverage: Guorui started to acquire new
sites aggressively in 2015. The land premium paid amounted to 79%
and 69% of total contracted sales in 2015 and 2016, respectively.
The debt-funded expansion drove a jump in total debt to CNY16.5bn
at end- June 2016, from CNY10.8bn at end-2014, pushing its
leverage up to 55.1%, from 44.2%, over the same period. Fitch
expects Guorui's aggressive landbanking strategy to keep its
operating cash flow negative and drive leverage higher to around
60%. However, the company does have the capacity to deleverage as
it has accumulated a sufficiently large landbank and has a modest
growth target.

Healthy Margin: Fitch expects Guorui to be able to maintain a
gross profit margin close to 30% over next 24 months. Its EBITDA
margin of above 30% historically is higher than that of most of
its peers in the same rating category. Guorui's margins are
likely to be sustainable because of its low land cost - the
average unit cost of its landbank was CNY2,600/sq m at end-June
2016. Guorui has been able to keep land cost low at between 20%-
30% of its average selling prices (ASP) because it establishes
solid relationships with local governments and acquires land at
lower cost through participation in primary land development. In
addition, it had 7.7 million sq m of land reserves in Beijing,
Shantou and Chaozhou for primary development and urban
redevelopment projects as at end-June 2016.

Stronger Rental Income: Guorui holds seven investment properties
with total gross floor area (GFA) of about 800,000 sq m, which
generated CNY280m in rental income in 2015. The company's two
properties in Beijing accounted for more than 90% of its
investment-property rental income. Fitch expects Beijing Glory
City's rental income to remain stable in 2017, given its prime
location within the Second Ring Road in the capital. The new
Hademen Center, located one kilometre from the landmark Tiananmen
Square in Beijing, started to generate rental income from 2H16
and the company expects it will contribute CNY400m of rental
income a year. Guorui also expects the newly developed South
Levee Bay in Foshan in southern China to contribute CNY100m in
rental income in 2017.

Fitch expects the company's recurring EBITDA/gross interest
coverage to reach 0.2x in 2016 and gradually improve to around
0.3x in the next 24 months due to the expansion of its
investment-property portfolio and lower funding costs.

Improving Capital Structure: Guorui has been optimising its
capital structure since 2014 by diversifying funding channels and
reducing effective borrowing costs. Fitch estimates the company's
funding cost fell to 6.5% in 2016, from 7.2% in 2015. The company
repaid the majority of its trust loans that had higher interest
costs and issued longer-tenor onshore bonds at lower rates. The
proposed US dollar bonds will mark the company's debut in the
offshore bond market and help to further diversify its funding
channels.

KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for Guorui
include:
- Contracted sales of CNY14bn-18bn during 2017-2019.
- Land premium/contracted sales still high at 60% in 2017,
   but to
   gradually reduce to 30% in 2019.
- Land replenishment ratio (land acquisition GFA/contracted
   sales GFA) at 1.0x in 2017 and gradually falling to 0.5x in
   2019 (2016: 1.1x).
- Cash collection ratio remaining healthy at 83%-90% during
   2017-2019 (2016: 80%).
- Funding cost for new borrowing of around 6%.


RATING SENSITIVITIES
Positive: Developments that may, individually or collectively,
lead to positive rating action include:
- Contracted sales sustained above CNY10bn
- Net debt/adjusted inventory sustained below 50% (1H16: 55%)
- EBITDA margin sustained above 30% (1H16: 36%)
- Contracted sales/gross debt sustained above 0.6x (1H16: 0.6x)

Negative: Developments that may, individually or collectively,
lead to negative rating action include:
- Net debt/adjusted inventory sustained above 60%
- EBITDA margin sustained below 25%


GUORUI PROPERTIES: S&P Assigns 'B' CCR; Outlook Stable
------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term corporate credit
rating to Guorui Properties Ltd.  The outlook is stable.  S&P
also assigned its 'cnBB-' long-term Greater China regional scale
rating to the China-based property developer.

At the same time, S&P assigned its 'B-' long-term issue rating
and 'cnB+' long-term Greater China regional scale rating to
Guorui's proposed issue of U.S.-dollar-denominated senior
unsecured notes. The rating on the notes is subject to S&P's
review of the final issuance documentation.

"The rating on Guorui reflects the company's high project
concentration, moderate operating scale, and limited brand
recognition outside Beijing," said S&P Global Ratings credit
analyst Matthew Chow.  "The rating also reflects Guorui's high
leverage and strong growth appetite.  The company's good debt-
servicing ability and above-average profitability due to its low-
cost land bank temper the above weaknesses."

S&P believes Guorui faces project concentration risks, with only
a few projects contributing a major part of its contracted sales
and revenue.  In the first half of 2016, the company's Yongqing
Glory City project alone contributed more than half of its
contracted sales.  The top three projects in 2015 accounted more
than 50% of full year sales.

"Although Guorui is exploring opportunities in its existing
regions and may expand to more cities when it grows its scale, we
expect the project concentration to persist for the next few
years," Mr. Chow said.

In S&P's view, Guorui's operating scale will remain smaller than
that of peers with a similar rating, such as China SCE Property
Holdings Ltd. and China Aoyuan Property Group Ltd.  This is
mainly because of the company's large land bank in lower-tier
cities, which constrains its growth.

Guorui's market position is also fairly weak in the cities it
operates in.  As at end of June 2016, the company has 18 projects
under development or held for future development in 11 cities,
and it has only a single project in many of these cities.  S&P
believes it is tougher for Guorui to create synergies from its
growing operating scale than it is for larger developers or those
with a regional focus.

S&P expects Guorui's financial leverage to remain high over the
next two years despite a 69% increase in contracted sales year-
on-year in 2016.  This is because S&P believes the company will
continue to spend considerable capital on land acquisitions and
construction to support its expansion plan and drive growth.

"The issue rating is one notch lower than the long-term corporate
credit rating on Guorui to reflect structural subordination risk.
Guorui intends to use the net proceeds for refinancing and
general corporate working capital," Mr. Chow noted.

The stable outlook on Guorui reflects S&P's expectation that the
company's leverage will remain high to support its expansion
plan. However, the leverage is likely to be commensurate with the
current rating over the next 12 months.  S&P also expects Guorui
to maintain steady growth in property sales and above-peer-
average profit margins over the period.

S&P could lower the rating if Guorui's debt-funded expansion is
more aggressive than S&P expects, such that its leverage does not
show any signs of improvement.  In a less likely scenario, S&P
could downgrade Guorui if the company's liquidity position
tightens or it faces difficultly in refinancing or securing new
financing.

S&P could raise the rating if Guorui improves its leverage while
maintaining its profitability, such that its debt-to-EBITDA ratio
is sustainably less than 5x.


KWG PROPERTY: S&P Puts 'BB-' CCR on Watch Neg. on Land Purchase
---------------------------------------------------------------
S&P Global Ratings said that it has placed its 'BB-' long-term
corporate credit rating and 'cnBB+' long-term Greater China
regional scale rating on Chinese property developer KWG Property
Holding Ltd. on CreditWatch with negative implications.  S&P also
placed its 'B+' long-term issue rating and 'cnBB' long-term
Greater China regional scale rating on the company's outstanding
senior unsecured notes on CreditWatch with negative implications.

S&P placed the ratings on CreditWatch because S&P expects KWG's
financial position to weaken more than we had earlier expected
under S&P's base-case scenario for the rating.  The likely
deterioration follows the company's recent significant land
acquisition in Hong Kong and its active land purchases in
mainland China in 2016.

KWG acquired land for about Chinese renminbi (RMB) 18 billion in
2016, which included its attributable portion for jointly
controlled entities (JCEs), exceeding S&P's expectation of
RMB10 billion.  In addition, the company, together with Logan
Property Holdings Co. Ltd., won the bid for a residential site
with a record high price of Hong Kong dollars (HK$) 16.86 billion
(about RMB14.9 billion) in February 2017.

"In our view, these aggressive acquisitions may push KWG's
leverage beyond our base-case expectations for the current
ratings," said S&P Global Ratings credit analyst Matthew Kong.

S&P estimates the company's total debt might have increased
significantly at end-2016 from RMB35 billion as of June 30, 2016,
as reflected in sizable bond issuances. Its debt-to-EBITDA ratio
(adjusted for the attributable portion for JCEs) is therefore
likely to deteriorate further, compared with 5.0x-5.5x for the 12
months to June 30, 2016.

S&P aims to resolve the CreditWatch status within the next three
months, after reviewing KWG's 2016 annual results and seeking
more clarity from management about the company's growth appetite
and the financial policies relating to such growth.  S&P will
assess the likely impact of these on the company's cash flow and
leverage.

"We may lower the rating by one notch if we expect KWG will
continue to expand aggressively, such that its leverage on a
proportionate consolidation basis remains elevated with no sign
of recovery over the next 12 months," Mr. Kong said.

S&P may also affirm the rating and revise its outlook to negative
if S&P believes KWG can show discipline in land banking, actively
reduce its debt materially, and control its leverage, he added.


YANLORD LAND: S&P Affirms 'BB-' CCR & Revises Outlook to Positive
-----------------------------------------------------------------
S&P Global Ratings said that it had revised its outlook on
Yanlord Land Group Ltd. to positive from stable.  At the same
time, S&P affirmed its 'BB-' long-term corporate credit rating on
the China-based property developer and S&P's 'BB-' long-term
issue rating on the company's outstanding senior unsecured notes.
S&P also affirmed its 'cnBB+' long-term Greater China regional
scale rating on Yanlord and the notes.

"We revised the outlook to positive as we expect Yanlord to
sustain its improved leverage over the next 12 months and
continue to demonstrate satisfactory sales execution and
disciplined land acquisitions," said S&P Global Ratings credit
analyst Dennis Lee. "In our base case, we forecast that Yanlord's
debt-to-EBITDA ratio will stabilize at 3.5x-4.0x in the next two
years."

Yanlord's operating performance and financial leverage
improvement in 2016 were stronger than S&P had anticipated.  The
company's total contracted sales of Chinese renminbi (RMB) 33
billion were significantly higher than S&P's base-case projection
of
RMB25 billion.  Driven by a strong revenue increase and
substantial margin recovery, Yanlord's debt-to-EBITDA ratio
improved to below 3.0x in 2016, from 4.3x in 2015.

S&P believes the earnings and margin visibility of Yanlord in
2017 is high, given the company's large unrecognized contracted
sales amount of RMB26.5 billion as of end-2016 and S&P's
expectation that the company will complete and deliver at least
70% of the sales in 2017.  The amount does not include the sales
of completed projects, which can be recognized in the same year.

S&P anticipates that Yanlord will maintain its contracted sales
at RMB30 billion-RMB35 billion in 2017 and 2018, despite the
recent government tightening policies.  The stable sales
performance is supported by the company's increased saleable
resources and S&P's assumption that property prices in the key
cities in which Yanlord operates, such as Shanghai, Nanjing, and
Suzhou, will remain stable due to low inventory levels.  However,
S&P believes Yanlord's high-end product positioning could make it
more sensitive to tightening policies and overall market
sentiment than peers that target mass-market buyers.

Stable property prices in tier-1 and key tier-2 cities will
continue to support Yanlord's above-average margins, in S&P's
view.  S&P forecasts that the gross margin will reach 36%-38% in
2017 and around 35% in 2018, from 31.2% in 2016.  S&P believes
the company can protect its contracted sales margin in 2017,
given that its Shanghai projects are highly profitable with over
40% margin.  However, such high margins are unlikely to be
sustained over the next three to five years, given rising land
costs in higher-tier cities, the government's cooling measures on
property prices, and lower contributions from its Shanghai
projects starting 2018.  Yanlord's good brand recognition,
project execution, and diverse land banking strategy provide some
buffer against the industry's margin decline, in S&P's view.

S&P anticipates that Yanlord will continue to increase its land
bank in a controlled manner.  The company accelerated its land
purchases in 2016 with total spending of about RMB15 billion in
Tianjin, Nanjing, Suzhou, and Shenzhen.  In S&P's base case, it
projects the company will spend about RMB16 billion on land
acquisition in 2017, around 50% of its contracted sales this
year.

In S&P's view, Yanlord's land reserves are adequate but not
abundant.  Including a new purchase in Nanjing in December 2016,
the company currently has land reserves of about 6 million square
meters (sqm), more than the about 4 million sqm as of end-2015.
S&P estimates that the existing reserves are sufficient for
development for the next four to five years.

The positive outlook reflects S&P's view that Yanlord will
continue to demonstrate satisfactory sales execution despite the
government's recent tightening measures.  S&P also expects the
company to replenish its land bank in a disciplined manner, and
maintain a stable growth aspiration, such that its financial
leverage improvement in 2016 sustains.

"We could raise the rating if we consider that Yanlord is able to
control its financial leverage while continuing to expand, such
that its debt-to-EBITDA ratio stays below 4x for a prolonged
period," said Mr. Lee.

S&P could revise the outlook back to stable if it determines that
Yanlord's debt-to-EBITDA ratio cannot remain below 4.0x.  This
could happen if the company's sales are materially weaker than
S&P's projection of about RMB32 billion in 2017, or its debt-
funded land acquisitions are more aggressive that S&P expects.
It could also happen if Yanlord experiences significant project
delays, which then hurt its booking revenue and EBITDA.


YULONG ECO-MATERIALS: Receives NASDAQ Delinquency Letter
--------------------------------------------------------
Yulong Eco-Materials Limited, a vertically integrated
manufacturer of eco-friendly building products located in the
city of Pingdingshan in Henan Province, China, on March 3
disclosed that it has received a letter from the NASDAQ Stock
Market ("NASDAQ") notifying the Company that it is not in
compliance with NASDAQ Listing Rule 5250(c)(1) because it has not
filed its Quarterly Report on Form 10-Q for the period ended
December 31, 2016 in a timely manner with the Securities and
Exchange Commission (the "SEC").  NASDAQ Listing Rule 5250(c)(1)
requires listed companies to timely file all required periodic
financial reports with the SEC.  This delinquency serves as an
additional basis for delisting the Company's securities from the
Nasdaq Stock Market.

Previously, NASDAQ Staff had granted the Company an exception
until April 12, 2017 to file its delinquent Form 10-K for the
period ended June 30, 2016 (the "Initial Delinquent Filing") and
delinquent Form 10-Q for the period ended September 30, 2016.

               About Yulong Eco-Materials Limited

Yulong Eco-Materials Limited (NASDAQ: YECO) --
http://www.yulongecomaterials.com/-- is a holding company.  The
Company is a manufacturer of building products.  The Company's
segments include Yulong Bricks; Yulong Concrete and Yulong
Transport, and Yulong Renewable.  The Yulong Bricks segment is
engaged in the production and sale of fly-ash bricks.  The Yulong
Concrete and Yulong Transport segment is engaged in the
production and sale of ready-mixed concrete.  The Yulong
Renewable segment is engaged in the hauling and processing of
construction waste, and production and sale of recycled
aggregates and recycled bricks.

The Company produces fly ash bricks and ready-mixed concrete.
The Company's construction waste management (CWM) business
includes hauling and processing construction waste, and producing
crushed construction waste or recycled aggregates, and bricks
made from recycled aggregates, or recycled bricks.  The Company
operates principally from the city of Pingdingshan, Henan
Province, in the People's Republic of China.



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


ADROIT CORPORATE: CRISIL Lowers Rating on INR18.53MM Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Adroit Corporate Services Private Limited to 'CRISIL D' from
'CRISIL B+/Stable'.

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

   Term Loan               18.53     CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The downgrade reflects ACSPL's delays in servicing its term debt.
There have been delays in repayment of debt obligations,
furthermore, cash credit limit also remains overdrawn frequently.
The delayed receivables constrains liquidity.

The company also has a weak financial risk profile because of
high gearing and subdued debt protection metrics, and modest
scale of operations in a fragmented industry.  However, it
benefits from promoter's extensive experience in the business
process outsourcing (BPO) services industry.

Key Rating Drivers & Detailed Description
Weaknesses
* Weak financial risk profile and liquidity: The financial risk
profile has deteriorated on account of large bank borrowing
partly to fund its large working capital requirement and expand
its operations across the country. It had gearing of 2.3 times as
on March 31, 2016, and subdued interest coverage ratio of 1.76
times for fiscal 2016.

* Its receivables were at 200-250 days which entails large
working capital requirement and constrains liquidity.
Consequently, it has been delaying the servicing of its term
debt.

* Modest scale of operations in a fragmented industry: ACSPL,
established in 1994, provides BPO services primarily to clients
in the banking sector. Although the operating income has grown
over the three years through March 2016, it remains modest at
INR22.65 crore in fiscal 2016. Moreover, revenue growth has been
flattish in recent times.

Strength
* Extensive experience of promoter in the BPO services industry:
ACSPL was founded by Mr Sadashiva Shetty in 1994 to operate as a
registrar and share transfer (R&T) agent. Subsequently, it also
entered into the banking space in fiscal 2007 and started
providing outsourcing services to financial their non-critical
functions. It has developed association with some of financial
institutions and scaled up its operations.

Incorporated in 1994, ACSPL provides business process outsourcing
services, primarily to the banking sector. The company is also a
R&T agent. Operations are managed by Mr Sadashiva Shetty.

ACSPL reported a profit after tax of INR23 lakh on net sales of
INR22.66 crore for fiscal 2016, vis-a-vis INR56 lakh and INR23.59
crore, respectively, for fiscal 2015.


AJIT AGRO: CARE Assigns 'B+' Rating to INR7.0cr LT Loan
-------------------------------------------------------
The rating assigned to the bank facilities of Ajit Agro
Industries is primarily constrained on account of its fluctuating
Total Operating Income (TOI) in the highly competitive and
fragmented cotton ginning industry and its financial risk profile
marked by low profitability, moderately leveraged capital
structure, weak debt coverage indicators and moderate liquidity
profile. The rating, is further, constrained on account of the
susceptibility of the firm's profitability to cotton price
fluctuation, seasonality associated with the cotton industry and
change in the government policies along with its constitution as
a partnership firm.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             7.00       CARE B+; Stable Assigned

The rating, however, derives strength from the long standing
experience of the promoters along with its established track
record of around two decades in the industry and strategically
located in the cotton growing region.

The ability of the firm to increase its scale of operations while
improving profitability in light of volatile raw material prices
and efficient management of working capital shall be the key
rating sensitivities.

Detailed description of the key rating drivers
Key Rating Weakness

Financial risk profile marked by fluctuating TOI and
profitability TOI of AAI shown a fluctuating trend over the past
three financial years ended FY16 owing to volatility exhibited in
the prices of raw cotton coupled with Government of India's
intervention by way of extensive procurement of cotton directly
from farmers in the regions to support the minimum support
prices. Furthermore, the profitability of the firm has also
remained volatile and low during the last three financial years
(FY14-16) owing to volatile in raw material prices where the
prices of raw cotton is market driven with limited value addition
and its presence in the lowest segment of the textile value
chain.

Moderately leveraged capital structure with weak debt coverage
indicators

The capital structure of the firm stood moderately leveraged
although improved marginally from March 31, 2015 attributed to
higher net worth base due to accretion of profit to reserve along
with infusion of capital by the partners to support its business
operation. Furthermore, debt service coverage indicators of the
firm stood weak with total debt to GCA of 26.08 times as on March
31, 2016 along with interest coverage at 1.53 times during FY16.

