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

                      A S I A   P A C I F I C

           Friday, March 17, 2017, Vol. 20, No. 55

                            Headlines


A U S T R A L I A

BULLAMAKANKA PTY: First Creditors' Meeting Set for March 23
CROOKED PINE: First Creditors' Meeting Slated for March 24
DUKE CONTRACTING: First Creditors' Meeting Set for March 22
MESA MINERALS: Court Rejects Shareholder Claim vs. Administrator
MESOBLAST LIMITED: MAGIM Beneficially Owns 12.5% Equity Stake

MESOBLAST LIMITED: Silviu Itescu Holds 17.88% of Ordinary Shares
MESOBLAST LTD: FDA Grants Fast Track Designation for MSC-100-IV
NATIONAL DAIRY: Farmers Owed Million While Owners Led Lavish Life
OPEN WINDOWS: First Creditors' Meeting Set for March 23
PROMPTAIR PTY: First Creditors' Meeting Set for March 24

SMB CIVIL: Liquidation Auction Sale Successful
WAIVESTAR GROUP: Goes Into Liquidation, Liquidators Appointed


C H I N A

CENTRAL CHINA REAL: Profit Warning Credit Negative, Moody's Says
FUJIAN ZHANGLONG: Fitch Rates New USD Unsecured Notes 'BB+(EXP)'
WEST CHINA CEMENT: Moody's Affirms B1 CFR, Outlook Stable


H O N G  K O N G

CHINA PROPERTIES: Fitch Affirms 'CCC' LT Issuer Default Ratings


I N D I A

AMARPARKASH RICE: CRISIL Reaffirms D Rating on INR9.5MM Loan
BAL KISHAN: CRISIL Hikes Rating on INR8MM Loan to B+
BAY DATACOM: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
BHARAT AGRO: CRISIL Assigns B+ Rating to INR8MM Cash Loan
BRMSCO GARMENTS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating

CRAFTS INDIA: CRISIL Assigns 'B' Rating to INR4.21MM LT Loan
DEVASHISH POLYMERS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
DUTCH TECH: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
EDIMANNICKAL FASHION: CRISIL Reaffirms B+ Rating on INR10MM Loan
EESAVYASA TECHNOLOGIES: Ind-Ra Assigns 'BB' Issuer Rating

FORTPOINT AUTO: CRISIL Reaffirms B- Rating on INR49.25MM Loan
G M COT: CRISIL Reaffirms B+ Rating on INR7MM Cash Loan
GHAZIABAD FORGINGS: CRISIL Cuts Rating on INR5MM Loan to B+
H. R. POWER: CRISIL Lowers Rating on INR12MM Cash Loan to B-
H.P. INT'L: CRISIL Assigns B+ Rating to INR11.75MM Loan

INDIRA PRIYADARSHINI: Ind-Ra Cuts Rating on INR238.4MM Loan to D
JAISHREE KRISHNA: CRISIL Assigns 'B' Rating to INR10MM Cash Loan
KAMAL BUILDERS: CRISIL Reaffirms B+ Rating on INR3MM Loan to B+
KAVIT INDUSTRIES: CRISIL Reaffirms B- Rating on INR5MM Loan
KUTTANADU VIKASANA: CRISIL Cuts Rating on INR1.15MM LT Loan to D

M.M.G. HOLDINGS: CRISIL Reaffirms 'B' Rating on INR14.28MM Loan
METRO PLYWOODS: CRISIL Assigns 'B+' Rating to INR5MM Cash Loan
MAYA SAHA: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
MULA SAHAKARI: CRISIL Reaffirms 'B' Rating on INR18.25MM Loan
PARAMOUNT CONDUCTORS: CRISIL Reaffirms B Rating on INR11MM Loan

PRAGATI SAHAYOG: CRISIL Reaffirms B Rating on INR5MM Cash Loan
RM DAIRY: CRISIL Assigns B+ Rating to INR14.9MM Term Loan
S B IMPEX: CRISIL Reaffirms 'B' Rating on INR6.5MM LT Loan
SGM PACKAGING: CRISIL Lowers Rating on INR3.5MM Cash Loan to D
SHIV SHAKTI: Ind-Ra Assigns 'B' Long-Term Issuer Rating
SHRI SAGAR: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating

SRAVINS INSTRUMENTS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
SRI GURU: CRISIL Hikes Rating on INR14.5MM Term Loan to B+
SRI SURYA: CRISIL Assigns 'D' Rating to INR7.3MM LT Loan
SWASTIK DENIM: CRISIL Reaffirms B+ Rating on INR7.3MM Term Loan
UNITED INDIA: CRISIL Reaffirms 'B' Rating on INR28.7MM Loan

VBS TEXTILES: CRISIL Assigns B+ Rating to INR41MM LT Loan
VEL CASTINGS: CRISIL Assigns 'B' Rating to INR11MM Term Loan
VOHRA FOODS: CRISIL Reaffirms B+ Rating on INR11MM Cash Loan


I N D O N E S I A

BUMI SERPONG: Fitch Affirms BB- Long-Term IDR, Outlook Stable


J A P A N

TOSHIBA CORP: Pressed to Decide on Westinghouse Bankruptcy Plan
TOSHIBA CORP: Offers New Collateral to Lenders


N E W  Z E A L A N D

PIPITEA STREET: Inland Revenue Seeking to Liquidate Company


                            - - - - -


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A U S T R A L I A
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BULLAMAKANKA PTY: First Creditors' Meeting Set for March 23
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of
Bullamakanka Pty Limited will be held at the offices of
Hall Chadwick Chartered Accountants, Level 40, 2 Park Street, in
Sydney, on March 23, 2017, at 11:00 a.m.

Shahin Hussain and David Ross of Hall Chadwick were appointed as
administrators of Bullamakanka Pty on March 13, 2017.


CROOKED PINE: First Creditors' Meeting Slated for March 24
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Crooked
Pine Enterprises Pty Ltd, trading as Emmaville General Store &
CafÇ, will be held at the offices of Worrells Brisbane, on
March 24, 2017, at 2:00 p.m.

Chris Cook and Lee Crosthwaite of Worrells Solvency & Forensic
Accountants Advisory were appointed as administrators of Crooked
Pine on March 14, 2017.


DUKE CONTRACTING: First Creditors' Meeting Set for March 22
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Duke
Contracting Australia Pty Ltd will be held at Level 31,
Waterfront Place, 1 Eagle Street, in Brisbane, Queensland, on
March 22, 2017, at 11:00 a.m.

Darryl Kirk and Bruno A Secatore of Cor Cordis Chadwick were
appointed as administrators of Duke Contracting on March 10,
2017.


MESA MINERALS: Court Rejects Shareholder Claim vs. Administrator
----------------------------------------------------------------
Fraser Beattie at BusinessNews reports that a major shareholder
in Mesa Minerals has lost its bid to have administrators replaced
after the Supreme Court ruled there was no evidence of bias
between Pitcher Partners and Mesa's largest stakeholder.

BusinessNews relates that Mighty River International, a 13.5%
shareholder in Mesa, alleged that the failed Perth-based
company's decision to appoint Bryan Hughes and Daniel Bredenkamp
of Pitcher Partners as administrators was made under biased
circumstances and in a pre-emptive manner.

Its argument was that conversations had begun between Pitcher and
Mesa directors - including non-executive director Chris Ellison,
who is also managing director of Mineral Resources, which in turn
is a 59.4% shareholder in Mesa - several months before Mesa
entered into voluntary administration in July last year,
according to BusinessNews.

Following that, Pitcher executed a deed of company arrangement on
November 3, setting a sunset date of six months (May 3) to
conduct further detailed investigations into Mesa to form an
opinion on its future; whether it should be wound up or if it can
be recapitalized and restructured, BusinessNews says.

According to BusinessNews, Mighty River was concerned that the
pre-emptive discussions would favour MinRes, which claims to be
owed about AUD8 million by Mesa.  Mighty is also a creditor of
Mesa with about AUD69,000 owed.

BusinessNews relates that Mighty River also alleged that through
the administrator's conversations with Mesa, they were forming a
bias by also effectively talking to and advising MinRes as the
two companies share common directors (namely Mr. Ellison).

But Master Sanderson rejected Mighty's claims on March 16,
declaring that while the situation presented some difficulties to
any administrator or liquidator, "there was not much an
administrator or liquidator could do," BusinessNews relays.

The administrators will have until early May to decide the future
of Mesa, adds BusinessNews.

                        About Mesa Minerals

Mesa Minerals Limited (ASX:MAS) -- http://mesaminerals.com.au/--
is engaged in the exploration, mining, processing and export of
manganese products. The Company operates through Australia as its
geographical segment. The Company focuses on the development of
its jointly held Ant Hill and Sunday Hill manganese ore mining
tenements in the Pilbara district of Western Australia, and
moving towards commercialization of the Company's mineral
processing technologies in order to enable the development of
secondary processing facilities utilizing low grade manganese
ores and wastes. The Company focuses on hydrometallurgical
process technology designed to facilitate the production of
manganese electrolytic products and fertilizer products from low-
grade manganese dioxide ores and from solid wastes containing
levels of manganese. The Company's products include electrolytic
manganese dioxide, electrolytic manganese metal, micro nutrient
fertilizer, granulated manganese sulfate, manganese ore and
lithium batteries.

Bryan Kevin Hughes and Daniel Johannes Bredenkamp of Pitcher
Partners were appointed as administrators of Mesa Minerals
Limited on July 13, 2016.


MESOBLAST LIMITED: MAGIM Beneficially Owns 12.5% Equity Stake
-------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, M&G Investment Management Limited reported that as of
Dec. 31, 2016, it beneficially owns 47,797,076 shares of common
stock of Mesoblast Limited representing 12.52 percent of the
shares outstanding.  M&G Investment Funds 3 also reported
beneficial ownership of 39,963,520 common shares.

All the securities covered by the report are legally owned by
MAGIM's Investment advisory clients, and none are directly owned
by MAGIM.  M&G Investment Funds 3 is an open ended investment
company with variable capital, incorporated in England and Wales
and authorized by the Financial Conduct Authority.  It is not
registered with the Securities Exchange Commission under the
Investment Company Act of 1940.

A full-text copy of the regulatory filing is available at:

                     https://is.gd/NNVRJ4

                     About Mesoblast Ltd.

Melbourne, Australia-based Mesoblast Limited (ASX:MSB;
Nasdaq:MESO) develops cell-based medicines.  The Company has
leveraged its proprietary technology platform, which is based on
specialized cells known as mesenchymal lineage adult stem cells,
to establish a broad portfolio of late-stage product candidates.
Mesoblast's allogeneic, 'off-the-shelf' cell product candidates
target advanced stages of diseases with high, unmet medical needs
including cardiovascular diseases, immune-mediated and
inflammatory disorders, orthopedic disorders, and
oncologic/hematologic conditions.

As of Dec. 31, 2016, Mesoblast had $660.88 million in total
assets, $150.36 million in total liabilities and $510.51 million
in total equity.

Mesoblast reported a loss before income tax of $90.82 million for
the year ended June 30, 2016, compared to a loss before income
tax of $96.24 million for the year ended June 30, 2015.

PricewaterhouseCoopers, in Melbourne, Australia, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2016, citing that the Company has
suffered recurring losses from operations that raise substantial
doubt about its ability to continue as a going concern.


MESOBLAST LIMITED: Silviu Itescu Holds 17.88% of Ordinary Shares
----------------------------------------------------------------
Silviu Itescu disclosed in a regulatory filing with the
Securities and Exchange Commission that as of Dec. 31, 2016, he
beneficially owns 68,244,642 Ordinary Shares, no par value, of
Mesoblast Limited representing 17.88 percent based on 381,654,048
ordinary shares issued and outstanding as of Dec. 31, 2016.  The
amount includes (a) 67,756,838 ordinary shares owned directly by
Dr. Itescu and (b) 487,804 ordinary shares owned by Josaka
Investments Pty Ltd., an Australian corporation and the trustee
of Dr. Itescu's self-managed superannuation fund.  A full-text
copy of the regulatory filing is available for free at:

                      https://is.gd/KyRE0u

                      About Mesoblast Ltd.

Melbourne, Australia-based Mesoblast Limited (ASX:MSB;
Nasdaq:MESO) develops cell-based medicines.  The Company has
leveraged its proprietary technology platform, which is based on
specialized cells known as mesenchymal lineage adult stem cells,
to establish a broad portfolio of late-stage product candidates.
Mesoblast's allogeneic, 'off-the-shelf' cell product candidates
target advanced stages of diseases with high, unmet medical needs
including cardiovascular diseases, immune-mediated and
inflammatory disorders, orthopedic disorders, and
oncologic/hematologic conditions.

As of Dec. 31, 2016, Mesoblast had $660.88 million in total
assets, $150.36 million in total liabilities and $510.51 million
in total equity.

Mesoblast reported a loss before income tax of $90.82 million for
the year ended June 30, 2016, compared to a loss before income
tax of $96.24 million for the year ended June 30, 2015.

PricewaterhouseCoopers, in Melbourne, Australia, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2016, citing that the Company has
suffered recurring losses from operations that raise substantial
doubt about its ability to continue as a going concern.


MESOBLAST LTD: FDA Grants Fast Track Designation for MSC-100-IV
---------------------------------------------------------------
Mesoblast Limited announced that the United States Food and Drug
Administration (FDA) has granted a Fast Track designation for the
use of its cell therapy, MSC-100-IV, to achieve improved overall
response rate in children with steroid refractory acute Graft
Versus Host Disease (aGVHD).

Fast Track designation has the potential to shorten the time to
FDA approval of MSC-100-IV for this indication through priority
review (shortened FDA review process from 10 to 6 months) and a
streamlined rolling review process (completed sections of the
Biologics License Application, BLA, can be submitted for FDA
review as they become available, instead of waiting for all to be
completed).  The product candidate's existing Orphan Indication
designation may additionally lead to potential commercial
benefits following FDA approval.

