TCRAP_Public/170313.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, March 13, 2017, Vol. 20, No. 51

                            Headlines


A U S T R A L I A

ITOPS HOLDINGS: First Creditors' Meeting Set for March 17
LATITUDE AUSTRALIA: DBRS Assigns BB Ratings to Class E Debt
M. WEBSTER: Marcs and David Lawrence Sale Complicated
NORTH ALBURY: Looking to Pay Off Bank Debt by 2022
REDS EHP 2014-1: Fitch Affirms BB Rating on AUD8.3MM Cl. E Notes

VARLEY'S TRADITIONAL: First Creditors' Meeting Set for March 23
WATERSUN HOMES: Owes AUD20MM to Creditors, Administrators Say
WATERSUN HOMES: Buyer Left With Empty Concrete Slab

C H I N A

CIFI HOLDINGS: Landbanking Strategy Key to Fitch Rating Upgrade
KWG PROPERTY: Proposed USD Note Issuance No Impact Moody's B1 CFR
KWG PROPERTY: S&P Assigns 'B+' Rating to Proposed US$ Sr. Notes
YINGDE GASES: Shareholders Keep Two Co-Founders, Oust Chairman

H O N G  K O N G

CHINA SOUTH: Fitch Assigns 'B' Rating to USD300MM Sr. Notes

I N D I A

ADITYA AGRO: CRISIL Lowers Rating on INR6.44MM Term Loan to 'D'
ALPHA PACIFIC: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
ALTRADE MINERALS: CRISIL Assigns B+ Rating to INR27.5MM LT Loan
AMMAN SAGO: CRISIL Reaffirms B+ Rating on INR3.5MM Term Loan
ANINDITA STEELS: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating

ANNA TROUVER: CRISIL Assigns 'B' Rating to INR3.0MM Pack Credit
BANGALORE PAPER: CRISIL Reaffirms B+ Rating on INR4MM Cash Loan
BL FOOD: CRISIL Assigns 'B' Rating to INR3.75MM Cash Credit
DEEPJYOT ENGINEERS: CRISIL Ups Rating on INR3.6MM Loan to B+
ELL DEE: Ind-Ra Assigns 'B-' Long-Term Issuer Rating

EPYGEN BIOTECH: CRISIL Assigns 'B' Rating to INR25MM Term Loan
GANPATI COLD: CRISIL Reaffirms 'B' Rating on INR4MM Overdraft
JAYSHREE ENTERPRISES: CRISIL Reaffirms B+ Rating on INR10MM Loan
JNV VIRA: CRISIL Reaffirms B- Rating on INR8MM Cash Loan
KUMAR AUDYOGIK: CRISIL Lowers Rating on INR16MM Cash Loan to B-

KVR AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR5MM Cash Loan
MEHTA GOLD: CRISIL Reaffirms B+ Rating on INR14MM Cash Loan
PLANNED SOCIAL: CRISIL Assigns B+ Rating to INR7MM LT Loan
RASHMI MOTORS: Ind-Ra Raises Long-Term Issuer Rating to 'BB'
REVIVE CONSTRUCTION: CRISIL Ups Rating on INR20MM Loan to B+

SARASWATHI ENGINEERING: CRISIL Reaffirms B Rating on INR4.5M Loan
SHRI BASAVESHWAR: CRISIL Raises Rating on INR77.71MM Loan to B+
SINDHUJAA RESIDENCY: CRISIL Assigns B+ Rating to INR5MM LT Loan
SPICTEX COTON: CRISIL Upgrades Rating on INR25MM Loan to BB-
STARWING PLASTIC: Ind-Ra Assigns 'B' Long-Term Issuer Rating

SOLVE PLASTIC: Ind-Ra Assigns 'B' Long-Term Issuer Rating
SOWIL LIMITED: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
SRI RAM: CRISIL Assigns B- Rating to INR10.2MM Cash Loan
TEAM INTERVENTURE: CRISIL Assigns 'D' Rating to INR127MM Loan
TEXOOL LIMITED: CRISIL Reaffirms 'B' Rating on INR6MM Pack Loan

THRIIVE CARS: CRISIL Upgrades Rating on INR3.5MM Loan to BB-
TIRUPATI AGRI: CRISIL Assigns B+ Rating to INR5.0MM Cash Loan
VASHUDEV TRADING: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
VEERAL CONTROLS: CRISIL Reaffirms B+ Rating on INR4MM Cash Loan
VIPUL OVERSEAS: CRISIL Reaffirms B+ Rating on INR4.5MM Loan

VISHAAL PROMOTERS: CRISIL Assigns B- Rating to INR35MM Disc. Loan

J A P A N

TOSHIBA CORP: Midea Denies Report on Bid for Semiconductor Unit
TOSHIBA CORP: May Ask Banks to Review Loan Terms

N E W  Z E A L A N D

WYNYARD GROUP: Raises NZ$2.8MM in Pre-Liquidation Asset Sales

P H I L I P P I N E S

MANILA SURETY: To Shut Amid Hike in Paid Up Capital Requirements

S I N G A P O R E

SAIZEN REAL: To be Liquidated After Proposed RTO Falls Through

S O U T H  K O R E A

KUMHO TIRE: Creditors Agree to Sell Firm to Qingdao Doublestar


                            - - - - -


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


ITOPS HOLDINGS: First Creditors' Meeting Set for March 17
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Itops
Holdings Pty Ltd, trading as Litaliano Cucina e Pizza, will be
held at the offices of SM Solvency Accountants, Level 8/490 Upper
Edward Street, in Spring Hill, Queensland, on March 17, 2017, at
10:30 a.m. (AEST)/11:30 a.m. (AEDT)

Brendan Nixon and Leon Lee of SM Solvency Accountants were
appointed as administrators of Itops Holdings on March 8, 2017.


LATITUDE AUSTRALIA: DBRS Assigns BB Ratings to Class E Debt
-----------------------------------------------------------
DBRS Ratings Limited on March 6 assigned provisional ratings to
the Series 2017-1 Notes issued by Latitude Australia Credit Card
Loan Note Trust as follows:

-- Class A1 at AAA (sf)
-- Class A2 at AAA (sf)
-- Class B at AA (sf)
-- Class C at A (sf)
-- Class D at BBB (sf)
-- Class E at BB (sf)

The transaction represents the issuance of Notes backed by credit
card receivables related to credit agreements originated or
acquired by Latitude Finance Australia (Latitude) to customers in
Australia and assigned to the Latitude Australia Credit Card
Master Trust.

The credit card accounts within the portfolio substantially
include those that were originated by GE Capital Australia prior
to its acquisition by a consortium comprising Deutsche Bank AG
and funds managed by Varde Management L.P. and KKR & Co. L.P. in
November 2015, at which point the business was renamed Latitude,
and accounts subsequently originated by Latitude.

The Class A1 notes benefit from a minimum credit support of
34.50% which includes subordination of the Class A2 Notes, the
Class B Notes, the Class C Notes, the Class D Notes and the Class
E Notes (collectively 30.00%) and the series-specific Originator
VFN (4.50%). Upon closing, part of the initial balance of the
Series Originator VFN subordination, equal to 1% of the rated
Notes, is used to fund a specific ledger that provides liquidity
support to the transaction. This liquidity support would only be
available as credit enhancement if not utilised for liquidity
purposes.

The ratings are based on DBRS's review of the following
analytical considerations:

-- The transaction capital structure and the form and
    sufficiency of available credit enhancement.
-- Credit enhancement levels are sufficient to support the DBRS
    charge-off, payment and yield rate assumptions under various
    stress scenarios at a AAA (sf) standard for the Class A1 and
    Class A2 Notes, AA (sf) standard for the Class B Notes,
    A (sf) standard for the Class C Notes, BBB (sf) standard for
    the Class D Notes and BB (sf) standard for the Class E Notes.
-- The ability of the transaction to withstand stressed cash
    flow assumptions and repay investors according to the terms
    under which they have invested.
-- The transaction parties' capabilities with respect to
    originations, underwriting, servicing and cash management.
-- The credit quality of the collateral and Latitude's ability
    to perform collection activities on the collateral.
-- The legal structure and presence of legal opinions addressing
    the assignment of the assets to the Trust and the consistency
    with DBRS's "Legal Criteria for European Structured Finance"
    methodology.

DBRS considers the Australian credit card market to share a
similar consumer credit protection framework to that of European
jurisdictions. Furthermore, the performance and operation of
Latitude's portfolio is deemed comparable to other originators
where DBRS has previously assigned structured finance ratings.
Subsequently, DBRS has elected to reference its methodology for
"Rating European Consumer and Commercial Asset-Backed
Securitisations" when assessing the transaction. The provisional
ratings assigned to the transaction represent a material
deviation from this methodology in that within its scope and
limitations of DBRS's general approach, the methodology focuses
on rating securitisations issued in Europe with collateral
originated in Europe.

The transaction was modelled in DaVinci, a DBRS proprietary cash
flow model.


M. WEBSTER: Marcs and David Lawrence Sale Complicated by Owner
--------------------------------------------------------------
Catie Low at The Sydney Morning Herald reports that the sale of
collapsed fashion brands Marcs and David Lawrence is being
hampered by owner and major creditor Malcolm Webster's security
over assets, including the chains' stock holdings, according to
potential buyers.

SMH relates that administrator Rodgers Reidy confirmed Mr.
Webster, an experienced retailer who co-founded UK fashion chain
Jigsaw, had a "general security" over the assets of the two
companies, M. Webster Holdings and Webster Asset which operate
the Marcs and David Lawrence chains in Australia and New Zealand,
employing more than 1,100 workers.

Marcs and David Lawrence fell into administration in February
under the weight of debts totalling more than AUD30 million,
including AUD12 million owed to Mr. Webster, SMH discloses.

Geoffrey Reidy -- greidy@rodgersreidy.com.au -- director of
Rodgers Reidy, would not go as far as saying the security
arrangement was making the sale difficult but he said it was
"certainly a relevant fact," according to SMH.

"Malcolm is in effect the bank in this matter," the report quotes
Mr. Reidy as saying.

One potential buyer said Mr. Webster's security over the brands'
stock was a significant, complicating factor, the report relays.

"No one can do a deal without him [Malcolm Webster] because he
has a security over the inventory," the report quotes one retail
insider as saying.  "You could buy the operating companies but he
could take all his inventory out. The legal structure affords the
current owner an undue level of protection in my opinion."

SMH notes that a number of parties have already run the ruler
over the brand with analysts suggesting the Marcs operation has
the best prospect of survival however Rodgers Reidy has already
announced the shut-down of the brands' 10 New Zealand stores.

According to the report, Rodgers Reidy claims a "handful" of
parties are currently in talks with it over the brands however
Mr. Reidy said it was not at a point where it could present
offers to the secured creditor, Mr. Webster.

He could not say how quickly these talks will progress. "I'd like
to be able to give staff some certainty today but we are in
uncertain territory, I'm hopeful we will be able to give them
more certainty next week," Mr. Reidy, as cited by SMH, said.

SMH says retail analysts aren't optimistic a buyer will emerge
for both brands as the Australian apparel sector battles the twin
pressures of flat wages growth and increasing competition from
the global apparel heavyweights such as Zara, H&M and Uniqlo.

A rash of retail collapses, including Payless Shoes, Pumpkin
Patch and Herringbone since December threatens to push more than
4,000 workers onto the unemployment line and analysts warn there
is more pain to come as traders battle to balance rising utility
bills with flat or declining sales growth, the report states.

SMH says more than 40 workers will lose their jobs when the
New Zealand Marcs and David Lawrence stores shut down in the next
few months after a firesale of the remaining stock.

The brands have been trading in New Zealand for more than a
decade and Rodgers Reidy said stock would be immediately marked
down, the report says.

"While the New Zealand stores of Marcs and David Lawrence are
closing permanently we are dealing with interested parties in
respect to the sale of the Australian business and we are
continuing to trade out of the 177 Marcs and David Lawrence
stores," SMH quotes Rodgers Reidy's Andrew Barnden --
abarnden@rodgersreidy.com.au -- as saying.

                 About Marcs and David Lawrence

On Feb. 1, 2017, Geoffrey Reidy and Andrew Barnden, Directors of
Rodgers Reidy, were appointed as Voluntary Administrators to M.
Webster Holdings Pty Limited and Webster Asset Pty Limited and
Andrew Barnden and Paul Vlasic, a Director at Rodgers Reidy's
Auckland office, were appointed as Voluntary Administrators to M.
Webster Holdings (NZ) Limited.

The Companies operate the recognized retail fashion labels Marcs
and David Lawrence across 52 stand alone stores, 11 outlets and
over 140 concession stores operating out of Australia and
New Zealand.

In Australia, the Companies employ approximately 1,130 staff. 640
staff are employed on a casual basis, approximately 260 staff are
employed on a full-time basis and 230 on a part-time basis. There
are 10 stores in New Zealand employing 42 staff.

The Companies' sole director, Mr. Malcolm Webster, has informed
the Administrators that the appointment of administrators was
necessary due to factors including deteriorating sales, general
market conditions and poor cash flow.


NORTH ALBURY: Looking to Pay Off Bank Debt by 2022
--------------------------------------------------
The Border Mail reports that North Albury Sports Club is pushing
to be debt-free in five years, with members told the organisation
needs to "improve" and "change".

President Rob Williams outlined the goal earlier this month at
the club's annual meeting, the first held in four years and first
since it went through administration, according to the report.

The report notes that the club entered administration in 2014
with debts of around AUD900,000 and reached a deal to pay
creditors 15.2 cents in the dollar and its bank, NAB, AUD200,000.

"The board has resolved that we commence repaying our loan from
the National Australia Bank," Mr. Williams stated in a report
presented to members at the meeting, the Border Mail relays.

"The aim (is) that our club be debt-free in five years.

"To achieve the debt-free aim the future board must continue to
improve, change and develop ideas for the future of the North
Albury Sports Club."

They may involve upgrading the club's decor and more
collaboration between sporting groups that include footballers
and bowlers, the report adds.

The Border Mail says that with the club not having held an annual
meeting since 2013 due its money woes, financial statements for
2013, 2014 and 2015 were presented earlier this month.

The 2016 results are expected to be presented at a meeting in
late April or early May with Mr. Williams predicting a small loss
after depreciation, The Border Mail relates.

The 2015 annual report recorded a AUD26,702 loss, but noted the
deed of company arrangement in place, the report says.

According to the report, Mr. Williams lauded members for giving
AUD138,000, writing "your contributions determined our survival".

He also thanked the administrator Chris Chamberlain, staff and
the board for taking on an "uncertain task" which was not "always
a smooth journey," the Border Mail relates.

A new board was elected at the annual meeting with 180 votes
reflecting strong interest from members in the club's fate, adds
The Border Mail.


REDS EHP 2014-1: Fitch Affirms BB Rating on AUD8.3MM Cl. E Notes
----------------------------------------------------------------
Fitch Ratings has affirmed 10 tranches from two Series REDS EHP
Trust transactions. The transactions are securitisations of
first-ranking small-balance auto and equipment loans and leases
originated by Bank of Queensland Equipment Finance Ltd, whose
ultimate parent is Bank of Queensland (A-/Stable/F2).

KEY RATING DRIVERS
The affirmations reflect Fitch's view that available credit
enhancement is sufficient to support the notes at their current
rating levels; the stable credit quality and performance of the
pool; and Fitch's expectations of Australia's economic
conditions.

The transactions' performance falls within Fitch's base-case
expectations. Net losses experienced since closing were 1.36% for
Series 2014-1 REDS EHP Trust and 0.71% for Series 2015-1 REDS EHP
Trust as at end-January 2017; 30+ days arrears were 2.10% and
0.77%, respectively.

Series 2014-1 experienced a charge-off to the seller note in
September 2016, which was fully paid off in the following month
using excess spread. Due to the charge-off, the transaction
reverted to sequential pay for one month, which led to an
increase in the subordination available to the rated notes. With
the exception of this charge-off, excess spread has been more
than sufficient to cover losses experienced in Series 2014-1 and
Series 2015-1.