Moderate liquidity position

The liquidity profile of the firm stood moderate marked by
moderate liquidity ratios and elongated operating cycle. Working
capital limit are generally utilized during the season i.e. from
October to March and reduces during off-season. Presence in a
highly fragmented cotton ginning industry and constitution as a
partnership concern AAI is primarily engaged in the business of
cotton ginning and pressing industry as well as extraction of
cotton oil. The industry is highly fragmented with presence of
numerous independent small scale enterprises. Its constitution as
a partnership concern with moderate net worth base restricts its
overall financial flexibility in terms of limited access to
external fund for any future expansion plans. Furthermore, there
is an inherent risk of possibility of withdrawal of capital and
dissolution of the concern in case of death/insolvency of
partner.

Operating margins are susceptible to cotton price fluctuation,
seasonality associated with the cotton industry and government
regulation

The prices of raw cotton are highly volatile in nature and depend
upon factors like, area under production, yield for the year,
international demand-supply scenario, export quota decided by the
government and inventory carried forward of the last year.
Furthermore, the cotton prices in India are highly regulated by
government; hence, any adverse change in the government policy
may negatively impact the prices resulting in lower realizations
and profit.

Key Rating Strengths
Experienced promoters with long track record of operations
The partners of the firm are experienced with long track record
of operations in the cotton ginning industry. Furthermore, it is
benefited from established good relations with the customers and
suppliers.

Strategic location of manufacturing units with close proximity to
raw material sources

The manufacturing facility of the firm is located in cotton
producing belt of Khandwa (Madhya Pradesh) which is one of the
largest producer of raw cotton in India. The presence of AAI in
cotton producing region results in benefit derived from lower
logistics expenditure (both on transportation and storage), easy
availability and procurement of raw materials at effective price.

Khandwa-based (Madhya Pradesh) AAI, was formed in 1997 as a
partnership concern by its key promoter, Mr. Ajit Singh Ubeja
along with his family members, to primarily undertake the
business of cotton ginning and pressing activity along with
extraction of cotton oil. AAI operates from its sole
manufacturing unit located at Khandwa having production capacity
of 150 quintal lint per day as on March 31, 2016, along with
extracting capacity of around 125 quintal per day of cotton oil
with total of six extraction machines. The finished products of
the firm comprises of cotton bales, cotton seeds, cotton seed oil
as well as cotton seed cake which is a by-product derived from
the processing of oil from seeds Moreover, the firm also trades
in soyabean as well as undertakes job work activity for other
units pertaining to ginning and pressing located in and around
Khandwa district. The firm caters to the domestic market and
sells its products directly all over India. It procures raw
cotton, key raw material, from the local market and nearby areas
while procure cotton seeds mainly from Southern states of India.


ANTONY COMMERCIAL: CRISIL Raises Rating on INR16MM LT Loan to BB-
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Antony Commercial Vehicles Private Limited to 'CRISIL BB-
/Stable' from 'CRISIL B+/Stable' while short term rating assigned
at 'CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          2         CRISIL A4+ (Assigned)

   Cash Credit             4         CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term      16        CRISIL BB-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Inventory Funding       10        CRISIL BB-/Stable (Upgraded
   Facility                          from 'CRISIL B+/Stable')

   Electronic Dealer       23        CRISIL BB-/Stable (Upgraded
   Financing Scheme                  from 'CRISIL B+/Stable')
   (e-DFS)

The upgrade reflects the sustained improvement in the business
risk profile, also reflected in revenue growth of 20% (in
compounded terms) recorded over the three years through March
2016. Demand for the Euro-4 chasis should aid healthy growth in
revenue and sustenance of profitability in the medium term, thus,
leading to a sharp increase in cash accrual. Efficient working
capital management will also lower reliance on short-term debt,
thus, resulting in controlled interest outgo going forward.
Sustenance of the operating margin and working capital cycle will
remain key rating sensitivity factors over the medium term.

The rating reflects the extensive experience of the promoter in
the automobile industry, the moderate scale of operations, strong
relationship with the principal Ashok Leyland (ALL) and its
established presence in the western region. These strengths are
partially offset by the average financial risk profile, marked by
a small networth and high gearing, and exposure to intense
competition.

Key Rating Drivers & Detailed Description
Strengths
* Extensive experience of the promoters and their established
relationships with the principal and the customers: Four decades
of experience in  building bodies for heavy commercial vehicles
(CVs) and servicing them, via group companies, have helped
promoters build strong relationships with customers and identify
regions with untapped potential. This is also reflected in
revenue growth of 30% (INR283 crore in fiscal 2016), vis-a-vis
the previous year.

* Low receivables and inventory risk: Exposure to receivables
risk is low as vehicles are delivered and registered in the
customer's name, only on receipt of full payment and delivery
order from the financial institutions, backing the purchase;
receivables are realised within 15 days. Although inventory,
averaging 30 days, is subject to negligible loss on account of a
drop in value, ALL compensates such losses through various
schemes. With inventory levels likely to remain moderate,
exposure to pricing risk remains low.

* Modest scale of operations: Revenue of INR283 crore in fiscal
2016, reflects the moderate scale of operations, and was backed
by higher offtake from the existing customers.

Weaknesses
* Average financial risk profile: Financial risk profile is
constrained by small networth and high total outside liabilities
to tangible networth ratio of around INR3.38 crore and 29 times,
respectively, as on March 31, 2016. Interest coverage and net
cash accrual to total debt ratios were adequate, at 1.55 times
and 0.04 time, respectively, in fiscal 2016.

* Exposure to intense competition: Presence only in Mumbai, Navi
Mumbai, and Thane (all in Maharashtra), limits scalability.
Moreover, revenue and profitability remain highly dependent on
the principal, ALL, given the inherent nature of the business
model. Revenue diversity is fairly limited, with dealership of
only MHCVs, unlike other peers, dealing in light CVs, passenger
cars, or other products.
Outlook: Stable

CRISIL believes ACVPL will continue to benefit from the extensive
experience of its promoters and the established position of its
principal, ALL, in the CV industry. The outlook may be revised to
'Positive' if a significant increase in cash accrual, fresh
equity infusion, and efficient working capital management,
strengthen the financial risk profile. The outlook may be revised
to 'Negative' if low cash accrual, large working capital
requirement, or substantial, debt-funded capex weakens the
financial risk profile, particularly liquidity.

Incorporated in 2011, ACVPL is an authorised dealer for medium
and heavy CVs of ALL for Mumbai, Thane, and Raigad. The company
received the dealership in 2011, and started commercial
operations in April 2012. It operates two showrooms, one in
Taloja (Raigad) and the other in Bhiwandi (Thane).

For fiscal year 2016 the company has reported profit after tax of
INR0.70 crore on an operating income of INR283 crore vis-a-vis
profit after tax of INR0.69 crore on an operating income of
INR204 crore for the previous year.


AVANI TEXTILES: Ind-Ra Lowers Long-Term Issuer Rating to 'BB-'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Avani Textiles
Limited's (ATL) Long-Term Issuer Rating to 'IND BB-' from
'IND BB+'.  The Outlook is Negative.  Instrument-wise rating
actions are:

   -- INR730 mil. Fund-based bank facilities lowered to
      IND BB-/Negative rating;

   -- INR730 mil. Fund-based bank facilities affirmed with
      IND A4+ Rating;

   -- INR176.8 mil. (reduced from INR372.65) term lowered to
      IND BB-/Negative rating

The downgrade and Negative Outlook reflects ATL's weak financial
risk profile and deterioration of operational performance,
resulting in a significant dip in earnings.  Revenue plunged to
INR2,348 million in FY16 (FY15: INR2,818 million, FY14: INR2,957
million) on account of low yarn volumes and realizations.  EBITDA
margins declined to 6.6% in FY16 (FY15: 7.8%, FY14: 11.0%) owing
to low average yarn contribution margins of INR29/kg (INR34/kg,
INR42/kg) and low capacity utilization.

The downgrade also reflects ATL's tight liquidity and high debt
refinancing risk with inadequate debt service coverage ratio over
FY17-FY20.  The company has been supporting bank debt repayments
in FY17 using unsecured loans arranged by the promoters.
Following the refinancing, unsecured loans increased to
INR483 million at end-September 2016 (FYE16: INR393 million,
FYE15: INR375 million).  Consequently, gross interest coverage
deteriorated to 1.1x in FY16 (FY15: 1.5x) and net financial
leverage to 8.5x (5.6x).

The ratings continue to factor in the risks associated with the
commodity trading business and exposure to foreign exchange
fluctuations.

The ratings are further constrained by ATL's weak liquidity
position with an average use of fund-based working capital limits
of 98% during the 12 months ended January 2017.

However, the ratings draw support from ATL's moderate scale of
operations, promoters' three decades of experience in the yarn
business and their financial support in making timely bank debt
repayments in the past.

                        RATING SENSITIVITIES

Negative: Further weakening of the financial risk profile due to
a further drop in the margins or inability to refinance the debt
obligations could result in a negative rating action.

Positive: An improvement in the financial risk profile with
diminished refinancing risks resulting from an increase in
earnings could result in the Outlook being revised back to
Stable.

COMPANY PROFILE

ATL is a public limited company incorporated on Aug. 22, 2006,
with registered office in Bhindran, Patiala road, Sangrur.  The
company manufactures cotton yarn and has four operational units
for ginning and spinning.  ATL was set up under a mega project
unit under the industrial policy of the government of Punjab.


B. D. AGRO: CRISIL Upgrades Rating on INR3MM Cash Loan to B-
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of B. D. Agro Products Private Limited to 'CRISIL B-/Stable' from
'CRISIL C'.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit            3           CRISIL B-/Stable (Upgraded
                                      from 'CRISIL C')

   Long Term Loan         0.82        CRISIL B-/Stable (Upgraded
                                      from 'CRISIL C')

   Proposed Fund-         2.18        CRISIL B-/Stable (Upgraded
   Based Bank Limits                  from 'CRISIL C')

The upgrade reflects CRISIL's belief that liquidity will remain
adequate over the medium term, supported by sufficient cash
accrual against debt obligation due to improved profitability.
Liquidity is further supported by nil debt-funded capital
expenditure plans for the medium term. Furthermore, the business
risk profile is likely to improve over this period, backed by
higher operating income and profitability, and better working
capital management. Operating efficiency will likely be supported
by higher capacity utilisation and efficient working capital
management.

The rating continues to reflect BD Agro's below-average financial
risk profile, with a small networth and weak debt protection
metrics and modest scale of operations. The rating also factors
in susceptibility to adverse regulatory changes and volatility in
raw material prices. These weaknesses are partially offset by the
extensive experience promoters in the rice business and assured
sales to the Food Corporation of India, thereby ensuring stable
revenue.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale in the intensely competitive rice industry:
Limited capacity and intense competition in the rice industry
have led to a small scale, as reflected in revenue of INR25.90
crore in fiscal 2016. Modest scale also restricts benefits of
economies of scale and pricing flexibility, thereby constraining
profitability.

* Below-average financial risk profile: Financial risk profile is
below average due to weak debt protection metrics, with interest
coverage ratio of 2.00 times in fiscal 2016. The ratio is
expected to remain modest over the medium term due to continued
low operating margin and high dependence on working capital debt.

Strength
* Extensive experience of promoters: The promoters, given their
experience of over two decades, have established healthy
relationships with customers resulting in repeat orders reflected
from assured sales to the Food Corporation of India, thereby
ensuring stable revenue and healthy relation with suppliers
ensuring ease in procurement.
Outlook: Stable

CRISIL believes BD Agro will continue to benefit from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' in case of higher-than-expected cash accrual,
backed by a substantial increase in revenue and improvement in
the operating margin, while maintaining the working capital
cycle. The outlook may be revised to 'Negative' in case of
deterioration in the financial risk profile, particularly
liquidity, most likely because of a decline in profitability, a
stretched working capital cycle, or larger-than-expected, debt-
funded capital expenditure.

Based in Kolkata (West Bengal [WB]) and incorporated in June
2009, BD Agro is promoted by Mr Mahendra Agarwal and his brother,
Mr Rajendra Agarwal. The company began commercial operations in
November 2009. Until March 2011, BD Agro traded in paddy and
wheat. However, in fiscal 2010, it set up a rice mill, with a
processing capacity of 104 tonne per day in Howrah (WB). The
plant started commercial operations at the end of March 2011.

In fiscal 2016, net profit was INR0.29 crore on an operating
income of INR25.90 crore, as against a net profit of INR0.51
crore on an operating income of INR22.33 crore in fiscal 2015.


BLACKBERRY TILES: CRISIL Raises Rating on INR6.5MM Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Blackberry Tiles Private Limited to 'CRISIL B+/Stable' from
'CRISIL B/Stable', and reaffirmed the short-term rating at
'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          1.4       CRISIL A4 (Reaffirmed)

   Cash Credit             2         CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Cash Term Loan          6.5       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term      0.1       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The upgrade reflects ramp-up in, and stabilisation of,
operations. During fiscal 2017, sales are likely to be INR25
crore showing healthy ramp up since beginning production in
February 2015. Annual topline growth is likely to be steady at
10-15% with increasing capacity utilisation and geographical
reach. Consequently, yearly cash accrual of INR2-2.5 crore will
be sufficient to meet debt obligation. However, financial risk
profile remains constrained by modest networth and large working
capital requirement.

The ratings reflect BTPL's modest, though improving, scale of
operations in the highly competitive ceramics tiles industry,
small networth, and working capital-intensive operations. These
weaknesses are partially offset by the extensive experience of
its promoters, favourable location of plant, and adequate debt
protection metrics.
Analytical Approach

Unsecured loans from promoters have been treated as neither debt
nor equity as these are expected to remain in business and are
subordinated to bank loans.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: With expected sales of INR25 crore
in fiscal 2017, scale remains small in the competitive ceramics
industry.

* Small networth: Modest equity and low accretion to reserves led
to a subdued networth of INR4 crore as on March 31, 2016.
Networth will remain modest over the medium term.

* Large working capital requirement: Gross current assets were
high at 195 days as on March 31, 2016.

Strengths
* Extensive experience of promoters: The promoters have been in
the ceramics segment for more than a decade.

* Favourable location of plant: Unit in Morbi, which is India's
ceramic tiles hub, ensures easy availability of raw material and
labour.

* Comfortable debt protection metrics: Interest coverage and net
cash accrual to total debt ratios are expected to be 2.5 times
and 0.35 time, respectively, for fiscal 2017.
Outlook: Stable

CRISIL believes BTPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if a significant increase in scale
of operations and profitability leads to higher-than-expected
cash accrual, and if capital structure improves because of
substantial equity infusion. The outlook may be revised to
'Negative' if liquidity weakens because of decline in
profitability, further stretch in working capital cycle, or any
large, debt-funded capital expenditure.

Incorporated in Morbi in 2013 and promoted by Mr. Sureshkumar
Kaswala, Mr. Vashudev Barsara, Mr. Mansukh Detroja, Mr. Bharat
Detroja, Mr. Amod Katiyar, and Mr. Dipesh Jariwala, BTPL
manufactures digitally printed ceramic tiles. Commercial
operations began in February 2015.

Profit after tax was INR0.05 crore on an operating income of
INR17.3 crore in fiscal 2016, against a loss of INR0.5 crore on
an operating income of INR0.2 crore in the previous year.


COTS KNITS: CRISIL Upgrades Rating on INR7.24MM Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of The Cots Knits to 'CRISIL B+/Stable' from 'CRISIL B/Stable,'
while reaffirming the short-term rating at 'CRISIL A4.'

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            0.35      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Packing Credit         3.00      CRISIL A4 (Reaffirmed)

   Proposed Long Term     7.24      CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

The upgrade reflects CRISIL's belief that TCK will benefit over
the medium term from its improved liquidity and stable business
risk profile. The improvement in liquidity is driven by the
expected increase in cash accrual and profitability coupled with
steady demand and better realisations during the year. The
operating income is expected to increase to INR26 crore in fiscal
2017 from INR22.6 crore in fiscal 2016. The profitability margin
is likely to go up to 10-12% from 6.6%; operating margin was
12.2% for the nine months ended December 2016. Cash accrual of
INR1.35-1.40 crore per annum is expected to be generated over the
medium term against which there are no significant debt
obligations. Bank limit utilisation stood at 72% for the 12
months ended December 2016.

The rating also factors in the small scale of operations,
exposure to intense competition in the readymade garment (RMG)
industry and working capital intensive operations. However, these
weaknesses are mitigated by the extensive experience of the
promoters and established customer relationships, and the
moderate financial risk profile, marked by a modest capital
structure and average debt protection metrics.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations and exposure to intense competition:
TCK is expected to record revenues of INR26.1 Crores during
fiscal 2017, indicating its modest scale of operations in a
highly fragmented RMG industry. RMG manufacturing is a highly
fragmented industry on account of low entry barriers and low
capital requirements. TCK's business risk profile will remain
constrained on account of the firm's modest scale of operations
in the highly fragmented and intensely competitive RMG industry

* Working capital intensive operations Operations are working
capital intensive, as reflected in high gross current assets of
around 250 days, expected as on March 31, 2017. This is primarily
on account of the inventory of 90-120 days, owing to the seasonal
availability of raw material and the long working capital cycle.

Strengths
* Extensive experience of the promoters in the garment industry
and established customer relationships: Benefits from the two
decade-long experience of the promoter, Mr T Sharan Chinnu, and
the established relationships with key customers and suppliers,
will continue.

Average financial risk profile
* Moderate gearing and comfortable debt protection metrics:
Financial risk profile is moderate, marked by low networth and
gearing, expected to be INR6.3 crore and 0.88 time, respectively,
as on March 31, 2017. Debt protection metrics are comfortable,
with net cash accrual to total debt and interest coverage ratios,
seen around 25% and 2.58 times, respectively, in fiscal 2017.
Outlook: Stable

CRISIL believes TCK will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if the firm reports a significant growth in revenue
and demonstrates better working capital management, while
maintaining its improved profitability and capital structure. The
outlook may be revised to 'Negative' if the firm reports
significant decline in revenue and profitability, or in case of
any aggressive debt-funded capital expenditure or a stretch in
the working capital cycle, weakening the financial risk profile.

TCK, established in 2008 by promoter, Mr T Sharan Chinnu, at
Tirupur (Tamil Nadu), knits and manufactures readymade garments.

Profit before tax (PBT) of INR64.36 lakh was reported on total
income of INR22.59 crore, against INR57.34 lakh and INR22.30
crore, respectively, for the previous fiscal.


DHARESHWAR GINNING: CARE Assigns B+ Rating to INR6.63cr LT Loan
---------------------------------------------------------------
The rating assigned to the bank facilities of Dhareshwar Ginning
Industries are primarily constrained on account of its modest
scale of operations coupled with low profit margins, moderately
leveraged capital structure, weak debt coverage indicators and
moderate liquidity position. The ratings are further constrained
by seasonality associated with cotton availability and
susceptibility of margins to cotton price fluctuations and prices
and supply for cotton are highly regulated by the government.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            6.63        CARE B+; Stable Assigned

The ratings, however, derive comfort from experienced partners
coupled with proximity to the cotton-growing area of
Gujarat.

Going forward, DGI's ability to increase its scale of operations
with improvement in profitability, capital structure, and
debt coverage indicators along with better working capital
management will be the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses
Modest scale of operations coupled with low profit margins During
FY16 the firm has registered a TOI of INR29.43 crore which has
declined from INR34.34 crore during FY15. Further during FY16,
the profit margins stood low marked by PBILDT margin stood at
3.49% which was in line as compared to previous year, however PAT
margin stood below unity on account of higher interest and
finance charges during FY16.