Mesoblast's application for Fast Track status was supported by
the clinical data in 241 pediatric patients with steroid
refractory aGVHD who were treated on a single expanded access
protocol (EAP) with MSC-100-IV.  Overall response rate at Day 28
in this group was 65%, and day 100 survival was significantly
improved in children who achieved an overall response at day 28
(82% vs. 39%, log rank p-value.

                     About Mesoblast Ltd.

Melbourne, Australia-based Mesoblast Limited (ASX:MSB;
Nasdaq:MESO) develops cell-based medicines.  The Company has
leveraged its proprietary technology platform, which is based on
specialized cells known as mesenchymal lineage adult stem cells,
to establish a broad portfolio of late-stage product candidates.
Mesoblast's allogeneic, 'off-the-shelf' cell product candidates
target advanced stages of diseases with high, unmet medical needs
including cardiovascular diseases, immune-mediated and
inflammatory disorders, orthopedic disorders, and
oncologic/hematologic conditions.

As of Dec. 31, 2016, Mesoblast had $660.88 million in total
assets, $150.36 million in total liabilities and $510.51 million
in total equity.

Mesoblast reported a loss before income tax of $90.82 million for
the year ended June 30, 2016, compared to a loss before income
tax of $96.24 million for the year ended June 30, 2015.

PricewaterhouseCoopers, in Melbourne, Australia, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2016, citing that the Company has
suffered recurring losses from operations that raise substantial
doubt about its ability to continue as a going concern.


NATIONAL DAIRY: Farmers Owed Million While Owners Led Lavish Life
-----------------------------------------------------------------
ABC News reports that dairy farmers who are collectively owed
millions of dollars have accused the owner of a collapsed
Victorian milk broking business, National Dairy Products (NDP),
of funding his "lavish lifestyle" from the company accounts
rather than paying them for their milk.

ABC News relates that Gippsland dairy farmer Fiona Plant said her
family is owed more than half a million dollars.

"It's not good enough that someone has a luxury boat on the Gold
Coast and can have expensive holidays, lives in a multi-million-
dollar mansion and can't even pay farmers for their milk," she
told 7.30, relays ABC.

But Antonio 'Tony' Esposito, the owner of National Dairy Products
(NDP), which went into liquidation in late February, said he was
the victim, the report relates.

According to the report, Mr. Esposito has vehemently denied any
wrongdoing, saying that any money he withdrew was rightfully his.

"That was repayment of loans that I put into the business. I put
in a total of about AUD8 million and I took back about AUD3
million. We are still owed just under AUD5 million," the report
quotes Mr. Esposito as saying.

NDP owes creditors as much as AUD6.8 million according to
liquidator Deloitte Australia, which is investigating the company
for possible insolvent trading, ABC News discloses.

ABC News relates that Mr. Esposito said he was "devastated" by
the collapse of NDP, which bought milk from about two dozen
farmers and then sold it to food manufacturers.

He said he never intended to "rip any farmers off", and that he
was a victim of the price crash in the dairy market last year,
the report relays.

"Our intention was to pay them [the farmers] as much as we could
and make them sustainable, and that was even at our loss,"
Mr. Esposito, as cited by ABC News, said.

But the liquidator has told creditors the company may have been
trading insolvent for 11 months, from December 2015 - well before
Murray Goulburn's price cut, which sent the local market into
turmoil, the report says.

Mr. Esposito and his partner Violetta - who took over as the sole
director of NDP in April 2016 - live in a multi-million-dollar
mansion in Melbourne's upmarket seaside suburb of Brighton, and
lead a lifestyle of luxury cars, yachting holidays and expensive
parties.

Documents obtained by 7.30, including internal emails and bank
statements, show that Mr. Esposito was receiving payments of tens
of thousands of dollars while some farmers were not being paid,
adds ABC News.

                        About National Dairy

National Dairy Products (NDP) is a milk brokering company based
in Victoria, Australia.

Salvatore Algeri and Glen Kanevsky of Deloitte were appointed as
administrators of National Dairy on Nov. 17, 2016.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 24, 2017, The Weekly Times said that unsecured creditors of
National Dairy Products have voted to place the milk supply
company into liquidation.  Messrs. Kanevsky and Algeri were
appointed liquidators of the milk company.


OPEN WINDOWS: First Creditors' Meeting Set for March 23
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Open
Windows And Doors Pty Ltd will be held at the offices of BRI
Ferrier Western Australia, Unit 3, 99-101 Francis Street, in
Northbridge, WA, on March 23, 2017, at 11:00 a.m.

Giovanni Maurizio Carrello of BRI Ferrier Western Australia were
appointed as administrators of Open Windows on March 13, 2017.


PROMPTAIR PTY: First Creditors' Meeting Set for March 24
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Promptair
Pty Ltd will be held at the offices of BCR Advisory (SA) Pty Ltd,
Level 2, 139 Frome Street, in Adelaide, on March 24, 2017, at
2:00 p.m.

Stephen Glen James & John Maxwell Morgan of BCR Advisory were
appointed as administrators of Promptair Pty on March 14, 2017.


SMB CIVIL: Liquidation Auction Sale Successful
----------------------------------------------
Brittany Denton of The Border Watch reports that a liquidation
auction of SMB Civil Pty Ltd. held at around March 6 has been
successful.

The report relays the crowd of prospective buyers and onlookers
stood among a dozen trucks, utilities and heavy machinery items
up for sale at one of the largest liquidating auctions in Mount
Gambier's history.

Attendees were hard pressed to find a parking space on Calula
Drive, with a turnout of around 400 locals and interstate
visitors keen to inspect the machinery and vehicles listed in the
extensive catalogue in person, according to The Border Watch.

Slattery Auctions and Valuations auctioneer James Slattery said
attendance had exceeded expectations, the report relates.

Mr. Slattery, according to the report, said 240 locals had
registered on-site, with over 100 people registered and
participating online.

The auction followed the collapse of SMB Civil, one of
Australia's largest civil construction companies.

The company was placed into liquidation last month with millions
of dollars in unpaid debts, the report discloses.

The Border Watch notes that trucks, utilities, excavators,
attachments and a broad range of equipment, including workshop
items, water tanks and generators were up for auction and every
item in the multi-million dollar catalogue was sold.

The bidding frenzy began mid-morning and continued into the
afternoon, with the highest hammer price on a 2011 motor grader,
which sold for AUD235,000, according to the report.


WAIVESTAR GROUP: Goes Into Liquidation, Liquidators Appointed
-------------------------------------------------------------
Athina Mallis at Proprint reports that award winning marketing
service provider Waivestar Group Pty Ltd. has gone into
liquidation.  It is believed that Waivestar owes considerable
sums of money to a number of print businesses in the Melbourne
area, according to the report.

Proprint discloses that the business has just been taken on by
Mercedes Waratah, which was believed to be owed money by
Waivestar for work completed.

Matthew Terence Gollant and Neil Stewart Mclean were appointed as
liquidators to the Company.

The date of the first creditors meeting will be announced soon.

Michelle Powell, managing director at Waivestar, was unavailable
to make a comment, the report notes.  Moody Aboughattas, owner of
Mercedes Waratah was also unavailable to comment, the report
adds.

Ms. Powell launched the company in 2000 as a marketing supply
chain service provider and technology platform.  Waivestar is a
significant buyer of print, and had a number or national and
international clients.

The report relays that WaiveStar Group won the Victorian
Government Business Growth Award, the Australian Business Awards
in the categories of Innovation, E-Business and Enterprise.  In
2010, it won the Australian Business Award as a Recommended
Employer.



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C H I N A
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CENTRAL CHINA REAL: Profit Warning Credit Negative, Moody's Says
----------------------------------------------------------------
Moody's Investors Service says that Central China Real Estate
Limited's profit warning is credit negative but does not
immediately affect the company's Ba3 corporate family rating, Ba3
senior unsecured rating, or stable ratings outlook.

CCRE announced on March 8, 2017, that its profit attributable to
shareholders for 2016 likely fell 50% year-on-year to RMB400
million, due to a delay in the construction of certain projects
in Zhengzhou, because of the local government's imposition of
controls to reduce pollution levels and construction activities
in the city.

"We expect that the delay is a one-time event and that CCRE will
make up for the lost time during 2017," says Kaven Tsang, a
Moody's Vice President and Senior Credit Officer.

"The company's strong contracted sales and liquidity continue to
support its Ba3 corporate family rating and stable ratings
outlook," adds Tsang, who is also Moody's Lead Analyst for CCRE.

CCRE has a high exposure to Zhengzhou, the capital city of Henan,
the most populous province in China (Aa3 negative). Some 65.4% of
its contracted sales in 1H 2016 came from the city.

Moody's will review CCRE's ratings if: (1) construction stoppages
become more frequent, because Zhengzhou's pollution problem
worsens, or (2) the company is unable to make up for the lost
time and misses project delivery in 2017.

Moody's says that CCRE's Ba3 corporate family rating and stable
ratings outlook are appropriate because the company:

(1) Has indicated that it has strengthened its management team
     to manage the increased operational challenges;

(2) Demonstrates a strong cash position, which Moody's estimates
     at around RMB11 billion at end-2016 compared with an
     estimated unadjusted debt of around RMB14 billion, not
     including shares in joint ventures; and

(3) Continues to generate strong contracted sales and registered
     a 277.1% growth in contracted sales to RMB2.9 billion for
     the first two months of 2017, and a 28% year-on-year growth
     in contracted sales to RMB20.1 billion in 2016.

On the other hand, CCRE's success in growing its contracted
sales, its scale, as well as its joint ventures will increase its
level of onshore and priority debt.

Moody's notes that CCRE's levels of adjusted priority debt --
including its share in joint ventures -- to total assets
registered in excess of 15% of total assets at June 30, 2016 and
also at end-2015. This development increases the subordination
risk for offshore investors of debt securities and lenders at the
holding company level.

Moody's will review the situation when the full year 2016 results
are available. The company's senior unsecured bond rating could
be downgraded if CCRE's level of adjusted onshore and priority
debt is unlikely to trend below 15% of its total assets over the
foreseeable future.

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

Central China Real Estate Limited is a leading property developer
in Henan Province. Founded in 1992, it listed on the Hong Kong
Stock Exchange in June 2008.


FUJIAN ZHANGLONG: Fitch Rates New USD Unsecured Notes 'BB+(EXP)'
----------------------------------------------------------------
Fitch Ratings has assigned Fujian Zhanglong Group Co., Ltd.'s
(BB+/Stable) proposed tap of its US dollar senior unsecured bonds
an expected rating of 'BB+(EXP)'.

The tap issuance will carry the same terms and conditions as the
earlier issuance of USD300 million of 4.5% notes due 2019. The
offshore notes will be issued directly by Zhanglong, with the
proceeds used for working capital and general corporate purposes.

KEY RATING DRIVERS

The notes are rated at the same level as Zhanglong's Issuer
Default Rating and constitute its direct, unconditional,
unsubordinated and unsecured obligations and rank at least pari
passu with all its other present and future unsecured
obligations.

Zhanglong is wholly owned by the Zhangzhou State-Owned Assets
Supervision and Administration Commission (SASAC) and is
supervised by Zhangzhou municipality. Zhanglong's ratings are
credit-linked with, but not equalised to, Fitch's internal credit
assessment of Zhanglong municipality. This link reflects strong
municipal control and oversight, mid-range assessment of
Zhanglong's strategic importance to the municipality, integration
with the government budget and legal status. These factors result
in a high likelihood of extraordinary support, if needed, from
the municipality.

The municipality monitors Zhanglong's major project investments
and financing plans. The company has also been receiving
subsidies from the municipality and more than CNY800 million in
other receivables were due from government entities as of end-
2015.

Zhanglong plays an important role in the city's daily operations
and development as one of the municipality's largest investment
and financing vehicles. It is the city's sewage treatment service
provider and its major water supplier to urban areas. It is also
a designated agency for sourcing building materials for certain
local government-owned housing and infrastructure projects.

RATING SENSITIVITIES

Link with Municipality: A stronger or more explicit support
commitment from Zhangzhou municipality or an increased focus on
public-service provision and infrastructure construction may
trigger positive action on Zhanglong's ratings. Significant
weakening of Zhanglong's strategic importance to the
municipality, dilution of the government's shareholding or lower
government support could result in a downgrade.

Creditworthiness of Municipality: An upgrade of Fitch's internal
credit view on Zhangzhou municipality may trigger positive rating
action. Negative rating action could derive from deterioration in
Zhangzhou municipality's credit profile.

Any rating action on Zhanglong's Issuer Default Rating will
result in similar rating action on the proposed US dollar notes.


WEST CHINA CEMENT: Moody's Affirms B1 CFR, Outlook Stable
---------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
outlook on West China Cement Limited's B1 corporate family rating
and B1 senior unsecured bond rating.

At the same time, Moody's has affirmed both ratings.

RATINGS RATIONALE

"The change in outlook to stable reflects an improvement in WCC's
profitability and liquidity, owing to higher cement prices in its
key markets," says Gerwin Ho, a Moody's Vice President and Senior
Analyst.

WCC's revenue grew 6% year-on-year in 2016, driven by a 3% year-
on-year improvement in its average selling prices and 4% year-on-
year growth in its sales volumes.

Greater supply and pricing discipline by cement makers in 2016
helped support cement prices in WCC's key markets in Shaanxi,
Xinjiang and Guizhou provinces.

WCC's profitability improved in 2016. Its gross margin rose to
18.2% from 13.2% in 2015 as its average selling price improved
and unit cost of goods sold declined. The company's EBITDA margin
also improved to about 36.1% in 2016 from 27.7% in 2015.