RATING SENSITIVITIES

Fitch considers the prospect for downgrades as remote, given the
level of subordination and excess spread available on all
transactions. A significant and unexpected increase in
delinquencies, defaults and losses would be necessary before any
negative rating action would be considered.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and transactions. There were no findings that were material
to this analysis. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio as part of its
ongoing monitoring.

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

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable

SOURCES OF INFORMATION

The information below was used in the analysis:
Loan-by-loan data provided by Bank of Queensland Equipment
Finance Ltd as at January 2017
Transaction reporting data provided by Bank of Queensland
Equipment Finance Ltd as at January 2017
Loan enforcement details provided by Bank of Queensland Equipment
Finance Ltd as at January 2017.

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

The full list of rating actions is shown below (note balances are
as at Jan. 31, 2017:

Series 2014-1 REDS EHP Trust:
AUD184.5 million Class A (ISIN AU3FN0024766) notes affirmed at
'AAAsf'; Outlook Stable
AUD14.6 million Class B (ISIN AU3FN0024774) notes affirmed at
'AAsf'; Outlook Stable
AUD17.2 million Class C (ISIN AU3FN0024782) notes affirmed at
'Asf'; Outlook Stable
AUD8.0 million Class D (ISIN AU3FN0024790) notes affirmed at
'BBBsf'; Outlook Stable
AUD8.3 million Class E (ISIN AU3FN0024808) notes affirmed at
'BBsf'; Outlook Stable

Series 2015-1 REDS EHP Trust:
AUD295.1 million Class A (ISIN AU3FN0028916) notes affirmed at
'AAAsf'; Outlook Stable
AUD30.0 million Class B (ISIN AU3FN0028924) notes affirmed at
'AAsf'; Outlook Stable
AUD24.9 million Class C (ISIN AU3FN0028932) notes affirmed at
'Asf'; Outlook Stable
AUD12.4 million Class D (ISIN AU3FN0028940) notes affirmed at
'BBBsf'; Outlook Stable
AUD13.0 million Class E (ISIN AU3FN0028957) notes affirmed at
'BBsf'; Outlook Stable


VARLEY'S TRADITIONAL: First Creditors' Meeting Set for March 23
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Varley's
Traditional Bakehouse Pty Ltd will be held at the offices of
SV Partners, LEVEL 17, 200 QUEEN STREET, in Melbourne, Victoria,
on March 23, 2017, at 11:30 a.m.

Richard John Cauchi and Michael Carrafa of SV Partners were
appointed as administrators of Varley's Traditional on March 10,
2017.


WATERSUN HOMES: Owes AUD20MM to Creditors, Administrators Say
-------------------------------------------------------------
Karen Percy at ABC News reports that debts run up by collapsed
Victorian construction firm Watersun Homes are likely to hit
AUD20 million, double the original estimates, the administrators
said.

"Across the board -- employee entitlements, sub-contractor
claims, tax office claims and other statutory claims -- it's in
the order of AUD20 million," the report quotes Rodgers Reidy
director Mathew Gollant as saying after a creditors meeting in
Melbourne.

ABC News relates that the hundreds of homebuyers affected by the
collapse were told they should find out within a matter of weeks
if other building firms are willing to complete about 300
unfinished homes.

Administrators Rodgers Reidy is negotiating with construction
firms, the report says.

"We are hoping that we'll have interested parties to take over
the majority if not all of the housing contracts in the next few
weeks," the report quotes Mr. Gollant as saying.

"If we get somebody to take over the contracts and complete them
within the original build price then they [homebuyers] won't have
suffered much of a loss.

"Of course they've got the emotional side -- that's not optimal
but hopefully they won't come out of it too far in reverse.

"There will be occasions when they'll have to rely on the VMIA
(Victorian Managed Insurance Agency) to satisfy the unpaid
portion of their claims."

In all there are 800 creditors -- including 90 employees who have
lost their jobs, says ABC News.

Another creditors meeting is planned for April 7, the report
discloses.

"The next step for us is to investigate the affairs of the
company and report substantively to creditors," the report quotes
Mr. Gollant as saying.

Neil Mclean and Mathew Gollant of Rodgers Reidy Melbourne were
appointed as administrators of Watersun Homes on Feb. 28, 2017.


WATERSUN HOMES: Buyer Left With Empty Concrete Slab
---------------------------------------------------
Navarone Farrell at Geelong Advertiser reports a concrete slab is
not a home, but that is all one buyer has been left with after
Watersun Homes went into administration.

The report relays Simon Macdonald, a 31-year-old rehabilitation
coordinator from Manifold Heights, is one of hundreds of
Victorians to be caught up in the home builder's insolvency,
according to Geelong Advertiser.

The report notes after waiting a year for the slab to go down on
his four-bedroom, family home in Curlewis, Mr. Macdonald thought
his dream of homeownership was finally becoming a reality.

The report discloses Mr. Macdonald and his partner are renting
and are concerned about shelling out thousands of dollars for
their mortgage while construction goes nowhere.

According to Mr. Macdonald, the administrators Rodgers Reidy, had
no information for those suffering, the report discloses.



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


CIFI HOLDINGS: Landbanking Strategy Key to Fitch Rating Upgrade
---------------------------------------------------------------
The ability of CIFI Holdings (Group) Co. Ltd. (BB-/Positive) to
sustain its high contracted sales growth while retaining prudent
land acquisition and quality landbank is crucial as to whether
its ratings will be upgraded in the next six to 12 months, says
Fitch Ratings.

Fitch expects CIFI's attributable contracted sales to remain
above CNY30 billion and for leverage, measured by net
debt/adjusted inventory with proportionate consolidation of joint
ventures and associates, to hover around 35%-40% in 2017
(1H16:34%, 2015:39%); assuming a moderate acquisition pace at
higher land prices, with cash land-premium paid/contracted-sales
at 45%-50%. However, CIFI's financial profile may come under
pressure if land acquisition sprints ahead of its contracted
sales amid tighter housing policies. CIFI is looking for
opportunities in hotspot second-tier cities where land prices may
correct.

Solid 2016 results support CIFI's ratings and show a stable
leverage profile after a strong year of contracted sales and
prudent land acquisition. CIFI's attributable contracted sales
increased by 45% to CNY29 billion and the average selling price
for contracted sales rose to CNY18,200 per square metre (sq m),
from CNY14,692/sq m in 2015. The sales momentum continued in
first two months of 2017, with total contracted sales rising by
183% yoy to CNY14 billion despite policy headwinds. Attributable
sales are estimated to make up about 55% of total sales. The
increase followed more properties being ready for sale with
higher selling prices.

The average selling price in January and February 2017 further
improved to CNY18,750/sq m, even though there was no contribution
from first-tier cities, bolstering CIFI's sustained margin
expansion. CIFI's EBITDA margin, after adding back capitalised
interest, has been consistently around 25% and Fitch expects it
to be around 26% in 2016 then widen to 30% by 2018. This is
supported by CIFI's large portfolio of projects in tier 1 and 2
cities and a shift to offering products that appeal to upgraders
rather than the mass-market, enhancing its profit structure.

Fitch revised the Outlook on CIFI to Positive from Stable in
October 2016 due to the increased likelihood that CIFI could
sustain attributable contracted sales of more than CNY30 billion
a year from 2016, after it repositioned its landbank to focus on
cities with strong housing demand. CIFI has shown financial
discipline in its business expansion by keeping leverage below
40% and focusing on high-margin projects to maintain its EBITDA
margin above 25%.


KWG PROPERTY: Proposed USD Note Issuance No Impact Moody's B1 CFR
-----------------------------------------------------------------
Moody's Investors Service says that KWG Property Holding
Limited's proposed issuance of USD notes has no immediate impact
on its B1 corporate family rating or B2 senior unsecured debt
rating.

The ratings outlook is stable.

The proceeds of the proposed issuance will be used to refinance
its existing offshore indebtedness.

"We expect that KWG's issuance of the notes will improve its debt
maturity profile as it will use the proceeds to refinance its
existing debt," says Franco Leung, a Moody's Vice President and
Senior Credit Officer.

"KWG's foreign currency liquidity will likely remain adequate to
support its offshore expansion. In particular, Moody's expects
the company will use its internal cash resources and new
borrowings to support the development of its recently acquired
land in Hong Kong," adds Leung.

Overall, the issuance will not materially affect the company's
credit metrics.

Moody's expects that KWG's EBIT interest -- including amounts
attributable to jointly controlled entities -- will be around
2.7x-2.9x over the next 12-18 months compared to 2.9x for the 12
months to 30 June 2016, and revenue to debt -- including amounts
attributable to jointly controlled entities  -- will be 40%-45%
compared to 45% for the 12 months to 30 June 2016.

KWG's B1 corporate family rating is constrained by the company's
high debt leverage, which in turn reflects its large expenditures
on land, its corporate strategy of maintaining high profit
margins, and the development of investment properties.

The stable ratings outlook reflects Moody's expectation that KWG
will maintain sufficient liquidity, high profit margins and good
interest coverage.

Upward ratings pressure could emerge if KWG: (1) improves its
debt leverage -- as measured by revenue/adjusted debt and
including its shares in joint ventures -- to above 65% on a
sustained basis; and (2) maintains a strong liquidity position,
such that cash to short-term debt exceeds 2x.

On the other hand, downward ratings pressure could emerge if the
company shows: (1) weaker contracted sales; (2) a deterioration
in its liquidity such that cash to short-term debt falls below
1x; or (3) a deterioration in its credit metrics, with adjusted
EBIT/interest falling below 2.0x-2.5x, or if its debt leverage --
as measured by revenue/adjusted debt, including its shares in
joint ventures -- falls below 40% on a sustained basis.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

KWG Property Holding Limited is a Chinese property developer
founded in 1995. At end-June 2016, it had a total attributable
land bank of around 10.4 million sqm in gross floor area in
Guangzhou, Chengdu, Suzhou, Beijing, Shanghai, Tianjin, Hainan,
Hangzhou, Nanning, Nanjing and Foshan. KWG mainly develops mid-
to high-end residential properties, office buildings, shopping
malls and hotels.


KWG PROPERTY: S&P Assigns 'B+' Rating to Proposed US$ Sr. Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issue rating to a
proposed issue of U.S.-dollar-denominated senior unsecured notes
by KWG Property Holding Ltd. (BB-/Watch Neg/--; cnBB+/Watch
Neg/--).  S&P also assigned its 'cnBB' Greater China regional
scale rating to the proposed notes.  The issue ratings are on
CreditWatch with negative implications.

KWG will use the issue proceeds to refinance its existing debt.
The ratings on the notes are subject to S&P's review of the final
issuance documentation.

The issue rating is one notch lower than the corporate credit
rating on KWG due to structural subordination.

The CreditWatch placement reflects S&P's expectation that KWG's
financial position is likely to weaken more than it had earlier
expected under its 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.

S&P may lower the ratings by one notch if it expects KWG to
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.

S&P may affirm the rating with a negative outlook if it believes
KWG can show discipline in land banking, actively reduce its debt
materially, and control its leverage.


YINGDE GASES: Shareholders Keep Two Co-Founders, Oust Chairman
--------------------------------------------------------------
The South China Morning Post reports that Yingde Gases Group's
shareholders voted on March 8 to end a four-month long boardroom
tussle at China's third-largest industrial gases supplier,
ejecting their chairman and retaining two co-founders to the
company to pave the way for a sale to a Hong Kong buyout fund.

The Post relates that shareholders voted to restore Mark Sun
Zhongguo and Trevor Strutt to Yingde's board, ejecting chairman
Zhao Xiangti, according to several directors familiar with the
results of two back-to-back meetings at the Ocean Spring Grand
Metropark Hotel in Zhuhai.

"They won, and I need to resign from the board," Zhao said by
phone, in response to the South China Morning Post. "I have tried
my best to make the company better to benefit our employees,
shareholders and clients. It's time to step aside now."  Asked if
he's disappointed by the outcome, he said that "results are
results."

The Post says the outcome ends an acrimonious tussle since
November last year, when Zhao staged a boardroom coup to strip
Sun and Strutt of their executive roles, in a rift over
management style, communication miscues, strategies and a plan to
sell control of the company to the highest bidder.

According to the report, Sun and Strutt have a one-in-four chance
of prevailing at last week's showdown, but through a series of
lawsuits and complaints to regulators, they outmaneuvered Zhao to
secure a takeover bid from a buyout fund that eventually
persuaded Yingde's shareholders to get on their side.

"I'm happy that the shareholders have faith in Sun and myself,"
Strutt told the Post after the results. "We will endeavor to
achieve maximum value for all the shareholders."

The Post notes that the outcome puts Hong Kong-based buyout fund
PAG Asia Capital in pole position to take control of Yingde. The
fund had made an offer to buy the Chinese company at
HK$6 per share, valuing it at US$1.45 billion, the report
discloses.

PAG's offer is the sole bid on the table, the report says. Air
Products & Chemicals Inc., based in Allentown, Pennsylvania, had
expressed interest in December to bid between HK$5.5 to HK$6 per
share for Yingde. The bid, still subject to due diligence and
shareholders' approval, had not been formally submitted, the Post
adds.

                         About Yingde Gases

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

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

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

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

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

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



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


CHINA SOUTH: Fitch Assigns 'B' Rating to USD300MM Sr. Notes
-----------------------------------------------------------
Fitch Ratings has assigned China South City Holdings Limited's
(CSC; B/Stable) USD300 million 5.75% senior notes due 2020 a
final rating of 'B' and a Recovery Rating of 'RR4'.

The notes are rated at the same level as CSC's senior unsecured
rating because they constitute its direct and senior unsecured
obligations. The assignment of the final rating follows the
receipt of documents conforming to information already received.
The final rating is in line with the expected rating assigned on
March 1, 2017.

CSC's ratings are supported by well-located projects, growing
non-development income, close collaboration with local
governments, a long record in integrated trade centre development
and sufficient liquidity. The ratings are constrained by CSC's
rising leverage and weak industry outlook.

KEY RATING DRIVERS

Rising Non-Development Income: Income from CSC's non-development
business increased by 22% yoy to HKD736 million in the first half
of the financial year ending March 2017 (FY17). The increase was
driven by growth across the rental, property management,
logistics and warehousing segments as well as the outlets and e-
commerce businesses. Fitch believes CSC's diversification will
enhance internal cash flow and smooth sales volatility, and
expects non-development income/interest coverage to exceed 1.0x
in the next year or two (last 12 months (LTM) to 1H17: 0.8x).

Higher Leverage: CSC's leverage, measured by net debt/adjusted
inventory, rose to 48% at end-September 2016, from 38% at end-
March 2015, due to increasing construction activities for
saleable residential products and investment properties. The
company has 15.4 million square metres (sq m) of properties under
development and unsold completed properties, including investment
properties, as at end-September 2016, compared with 13.3 million
sq m a year earlier.

Fitch expects leverage to be around 50% in FY17, then remain
between 50%-60% for the next two to three years if CSC continues
with capex of HKD8.5 billion - 9.0 billion a year in Fitch's
estimate, taking into consideration the construction expenditure
to build up saleable residential resources and the company's
strong emphasis on the recurring business segment. Fitch believes
the developer's rising leverage is mitigated by its growing
recurring income. However, CSC's ratings will come under pressure
if the non-development segment fails to grow despite continued
investment.

Residential Sales Support Performance: Contracted sales rose 32%
yoy to HKD6.7 billion in the first nine months of FY17, buoyed by
strong sales in three tier 2 cities - Nanchang, Hefei and
Nanning. Residential sales accounted for more than 70% of total
contracted value. Average selling prices decreased by 12% over
the same period in FY16, to HKD7,800 per sq m, due to product-mix
changes. Fitch expects contracted sales to reach HKD7.5 billion -
8.0 billion in FY17 as residential markets in the above-mentioned
three cities remain strong and the company had 4.5 million sq m
of saleable resources as at end-September 2016.

Weak Demand for Trade Centres: Demand in the trade and logistics
centre sector has been weak since late 2014, as small and medium-
sized enterprises withhold investment amid weaker economic
growth, while relocation demand has slowed, local governments
delay completing transportation networks and investor appetite
has declined. Fitch does not see any signs of recovery in demand
for trade centre space in the next 12-18 months.