Moderately leveraged capital structure and weak debt coverage
indicators

The capital structure of DGI remained moderately leveraged marked
by an overall gearing ratio of 1.87 times and debt equity ratio
of 0.35 times as on March 31, 2016. Consequently, the debt
coverage indicators of DGI stood weak marked by total debt to GCA
stood at 20.22x as on March 31, 2016. Furthermore, interest
coverage ratio stood at 1.48x during FY16.

Moderate liquidity position

The liquidity position remained moderate marked by current ratio
stood at 1.27x as on March 31, 2016, however the quick ratio
remained below unity at 0.16x as on March 31, 2016. Furthermore,
its working capital cycle has elongated to 103 days during FY16,
mainly on account of high inventory period of 88 days during
FY16.

Key Rating Strengths
Experienced promoter

Mr. Nathabhai Bhimani holds experience of more than five years in
the same line of business and looking after the finance
department of the firm. Mr. Dayalal Mendapara holds total
experience of more than three years and looking after the
administrative department of the firm. Mr. Amrishbhai Mendapara,
Mr. Keshavjibhai Vansjaliya Mr. Chagan Mendapara collectively
hold an average experience of more than a decade in the same line
of business and collectively looking after the Purchase
department of the firm. Mr. Chirag Mendapara holds experience of
more than three years and looks after the selling department of
the firm and Mr. Ashishbhai Mendapara also holds three years of
experience and looking after the administrative work of the firm.

Proximity to cotton growing area of Gujarat
The manufacturing facilities of DGI are located at Rajkot in
Gujarat. Gujarat produces around 30% of total national production
of cotton; hence, DGI's presence in the cotton producing region
results in benefit derived from a lower logistic expenditure
(both on transportation and storage), easy availability and
procurement of raw materials at effective prices and consistent
demand for finished goods resulting in a sustainable and clear
revenue visibility.

Analytical Approach: Standalone
DGI Rajkot-Gujarat based partnership firm was established in 2013
the firm is engaged in cotton ginning and pressing. The
manufacturing unit of the company is located in Rajkot, Gujarat
which has an installed capacity of 11736 Metric tones per annum
as on March 31, 2016. DIG sells the manufactured product to local
traders and it has started its commercial production from April,
2014.


EXPAT ENGINEERING: CARE Reaffirms B+ Rating on INR11cr Loan
-----------------------------------------------------------
The ratings of bank facilities of Expat Engineering India Limited
continue to be constrained by its moderate financial risk profile
marked by high gearing and TDGCA ratio, stretched working capital
cycle, thin PBILDT margin witnessing decline in FY16 (refers to
the period April 1 to March 31) owing to increase in material and
labor costs, concentration of order book on few projects.
However, the rating favorably factors in increasing order book
from external clients. The rating also takes strength from
satisfactory order book position and experience of the promoters
in the construction industry.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              11        CARE B+; Stable Re-affirmed

   Short-term Bank
   Facilities               7        CARE A4 Reaffirmed

The company's ability to execute the projects as per scheduled
timelines and within budgeted cost, considering the delays in
execution observed in past projects, will be the key rating
sensitivity.

Detailed description of the key rating drivers
Key Rating Weakness

Moderate financial risk profile: EEIL sales during FY16 improved
to INR72.7 crore in FY16 as against INR65.8 crore in FY15 but the
PBDIT margins deteriorated significantly from 6.48% in FY15 to
2.69% in FY16. Decline in margins was largely attributed towards
increase in material and labour costs. Company's working capital
cycle is stretched with operating cycle of 386 days. However,
with repayment of loans and accretion of profits, the company's
overall gearing and TDGCA improved to 1.54x and 9.77x as on
Mar'16 from 2.02x and 12.53x as on Mar'15 respectively.

Concentration of order book: Company's order book is concentrated
on few projects. It comprises of INR130.6 crore from internal
group projects and balance from external clients. Among external
projects, company had more than 90% of orders from top 3 clients.

Key Rating Strengths
Strong order book with increasing share from external clients:
The company had order book of INR329.6 crore as on Jan'17. EEIL
which has historically been largely dependant on internal group
projects, has been able to receive orders from external clients
recently. However, the timely execution and receipt of payments
from these projects would be crucial.

Expat Engineering India Limited (EEIL) was originally a division
of Expat Properties India Limited, established in 1999 and
part of the Expat Group. Later in 2007, this division demerged
into a separate entity, EEIL. This restructuring was done in
order to expand the operations for construction of residential
buildings other than the group projects.

EEIL, promoted by Mr. Santosh Balakrishna Shetty and several
others, is engaged in executing contracts for land &
infrastructure development and construction of residential &
commercial buildings for projects belonging to the Expat
group as well as others.

EEIL registered a total operating income of INR72.7 crore and PAT
of INR2.6 crore in FY16 (refers to the period April 1 to
March 31) as against operating income of INR65.8 crore and PAT of
INR2.2 crore in FY15.


GALAXY MICA: CRISIL Upgrades Rating on INR5.95MM LT Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Galaxy Mica Private Limited to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', and reaffirmed the short-term rating at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             3.5       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Foreign Exchange
   Forward                 0.05      CRISIL A4 (Reaffirmed)

   Long Term Loan          5.95      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects ramp-up in, and stabilisation of, operations
which, along with addition of new customers, is likely to result
in a 50% year-on-year growth in turnover in fiscal 2017 from
INR14.7 crore. Furthermore, ongoing capacity expansion will lead
to a healthy 20% revenue growth over the medium term, with cash
accrual increasing to INR1.5-2 crore annually. However, financial
risk profile remains constrained by modest networth and large
working capital requirement.

The ratings reflect GMPL's working capital-intensive operations,
aggressive capital structure, and modest scale of operations in
the intensely competitive laminates industry. These weaknesses
are partially offset by the experience of its promoters and their
funding support.
Analytical Approach

Unsecured loans from promoters have been treated as neither debt
nor equity as these are expected to remain in business and are
subordinated to bank loans.

Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations: With turnover of INR14.7 crore in
fiscal 2016, scale remains small in the competitive laminates
segment. Despite healthy revenue growth in fiscal 2017, scale
will remain subdued.

* Working capital-intensive operations: Gross current assets were
in excess of 300 days as on March 31, 2016.

* Aggressive capital structure: Networth was small at INR2.4
crore and gearing high at 3.0 times as on March 31, 2016.

Strengths
* Extensive experience of promoters: The promoters have industry
experience of more than a decade.

* Funding from promoters: Unsecured loans from promoters
increased to INR3.5 crore in fiscal 2017 from INR1.5 crore as on
March 31, 2015.
Outlook: Stable

CRISIL believes GMPL will continue to benefit over the medium
term from the extensive experience and funding support of its
promoters. The outlook may be revised to 'Positive' in case of
higher-than-expected cash accrual and a better working capital
cycle. The outlook may be revised to 'Negative' if substantially
low sales or profitability, stretch in working capital cycle, or
large, debt-funded capital expenditure further weakens financial
risk profile.

Incorporated in 2012 and promoted by Ahmedabad-based Mr. Ashwin
Patel, Mr. Gautam Patel, and Mr. Suresh Patel, GMPL manufactures
laminates used for furnishing. Operations began from September
2014.

Profit after tax was INR0.11 crore on an operating income of
INR14.7 crore in fiscal 2016, against a loss of INR0.69 crore on
an operating income of INR4.8 crore in the previous year.


GATIMAN AUTO: CRISIL Upgrades Rating on INR4.6MM Loan to 'B'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Gatiman Auto Private Limited to 'CRISIL B/Stable' from 'CRISIL
B-/Negative', and reaffirmed the short-term facilities at 'CRISIL
A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          0.2       CRISIL A4 (Reaffirmed)

   Cash Credit             4.6       CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Negative')

   Letter of Credit        1.45      CRISIL A4 (Reaffirmed)

The rating upgrade reflects belief that GAPL will sustain
improvement in its business risk profile over the medium term,
supported by diversified customer profile and product portfolio.
Revenue grew 18% over the previous fiscal to INR76.5 crore in
fiscal 2016, and is expected at INR86-88 crore in fiscal 2017.
Increasing revenue should enhance absorption of fixed costs.
Operating margin improved to 9.7% in fiscal 2016 from 2.8% in
fiscal 2014.

Cash accrual improved to INR4.63 crore in fiscal 2016 from
INR2.25 crore in fiscal 2015, and comfortably covered maturing
debt of INR2 crore. Consequently, financial risk profile was
moderate, with gearing of 1.6 time as on March 31, 2016, and
comfortable interest coverage ratio of 2.6 times in fiscal 2016.
The financial metrics, particularly liquidity, should remain
comfortable over the medium term because of steady cash accrual,
in the absence of large capital expenditure.

Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations, and susceptibility to volatility in
raw material prices: Scale of operations remains modest'with
topline of about INR76.5 crs. in fiscal 2016'and susceptibility
to volatile raw material prices persists, despite track record of
more than 25 years.

Strength
* Promoters' extensive experience and established customer
relationships: Benefits from the promoters' extensive experience
of more than 40 years, and strong relationships with large
customers should continue to support business risk profile.
Outlook: Stable

CRISIL believes GAPL will continue to benefit over the medium
term from the promoters' experience. The outlook may be revised
to 'Positive' if significant improvement in revenue and steady
profitability lead to sizeable cash accrual, while working
capital cycle remains stable. The outlook may be revised to
'Negative' if low cash accrual, increase in working capital
requirement, or large, debt-funded capital expenditure weakens
the financial risk profile, especially liquidity.

Incorporated in 1988, GAPL manufactures sheet metal components
(press parts), mainly fuel tanks, silencer assemblies, and
tippers for automobile and industrial original equipment
manufacturers. The company is based in Pithampur (Madhya Pradesh)
and is promoted by Mr Ashvin Shah, Mr Subhash Chuttar, Mr Shyam
Jain, and Mr Prafull Kothadiya.

GAPL has reported a profit after tax (PAT) of INR3.08 crore on
net sales of INR76.48 crore for fiscal 2016, against a PAT of
INR0.37 crore on net sales of INR68.76 crore for fiscal 2015.


GOPAL CHAKRABORTY: Ind-Ra Raises Rating on Bank Loans to 'BB-
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Gopal
Chakraborty Charitable Trust's bank loans to 'IND BB-' from 'IND
B+' with a Stable Outlook as:

   -- INR275.60 mil. (increased from INR264.28) Bank loans raised
      to IND BB-/Stable rating; and

   -- INR52.30 mil. Proposed bank loans* assigned with
      provisional IND BB-/Stable rating

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

                         KEY RATING DRIVERS

The upgrade reflects GCCT's growing student headcount annually
and developing brand equity of its school - Indus Valley World
School. GCCT reported above 10% yoy growth in headcount during
FY16-FY17 (end February 2017).  It has created additional
infrastructure and doubled its student intake capacity in the
academic year 2016-2017.  Ind-Ra expects the headcount to grow
further during FY18-FY19, on the back of availability of
infrastructure.

The upgrade also reflects the trust's continuously increasing
scale of operations (FY16 total income: INR189.32 million;
17.67%yoy) and net operating surplus (FY16: INR6.63 million;
FY15: negative INR0.82 million).  The trust's operating margins
increased moderately by 1.29 percentage points to 17.87% in FY16
as operating income increased 18.04% yoy as against 16.21% yoy
increase in operating expenditures.  However, it remained lower
than other educational institutions rated by Ind-Ra at 'IND BB'.

The trust's total corpus funds turned positive first time ever in
FY16 since inception due to the annual addition of development
funds and annual operating surplus.  GCCT reported INR23.38
million corpus funds in FY16 (FY15: negative INR6.57 million).

Moreover, GCCT's debt service coverage ratio (DSCR) also
increased to 1.56x in FY16 from 1.26x in FY15. This was on the
back of a 23.96%yoy increase in current balance before interest
and depreciation (CBBID) to INR37.52 million while debt to
service remained at about INR24 million during FY15-FY16.  DSCR
will come under stress during FY18-FY19; however, it can be
adequately covered through promoters support.  Promoters had
injected funds INR9.22 million and INR16.95 million in the form
of unsecured loans and capital, respectively, in FY16.  Ind-Ra
expects promoters support to continue in case of any stress on
liquidity.

However, the ratings are constrained by the trust's increasing
debt burden and tight liquidity.  Its total debt increased to
INR324.72 million in FY16 from INR224.83 million in FY15.  The
addition of debt was mainly to fund the capex.  Debt/income was
171.52x in FY16 (FY15:139.73x) and debt/CBBID was 8.65x (7.43x).

Also, its balance sheet resources were limited to cover the debt
(FY16: INR324.72 million) and operating expenditures (FY16:
INR151.80 million).  Available funds (cash and unrestricted
funds) cover to debt was 4.95% and its cover to operating
expenditure was 10.58% in FY16.

                        RATING SENSITIVITIES

Positive: A further improvement in operational effectiveness of
the trust's institute resulting in an improvement in its
operating margins, liquidity profile and debt metrics could
positively affect the ratings.

Negative: A significant fall in student enrolments, leading to
further deterioration in the operating margins, liquidity profile
and a significant fall in DSCR may trigger a negative rating
action.

COMPANY PROFILE

GCCT runs a school - Indus Valley World School.  The trust was
established in 2008 in Kolkata.  It is registered under the
Indian Trust act, 1882.  The school offers K-12 education and is
affiliated to the Central Board of Secondary Education.  The
school is spread over 165,000sqf.


GOVARDANAGIRI AGRO: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Govardanagiri
Agro Industries Private Limited a Long-Term Issuer Rating of 'IND
B+'.  The Outlook is Stable.  The instrument-wise rating actions
are:

   -- INR140 mil. Proposed term loans* assigned with Provisional
      IND B+/Stable rating;

   -- INR100 mil. Proposed fund-based facilities* assigned with
      Provisional IND B+/Stable/Provisional IND A4 rating

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

                         KEY RATING DRIVERS

The ratings reflect the under-construction stage of GAIPL's
cotton oil extraction project.  The company was established in
February 2015 to set-up a cotton oil extraction unit in
Telangana.  The project is nearly complete (90%), and the trial
production is likely to begin by end-July 2017.  The project is
likely to commence commercial production by October 2017.  The
management expects the facility to process 300 tonnes of cotton
oil per day.

The ratings are supported by the project's locational advantage
in terms of availability of raw materials (which are sourced from
ginning and pressing mills in the area) and promoters' two
decades of experience in cottonseed delinting and expelling
processes.

                      RATING SENSITIVITIES

Negative: Failure to scale up operations leading to a stressed
liquidity position could lead to a negative rating action.

Positive: Successful commencement of operations leading to
substantial revenue and profitability will lead to positive
rating action.

COMPANY PROFILE

GAIPL was established in February 2015 to set-up a cotton oil
extraction unit in Telangana.  The site will engage in cottonseed
delinting, dehulling and oil extraction processes to provide
oiled cake, hulls, oil and lint.  The promoters of the company
are
Mr. D Raghavaiah and Mr. Ronda Suresh.


GURU KIRPA: CRISIL Upgrades Rating on INR6MM Cash Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities
of Guru Kirpa Agro Industries - Firozpur (GKAI) to CRISIL
B+/Stable from CRISIL B/Stable.

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

   Term Loan                4       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Warehouse Financing      2       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects improvement in financial risk profile marked
by equity infusion of INR1.03 crore in fiscal 2016, which
improved total outside liabilities to tangible networth ratio
(TOLTNW) to 6.87 times as on March 31, 2016, from 14.29 times as
on March 31, 2015. The TOLTNW ratio is expected to improve
further over the medium term due to increase in networth owing to
steady accretion to reserves and the lower dependence on outside
liabilities which in turn should expand cash accrual and
strengthening debt protection metrics. Consequently, the interest
coverage ratio and net cash accrual to adjusted debt is expected
to improve to 1.7'1.9 times and 5'6 %, respectively, over the
medium term against 1.45 times and 4% in fiscal 2016.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: Scale of operations is modest
reflected by operating income of INR36.35 crore in fiscal 2016.
Growth is expected to be moderate due to low milling capacity of
INR2 tonne per hour and intense competition owing to high
fragmentation in the industry on account of low entry barriers.

* Working capital intensive operations: Operations are expected
to remain working capital intensive-gross current assets of 213
days as on March 31, 2016, resulting from large inventory of 210
days.

Strength
*Extensive experience of partners: The partners have extensive
experience in commodity trading business through commission
agents in Fazilka and nearby man dis. They have also been
associated with agriculture business and have sound knowledge of
rice industry and market dynamics in the region.
Outlook: Stable

CRISIL believes GKAI will continue to benefit from the experience
of its partners. The outlook may be revised to 'Positive' if
growth in revenue leading to high cash accrual along with
efficient working capital management improves financial risk
profile. The outlook maybe revised to 'Negative' if low cash
accrual, increase in working capital requirement, or sizeable
debt-funded capital expenditure, constrain liquidity.

Established as a partnership firm in 2013 by Mr Rajinder Kumar
and seven others, GKAI primarily processes basmati and non-
basmati rice at its facilities in Fazilka, Punjab. The operations
are managed by Mr Kumar, supported by other partners.

Profit after tax was INR16 lakhs over operating income of
INR36.76 crore in fiscal 2016 vis-a-vis profit after tax of INR11
lakhs over operating income of INR15.44 crore in fiscal 2015.


H.V. EQUIPMENTS: CRISIL Reaffirms B+ Rating on INR4MM Overdraft
---------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
H.V. Equipments Private Limited at 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          12       CRISIL A4 (Reaffirmed)
   Bank Guarantee           1       CRISIL B+/Stable (Reaffirmed)
   Overdraft                4       CRISIL B+/Stable (Reaffirmed)
   Proposed Bank
    Guarantee               4       CRISIL A4 (Reaffirmed)

Business risk profile is expected to grow by around 10% over the
medium term on the back of order book of INR39 crore as on
January 31, 2017, to be executed in the next 12-18 months.
Operating margin is expected to remain healthy at 11.5-12% due to
limited competition in installing ash handling systems. However,
margin will remain susceptible to the nature and quantum of
orders received.
Key Rating Drivers & Detailed Description
Strengths
* Extensive experience of promoter and established customer
relationship: Presence of more than 30 years in the fly ash
handling and mill reject systems has enabled the promoter to
establish strong client relationship.

* Average financial risk profile: Capital structure is healthy
and debt protection metrics moderate, but net worth is small on
account of modest scale of operations. However, with healthy
profitability and no debt-funded capital expenditure, financial
risk profile is expected to remain average over the medium term.

Weaknesses
* Small scale of operations and susceptibility to cyclicality in
end-user industry: Scale is modest due to tender-based business
and also because the company only undertakes ash handling
systems, which form a small portion of the thermal power
industry. Despite expected improvement, scale of operations will
remain subdued over the medium term.

* Working capital-intensive operations: Gross current assets were
292 days as on March 31, 2016, and have remained consistently
high in the past five years because of stretched receivables.
With rise in orders, working capital requirement is expected to
increase significantly over the medium term and hence its
management will remain a key rating sensitivity factor.
Outlook: Stable

CRISIL believes HVEPL will continue to benefit over the medium
term from the extensive experience of its promoter. The outlook
may be revised to 'Positive' if more-than-expected growth in
scale of operations and profitability or significant improvement
in working capital cycle leads to a better liquidity. The outlook
may be revised to 'Negative' if considerably low operating income
or profitability or any delay in receivables weakens liquidity.