WCC's improved profitability and the absence of one-off write-
offs in 2016 helped the company achieve a net profit of RMB10
million versus a net loss of RMB309 million in 2015.

Higher revenues combined with improved profitability lifted WCC's
EBITDA and improved the company's debt leverage - as measured by
its adjusted debt/EBITDA - to about 3.0x in 2016 from 4.0x in
2015.

Moody's expects that WCC's sales volume and average cement prices
will be stable over the next 12-18 months when compared with the
levels in 2016, based on Moody's expectation that cement makers
in WCC's key markets will maintain discipline in terms of their
supply levels and pricing.

As a result, Moody's forecasts that WCC's debt/EBITDA will reach
about 3.1x over the next 12-18 months. This level of leverage
supports the company's B1 corporate family rating.

"The stable ratings outlook also takes into account WCC's
improved liquidity position," adds Ho, who is also the Lead
Analyst for WCC.

WCC's improved cash flow from operations and lower spending on
capital expenditures and acquisitions resulted in a higher cash
and restricted bank deposit total of RMB1.3 billion at end-2016
from RMB528 million at end-2015.

Consequently, the company's cash to short-term debt improved to
106% at end-2016 from 39% the year before.

WCC also successfully issued RMB400 million in short-term notes
in March 2017 to help refinance its RMB800 million short-term
note due March 2017.

Moody's expects that WCC will remain free cash flow positive over
the next 12-18 months, which will help the company generate
sufficient cash to cover its short-term debt.

WCC's B1 corporate family rating reflects the company's dominant
market share in cement production in southern Shaanxi Province.

The rating also considers WCC's business synergies with Anhui
Conch Cement Company Limited (Conch, A3 stable) and Conch's
technical support to WCC. Conch held a 21.2% stake in WCC at end-
2016.

However the rating is constrained by WCC's: (1) small scale; (2)
exposure to government spending levels and economic policies; (3)
weakened profitability due to oversupply; and (4) execution risk
because of its geographic expansion.

WCC's ratings could be upgraded, if the company can demonstrate:
(1) disciplined expansion and acquisitions; (2) prudent financial
management, such that its EBIT/interest expense registers above
3.0x and its debt/EBITDA registers below 2.5x on a sustained
basis; (3) a sound liquidity position, such that its cash balance
fully covers its short-term debt levels; and (4) a good market
position that supports a gross margin in excess of 20%.

On the other hand, downward ratings pressure could emerge, if
WCC's financial and/or liquidity position weaken because of
falling revenues; rising costs; aggressive acquisitions; or
unexpected shareholder distributions.

Financial indicators of a ratings downgrade include EBITDA
margins below 20%-25%, or debt/EBITDA exceeding 4.5x on a
sustained basis.

Any reduction in Conch's support to or level of ownership in WCC
would also be negative for WCC's ratings.

The principal methodology used in these ratings was Building
Materials Industry published in January 2017.

West China Cement Limited is one of the leading cement producers
by capacity in Shaanxi Province. At end-2016, the company's
annual cement production capacity measured 29.2 million tons. Its
revenues totaled RMB3.7 billion in 2016.



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


CHINA PROPERTIES: Fitch Affirms 'CCC' LT Issuer Default Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed China Properties Group Limited's Long-
Term Foreign-Currency and Local-Currency Issuer Default Ratings
(IDRs) at 'CCC'. Fitch has also affirmed CPG's senior unsecured
rating and the rating on its outstanding USD250 million senior
notes due in 2018 at 'CCC', with a Recovery Rating of 'RR4'.

KEY RATING DRIVERS

Slow Sales, Uncertain Cash Flows: Fitch estimated that CPG had
contracted sales of just under HKD1 billion in 2016, driven by
sales of the completed units in Shanghai Concord and Chongqing
Manhattan projects. The increase from HKD265m in contracted sales
in 2015, however, was still not sufficient to fully cover its
operational cash outflow and interest expenses. Fitch expects
contracted sales to rise above HKD1bn in 2017 if CPG successfully
launches the first phase of the residential units in the
Chongqing ICC project. However, the launch is highly uncertain,
given the company's sales plans have often failed to materialise
over the past three years. CPG's lack of operational cash flow
limits its ability to meet debt-servicing obligations.

Lack of Operational Depth: CPG generated limited recurrent rental
income of HKD0.6m in the six months ended June 2016, even though
it holds investment properties with a carrying value of around
HKD60bn. Most of CPG's properties are located in prime locations
in downtown Shanghai and Chongqing, which kept its leverage,
measured by net debt (excluding shareholder's loan)/adjusted
inventory, as low as 11.5% at end-2015. Fitch expects the
leverage to continue to stay below 15% in 2016-2019. However,
Fitch considers the prime locations of CPG's properties alone to
be insufficient to support the company's business profile, given
its lack of operational cash flows.

DERIVATION SUMMARY

CPG is rated 'CCC' because of its lack of operational depth and
unsustainable business strategy. It is a China-based home builder
with only five projects in prime locations in Shanghai and
Chongqing. The company has not acquired any land since Fitch
first rated the company in 2013 and does not plan to expand the
business in the future. Its leverage is very low due to the lack
of business operations, compared with that of peers such as
Xinyuan Real Estate Co., Ltd (B/Stable), Jingrui Holdings Limited
(B-/Negative) and Sunshine 100 China Holdings Ltd (B-/Negative).
CPG's EBITDA margin has been negative due to high selling,
general and administrative expenses.

KEY ASSUMPTIONS

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

-- Contracted sales of HKD1 billion in 2017

-- Refinancing the majority of its short-term debt, which
    consists of secured borrowings backed by CPG's key property
    assets, which Fitch does not expect to depreciate in the
    next 12 months

-- No new land acquisitions and limited development expenditure
    in 2017

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action

-- Contracted sales of over HKD3bn per year on a sustainable
    basis and the company undertaking reasonable project
    developments

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action

-- Deterioration in CPG's liquidity

LIQUIDITY

Tight Liquidity: CPG has limited operating cash inflow and is
relying on refinancing to repay its total debt (excluding
shareholder's loan) of around HKD8 billion as of end-June 2016.
All of the debt, except for the USD250 million offshore bond due
in 2018 and the convertible bond held by its majority
shareholder, comprises secured onshore and offshore bank
borrowings. Fitch expects CPG to be able to refinance these
borrowings as they are secured against assets with aggregate
carrying value of over HKD50 billion, which mainly comprise
investment properties in prime locations in Shanghai and
Chongqing.

CPG still has around HKD10 billion of property assets that are
unencumbered as of end-June 2016 (compared with HKD15bn as of
end-2015), which Fitch think can provide liquidity, if necessary.



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


AMARPARKASH RICE: CRISIL Reaffirms D Rating on INR9.5MM Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with
Amarparkash Rice Exports (P) Ltd for getting information. CRISIL
requested cooperation and information from the issuer through its
letters and emails dated Feb. 17, 2017, Feb. 7, 2017, and Jan.
19, 2017 among others, apart from telephonic communication.
However, the issuer has continued to be non-cooperative.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit              4.5       CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Term Loan                9.5       CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

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 facilities of AREPL at
'CRISIL D'.

Key Rating Drivers & Detailed Description

* Delays in servicing term debt due to poor liquidity: AREPL has
  delayed its repayments towards bank loans, as it booked nil
  revenue in fiscal 2017. Further delay in recommencement of
  operations will result in continued postponement of its debt
  repayment obligation.

Punjab-based AREPL, incorporated in 2013, is promoted by Mr.
Rupinder Pal and Mr. Narinder Kumar.


BAL KISHAN: CRISIL Hikes Rating on INR8MM Loan to B+
----------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facility of Bal Kishan Om Prakash And Company (BKOPC; part of the
Nishit group) to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Warehouse Receipts       8        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade follows the change in CRISIL's analytical approach.
For arriving at the rating, CRISIL has now combined the business
and financial risk profiles of BKOPC and Nishit Aggarwal Krishi
Sewa Kendra (NAKSK), together referred to as the Nishit group.

The upgrade also factors in healthy revenue growth of 33% over
the three fiscals through 2016, led by substantial growth in
sales volume, despite volatility in food grain prices. Operating
revenue is likely to grow 10%, albeit on a small scale, and
operating margin is expected at 2.2% over the medium term,
supported by promoters' extensive experience in the food grains
trading business and established customer relationships. Despite
regular capital withdrawal, liquidity should remain adequate over
the medium term, on account of absence of any significant capital
expenditure (capex) and expected sustenance of working capital
cycle. Liquidity is also supported by moderate bank limit
utilisation of 75% over the 12 months through December 2016, and
regular funding support from promoters through unsecured loans
(INR10.27 crore as on Dec. 31, 2016).

Analytical Approach

For arriving at the rating, CRISIL has now combined the business
and financial risk profiles of BKOPC and NAKSK. The two firms are
in the same business, have common promoters, and have significant
operational linkages. CRISIL believes the entities will have
increasingly fungible funds to support the group's working
capital management.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: The group's financial
  risk profile is constrained by high total outside liabilities
  to tangible networth ratio of 8.81 times as on March 31, 2016,
  and weak debt protection metrics, indicated by interest
  coverage ratio of 1.1 time, in fiscal 2016. CRISL expects the
  financial risk profile to remain weak over the medium term
  because of continued low operating margin and sizeable working-
  capital debt.

* Low profitability: Operating margin was low, at 2-2.5% over the
  three fiscals through 2016, due to trading business and limited
  value addition. Profitability will remain low over the medium
  term.

* Modest scale of operations in an intensely competitive segment:
  Scale of operations, reflected in net sales of INR67.08 crore
  in fiscal 2016, will remain modest over the medium term, amid
  intense competition in the agricultural commodities trading
  business.

Strength

* Promoters' extensive industry experience and established
  customer relationships: Promoters' industry experience of more
  than three decades has helped the group develop strong
  relationships with suppliers and customers across Rajasthan,
  and register revenue growth of 33% over the three fiscals
  through 2016.

Outlook: Stable

CRISIL believes the Nishit group will continue to benefit from
its promoters' extensive industry experience and established
customer relationships. The outlook may be revised to 'Positive'
if more-than-expected growth in revenue and profitability results
in higher cash accrual. The outlook may be revised to 'Negative'
if decline in profitability or revenue results in lower-than-
expected cash accrual, or if a stretch in working capital cycle
weakens the financial risk profile.

The Nishit group, set up in 1998, is based in Ganganagar,
Rajasthan. The group comprises BKOPC and NAKSK, which trade in
and stock food grains.

BKOPC, on a standalone basis, had a profit after tax (PAT) of
INR0.12 crore on net sales of INR24.69 crore in fiscal 2016,
vis-a-vis INR0.05 crore and INR27.88 crore, respectively, in
fiscal 2015. NAKSK, on a standalone basis, had a PAT of INR0.06
crore on net sales of INR43.19 crore in fiscal 2016, vis-a-vis
INR0.05 crore and INR40.78 crore, respectively, in fiscal 2015.


BAY DATACOM: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Bay Datacom
Solutions Private Limited's (BDSPL) Long-Term Issuer Rating at
'IND BB+'.  The Outlook is Stable.  The instrument-wise rating
actions are:

   -- INR80 (increased from INR36 mil.) Fund-based working
      capital affirmed with IND BB+/Stable rating;

   -- INR150 (increased from INR60 mil.) Non-fund-based working
      capital affirmed with IND A4+ rating;

KEY RATING DRIVERS

Ind-Ra continues to take a consolidated view of BDSPL and its
wholly owned subsidiary Bay Digital Pte Ltd for the rating
purpose.  The companies have strong operational and strategic
inter-linkages through the same line of business, common founders
and fungibility of funds.

The ratings continue to reflect BDSPL's moderate consolidated
revenue.  It increased 44.4%yoy to INR1,437 million in FY16, on
account of the execution of more work orders.  BDSPL's standalone
revenue also increased to INR713 million in FY16 from INR582
million in FY15 as realization from a single order (upgradation
of Air Force Network) stood at INR390 million, contributing 55%
to the standalone revenue.  9MFY17 standalone revenue was
INR393 million.

Management expects the standalone revenue to be lower at around
INR500 million in FY17 as the company has closed its trading
operations (computer peripherals), which contributed around 20%
to the standalone revenue in FY16.  Consolidated order book at
hand amounts to INR1,305 million, to be executed by 9MFY18.

Consolidate EBITDA margin remained in the range of 0.9%-3.7% over
FY13-FY16 and is likely to improve over the medium term as BDSL
has closed its trading segment and on the execution of high-
margin projects and more annual maintenance contract services
work at hand.  Standalone EBITDA margins were volatile and
remained in the range of 0.4%-2% over FY13-FY16 on account of
fluctuations in the materials consumed.

The ratings are supported by the comfortable consolidated credit
metrics, with interest coverage of 9.8x in FY16 (FY15: 12.7x) and
net leverage of 0.9x (0.4x).  BDSPL's standalone interest
coverage was 2.6x in FY16 (FY15: 2.9x).  Ind-Ra expects the
consolidated credit metrics to improve over the medium term, on
an increase in EBITDA on account of high-margin work orders at
hand.

Liquidity profile has also been comfortable with average
utilization of 51.6% of its fund-based limits during the 12
months ended February 2017.  Moreover, the company's management's
over a decade-long track record and experience in the IT
infrastructure solution industry.

RATING SENSITIVITIES

Positive: A positive rating action could result from a
substantial increase in the consolidated revenue and margins,
leading to improved credit metrics.

Negative: A negative rating action could result from a
substantial decline in the consolidated revenue and margins,
resulting in deteriorated credit metrics.

COMPANY PROFILE

BDSPL, incorporated in 1998, provides enterprise IT
infrastructure solutions.  Its services include system
integration of data, voice, and security and surveillance product
development.  Its 100% subsidiary Bay Digital Pte Ltd is based
out of Singapore which has the same line of business.