Sustained EBITDA Margin: CSC's EBITDA margin remained
satisfactory at 33.6% in the LTM to September 2016, given low
weighted-average land costs of CNY301 (HKD350) per sq m in
1HFY17, increasing government grants due to the market downturn,
which totalled HKD741 million (FY16: HKD1 billion), and larger
recurring EBITDA from the non-development segment. CSC also has
the flexibility of cutting selling, general and administrative
expenses to maintain a healthy margin. Fitch expects CSC's EBITDA
margin to remain above 30% in the next year or two, providing a
buffer to absorb average selling price volatility.

DERIVATION SUMMARY

CSC's projects are located in tier 1 and 2 cities in China, which
are better located than those of the other two Fitch-rated trade
centre developers-Hydoo International Holding Limited (B-/Stable)
and Wuzhou International Holdings Limited (CCC), whose projects
are mainly in tier 3 and 4 cities. This translates into larger
scale and better EBITDA margins for CSC compared with its peers
in the same industry. CSC's leverage is higher than that of Hydoo
and Wuzhou, given part of its cash is tied up in the construction
of investment properties. Fitch expects its diversification into
the non-development segment to generate stable operational cash
flow for the company.

KEY ASSUMPTIONS

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

- Contracted sales to remain weak, at HKD7.5 billion-8.0 billion
   each year in FY17-FY19.

- Non-development income to increase to HKD1.8 billion in FY17
   and HKD2 billion in FY18.

- Capital expenditure at HKD8.5 billion - 9.0 billion per year
   in FY17-FY19.

- Land replenishment ratio (land acquired/gross floor area
   presold) at 2.0x in FY17-FY19 (FY16: 2.2x).

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
negative rating action include:

- EBITDA margin sustained below 20% (FY16: 32.5%; LTM1H17:
   33.6%);

- net debt/adjusted inventory sustained above 50% (FY16: 48.3%;
   1HFY17: 48%) if non-development income/interest is below 1.0x
   (FY16: 0.8x; LTM1HFY17: 0.8x); and

- net debt/adjusted inventory sustained above 60% if non-
   development income/interest is above 1.0x.

No positive rating action is expected in the next 12-18 months
given persistent weak demand for trade and logistic centres.

LIQUIDITY

CSC had cash and cash equivalents, including restricted cash, of
around HKD8.3 billion and unutilised banking facilities of HKD5.4
billion as at end-September 2016, covering short-term debt of
HKD7.3 billion. CSC's successful issuance in the onshore bond
market has also alleviated refinancing pressure and lowered its
average borrowing cost to 6.2% at end-September 2016, from 6.8%
at FYE15.



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


ADITYA AGRO: CRISIL Lowers Rating on INR6.44MM Term Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of M/s Aditya Agro- Chhindwara (Aditya Agro) to 'CRISIL D' from
'CRISIL B-/Stable'. The downgrade reflects Aditya Agro's delays
in the debt repayments of term loan for 80 days on account of
stretched liquidity because of low cash accrual vis-a-vis debt
obligation. The cash accrual is expected to be inadequate to meet
debt obligation in 2015-16 (refers to financial year, April 1 to
March 31) and over the medium term.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Term Loan     .28        CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

   Term Loan             6.44        CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

Key Rating Drivers & Detailed Description

Weaknesses
* Susceptibility to receipt of timely operational cash flows:
Aditya Agro is exposed to significant event risks such as
counterparty risk, or increase in tax deducted at source and
interest rates. The term loan to be availed of by Aditya Agro
will be serviced out of lease rentals from the warehouse. The
firm does not have any other material source of operational cash
flow to make term loan repayment. This substantially increases
the firm's dependence on rental income for servicing its term
debt. Timely servicing of term debt will remain susceptible to
timely receipt of rent from tenants. CRISIL believes that any
significant delays in receipt of rental income from its tenant
will adversely affect Aditya Agro's liquidity and will
deteriorate its debt-servicing ability.

* Below-average capital structure backed by debt-funded project:
Aditya Agro's capital structure is expected to be below average
due to debt funded project and small net worth. The firm had
gearing of around 4.6 times and net worth of around INR1.45
crores as on March 31, 2016. The moderately high gearing is on
account of the project undertaken by the firm. CRISIL believes
that Aditya Agro's gearing will remain in a similar range over
the medium term.

Strength
* Experience of the promoters in agricultural sector: The
suryavanshi family based out of Chhindwara, Madhya Pradesh have
been engaged in agricultural related activities for nearly around
a decade. Their experience benefits the company.

Aditya Agro, a partnership firm set up in 2013, is promoted by
Suryawanshi family of Chhindwara, Madhya Pradesh. It is
constructing a warehouse with capacity of 27,000 tonnes for
agricultural products in Chhindwara.

Aditya Agro generated net sales of INR1.22 crores in 2015-16
(Refers to financial year from 1st April 2015 to 31st March 2016)
with Profit after Tax (PAT) of negative INR0.02 crores during the
same period as compared to Net sales of INR0.57 crores with PAT
of INR0.11 crores in 2014-15.


ALPHA PACIFIC: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Alpha Pacific
Systems Private Limited (APSPL) a Long-Term Issuer Rating of 'IND
BB'.  The Outlook is Stable.  The instrument-wise rating actions
are:

   -- INR45 mil. Fund-based cash credit limits assigned with
      IND BB/Stable/IND A4+ rating; and

   -- INR22 mil. Non-fund-based bank guarantee assigned with
      IND A4+ rating

                        KEY RATING DRIVERS

The ratings reflect APSPL's small scale of operation as evident
from its top-line of INR218.76 million in FY16 (FY15: INR137.24
million).  The ratings are constrained by the stretched working
capital cycle of 102 days in FY16 (FY15: 147 days), inherent in
the EPC industry due to high inventory days.

The ratings are further constrained by the stressed liquidity
position as reflected by 100.41% average utilization of fund-
based facilities during the 13 months ended January 2017.

The ratings, however, are supported by APSPL's healthy EBITDA
margins and moderate credit metrics.  Margins were at 8.37% in
FY16 (FY15: 9.98%), gross interest coverage ratio (operating
EBITDA/gross interest expense) was 2.88x (2.73x) and net leverage
ratio (total adjusted net debt/operating EBITDA) improved to
2.44x (3.19x) on back of the top-line growth.

The ratings are further supported by APSPL's presence in a niche
market and the promoters' almost two decades of experience in the
EPC industry.

                        RATING SENSITIVITIES

Negative: Any decline in revenue or EBITDA margins leading to
deterioration in the credit metrics could be negative for the
ratings.

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

COMPANY PROFILE

Established in 2000, APSPL is Delhi-based EPC contractor.  It
provides EPC services to government and private companies based
in the north region of India specifically in the civil
infrastructure, automation and solar panel installation division.
APSPL is promoted by Mr. Neeraj Kumar and Mr. Subhash Singh Soam.


ALTRADE MINERALS: CRISIL Assigns B+ Rating to INR27.5MM LT Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Altrade Minerals Private Limited and has
assigned its 'CRISIL B+/Stable' rating to the facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             2.5       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Export Packing         20.00      CRISIL B+/Stable (Assigned;
   Credit                            Suspension Revoked)

   Proposed Long Term     27.50      CRISIL B+/Stable (Assigned;
   Bank Loan Facility                Suspension Revoked)

CRISIL had suspended the rating on September 03, 2015, as AMPL
had not provided the requisite information required for a rating
review. It has now shared the requisite information, enabling
CRISIL to assign a rating to its bank facilities.

The rating reflects AMPL's small scale of operations, risks
related to government regulation and volatility to iron ore
prices. These weaknesses are partly offset by extensive
experience of AMPL's promoters in the end user industry.

Key Rating Drivers & Detailed Description
Weaknesses
*Small scale of operations: AMPL's small scale of operations amid
the highly competitive and fragmented industry will continue to
constrain the business risk profile.

*Government regulations: The government continues to control
output of mines and decide upon the permissible production in
each mine. Any adverse change in regulation by the government
could affect players such as AMPL.

*Volatility in Iron ore prices: AMPL's profitability will remain
exposed to volatility in iron ore prices. Any adverse movement
could affect the profitability of the company if left unhedged.

Strength
*Promoter's experience: AMPL benefit from promoters extensive
industry experience of more than a decade in the mining industry
over the medium term

Outlook: Stable
CRISIL believes AMPL will maintain its stable business risk
profile over the medium term due to the promoters' experience.
The outlook may be revised to 'Positive' if the company reports
significant improvement in revenues and profitability leading to
improved business risk profile. Conversely, the outlook may be
revised to 'Negative' if stretched working capital cycle weakens
or any adverse regulatory decision by GoI weakens financial risk
profile, particularly liquidity.

Odisha-based AMPL, incorporated in 2006, exports iron-ore fines.
Its operations are looked after by the directors - Mr. Anurag
Pattnaik and Mr. Anshuman Pattnaik. The company has also
installed three wind energy units - one in Tamil Nadu and two in
Rajasthan.

Net profit was INR1.8 crore on revenue of INR3.51 crore in fiscal
2016, against net profit of INR1.66 crore on revenue of INR4.55
crore in fiscal 2015.


AMMAN SAGO: CRISIL Reaffirms B+ Rating on INR3.5MM Term Loan
------------------------------------------------------------
CRISIL's rating on the bank facilities of Amman Sago Factory
(ASF) continues to reflect its moderate scale of operations in
the fragmented agricultural products industry, and a below-
average financial risk profile because of high gearing. These
weaknesses are partially offset by proprietor's extensive
experience and his established relationships with customers.

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

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

   Rupee Term Loan         3.5      CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit            3.0      CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weaknesses
*Modest scale of operations in a fragmented and largely
unorganised industry: The company's revenues remained modest at
INR28 crore in fiscal 2016, despite presence in the industry for
close to three decades, mainly due to intense competition and
fragmentation. CRISIL believes modest scale will continue to
constrain the business risk profile over the medium term.

*Below-average financial risk profile, with high gearing:
Networth is small, at INR4 crore as on March 31, 2016.
Consequently, gearing was high at 3.3 times. Debt protection
metrics have been moderate, as reflected in net cash accrual to
total debt ratio of 0.16 time and interest coverage ratio of 3.6
times for fiscal 2016.

Strength
*Proprietor's extensive experience: Experience of nearly three
decades and track record of proprietor have resulted in
established relationships with tapioca farmers in the region.

Outlook: Stable
CRISIL believes ASF will continue to benefit over the medium term
from its proprietor's extensive experience. The outlook may be
revised to 'Positive' if scale of operations and profitability
improve on a sustained basis strengthens the financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of low cash accrual, or if the financial risk profile
weakens because of large, debt-funded capital expenditure, or
weakening of working capital management, or significant capital
withdrawals.

ASF, set up in 1984, manufactures tapioca pearls (sago) and the
operations are managed by the proprietor, Mr. R Ganesan. The
manufacturing facility is at Salem, Tamil Nadu.

Net profit stood at INR2.27 crore on revenue of INR27.8 crore in
fiscal 2016 against net profit of INR70 lakh in fiscal 2015 on
revenue of INR26.8 crore in the previous fiscal.


ANINDITA STEELS: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Anindita Steels
Limited's (ASL) Long-Term Issuer Rating at 'IND BB+'.  The
Outlook is Stable.  The instrument-wise rating actions are:

   -- INR200 mil. Fund-based working capital limit affirmed with
      IND BB+/Stable rating; and

   -- INR23.2 mil. Non-fund-based working capital limit affirmed
      with IND A4+ rating

                         KEY RATING DRIVERS

The ratings are constrained by the company's moderate credit
metrics with interest coverage (operating EBITDA/gross interest
expense) of 1.8x in FY16 (FY15: 2.3x) and net financial leverage
(total adjusted net debt/Operating EBITDAR) of 4.6x (3.5x).
Interest Coverage deteriorated due to a decrease in the EBITDA
margin.  Net financial leverage deteriorated due to an increase
in total debt during FY16.  The ratings factor in ASL's tight
liquidity profile which is reflected in its average maximum fund-
based utilization of close to 100.00% during the 12 months ended
December 2016.

The ratings, however, derive benefit from improvement in ASL's
revenue to INR773 million during FY16 from INR623 million in
FY15. Improvement in revenue was due to an increase in demand of
sponge iron which led to increase in the work orders.  The
ratings are supported by more than two decades of experience of
the company's promoters in manufacturing of steel products.

                       RATING SENSITIVITIES

Positive: Improvement in revenue along with the improvement of
its credit metrics will lead to a positive rating action

Negative: Deterioration in profitability leading to deterioration
in credit metrics could lead to a negative rating action.

COMPANY PROFILE

ASL is a limited company which was incorporated in 1995 as
Anindita Trades & Investment Limited.  The company was not
operational till 2006.  In 2006 the company entered into a
memorandum of understanding with the government of Jharkhand for
setting up of a steel plant.  During October 2013, the name of
the company was changed to Anindita Steel Limited.

ASL started its own iron ore mining operation from April 2013 and
the present production capacity of the company is 120,000 MTPA
and it.  Currently the mine is used for captive purpose though
the same is not sufficient due to low grade nature.

The company presently is managed by its managing director
Mr. Deepak Rungta.


ANNA TROUVER: CRISIL Assigns 'B' Rating to INR3.0MM Pack Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Anna Trouver Export Agenzia (ATEA). The
ratings reflect a modest scale of operations with high customer
concentration in revenue, and a weak financial risk profile
because of a modest networth and below-average debt protection
matrices. These rating weaknesses are partially offset by the
extensive experience of the proprietor in the garments industry.

                              Amount
   Facilities               (INR Mln)    Ratings
   ----------               ---------    -------
   Export Packing Credit       3.0       CRISIL B/Stable
   Foreign Bill Negotiation    2.5       CRISIL A4

Key Rating Drivers & Detailed Description

Weaknesses
* Modest scale of operations with high customer concentration in
revenue: Revenue was steady of around INR20 crore per fiscal over
the three fiscals through 2016. Intense competition from small
and mid-sized players in the garment export industry limits
negotiating power with customers and suppliers. The firm mainly
exports garments to Europe and derives over 90% of its revenue
though sales to Preca Brummel SPA. This makes revenue susceptible
to the performance of, or orders received from, this client. This
risk is, however, mitigated by the two-decade association with
Preca Brummel and regular flow of orders.

* Below-average financial risk profile: The networth was modest
at INR2.6 Crores and the gearing at 2 times, as on March 31,
2016. The gearing may remain at a similar level over the medium
term as working capital requirement would be supported by bank
borowing. The networth will continue to be modest due to low
accretion to reserves.  In fiscal 2016, the interest coverage
ratio was 5 times.  Net cash accrual was negative due to capital
withdrawal of around INR1.11 crore by the proprietor in fiscal
2016.

Strength
* Extensive industry experience of the proprietor: The proprietor
has an experience of three decades in the garments business, an
established position in the export market, and a healthy
relationship with the primary customer. The firm has established
tie-ups with suppliers and has been sourcing raw materials
domestically over the years.

Outlook: Stable
CRISIL believes ATEA will continue to benefit from extensive
industry experience of its proprietor. The outlook may be revised
to 'Positive' if significant growth in revenue and profitability
leads to sizeable cash accrual, while working capital management
improves. The outlook may be revised to 'Negative' if large,
debt-funded capital expenditure, increased working capital
requirement, or capital withdrawal, weakens the financial risk
profile, especially liquidity.

ATEA was established in 2006 by Mr. P. Binoy as a proprietorship
firm in Tiruppur, Tamil Nadu. The firm manufactures and exports
knitted garments. Its unit in Tirupur has facilities for cutting,
stitching, and packaging of garments.