Set up in 1984 by Mr. S S Verma, HVEPL installs ash handling and
mill reject systems for public sector enterprises. It mainly
provides dense phase pneumatic conveying systems to thermal power
and cement plants, and paper mills. The company has a fabrication
and design unit in Noida.

Profit after tax (PAT) was INR54.63 lakh on net sales of INR18.73
crore for fiscal 2016, vis-a-vis INR50.59 lakh and INR17.28
crore, respectively, in fiscal 2015.


INDIAN SUCROSE: CRISIL Raises Rating on INR150MM Cash Loan to BB-
-----------------------------------------------------------------
CRISIL has upgraded its rating on the bank loan facilities of
Indian Sucrose Limited to 'CRISIL BB-/Stable' from CRISIL
B+/Stable.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             150       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The upgrade reflects improvement in liquidity reflected in higher
cushion between cash accrual and repayment obligations. ISL has
already earned cash accrual of INR43 crore in the first nine
months of current fiscal against maturing debt obligations of
INR24.48 crore in fiscal 2017 as against previous expectation of
barely sufficient cash accruals. CRISIL believes cushion between
cash accrual and repayment obligations will remain sufficient
with expected sustained high sugar realization and reducing debt
obligations.

Further, due to higher cash accrual, networth will increase
significantly and hence total outside liabilities to tangible
networth (TOLTNW) should be 2.8'3.0 times as on March 31, 2017
(5.6 times as on March 31, 2016) resulting in higher financial
flexibility. The TOLTNW is expected to improve further over the
medium term in the absence of any debt-funded capital expenditure
plan and lower dependence on working capital debt.

The rating reflects ISL's established position in Punjab sugar
industry and average financial risk profile. These strengths are
partially offset by volatile operating margin, intensive working
capital operations and exposure to risk related to government
regulations.

Key Rating Drivers & Detailed Description
Strengths
* Established position in Punjab sugar industry: With over two
decades of presence, ISL is an established player. The operating
revenue is expected to touch INR360 crore in fiscal 2017. ISL
sells sugar under the brand 'Sweeto' in Punjab, Himachal Pradesh,
Rajasthan and Jammu & Kashmir markets through its network of
dealers and distributors. It has a manufacturing unit in Mukerian
(Punjab) with sugarcane crushing capacity of 6500 tonne per day.

* Average financial risk profile: TOLTNW is expected to be at
2.8'3.0 times over the medium term. The interest coverage ratio
and net cash accrual are also expected to be at 2.8'3.0 times and
11-12% over the medium term.

Weaknesses
* Volatile operating margin: The operating margin'at 6.7'12.3%
over the last three years'is expected to be significantly high at
20% in fiscal 2017 owing to volatile sugar prices depending upon
seasonal variation in sugarcane production.

* Exposure to risk related to regulatory approval: The sugar
industry is highly regulated, with government controls on
pricing, supply of sugarcane, and sugar release. The statutory
minimum price of sugarcane and prevailing sugar prices are key
factors that determine a sugar mill's profitability.

* Working capital intensity, driven partly by seasonality in
operations: The flow of orders generally peaks in the second half
of the year due to which working capital requirement is higher
towards March-end. Therefore, gross current asset days of 321 as
on March 31, 2016, majorily driven by inventory days of 246 days.
Outlook: Stable

CRISIL believes ISL will continue to benefit from its established
position in the sugar market in Punjab. The outlook may be
revised to 'Positive' if high cash accrual strengthens capital
structure and improves working capital cycle. The outlook may be
revised to 'Negative' if company reports lower than expected cash
accruals weakening its capital structure, or stretch in working
capital cycle constrains liquidity.

The Yadu group acquired ISL from the Oswal group in 2002. Its
manufacturing unit at Mukerian has a sugarcane crushing capacity
of 6500 tonne per day.

For the nine months ended December 31, 2016, ISL's profit after
tax (PAT) was INR28.01 crore on net sales of INR274.43 crore,
against a net loss of INR18.9 crore on net sales of INR127.07
crore for the corresponding period of the previous fiscal. In
fiscal 2016, the PAT was INR5.97 crore on net sales of INR283.09
crore, against net loss of INR8.76 crore on net sales of
INR211.99 crore in fiscal 2015.


JUMBO BAG: CRISIL Reaffirms B+ Rating on INR34.5MM Cash Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jumbo Bag Limited
continue to reflect JBL's below-average financial risk profile
marked by leveraged capital structure and weak debt protection
metrics. These rating weaknesses are partially offset by the
company's established regional market position in the Flexible
Intermediate Bulk Containers (FIBC) segment.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         7.7       CRISIL A4 (Reaffirmed)

   Cash Credit           34.5       CRISIL B+/Stable (Reaffirmed)

   Foreign Bill
   Discounting            6.25      CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       8         CRISIL A4 (Reaffirmed)

   Standby Line of
   Credit                 1         CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description
Weakness
* Financial risk profile: The group's financial risk profile is
marked by gearing of 3.9 times respectively for fiscal 2016. The
group's debt protection metrics is modest with interest coverage
and net cash accruals to total debt ratios of 1.1 times and 0.02
times respectively for fiscal 2016.

* Working capital intensive operations: The group's operations
are working capital intensive due to large inventory which led to
high Gross Current Asset (GCA) days of 310 as on March 31, 2016.

Strengths
* Long standing presence of the promoters: The vast experience of
promoters has helped the group in establishing relationship with
key suppliers and customers.
Outlook: Stable

CRISIL believes that JBL will maintain its established position
in the FIBC market over the medium term, supported by its
established relationships with customers and suppliers. The
outlook may be revised to 'Positive' in case of significant
improvement in the company's scale of operations and
profitability coupled with prudent working capital cycle leading
to a better financial risk profile. Conversely, the outlook may
be revised to 'Negative' if JBL's accruals decline, or if it
undertakes a large debt-funded capital expenditure programme, or
if its working capital management deteriorates, resulting in
weakening of its financial risk profile

JBL, established in 1990 in Chennai, manufactures FIBCs, also
known as jumbo bags. The company is a part of Bliss group and is
promoted by Mr. G P N Gupta.

For the three quarters ended December 2016, the company had
provisionally reported revenues of INR72.58 crore with a profit
after tax (PAT) of INR0.61 crore. Company had reported net losses
of INR0.98 crore on total revenue of INR85.29 crore in fiscal
2016, against net losses of INR1.48 crore and total revenues of
INR96.35 crore, respectively, in fiscal 2015.

Status of non-cooperation with previous CRA
JBL has not cooperated with ICRA India which has suspended its
rating vide release dated October 03, 2016. The reason provided
by ICRA Limited is non-furnishing of information for monitoring
of ratings.


KIRTI SOLAR: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kirti Solar
Limited's (KSLT) Long-Term Issuer Rating at 'IND BB-'.  The
Outlook is Stable.  The instrument-wise rating actions are:

   -- INR60 mil. Fund-based limits affirmed with IND BB-/Stable
      rating;

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

                         KEY RATING DRIVERS

The affirmation reflects KSLT's continued small scale of
operations and moderate credit profile.  During FY16, its revenue
was INR227 million (FY15: INR267 million), EBITDA margins were
2.2% (2.9%), interest coverage was 1.4x (1.3x) and net leverage
was 4.4x (3.1x).  The revenue fell due to slower execution of
orders and the operating margins declined on account of an
increase in the raw material expenses.

The ratings factor in the company's strong liquidity as reflected
in its maximum working capital utilization of 66.1% on an average
for the 12 months ended January 2017.

The ratings are supported by KSLT's strong association with its
parent entity Pekon Electricals Limited (PELT; 'IND BB-'/Stable),
in terms of strong operational linkages and common promoters.
Consolidated FY16 financials of PELT and KSLT indicate revenue of
INR584 million (FY15: INR1274 million), interest coverage of 1.5x
(1.2x) and net leverage of 8.1x (5x).  The consolidated revenue
declined in FY16 on account of a decline in the export incentive
sales which was a major revenue contributor for PELT.  The
ratings are also supported by its promoters' experience of almost
a decade in the manufacture of solar products and trading of
plastic granules.

                        RATING SENSITIVITIES

Positive: An improvement in the profit margins and overall credit
profile could be positive for the ratings.

Negative: Deterioration in the overall credit profile could be
negative for the ratings.

COMPANY PROFILE

Incorporated in 2001, KSLT is an unlisted public limited entity
that manufactures solar products.  It has a registered office in
Kolkata.  It is managed by Dhiraj Bhagchandka, Rachit Jalan and
Aditya Bhagchandka.


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

   -- INR80.40 mil. Fund-based limits assigned with
      IND BB+/Stable/IND A4+ rating;

                        KEY RATING DRIVERS

The ratings are constrained by KSC's small scale of operations.
Revenue was INR329.55 million in FY16 (FY15: INR289.64 million).

The ratings, however, are supported by an improved EBITDA margin
and strong credit metrics.  EBITDA margin was 10.06% in FY16
(FY15: 8.11%) on account of a decline in raw material prices.  In
FY16, gross interest coverage (operating EBITDA/gross interest
expense) and net financial leverage (adjusted net debt/operating
EBITDA) improved to 8.72x (FY15: 7.21x) and 1.96x (3.20x),
respectively, on account of a rise in EBITDA margin.

The ratings are further supported by KSC's established
operational track record of over 30 years, three decades of its
directors' experience in the auto component manufacturing
business and comfortable liquidity position, indicated by an
average utilization of working capital limits of 66% during the
12 months ended January 2017.

                        RATING SENSITIVITIES

Negative: A substantial dip in EBITDA margin on a sustained basis
leading to weak credit metrics will be negative for the ratings.

Positive: A significant improvement in revenue on a sustained
basis while maintaining credit metrics at the current level will
be positive for the ratings.

COMPANY PROFILE

Incorporated as a private limited company in 1985, KSC
manufactures auto components such as fasteners, sheet metal
components, brake and clutch parts, auto electric parts at its
factory in Noida, Uttar Pradesh.  KSC supplies to the overseas
markets of Africa, Latin America, the Far East, the Middle East
and others.


LALWANI INDUSTRIES: Ind-Ra Cuts Long-Term Issuer Rating to 'BB-'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Lalwani
Industries Limited's (LIL) Long-Term Issuer Rating to 'IND BB-'
from 'IND BB'.  The Outlook is Stable.  The instrument-wise
rating actions are:

   -- INR14 mil. Fund-based limits lowered to IND BB-/Stable
      rating; and

   -- INR91 mil. Non-fund-based limits affirmed with IND A4+
      rating

                         KEY RATING DRIVERS

The downgrade reflects LIL's weakened credit profile due to lower
revenue, despite some recovery in 10MFY17.  LIL's revenue
improved to INR195.8 million in 10MFY17 (FY16: INR150.9 million),
but remained substantially lower than the FY15 level of INR436.9
million.  The sharp fall in revenue in FY16 was a combined effect
of lower demand and prices.  Although the demand was better in
10MFY17, realizations remained low.  As a result, while the
EBITDA interest improved to 1.4x in 10MFY17 (FY16: 0.4x) and the
net leverage improved to 0.3x (9.3x), they remained below the
FY15 levels of 1.7x and negative 4x, respectively.

LIL's liquidity position is moderate.  The company's working
capital utilization has been low, with an average maximum
utilization of around 75% and overall average of 55% in the 12
months ended January 2017.  While cash flow from operations
turned negative in FY16 due to an increase in working capital
requirements as a result of stretching of receivables as well as
building up of inventory due to the low demand, Ind-Ra expects it
to turn positive in FY17 due to an improved EBITDA generation and
easing of the working capital cycle (FY16: 111 days).  While the
gross interest coverage was less than 1x in FY16, the company had
interest income of INR2.7 million, which was higher than the
interest expense of INR2.3 million, resulting in a negative net
interest coverage.  Ind-Ra expects LIL's gross interest coverage
to be above 1x in FY17.

The ratings continue to be supported by the management's
experience of over 25 years in the ferro alloys industry.

                        RATING SENSITIVITIES

Positive: Growth in the revenue along with an improvement in the
credit metrics could lead to a positive rating action.

Negative: A lower-than-expected improvement in the credit metrics
could lead to a negative rating action.

COMPANY PROFILE

Incorporated in 1995, LIL manufactures ferro alloys including
ferro silico magnesium, nickel magnesium, ferro molybdenum, ferro
chrome andferro aluminium with a total installed capacity of
1,590mtpa.  It is also involved in the trading of ferro alloy
products.  LIL is an associate entity of Lalwani Ferro Alloys
Limited ('IND BBB'/Negative).


MILAN INFRASTRUCTURES: CRISIL Cuts Rating on INR8MM Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Milan Infrastructures and Developers Private Limited to
'CRISIL D' from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                8        CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The rating reflects the recent instances of delay by MIDPL in
servicing its term debt obligations. The delays have been on
account of constrained liquidity arising out of low customer
advances.

Key Rating Drivers & Detailed Description
Weaknesses
* Weak Financial Risk Profile: The financial risk profile is weak
marked by weak capital structure/TOLTNW of 4.9 times in fiscal
2016. Further the networth stands modest at INR4.20 cr in fiscal
2016. Further debt protection metrics are also weak marked by
interest coverage ratio of 1.2 times and NCAAD of 1.5 % in fiscal
2016.

* Deteriorating liquidity risk profile marked by delay in debt
servicing: MIPL failed to honor its debt repayment obligation of
INR1 cr which was due on Jan-2017 and was only able to pay
INR0.50 cr till Feb-2017.

Strength
* Promoters' extensive experience in real estate industry:
MIDPL's promoters have extensive experience of more than a decade
in the real estate sector. The promoter group enjoys an
established position in the real estate sector and have
implemented several residential and commercial real estate
projects in and around Ghaziabad.

MIDPL, set up in 2006, is engaged in development of various
residential and commercial projects, mainly in Ghaziabad (Uttar
Pradesh). The company is promoted by Mr. Navin Tyagi and Mr. Amit
Mahajan. At present, it is undertaking a residential-cum-
commercial project at Rajnagar extension, Ghaziabad.

MIDPL reported a profit after tax (PAT) of INR0.08 Crores on net
sales of INR6.53 Crores for fiscal 2016, vis-a-vis INR0.01 Crores
and INR0.81 Crores, respectively in fiscal 2015, on a standalone
basis.


NANCY KRAFTS: CRISIL Lowers Rating on INR7.84MM Loan to 'B'
-----------------------------------------------------------
CRISIL has downgraded its rating of Nancy Krafts Private Limited
(NKPL; part of the Nancy Group) to 'CRISIL B/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Export Packing         16.66       CRISIL A4 (Downgraded
   Credit                             from 'CRISIL A4+')

   Letter of credit &      4.50       CRISIL A4 (Downgraded
   Bank Guarantee                     from 'CRISIL A4+')

   Proposed Long Term      7.84       CRISIL B/Stable (Downgraded
   Bank Loan Facility                 from 'CRISIL BB-/Stable')

   Standby Line of         1          CRISIL A4 (Downgraded from
   Credit                             'CRISIL A4+')

The downgrade reflects deterioration in the Nancy group's
liquidity, marked by deterioration in its working capital cycle
along with high bank limit utilization which was almost fully
utilized for the past twelve month ended 31st January 2017. With
working capital-intensive nature of operations the gross current
assets are expected to be above 450 days over the medium term
(457 days as on March 31st, 2016), the debtor days were already
stretched at 357 days for March 31st, 2015 and the further
stretch during fiscal 2016 was on the account of delay of
payments from the group's customers. Consequently, creditor days
are also expected to be stretched above 270 days over the medium
term in line with March 31st, 2016. The creditor days was 159
days in fiscal March 31st, 2015. Furthermore, liquidity is
further stretched marked by bank limits which are almost fully
utilised, constraining financial flexibility. There were also
instances of intermittent devolvement of Letter of Credit, which
was regularized within 2-3 days. Crisil believes that Nancy
Group's liquidity would remain weak over the medium term.
Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of NKPL, Nancy Krafts (NK), and Kitty
Overseas. This is because the three entities, collectively
referred to as the Nancy group, are in the same line of business,
with a common customer base, and common promoters and management.
Key Rating Drivers & Detailed Description
Weaknesses
* Working capital-intensive operations: Operations are working
capital intensive, with gross current assets at 457 days as on
March 31st, 2016, mainly driven by stretch in the group's debtor
days to 346 days in March 31st, 2016 from 222 days as of March
31st, 2015. The increase in debtor days is attributed to slow
realisation from overseas markets.

* Stretched liquidity: The group's liquidity is stretched, with
almost fully utilised bank limits for the 12 months through
January 2017, constraining its financial flexibility. Further
there has been a withdrawal of unsecured loans from the promoters
which stand at INR0.92 crore in March 31st, 2016 from INR1.43
crore in March 31st, 2015.

Strength
* Promoters' extensive experience in garment business, and well-
established relationships with customers: The Nancy group
manufactures ready-made garments, entirely for export. The
promoters, with over 30 years of business experience, along with
their family members, are personally involved in all aspects of
the business. They are also technically qualified and have a
sound understanding of the garment export industry.
Outlook: Stable

CRISIL believes the Nancy group will continue to benefit over the
medium term from its established relationships with customers.
The outlook may be revised to 'Positive' if improvement in
working capital management or in operating revenue and
profitability margins strengthens liquidity. Conversely, the
outlook may be revised to 'Negative' if more-than-expected
deterioration in working capital due to large working capital
requirement because of further stretch in its debtor days or
debt-funded capital expenditure, or a decline in profitability
margins puts pressure on its already weak liquidity.

NK was set up in 1980 as partnership firm.

NKPL was established in 1981 as a partnership firm and later
reconstituted as a private limited company.

Kitty Overseas was established as a partnership firm in 1993.

All three entities manufacture ready-made garments, especially
for women and children, at their plants in New Delhi. The
entities cater to the export market and supply their products to
retailers and wholesalers in Latin America, Mexico, Spain, the
US, and Europe.

The Nancy group reported a profit after tax of INR1.39 crore on
net sales of INR113.67 crores for March 31st, 2016, vis-a-vis
INR1.02 crore and INR114.07 crore, respectively, for March 31st,
2015, on a consolidated basis.


NANDI GRAIN: CARE Assigns 'D' Issuer Not Cooperating Ratings
------------------------------------------------------------
CARE has been seeking information from Nandi Grain Derivatives
Private Limited to monitor the ratings vide email communications/
letters dated October 25, 2016, November 25, 2016, February 17,
2017 and numerous phone calls.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            69.30       CARE D; ISSUER NOT
                                     COOPERATING; Based on best
                                     available information

   Short-term Bank
   Facilities             0.50       CARE D; ISSUER NOT
                                     COOPERATING; Based on best
                                     available information

However, despite our repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which;
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Nandi Grain Derivatives Private Limited's
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

The ratings take into account delays in debt servicing
obligation.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Detailed description of the key rating drivers

At the time of last rating in March 2016, the following were the
rating strengths and weaknesses:

Key rating strengths:
Experienced promoter group: The company is a part of Nandyal
based Nandi group of companies which has diversified business
interest and long presence in the industry

Key rating weakness:
Stretched liquidity position: The company has been facing
liquidity stretch with delays in debt servicing obligation.