BHARAT AGRO: CRISIL Assigns B+ Rating to INR8MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Bharat Agro Molecules Limited. The rating reflects
moderate scale of operation and low profitability of the company
leading to below average financial risk profile. These weaknesses
are offset by extensive experience of the promoters in the
industry.

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

   Proposed Long Term
   Bank Loan Facility       6         CRISIL B+/Stable

Key Rating Drivers & Detailed Description

Weaknesses

* Moderate Scale of Operations & modest profitability: BAML's
  scale of operations, reflected in revenue of INR68 crore in
  fiscal 2016 is moderate. Further BAML reported operating profit
  of 0.6 percent in fiscal 2016. The scale of operation and
  profitability of the company is expected to remain modest due
  to high competition in the industry.

* Below average financial risk profile: The financial risk
  profile of the company is below average as reflected by weak
  capital structure and weak debt protection metrics.

Strength

* Extensive experience of promoters in the industry: The Company
  is promoted by Mr. Deepak Rathi, who has an extensive
  experience of around 2 decade in the industry which is expected
  to benefit the business risk profile of the company over the
  medium term.

Outlook: Stable

CRISIL believes that the credit risk profile of BAML would remain
constrain due to weak financial risk profile of the company. The
outlook may be revised to 'Positive', in case of substantial
improvement in revenues of the company backed by improvement in
profitability and cash accruals, thereby leading to improvement
in the financial risk profile of the company. The outlook may be
revised to 'Negative' in case of decline in revenue or
profitability of the company leading to further deterioration in
its financial risk profile or the company undertakes significant
debt funded capex plans.

Incorporated in 2010, BAML is promoted by Mr. Deepak Rathi & Ms.
Seema Rathi. The company manufactures manures, multi micro
nutrient mixture and zinc sulphate. The aggregate capacity of the
company is around 28000 MTPA.

BAML, reported profit after tax (PAT) of INR0.17 crore on net
revenue of INR68.25 crore in fiscal 2016 as against INR0.05 crore
and INR63.10 crore respectively in fiscal 2015.


BRMSCO GARMENTS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Brmsco Garments
Private Limited (BGPL) a Long-Term Issuer Rating of 'IND B+'.
The Outlook is Stable.  The instrument-wise rating actions are:

   -- INR91.5 mil. Term loan assigned with IND B+/Stable rating;

   -- INR100 mil. Fund-based working capital assigned with
      IND B+/Stable/IND A4 rating

   -- INR30 mil. Non-fund-based facilities assigned with IND A4
      rating

KEY RATING DRIVERS

The ratings reflect BGPL's small scale of operations and weak
credit metrics.  Revenue increased to INR456 million in FY16
(FY15: INR398 million) on account of an increase in orders from
the customers; revenue grew at a CAGR of 10.3% during FY13-FY16.
The firm has a current order book of INR40 million which is
likely to be executed in 45 days.  BGPL has reported revenue of
INR420 million during 10MFY17 (unaudited).

Net leverage (total Ind-Ra adjusted net debt/operating EBITDAR)
deteriorated to 3.9x in FY16 (FY15:2.9x) on account of an
increase in the term debt while the gross interest cover
(operating EBITDA/gross interest expense) was 2.1x (2.3x).
EBITDA margins increased to 12.0% in FY16 (FY15: 8.7%) due to a
decrease in the raw material cost.

The ratings, however, are supported by over a decade of
experience of BGPL's promoter in the polypropylene woven sack
manufacturing business.

The ratings factor in the company's moderate liquidity position
with average 40% utilization of its fund-based limit during the
12 months ended January 2017.

                       RATING SENSITIVITIES

Positive: Significant increase in the scale and profitability
leading to sustained improvement in credit metrics could be
positive for the rating.

Negative: Any deterioration in EBITDA margin and credit metrics
could be negative for the rating.

COMPANY PROFILE

Established in 2008, BGPL is managed by Mr. T.K Vijayan (managing
director), and manufactures polypropylene woven sack/HDPE and
fabric at its unit located in Kochi, Kerala.


CRAFTS INDIA: CRISIL Assigns 'B' Rating to INR4.21MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Crafts India Industries.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit             1.25       CRISIL B/Stable
   Long Term Loan          4.21       CRISIL B/Stable

The rating reflects the firm's modest scale of operations
expected, and exposure to demand risk and intense competition.
These weaknesses are partially offset by the project's-the firm
is setting up a corrugated boxes facility in Jammu-low funding
and implementation risks, and the promoters' extensive
experience.

Key Rating Drivers & Detailed Description

Weaknesses

* Expected small scale of operations: With commercial production
  set to begin only in April 2017, the scale of operations should
  remain small over the medium term. Revenue will likely be
  modest around INR17 crore in fiscal 2018.

* Exposure to demand risk and intense competition: Exposure to
  intense competition and, therefore, to demand risk when
  production begins, is likely to persist over the medium term,
  keeping business risk profile under pressure.

Strengths

* Longstanding experience of promoters in the packaging industry:
  Benefits from the 15 years' experience of the promoters, Mr.
  Nitin Jain and Mr. Anuj Jain, and their healthy relations with
  customers and suppliers are likely to continue.

* Moderate funding and implementation risks: Funding risk is low
  on the ongoing project of INR6.44 crore, funded at a debt-to-
  equity ratio of 8:3. The promoters have already brought in
  around 72% of their contribution in the form of share capital,
  while the term loan is to be fully disbursed by March 2017.
  Implementation risk is also low, given the promoters'
  experience in the packaging industry.

Outlook: Stable

CRISIL believes CII will continue to benefit from its promoters'
extensive experience in the packaging industry. The outlook may
be revised to 'Positive' if timely commercialisation of
production, significant ramp-up in revenue and profitability, and
prudent working capital management strengthen credit metrics.
Conversely, the outlook may be revised to 'Negative' if delay in
stabilisation of operations constrains profitability and
liquidity.

CII is a partnership firm set up in 2016 by Mr. Nitin Jain and
his brother, Mr. Anuj Jain. The firm is setting up a corrugated
box facility at SIDCO Complex, Bari Brahmana, Jammu. Commercial
operations are expected to start from April 2017.


DEVASHISH POLYMERS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Devashish
Polymers Pvt Ltd a Long-Term Issuer Rating of 'IND B+'.  The
Outlook is Stable.  The instrument-wise rating actions are:

   -- INR12.5 mil. Fund-based limit assigned with IND B+/Stable
      rating;

   -- INR37.5 mil. Term loan assigned with IND B+/Stable rating;

                         KEY RATING DRIVERS

The ratings reflect the company's small scale of operations and
moderate credit profile.  In FY16, revenue was INR137 million
FY15: INR130 million), interest coverage was 2.5x (2.5x) and net
financial leverage was 9.4x (6.9x).  The financial leverage
deteriorated during FY16, mainly on account of an increase in
debt.  The operating EBITDA margin fluctuated in the range of
8.1%-10% during FY14-FY16 due to volatile raw material costs.

The liquidity profile of the company is moderate with average
working capital utilization of around 60% during the eight months
ended January 2017.

The ratings however are supported by the long experience of the
company's directors in manufacturing rubber compounds.

                       RATING SENSITIVITIES

Positive: An improvement in the scale of operations while
maintaining the credit profile will be positive for the ratings.

Negative:  A decline in the scale of operations will be negative
for the ratings.

COMPANY PROFILE

Incorporated in 1996, Devashish Polymers manufactures rubber
compounds at its installed capacity of 200mt/year.  It is managed
by Mr. Chandrakant Satyanarayan Mody and family.  The company is
expanding its capacity by 3,840mt/year to around 4,040mt/year.


DUTCH TECH: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Dutch Tech Tools
Private Limited (DTT) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.  The instrument-wise rating actions are:

   -- INR72.5 mil. Fund-based limits assigned with IND A4+
      rating; and

   -- INR27 mil. Non fund-based limits assigned with IND A4+
      Rating

                         KEY RATING DRIVERS

The ratings reflect DTT's small scale of operations and moderate
liquidity position.  During FY16, its revenue improved to
INR189 million (FY15: INR99 million) due to an increase in sales.
The company's average use of working capital limit was around 90%
during the 12 months ended February 2017.

The ratings, however, are supported by DTT's strong credit
metrics. Interest coverage (operating EBITDA/gross interest
expense) increased to 9.2x in FY16 (FY15:  negative 0.6x), net
leverage (net debt/ operating EBITDA) improved to 2.3x (negative
12.1x) and operating EBITDA margin increased to 16.9% (negative
5.9%). The improvement in credit metrics was due to the increase
in DTT's top-line.

The ratings benefit from the directors' over a decade of
experience in manufacturing of solid carbide metal cutting tools.

                        RATING SENSITIVITIES

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

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

COMPANY PROFILE

Incorporated in 2007, DTT is engaged in the manufacturing of
solid carbide rotary metal cutting tools, majorly used in
industries such as automotive and aeronautical industries.  Its
manufacturing unit is situated in Falta special economic zone
(West Bengal) with an annual installed capacity of 1.35 million
pieces.


EDIMANNICKAL FASHION: CRISIL Reaffirms B+ Rating on INR10MM Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facility of Edimannickal Fashion Jewellery at 'CRISIL B+/Stable'.
The rating continues to reflect a small scale of operations in
the intensely competitive gold jewellery retail segment, and a
modest financial risk profile because of subdued debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of the promoter.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           10         CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations
Revenue was INR13.0 crore and operating profitability 10.8% in
fiscal 2016. The small scale of operations is due to intense
competition in the fragmented retail jewellery industry,
comprising several small and big players.

* Modest financial risk profile
The small scale of operations has led to limited operating
profitability and consequently interest coverage ratio has been
low at around 1.1 times in fiscal 2016. Networth was also small
at around INR6 crore as on March 31, 2016.

Strength

* Extensive experience of the promoter
With over 25 years of experience, the promoter has a sound
insight into consumer-buying patterns and jewellery designs. The
firm has been able to maintain a steady scale of operations
despite intense competition owing to an improved brand image and
established customer relationship.
Outlook: Stable

CRISIL believes EFJ will continue to benefit from the extensive
industry experience of its promoter. The outlook may be revised
to 'Positive' if revenue increases significantly, leading to
sizeable cash accrual and hence to improvement in the financial
risk profile. The outlook may be revised to 'Negative' if the
financial risk profile weakens owing to significantly low revenue
or profitability, and substantial debt-funded capital
expenditure.

EFJ was established in 2012, promoted by Mr. E T Jose, who also
manages operations. The firm retails gold jewellery at its
showroom at Punalur in Kollam, Kerala.

Net profit was INR0.01 crore on net revenue of INR13.0 crore in
fiscal 2016, against net profit of INR0.02 crore on net revenue
of INR15.8 crore in fiscal 2015.


EESAVYASA TECHNOLOGIES: Ind-Ra Assigns 'BB' Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Eesavyasa
Technologies Private Limited (ETPL) a Long-Term Issuer Rating of
'IND BB'.  The Outlook is Stable.  The instrument-wise rating
actions are:

   -- INR30 mil. Fund-based working capital limits assigned with
      IND BB/Stable/IND A4+ rating; and

   -- INR30 mil. Non- fund-based working capital limits assigned
      with IND A4+ rating

                         KEY RATING DRIVERS

The ratings reflect ETPL's small scale of operations and volatile
EBITDA margin.  Revenue was INR245.4 million in 10MFY17 (FY16:
INR81 million; FY15: INR 22 million). Revenue expanded at a CAGR
of 243.4% over FY14-FY16.  As of January 2017, the company had
pending orders worth of INR326 million will be executed by end of
FY18.Moreover, the EBITDA margin was volatile at 4.5%-10.9% over
FY13-FY16 despite revenue growth.  The volatility was due to
costs incurred on pilot projects towards the implementation of
new technologies and fee incurred for filing patents.

The ratings, however, are supported by strong credit metrics and
a comfortable liquidity position. Net leverage (adjusted net
debt/operating EBITDAR) was negative 0.6x in FY16 (FY15: 1.1) and
interest cover (operating EBITDA/gross interest expense) was
16.4x (FY15: 138.3x).  It utilized fund-based facilities at an
average of 28% during the eight months ended January 2017.
However, its operations have a working capital-intensive nature.
Net cash cycle was 95 days in FY16 (FY15: 1,062 days) due to a
long inventory holding period of 173 days (FY15: 1,008 days) and
debtor days of 63 days (FY15: 59 days).  The cycle is likely to
stretch further in the medium term, as the company executes
government projects.

                        RATING SENSITIVITIES

Negative: A decline in EBITDA margin or an elongation in the net
cash cycle leading to deterioration in credit metrics could lead
to a negative rating action.

Positive: A substantial increase in revenue and a stabilization
in EBITDA margin leading to an improvement in credit profile on a
sustained basis will lead to a positive rating action.

COMPANY PROFILE

Established on April 1, 2005, Hyderabad-based ETPL is engaged in
the design, development and implementation of water treatment
(effluent and drinking water projects) and nanotechnology
solutions.  ETPL's business lines are research and development,
consultancy, project execution and manufacturing.

ETPL initially engaged in the manufacturing of water treatment
systems, aqua UV pumps, water purifiers and fumigators.  From
FY14-15, ETPL started focusing more on research and development,
consultancy, and implementation of new technology implementation
effluent and drinking water projects.