Net profit was INR92.3 lakh on revenue of INR10.75 crore in
fiscal 2016, against net profit of INR68.48 lakhs on reveneus of
INR9.8 crores in fiscal 2015


BANGALORE PAPER: CRISIL Reaffirms B+ Rating on INR4MM Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed the ratings of Bangalore Paper Store (BPS)
at 'CRISIL B+/Stable/CRISIL A4' on bank loan facilities.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            4         CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       9.5       CRISIL A4 (Reaffirmed)

The rating continues to reflect weak financial risk profile and
working capital intensive nature of operations. These weaknesses
are partially offset by extensive experience of promoters in
paper industry.

Analytical Approach
For arriving at the rating, CRISIL has consolidated the business
and financial risk profile of BPS and VOPL, together referred to
as Vipul Overseas Group. Both entities share common
infrastructure and have similar procurement process. Moreover,
both the group entities are engaged in trading of similar
products which are coated & uncoated paper, news print and waste
paper. Furthermore, financial support is expected between the
group entities in case of financial crunches.

Key Rating Drivers & Detailed Description

Weaknesses
*Weak financial risk profile: The financial risk profile of Vipul
Overseas Group is weak marked by high TOLTNW of 4.79 times as on
March 31, 2016 and low interest coverage of 1.3 times for 2015-16
on account of high utilisation of debt. CRISIL believes that
financial risk profile will remain weak over the medium term.

*Working capital intensive nature of operations: Vipul Overseas
Group has working capital intensive nature of operations marked
by gross current assets (GCA) of 148 days as on March 31, 2016.
This is driven by high debtors of 128 days as on March 31, 2016.
CRISIL believes that working capital will remain stretched due to
high debtors over the medium term.

Strength
*Extensive experience of promoters in paper industry: Mr.
Surinder has experience of more than two decades in this
industry. Mr. Garg has established strong relationship with its
customers and suppliers. Furthermore, the extensive experience
has helped Mr. Garg to understand deep insights about the
industry. CRISIL believes that business risk profile will be
supported by extensive experience of promoters.

Outlook: Stable
CRISIL believes the Vipul Overseas group will continue to benefit
over the medium term from the promoters' extensive industry
experience. The outlook may be revised to 'Positive' if the group
reports higher than expected topline or profitability or if its
working capital cycle improves, leads to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in profitability margins or
a significant deterioration in the capital structure on account
of larger-than-expected working capital requirement, leads to
deterioration in financial risk profile.

BPS was set up as a proprietorship concern in 1991 by the New
Delhi-based Mr. Surinder Garg. It trades in coated and uncoated
paper, newsprint, and waste paper.

VOPL was set up as a private limited company in 1992 by the New
Delhi-based Garg family. Mr. Surinder Garg is the key promoter
and managing director the other directors are Mr. Jai Dev Ram
Garg (father of Mr. Surinder Garg) and Mrs. Archana Garg (wife of
Mr. Surinder Garg). The company also trades in coated and
uncoated paper, newsprint, and waste paper.

The Group reported a profit after tax (PAT) of INR0.26 Crore on
net sales of INR119 crores for fiscal 2016, vis-a-vis INR0.25
Crore and INR92 Crores, respectively in fiscal 2015.


BL FOOD: CRISIL Assigns 'B' Rating to INR3.75MM Cash Credit
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of BL Food Industries.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan              .25       CRISIL B/Stable
   Packing Credit        3.00       CRISIL A4
   Foreign Bill
   Discounting           3.00       CRISIL B/Stable
   Open Cash Credit      3.75       CRISIL B/Stable

The ratings reflect small scale of operations in the intensely
competitive rice-milling industry, and large working capital
requirements. These weaknesses are partially offset by the
partners' extensive industry experience and their funding
support.

Key Rating Drivers & Detailed Description

Weaknesses
* Small scale of operations in an intensely competitive industry:
Despite some improvement in fiscal 2017, scale of operations (net
sales was INR3.6 crore in fiscal 2016) should remain small,
constraining business risk profile in the intensely competitive
rice milling industry.

* Large working capital requirement: The firm's operations are
working capital intensive as reflected in gross current assets of
above 400 days over the past three fiscal ending through 2016.
The working capital will continue to remain high over the medium
term as well.

Strength
* Partners' extensive experience and their funding support:
Benefits from the partners' extensive experience of over two
decades, through their group entities involved in similar
business, and need-based capital infusions should continue to
support operations of the firm.

Outlook: Stable
CRISIL believes BLFI will continue to benefit from the partners'
extensive experience. The outlook may be revised to 'Positive' if
substantial increase in revenue and improved working capital
management strengthen financial risk profile, especially
liquidity. Conversely, the outlook may be revised to 'Negative'
if any further deterioration in working capital, or any large
capital expenditure weakens financial risk profile, especially
liquidity.

Established in 2014, BLFI mills and processes paddy into basmati
and non-basmati rice at its facility in Nizamabad, Andhra
Pradesh. The firm's partners are G Shekar, G Jyothi, G Balaiah, G
Bharatamma, G Srinivas, K Ramesh and R Srinivas.

For fiscal 2016, BLFI reported profit after tax (PAT) of INR0.04
crore on operating income of INR3.69 crore as against PAT of
INR0.04 crore on operating income of INR7.25 crore in fiscal
2015.


DEEPJYOT ENGINEERS: CRISIL Ups Rating on INR3.6MM Loan to B+
------------------------------------------------------------
CRISIL has upgraded the long term rating of Deepjyot Engineers
Private Limited to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              2        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

    Term Loan               3.6      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects earlier than expected stabilization of
operations as reflected in its revenue. The company had clocked
net sales of 20.98 Cr in fiscal 2016 as compared to 2.44 Cr in
fiscal 2015. Moreover backed by moderate profitability firm has
been able to generate sufficient net cash accruals as against
repayments which supports the liquidity. CRISIL also derives
benefit from promoters support to the company in the form of
unsecured loan.

CRISIL's rating on the long-term bank facilities of Deepjyot
Engineers Pvt Ltd continues to reflect DEPL's small scale of
operations coupled with below average financial risk profile
marked by a high gearing. These rating weaknesses are mitigated
by the promoters' experience and established relationship with
customers and suppliers in the construction industry.

Key Rating Drivers & Detailed Description

Weaknesses
* Small scale of operations: DEPL's scale of operations is
expected to be small due to intense competition in highly
fragmented industry.

* Average financial risk profile: DEPL is expected to have an
average financial risk profile with weak gearing and moderate
debt protection metrics. Firm as on 31st Mar 2017 has gearing of
around 2.5-3 times and interest coverage ratio of around 2 times.

Strength
* Promoters' experience in the construction industry:  The main
promoter, Mr. Ashvinbhai has been undertaking job works in the
PEB business for the last four years. Furthermore, the second
line of management has extensive experience of 18 years in the
PEB industry.

Outlook: Stable
CRISIL believes that DEPL will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' if the company stabilises operations
earlier than expected and reports significant revenue and
profitability. Conversely, the outlook may be revised to
'Negative' in case of low operating margin or small scale of
operations or weakening of working capital management, resulting
in weak liquidity.

Incorporated in 2013, DEPL is setting up a unit to manufacture
pre-engineered buildings (PEB). The proposed plant in Rajkot
(Gujarat) will have installed capacity of 6000 tonnes per annum
(tpa) for primary structures. Commercial operations are expected
to commence in October 2014.

DEPL reported a profit after tax of INR0.10 crore on net sales of
INR20.98 crore for 2015-16 as compared to net loss of INR0.33
crore on net sales of INR2.44 crore for 2014-15


ELL DEE: Ind-Ra Assigns 'B-' Long-Term Issuer Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ell Dee Foods
(EDF) a Long-Term Issuer Rating of 'IND B-'.  The Outlook is
Stable.  The instrument-wise rating action is.

   -- INR40 mil. Fund-based working capital assigned with
      IND B-/Stable/IND A4 rating

                         KEY RATING DRIVERS

The ratings reflect EDF's lack of operational track record, given
the firm commenced commercial operations from April 2016.
According to provisional financials for 9MFY17, revenue was
INR114.15 million and EBITDA margin was 4.57%.  In addition, Ind-
Ra expects EBITDA margin to be weak to moderate in FY17 on
account of a healthy proportion of exports, which generate higher
margins than domestic sales.  Ind-Ra expects EDF's credit metrics
to be weak in FY17 due to a low operating profit, which will
affect the debt servicing capabilities of the firm.

The ratings also reflect EDF's stressed liquidity position,
indicated by several instances of overutilization of fund-based
limits during the 12 months ended February 2017.  Furthermore,
the nature of the business is working capital-intensive.
Moreover, it operates in a highly competitive and fragmented rice
industry with low entry barriers.

The ratings, however, are supported by the partner's experience
of about seven years in the rice trading industry.

                       RATING SENSITIVITIES

Positive: EDF's ability to achieve stable operations and/or an
improvement in the liquidity position could be positive for the
ratings.

COMPANY PROFILE

Established in 2016, EDF is engaged in the rice trading business.
Based in Khanna, Punjab, the firm procures rice from local
millers and sells in domestic and overseas markets.


EPYGEN BIOTECH: CRISIL Assigns 'B' Rating to INR25MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank loan
facility of Epygen Biotech Private Limited. The rating reflects
the initial stage of installation of the manufacturing facility,
and susceptibility of revenue and profitability to change in
government regulations.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Term Loan                25        CRISIL B/Stable

Key Rating Drivers & Detailed Description

Weaknesses
* Initial stage of setting up the facility: Construction activity
commenced in September 2015 at a total cost of around INR42.8
crore. The project is expected to be completed by end-September
2018. CRISIL believes timely completion of the project, without
any significant cost and time overrun, will remain a rating
sensitivity factor.

* Susceptible to changes in government regulations: EBPL is
setting up a facility for manufacturing the life-saving
thrombolytic enzyme drug - Recombinant- Streptokinase for the
cardiovascular market. Though the company has received the
government of India's approval for producing the drug, it remains
susceptible to any adverse change in government regulations.

Strength
* Extensive experience of the promoters: The principal director,
Mr. Debayan Ghosh, has experience of over 15 years in the
pharmaceutical industry, and has executed various projects
successfully in the past which is expected to benefit the
business risk profile of the company over the medium term.

Outlook: Stable
CRISIL believes the company will benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if substantial improvement in revenue and
profitability, and a stable working capital cycle, strengthens
the financial risk profile. The outlook may be revised to
'Negative' in case of lower-than-expected revenue and
profitability, stretch in the working capital cycle or any delay
or cost overrun in the project, weakens the financial risk
profile.

Incorporated in 2011, EBPL is setting up a manufacturing facility
for producing the life-saving thrombolytic enzyme drug-
Recombinant - Streptokinase for the cardiovascular market. The
company was incorporated by Mr. Debayan Sukhamoy Ghosh and Mr.
Ineeyan Ariyaratnam. The manufacturing facility has been set up
at Patalganga, Maharashtra and the incubation centre is located
at Navi Mumbai.


GANPATI COLD: CRISIL Reaffirms 'B' Rating on INR4MM Overdraft
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facilities of Ganpati Cold Storage.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Overdraft             4          CRISIL B/Stable (Reaffirmed)
   Term Loan             2.25       CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the firm's small scale of
operations and weak financial risk profile because of a leveraged
capital structure. These weaknesses are partially offset by
extensive experience of promoters in the cold storage industry.

Key Rating Drivers & Detailed Description

Weaknesses
* Small scale of operations: With an operating income of INR1.08
crore in fiscal 2016 and cold storage capacity of 2.50 lakh gunny
bag per annum, scale remains modest in the competitive cold
storage industry that has many small players with marginal
capacities.

* Leveraged capital structure: As on March 31, 2016, gearing
remained high at 2.5 times due to small networth of INR2.53
crore. Networth was subdued because of low accretion to reserves
following modest scale, despite healthy operating margin.

Strength
* Extensive experience of promoters: Presence of over a decade in
the agriculture segment has enabled the promoters to develop
strong relationship with farmers.

Outlook: Stable
CRISIL believes GCS will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may
be revised to 'Positive' if scale-up of operations and sustained
profitability lead to significant increase in cash accrual. The
outlook may be revised to 'Negative' if financial risk profile
deteriorates due to pressure on profitability or delays in
realisation of advances from farmers.

Set up in 2004 as a partnership firm in Deesa, Gujarat, by Mr.
Kachhawa Popatlal Chamnaji and family members, GCS provides cold
storage facilities for potatoes.

Profit before tax (PBT) was INR0.19 crore on an operating income
of INR1.28 crore for fiscal 2016, against a PBT of INR0.22 crore
on an operating income of INR0.99 crore for fiscal 2015.


JAYSHREE ENTERPRISES: CRISIL Reaffirms B+ Rating on INR10MM Loan
----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facility of Jayshree Enterprises - Pune (Jayshree).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Term Loan      10       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the firm's small scale of
operations, customer concentration in revenue, and large working
capital requirement. These weaknesses are partially offset by its
proprietor's extensive experience in the automotive components
industry, its established relationship with JCB India Ltd (JCB),
and healthy financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses
* Small scale of operations and customer concentration in
revenue: The firm's small scale is indicated by net sales of
INR14.3 crore in fiscal 2016, down from INR15.1 crore in the
previous fiscal. It generates most of its revenue from JCB and
its vendors. Hence, any downturn in JCB's business will impact
Jayshree's business risk profile.

* Large working capital requirement: The firm had gross current
assets of 136 days as on March 31, 2016, driven by sizeable
receivables and moderate inventory.

Strengths
* Proprietor's extensive industry experience and established
relationship with JCB: The proprietor has experience of over 20
years in the automotive components industry. With successful
track record of high-quality output and timely delivery, he has
developed healthy relationship with JCB and its vendors.

* Healthy financial risk profile: The firm's financial risk
profile is driven by low gearing of 0.24 time as on March 31,
2016, and comfortable interest coverage ratio of 29 times for
fiscal 2016. However, it is constrained by small networth of
INR4.1 crore as on March 31, 2016.

Outlook: Stable
CRISIL believes Jayshree will continue to benefit from its
proprietor's extensive industry experience. The outlook may be
revised to 'Positive' if significant increase in revenue and
profitability leads to sizeable cash accrual. The outlook may be
revised to 'Negative' if the financial risk profile, particularly
liquidity, weakens because of low cash accrual, stretched working
capital cycle, or large, debt-funded capital expenditure.

Jayshree, based in Pune, Maharashtra, was established by Mr.
Madhukar Pulgam in 1998 as a proprietorship firm. The firm
manufactures precision-machined components such as bushes,
shafts, fixtures, and tubes for automotives.

Jayshree reported a profit after tax of INR0.66 crore on net
sales of INR14.37 crore for 2015-16 as compared to profit after
tax of INR0.70 crore on net sales of INR15.12 crore for 2014-15


JNV VIRA: CRISIL Reaffirms B- Rating on INR8MM Cash Loan
--------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
JNV Vira Engineering Private Limited at 'CRISIL B-/Stable/CRISIL
A4'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          7       CRISIL A4 (Reaffirmed)
   Cash Credit             8       CRISIL B-/Stable (Reaffirmed)
   Term Loan               3       CRISIL B-/Stable (Reaffirmed)

The ratings reflect the company's small scale of operations and
large working capital requirement. These weaknesses are partially
offset by a healthy order book providing revenue visibility over
the medium term.

Key Rating Drivers & Detailed Description

Weaknesses
* Large working capital requirement: Gross current assets were
high at 421 days as on March 31, 2016, on account of stretched
receivables and sizeable inventory of 215 days and 229 days,
respectively.

* Small scale of operations: With a turnover of INR34.69 crore
for fiscal 2016, scale remains modest due to start-up phase.

Strength
* Established clientele resulting in healthy order book:
Clientele is strong and includes Punj Lloyd Ltd, Indian Oil
Corporation Ltd (rated 'CRISIL AAA/Stable/CRISIL A1+'), and
Reliance Petroleum Ltd. Also, the company has a healthy order
book of INR30 crore as on January 2017, which provides long-term
revenue visibility.

Outlook: Stable
CRISIL believes JNV will continue to benefit over the medium term
from its healthy order book. The outlook may be revised to
'Positive' if increase in scale of operations and better working
capital management lead to improvement in liquidity. The outlook
may be revised to 'Negative' if decline in revenue or
profitability, large, debt-funded capital expenditure, or stretch
in working capital cycle further weakens financial risk profile,
especially liquidity.