Nandi Grain Derivatives Private Limited, established in June 2010
is part of Nandi Group of Industries based out of Nandyal in
Andhra Pradesh. The group since 1978 has built a diversified
presence of businesses such as cement, dairy, PVC pipes,
construction, TMT bars, etc. NGDPL is engaged in manufacturing of
liquid starch using maize (wet milling process) as raw material
with an installed milling capacity of 400 tons per day. Gluten,
germs, corn steep soluble and fiber are the other by-products
produced in the wet milling process which constitutes about 35%
of the throughput.


NEUROGEN BRAIN: CRISIL Raises Rating on INR22MM Loan to BB-
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
NeuroGen Brain And Spine Institute to 'CRISIL BB-/Stable' from
'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Rupee Term Loan          22       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects improvement in the business risk profile,
with stabilisation of NBSI's operations, resulting in better-
than-expected revenue growth thereby enhancing cash accrual and
liquidity. With an increasing scale of operations and premium
pricing, supported by specialised services in neurological
disorders and spinal injuries through specialisation in stem cell
therapy and related fields, cash accrual is expected to be at
INR7.30 crore for fiscal 2017, and could exceed INR8.7 crore over
the medium term. Improving cash accrual has enhanced the
liquidity, and supported planned capital investments in the near
term through internal sources of funds, allaying any pressure on
the capital structure.

The rating reflects the extensive experience of proprietor in the
healthcare industry and healthy profitability in the neurology
sector. These strengths are partially offset by an average
financial risk profile, with a modest networth, high gearing,
though supported by moderate debt protection metrics. The rating
also factors in a modest scale of operations, driven by its
single-site operations.
Analytical Approach

For arriving at its rating, CRISIL has combined the financials of
NBSI and Neurogen Brain and Spine Institute Pvt Ltd (NBSIPL)
owing to common proprietor, and significant business and
financial linkages between them.

Also, CRISIL has treated unsecured loans of INR5.41 crore
extended to NBSI by the proprietor and affiliates as neither debt
nor equity because proprietor have undertaken to retain these
loans in the business over the medium term.

Key Rating Drivers & Detailed Description
Strength
* Established presence in the neurology segment and proprietor's
extensive experience: NBSI specialises in neurological disorders
and spinal injuries treatment and attracts patients from all over
the world. The proprietor, Dr Alok Kundanlal Sharma, with over
two decades of experience in the healthcare sector, has been
associated with renowned hospitals in Mumbai like Sion Hospital
and KEM Hospital, and thus, has goodwill in the medical
fraternity and among patients.

Weaknesses
* Small scale of operations, driven by single-site operations:
Scale is modest, with revenue expected to be at INR34.25 crore
for fiscal 2017, because of single-site operations. It runs a
hospital only in Navi Mumbai, Maharashtra, exposing operations to
risks related to risks related to force majeure.

* Average financial risk profile and moderate debt protection
metrics: Networth was modest at INR5.89 crore, and gearing and
total outside liabilities to tangible networth ratio were high at
5.12 times and 3.99 times, respectively, as on March 31, 2016.
Debt protection metrics were also average, with interest coverage
and net cash accrual to total debt ratios at 2.26 times and 0.15
time, respectively, for fiscal 2016.
Outlook: Stable

CRISIL believes NBSI will benefit over the medium term from its
proprietor's extensive experience. The outlook may be revised to
'Positive' if cash accrual is significantly better than expected,
supported by a substantial increase in scale of operations while
sustaining healthy operating margin. Conversely, the outlook may
be revised to 'Negative' in case of lower-than-expected revenue
or profitability, leading to deterioration in the financial risk
profile.

Registered in 2008, NBSI, a sole proprietorship firm by Dr Alok
Sharma, provides medical services relating to neurological
disorders and spinal injuries through specialisation in stem cell
therapy and other rehabilitation services.

For fiscal 2016, NBSI reported a profit after tax (PAT) of
INR0.26 crore on an operating income of INR22.48 crore as against
a PAT of INR0.03 crore on an operating income of INR11.35 crore
the previous fiscal.

For fiscal 2016, NBSIPL reported a PAT of INR1.97 crore on an
operating income of INR6.0 crore as against losses of INR4.7 lakh
on an operating income of INR4.41 crore the previous fiscal.


PEKON ELECTRONICS: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Pekon
Electronics Limited's (PELT) Long-Term Issuer Rating at
'IND BB-'.  The Outlook is Stable.  The instrument-wise rating
actions are:

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

   -- INR24.34 mil. Term loan assigned with IND BB-/Stable
      rating; and

   -- INR110 mil. Non-fund-based limits affirmed with IND A4+
      rating

                         KEY RATING DRIVERS

The affirmation reflects PELT's small scale of operations and
moderate credit profile.  During FY16, its revenue declined to
INR357 million (FY15: INR1,008 million) due to a decline in
export incentive sales which was a major revenue contributor.
This led to the net leverage deteriorating to 10.7x in FY16
(FY15: 6.1x). However, its interest coverage improved to 1.6x in
FY16 (FY15: 1.2x) due to an improvement in the operating EBITDA
margin to 1.9% from 1.1% because of an increase in other
operating income (rental income).

The ratings are supported by the company's strong liquidity
position with its average working capital utilization being 75%
during the 12 months ended January 2017.  Also, its founders have
more than three decades of experience in the trading of processed
plastic granules.

                       RATING SENSITIVITIES

Positive: An improvement in the scale of operations and overall
credit profile could be positive for the ratings.

Negative: Deterioration in the overall credit profile could be
negative for the ratings.

COMPANY PROFILE

Incorporated in 1985, PELT is engaged in the trading of processed
plastic granules and duty entitlement pass book licenses.  Its
registered office is located in Kolkata.

The company's day-to-day operations are managed by Dhiraj
Bhagchandka, Suresh Kumar Jalan and Purushottam Kumar
Bhagchandka.


PGH INTERNATIONAL: CARE Assigns 'B' Rating to INR88.74cr LT Loan
----------------------------------------------------------------
CARE has been seeking information from PGH International Private
Limited to monitor the rating(s) vide e-mail communications dated
October 21, 2016, December 30, 2016 ad February 16, 2016 and
numerous phone calls. However, despite our repeated requests, the
company has not provided the requiste information for monitoring
the ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            88.74       CARE B; ISSUER NOT
                                     COOPERATING; Based
                                     on Best Available
Information

The rating on PGH International Private Ltd.'s bank facilities
will now be denoted as CARE B; ISSUER NOT COOPERATING.

The rating is constrained on account of prolonged delay of its
Mall project and modest bookings thereof leading to increasing
saleability risk. The rating is further constrained due to high
project implementation and marketability risk of its recently
launched residential project owing to nascent stage of its
implementation and inherent cyclical nature of the real estate
industry.

The rating, however, draws strength from the experienced and
resourceful promoters' group with long track record in
execution of real estate project.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers
Key Rating Weakness
Prolonged delay of its Mall project and modest bookings thereof
leading to increasing saleability risk

Since the project execution delayed by 24 months and level of
booking is modest thus the pace of new booking and
realization of funds from sales would be very crucial. As PGH has
received LOIs for only a small part of total leasable area,
leasing of the balance space at envisaged rate in a time bound
manner would be crucial.

High project implementation and marketability risk of its
recently launched residential project owing to nascent stage of
its implementation

The real estate project is at nascent stage of development and
the company has higher dependence on customer advances for
funding the project cost. Thus, considering the stage of
development and subdued real estate scenario, completion of
project within envisaged time and cost and timely receipt of
customer advances would be very crucial considering its reliance
on customer advances to fund the project cost.

Key Rating Strengths

Experienced and resourceful promoters' group with long track
record in execution of real estate project. Mr. Suresh N
Vijaywargia, an engineer by profession promoted PGH and he is
having vast experience across a range of business activities. He
has more than three decades of experience in the fields of
engineering, construction, film financing, retailing and
education in India and abroad. The promoter group is also
financially resourceful and have demonstrated significant
commitment as indicated by the tangible net worth of INR211.50
crore as on
March 31, 2015.

Originally incorporated in 2003 as NM International Pvt Ltd, PGH
was initially engaged in film production activities which were
subsequently discontinued. At present, PGH is developing a
shopping and entertainment project by the name 'People's World'
at Bhopal, on a land area of about 14.38 acres (owned by the
promoter, Mr. Suresh N Vijaywargia) located at Bhanpur, Bhopal
(Madhya Pradesh). The company is developing a shopping mall-cum-
entertainment zone with a total construction area of 86,915
square meters. The company entered into development agreement
with the promoter and the revenue surplus would be shared as
40:60 between Mr. Suresh Vijaywargia and PGH.

Furthermore, adjacent to the present project site, on the land
area of about 85 acres (owned by PGH), the company has developed
banquet for events, adventure sports arena, film city, tourist
attractions, water park, hotel, resort, etc. The company is also
developing a High-Rise (Multistoried Residential Complex) named
'People High-Rise' on 65,930 Sq. mts of land. The proposed
project is of 1,720 residential units, to be constructed on total
65923 Sq. mts and is scheduled to be completed in two phases.


PODDAR CAR: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Poddar Car World
Private Limited (PCWPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.  The instrument-wise rating actions are:

   -- INR48.6 mil. Long-term loan assigned with IND BB+/Stable
      rating;

   -- INR13 mil. Long-term loan assigned with IND BB+/Stable
      Rating;

   -- INR385.9 mil. Fund-based working capital limits assigned
      with IND BB+/Stable/IND A4+ rating; and

   -- INR2.5 mil. Non-fund-based working capital limits assigned
      with IND A4+ rating

                      KEY RATING DRIVERS

The ratings reflect PCWPL's moderate credit profile during FY14-
FY16 with EBITDAR interest coverage of 1.7x-2x and net adjusted
leverage of 3.4x-5x.  The net adjusted leverage increased to 4.8x
in FY16 (FY15: 3.5x) due to an increase in working capital
borrowings coupled with a marginal decline in the EBITDA margin
to 2.6% (2.8%).  EBITDAR interest coverage also declined to 1.8x
in FY16 (FY15: 2x) as a result of an increase in interest payable
along with the decline in EBITDA margin.  Ind-Ra expects the
credit metrics to witness some moderation in FY17 due to an
increase in debt.

The company's revenue increased substantially to INR2.9 billion
9MFY17 (FY16: INR2.8 billion), driven by its growth in the
existing locations as well as its entry in West Bengal in 4QFY16.
EBITDA margin remained range bound between 2.5%-2.8% during FY13-
FY16 (FY16: 2.6%), reflective of the low-margin trading nature of
business.

The ratings are supported by PCWPL's position as an established
dealer of Maruti Suzuki India Limited with an operational track
record of over a decade.  PCWPL opened the premium classNexa
showroom in Assam and entered West Bengal in FY16.  This will aid
its revenue growth in the near term.  The company plans to add
another showroom in Assam in 2018 at a cost of around
INR60 million.

PCWPL's liquidity position is moderate as reflected in its
average 75%-80% utilization of the working capital limits during
the 12 months and negative cash flow from operations in two of
the last four financial years (including FY16).

                        RATING SENSITIVITIES

Positive: An increase in the scale of operations along with a
sustained improvement in the credit metrics could lead to
positive rating action.

Negative: EBITDAR interest coverage falling below 1.5x on a
sustained basis could lead to a negative rating action.

COMPANY PROFILE

PCWPL began operations in 2006 as an authorised dealer of Maruti
Suzuki India.  It has 3S showrooms (sales, service and spares) of
Maruti Suzuki cars and also deals in pre-owned car sales,
accessories and spares.  The company has nine showrooms: six in
Assam and three in West Bengal.


RAGHAV INDUSTRIES: CRISIL Reaffirms B+ Rating on INR8MM Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' rating on
the bank facilities of Raghav Industries.

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

   Packing Credit          2        CRISIL A4 (Reaffirmed)

   Proposed Cash
   Credit Limit            2        CRISIL B+/Stable (Reaffirmed)

Operating income grew 19% to INR54.3 crore in fiscal 2016 from
INR45.14 crore the previous fiscal, driven by healthy demand and
prices for rice. Operating margin improved marginally to 3.5%
from 3.3%, and should remain at these levels.

Working capital requirement has reduced, with gross current
assets, inventory and debtors declining to 77, 62 and 11 days,
respectively, as on March 31, 2016, from 152, 113, and 32 days,
respectively a year earlier.

Capital structure is highly leveraged, with gearing and total
outside liabilities to tangible networth (TOLTNW) ratio of around
3.34 and 3.5 times, respectively, as on March 31, 2016. Debt
protection metrics are weak, with interest coverage and net cash
accrual to total debt ratios at 1.6 times and 7%, respectively,
but adequate to service negligible maturing term debt. The firm
does not have any debt-funded capex plans over the medium term.

The ratings continue to reflect below-average financial risk
profile and modest scale of operations. These rating weaknesses
are partially offset by the extensive experience of the partners.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in the intensely competitive rice
milling industry: Intense competition in the rice milling
business restricts scale of operations and profitability (revenue
and operating margin were INR54.3 crore and 3.5% in fiscal 2016).

* Below-average financial risk profile: Modest profitability and
scale of operations, and sizeable working capital debt continue
to constrain financial risk profile. Gearing was high at 3.34
times as on March 31, 2016, and debt protection metrics were weak
with interest coverage of around 1.6 times.

* Strength
Partners' extensive experience: Benefits from the partners'
experience of more than a decade, and their established
relationships with customers and local suppliers, and keen grasp
of market dynamics should continue to support business risk
profile.
Outlook: Stable

CRISIL believes RI will continue to benefit over the medium term
from the partners' extensive experience. The outlook may be
revised to 'Positive' significant improvement in cash accrual or
fresh capital infusion by partners improving the financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the financial risk profile deteriorates on account of pressure on
profitability, stretch in working capital cycle, or any large,
debt-funded capital expenditure.

RI, set up in 2005, processes basmati rice. The firm is promoted
by Mr Rakesh Garg and his brother, Mr Mukesh Garg. The milling
and sorting unit in Karnal (Haryana) has milling and sorting
capacities of 3 and 10 tonne per hour, respectively.

RI reported profit of INR0.31 crore on sales of INR54.3 crore in
fiscal 2016, against INR0.26 crore and INR45.14 crore,
respectively, in fiscal 2015.


RAGHUVANSHI COTTON: CARE Puts 'D' Issuer Not Cooperating Rating
---------------------------------------------------------------
CARE has been seeking information from Raghuvanshi Cotton Ginning
and Pressing Private Limited to monitor the rating vide e-mail
communications dated February 11, 2017, February 20, 2017 and
numerous phone calls. However, despite our repeated requests, the
company has not provided the requisite information for monitoring
the rating. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            69.44       CARE D; ISSUER NOT
                                     COOPERATING; Revised from
                                     CARE BB on the basis of
                                     best available information

The rating on RCGPL's bank facilities will now be denoted as CARE
D; ISSUER NOT COOPERATING.

CARE has revised the rating assigned to the bank facilities of
RCGPL to 'CARE D' on account of the delays in debt servicing
due to stretched liquidity position.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers
Key Rating Weaknesses
Ongoing delays in debt servicing

Debt servicing of RCGPL is irregular as reflected by delays in
servicing of its term loan principal and interest along with
over utilisation in its fund-based working capital facilities.

Incorporated in 2006 by Mr. Dinesh Selani, Rajkot-based RCGPL is
a 55% subsidiary of BTCL, which is currently managed by Mr.
Bhadresh Mehta. RCGPL has a composite cotton ginning and pressing
unit at Rajkot with an installed production capacity of 34,732
cotton bales (1 bale=170 kgs) per annum and 18 oil expellers
having an installed capacity of 2,721 metric tonne per annum
(MTPA) at its manufacturing facility located at Rajkot, Gujarat.


RAJARSHI CARS: CRISIL Reaffirms B+ Rating on INR10.55MM Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating of 'CRISIL B+/Stable' on the
long-term bank facilities of Rajarshi Cars Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Drop Line
   Overdraft Facility     10.55     CRISIL B+/Stable (Reaffirmed)

   Electronic Dealer
   Financing Scheme
   (e-DFS)                 8.00     CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect modest scale of operations and
dependence on the performance of Nissan Motor India Pvt Ltd and
the success of its car models. Also, RCPL faces intense
competition in the automotive dealership business. These
weaknesses are partially offset by the promoter's healthy
relationship with NMIPL, and the exclusive dealership of its
passenger cars in Ahmedabad (Gujarat).

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in an intensely competitive industry
Scale of operations remains modest, with revenue reducing to
Rs38.2 crore in fiscal 2016, from Rs52.8 crore the previous
fiscal, owing to intense competition and weak performance of
NMIPL's cars. Intense competition and dependence on NMIPL product
launch will continue to constrain scalability in operations over
the medium term.

* Average financial risk profile
With modest networth of INR1.27 crore and high total outside
liabilities to tangible networth ratio of around 7 times as on
March 31, 2016, financial risk profile remains average. Debt
protection metrics are average too, due to large debt. Fund
infusions by the promoters are expected to partly support
financial risk profile.

Strength
* The promoter's healthy relationship with principal:
The promoter Mr Virendrasinh Vaghela, has been in the automobile
dealership business for more than 5 years, andhas maintained
healthy relationships with principal, NMIPL. He has also helped
RCPL acquire a strong brand image in the region.
Outlook: Stable

CRISIL believes RCPL will continue to benefit over the medium
term from its established relations with the principal. The
outlook may be revised to'Positive' if cash accrual is larger
than expected, leading to improvement in capitalstructure.
Conversely, the outlook may be revised to 'Negative' in case of
low accrual or deterioration in financial risk profile because of
any large capital expenditure.

RCPL, incorporated in 2011 and promoted by Ahmedabad-based Mr.
Virendrasinh N Vagehla, is an authorised dealer of NMIPL's
passenger cars in Ahmedabad.

Profit after tax (PAT) was Rs0.10 crore on operating income of
INR38.2 crore in fiscal 2016, against PAT of INR0.01 crore on
operating income of INR52.8 crore in the previous fiscal.



RAJKAMAL TEXTILES: CRISIL Reaffirms B+ Rating on INR5.0MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the long term bank facilities
of Rajkamal Textiles at 'CRISIL B+/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        .09        CRISIL A4 (Reaffirmed)
   Cash Credit          5.00        CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect Rajkamal's modest scale of
operations and, vulnerability of operating margin to raw material
price fluctuations and, moderate financial risk profile marked by
moderate gearing and below average debt protection metrics. These
rating weaknesses are partially offset by the benefits the
company derives from the extensive experience of its promoter in
the grey melange yarn industry and established relationship with
customers.

Key Rating Drivers & Detailed Description
Weaknesses
* Susceptibility to volatility in raw material prices:   Cost of
cotton constitutes about 75 per cent of the firm's total cost of
production. Any drastic volatility in raw material prices will
effect company's performance over the medium term.

* Moderate scale of operations in highly fragmented grey melange
yarn industry: The scale of operation remain moderate with
expected revenue of around INR37.6 crore in fiscal 2017. The
operations remain exposed to intense competition in the
fragmented grey melange yarn industry.

* Modest Financial Risk profile: Rajkamal has below-average
financial risk profile marked by small networth and moderate
gearing of INR5.8 crore and 1.76 times, respectively, as on March
31, 2016. Its debt protection metrics are also average with
interest coverage of 1.63 times for fiscal 2016. Financial risk
profile will continue to remain below-average over the medium
term with moderately high reliance on working capital debt and
modest operating profitability.