FORTPOINT AUTO: CRISIL Reaffirms B- Rating on INR49.25MM Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B-/Stable' rating on
the long-term bank loan facility of Fortpoint Automotive (Cars)
Private Limited.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            13        CRISIL B-/Stable (Reaffirmed)

   Cash Credit/
   Overdraft facility      5        CRISIL B-/Stable (Reaffirmed)

   Inventory Funding
   Facility               49.25     CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     16.68     CRISIL B-/Stable (Reaffirmed)

   Term Loan              16.07     CRISIL B-/Stable (Reaffirmed)

The rating reflects the company's weak financial risk profile,
primarily marked by a leveraged capital structure, subdued
interest coverage, and stretched liquidity on account of tightly
matched cash accrual against debt repayments and exposure to
risks related to competition in the automobile dealership
business. These rating weaknesses are mitigated by the promoters'
extensive industry experience and established association with
Maruti Suzuki India Ltd (MSIL; rated, 'CRISIL AAA/Stable/CRISIL
A1+'), a market leader in passenger car industry.

Analytical Approach

CRISIL has treated unsecured loans of INR6.8 crore as neither
debt nor equity as the same are from promoters, have no interest
obligations and are expected to remain in the business over the
long term.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: Financial risk profile remains
constrained by modest networth of INR15.12 crore, and high total
outside liabilities to adjusted net worth (TOLANW) ratio of over
8.01 times as on March 31, 2016. Interest coverage is subdued at
1.7 times, but should improve with improvement in profitability.
The liquidity is also stretched with expected cash accruals of
INR12-16 crore against repayment obligations of around INR13.8
crore over medium term. The promoters are expected to support the
liquidity in the form of fund infusion.

* Exposure to risks related to competition in the automobile
dealership business: Scale of operations is modest because of
limited area of operations and competition from dealers of other
principals. Also, given the nature of business, operations and
profitability depend on the principal.

Strength

* Promoter's extensive experience and established relationship
with principal: FACPL is part of the Fortpoint group. The
promoters have been in the auto dealership business for the past
25 years. Their extensive experience has helped FACPL withstand
economic cycles.

Outlook: Stable

CRISIL believes that FACPL will continue to benefit from its
promoters extensive industry experience and established
association with MSIL. The outlook may be revised to 'Positive'
if the financial risk profile and liquidity improves due to
higher-than-expected cash accrual, fresh sizable fund infusion by
promoters along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile, particularly its liquidity is constrained
due to lower-than-expected cash accrual or large working capital
requirements or any large, debt-funded capital expenditure
programme.

Incorporated in 2001, FACPL is an authorised dealer for MSIL for
sale of its passenger cars in Mumbai. FCAPL operates through two
showrooms and three service centres across Mumbai. The company is
promoted and managed by Mr. Sundeep Bafna and family.

For fiscal 2016, FACPL's profit after tax (PAT) was INR2.67 crore
on net sales of INR286.9 crore, against a PAT of INR1.25 crore on
net sales of INR222.6 crore for fiscal 2015.


G M COT: CRISIL Reaffirms B+ Rating on INR7MM Cash Loan
-------------------------------------------------------
CRISIL Ratings on the bank facilities of G M Cot Fibers's
continues to reflect its small scale of operations, and intense
competition in the segment. These weaknesses are partially offset
by its promoters' extensive experience in the cotton industry.

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

   Proposed Long Term
   Bank Loan Facility      .2       CRISIL B+/Stable (Reaffirmed)

   Term Loan              2.8       CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations and exposure to intense competition
in the cotton ginning industry: GMCF started operations in
December 2014. Furthermore, the firm's scale of operations is
expected to be modest in a highly fragmented and competitive
industry, marked by low entry barriers due to limited capital and
technology intensity and minimal differentiation in end product.
This leads to low profitability levels for players

Strength

* Extensive industry experience of promoters: The firm's
promoters have around 25 years of experience in the cotton
ginning industry through their respective proprietorship
concerns. GMCF will benefit from their understanding of local
market dynamics and established relationships with farmers.
Outlook: Stable

CRISIL believes that of GMCF will benefit from extensive
experience of its promoters in the cotton industry. The outlook
may be revised to 'Positive' in case the firm achieves higher
than expected revenue or profitability thereby improving the
financial and liquidity profiles. Conversely, the outlook may be
revised to 'Negative' in case of lower than expected revenues or
profitability or a material stretch in the working capital cycle,
resulting in deterioration of the liquidity profile.

GMCF was set up in 2014 as a partnership firm by Mr. Govind
Agarwal and his nephews, Mr. Pratish Agarwal and Mr. Ashish
Agarwal. The firm is setting up a cotton ginning unit in Sendhwa
(Madhya Pradesh).

GMCF on provisional basis reported profit after tax (PAT) of
INR0.30 crore on net sales of INR30.28 crore for fiscal 2016 and
PAT of INR0.10 crore on net sales of INR11.18 crore for fiscal
2015.


GHAZIABAD FORGINGS: CRISIL Cuts Rating on INR5MM Loan to B+
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Ghaziabad Forgings (P) Ltd to 'CRISIL B+/Stable' from 'CRISIL
BB-/Stable'.

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

   Proposed Cash         0.75      CRISIL B+/Stable (Downgraded
   Credit Limit                    from 'CRISIL BB-/Stable')

The downgrade reflects deterioration in the business risk profile
because of a decline in revenue along with a stretched working
capital cycle. Revenue declined to INR12.2 crore in fiscal 2016
from INR21.1 crore fiscal 2015, against CRISIL's expectation of
around INR23 crore. GFPL's is expected to report revenue of
around INR12 crore in fiscal 2017.

Further the working capital is expected to remain stretched over
the medium term marked by gross current assets (GCAs) days of
over 300 days. GCA increased to 363 days as on March 31, 2016,
from 212 days a year earlier, due to an increase in debtors to
111 days as on March 31, 2016 from 96 days as on March 31, 2015,
and inventory to 240 days from 114 days. Creditors were stretched
to 156 days in March 31, 2016 from 92 days in March 31, 2015.
Consequently, the working capital bank limits were almost fully
utilized over the twelve months ended January 2017 constraining
GFPL's financial flexibility.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital-intensive operations
The GCAs have increased significantly to over 300 days in fiscal
2016. Inventory is stocked up at a cheaper price for fulfilling
future orders as the company supplies customised products.
Operations are likely to remain working capital intensive over
the medium term.

* Modest scale of operations in a highly fragmented industry
Despite being in the industry for nearly three decades, the scale
of operations remains small with revenue of INR12.2 crore in
fiscal 2016.

Strengths

* Extensive experience of the promoters in the forging industry
The promoters have experience of more than three decades in the
forging industry. This has enabled them to establish a strong
relationship suppliers and customers. Customers include BHEL,
NTPC, and Tata Steel. The company will continue to benefit from
the extensive industry experience of its promoters.

* Moderate Total Outside Liabilities to Adjusted Networth
(TOLANW)
TOLANW was moderate at around 1.97 times as on March 31, 2016
driven by debt and trade credit availed to fund the working
capital requirements of the company. Leverage is likely to remain
moderate over the medium term.
Outlook: Stable

CRISIL believes GFPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of a significant increase in scale of
operations and operating profitability along with prudent working
capital management. The outlook may be revised to 'Negative' if
cash accrual is lower than expected, or there is any additional
debt-funded capital expenditure or a substantial increase in
working capital requirement, leading to weakening of the
financial risk profile, particularly liquidity.

GFPL was incorporated in 1978, promoted by the Delhi-based Goel
and Chatwal families. The company manufactures steel forgings and
heavy machinery parts, and is managed by Mr. M P Goel, Mr. Sanjay
Goel, and Mr. Saurabh Chatwal.

GFPL reported a profit after tax (PAT) of INR0.18 Crores on net
sales of INR12.22 Crores for fiscal 2016, vis-a-vis INR0.30
Crores and INR21.20 Crores, respectively in fiscal 2015, on a
standalone basis.


H. R. POWER: CRISIL Lowers Rating on INR12MM Cash Loan to B-
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
H. R. Power Projects Private Limited to 'CRISIL B-/Stable/CRISIL
A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           7        CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Cash Credit             12        CRISIL B-/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Letter of Credit         5        CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

The downgrade reflects CRISIL's belief that HRPPPL's liquidity
will remain weak over the medium term, on account of its large
working capital requirement leading to higher dependence on
working capital limits, as reflected in fully utilised bank
limits over the 12 months through December 2016, with instances
of over-utilisation due to frequent devolvement in letter of
credit. If the situation of delayed receivables fails to improve,
liquidity will likely remain stretched over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirement
Gross current assets were sizeable at 275 days, with inventory
and receivables at 161 and 117 days, respectively, and payables
at 67 days, as on March 31, 2016. Operations are likely to remain
working capital intensive over the medium term as well.

* Modest scale of operations in a fragmented industry
Scale remained small, with operating income of INR28.06 crore in
fiscal 2016. Notwithstanding an order book of INR52 crore, to be
executed in the next six months, scale will likely remain modest
over the medium term.

* Weak financial risk profile
Although total outside liabilities to tangible networth ratio
improved to 2.54 times as on March 31, 2016 (3.46 times as on
March 31, 2015), due to decline in receivables, it remained
moderately high. Debt protection indicators are also weak, with
below-average interest coverage and net cash accrual to total
debt ratios at 1.28 times and 0.04 time, respectively, in fiscal
2016.

Strength

* Promoters' extensive experience in the electrical component
industry
Experience of a decade has resulted in strong business
association of the promoters with the other players in the
industry which could leverage in getting fresh orders.
Outlook: Stable

CRISIL believes HRPPPL will continue to benefit over the medium
term from its promoters' extensive experience. The outlook may be
revised to 'Positive' in case of revenue growth while
simultaneously maintaining its operating profit margin, coupled
with improvement in working capital requirement. Conversely, the
outlook may be revised to 'Negative' if a significant decline in
revenue or margins, or any stretch in the working capital cycle
or any larger-than-expected, debt-funded capital expenditure
weakens the financial risk profile.

HRPPPL is based in Punjab and was promoted by Mr. Ajay Kansal, Ms
Krishna Kumari, Mr. Karan Kansal, and Ms Priti Kansal in 2010 by
taking over the business of M/s HR Powers, a partnership firm of
the promoters. The company manufactures electric transformers,
for the power sector and also undertakes contracts for the
installation and erection of transformers. The plant is located
in Bhatinda, Punjab, and has an installed capacity of 350,000
kilo volt-ampere (KVA) per annum for transformers, with
capacities from 6.3 KVA to 500 KVA.

Profit after tax (PAT) was INR0.43 crore on net sales of INR28.06
crore in fiscal 2016, against INR0.59 crore and INR39.61 crore,
respectively, in fiscal 2015.


H.P. INT'L: CRISIL Assigns B+ Rating to INR11.75MM Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of H.P. International - Chandigarh (HPI).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit            11.75       CRISIL B+/Stable

The rating reflects the firm's small scale of, and working
capital-intensive, operations, and below-average financial risk
profile because of weak debt protection metrics. These weaknesses
are partially offset by extensive experience of proprietor and
his funding support.

Analytical Approach

Unsecured loans of INR6.81 crore from proprietor's family members
have been treated as neither debt nor equity as these are
interest-free and will remain in business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Interest coverage and net
cash accrual to total debt ratios were 1.01 times and 0.003 time,
respectively, due to low profitability of 2.7% for fiscal 2016 on
account of trading nature of business. Networth was also modest
at INR7.7 crore on March 31, 2016.

* Small scale of, and working capital-intensive, operations:
Sales were around INR23.8 crore in fiscal 2016. Moreover, gross
current assets were high at over 394 days as on March 31, 2016,
driven by substantial inventory of 177 days and receivables of
212 days.

Strength

* Extensive experience of proprietor in the polymers trading
industry: Presence of more than a decade in the trading business
has enabled the proprietor to develop healthy relationship with
customers and suppliers.
Outlook: Stable

CRISIL believes HPI will continue to benefit over the medium term
from the extensive experience of its proprietor in the polymer
trading industry. The outlook may be revised to 'Positive' in
case of a significant and sustained improvement in revenue and
operating margins, while improving capital structure and working
capital management. The outlook may be revised to 'Negative' if
sharp decline in revenue or margins, further stretch in working
capital cycle, or large, debt-funded capital expenditure results
in deterioration in financial risk profile.

Set up in 2015 as a proprietorship concern by Mr. Nishant Kumar,
HPI trades in PET granules and bottles, master batches,
chemicals, mono cartons, and corrugated boxes that are majorly
used in the pharmaceutical industry. Commercial operations began
in April 2015.

Book profit was INR0.28 crore on sales of INR23.8 crore in fiscal
2016.


INDIRA PRIYADARSHINI: Ind-Ra Cuts Rating on INR238.4MM Loan to D
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded the rating on
Indira Priyadarshini Hydro Power Private Limited's (IPHPPL) term
loan as:

   -- INR238.4 million Term loan lowered to IND D rating

                          KEY RATING DRIVERS

The downgrade reflects the instances of delays of up to 90 days
in servicing of debt obligations by IPHPPL during the three
months ended February 2017, due to tight liquidity position.

                         RATING SENSITIVITIES

Positive: The ratings could be upgraded if the debt obligations
are serviced in a timely manner for at least one quarter

COMPANY PROFILE

IPHPPL is sponsored by the Ind Barath group of companies, which
is mainly engaged in the power development business.  The company
is setting up a 4.8MW run-of-the-river hydel power plant on
Manuni khad (tributary of Beas) in Kangra District, Himachal
Pradesh.  The power plant is yet to be commissioned.


JAISHREE KRISHNA: CRISIL Assigns 'B' Rating to INR10MM Cash Loan
----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facilities of Jaishree Krishna and Company.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit              10        CRISIL B/Stable

The rating reflects initial stage and modest scale of operations
in highly fragmented agro industry. The rating also factors in
below-average financial risk profile marked by weak capital
structure and debt protection metrics. These weaknesses are
partially offset by the extensive experience of partners.

Key Rating Drivers & Detailed Description

Weaknesses

* Initial stage and modest scale of operations: Scale has been
modest, reflected in revenue of INR20 crore projected in fiscal
2017, as the firm started operations only in 2016.