Set up in 2007 by Vadodara-based Mr. Jaykumar Madhubhai Patel and
Mr. Vinodkumar Amrutlal Shah, JNV manufactures floating and fixed
roofs for oil and storage tanks, and also makes and erects
structures for oil refineries. It has a 43,000 square feet
manufacturing unit in Vadodara.

Profit after tax (PAT) was INR0.77 crore on net sales of INR34.69
crore for fiscal 2016, against a PAT of INR0.72 crore on net
sales of INR25.51 crore in fiscal 2015.

Status of non-cooperation with previous CRA:
JNV has not cooperated with ICRA which has suspended its rating
vide release dated May 05, 2016.  The reason provided by ICRA is
non-furnishing of information required for monitoring of ratings.


KUMAR AUDYOGIK: CRISIL Lowers Rating on INR16MM Cash Loan to B-
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Kumar Audyogik Vikas Private Limited (KAV; part of the RL
Masala group) to 'CRISIL B-/Stable' from 'CRISIL B+/Stable'.

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

   Term Loan                 3       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The downgrade reflects stretched liquidity as indicated by high
bank limit utilisation to meet increased working capital
requirement.

The rating continues to reflect the group's below-average
financial risk profile because of weak liquidity, high gearing,
and low debt protection metrics, subdued operating margin, and
working capital-intensive operations. These rating weaknesses are
mitigated by a modest scale of operations and diversified product
and customer profiles. The rating also factors in the extensive
experience of the promoters in the spice trading and
manufacturing business and their funding support.

Analytical Approach
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KAV and Raghunath Laxmi Narayan Pvt
Ltd (RLN). This is because both the two companies, together
referred to as the RL Masala group, are owned and managed by the
same promoter family and deal in similar products.

Key Rating Drivers & Detailed Description

Weaknesses
*Below-average financial risk profile:  The gearing of the group
was high at 2.33 times as on March 31, 2016. Debt protection
metrics remained subdued, with interest coverage ratio at 1.44
times in fiscal 2016, owing to low profitability.

*Working capital-intensive operations: Gross current assets were
at 129 days as on March 31, 2016, with receivables of 30 days and
inventory of 68 days.

*Low operating margin: Groups operating margin was 3 times in
fiscal 2016.

Strengths
*Moderate scale of operations: Revenue grew at a healthy pace
over the three fiscals through 2015. However, revenue growth in
fiscal 2016 has remained stagnant on account of subdued demand.

*Diversified product and customer profiles: The customer base is
diversified across both wholesale and retail segments. The group
has established its RL Masala brand in semi-urban and rural areas
through a network of 1800 distributors in North India spread
across Uttar Pradesh, Bihar, West Bengal, Jharkhand, Assam, and
Madhya Pradesh; and 600 distributors in Andhra Pradesh, Tamil
Nadu, Maharashtra, and Karnataka.

*Extensive experience of the promoters in the spice trading and
manufacturing business: The promoters, members of the Maheshwari
family, have been trading in spices and dry fruits since 1965.
The business was started by Mr. Raghunath Laxminarayan, and is
currently being handled by his sons, Mr.  Omkar Nath Maheshwari
and Mr. Krishna Gopal Maheshwari, and his grandsons.

*Funding support from the promoters: The promoters extended
unsecured loans (Rs 9.6 crore as of March 2016) and infused
equity (Rs 2 crore) to fund working capital requirement.

Outlook: Stable
CRISIL believes the RL Masala group will continue to benefit over
the medium term from its diversified product and customer
profiles. The outlook may be revised to 'Positive' in case of
improvement in the financial risk profile, backed by higher-than-
expected profitability and cash accrual and better working
capital management. The outlook may be revised to 'Negative' in
case of deterioration in the financial risk profile owing to a
decline in profitability or a stretched working capital cycle.

RLN, set up in 1994, is a wholesale trader in dry fruits and
spices. Its operations are based at Sangli in Maharashtra, and
Varanasi in Uttar Pradesh. The company is owned and managed by
the Varanasi-based Maheshwari family.
The Maheshwari family acquired KAV in 2002, and this company
started spice manufacturing in Varanasi in 2008 under its own
brand, RL Masala.

Its net profit and sales are at Rs1.3 crores and Rs104 crores,
respectively, for fiscal 2016, against a net profit of Rs1.12
crores on sales of Rs95 crores for fiscal 2015.


KVR AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR5MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of KVR Automobiles
Private Limited continue to reflect KVR's below-average financial
risk profile because of leveraged capital structure and subdued
debt protection metrics, and the susceptibility to risks related
to intense competition in the automobile dealership industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         1.5       CRISIL A4 (Reaffirmed)
   Cash Credit            5.0       CRISIL B+/Stable (Reaffirmed)
   Overdraft              5.5       CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by the promoters'
extensive industry experience and the established market position
in the automobile dealership segment in Kerala, for vehicles of
Bajaj Auto Ltd (BAL; rated 'CRISIL AAA/FAAA/Stable/CRISIL A1+')

Key Rating Drivers & Detailed Description

Weakness
* Financial risk profile: KVR's financial risk profile is marked
by total outside liabilities to tangible networth of 3.53 times
respectively for fiscal 2016. The group's debt protection metrics
is subdued with interest coverage and net cash accruals to total
debt ratios of 1.39 times and 0.05 times respectively for fiscal
2016.

Strength
* Long standing presence of the promoters: The vast experience of
promoters has helped the company in establishing relationship
with key suppliers and customers.

Outlook: Stable
CRISIL believes KVR will continue to benefit over the medium term
from its promoters' extensive industry experience and financial
flexibility. The outlook may be revised to 'Positive' if the
company sustains the improvement in its revenue and
profitability, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile weakens, most likely because of a
considerable decline in cash accrual, sizeable debt-funded
capital expenditure, or deterioration in working capital
management.

KVRA was originally set up in 2000 as a proprietorship concern;
the firm was reconstituted as a private limited company in 2014.
It is an authorised dealer for BAL's vehicles in North Kerala.
Mr. Subash Balan manages its daily operations.

Profit after tax (PAT) was INR0.83 crore on total revenue of
INR58.19 crore in fiscal 2016, vis-a-vis net losses of INR0.41
crore on total revenue of INR69.71 crore, respectively, in fiscal
2015.


MEHTA GOLD: CRISIL Reaffirms B+ Rating on INR14MM Cash Loan
-----------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Mehta Gold at 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             14       CRISIL B+/Stable (Reaffirmed)

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

The rating continues to reflect the firm's below-average
financial risk profile because of high total outside liabilities
to tangible networth (TOLTNW) ratio and low interest coverage
ratio, and exposure to intense competition in the jewellery
business. These weaknesses are partially offset by the extensive
experience of its proprietor.

Key Rating Drivers & Detailed Description
Weaknesses
* Below-average financial risk profile: Networth was small at
INR3.03 crore and gearing high at 1.85 times as on March 31,
2016, due to modest scale of operations and low profitability.
Furthermore, TOLTNW ratio was weak at 5.23 times. Interest
coverage ratio was average at 1.12 times for fiscal 2016.

* Exposure to intense competition: The domestic jewellery
industry is highly fragmented and dominated by the unorganised
sector as it is neither capital- nor technology-intensive. Hence,
MG faces intense competition from both large and small players.

Strength
* Extensive experience of proprietor: Presence of nearly a decade
in the gold jewellery manufacturing and trading business has
enabled the proprietor to establish strong relationship with
clients.

Outlook: Stable
CRISIL believes MG will continue to benefit over the medium term
from the extensive experience of its proprietor. The outlook may
be revised to 'Positive' if financial risk profile improves
substantially with better debt protection metrics following
increased operating profitability or improvement in capital
structure on account of large capital infusion. The outlook may
be revised to 'Negative' if capital structure and liquidity
weaken on account of stretched receivables or any large, debt-
funded capital expenditure.

Set up in 2003 as a proprietorship firm by Mr. Dilip Mehta, a
first-generation entrepreneur, MG manufactures gold ornaments and
jewellery for the wholesale market. It sells to retailers in
South India and Maharashtra.

Profit after tax (PAT) was INR0.18 crore on net sales of INR50
crore for fiscal 2016, against a PAT of INR0.19 crore on net
sales of INR51.9 crore for fiscal 2015.


PLANNED SOCIAL: CRISIL Assigns B+ Rating to INR7MM LT Loan
----------------------------------------------------------
RISIL has assigned its 'CRISIL B+/Stable' rating to the proposed
long-term bank loan facility of Planned Social Concern.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility       7         CRISIL B+/Stable

The rating reflects a modest scale of operations, geographic
concentration in revenue, and susceptibility to legislative and
local level socio-political risks to which the microfinance
industry is exposed. These rating weaknesses are partially offset
by adequate capitalisation and healthy earnings.

Key Rating Drivers & Detailed Description

Weaknesses
* Modest scale of operations with geographic concentration in
revenue: The loan portfolio outstanding was at INR10.6 crore as
on December 31, 2016. Business operations are confined only to
Jaipur and hence remain susceptible to local, social, and
political issues.

* Susceptibility to legislative and local level socio-political
risks to which the microfinance industry is exposed: The
microfinance industry faces local socio-political issues in many
districts, more pronounced in Uttar Pradesh, Maharashtra,
Uttarakhand, Rajasthan, Haryana, and Delhi, which have
exacerbated post demonetisation. Maharashtra announced setting up
of a special investigation team to probe the operating practices
of MFIs. As the business of these institutions involves lending
to the poor and downtrodden section of society, they will remain
exposed to socially sensitive factors, including charging high
interest rates, and, consequently, to tighter regulations and
legislation.

Strengths
* Adequate capitalisation: The networth was INR7.9 crore and
gearing 0.5 time as on December 31, 2016, as against INR7.1 crore
and 0.4 time, respectively, as on March 31, 2016. The gearing is
expected to remain comfortable at below 2 times over the medium
term considering the planned scale of operations.

* Healthy earnings: The a net surplus was at INR1.4 crore in
fiscal 2016, as against INR0.7 crore in fiscal 2015. The net
surplus was at INR1.3 crore in the nine months ended December 31,
2016. The healthy earning profile is because of high-yielding
advances and low finance cost.

Outlook: Stable
CRISIL believes PSC's capitalisation will remain adequate over
the medium term. However, the scale of operations is expected to
remain modest and geographically concentrated over this period.
The outlook may be revised to 'Positive' if the market position
and resource profile improve significantly, while asset quality
and profitability are maintained. The outlook may be revised to
'Negative' if the asset quality and profitability deteriorate,
thereby impacting capitalisation.

PSC, registered under Section 8 of the Companies Act, 2013, as a
not-for-profit organisation, is based in Jaipur. The Company was
formed by Mr. Rajesh Gupta and Mr. Rajvinder Singh with the help
of Project Concern International (PCI), which is a patron of PSC.
PCI is a global organisation based in the US which promotes
economic development by offering financial services to the poor
in many countries. PSC initiated its microfinance activities as
an independent not-for-profit microfinance organisation; it
provides microfinance loans to women based on the Grameen Bank
model

For fiscal 2016, net surplus was INR1.4 crore on total income of
INR2.8 crore, against net surplus of INR74 lakh on total income
of INR1.8 crore for the previous fiscal. Net surplus was INR1.3
crore for the nine months ended December 31, 2016.


RASHMI MOTORS: Ind-Ra Raises Long-Term Issuer Rating to 'BB'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded M/s Rashmi
Motors' Long-Term Issuer Rating to 'IND BB' from 'IND BB-'.  The
Outlook is Stable.  The instrument-wise rating action is:

   -- INR168 (increased from INR160.5) mil. Fund-based limits
      raised to IND BB/Stable rating

                         KEY RATING DRIVERS

The upgrade reflects the improvement in Rashmi's scale of
operations and credit metrics.  During FY16, the firm's revenue
grew 87.5% yoy to INR1,516 million (FY15: 29.4% yoy) and EBITDA
increased to INR26 million in (INR21 millions) on account of a
rise in the sale of vehicles.  Moreover, the agency believes the
firm to report a higher revenue growth rate in FY17, in view of
9MFY17 revenue of INR1,472 million.  Gross interest coverage was
1.6x in FY16 (FY15: 1.4x) and net financial leverage of 5x
(6.1x).

The ratings also reflect the firm's comfortable liquidity
position as indicated by its 88% average utilization of the fund-
based limits during the 12 months ended January 2017.

The ratings remain constrained by the partnership nature of
Rashmi's business and a decline in its operating margin to 1.7%
in FY16 from 2.6% in FY15 on account of a rise in the cost of
goods.

                       RATING SENSITIVITIES

Positive: A positive rating action could result from a
substantial improvement in the operating margins leading to a
sustained improvement in the credit metrics.

Negative: A negative rating action could result from substantial
deterioration in the credit metrics.

COMPANY PROFILE

Rashmi is a registered partnership firm incorporated in 1995.  It
is managed by Rajat Kumar Baliarsinha, and his wife Babita
Baliarsinha.  The firm was a Tata Motors Ltd.'s authorized
service station before taking up the dealership of Ashok Leyland
Ltd's commercial vehicles in December 2012.


REVIVE CONSTRUCTION: CRISIL Ups Rating on INR20MM Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Revive Construction Company India Private Limited (RCIPL) to
'CRISIL B+/Stable' from 'CRISIL B-/Stable, and reaffirmed the
short-term rating at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          15        CRISIL A4 (Reaffirmed)

   Overdraft               20        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Proposed Long Term       5        CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

The upgrade reflects improvement in scale of operations and
working capital management, leading to higher cash accrual.
Revenue increased by 53% year-on-year to INR39.1 crore in fiscal
2016 from INR25.5 crore, backed by healthy order flow.
Furthermore, strong order book of INR192 crore, to be executed in
the next 1-2 years, provides revenue visibility. Increase in
topline led to cash accrual to INR 2.3 crore in fiscal 2016
against INR2 crore in fiscal 2015, despite drop in operating
margin to 12.2% from 16%. Cash accruals are estimated to further
increase to INR3.5 ' INR4.5 crores over the medium term, backed
by healthy growth in scale. Working capital cycle improved but
remained high with decline in gross current assets to 302 days as
on March, 2016, from 474 days as on March, 2015, primarily on
account of improvement in receivables.

The ratings reflect RCIPL's modest scale of operations in the
civil construction industry, large working capital requirements,
and average financial risk profile marked by weak capital
structure. These weaknesses are partially offset by extensive
experience of promoters in the civil construction business and
their funding support.

Analytical Approach
Unsecured loans of INR15 crore from promoters have been treated
as neither debt nor equity as they are expected to remain in
business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses
* Average financial risk profile: RCIPL's debt protection metrics
remains average marked by moderate interest coverage ratio of 2
times and net cash accruals to total debt ratio of 0.13 times in
fiscal 2016. Gearing was high at 3.3 times as on March, 2016, and
is expected to deteriorate over the medium term with debt-fund
capital expenditure of INR20 crore in fiscal 2017.

* Modest scale of operations: With revenue of INR39.1 crore in
fiscal 2016, RCIPL remains a small player in the highly
competitive civil construction segment, which limits its ability
to achieve economies of scale, and also restricts bargaining
power with suppliers.

Strengths
* Extensive experience of promoters: Presence of over four
decades in the civil construction segment has enabled the
promoters to successfully execute orders and established strong
relationship with suppliers.

* Funding from promoters: Liquidity is supported by need-based
fund infusion by promoters in the form of unsecured loans.

Outlook: Stable
CRISIL believes RCIPL will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if increase in cash accrual, fall in working
capital requirement, or any equity infusion strengthens financial
risk profile. The outlook may be revised to 'Negative' if
financial risk profile deteriorates owing to lower revenue and
profitability, or stretch in working capital requirement.

Set up in 2009, by Mr. Abdul Rahuman Nasarudeen and his family,
RCCIPL undertakes civil construction works, related to laying and
repair of roads. It is head quartered in Thiruvananthapuram,
Kerala.