Strengths
* Established track record: Promoter's presence of over two
decades in grey melange yarn business. This enabled a healthy
growth in revenue. An established relationship with major
suppliers and customers further strengthens the market position.
Outlook: Stable

CRISIL believes that Rajkamal will continue to benefit over the
medium term from the extensive industry experience of its
promoter. The outlook may be revised to 'Positive' if the firm
scales up its operations and generates more-than-expected cash
accruals on a sustained basis, resulting in an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if Rajkamal's capacities are under-utilized, resulting
in low cash flows, if the operating margin declines, or if it
undertakes a large debt-funded capital expenditure programme,
leading to deterioration in its financial risk profile.

Set up in 2002 by Mr. C Rajendran and Mrs. C Nanjammal, Rajkamal
manufactures grey melange yarn with counts ranging from 20s to
40s. It is based in Coimbatore in Tamil Nadu.

For 2015-16, Rajkamal has registered a profit after tax (PAT) of
INR10 lakh on net sale of INR37.59 crore, as against a PAT of
INR9.7 Lakh on net sale of INR35.40 crore for 2014-15.


RIO GLASS: CARE Assigns 'B+' Rating to INR5.34cr LT Loan
--------------------------------------------------------
The ratings assigned to the bank facilities of Rio Glass Private
Limited are primarily constrained on account of its modest scale
of operations, leveraged capital structure and moderate debt
coverage indicators and weak liquidity position during FY16
(refers to the period April 1 to March 31).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.34       CARE B+; Stable Assigned

   Short-term Bank
   Facilities             0.60       CARE A4 Assigned

The ratings are further constrained on account of susceptibility
of profit margins to volatility in raw material price and foreign
exchange fluctuations. The ratings however, continue to derive
strength from experience of the promoters and healthy operating
margin during FY16 (refers to the period April 1 to March 31).
RGPL's ability to increase its scale of operations with
improvement in capital structure and liquidity indicators would
be the key rating sensitivity.

Detailed description of the key rating drivers
Key Rating Weaknesses
Modest scale of operations: The total operating income (TOI) of
RGPL remained modest at INR8.63 crore during FY16 (Audited) which
increased by 24.53% as compared with FY15.

Leveraged capital structure and moderate debt coverage
indicators:

The capital structure of the company stood leveraged marked by
overall gearing of 2.12 times as on March 31, 2016 (Audited) as
against 2.09 times as on March 31, 2015. Net worth of the company
stood modest at INR2.37 crore as on March 31, 2016. Debt coverage
indicators of the company also stood moderate as marked by total
debt to GCA (TDGCA) of 7.42 years [FY15:8.46 years] and interest
coverage of 2.09 times [FY15: 2.10 times] in FY16.

Weak liquidity position: The current ratio of the company stood
below unity at 0.92 times as on March 31, 2016 as against 0.87
times as on March 31, 2015 owing to creditors and working capital
borrowings as on balance sheet date. Susceptibility of profit
margins to volatility in raw material price and foreign exchange
fluctuations: Main raw material for RGPL is silica and Price of
silica is changing with supply and demand. Because of being main
raw material, changes in price of silica can have a direct effect
on profitability of RGPL.

Key Rating Strengths

Healthy operating margin: The PBILDT margin of the company
increased by 84 bps y-o-y, and stood comfortable at 15.90% during
FY16 as against 15.06% during FY15. The increase in PBILDT margin
is primarily on account of small decrease in material cost.
However, the PAT margin of the company increased by 64 bps y-o-y,
but stood modest at 0.58% during FY16 as compared to negative
0.06% during FY15.

Rajkot-based (Gujarat), RGPL was established by Mr. Hardik Patel,
Managing Director and other directors in 2013. The company is
engaged in manufacturing of glass. The product portfolio of the
company includes toughened/tempered safety glass, insulated glass
units, heat strengthened glass, laminated glass etc. The company
sells its products across India as well as export to Nepal,
Bhutan, Nigeria and Africa. The company has its manufacturing
unit at Rajkot. The company sells its products under the brand
name of 'RIO'. As per the audited results for FY16, RGPL reported
net profit of INR0.05 crore on a total operating income of
INR8.63 crore as against net loss of INR0.01 crore on a total
operating income of INR6.93 crore in FY15.


RSI SOFTECH: CRISIL Reaffirms B+ Rating on INR4.5MM Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of RSI Softech India Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          2        CRISIL A4 (Reaffirmed)

   Cash Credit             4.5      CRISIL B+/Stable (Reaffirmed)

   Long Term Loan          0.22     CRISIL B+/Stable (Reaffirmed)

   Proposed Fund-Based
   Bank Limits             1.78     CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect RSI's modest scale of, and
working capital-intensive, operations. These weaknesses are
partially offset by the extensive industry experience of the
promoter and the company's healthy debt protection metrics.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: RSI's modest scale of operations is
indicated by its operating income of INR10.01 crores in 2015-16
(refers to financial year, April 1 to March 31), and networth of
INR6.5 crores as on March 31, 2016.

* Large working capital requirement: RSI's large working capital
requirement is reflected in gross current assets of 438-835 days
over the three years ended March 31, 2016, driven by stretched
receivables of 272'313 days.

Strength
* Promoter's extensive experience and moderate order book: RSI
was set up by Mr. T Sesha Rao, a former scientist with the
National Remote Sensing Centre (Department of Space, Government
of India). He has experience of 28 years. The company has orders
of INR15 crores and the promoter's extensive experience has
helped it bag new orders and ramp up operations fast.
Outlook: Stable

CRISIL believes RSI will continue to benefit over the medium term
from the promoter's extensive industry experience. The outlook
may be revised to 'Positive' in case of significant ramp up in
the scale of operations and profitability, resulting in higher-
than-expected cash accrual, along with efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
if RSI undertakes any higher-than-expected, debt-funded capital
expenditure or fails to execute its projects on time, or bids
aggressively for projects, leading to pressure on operating
margin.

Incorporated in 1988 and based in Hyderabad, RSI operates in the
fields of remote sensing, geographic information system,
cadastral surveys, topographical surveys, and urban utilities.
The company is promoted by Mr. T Sesha Rao.

RSI reported a net profit of INR0.50 crore on net sales of
INR10.06 crore for fiscal 2016, as against a PAT of INR1 lakh on
net sales of INR2.12 crore for fiscal 2015.


SAKET ENGINEERS: CRISIL Reaffirms 'B' Rating on INR40.5MM LT Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Saket Engineers Private Limited at 'CRISIL B/Stable' and
reaffirmed its rating on the company's short-term bank facility
at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          10        CRISIL A4 (Reaffirmed)

   Cash Credit              6.5      CRISIL B/Stable (Reaffirmed)

   Long Term Loan          40.5      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      25.0      CRISIL B/Stable (Reaffirmed)

The ratings reflect SEPL's exposure to risks related to
implementation of, and offtake from, its ongoing projects, and to
risks and cyclicality inherent in the real estate industry. These
rating weaknesses are partially offset by SEPL's established
track record in the real estate segment in Hyderabad, supported
by its promoter's extensive experience in the construction
business.

Key Rating Drivers & Detailed Description
Strength
* Established track record in regional real estate segment
SEPL has completed two residential projects and around 10
industrial projects over the past 18 years in Hyderabad and has
developed around 750 custom designed homes. The company has a
healthy brand visibility in Hyderabad, and specialises in
construction of gated communities and townships. SEPL's
promoters, Mr. Radhakrishnan and Mr. G Ravikumar, have more than
20 years of experience in the construction industry. The
promoters' experience has helped the company develop in-house
expertise for all construction activities, thereby contracting
civil construction

Weaknesses
* Exposure to project implementation risks
SEPL is currently undertaking two residential projects: Bhu:
sattva II, and Pranaam II. The construction for Sriyam and
Pranaam, Callipolis is complete. Saket Bhu: sattva will be
constructed in three phases. Phase-1 is expected to be completed,
while phase-2 will be launched in the second-half of June 2017.
Phase-3 of the project will be launched when construction in
phase-2 is nearing completion. SEPL's high reliance on project-
specific customer advances exposes the company to price
realization and project implementation risks.

* Exposure to risks and cyclicality inherent in real estate
industry
SEPL's business risk profile is susceptible to risks related to
cyclicality in Indian real estate industry. The real estate
sector in India is cyclical and is marked by volatile prices,
opaque transactions, and a highly fragmented market structure.
The execution of the real estate projects in India is affected by
multiple property laws and non-standardized government
regulations across the states. The risk is compounded by
aggressive timelines for completion with shortage of man power
(project engineers and skilled labor) in this sector. The recent
slowdown in the real estate sector has adversely delayed the
execution and sale of several ongoing and future projects.
Outlook: Stable

CRISIL believes that SEPL will continue to benefit over the
medium term from its established presence in the real estate
development business in Hyderabad and its promoter's extensive
industry experience. The outlook may be revised to 'Positive' if
the company registers substantial realisations from its ongoing
projects, leading to considerable improvement in its liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
time or cost overruns in the company's ongoing projects, or if
the company undertakes large debt-funded projects, weakening its
capital structure.

Set up by Mr. T Radhakrishnan in 1993, SEPL undertakes
residential real estate development; the company also undertakes
civil work on contract basis. It is developing three
projects'Saket Sriyam, Saket Pranaam, and Saket Bhu: Sattva'in
Hyderabad, all of which are near completion. SEPL is also
developing a project'Saket Callipolis'in Bengaluru (Karnataka).

The Company has recorded PAT of INR0.74 Crore on operating income
of INR61.81 Crore for fiscal 2016 vis-a-vis PAT of INR1.37 Crore
on operating income of INR98.78 Crore for fiscal 2016.


SARDAR INDUSTRIES: CRISIL Reaffirms B+ Rating on INR8MM Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of Sardar Industries at 'CRISIL B+/Stable'.

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

   Proposed Long Term
   Bank Loan Facility      0.25     CRISIL B+/Stable (Reaffirmed)

   Term Loan               1.75     CRISIL B+/Stable (Reaffirmed)

The rating reflects the firm's modest scale of operations in the
highly competitive cotton ginning industry and vulnerability to
changes in cotton prices. These rating weaknesses are partially
offset by the partners' substantial experience in the cotton
ginning industry.
Analytical Approach

For arriving at the rating, CRISIL has treated unsecured loans of
INR2.35 crore as on March 31, 2016 from the partners as neither
debt nor equity. That's because these loans are at a lower-than-
market interest rate and should remain in the business over the
medium term.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in the highly fragmented cotton
industry: Revenue was low in fiscal 2016 due to intense
competition. Entry barriers are limited on account of low capital
and technology intensity and little differentiation in end
products. Fragmentation also limits the pricing and bargaining
power, leading to lower profitability; the operating margin was
around 2.3% in fiscal 2016.

* Vulnerability to changes in cotton prices: As cotton is an
agricultural commodity, its availability is highly dependent on
the monsoon. Furthermore, government interventions and
fluctuations in global cotton output have resulted in sharp
fluctuations in cotton prices. Finished cotton prices declined
and have remained volatile. Such fluctuations impact the margins
of cotton ginners. Ability to manage volatility in cotton prices
will remain a key sensitivity factor.

Strengths
* Extensive industry experience of the partners: The partners
have an experience of around a decade in the cotton ginning
industry. They have thus developed an understanding of the
dynamics of the local market, and have established a relationship
with customers and suppliers. This is likely to result in
sustained revenue growth over the medium term.

* Proximity to cotton-growing belts: The production facility is
based at Kadi in Mehasana, which is a part of the cotton-growing
belt of Gujarat. Gujarat accounts for nearly 33% of India's total
cotton production. This enables procurement of raw cotton
directly from local farmers, thus making operations more cost
effective.
Outlook: Stable

CRISIL believes SI will continue to benefit from the extensive
industry experienceof its partners. The outlook may be revised to
'Positive' in case of higher-than-expected revenue and
profitability, leading to improvement in debt protection metrics.
The outlook may be revised to 'Negative' if the financial risk
profile deteriorates further due to large, debt-funded capital
expenditure, and/or an increase in working capital requirement.

SI was established as a partnership firm in 2010 by the Patel
family, who manage operations. The firm gins cotton at its
facility in Rangpurda, Kadi.

In fiscal2016, net profit was INR0.20 crore on operating income
of Rs48.27 crore, against net loss of Rs0.19 crore on operating
income of Rs67.89 crore in fiscal 2015.


SAVALIA COTTON: CARE Assigns 'D' Issuer Not Cooperating Ratings
---------------------------------------------------------------
CARE has been seeking information from Savalia Cotton Ginning and
Pressing Private Limited to monitor the rating vide e-mail
communications dated February 11, 2017, February 20, 2017 and
numerous phone calls. However, despite our repeated requests, the
company has not provided the requisite information for monitoring
the ratings. In line with the extant SEBI guidelines, CARE has
reviewed the ratings on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at fair ratings.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            44.22       CARE D; ISSUER NOT
                                     COOPERATING; Issuer not
                                     cooperating; Revised
                                     from CARE BB) on the
                                     basis of best available
                                     information


   Short-term Bank        3.50       CARE D; ISSUER NOT
   Facilities                        COOPERATING; Revised
                                     from CARE A4 on the basis
                                     of best available
                                     information

The ratings on SCGPL's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

CARE has revised the ratings assigned to the bank facilities of
SCGPL to 'CARE D' on account of the delays in debt servicing due
to stretched liquidity position. Users of this rating (including
investors, lenders and the public at large) are hence requested
to exercise caution while using the above rating.

Detailed description of the key rating drivers
Key Rating Weaknesses
Ongoing delays in debt servicing
Debt servicing of SCGPL is irregular as reflected by delays in
servicing of its term loan principal and interest along with
over utilisation in its fund-based working capital facilities.

Incorporated in November 1999, Rajkot-based, SCGPL is promoted by
Mr. Utpal Savalia and Mr. Jitendra Bhalara and is engaged in
cotton ginning & pressing and trading of cotton & cotton seeds.
As on March 31, 2015, SCGPL had an installed capacity of 13,000
Metric Tonne Per Annum (MTPA) of cotton ginning at its processing
unit located at Shapar Industrial Area near Rajkot in Gujarat.


SHIV-OM SULZ: CARE Upgrades Rating on INR6.73cr Loan to BB-
-----------------------------------------------------------
The revision in the long-term rating of Shiv-Om Sulz Fab Private
Limited takes into account steady growth in its scale of
operations marked by increasing Total Operating Income (TOI)
along with improvement in its capital structure during FY16
(refers to the period April 1 to March 31).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             6.73       CARE BB-; Stable Revised
                                     from CARE B+

   Short-term Bank
   Facilities             0.50       CARE A4Assigned

The ratings, however, continue to remain constrained on account
of SFPL's presence in the highly competitive and fragmented
textile industry along with its fluctuating profitability margins
and working capital intensive nature of operations. The rating,
further, continues to remain constrained on account of the
susceptibility of the company's profitability to fluctuations in
the raw material prices. The rating, however, continues to draw
strength from the long standing experience of the promoters with
its established track record of operations of more than a decade
in the industry and location advantage by way of proximity to the
raw material as well as customers due to its presence in the
textile cluster, Bhilwara (Rajasthan).

SFPL's ability to increase its scale of operations while
improving profitability in light of the volatile raw material
prices and improvement in the solvency position as well as
efficient management of working capital shall be the key rating
sensitivities.

Detailed description of the key rating drivers
Key Rating Strengths
Steady growth in TOI
The scale of operations of SFPL as indicated by TOI grew at a
Compounded Annual Growth Rate (CAGR) 10% in the last three
financial years. During FY16, TOI witnessed significant growth by
around 19% y-o-y on the back of increase in sales volume of
fabrics along with higher revenue generated from trading activity
as well as job-work receipt.

Improvement in solvency position
Its capital structure continued to remain moderately leveraged
although improved; attributed to accretion of profit to reserve
along with lower total debt level pertaining to schedule
repayment of its term loans.

The debt coverage indicators of the company also improved
marginally albeit stood weak with total debt to GCA of 11.27
times as on March 31, 2016, along with interest coverage at 1.61
times in FY16.

Key Rating Weakness
Fluctuating albeit moderate profitability
Profitability margins of the company have witnessed a fluctuating
trend during past three financial years ended FY16 mainly on
account of volatility associated with its primarily raw material
coupled with its presence in the highly fragmented and
competitive textile industry leading to pressure on
profitability. During FY16, PBILDT margin of the company declined
attributed to higher trading activity carried out was offset to
an extent by higher revenue generated from job-work receipts
which fetches better margin. In line with PBILDT margin, PAT
margin of the company also declined, although lower in quantum
than PBILDT margin, on the back of proportionately lower interest
and depreciation expenses.

Moderate liquidity position
The business of the company remained to be working capital
intensive in nature. The liquidity ratios of the company stood
moderate with elongated operating cycle in FY16.

Bhilwara (Rajasthan) based SFPL was initially incorporated in the
name of BSM Suitings Private Limited in 1999 by Mr. Sheo Ratan
Sadan along with his sons, Mr. Vinit Kumar Bubna and Mr. Amit
Bubna. However, in 2002, the name of the company changed to its
current form.

SFPL is primarily engaged in the business of manufacturing of
cotton grey fabrics and outsources the processing work required
for the manufacturing of cotton finished fabrics on job-work
basis to the nearby process house located at Bhilwara. Further,
the company does trading of cotton grey and finished fabrics as
well as undertakes job work activity for other textile players.
The manufacturing facility of SFPL is located at Bhilwara with
total of 75 looms having an installed capacity of 60 Lakh Meters
Per Annum (LMPA) as on March 31, 2016. The company caters to
domestic market and sells its products through the network of its
agents located all over India under the brand name "Silver Ox".
It procures yarn, key raw material, from the local Bhilwara
market and nearby areas.


SHREE RK: CARE Assigns 'B' Rating to INR4.90cr LT Loan
------------------------------------------------------
The ratings assigned to the bank facilities of Shree RK
Industries are primarily constrained on account of its Nacent
stage of operations , constitution as partnership concern and
Seasonality associated with agro commodities and presence in
highly fragmented and government regulated industry. The ratings
are, further, constrained on account of its weak solvency and
stressed liquidity position.  The ratings, however, favourably
take into account experienced management along with established
relationship with customers as well as suppliers.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term bank
   facilities             4.90       CARE B; Stable Assigned

   Short-term bank
   facilities             2.50       CARE B; Stable/CARE A4
                                     Assigned

Increase in the scale of operations with improvement in
profitability and efficient management of working capital would
be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness
Nacent stage of operations and constitution as partnership
concern The firm has started operation in March, 2015 and FY16 is
the first full year of operations. The scale of operations of the
firm is relatively modest and the low net worth base makes its
operations highly susceptible to any business shock thereby
limiting its ability to absorb losses or financial exigencies.
Further, constitution as a partnership concern led to risk of
withdrawal of capital.

Being present in the highly fragmented and competitive industry,
the profitability margin of the firm stood low marked by low
PBILDT and PAT margin. Further, the profitability of the firm is
susceptible to the fluctuation in agriculture commodities prices
which depends on various factors like vagaries of weather, yield
production and seasonality.

Weak solvency position and stressed liquidity position

The capital structure of the firm stood weak marked by an low
overall gearing mainly on account of higher utilization of
working capital bank borrowings. Further, the debt service
coverage indicators and interest coverage ratio also stood weak
mainly due to higher debt level and interest cost. The liquidity
position of the firm stood stressed due to fully utilization of
working capital borrowings during last twelve months ended
January 2017. The current ratio and quick ratio stood at below
unity level as on March 31, 2016.