* Below-average financial risk profile: High estimated total
outside liabilities to tangible net worth ratio of around 5 times
as on March, 2017, small estimated interest coverage ratio of 1.1
times and net cash accruals to total debt (NCATD) of 0.01 times
in fiscal 2017, reflect below-average financial risk profile.

Strength

* Experience of partners: JSKC benefits from the partners'
decade-long experience and healthy relationships with customers
and suppliers in Agro business.
Outlook: Stable

CRISIL believes JSKC will maintain the business risk profile over
the medium term backed by partner's experience. The outlook may
be revised to 'Positive' if substantial increase in revenue,
profitability and equity infusion strengthens financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
lower-than-expected revenue and profitability, or stretched
working capital cycle weakens financial risk profile.

Established in 2015 as a partnership firm, JSKC trades in pulses.
The firm, based in Raipur, Chhattisgarh, is managed by Mr.
Priyanshu Agrawal and Mr. Satyad Agrawal.


KAMAL BUILDERS: CRISIL Reaffirms B+ Rating on INR3MM Loan to B+
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Kamal Builders.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         12        CRISIL A4 (Reaffirmed)
   Cash Credit             3        CRISIL B+/Stable (Reaffirmed)
   Term Loan               2        CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the firm's weak liquidity because
of large working capital requirement, and exposure to intense
competition and risks inherent in its tender-based business.
These weaknesses are partially offset by its partners' extensive
experience in the construction industry, its improving order
book, and moderate capital structure.

Key Rating Drivers & Detailed Description

Weakness

* Large working capital requirement: KB had gross current assets
of 190 days as on March 31, 2016, mainly due to large receivables
of 108 days and security deposits and earnest money, resulting in
weak liquidity with high bank limit utilisation.

* Susceptibility to risks inherent in tender-based business and
fragmented industry: The civil construction industry has many
small, medium, and organised players. Also, ability to procure
tenders and projects depends on turnover and scale of operations.

Strengths

* Partners' extensive industry experience: Its partners'
experience of around three decades in the civil construction
industry has helped the firm establish a strong customer base in
Uttar Pradesh, Madhya Pradesh, Rajasthan, and Delhi.

* Moderate capital structure: KB's moderate capital structure is
indicated by low gearing of 0.7 time as on March 31, 2016, and
above average debt protection metrics with interest coverage of
5.7 times.

Outlook: Stable

CRISIL believes KB will continue to benefit from its partners'
extensive experience in the construction industry and its
improving order book. The outlook may be revised to 'Positive' if
liquidity improves because of large cash accrual and improved
working capital management. The outlook may be revised to
'Negative' if cash accrual falls, or working capital cycle
lengthens, weakening the financial risk profile.

KB was set up in 1984 by the late Mr. S S Jalan and his sons. It
is currently owned and managed by his sons Mr. Kamal Kumar Jalan
and Mr. Hari Kishan Jalan. KB operates in the road and civil
construction industry, mainly in Madhya Pradesh and Uttar
Pradesh. The firm is a registered contractor with urban municipal
bodies.

For fiscal 2016, KB's book profit was INR3.54 crore on net sales
of INR34.03 crore, against a book profit of INR2.34 crore on net
sales of INR44.22 crore for fiscal 2015.


KAVIT INDUSTRIES: CRISIL Reaffirms B- Rating on INR5MM Loan
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the bank facilities
of Kavit Industries at 'CRISIL B-/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             5        CRISIL B-/Stable (Reaffirmed)
   Letter of Credit        2.34     CRISIL A4 (Reaffirmed)
   Term Loan               0.66     CRISIL B-/Stable (Reaffirmed)

The rating continues to reflect the firm's working capital-
intensive operations, weak financial risk profile because of high
gearing and small net worth, and modest scale of operations.
These weaknesses are partially offset by the extensive experience
of KI's promoters in foam trading and manufacturing industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital-intensive operations: Operations are working
capital-intensive, reflected in gross current assets of 251 days
as on March 31, 2016, due to large receivables (121 days) and
inventory (112 days). High credit of 60-90 days to customers and
year-end sales (peak season is during January-May) have kept
receivables level high. Though payables of 109 days help bridge
funding gap, operations will remain working capital-intensive
over the medium term.

* High gearing because of small networth: Gearing was 2.22 times
as on March 31, 2016, because of high reliance on debt to fund
working capital requirement and capex. Gearing is likely to
remain at a similar level over the medium term.

* Modest scale of operations and low profitability: KI's scale of
operations is modest, as reflected in its sales of around INR21.5
crore in 2015-16. The same has increased at a CAGR of 18 per cent
over the past 3 years ending March, 2016. In spite of a
consistent increase over the years, its scale of operations
remains modest compared to other players in the industry. This is
largely on account of high competition and relatively small
capacity. As a result, KI's small scale of operations limits its
bargaining power with suppliers as well as customers.

Strength

* Proprietor's extensive experience in the foam industry:
Proprietor has been in this business for over 15 years now, which
has helped the firm in terms of supply chain management. The Firm
is engaged into manufacturing of PU Foams and its manufacturing
facility is located at Noida, Uttar Pradesh, along with trading
of chemicals and fabrics. Established position of proprietor in
the industry has helped the firm in terms of its assured demand-
supply chain. Over the years, proprietor has successfully
established a procurement and distribution network that has led
to ready set of distributors and suppliers for the firm.
Outlook: Stable

CRISIL believes KI will continue to benefit over the medium term
from promoters' extensive industry experience. However, financial
risk profile will remain constrained due to planned debt-funded
capital expenditure. The outlook may be revised to 'Positive' if
scale of operations and profitability improve substantially and
fund infusion to meet debt obligation is timely, leading to a
better financial risk profile, particularly liquidity.
Conversely, the outlook may be revised to 'Negative' if lower-
than-expected revenue growth or profitability, or lack of timely
funding support leads to pressure on liquidity.

Based in Noida, Uttar Pradesh, KI was established as a
proprietorship firm in 2000 by Mr. Vijay Manchanda. The firm
manufactures PU foams and matrices and also trades in industrial
chemicals and fabrics.

KI's profit after tax (PAT) was INR11 lakhs on net sales of
INR21.5 crore for 2015-16 (refers to financial year, April 1 to
March 31), vis-a-vis PAT of INR10 lakhs on net sales of INR20.6
crore for 2014-15.


KUTTANADU VIKASANA: CRISIL Cuts Rating on INR1.15MM LT Loan to D
----------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facility of Kuttanadu Vikasana Samithy to 'CRISIL D' from 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      1.15      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The downgrade reflects delays in servicing instalments on term
loan on account of weak liquidity. Also, collection efficiency
has been significantly affected by demonetisation.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak liquidity
Delays in collection of receivables from microfinance borrowers
post demonetisation led to stretched liquidity and hence delays
in servicing debt.

* Modest scale of operations and geographical concentration
The society had a portfolio of INR2.5 crore as on March 31, 2016,
which is small compared to CRISIL-rated microfinance institutions
(MFIs). Also, operations are confined only to 30 village units in
Alappuzha, Kerala, which exposes it to local, social, and
political issues.

* Modest capital position
Networth was small at INR0.2 crore and gearing high at 10.3 times
as on March 31, 2016. The society largely depends on internal
accrual and grants to implement microfinance and other
developmental activities. Furthermore, surplus is low, resulting
in minimal accretion to corpus. Capital position will remain
subdued over the medium term.

* Exposure to risks inherent in the microfinance segment
The microfinance sector is susceptible to regulatory and
legislative risks. Promulgation of the ordinance on MFIs by the
Government of Andhra Pradesh demonstrated the vulnerability of
MFIs to regulatory and legislative risks, and triggered a chain
of events that adversely impacted the MFI business model by
impairing growth, asset quality, operating surplus, and solvency.
Such institutions lend to the poor and downtrodden sections of
society, and will therefore remain exposed to socially sensitive
factors such as high interest rates, and, consequently, to
tighter regulations and legislation.

Strength

* Strong track record in area of operations
KVS has been operating for more than two decades and has
undertaken various developmental activities for the betterment of
farmers, agricultural labourers, women and children, fishermen,
and disabled villagers in Kuttanadu, Alappuzha. So far, it has
formed about 840 women self-help groups, of which 665 were linked
to 8 banks for various activities. It provides services to
commercial banks for their microfinance operations by assisting
them in group formation, disbursement, and collection of loans.

KVS is a non-profitmaking organisation in Alappuzha and is
managed by Fr. Thomas Peelianickal. The organisation was
registered in 1979 and was taken over by the current management
in 1993. The society is engaged in the microfinance business on
the self-help model and also helps National Bank For Agriculture
& Rural Development (NABARD) form joint liability groups to which
it lends. KVS earns a fee for the service from NABARD.

For fiscal 2016, surplus was INR3 lakh on a total income of INR38
lakh, against a surplus of INR0.9 lakh on a total income of INR30
lakh for the previous year.


M.M.G. HOLDINGS: CRISIL Reaffirms 'B' Rating on INR14.28MM Loan
---------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of M.M.G. Holdings Private Limited at 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         14.28      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      3.54      CRISIL B/Stable (Reaffirmed)

The rating continues to reflect a modest scale of operations in
the real estate industry, customer concentration in revenue, and
weak debt protection metrics. These weaknesses are partially
offset by the extensive entrepreneurial experience of the
promoters and the favourable location of the warehouse.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and customer concentration in
revenue: Revenue was around INR2.63 crore in fiscal 2016, against
INR2.31 crore in the previous fiscal. The company derives lease
rental income from two properties in Chennai, leading to customer
and geographic concentration in revenue.

* Weak debt protection metrics: MMG's debt protection metrics are
weak marked by subdued interest coverage ratio at 1.4 times on
account of the high interest outgo and low revenue generation
from the properties. The company receives need-based fund support
from promoters which supports scheduled debt repayments. CRISIL
believes that timely infusion of funds over the medium term will
be a key rating sensitivity factor.

Strength

* Extensive entrepreneurial experience of the promoters and
favourable location of the properties: MMG is part of the
Chennai-based Gupta group of companies, primarily involved in
export of human hair and sandalwood. Mr. M M Gupta, the promoter,
has over four decades of entrepreneurial experience. Also, the
company has properties at favourable locations in Chennai with
reputed tenants and stable cash flows.
Outlook: Stable

CRISIL believes MMG will continue to benefit from the extensive
experience of its promoters and need-based funding support from
them. The outlook may be revised to 'Positive' if an increase in
cash accrual because of healthy occupancy rate improves the
financial risk profile. The outlook may be revised to 'Negative'
if any large, debt-funded capital expenditure further weakens the
financial risk profile.

MMG, incorporated in 2004, is part of the Chennai-based Gupta
group, promoted by Mr. M M Gupta. The company leases warehouse
and commercial spaces in Chennai.

Profit after tax was INR0.29 core on net sales of INR2.63 crore
for fiscal 2016, against INR0.02 crore and INR2.34 crore,
respectively, in fiscal 2015.


METRO PLYWOODS: CRISIL Assigns 'B+' Rating to INR5MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of Metro Plywoods.

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

The rating reflects the firm's modest scale of operations in the
intensely competitive plywood trading industry, large working
capital requirement, and below-average financial risk profile.
These weaknesses are partially offset by the extensive experience
of its promoters and established supplier relationship.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in competitive segment: With an
estimated revenue of INR12.5 crore in fiscal 2017, scale remains
small in the competitive plywood trading industry that has low
entry barrier due to minimal capital requirement.

* Large working capital requirement: Gross current assets are
estimated around 165 days as on March 31, 2017, due to high
receivables (approx. 80 days) and sizeable inventory (approx. 3
months).

* Below-average financial risk profile: Networth is estimated to
be modest at INR1.18 crore and gearing moderate at 1.20 times as
on March 31, 2017. However, gearing is likely to deteriorate to
over 2.0 times because of incremental working capital debt to
fund ramp-up in operations. Debt protection metrics are likely to
be muted, with net cash accrual to total debt and interest
coverage ratios of 0.08 time and 2.45 times, respectively, for
fiscal 2017.

Strengths

* Extensive experience of promoters and established supplier
relationship: Presence of over four decades in the plywood
trading segment has enabled the promoters to establish strong
relationship with suppliers.
Outlook: Stable

CRISIL believes MP will continue to benefit over the medium term
from the extensive experience of its promoters and established
relationship with key customers and suppliers. The outlook may be
revised to 'Positive' if significant ramp-up in operations and
better profitability lead to higher-than-expected cash accrual.
The outlook may be revised to 'Negative' in case of a decline in
revenue or profitability, or if large, debt-funded capital
expenditure or deterioration in working capital management
affects financial risk profile.

Set up in 1978 in Chennai as a partnership firm by Mr. Ashraf, MP
trades in plywood and timber. Operations are managed by Mr.
Ashraf and his son Mr.Mishad Ashraf.

For fiscal 2016, profit after tax (PAT) was INR11.8 lakh on a
total income of INR5.99 crore, against a PAT of INR15.17 lakh on
a total income of INR5.30 crore for the previous fiscal.


MAYA SAHA: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Maya Saha (MS) a
Long-Term Issuer Rating of 'IND BB+'.  The Outlook is Stable.
Instrument-wise rating action is:

   -- INR100 mil. Fund-based limits assigned with IND BB+/Stable
      rating

                        KEY RATING DRIVERS

The ratings reflect MS's moderate scale of operations and low
profitability margin.  Net revenue decreased to INR575 million in
FY16 (FY15: INR829 million) on the back of higher excise duty tax
paid during the year (FY16: INR1,058.44 million; FY15:INR494.63
million).  However, EBITDA margin increased, but remained low at
4.3% in FY16 (FY15: 2.4%) on account of a decrease in purchase
cost of liquor.

The ratings also factor in the company's moderate liquidity
position as reflected by average use of fund-based limits of 78%
during the 12 months ended January 2017.