Profit after tax was INR0.85 crore on net sales of INR38.6 crore
in fiscal 2016, against profit after tax of INR0.65 crore on net
sales of INR25.34 crore in fiscal 2015.


SARASWATHI ENGINEERING: CRISIL Reaffirms B Rating on INR4.5M Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of Saraswathi Engineering Construction Pvt
Ltd.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         5         CRISIL A4 (Reaffirmed)

   Cash Credit/
   Overdraft facility     4.5       CRISIL B/Stable (Reaffirmed)

   Proposed Overdraft
   Facility               0.5       CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect the company's modest scale of
operations in the intensely competitive civil construction
industry, and its large working capital requirement. These
weaknesses are partially offset by its promoters' extensive
industry experience.

Key Rating Drivers & Detailed Description

Weakness
* Modest scale of operations in an intensely competitive
industry: SEPL's modest scale is reflected in revenue of INR17.7
crore in fiscal 2016. Small projects executed in the past limit
the company's ability to bid for large projects. Tender-based
operations and fragmentation in the civil construction industry
will continue to constrain its operating margin.

* Customer and geographical concentration in revenue: SEPL's
operations are restricted to Tamil Nadu, and revenue is primarily
from projects executed for Central Public Works Department
(CPWD), exposing the company to the risk of delays or change in
investment plans, and political situation.

Strengths
* Promoters' extensive industry experience: Based on the
promoters' two decades of industry experience, SEPL has
established strong relationships with major customers leading to
regular orders. The company is a registered class-1 contractor
with CPWD and Tamil Nadu Public Works Department, and has an
established track record of executing projects for construction
of central and state government buildings.

Outlook: Stable
CRISIL believes SEPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the company strengthens its business risk profile
by successfully bidding for more projects, and significantly
increases revenue and profitability, while maintaining capital
structure. The outlook may be revised to 'Negative' if revenue
and profitability decline substantially, or if there are
considerable delays in realisation of receivables, or if the
company undertakes larger-than-expected, debt-funded capital
expenditure, weakening its financial risk profile, particularly
liquidity.

SEPL was set up in 1984 as a partnership firm, and was
reconstituted as a private limited company in 1986. It is managed
by Mr. P Kandasamy and his family members. The company is a civil
contractor (mainly for buildings).

SEPL had a profit after tax (PAT) of INR59.58 lakh on revenue of
INR18.24 crore in fiscal 2016, against a PAT of INR1.23 crore on
revenue of INR27.30 crore in fiscal 2015.


SHRI BASAVESHWAR: CRISIL Raises Rating on INR77.71MM Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Shri Basaveshwar Veerashaiva Vidayavardhak Sangha to 'CRISIL
B+/Stable' from 'CRISIL B/Stable while reaffirming the short term
rating at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          20       CRISIL A4 (Reaffirmed)

   Term Loan               77.71    CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects timely servicing of debt by SBVVS,
following an improvement in its liquidity supported by increased
intake of students and higher cash accruals. The upgrade also
reflects CRISIL's belief that SBVVS's cash accruals over the
medium term will be sufficient to meet the trust's maturing debt
obligations. The rating upgrade also reflects the long standing
presence of the trust in the region.

Key Rating Drivers & Detailed Description

Weaknesses
* Susceptibility of liquidity to large debt-funded capex plans
and debt repayment obligations: The liquidity risk profile of the
trust is expected to remain susceptible to the large ongoing-
capex plans. The trust has been incurring a capex of around
INR40-42 crores per annum on an average over the last five years
through 2015-16. The recurring capex plans limits the trust's
debt service coverage ratio which constrains its liquidity
profile.

* Vulnerable to any adverse regulatory changes in the education
business: In education segment, fee to be charged from the
students and any increase in fee structure are decided by the
regulatory agencies. This limits the financial flexibility of the
institute to raise additional funds in times of liquidity stress.
Also, any expansion plans of the institutes would require
approval from various regulatory bodies like, AICTE, government
and affiliated universities. Enhancements in the seat/courses
offered in any discipline also require approvals from the
relevant authority and is a lengthy process. It involves
complying with all the norms and standards as specified by the
authority in this regard. Therefore, lack of autonomy in
selection of courses offered, number of seats on offer and the
fee structure results in limited improvement in revenue prospects
of the trust. Also, salary cost of the teaching staff is decided
by AICTE. Regulatory restrictions on revenue (cap on fees) and
salaries (as per AICTE norms) arrest the ability to scale up the
revenue and constrain the profitability. Given the background,
CRISIL believes that SBVVS will remain exposed to high regulatory
risks over the near to medium term.

Strengths
* Healthy demand prospects for the education industry and its
promoters' extensive experience: Over the years, there has been
thrust on higher education by the governments at both Centre and
State levels. To facilitate the doubling of student intake into
the system, the National Knowledge Commission has recommended
setting up 1500 universities. The private sector is playing a
significant role in higher education, especially professional
education, in the country. With popularisation of private self-
financing colleges and deemed universities, the role of the
private sector in education has been accepted and recognised.
This augurs well for enrolment into educational institutions.
CRISIL believes that private institutions will witness healthy
enrolment of students over the medium term.

Outlook: Stable
CRISIL believes that Shri Basaveshwar Veerashaiva Vidayavardhak
Sangha (SBVVS) will continue to benefit over the medium term from
the extensive experience of its promoter in the field of
education, and its established position in Karnataka. The outlook
may be revised to 'Positive' in case of more-than-expected
increase in SBVVS's cash accruals, driven most likely by a much
higher operating surplus with increase in the intake of students,
leading to improvement in its liquidity. Conversely, the outlook
may be revised to 'Negative' in case of significant debt-funded
capex programme leading to weakening of the trust's financial
risk profile, or lower-than-expected cash accruals, leading to
deterioration in its liquidity.

SBVVS, established in 1906 operates about 135 institutes, most of
which are in Bagalkot (Karnataka) and some are in Mudhol
(Karnataka). It is expanding its geographic reach, with an
engineering institute in Bengaluru (Karnataka).

SBVVS generated net sales of INR158.49 crores in 2015-16 (Refers
to financial year from 1st April 2015 to 31st March 2016) with
Profit after Tax of INR27.6 crores during the same period as
compared to INR137.18 crores in 2014-15 with profit after tax of
INR23.7 crores during the same period.


SINDHUJAA RESIDENCY: CRISIL Assigns B+ Rating to INR5MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Sindhujaa Residency.

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

The rating reflects the firm's exposure to implementation,
funding, and demand risks associated with proposed hostels and to
intense competition from existing hostels in Coimbatore. These
weaknesses are partially offset by the extensive experience of
promoters and high occupancy levels of hostels run individually
by them.

Key Rating Drivers & Detailed Description

Weaknesses
* Exposure to implementation, funding, and demand risks
associated with proposed hostels: The firm is proposing to start
five new hostels in Coimbatore. The timely fund closure, ability
to keep the hostels ready for occupation by the time academic
year starts and occupancy of the proposed hostels will remain key
rating sensitivity factors.

* Exposure to intense competition from the existing hostels in
Coimbatore: The firm is exposed to intense competition from
already existing hostels in Coimbatore.

Strength
* Extensive experience of promoters: The promoters have been
operating four hostels in individual capacities for around 10
years. These hostels are fully occupied.

Outlook: Stable
CRISIL believes SR will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if larger-than-expected cash accrual leads to
better liquidity. The outlook may be revised to 'Negative' if
substantially low occupancy leads to weak liquidity.

Set up in 2016 in Coimbatore as a partnership firm by Mr. J
Santhosh and Ms. Jothimani, SR is setting up five luxury hostels
in Coimbatore. Operations are managed by Mr. J Santhosh and Ms.
Jothimani.


SPICTEX COTON: CRISIL Upgrades Rating on INR25MM Loan to BB-
------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Spictex
Coton Mills Private Limited (SCMPL; part of the Spictex group) to
'CRISIL BB-/Stable/CRISIL A4+' from 'CRISIL B+/Stable/CRISIL A4'

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee          0.95       CRISIL A4+ (Upgraded from
                                       'CRISIL A4')

   Cash Credit            25.00       CRISIL BB-/Stable (Upgraded
                                      from 'CRISIL B+/Stable')

   Corporate Loan          7.25       CRISIL BB-/Stable (Upgraded
                                      from 'CRISIL B+/Stable')

   Long Term Loan          3.75       CRISIL BB-/Stable (Upgraded
                                      from 'CRISIL B+/Stable')

   Proposed Long Term     20.55       CRISIL BB-/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B+/Stable')

The rating upgrade reflects CRISIL's belief that Spictex group's
liquidity will improve over the medium term on account of
declining repayment obligations; the group's annual repayment
obligations are likely to reduce to INR 4.0 crores in fiscal 2018
from INR 10.6 crores in fiscal 2017, following closure of some
term loans by March 2017. Steady revenue growth of 3 to 5 percent
and stable operating margins in the range of 8.0 to 8.2 per cent
is likely to generate cash accruals in the range of INR 5.0 to
5.5 crores over the medium term, sufficient in relation to the
estimated repayments. Liquidity is further supported by timely
need-based fund support extended by the promoters of INR 3.4
crores during the 3 years ended fiscal 2016. Absence of debt-
funded capital expenditure (capex) plans, prudent working capital
management and demonstrated financial flexibility of the
promoters will support the group's liquidity profile over the
medium term.

The ratings also reflect Spictex group's established regional
market position and moderate scale of operations supported by
extensive experience of promoters in the industry. These rating
strengths are partially offset by the Spictex group's below-
average financial risk profile because of high gearing and
average debt protection metrics, and the inherent vulnerability
to volatility in cotton prices.

Analytical Approach
For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SCMPL and Shri Harikrishna Cotton
Mills Pvt Ltd (SHCMPL). This is because the two companies,
together referred to as the Spictex group, are in the same line
of business, and have a common management and fungible cash
flows.

Key Rating Drivers & Detailed Description

Strengths
* Established regional market position and moderate scale of
operations: Spictex group has an established market position in
the industry as reflected by the moderate revenue of INR 148
crores in fiscal 2016. The group has diversified product offering
with hosiery yarn counts ranging from 20s to 60s.

* Extensive experience of promoters in the industry: The
promoters have over two decades of experience in the industry and
over the years have established healthy customer and supplier
relationships.

Weaknesses
* Below-average financial risk profile: Spictex group has below-
average financial risk profile marked by high gearing of 2.97
times as on March 31, 2016 and interest coverage of 1.67 times
for fiscal 2016.

* Vulnerability to volatility in cotton prices: Raw cotton
accounts for 65 to 70 per cent of the group's total cost of
production. The price of cotton is highly volatile and any
significant increase in the cotton prices will adversely impact
the margins as the cotton spinners will not be able to pass on
the same to customers on account of intense industry competition.

Outlook: Stable
CRISIL believes the Spictex group will continue to benefit over
the medium term from its established market position in the
textile industry and healthy relationship with customers. The
outlook may be revised to 'Positive' if higher-than-expected
revenue growth while sustaining profitability results in better
financial risk profile. The outlook may be revised to 'Negative'
if decline in cash accrual because of lower-than-expected revenue
or operating margin, or deterioration in working capital
management or debt-funded capex results in weakening of financial
risk profile, especially the liquidity.

Promoted by Mr. V Muthusamy, the Spictex group manufactures
cotton yarn. SCMPL, the flagship company, was established in
1996, while Shri Harikrishna was incorporated in 2008.

Spictex group reported Profit after tax (PAT) of INR1.5 crores on
revenue of INR 148 crores in fiscal 2016 as against INR1.2 crores
and INR 144 crores, respectively in fiscal 2015.


STARWING PLASTIC: Ind-Ra Assigns 'B' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Starwing Plastic
and Chemicals Private Limited (SPCPL) a Long-Term Issuer Rating
of 'IND B'.  The Outlook is Stable.  The instrument-wise rating
actions are:

   -- INR40 mil. Fund-based facilities assigned with
      IND B/Stable/IND A4 rating; and

   -- INR110 mil. Non fund-based facilities assigned with IND A4
      Rating

                         KEY RATING DRIVERS

The ratings reflect SPCPL's liquidity stress.  There had been
over-utilization (of up to 8 days) of its working capital
facilities during the six months ended January 2017 on stretched
cash conversion cycle which deteriorated in FY16 to 79 days
(FY15: 67 days).  Fund-based facilities were utilized at an
average of 102.3% over the 12 months ended January 2017.

The ratings further reflect the company's weak credit profile.
SPCPL's revenue increased to INR302 million in FY16 (FY15: INR186
million) due to an increase in orders in hand.  The company has a
current order book of INR35 million which will be executed by
March 2017.  SPCPL has booked revenue of INR500 million in
10MFY17 (unaudited).

Net leverage (total adjusted net debt/operating EBITDAR) of the
company was negative 27.7x in FY16 (FY15:  negative 7.9x) due to
increase in debt and gross interest coverage (operating
EBITDA/gross interest expense) was also negative 0.7x in FY16
(FY15: negative 3.5x) due to negative EBITDA margins (FY16:
negative 0.8%, FY15: negative 2.3%, FY14: negative 4.0%).
Margins were negative due to an increase in marketing expenses.
Ind-Ra expects the margins to improve in FY17.

The ratings, however, draw support from more than a decade of
experience of SPCPL's promoter in trading of plastics and
chemicals.

                      RATING SENSITIVITIES

Positive: Sustained improvement in the liquidity position could
lead to a positive rating action.

Negative: Any decline in profitability resulting in further
stress on the liquidity position or sustained deterioration in
credit profile of the company could lead to a negative rating
action.

COMPANY PROFILE

Set up in 2013, SPCPL is a trading company specializing in import
and distribution of plastics and chemicals and specialty
additives. SPCPL imports raw material from various countries and
sells it in the domestic market.  The company is currently
concentrating in the states of Maharashtra, Gujarat, Jharkhand
and Madhya Pradesh.


SOLVE PLASTIC: Ind-Ra Assigns 'B' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Solve Plastic
Products Private Limited (Solve) a Long-Term Issuer Rating of
'IND B'.  The Outlook is Stable.  A summary of rating actions on
the company's instruments is:

   -- INR86 mil. Fund-based facilities assigned with
      IND B/Stable/IND A4 rating;

   -- INR7.5 mil. Non-fund-based facilities assigned with IND A4
      rating; and

   -- INR21.993 mil. Term loans* assigned with IND B/Stable
      rating

* Details of term loans are given in Annexure

                         KEY RATING DRIVERS

The ratings reflect Solve's weak credit profile.  In FY16, the
company reported revenue of INR265 million (FY15: INR277
million). EBITDA margin declined to 5.1% in FY16 (FY15: 5.3%) on
account of an increase in variable cost (advertisement and
marketing development).  EBITDA interest coverage (operating
EBITDA/gross interest expense) remained stable at 1.6x in FY16
(FY15: 1.6x), while net financial leverage (Ind-Ra adjusted net
debt/operating EBITDA) deteriorated to 6.8x (4.8x) due to an
increase in debt. The company recorded revenue of INR313.9
million during 11MFY17.

The ratings also factor in Solve's tight liquidity position as
reflected by average use of fund-based facilities of 96.1% during
the 12 months ended February 2017.

However, the ratings draw support from the promoter's more than a
two-decade-long experience in the pipe manufacturing business.

                       RATING SENSITIVITIES

Positive: A substantial growth in the top line and profitability
margin leading to a sustained improvement in the overall credit
metrics will be positive for the ratings.

Negative: A substantial decline in the profitability margin
resulting in a sustained deterioration in the credit metrics will
be negative for the ratings.

COMPANY PROFILE

Incorporated in 1991, Solve manufactures water pipes and electric
conduits, pipe fittings and plastic pipes in Punalur, Kerala.