Seasonality associated with agro commodities and presence in
highly fragmented and government regulated industry As the firm
is engaged in the business of processing of wheat, the prices of
agriculture commodities remained fluctuating and depend on
production yield, demand of the commodities and vagaries of
weather. Hence, profitability of the firm is exposed to
vulnerability in prices of agriculture commodities. The agro
commodity industry is characterized by highly fragmented and
competitive in nature as evident by the presence of numerous
unorganized and few organized players. Further, the industry is
characterized by high degree of government control both in
procurement and sales for agro-commodities. Government of India
(GoI) decides the Minimum Support Price (MSP) payable to farmers.

Key Rating Strength
Experienced management and established long relationship with
customers and suppliers

The management of the company has vast experience in the
industry. Further, with long standing presence of partners in
the agro market, partners have established relationship with
customers and partners.

Jaipur (Rajasthan) based Shree R.K. Industries (SRK) was formed
in May 2014 as a Partnership concern by Mr. Ram Kishan
Khandelwal, Mr. Harsh Khandelwal and Mrs. Suman Khandelwal and
shares profit and loss in the ratio of 5:25:70 respectively.
Shree RK Industries is mainly engaged in the business of
processing of wheat and sale its finished products mainly ataa,
suji, maida, etc. in Rajasthan, Gujarat and Maharastra under the
brand name of "Shahanai" and "100- Tunch". The firm procures raw
material i.e. wheat from Haryana, Rajasthan and Madhya Pradesh.

The processing plant of SRK operates in three shifts and is
located at Jaitpura, Jaipur with an installed capacity of 12960
MTPA per shift. The promoters of the firm has also promoted,
Harsh Enterprises (HE, Proprietor- Mrs Suman khandelwal) formed
in 1993 and is engaged in the business of trading of agro
commodities.


SHRI SAI: CRISIL Reaffirms B+ Rating on INR5MM Cash Loan
--------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Shri Sai Hasti Agro at 'CRISIL B+/Stable'.

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

   Proposed Long Term
   Bank Loan Facility      .37      CRISIL B+/Stable (Reaffirmed)

   Term Loan               .93      CRISIL B+/Stable (Reaffirmed)

The rating reflects the working capital-intensive nature, and
small scale, of operations in the highly competitive rice milling
industry. These rating weaknesses are partially offset by the
extensive industry experience of the proprietor.
Analytical Approach

For arriving at the rating, CRISIL has treated unsecured loans
from the proprietor as neither debt nor equity as the loans are
at an interest rate that is lower than the market rate, and will
remain in the business over the medium term.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations
Turnover was Rs31.64 crore in fiscal 2016. In the 10 months
through January 2017, total sales were Rs28-30 crore, with 70-75%
utilisation the total installed capacity of about 14,600 tonne
per annum. While large players have better efficiencies and
pricing power because of their scale of operations, small players
are exposed to intense competition and low pricing flexibility,
thus constraining profitability.

* Working capital-intensive operations
Gross current assets were 120-150 days in the two fiscals ended
March 31, 2016 (148 days as on March 31, 2016) owing to debtors
of 8-10 days and inventory of around four months. This is
mitigated by creditors of 45-55 days. Working capital requirement
is being funded through a bank limit of Rs7 crore, which has been
almost fully utilised. Operations will remain working capital
intensive over the medium term.

Strength
* Experience of the proprietor and established relationship with
customers and suppliers
The proprietor has an experience of more than a decade in the
rice industry. Over this period, he has established a strong
relationship with suppliers and customers. Benefit from this
experience will continue over the medium term.
Outlook: Stable

CRISIL believes SSHA will continue to benefit from the extensive
industry experience of itsproprietor and established relationship
with suppliers and customers. The outlook may be revised to
'Positive' if revenue and profitability increase, leading to
higher cash accrual and hence to a better financial risk profile.
The outlook may be revised to 'Negative' in case of any large,
debt-funded expansion, a substantial decline in revenue and
profitability, or a stretched working capital cycle, leading to
deterioration in the financial risk profile.

SSHA, set up as a proprietorship firm in 2007 by Mr Pragnesh
Kumar R Naik, initially traded in paddy. From December 2012, it
started manufacturing rice flakes. Operations are managed by Mr
Naik. Its manufacturing facility is in Navsari, Gujarat.

In fiscal 2016, net profit was INR0.18 crore on operating income
of Rs31.64 crore, against INR0.16 crore and Rs30.73 crore,
respectively, in fiscal 2015.


SINGAN PROJECTS: CARE Assigns 'D' Issuer Not Cooperating Ratings
----------------------------------------------------------------
CARE has been seeking information from Singan Projects Limited to
monitor the ratings vide e-mail communications/ letters dated
October 25, 2016, November 25, 2016, February 17, 2017, and
numerous phone calls. However, despite our repeated requests, the
company has not provided the requisite information for monitoring
the ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on SPL's bank facilities will
now be denoted as CARE D; ISSUER NOT COOPERATING. The ratings
have been revised on account of delays in debt servicing.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             33.00      CARE D; ISSUER NOT
                                     COOPERATING; Revised from
                                     CARE B+

   Short-term Bank
   Facilities             21.50      CARE D; ISSUER NOT
                                     COOPERATING; Revised from
                                     CARE A4

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Detailed description of the key rating drivers

The revision in the ratings assigned to bank facilities of Singan
Projects Limited takes into account stretched liquidityposition
resulting in delays in debt servicing obligation.

Singan Projects Limited, incorporated in 2002, is promoted by Mr.
S. Narayana of Hyderabad, Andhra Pradesh (A.P). SPL is engaged in
the business of water drainage, water supply scheme, development
& improvement of reservoir, sanitation, drinking water projects
etc. majorly through direct contracts, awarded by the State and
Central Government departments.

The promoter; Mr. S. Narayana Reddy (CMD) has been present in the
construction industry for more than four decades and has
significant experience in working for various projects under the
Government department of AP.


SOOD STEEL: CRISIL Upgrades Rating on INR7.5MM Cash Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Sood Steel Industries to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             7.5       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects improvement in the business risk profile on
account of a higher operating margin following better market
realisation and increased revenue contribution from the more
profitable sales to private construction contractors in Punjab
and Himachal Pradesh. The operating margin was 4.7% in fiscal
2016 as against 2.2% in fiscal 2015. The margin is expected to be
sustained over the medium term. The higher margin led to an
increase in cash accrual and hence to better liquidity. The
upgrade also factors an improvement in the financial risk profile
because of lower gearing and higher debt protection metrics. The
gearing was 0.95 time as on March 31, 2016, against 1.61 times a
year earlier. Debt protection metrics were moderate, with
interest coverage ratio of 4.63 times and net cash accrual to
total debt (NCATD) ratio of 0.35 time in fiscal 2016.

The rating reflects a modest scale of operations, customer and
geographical concentration in revenue, and susceptibility to
fluctuations in raw material prices. These rating weaknesses are
partially offset by a comfortable financial risk profile because
of low gearing, and the extensive experience of the partners in
the steel industry.
Analytical Approach

CRISIL has treated unsecured loans of INR2.09 crore as neither
debt nor equity. That's because these are extended by the
promoters, subordinated to bank debt, and expected to remain in
the business over the medium term.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations along with customer and geographical
concentration in revenue: Revenue was low at INR71.4 crore in
fiscal 2016. The steel industry is inherently vulnerable to
economic cycles. The demand for steel products depends on growth
of the primary end-user segments, such as infrastructure and real
estate; any slowdown in these segments adversely affects demand.
Also, customer and geographical concentration in revenue will
continue to expose the firm to the risk of a slowdown in customer
demand and in the economy of these regions, leading to lower
sales over the medium term.

* Susceptibility of the operating margin to fluctuations in raw
material prices: Costs of production and profit margins in the
steel long products industry depend on raw material prices, as
raw material cost accounts for 85-90% of net sales. Also, the
firm is unable to pass on raw material price increases on account
of the commodity nature of its product. This has led to
fluctuations in the operating margin.

Strengths
* Extensive industry experience of the partners: Before
establishing the thermo-mechanically treated (TMT) steel
manufacturing facility under SSI, the partners managed steel
manufacturing facilities under Sood Steel Industries Pvt Ltd,
which was among the few such units in Himachal Pradesh. The firm
will continue to benefit from the extensive industry experience
of its promoters and established relationship with customers.

* Adequate financial risk profile: The gearing was 0.95 times as
on March 31, 2016, while the interest coverage and NCATD ratios
were 4.63 times and 0.35 time, respectively, in fiscal 2016.
Outlook: Stable

CRISIL believes SSI will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' in case of improvement in the capital structure
either by equity infusion or substantially higher in cash
accrual, backed by a significant increase in the scale of
operations or operating margin. The outlook may be revised to
'Negative' if the financial risk profile weakens, most likely
because of large, debt-funded capital expenditure, or a decline
in the operating margin.

SSI was set up in 2010 by the Kangra, Himachal Pradesh-based Sood
family as a partnership firm by Mrs Meenakshi Sood, her son Mr
Sidharth Sood, and daughter Mrs Naina Sood. The firm manufactures
TMT bars from mild steel billets and ingots.

Profit after tax (PAT) was INR1.69 crore on net sales of INR71.4
crore in fiscal 2016, vis-a -vis INR41 lakh and INR80.4 crore,
respectively, in fiscal 2015.


STATUS SERAMIK: CARE Reaffirms B+ Rating on INR4.21cr LT Loan
-------------------------------------------------------------
The ratings assigned to the bank facilities of Status Seramik
India Private Limited continue to remain constrained on account
of its small scale of operations along with its weak financial
risk profile marked by the ongoing losses, leveraged capital
structure, weak debt coverage indicators and stressed liquidity
position during FY16 (refers to the period April 01 to March 31).
The ratings are further constrained by SSIPL's presence in the
highly fragmented quartz stone industry along with fortunes
dependent upon real estate market, susceptibility of its profit
margins to fluctuation in prices of raw material and power and
fuel and its working capital intensive nature of operations.  The
ratings, however, continue to derive comfort from the experienced
promoters of SSIPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            4.21        CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities            0.90        CARE A4 Reaffirmed

Ability of SSIPL to increase its scale of operations, improvement
in profit margins, capital structure and debt protection metrics
coupled with effective management of working capital would remain
the key rating sensitivities. Furthermore, improvement in
liquidity position would also remain crucial.

Detailed description of the key rating drivers
Small scale of operations, ongoing losses, leveraged capital
structure, weak debt coverage indicators and stressed liquidity
position SSIPL's total Operating Income (TOI) grew by 16.89% y-o-
y during FY16 on the back of increase in quantity sold during the
year. However, scale of operations continues to remain small and
due to high material cost incurred during the year PBILDT
declined by 395 bps while on the back of high depreciation and
interest costs SSIPL has reported net losses during FY16.

On the back of high bank borrowing and low net worth base as on
March 31, 2016, solvency position marked by overall gearing stood
leveraged at 2.97x. Furthermore, owing to low cash accruals
during FY16 and high debt level as on March 31, 2016, total debt
to GCA stood high and weak at 17.08 times as on March 31, 2016.

Operating cycle stood high and elongated at 207 days owing to
high inventory level to meet demand of the product and
maintaining minimum inventory of 70 designs of the product,
having five different sizes of each design. Consequently, its
fund-based limits remained fully utilized during the past 12
months period ended December 2016 hence overall operations stood
working capital intensive in nature.

Margins are susceptible to volatility of prices in raw material
and power and fuel

The price of the key raw material i.e. resins is market driven
which due to higher demand is expected to remain firm and
put pressure on the margins of tile manufacturers.

Key Rating Strengths
Experienced promoters
Mr Sanjay Patel and Mr. Suresh Patel, who manage overall
operation of SSIPL, possesses more than two decades of experience
in the ceramic industry. SSIPL has over 100 dealers and
distributors across India for the marketing and sale of its
products.

Sabarkantha-based (Gujarat) SSIPL an ISO 9001:2008 certified
private limited company is engaged in the business of
manufacturing of Quartz Stone, N- dura stone, Lappato and Rock
Stone. SSIPL was incorporated in January, 2011 by Mr. Sanjay
Patel and Mr. Suresh Patel while the operation was commenced from
December 2011. SSIPL is operating from its sole manufacturing
plant located in Sonsan (Sabarkantha District, Gujarat) with
installed capacity of 1,50,000 Square Meters of Ceramic Products
as on March 31, 2016.

During FY16 (A), SSIPL reported net loss of INR0.33 crore on a
TOI of INR16.70 crore as against net loss of INR0.08 crore on a
TOI of INR14.28 crore during FY15. During 9MFY17 (Provisional),
SSIPL has achieved TOI of INR14.09 crore.


STERLING IMPEX: CRISIL Assigns 'B' Rating to INR10MM Overdraft
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Sterling Impex - Delhi.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Letter of credit
   & Bank Guarantee         10        CRISIL A4

   Overdraft                10        CRISIL B/Stable

The ratings reflect a modest scale of operations in the
fragmented chemicals trading industry, a weak financial risk
profile, and large working capital requirement. These rating
weakness are partially offset by the extensive industry
experience of the promoters and an established relationship with
suppliers and customers.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in a fragmented industry: SI's scale
of operations is modest as reflected in revenue of INR43.76 crore
in fiscal 2016, and is estimated at around INR60.0 crore for
fiscal 2017. The modest scale of operations limits bargaining
power with suppliers as well as customers.

* High working capital requirement: Gross current assets were 316
days as on March 31, 2016, because of receivables of 93 days.
Against this, credit of 38 days is received from suppliers.

* Weak financial risk profile: The gearing was high at 11.28
times as on March 31, 2016, and debt protection metrics low:
interest coverage ratio was 0.56 time and net cash accrual to
total debt ratio was a negative 0.06 time, in fiscal 2016.

Strength
* Extensive industry experience of the promoters: A presence of
nearly three decades in the chemical business through a group
company has enabled the promoters to understand market dynamics
and establish a strong relationship with clients and suppliers.
Outlook: Stable

CRISIL believes SI will continue to benefit from its established
market position and healthy relationship with customers and
suppliers. The outlook may be revised to Positive in case of
significant improvement in revenue and profitability leading to
higher cash accrual, and hence to a better financial risk
profile. The outlook may be revised to 'Negative' in case of
considerable deterioration in the financial risk profile,
particularly liquidity, most likely because of less-than-
anticipated cash accrual, higher-than-expected working capital
requirement, large, debt-funded capital expenditure, or
substantial capital withdrawal.

SI was established in 2003 by Mr Anil Mahajan. The firm imports
and trades in polyvinyl chloride (PVC) and leather fabric;
plasticizers such as DOP, DIP etc and resin, calcium carbonate,
PVC, and other chemicals. The business activities are carries out
at Delhi and Kashipur, Uttrakhand.

SI, reported a profit after tax (PAT) of INR0.62 crore on net
sales of INR43.76 crore for 2015-16 (refers to financial year,
April 1 to March 31), against a PAT of INR1.01 crore on net sales
of INR59.97 crore for 2014-15.


SUPER PLATECK: CRISIL Reaffirms B- Rating on INR3.75MM Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable/CRISIL A4' ratings on
the bank facilities of Super Plateck Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             3.75     CRISIL B-/Stable (Reaffirmed)

   Letter of credit
   & Bank Guarantee        2.25     CRISIL A4 (Reaffirmed)

The ratings continue to reflect SPPL's small scale of operations
in the highly fragmented high-density polyethylene (HDPE) pipes
industry, and the weak financial risk profile, because of high
gearing and weak debt protection metrics. These rating weaknesses
are mitigated by the promoters' extensive industry experience.

Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations in a highly fragmented industry:
Company has tender-based operations with limited capacity.
Margins are low due to competitive bidding from other players.
Numerous small scale unorganized players catering to local
demands are highly fragmented resulting in intense competition.

* Below-average financial risk profile: Financial risk profile is
characterized by high gearing and small networth with high bank
limit utilisation with instances of availing temporary
overdrafts.

Strength
* Promoters' extensive experience in the pipes manufacturing
segment, and established relationships with customers and
suppliers: The promoters of SPPL have been in the HDPE pipes
manufacturing segment for more than 2 decades.
Outlook: Stable

CRISIL believes SPPL will continue to benefit over the medium
term from its promoters' extensive experience. The outlook may be
revised to 'Positive' if significant revenue growth and
improvement in working capital management strengthen the
financial risk profile, particularly debt protection metrics and
liquidity. Conversely, the outlook may be revised to 'Negative'
in case of low profitability, resulting in lower cash accrual, or
deterioration in working capital management.

Established in 1990, SPPL, promoted by Mr Dinesh Gupta and Mr
Rajender Kumar, manufactures and supplies Permanently Lubricated
(PLB) High Density Polyethylene (HDPE) pipes , telecom ducts,
Medium Density Polyethylene (MDPE) pipes, duct pipes, drip
irrigation systems, sprinklers, and other such products. It has
an installed capacity for manufacturing 4720 tonne of PLB HDPE
pipes per annum at Parwanoo (Himachal Pradesh).

Profit after tax was INR0.07 crore on net sales of INR29.42 crore
in fiscal 2016, against a profit after tax of INR0.02 crore on
net sales of INR15.58 crore in fiscal 2015.


TOOLFAB ENGINEERING: CARE Ups Rating on INR19.92cr Loan to BB-
--------------------------------------------------------------
The revision in the rating assigned to the bank facilities of
Toolfab Engineering Industries Private Limited takes into account
healthy growth in total operating income, achievement of net
profit and comfortable gearing and debt protection metrics in
FY16 (refers to period April 01 to March 31). The rating also
derives comfort from the established track record of the company
for more than three decades in the engineering industry with
experienced promoters and reputed clientele base.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities             19.92      CARE BB-; Stable Revised
                                     From CARE B

However, the rating continues to be constrained by declining
PBILDT margin, elongated operating cycle resulting in working
capital intensive operations, short-term revenue visibility in
order book position, exposure to customer and geographical
concentration risks and highly fragmented and competitive nature
of industry.

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
Working capital intensive nature of operations: The collection
period improved marginally to 151 days primarily due to reduction
in credit period offered by TEIPL. TEIPL has consciously reduced
the creditor's period which stood at 104 days in FY16. With high
collection period and reduced creditor's period the working
capital cycle stood moderately elongated at 96 days in FY16.

Highly fragmented and competitive nature of industry: The
industry in which TEIPL operates is highly fragmented with a
large number of small to medium scale unorganized players. The
competition leads the companies to restrict their quotation
prices or narrow down capacity utilization, thereby leading to
decline in profitability.

Exposure to customer and geographical concentration risks:
TEIPL's revenues are skewed towards few top customers in the wind
power sector. However, Dependence on a few clients has declined
in FY16. The company has also acquired orders from new customers
in FY16. Furthermore, all the customers are located in Tamil Nadu
region resulting into geographical concentration risk.

Key Rating Strengths
Established track record of the company for more than three
decades in the engineering industry with experienced promoters:
The company has more than three decades of industry experience
and the promoters of the company are associated with TEIPL since
acquisition and are all well experienced in this line of
business.
Reputed clientele base: The client portfolio of the company is
reputed which includes Regen Powertech Private Limited, Win Wind
Energy Private Limited, Neyveli Lignite Corporation Limited,
Transstroy India Limited, Suzlon Towers and Structures Limited
among others.