However, the ratings are supported by MS's strong credit profile
as reflected by net financial leverage (total adjusted net
debt/operating EBITDAR) of 0.45x in FY16 (FY15: 0.5x) and
interest coverage (operating EBITDA/gross interest expense) of
4.23x (4.14x).  The ratings also draw comfort from the founder's
more than a decade-long experience in the Indian-made foreign
liquor distribution business.

                         RATING SENSITIVITIES

Positive: A substantial improvement in revenue, along with an
improvement in the profitability margin leading to an improvement
in the overall credit metrics could lead to a positive rating
action.

Negative: Deterioration in the overall credit metrics from the
present level on a sustained basis could lead to a negative
rating action.

COMPANY PROFILE

Incorporated in 2004, MS is engaged in distribution of Indian-
made Foreign Liquor in West Bengal.


MULA SAHAKARI: CRISIL Reaffirms 'B' Rating on INR18.25MM Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long-term bank facility of Mula Sahakari Sakhar Karkhana Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              18.25      CRISIL B/Stable (Reaffirmed)

The rating reflects MSSKL's weak financial risk profile, with
high total outside liabilities to adjusted networth ratio and
subdued debt protection metrics on account of its large working
capital requirement. The rating also factors in low profitability
and susceptibility to cyclicality and regulatory risks in the
sugar industry. These weaknesses are partially offset by MSSKL's
established regional presence in the sugar industry, longstanding
association with farmers, and benefits from the upcoming
cogeneration power plant.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: The financial risk profile is weak
because of a high total outside liabilities to adjusted networth
ratio of 9.4 times as on March 31, 2016, and subdued debt
protection metrics, with interest coverage ratio of 1.9 times and
net cash accrual to total debt ratio of 0.04 time in fiscal 2016.

* Large working capital requirement: Operations are working
capital intensive as reflected in gross current assets of 591
days as on March 31, 2016. Since the sugarcane crushing season is
only between November and March, the society holds high inventory
of finished products post the crushing season, resulting in high
year-end inventory.

* Low profitability and susceptibility to cyclicality and
regulatory risks in the sugar industry: Sugar is the largest
agriculture-based industry in India and substantial government
intervention in the industry reflects the large share of sugar in
the common consumption basket, and its importance to sugarcane
growers. Sugarcane and sugar production in India tend to follow a
cyclical trend, wherein the production increases for two years
and then declines for the next two years and recovers thereafter.

Strengths

* Established regional presence in the sugar industry and
longstanding association with farmers: Extensive experience of
Mr. Shankar Rao Patil in the sugar industry has resulted in
longstanding association with farmers.

* Benefits from the increased cogeneration power capacity: The
society has increasedits cogeneration capacity to 30 megawatt
(MW) from 16 MW in fiscal 2017. This may lead to improvement in
revenue and higher profitability.
Outlook: Stable

CRISIL believes MSSKL will continue to benefit over the medium
term from its longstanding presence in the industry and the semi-
integrated nature of operations. The outlook may be revised to
'Positive' if higher-than-expected revenue and margins lead to
higher cash accrual. Conversely, the outlook may be revised to
'Negative' if weaker sugar prices put pressure on the financial
risk profile and liquidity.

MSSKL was incorporated in fiscal 1980 as a co-operative society
by Mr. Yashwanth Rao Patil. Currently, the operations are managed
by his son, Mr. Shankar Rao Patil. MSSKL's plant in Sonai
(Maharashtra) has sugarcane crushing capacity of 5000 tonne per
day, co-gen capacity of 30 MW, and a distillery with capacity of
30 kilolitre per day.

Profit after tax was INR0.05 crore on an operating income of
INR197.04 crore in fiscal 2016, against a profit after tax of
INR7.55 crore on an operating income of INR326.29 crore in fiscal
2015.


PARAMOUNT CONDUCTORS: CRISIL Reaffirms B Rating on INR11MM Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Paramount Conductors Limited (PCL) at 'CRISIL B/Stable/CRISIL
A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             11        CRISIL B/Stable (Reaffirmed)
   Letter of Credit         6        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       4.25     CRISIL B/Stable (Reaffirmed)
   Term Loan                0.75     CRISIL B/Stable (Reaffirmed)

The ratings reflect the company's small scale of, and working
capital-intensive, operations in a highly fragmented electrical
equipment industry and below-average debt protection metrics.
These weaknesses are partially offset by the extensive experience
of its promoters, moderate operating profitability, and moderate
capital structure.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations in competitive segment
Revenue declined to INR17.5 crore in fiscal 2016 from INR22.5
crore in fiscal 2015 on account of high fragmentation in the
electrical equipment industry.

* Working capital-intensive operations
Gross current assets were high at 584 days as on March 31, 2016,
because of large inventory of 449 days and debtors 260 days.
Inventory was large on account of substantial stock of spares and
other raw materials maintained along with high lead time required
for manufacturing machinery. Further it receives payment from
customers in around 5-6 months. Against these requirements the
firm receives moderate credit from suppliers; hence the company
relies highly on bank lines to fund the gap.

* Below-average debt protection metrics
Interest coverage and net cash accrual to total debt ratios were
1.4 times and 0.05 time, respectively, in fiscal 2016 and will
remain muted over the medium term because of continued high
reliance on working capital debt, despite moderate profitability.

Strengths

* Extensive experience of promoters
Longstanding presence in the electrical equipment industry has
enabled the promoters to develop healthy relationship with
customers and suppliers.

* Moderate operating profitability
Operating margin improved to 23% in fiscal 2016 from 18% in the
previous fiscal. Profitability will remain comfortable because of
high value addition in motor rewinding and machinery
manufacturing.

* Moderate capital structure:
Networth and gearing were INR17.3 crore and 1.19 times,
respectively, as on March 31, 2016. Capital structure will remain
steady over the medium term in the absence of any debt-funded
capital expenditure (capex).
Outlook: Stable

CRISIL believes PCL will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may
be revised to 'Positive' if higher cash accrual due to
significant increase in revenue and sustained profitability, or
substantial improvement in working capital management leads to
better liquidity. The outlook may be revised to 'Negative' if
financial risk profile, particularly liquidity, weakens on
account of further stretch in working capital cycle, low cash
accrual, or any major debt-funded capex.

Incorporated in 1971 and promoted by Mr. G K Tapadia and his
family, PCL manufactures winding wires (aluminium and copper),
coils (high tension and low tension), and machines for
manufacturing coils (testing machines and motor rewinding). Units
are in Nagpur and Goa.

PCL's net profit was INR0.17 crore on total operating income of
INR17.54 crore in fiscal 2016, as against a net profit of INR0.42
crore on operating income of INR22.58 crore in the previous
fiscal.


PRAGATI SAHAYOG: CRISIL Reaffirms B Rating on INR5MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank loan facility of Pragati Sahayog Development Services.

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

The rating continues to reflect the firm's small scale of
operations with regional concentration, modest resource profile,
and the inherently weak credit risk profile of its borrowers. The
company had a small book size of INR3.05 crore as on December 31,
2016 as compared to INR3.47 crore as on the same date for the
previous fiscal. In terms of geographical presence, the business
operations of Pragati are concentrated in Dewas and Khargone
districts only, which being drought prone areas make the position
of Pragati even more vulnerable.

The company's resource profile, marked by its limited banking
associations, is modest. Further, inherent weakness in the credit
profile of the borrowers exposes the asset quality to higher
vulnerability.

These weaknesses are partially offset by its adequate corpus and
its promoters' extensive experience in development activities in
rural areas. The company's networth of INR1.92 crore as on
December 31, 2016 is adequate to support its scale of operations
over the medium term. Further, a comfortable gearing of 0.8 time
leaves sufficient room for the company to avail incremental
funding.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations with regional concentration
Having been in existence for over 5 years, Pragati remains a
small microfinance institution (MFI) with advances of INR3.05
crore as on December 31, 2016 (Rs 3.21 crore as on March 31,
2016). It disbursed INR4.88 crore in fiscal 2016 and INR3.40
crore during the nine months ended December 31, 2016. Pragati
mainly provides bridge finance loans to self-help groups (SHGs)
formed by Samaj Pragati Sahayog (SPS), a non-government
organisation registered under the Society Registration Act that
mentors and promotes SHGs. Furthermore, operations are
concentrated in Dewas and Khargone in Madhya Pradesh, which are
drought-prone areas, further constraining the firm's business
risk profile. As the firm does not plan to scale up the business
significantly, its growth and regional diversity will remain
constrained.

* Modest resource profile
Pragati's resource profile is modest marked by its single banking
relationship. It has only one bank facility from State Bank of
India. Total borrowings amounted to INR1.58 crore as on December
31, 2016. Pragati is also allowed to accept grants as donations
without having to pay tax (under Section 12AA of the IT Act
1961), which was also an essential source of funds so as to
support its objective. However, the firm is exploring other
avenues of funding.

* Weak credit risk profile of borrowers
Pragati predominantly provides loans to SHGs comprising
individuals, who have inherently weak credit risk profile and
limited financial flexibility. Furthermore, Pragati mainly lends
to farmer communities in Dewas and Khargone. The debt servicing
capacity of the SHGs financed by Pragati is susceptible to
natural calamities such as drought and floods.

Strengths

* Adequate corpus
Corpus of INR1.91 crore as on December 31, 2016, is adequate to
support the firm's scale of operations over the medium term.
Furthermore, comfortable gearing of 0.8 time provides cushion to
raise debt. However, ability to maintain capital position
supported by internal accrual will remain a key monitorable.

* Industry experience of promoters
Pragati's board comprises experienced professionals associated
with social and developmental activities. The board is involved
in operations and has strong understanding of the people and the
area of operations. Though Pragati has a track record of just 5
years, its functions are carried out through SPS, which has been
operational for over a decade.
Outlook: Stable

CRISIL believes Pragati will benefit from its promoters'
extensive industry experience and will maintain adequate corpus
over the medium term. The outlook may be revised to 'Positive' if
scale and diversity of operations, and resource profile improve
substantially. The outlook may be revised to 'Negative' if
decline in asset quality or earnings leads to stress on corpus.

Pragati is an erstwhile Section 25 (now Section 8, 2013) firm
promoted by the trustees of SPS. SPS is involved in formation of
SHGs, providing saving and credit linkages through SHG-bank
linkage programme, and organising training and livelihood
programmes for SHGs. Pragati was set up in 2012 to provide
financial assistance, exclusively to SHGs formed by SPS. Pragati
provides bridge finance loans to SHGs comprising women farmers in
drought-prone blocks of Dewas and Khargone.

For fiscal 2016, Pragati had a surplus of INR0.02 crore and total
income* of INR0.4 crore, against a surplus of INR0.03 crore and
total income* of INR0.05 crore for the previous year. For the
nine months ended December 31, 2016, the surplus after tax was
INR0.04 crore and total income of INR0.3 crore, against a surplus
after tax of INR0.04 crore and total income of INR0.2 crore for
the corresponding period of the previous fiscal.

[*] Adjusted for grants received from SPS


RM DAIRY: CRISIL Assigns B+ Rating to INR14.9MM Term Loan
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of RM Dairy Products LLP.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             8         CRISIL B+/Stable
   Term Loan              14.9       CRISIL B+/Stable

The rating reflects firm's initial phase of, and expected modest
scale of operations in dairy products industry with average
financial risk profile. These rating weaknesses are partially
offset by the extensive entrepreneurial experience of partners
and their funding support.

Analytical Approach

Unsecured loans (outstanding at INR7.70 crore as on January 31,
2017) extended to RMDP by partners have been treated as neither
debt nor equity as these are subordinated with bank lines and are
fully interest free.

Key Rating Drivers & Detailed Description

Weaknesses

* Initial phase of, and expected modest scale of operations: As
commercial operations started in November 2016, scale of
operations is expected to remain modest over the medium term in
the highly fragmented dairy products industry.

* Average finical risk profile: The financial risk profile is
expected to remain average due to start-up nature of operations
and sizeable debt contracted for project set up.

Strength

* Entrepreneurial experience of partners: With over a decade of
experience in diversified industries, the partners experience is
expected to help in scaling up operations.
Outlook: Stable

CRISIL believes RMDP will maintain a stable credit risk profile
over the medium term owing to experience of partners. The outlook
may be revised to 'Positive' if scale of operations, revenue and
profitability increase substantially. Conversely, the outlook may
be revised to 'Negative' if lower-than-expected revenue or
profitability weakens financial risk profile and debt servicing
metrics with liquidity.

RMDP was incorporated in April 2015 as a limited liability
partnership firm by eight partners -- Mr. Ram Vinod Singh, Ms
Radha Singh, Mr. Shishir Singh, Mr. Girish Goyal, Ms Suman Goyal,
Mr. Ravi Singhal, Ms. Archana Singhal and Ms Shally Singh. The
firm is setting-up an integrated manufacturing plant in Aligarh,
Uttar Pradesh, with installed capacity of around 4 lakh litre per
day, to produce skimmed milk powder, desi ghee and poly pack
milk.


S B IMPEX: CRISIL Reaffirms 'B' Rating on INR6.5MM LT Loan
----------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
loan facilities of S B Impex's to 'CRISIL B/Stable/CRISIL A4'.

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

   Export Packing
   Credit                  6         CRISIL A4 (Reaffirmed)

   Foreign Exchange
   Forward                 0.6       CRISIL A4 (Reaffirmed)

   Long Term Loan          0.15      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      6.50      CRISIL B/Stable (Reaffirmed)

The ratings reflect SBIMP's large working capital requirement,
susceptibility of its profitability to fluctuations in foreign
exchange rates and tobacco prices. The ratings also factor in
below-average financial risk profile because of modest networth,
high total outside liabilities to tangible networth ratio, and
weak debt protection metrics. These weaknesses are partially
offset by promoters' extensive industry experience and
established customers relationships.