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

   -- INR20 mil. Fund-based limits affirmed with IND BB/Stable
      rating;

   -- INR10.47 mil. Term loan affirmed with IND BB/Stable rating;

   -- INR50 mil. Non-fund-based limits affirmed with IND A4+
      rating

                          KEY RATING DRIVERS

The ratings continue to reflect Sowil's small scale of operations
and moderate credit profile.  During the 15 months period ended
March 2016, revenue was INR199 million (15 months period ended
December 2014: INR155 million), gross interest coverage was 2.1x
(0.7x) and net financial leverage was 1.6x (10.8x).  Credit
metrics improved during the period on account of an improvement
in operating EBITDA margin to 13% from 2.6% which was because of
a decline in the overhead expenses.

The ratings also reflect the company's moderate working capital
utilization of 87% for the six months ended February 2017.
Moreover, its net working capital cycle was long at 135 days
during 15 months period ended March 2016 (during 15 months period
ended December 2014: 173 days) on account of high payable days.

The ratings, however, are supported by Sowil's promoters' two
decades of experience in the providing consultancy services for
civil construction work.

                       RATING SENSITIVITIES

Positive: An increase in the scale of operations along with
maintenance of the credit profile will lead to a positive rating
action.

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

COMPANY PROFILE

Incorporated in 1996, Sowil was formerly known as Sir Owen
Williams Innovestment Ltd.  It has a corporate office in Mumbai.
The company provides consultancy services for all types of
highway development works, railway works, bridges, structures,
and tunnelling.


SRI RAM: CRISIL Assigns B- Rating to INR10.2MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Sri Ram Spinning Mills Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Long Term Loan         3.4       CRISIL B-/Stable
   Cash Credit           10.2       CRISIL B-/Stable
   Corporate Loan         2.4       CRISIL B-/Stable

The rating reflects modest scale and working capital-intensive
operations in a fragmented textile industry, and a below-average
financial risk profile because of moderate gearing and weak debt
protection metrics. The rating also factors in susceptibility to
cotton availability its prices and government policy regarding
the cotton industry. These weaknesses are partially offset by the
extensive experience of the promoters in the textile industry,
and their need based funding support.

Key Rating Drivers & Detailed Description

Weaknesses
* Modest scale of operations in a highly fragmented industry:
Revenue was around INR38.53 crore in fiscal 2016 and expected to
grow marginally current fiscal. The operations will remain
exposed to intense competition in a fragmented industry.

* Susceptibility to availability and prices of cotton and to
government regulations: Operations will remain susceptible to any
high volatility in cotton prices, its availability or any adverse
impact of government regulations pertaining to the industry.

* Below-average financial risk profile:
The financial risk profile is below-average, marked by modest
networth of INR 7.85 crore, moderate gearing ratio of 2.07 times,
and average debt protection metrics marked by interest coverage
was 0.67 for fiscal 2016.

* Moderate working capital requirement
The company's operations are working capital intensive as
reflected in gross current assets of above 101 days through
fiscal 2016. The working capital will continue to remain high
over the medium term as well.

Strength
* Promoters' extensive experience and need based fund support:
Benefits from the promoters' extensive experience of over a
decade, and need-based fund infusions should continue to support
operations of the company.

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

Established in 1995, SRML manufactures cotton yarn of counts
ranging from 30's to 40's and has a capacity of 23184 spindles in
Hyderabad, Telangana.

For fiscal 2016, SRML reported a loss of INR1.25 crore on revenue
of INR38.53 crore (Rs 0.90 crore and INR49.59 crore,
respectively, for fiscal 2015).


TEAM INTERVENTURE: CRISIL Assigns 'D' Rating to INR127MM Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Team Interventure
Exports India Pvt Ltd for obtaining information through letters
and emails dated December 12, 2016, January 10, 2017,
February 14, 2017, February 15, 2017, February 17, 2017 and
February 20, 2017, among others, apart from telephonic
communication. However, the issuer has continued to be non-
cooperative.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Foreign Bill Purchase     127       CRISIL D/Issuer Not
                                       Cooperating

   Proposed Short Term        13       CRISIL D/Issuer Not
   Bank Loan Facility                  Cooperating

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.'

Detailed Rationale
CRISIL has reaffirmed the long term bank loan ratings of Team
Interventure Exports India Pvt Ltd (TIEIPL) to at CRISIL D'.

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

Key Rating Drivers & Detailed Description

Weakness
* Weak liquidity leading to irregularities in bank facilities
TIEIPL's liquidity has deteriorated due to delays in recovery of
receivables from overseas clients leading to its bank facilities
remaining overdue for more than 90 days.

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

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

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

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

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


TEXOOL LIMITED: CRISIL Reaffirms 'B' Rating on INR6MM Pack Loan
---------------------------------------------------------------
CRISIL has reaffirmed its ratings of 'CRISIL B/Stable/CRISIL A4'
on the bank facilities of Texool Limited. The rating continues to
reflect the company's small scale and working capital intensity
in operations, and its weak financial risk profile. The company
however continues to benefit from the promoters' long track
record in the business.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bill Discounting         0.5      CRISIL B/Stable (Reaffirmed)
   Foreign Bill Purchase    3        CRISIL B/Stable (Reaffirmed)
   Packing Credit           6        CRISIL A4 (Reaffirmed)

Analytical Approach
Unsecured loans of INR0.24 crore that Texool has received from
its promoters as on March 31, 2016, have been treated as neither
debt nor equity. That is because there is no interest outgo on
the loans, which are expected to remain in the business over the
medium term.

Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations: Scale of operations in the shoddy
yarn industry remains modest, with operating income of INR26
crore in fiscal 2016, limiting benefits from economies of scale.

* Working capital intensity in operations: Working capital
intensity persists, with sizeable gross current assets, debtors
and inventory, of around 242, 140, and 80 days, respectively, as
on March 31, 2016, despite credit of around 100 days received
from suppliers. Reliance on short-term debt and bank limit are,
therefore, expected to remain high.

* Weak financial risk profile: Minimal equity infusions by the
promoters and low accretion to reserve continue to keep financial
metrics weak: gearing was high at 1.66 times and networth modest
at INR5 crore as on March 31, 2016. Debt protection indicators
are weak, too: interest coverage and net cash accrual to total
debt ratios were 1.6 times and 0.09 time, respectively in fiscal
2016.

Strength
* Promoters' extensive experience in the shoddy yarn industry:
Established presence in the industry and strong relationships
with around 50 overseas suppliers give a competitive edge in
sourcing used clothes in bulk. The management has, under a
different entity, begun making bags, doormats, and decorative
items from imported cloth, which fetches higher profitability.

Outlook: Stable
CRISIL believes Texool will continue to benefit over the medium
term from the promoters' extensive experience in sourcing used
clothes.  The outlook may be revised to 'Positive' if financial
risk profile improves, driven by sustained increase in revenue,
profitability, and accretion to reserve, and lower reliance on
external funding. Conversely, the outlook may be revised to
'Negative' if stretch in working capital cycle, or any large
capital expenditure further weakens liquidity and capital
structure.

Texool is an export-oriented unit (EOU) with a facility in Kandla
SEZ, Gujarat. The company is engaged in manufacturing and sales
of shoddy yarns and rendered unserviceable used clothing.
Currently, operations are managed by Mr. Surinder Sajdeh.

Profit after tax was INR0.3 crore on operating income of INR26.4
crore in fiscal 2016, against INR0.5 crore and INR30.4 crore,
respectively, for the previous year.


THRIIVE CARS: CRISIL Upgrades Rating on INR3.5MM Loan to BB-
------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Thriive
Cars to 'CRISIL BB-/Stable/CRISIL A4+' from 'CRISIL
B+/Stable/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Drop Line Overdraft      0.76      CRISIL BB-/Stable (Upgraded
   Facility                           from 'CRISIL B+/Stable')

   Inventory Funding        3.50      CRISIL BB-/Stable (Upgraded
   Facility                           from 'CRISIL B+/Stable')

   Long Term Loan           0.73      CRISIL BB-/Stable (Upgraded
                                      from 'CRISIL B+/Stable')

   Overdraft                0.90      CRISIL A4+ (Upgraded from
                                      'CRISIL A4')

   Proposed Long Term       1.21      CRISIL BB-/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B+/Stable')

The rating upgrade reflects CRISIL's belief that Thriive's
business risk profile would improve over the medium term owing to
steady revenue growth and sustenance of moderate operating
profitability. Revenues are expected to grow at moderate rate
while its operating profitability is expected to be maintained
leading to improved accruals. Improvement in operating
performance will lead to gradual improvement in financial risk
profile.

The rating reflects Thriive's established position as a dealer of
GM India in Tamil Nadu. The strength is partially offset by its
below-average financial risk profile driven by high total outside
liabilities to tangible networth (TOLTNW) ratio, and exposure to
intense competition in the automobile dealership business.

Key Rating Drivers & Detailed Description
Strength
* Established market position as a dealer of GM India: Thriive
has been associated with GM India for nine years, and is an
exclusive dealer of GM India's vehicles in the three districts of
Tamil Nadu it operates in.

Weaknesses
* Exposure to intense competition: Intense competition from
dealers of other established automobile manufacturers such as
Maruti Suzuki India Ltd ('CRISIL AAA/Stable/CRISIL A1+'), Hyundai
Motors India Ltd ('CRISIL A1+'), and Tata Motors Ltd ('CRISIL
AA/Positive/CRISIL A1+'), constrains Thriive's profitability.

* Below-average financial risk profile: Thriive's financial risk
profile is constrained by small networth and high TOLTNW ratio of
INR2.7 crore and 2.16 times, respectively, as on March 31, 2016.
Interest coverage and net cash accrual to total debt ratios were
muted, at 2.38 times and 12%, respectively, for fiscal 2016, on
account of low profitability and considerable working capital
debt.

Outlook: Stable
CRISIL believes Thriive will continue to benefit from its
established market position. The outlook may be revised to
'Positive' if there is a significant increase in sales volume and
operating profitability, or a substantial improvement in capital
structure and debt protection metrics. The outlook may be revised
to 'Negative' if slowdown in the automobile industry hits the
firm's revenue and profitability, or if it undertakes large,
debt-funded capital expenditure, weakening its capital structure.

Thriive, set up in 2005, is an authorised dealer of GM India in
Tamil Nadu. The firm operates three showrooms, in Salem, Hosur,
and Namakkal. The dealership is for passenger cars, and spares
and accessories, and for service of vehicles.

Thriive had a net profit of INR38 lakh on revenue of INR33.6
crore in fiscal 2016, against a net profit of INR36 lakh on
revenue of INR34 crore in fiscal 2015.


TIRUPATI AGRI: CRISIL Assigns B+ Rating to INR5.0MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Tirupati Agri Inputs.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term
   Bank Loan Facility     .26       CRISIL B+/Stable
   Cash Credit           5.00       CRISIL B+/Stable
   Long Term Loan         .64       CRISIL B+/Stable

The rating reflects the firm's modest scale of operations in the
highly competitive groundnut seeds processing and agricultural
commodities trading business, and its large working capital
requirement. These weaknesses are partially offset by its
promoters' extensive industry experience and strong relationships
with traders all over India, and its low gearing.

Key Rating Drivers & Detailed Description

Weaknesses
* Working capital-intensive operations: Inventory of 2-3 months
lead to large working capital requirement and high bank line
utilisation.

* Modest scale in a fragmented industry: Scale of operations
(operating revenue of INR19.76 crore in fiscal 2016) will remain
modest over the medium term.

Strengths
* Promoters' extensive experience and financial support: The
promoters' extensive industry experience has led to longstanding
relationships with customers and suppliers.

* Low gearing: Gearing was 0.48 time as on March 31, 2016, in the
absence of major long-term debt.

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

TAI was established as a partnership firm in 2013 by five
partners. Its operations are managed by Mr. Suresh Rank and Mr.
Sandip Rank. TAI processes groundnut seeds and trades in
agricultural commodities. Its facility at Gondal, Gujarat, has
processing capacity of 15,000 tonne per annum.

For fiscal 2016, TAI's net profit was INR16.00 lakh on net sales
of INR19.75 crore and for fiscal 2015, TAI's net profit was
INR5.9 lakhs on net sales of INR 17.45 Crore


VASHUDEV TRADING: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vashudev Trading
Company (VTC) a Long-Term Issuer Rating of 'IND B+'.  The Outlook
is Stable.  The agency has taken these rating action on the
firm's fund-based limits:

   -- INR50 mil. Fund-based working capital assigned with
      IND B+/Stable/ IND A4 rating

                        KEY RATING DRIVERS

The ratings reflect VTC's moderate scale of operations and weak
to moderate credit metrics.  VTC's revenue was INR643.10 million
in FY16 (FY15: INR960.67 million), net leverage (total adjusted
net debt/operating EBITDA) was at 5.28x (12.07x) and gross
interest coverage (operating EBITDA/gross interest expense) was
1.13x (1.09x).  The ratings are constrained by the firm's weak
EBITDA margins of 1.77% in FY16 (FY15:1.61%).

The ratings factor in VTC's stressed liquidity position as
evident from almost full utilization of its fund-based limits
during the 12 months ended January 2017.  The ratings are
constrained by the firm's vulnerability to agro-climatic risks
and the risks inherent in proprietorship concerns.

The ratings, however, derive strength from VTC's promoter's
experience of more than three decades in the rice industry.

                        RATING SENSITIVITIES

Positive: Substantial revenue growth along with an increase in
EBITDA margins leading to improvement in the overall credit
metrics could lead to a positive rating action.

Negative: A Decline in the operating profitability leading to
deterioration in the overall credit metrics could lead to a
negative rating action.

COMPANY PROFILE

Incorporated in 2009, VTC is a proprietorship concern engaged in
milling and trading of rice.  VTC procures paddy from traders,
local market, and rice from other rice millers.  The firm sells
basmati rice to wholesalers, exporters, and also sells through
brokers.


VEERAL CONTROLS: CRISIL Reaffirms B+ Rating on INR4MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Veeral Controls
Private Limited continue to reflect the small scale of and
working capital intensive operations; and vulnerability to
investment cycles. These weaknesses are partially offset by the
extensive experience of promoters in the automation and
instrumentation industry.

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

   Inland Guarantees        1      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       3.5    CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weaknesses
* Modest scale of operations and limited outstanding orders: With
moderate outstanding orders, scale of operations is expected to
remain modest in the current year as well'operating revenue was
at INR 17.70 crore as on March 31, 2016.

* Financial risk profile constrained because of low networth:
Working capital intensive operations and low networth'at INR2.57
crore as on March 31, 2016'increase the dependence on outside
borrowing. Consequently, gearing stood at 2.24 times.

* Working capital intensive operations: Despite inventory days
reducing from 157 days to 106, operations remain highly working
capital intensive with gross current assets days of more than 200
over the last 3 years ended March 31, 2016.

Strength
* Established market position and extensive experience of
promoters: The promoter holds strong technical expertise in the
manufacture of process control and instrumentation products and
has successfully executed orders and offered solutions in a
timely manner to a wide range of customers.

Outlook: Stable
CRISIL believes VCPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if increase in scale of operations and profitability,
lead to large cash accrual. The outlook may be revised to
'Negative' if decline in revenue and profitability, results in
low cash accrual, or a stretch in working capital cycle, or
substantial debt-funded capital expenditure weakens financial
risk profile.

Established as a partnership firm in 1981, the firm was
reconstituted as a private limited company with the current name
in 1993. It has four directors, with the key director being Mr.
Varuneshkumar Prasad, an electrical engineer from IIT-Kanpur who
looks after overall operations. The company manufactures
instrumentation drives, power controllers, precision power
supplies, and is also engaged in original equipment manufacturing
activities and providing customised products and services. Its
manufacturing facility is in Gandhinagar, Gujarat.

For fiscal 2016, net profit was INR6.00 lakh on net sales of
INR55.83 crore, against INR6.00 lakh and INR65.10 crore for
fiscal 2015.


VIPUL OVERSEAS: CRISIL Reaffirms B+ Rating on INR4.5MM Loan
-----------------------------------------------------------
CRISIL has reaffirmed the ratings of Vipul Overseas Private
Limited at 'CRISIL B+/Stable/CRISIL A4' on VOPL's bank loan
facilities.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            4.5       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      17.0       CRISIL A4 (Reaffirmed)

The rating continues to reflect weak financial risk profile and
working capital intensive nature of operations. These weaknesses
are partially offset by extensive experience of promoters in
paper industry.