Growth in total operating income and modest order book: The total
operating income of the company grew by 12% to INR37.19 crore in
FY16 over FY15 owing to increased job work orders where the
conversion charges are received by the company. The company's
order book stands at INR30.00 crore as on January 23, 2017 which
is expected to be executed by March 2017. Achievement of net
profit: The company achieved PAT of INR0.75 crore in FY16 as
against net loss of INR0.77 crore in FY15 due to increase in
PBILDT along with decrease in the deprecation costs and interest
costs owing to reduction in the total debt.

Comfortable gearing and debt protection metrics: The debt equity
ratio and overall gearing improved marginally and stood
comfortable at 0.06x and 0.54x respectively as on March 31, 2016
(0.25x and 0.68x respectively as on March 31, 2015) on back of
reduction in the total debt associated with scheduled repayment
of the term loans availed by the company. The debt coverage
indicators of the company stood comfortable marked by interest
coverage ratio of 3.19x and Total debt/GCA of 3.76x in FY16.

Established in 1972 at Trichy, Tamil Nadu as a partnership firm,
Toolfab Engineering Industries Private Limited was acquired by
Mr. Madan Mohan in 1995 and was reconstituted as a private
limited company in 2004. TEIPL, an ISO 9001:2008 certified
company, undertakes engineering and fabrication work for wind
mill towers, boiler pressure parts, mining equipments, pre-
engineered buildings among others. TEIPL's manufacturing unit is
located at Trichy, Tamil Nadu with an installed capacity of
50,000 metric ton per annum. Its clientele include reputed
customers like Regen Powertech Private Limited (CARE BBB-;
Stable/A3), Win Wind Energy Private Limited, Neyveli Lignite
Corporation Limited, Transstroy India Limited, Suzlon Towers and
Structures Limited (Suzlon), Bharat Heavy Electricals Limited,
among others, with which the company has long standing
relationships owing to its long track record of operations.

In some of the work orders, the raw materials required for the
execution are supplied by the customers themselves reducing raw
material procurement risk of the company to that extent. Other
than that, the company purchases windmill internal platforms and
ladders etc. within Tamil Nadu. TEIPL is also executing projects
for Southern Railways both through direct contracts and sub-
contracts.

In FY16 TEIPL reported a PAT of INR0.75 crore on a total
operating income of INR37.19 crore, as against a net loss and TOI
of INR0.77 crore and INR33.09 crore respectively in FY15.


UNITY FABTEXT: CRISIL Lowers Rating on INR1.9MM LT Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its rating on long term bank facilities of
Unity Fabtext Industries Private Limited to 'CRISIL B+/Stable'
from 'CRISIL BB-/Stable'.

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

   Letter of Credit        0.6       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Proposed Long Term      1.9       CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

   Term Loan               6.0       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The rating downgrade reflects weakening of its financial risk
profile and tightly matched accruals against debt repayments.

The group reported loss of INR81.13 lacs in fiscal 2016 as
against INR38.58 lacs in fiscal 2015 due to initial stages of
operations of UFIPL. Further during the year there were capital
withdrawals of around INR65 lacs which further deteriorated the
financial risk profile of the group leading to negative networth.
Analytical Approach

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of UFIPL and Unity Industries (UI). This
is because the two entities, together referred to as the Unity
group, have strong financial and operational linkages, and are
under a common management.

Key Rating Drivers & Detailed Description
Weaknesses
* Weak financial risk profile: The financial risk profile has
weakened due to losses incurred in fiscal 2016 leading to
negative networth.

* Weak liquidity: The liquidity profile is also weak as reflected
in tightly matched accrual against its debt repayments. Cash
accrual of INR2 crore is expected in fiscal 2017 against debt
repayments of INR1.9 crore.

Strength
* Extensive experience of promoters and established relations
with customers: The promoters have over 30 years of industry
experience and have established healthy relations with customers,
which should benefit business risk profile over the medium term.
Outlook: Stable

CRISIL believes the group's financial risk profile will remain
weak due to the initial stages of operations. The outlook may be
revised to 'Positive' if increase in profitability and cash
accrual improves financial risk profile, particularly liquidity.
The outlook may be revised to 'Negative' if decline in accrual
lowers liquidity or sizeable debt-funded capex weakens financial
risk profile.

The Unity group, promoted by Mr Jagdish Karande, manufactures
non-woven products such as designer carpets, shoe liners,
industrial filters, and geo textiles; it also manufactures seat
covers, trim pads, moulded headliners, moulded floor mats, and
sun visors. UI was established in 1985, and UFIPL was
incorporated in 2012.

The group reported a loss of INR0.81 Crores on net sales of
INR25.59 Crores for fiscal 2016, vis-a -vis INR0.39 Crores and
INR27.43 Crores, respectively in fiscal 2015.



=================
I N D O N E S I A
=================


PERISAI PETROLEUM: Offers to Pay Bond Holders in Cash and Stocks
----------------------------------------------------------------
Marissa Lee at The Strait Times reports that Perisai Petroleum
Teknologi, a Malaysian oil services firm that defaulted on
US$89.3 million in bonds last October, is trying again to settle
its debts with bond holders.

According to the report, Perisai Petroleum is offering to pay
US$3.4 million (SGD4.8 million) in cash and issue US$85.9 million
worth of new instruments called "irredeemable convertible loan
stocks".

These "stocks" will be listed and tradeable on Malaysia's Bursa,
Perisai told a bond holder meeting on March 7, the report
relates. They can be converted into Perisai shares only after
five years.

The meeting on March 7 came a full five months after Perisai
stopped communication with bond holders, ST notes.

Last October, bond holders overwhelmingly voted down Perisai's
request for a debt extension because the final terms differed
from those that Perisai managing director Zainol Izzet had
discussed with them as late as last August, the report recalls.

He had promised that his company would set aside at least US$20
million for bond holders in its debt reorganisation, but this
never materialized, ST relates.

About 60 bond holders crowded a basement room in China Square
Central on March 7 seeking answers from the Perisai board, but
were urged instead to set aside "legacy issues," according to the
report.

One of those in attendance was Mr. Ravi Murarka, who had flagged
Perisai's debt troubles to the board as early as 2015.

Perisai Petroleum Teknologi Bhd. (KLSE:PERISAI) --
http://www.perisai.biz/-- is a Malaysia-based investment holding
company engaged in the provision of management, administrative
and financial support services to its subsidiaries. The Company
operates in three segments: Drilling Units, which is engaged in
the operations and maintenance service and the provision of
offshore assets, which are primarily for oil and gas offshore
drilling; Production units, which is engaged in the operations
and maintenance service and the provision of offshore assets,
which are primarily for oil and gas production, and Marine
Vessels, which is engaged in the provision of vessels, barges and
equipment on vessel charter services. Its subsidiaries include
Alpha Perisai Sdn. Bhd., which is engaged in the provision of
administrative support services; Perisai Offshore Sdn. Bhd.,
which is engaged in the provision of oil and gas services in
upstream oil sector, and Perisai production Holdings Sdn. Bhd.,
which is an investment holding company, among others.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 14, 2016, The Star Online said Perisai Petroleum Teknologi
Bhd has been classified as a Practice Note 17 (PN17) company
after its unit Perisai Capital (L) Inc defaulted on SGD125
million debt notes due on Oct. 3.

The Star related that the upstream oil and gas provider said in a
statement to Bursa Malaysia that it therefore must regularize its
financial position within 12 months and implement the
regularization plan within the timeframe stipulated by either the
Securities Commission or Bursa Malaysia Securities Bhd.



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


TOSHIBA CORP: Speeds Up Nuclear Unit's Chapter 11 Filing
--------------------------------------------------------
Jiji Press reports that Toshiba Corp. is accelerating a study on
the possibility of filing for so-called Chapter 11 bankruptcy
protection for its U.S. nuclear power plant unit, Westinghouse
Electric Co., sources said.

Toshiba has dispatched a team to the United States for assessing
impact of the possible Chapter 11 filing for Westinghouse,
sources said March 7, Jiji Press relates.

Through the use of the bankruptcy proceedings, Toshiba is
apparently considering cutting off the risk of incurring
additional losses from its U.S. nuclear business, according to
the sources, Jiji Press relays.

Jiji Press notes that Chapter 11 of the U.S. bankruptcy code is
seen as effective in helping a company achieve rehabilitation
quickly in a transparent manner based on a turnaround program
approved by a court while being allowed to continue business
operations.

Toshiba is speeding up its assessment work in the run-up to a
board meeting for endorsing its consolidated earnings for April-
December last year, which are set to be announced on March 14,
the sources, as cited by Jiji Press, said.

Specifically, the company has asked a U.S. law firm and others to
estimate the amount of possible additional costs, the report
says.

In fiscal 2016, which ends on March 31, Toshiba expects to suffer
a loss of JPY712.5 billion from its nuclear business, according
to Jiji Press.

According to the report, sources said Toshiba would be able to
limit additional losses and burdens if it promotes revisions to
its nuclear plant construction deals and reduces debt through the
possible Chapter 11 filing.

But as Toshiba has guaranteed Westinghouse's debt worth some
JPY800 billion as of the end of March 2016, it could face
additional losses, the sources said, notes the report.

Jiji Press relates that a senior official from a financial
institution said the Chapter 11 filing would increase Toshiba's
losses by hundreds of billions of yen.

If Westinghouse files for bankruptcy protection under Chapter 11
within this month, Toshiba could not only see negative
shareholder equity but also face an excess of debts on a net
asset basis, sources said, Jiji Press relays.

As Toshiba's creditor banks could withdraw loans from the company
under such circumstances, some Toshiba officials are cautious
about using Chapter 11, the report notes.

Jiji Press meanwhile reports that most Toshiba creditors have
agreed to continue loans to the company through the end of this
month.

With some creditors urging Toshiba to drastically review its
nuclear business, the company and creditor banks are expected to
discuss financing for April and later at their meeting on
March 15, the day after the planned announcement of the firm's
earnings in the first three quarters of fiscal 2016, the sources
said, adds Jiji Press.

                          About Toshiba

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

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

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


TOSHIBA CORP: To Hold Extraordinary Shareholders Meeting March 30
-----------------------------------------------------------------
Reuters reports that Toshiba Corp will hold an extraordinary
shareholders meeting on March 30, according to a statement posted
on the Japanese company's website.

Reuters relates that the statement, posted on its website on
March 3 yet dated March 15, said the meeting would be held at the
Makuhari Messe convention centre in Chiba from 10:00 a.m. (0100
GMT.)

A Toshiba spokesman said the company intended to send the meeting
notification to shareholders on March 15, Reuters adds.

                          About Toshiba

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

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

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


TOSHIBA CORP: BlackRock Lends 46 Million Shares
-----------------------------------------------
Tom Redmond and Taku Kato at Bloomberg News report that BlackRock
Inc., the third-biggest owner of Toshiba Corp., indicated in a
report to the finance ministry that there's been a huge increase
in the stock it has out on loan.  Bloomberg says the world's
largest money manager said about 46 million Toshiba shares owned
by its units, or about one-fifth of its total stake, are
temporarily being held by others. That's up from just 1.4 million
when it filed its last report in January. BlackRock wasn't
available to comment, Bloomberg says.

Borrowed shares are mainly used in short selling, betting that a
company's stock will fall, Bloomberg notes. Short interest in
Toshiba has surged since last month on speculation the company
will be demoted to the second section of the Tokyo Stock Exchange
or delisted, either of which would mean index funds would need to
sell large amounts of the stock, according to Bloomberg.

Short interest stood at 8.6 percent of Toshiba's free float on
March 3, one of the highest levels among companies in the Nikkei
225 Stock Average, Bloomberg discloses citing IHS Markit data.
The average for stocks in the equity gauge was 2.3 percent. The
cost of borrowing Toshiba's shares is among the highest in the
index, the data show.

Toshiba's shares plunged 24% this year through March 7 close, the
biggest decline on the Nikkei 225, as the company reels from a
$6.3 billion writedown in its nuclear business and seeks to sell
assets, including its prized chip unit, to stay afloat, Bloomberg
discloses. Akira Kiyota, who heads the country's main bourse,
said last month that Toshiba faces three risks that could lead to
delisting, relays Bloomberg. The stock added 2.2% in March 8
trading in Tokyo.

For one brokerage, which had recommended being short Toshiba, the
depth of pessimism is now overdone, says Bloomberg.

"It's sentiment-driven," said Amir Anvarzadeh, head of Japanese
equity sales at BGC Partners in Singapore, who told clients last
month to cover their Toshiba short sales, Bloomberg relays.
Because it's getting harder to borrow the shares, there's a
bigger chance of a short squeeze, he said.

                          About Toshiba

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

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

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



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


SRI LANKA: S&P Affirms 'B+' LT Sovereign Credit Rating
------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term and 'B' short-term
sovereign credit ratings on the Democratic Socialist Republic of
Sri Lanka.  The outlook on the long-term rating remains negative.
S&P also left its transfer and convertibility risk assessment on
Sri Lanka unchanged at 'B+'.

                              RATIONALE

Over the past year, Sri Lanka's fiscal position has improved as a
result of government-led reforms and IMF technical and funding
assistance.  However, high external debt, and low reserves
continue to make Sri Lanka vulnerable to external shocks, in
S&P's opinion.  Other rating constraints on Sri Lanka include the
high general government net debt burden (at 74.9% of GDP in
2016).  Nevertheless, the average maturity of the general
government debt profile at approximately seven years is unusually
long compared with other emerging market peers'.

With GDP per capita estimated at US$3,911 (2016), Sri Lanka's
level of prosperity is low.  The authorities, moreover, continue
to face significant challenges in effectively addressing
structural imbalances due to institutional constraints and a
fragmented political landscape.  These rating constraints weigh
against Sri Lanka's sound growth potential, which speaks to
strengths in the garment, tourism, and business process
outsourcing sectors.

During 2017-2020, S&P expects fiscal consolidation to reduce
borrowing further.  S&P projects annual growth in general
government debt to average 4.4% of GDP for 2017-2020, versus an
average of 7.0% annually from 2014-2016.  In view of Sri Lanka's
robust nominal GDP growth, S&P projects net general government
debt to decline to 65% of GDP through 2020, assuming currency
stability versus the dollar (and hence a degree of real exchange
rate appreciation).  At the same time, S&P expects only slow
progress in reducing debt-servicing costs, which it estimates to
account for more than 37% of government revenue in 2017.  This is
the third-highest ratio among all 131 sovereigns that S&P Global
Ratings currently rates, trailing only Lebanon and Egypt.

There are risks to S&P's baseline expectation of declining public
debt as a percentage of GDP.  In particular, an estimated 43% of
Sri Lanka's high stock of central government debt is denominated
in foreign currency.  That means any significant exchange rate
depreciation would again put public debt on a rising trajectory.
S&P considers exchange rate stability will, therefore, remain a
major priority for Sri Lanka's policymakers and its central bank,
limiting monetary flexibility.  If all of Sri Lanka's public debt
were denominated in its own currency, this would not be a rating
constraint.

Sri Lanka's external liquidity position has stabilized over the
past year, and should be bolstered by support from the IMF.
However, Sri Lanka's external metrics are still beset by the
following weaknesses:

   -- S&P estimates Sri Lanka's usable international reserves
      were US$3.0 billion as of January 2017, which represents
      less than two months' coverage of current account payments.
      These reserves include drawings on currency-swap facilities
      of US$700 million with the Reserve Bank of India (RBI),
      introduced in March 2016.

   -- S&P forecasts the trade deficit to amount to 9.3% of GDP in
      2017, a slight improvement from an estimated 10.0% in 2016.
      While the regulatory regime has been re-calibrated to
      discourage overwhelming demand for vehicle imports, strong
      domestic consumption and a robust investment outlook will
      keep Sri Lanka's structural trade deficit in place.

   -- S&P's projection of net current transfers--mostly workers'
      remittances, of which more than half come from the Gulf
      states--suggests much slower growth than in previous years,
      in line with broad weakness in the source countries'
      economies.

   -- Short-term capital outflows remain a risk given Sri Lanka's
      tenuous net international investment position, and
      continued uncertainty surrounding U.S. monetary and
      economic policy.

S&P expects external liquidity (measured by gross external
financing needs as a percentage of current account receipts [CAR]
plus usable reserves) to average 123% over 2017-2020, compared
with 116% in 2015-2016.  S&P also forecasts that the country's
external debt (net of official reserves and financial sector
external assets) will average 160% of CAR from 2017-2020, a
notable deterioration from 136% in 2015.

Securing external liquidity support from the IMF has eased the
aforementioned external pressures for the time being.  S&P
believes the attendant risks could be further mitigated by
allowing the Sri Lankan rupee to float more freely.  Although the
Central Bank of Sri Lanka (CBSL) has increasingly spoken in favor
of a freely floating rupee in recent months, this has yet to
manifest in substantially higher reserves.  One structural factor
in favor of Sri Lanka's external stability is its low banking
sector external borrowings.

The gaps S&P observes in Sri Lanka's policymaking capacity partly
reflect the political uncertainty associated with deeply-rooted
factionalism within the government.  S&P believes this hinders
responsiveness and predictability in policymaking and weighs
particularly on business confidence, investment plans, and
overall growth prospects.  Elsewhere, S&P believes that the
CBSL's ability to sustain economic growth while attenuating
economic or financial shocks continues to improve.  Although the
CBSL is not independent of other policymaking institutions, the
central bank is building a record of credibility, shown in
reducing inflation through the use of market-based instruments to
conduct monetary policy, as well as the planned introduction of
an inflation-targeting regime.

Sri Lanka's growth outlook continues to be underpinned by
government investment (including rebuilding the war-torn northern
districts), rising tourist arrivals, and moderate inflation,
which S&P expects to remain in the single digits.

S&P expects Sri Lanka's growth prospects to remain favorable.
S&P believes the country will most likely maintain growth in real
per capita GDP of 4.5% per year over 2017-2020 (equivalent to
5.2% real GDP growth).  Stronger growth, in S&P's view, would
require improved institutional settings and a pick-up in export
markets.

Combining S&P's view of Sri Lanka's state-owned enterprises and
its small financial system (banks' loans to the private sector
account for only about a third of GDP), we view the government's
contingent liabilities as limited.

                              OUTLOOK

The negative outlook indicates that S&P could lower its rating on
Sri Lanka in the next 12 months if (1) S&P sees signs of a
reversal in reform momentum, (2) currency pressure leads to
substantial increases in public debt, (3) reserve levels decline
further, or (3) contingent liabilities from state-owned
enterprises worsen the general government's financial position.

S&P may revise the outlook back to stable if Sri Lanka's external
and fiscal indicators continue to improve, or if S&P concludes
that the nascent strengthening of Sri Lanka's institutions and
governance practices is on a more sustainable footing.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that the fiscal profile had improved, while
the economic growth outlook had weakened.  All other key rating
factors were unchanged.

The chair ensured every voting member was given the opportunity
to articulate his/her opinion.  The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision. The views and the decision of the rating committee are
summarized in the above rationale and outlook.  The weighting of
all rating factors is described in the methodology used in this
rating action.

RATINGS LIST

Ratings Affirmed

Sri Lanka (Democratic Socialist Republic of)
Sovereign Credit Rating                B+/Negative/B

Senior Unsecured                       B+



                             *********

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

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

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


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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

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

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

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

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



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