Analytical Approach
For arriving at the rating, CRISIL has consolidated the business
and financial risk profile of BPS and VOPL, together referred to
as Vipul Overseas Group. Both entities share common
infrastructure and have similar procurement process. Moreover,
both the group entities are engaged in trading of similar
products which are coated & uncoated paper, news print and waste
paper. Furthermore, financial support is expected between the
group entities in case of financial crunches.

Key Rating Drivers & Detailed Description

Weaknesses
* Weak financial risk profile: The financial risk profile of
Vipul Overseas Group is weak marked by high TOLTNW of 4.79 times
as on March 31, 2016 and low interest coverage of 1.3 times for
2015-16 on account of high utilisation of debt. CRISIL believes
that financial risk profile will remain weak over the medium
term.

* Working capital intensive nature of operations: Vipul Overseas
Group has working capital intensive nature of operations marked
by gross current assets (GCA) of 148 days as on March 31, 2016.
This is driven by high debtors of 128 days as on March 31, 2016.
CRISIL believes that working capital will remain stretched due to
high debtors over the medium term.

Strength
* Extensive experience of promoters in paper industry: Mr.
Surinder has experience of more than two decades in this
industry. Mr. Garg has established strong relationship with its
customers and suppliers. Furthermore, the extensive experience
has helped Mr. Garg to understand deep insights about the
industry. CRISIL believes that business risk profile will be
supported by extensive experience of promoters.

Outlook: Stable
CRISIL believes the Vipul Overseas group will continue to benefit
over the medium term from the promoters' extensive industry
experience. The outlook may be revised to 'Positive' if the group
reports higher than expected topline or profitability or if its
working capital cycle improves, leads to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in profitability margins or
a significant deterioration in the capital structure on account
of larger-than-expected working capital requirement, leads to
deterioration in financial risk profile.

BPS was set up as a proprietorship concern in 1991 by the New
Delhi-based Mr. Surinder Garg. It trades in coated and uncoated
paper, newsprint, and waste paper.

VOPL was set up as a private limited company in 1992 by the New
Delhi-based Garg family. Mr. Surinder Garg is the key promoter
and managing director the other directors are Mr. Jai Dev Ram
Garg (father of Mr. Surinder Garg) and Mrs. Archana Garg (wife of
Mr. Surinder Garg). The company also trades in coated and
uncoated paper, newsprint, and waste paper.

Group reported a profit after tax (PAT) of INR0.26 Crore on net
sales of INR119 crores for fiscal 2016, vis-a-vis INR0.25 Crore
and INR92 Crores, respectively in fiscal 2015.


VISHAAL PROMOTERS: CRISIL Assigns B- Rating to INR35MM Disc. Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank loan facility of Vishaal Promoters Private Limited.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Lease Rental
   Discounting Loan         35        CRISIL B-/Stable

The rating reflects stretched liquidity with cash accruals
inadequate to meet debt obligation, however supported by need
based fund support from promoters, and susceptibility to economic
downturns and geographical concentration in revenue. These
weaknesses are partially offset by the extensive experience of
the promoters, and their project execution capabilities, in the
construction industry, and the advantageous location of the mall.

Key Rating Drivers & Detailed Description

Weaknesses
* Stretched liquidity: Net cash accrual is expected to be
inadequate to meet debt obligation; however, liquidity is
supported by need-based funding from the promoters.

* Susceptibility to economic downturns: The company will remain
vulnerable to economic cycles as most of the revenue is derived
from leasing out commercial spaces, which is linked to the
spending pattern of consumers.

* Geographical concentration in revenue: The company operates
only one shopping mall in Madurai, from which it derives most of
its revenue.

Strengths
* Extensive industry experience, and project execution
capabilities, of the promoters: The company has an established
track record of more than a decade, and one of the promoters, Mr.
I Ilankovan, has more than 20 years of experience in the civil
and real estate construction business. VPPL is a leading player
in Madurai and is known for good quality construction.

* Advantageous location of the mall, resulting in steady revenue:
The mall is located near the densely-populated areas of Madurai.
Being the largest mall in the city, it provides good visibility
and healthy occupancy rates.

Outlook: Stable
CRISIL believes VPPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of higher-than-anticipated cash accrual,
leading to better liquidity. The outlook may be revised to
'Negative' in case of lower-than-expected cash accrual, delay in
fund support, or larger-than-expected debt-funded capital
expenditure, resulting in weakening of the financial risk
profile, particularly liquidity.

VPPL was set up in 2001 as a partnership firm by Mr. Ilankovan
and his wife. The firm was reconstituted as a private limited
company in 2004. The company, based in Madurai, undertakes real
estate development.

Profit after Tax (PAT) was INR36 lakh on operating income of
INR9.71 crore in fiscal 2016, against PAT of INR15 lakh on
operating income of INR5.18 crore in fiscal 2015.



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


TOSHIBA CORP: Midea Denies Report on Bid for Semiconductor Unit
---------------------------------------------------------------
The South China Morning Post reports that Midea, China's largest
home appliance maker, has flatly denied reports suggesting a
planned investment in Toshiba Corp's semiconductor unit but
officials stressed it would give priority to fine-tuning its own
operating and management system following several high-profile
overseas acquisitions.

Andy Gu, Midea's vice president, said told a press briefing on
March 8 that Midea would chase fast growth in industry automation
and robotic sectors amid a lacklustre home appliance market, SCMP
relates.

"We did not participate in any discussion about a deal to buy
Toshiba's semiconductor unit," the report quotes Mr. Gu as
saying. "Our focus is to set up an effective cross-market, cross-
culture system to streamline our management and improve
performance."

State-owned National Business Daily reported on March 8 that
Midea was interested in buying Toshiba's semiconductor unit, SCMP
says.

According to SCMP, Guangdong-based Midea spent US$5 billion
buying German robot maker Kuka late last year after paying
US$474 million on an 80.1% stake in Toshiba's home appliance
unit.

"The media misunderstood us. We have almost completed our
purchases of global assets," Mr. Gu, as cited by SCMP, added.

"We have accumulated experience and learned lessons since we
started our go-global strategy in 2007.

"The central plank of our efforts is how to integrate our various
businesses to churn out proper products to compete in the global
market."

He said he expected the mainland's home appliance sector to post
just single-digit growth this year, prompting Midea to create new
growth engines in line with the country's economic blueprint of
moving Chinese-made products further up the value chain, the
report 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: May Ask Banks to Review Loan Terms
------------------------------------------------
Jiji Press reports that Toshiba Corp. is considering asking its
creditor banks to review loan terms, including the possible
scrapping of a covenant requiring loan repayments in case of
falls in credit ratings, according to informed sources.

By changing the loan terms, the struggling electronics and
machinery maker aims to ensure stable financing, the sources said
on March 7, Jiji Press relates.

The report says Toshiba is concerned that its business
reconstruction would become difficult if creditor banks withdraw
their loans due to its falling credibility.

Toshiba plans to release its earnings results for April-December
last year by March 14 and hold a meeting with creditor banks on
March 15, the report notes.

At the meeting, Toshiba is expected to ask the banks to continue
loans in April onward while seeking a review of the loan terms,
the sources said, according to Jiji Press.

But it remains uncertain whether the banks will agree to review
the loan terms, because some regional banks are cautious about
continuing loans to the company, the sources, as cited by Jiji
Press, said.

According to Jiji Press, the covenant in question calls on
Toshiba to maintain certain levels of earnings and credit ratings
as loan conditions.

The report relates that credit rating agencies cut their ratings
on Toshiba in droves since the company announced last December
the possibility of suffering huge losses from its U.S. nuclear
power plant business.

According to the report, Toshiba has postponed the release of its
earnings for the first three quarters of fiscal 2016 from Feb. 14
in order to scrutinize possible impacts of problems in internal
controls at U.S. unit Westinghouse Electric Co., a nuclear power
plant builder.

A U.S. accounting firm will assess Westinghouse's financial
condition. Depending on the outcome, Toshiba could be forced to
put off its earnings announcement again, 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.



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


WYNYARD GROUP: Raises NZ$2.8MM in Pre-Liquidation Asset Sales
-------------------------------------------------------------
Paul McBeth at BusinessDesk reports that the voluntary
administrators for Wynyard Group raised just NZ$2.8 million from
selling the failed crime investigation software developer's
assets in the lead-up to its liquidation last month.

BusinessDesk, citing a report by voluntary administrators Neale
Jackson and Grant Graham of KordaMentha, discloses that the
New Zealand trading entity Wynyard (NZ) had almost NZ$2 million
of cash on hand at the time of their appointment on October 25, a
further NZ$2.8 million was raised from selling assets, while pre-
administration tax refunds and debtor receipts totalled another
NZ$310,000.

Before liquidators were appointed last month, Messrs Jackson and
Graham sold Wynyard's Cognevo business to Australia's Telstra and
Canada's Resolver bought the local software firm's risk
management suite of products, BusinessDesk relates.

Of the NZ$5.1 million of receipts in the period, the receivers
were paid NZ$659,000, salaries and wages reached NZ$498,000 and
legal fees of almost NZ$425,000, were the largest expenses that
saw the administrators pay NZ$2.7 million. That left NZ$2.3
million once Wynyard's creditors appointed liquidators on
February 8, says BusinessDesk.

Wynyard (NZ) had 108 priority creditors owed NZ$2.1 million as at
February 8, and another 224 unsecured creditors owed NZ$177.9
million who ultimately voted to liquidate the group of companies.
Wynyard Group, the parent company, owed ASB Bank NZ$75,000, and
had NZ$209,000 of cash on hand at the time of Jackson and
Graham's appointment in October, BusinessDesk discloses.

BusinessDesk relates that the KordaMentha pair were later
appointed liquidators, and in their first report in that role,
they valued Wynyard (NZ)'s total assets at NZ$24.9 million, of
which NZ$15.9 million was attributed to software assets, and NZ$6
million in related party receivables. Of the NZ$179.9 million in
total liabilities, some NZ$171 million was owed to Wynyard Group,
with NZ$6.7 million to other unsecured creditors.

According to BusinessDesk, Mr. Jackson said they were pursuing
sale opportunities for the ACA (advanced crimes analytics)
product, which was the last product stream still to be realised,
and were also investigating whether there were voidable
transactions and/or breaches of duty that could be pursued.

Wynyard was listed on the NZX, raising NZ$65 million in an
initial public offering at NZ$1.15 a share, though it kept just
NZ$26 million to fund its plans for expansion, with the remainder
paying out Jade for the intellectual property and covering
outstanding debt, the report says. They last traded at 21.5c,
valuing Wynyard at NZ$38.5 million, adds BusinessDesk.

                       About Wynyard Group

Based in Auckland, New Zealand, Wynyard Group Limited (NZE:WYN)
-- https://www.wynyardgroup.com/ -- provides software and
solutions to help protect companies and countries from threat,
crime and corruption. The Company has designed and developed
software to operate and connect three mission cycles: Risk
Management, Intelligence and Investigations. Wynyard products and
solutions are used by fortune 500 companies, national security
agencies and critical infrastructure operators across government,
financial services and infrastructure sectors. The Company
provides consulting and bureau services to government agencies
and financial institutions engaged in software to help protect
companies and countries from threat, crime and corruption. The
Company's solutions include risk management, intelligence,
investigations and digital forensics.

On Oct. 26, 2016, Wynyard Group Limited was placed into voluntary
administration (VA), along with its trading subsidiary Wynyard
NZ.  KordaMentha partners, Grant Graham and Neale Jackson were
appointed Administrators. The Administrators have taken full
control of the company.

On Feb. 8 at the Watershed Meeting, held as part of the Voluntary
Administration requirements for Wynyard Group Limited, the
creditors resolved to place the company into liquidation.
KordaMentha partners Grant Graham and Neale Jackson are the
Liquidators of the company.

The company's subsidiary, Wynyard (NZ) Limited was also placed
into liquidation by its creditors, with Messrs. Graham and
Jackson being appointed as liquidators.



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


MANILA SURETY: To Shut Amid Hike in Paid Up Capital Requirements
----------------------------------------------------------------
Ben O. de Vera at the Philippine Daily Inquirer reports that four
nonlife insurance firms, including Manila Surety and Fidelity Co.
Inc., are expected to close down as they will not be able to hike
their paid up capital as mandated under law, according to the
Insurance Commission.

Insurance Commissioner Dennis B. Funa told reporters recently
that on top of these four nonlife insurers that will fold up,
eight were currently in talks to merge into four firms, although
he did not identify the concerned insurers, the Inquirer relates.

Under the Amended Insurance Code, the paid up capital of all
domestic life and nonlife insurance firms must have had more than
doubled at end-2016 from the 2013 requirement of PHP250 million,
the report discloses.

The Inquirer says the capitalization requirement must again
increase to PHP900 million in 2019, and further jump to
PHP1.3 billion by end-2022.

In the life sector, all companies are expected to be compliant,
citing that at least one firm is expected to bring in a new
investor to be able to raise its paid up capital, according to
the Inquirer.

Mr. Funa said the closure of four nonlife insurers and merger of
eight will bring the number of nonlife insurers in the country
from 63 as of the end of 2016 to 55, the Inquirer relays.

The Inquirer relates that Mr. Funa said Manila Surety and
Fidelity, which was established in the 1960s, would surely
closing down operations.

The three other firms were still in the process of finalizing
their respective closures, Mr. Funa said, adds the Inquirer.



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


SAIZEN REAL: To be Liquidated After Proposed RTO Falls Through
--------------------------------------------------------------
Business Times reports that the transaction process on a proposed
reverse takeover (RTO) deal between Saizen Real Estate Investment
Trust (Reit) and Sime Darby Property Singapore that has been
brewing since August 2016 has fallen through and the Reit will be
liquidated.

According to the report, Saizen Reit's manager, Japan Residential
Assets Manager Limited, on March 10 said in a filing to the
bourse operator that "it is not possible to complete the proposed
RTO transaction by the long stop date of the implementation
agreement, being March 31, 2017".

Business Times relates that the manager said following further
discussions between the manager and Sime Darby Property
Singapore, the proposed RTO will not proceed.

"The manager will commence liquidation proceedings for Saizen
Reit upon the mutual termination of the implementation agreement,
and will make relevant announcements to keep unitholders updated
as appropriate on next steps," the manager added, Business Times
relays.

Saizen REIT is a Singapore-based REIT investing in Japanese
regional residential properties.  It listed on the Singapore
Stock Exchange in November 2007.



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


KUMHO TIRE: Creditors Agree to Sell Firm to Qingdao Doublestar
--------------------------------------------------------------
Yonhap News Agency reports that creditors of Kumho Tire Co. said
on March 10 that they have agreed to sell South Korea's No. 2
tiremaker to a Chinese tiremaker which was chosen as the
preferred bidder in mid-January.

Yonhap relates that the creditors, led by the state-run Korea
Development Bank, said they will sign a deal with Chinese
tiremaker Qingdao Doublestar Co. on March 13 to sell their
combined 42.1% stake in Kumho Tire.

Qingdao Doublestar has reportedly offered to buy Kumho Tire for
some KRW1 trillion (US$864 million), but the creditors did not
reveal the exact value of the deal, according to Yonhap.

Yonhap says the creditors will soon give notice to Park Sam-koo,
chairman of Kumho Asiana Group, parent of the tiremaker, who has
a priority option to buy back the affiliate.

According to the report, Kumho said that its chairman has already
set up a special purpose company to buy back the tiremaker.

"Mr. Park is in close consultations with strategic investors,
although nothing has been decided at present and there are
procedures to follow," Yonhap quotes a corporate source at the
conglomerate as saying.

Mr. Park has a month to make a decision after getting the related
notice from the creditors, the report states.

Kumho Tire was placed under a creditor-led workout program in
2009, with its parent Kumho Asiana hit hard by a liquidity crunch
from the takeover of Daewoo Engineering and Construction Co., the
report recalls.



                             *********

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

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

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


                            *********


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

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