Key Rating Drivers & Detailed Description

Weaknesses

* Large Working Capital requirements
Gross current assets were 201 days as on March 31, 2016, due to
inventory of 105 days and receivables of around 82 days.

* Susceptibility of profitability margins to fluctuations in
foreign exchange rates in foreign exchange rates and tobacco
prices
SBIMP derives majority of its revenues from exports, exposing the
company to volatility in foreign exchange (forex) rates and also
in tobacco prices.

* Below-average financial risk profile
The financial risk profile is weak, with modest networth of
INR7.1 crore, high total outside liabilities to tangible networth
(TOLTNW) ratio of 2.4 times, and average debt protection metrics
as reflected in interest coverage ratio at around 1.4 times in
fiscal 2016.

Strength

* Promoters' extensive industry experience and established
customers relationships
SBIMP's key promoter Mr. S Rama Prasad has been in the tobacco
industry for more than four decades and has also developed
established relationships with key customers and suppliers.
Outlook: Stable

CRISIL believes SBIMP will benefit over the medium term from its
promoters' extensive industry experience and its established
relationships with customers. The outlook may be revised to
'Positive' if there is substantial and sustained improvement in
the firm's working capital cycle, or in networth because of
sizeable equity infusion by promoters. Conversely, the outlook
may be revised to 'Negative' in case of steep decline in
profitability, or significant deterioration in capital structure
on account of stretch in working capital cycle.

SBIMP was set up as a partnership firm by Mr. S Ram Prasad and
his son Mr. S Hemanth in 2008. The firm trades in tobacco, and is
based in Guntur.

Profit after tax (PAT) stood at INR0.2 crore on net sales of
INR38.5 crore for fiscal 2016, vis-a-vis INR0.1 crore and
INR20.58 crore, respectively, for fiscal 2015.


SGM PACKAGING: CRISIL Lowers Rating on INR3.5MM Cash Loan to D
--------------------------------------------------------------
CRISIL Ratings has been following up with SGM Packaging
Industries for getting information through letters and emails,
dated Jan. 18, 2017, and Feb. 20, 2017, apart from various
telephonic communication. However, the issuer has continued to be
non-cooperative.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee          1.25       CRISIL D (Issuer not
                                      Cooperating; Downgraded
                                      from 'CRISIL A4+')

   Cash Credit             3.50       CRISIL D (Issuer not
                                      Cooperating; Downgraded
                                      from 'CRISIL A4+')

   Letter of Credit        0.25       CRISIL D (Issuer not
                                      Cooperating; Downgraded
                                      from 'CRISIL A4+')

   Proposed Long Term      2.0        CRISIL D (Issuer not
   Bank Loan Facility                 Cooperating; Downgraded
                                      from 'CRISIL A4+')*

   Term Loan               0.5        CRISIL D (Issuer not
                                      Cooperating; Downgraded
                                      from 'CRISIL A4+')

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 downgraded its ratings on the bank facilities of SGM
to 'CRISIL D/CRISIL D' from 'CRISIL BB-/Stable/CRISIL A4+'.

The downgrade reflects delays in servicing debt due to stretched
liquidity because of large working capital requirement, as
discussed with the banker.

Key Rating Drivers & Detailed Description

Weakness

* Working capital-intensive operations: Inventory is large and
receivables stretched. Though part of working capital requirement
is met with credit from suppliers, operations will remain working
capital-intensive over the medium term, and its prudent
management a rating sensitivity factor.

* Modest scale of operations: The firm primarily works for public
sector units wherein orders are acquired through tenders. Hence,
growth in operations depends on ability to bid successfully.

Strengths

* Proprietor's experience: Presence of over a decade in the
packaging industry has enabled the proprietor to develop
longstanding relationship with clients.

Set up in 2007 as a proprietorship firm by Mr. Rajesh Chauhan,
SGM manufactures wooden crates, corrugated paper boxes, and
plastic pallets at its facility in Gurgaon.

Profit after tax (PAT) and net sales stood at INR30 lakhs and
INR26.18 crore, respectively, for fiscal 2015, as against INR21
lakhs and INR18.71 crore, respectively, for the previous fiscal.


SHIV SHAKTI: Ind-Ra Assigns 'B' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shiv Shakti Cold
Storage (SSCS) a Long-Term Issuer Rating of 'IND B'.  The Outlook
is Stable.  Instrument-wise rating action is:

   -- INR52 mil. Fund-based limits assigned with IND B/Stable
      rating

                         KEY RATING DRIVERS

The ratings reflect SSCS's small scale of operations and weak
credit metrics.  Revenue was INR13.3 million during FY16 (FY15:
INR10.4 million), interest coverage (operating EBITDA/gross
interest expense) was 1.0x (1.1x) and net leverage (adjusted net
debt/operating EBITDAR) was 4.5x (7.6x).  The improvement in net
leverage resulted from a decline in total debt.

The firm has a moderate liquidity position as reflected by 91.2%
average utilization of working capital facility during the 12
months ended February 2017.

The ratings are, however, supported by SSCS's strong operating
margin of 44.3% in FY16 (FY15: 53.5%) and the partners' over two
decades of experience in the cold storage business.

                        RATING SENSITIVITIES

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

Negative: Further deterioration in the credit metrics could be
negative for ratings.

COMPANY PROFILE

Incorporated in 1997, SSCS is a Gujarat-based partnership firm
engaged in maintaining cold storage for potatoes and trading of
potatoes.  The firm has a cold storage with a total storage
capacity of 6,250 metric tonnes, with almost 100% of the total
area contracted.


SHRI SAGAR: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shri Sagar Woven
Private Limited (SSWPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.  Instrument-wise rating actions are:

   -- INR35 mil. Fund-based limits assigned with IND BB-/Stable
      rating;

   -- INR23.62 Term loan assigned with IND BB-/Stable rating

                         KEY RATING DRIVERS

The ratings reflect SSWPL's short operational track record as it
started commercial operations in October 2016.  During the first
six months from the commencement of operations, the company
reported revenue of INR101 million, EBITDA margin of 10.5%,
interest coverage (operating EBITDA/gross interest expense) of
1.76x and net leverage (total adjusted net debt/operating
EBITDAR) of 5.42x.  As per 9MFY17 provisional results, SSWPL
reported revenue of INR151.18 million.

The ratings also factor in SSWPL's tight liquidity position as
reflected by 95% utilization of working capital facilities during
the 12 months ended January 2017.

However, the ratings draw comfort from the promoters two decades
of experience in the woven sack manufacturing business.

                       RATING SENSITIVITIES

Positive: A substantial rise in revenue and improvement in the
credit profile will be positive for the ratings.

Negative: Deterioration in the overall credit profile, along with
liquidity from the present level may lead to a negative rating
action.

COMPANY PROFILE

Incorporated in 2010, SSWPL is engaged in manufacturing of high-
density polyethylene fabrics and linear low-density polyethylene
liner bags.  The company's manufacturing plant with an installed
capacity of 2,550mtpa is located in Gandhinagar, Gujarat.


SRAVINS INSTRUMENTS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sravins
Instruments and Systems (SIS) a Long-Term Issuer Rating of
'IND B+'.  The Outlook is Stable.  The instrument-wise rating
actions are:

   -- INR6.78 mil. Term loans assigned with IND B+/Stable rating;

   -- INR30 mil. Fund-based facilities assigned with
      IND B+/Stable/ IND A4 rating; and

   -- INR60 mil. Non-fund-based facilities assigned with IND A4
      rating

                         KEY RATING DRIVERS

The ratings reflect SIS' small scale of operations as seen in its
revenue of INR94 million in FY16 (FY15: INR49 million) as well as
its moderate credit metrics.  At FYE16, EBITDA interest cover
(operating EBITDA/gross interest expense) was 1.8x (0.6x) and net
leverage (total debt with equity credit/operating EBITDA) was
3.0x (9.1x).  The firm has booked revenue of INR49.6 million in
9MFY17, and has current order book of INR150 million to be
completed by the end of March 2018.

EBITDA margins varied between 10.3%-43.8% over FY13-FY16
depending on the kind of orders received from its sole customer -
Ministry of Defence establishment, Government of India.  This
also exposes the firm to substantial concentration risks.
Liquidity of the firm was tight as its fund-based working capital
facilities were almost fully utilized during the nine months
ended February 2017.

The ratings, however, are supported by the partners' experience
of more than four decades in manufacturing of defence equipment.

                        RATING SENSITIVITIES

Positive: Any substantial improvement in revenue and EBITDA
margin leading to sustained improvement in the credit metrics
could be positive for the ratings

Negative: Any deterioration in EBITDA margin leading to sustained
deterioration in the credit metrics could be negative for the
rating

COMPANY PROFILE

Incorporated in 1987, SIS is a partnership firm engaged in
manufacturing of electronics defence equipment.  It manufactures
custom-built products which are import substitutes mainly meant
for defence applications.  Orders are taken only from Indian
government (Ministry of Defence establishments) through tenders/
e-procurement.  The manufacturing unit is located in Hyderabad.


SRI GURU: CRISIL Hikes Rating on INR14.5MM Term Loan to B+
----------------------------------------------------------
CRISIL Ratings has upgraded its ratings on the bank facilities of
Sri Guru Harkrishan Sahib (C) Eye Hospital Trust (Regd.) to
'CRISIL B+/Stable' from 'CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft               4.5       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long Term      6.0       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

   Proposed Working        3.0       CRISIL B+/Stable (Upgraded
   Capital Facility                  from 'CRISIL D')

   Term Loan              14.5       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL D')

The upgrade reflects timely servicing of debt since September
2016, backed by improvement in operating margin leading to
surplus net cash accrual (NCA) generation.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations with geographic concentration: Though
the trust has been in operation since 1993, scale of operations
remains small'reflected in revenue of INR61 crore in fiscal 2016.
Further, operations are concentrated in Mohali (Punjab), though
there are branches in other towns in the state, their
contribution in scale of operations is less than 10% and are
primarily providing ophthalmic specialisation.

* Weak financial risk profile with high gearing: Gearing has
remained high at over 2.3 times since the last four years driven
by debt-funded capex-at 2.3 times as on March 31, 2016.

Strength

* Established position in the healthcare industry in Sohana,
Mohali (Punjab): SGHS operates a super specialty hospital in
Mohali offering services in orthopedics, ophthalmic, neurology,
cardiology, and radiology along with a nursing college. Further
the trust has 4 operational branches across Punjab.
Outlook: Stable

CRISIL believes SGHS will continue to benefit from its
established position in Sohana. The outlook may be revised to
'Positive' if expansion in scale and profitability increases net
cash accrual, and consequently strengthens financial risk
profile. The outlook may be revised to 'Negative' if sizeable
debt-funded capital expenditure or stretch in working capital
cycle weakens financial risk profile, especially liquidity.

Set up in 1993, SGHS operates a super -specialty hospital,
deriving most of its revenue from the ophthalmic division, a
heart centre, and an educational institute imparting nursing
degrees. The trust was established by the late Mr. Jasbir Singh
Khalsa. Currently, Mr. Devinder Singh Khalsa is the chairman of
the trust; other trustees include Mr. Gurmeet Singh (secretary
and chief executive officer), Mr. Swaranjit Singh, Mr. Sarabjit
Singh, and Mr. Harbans Singh.

SGHS' income over expenditure was INR2.81 crore on operating
income of INR61.0 crore for fiscal 2016 against INR0.17 lakh and
INR53.4 crore in fiscal 2015.


SRI SURYA: CRISIL Assigns 'D' Rating to INR7.3MM LT Loan
--------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL D/CRISIL D' ratings to
the bank facilities of Sri Surya Poultry Farm.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Working
    Capital Facility        .5        CRISIL D

   Long Term Bank
   Facility                7.3        CRISIL D

   Bank Guarantee          1          CRISIL D

   Cash Credit             4.2        CRISIL D


The ratings reflect delays in repayment of term loan due to weak
liquidity.

The firm also has a modest scale of operations and weak financial
risk profile because of small networth and muted debt protection
metrics. However, SSPF's promoters have extensive experience in
the poultry industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: With turnover of INR12.43 crore in
fiscal 2016, scale remains small in the competitive poultry
segment that has many unorganised players. This restricts
economies of scale enjoyed by large entities. Also, operations
are working capital-intensive with sizeable inventory.

* Weak financial risk profile: Networth was small at INR2 crore
as on March 31, 2016, due to modest accretion to reserves.
Gearing was high at 4.29 times because of large external
borrowings. Debt protection metrics were muted, with interest
coverage and NCATD ratios of 1.62 times and 0.08 times,
respectively, for fiscal 2016.

Strength

* Extensive experience of promoters and established customer
relationship: Longstanding presence in the poultry industry has
enabled the firm to establish healthy relationship with various
traders, customers, and feed suppliers, leading to regular sales.

Set up in 2011 as a partnership firm by Mr. Srinivas Reddy and
his family, Andhra Pradesh-based SSPF is engaged in the poultry
business and has installed capacity of 2.24 lakh layer birds.

For fiscal 2016, profit after tax was INR0.50 lakh on revenue of
INR12.43 crore, against INR0.44 lakh and INR9.19 crore,
respectively, for fiscal 2015.


SWASTIK DENIM: CRISIL Reaffirms B+ Rating on INR7.3MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Swastik Denim
Private Limited continues to reflect the modest scale of
operations in the highly fragmented textile industry and modest
financial risk profile marked by small networth and high gearing.
These strengths are partially offset by the extensive industry
experience of promoters.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           1.5        CRISIL B+/Stable (Reaffirmed)
   Term Loan             7.3        CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations amid intense competition: Revenue,
at INR9.37 crore in fiscal 2016, is expected touch INR13.0 crore
in the current fiscal. Operations should remain exposed to
intense competition.

* Below-average financial risk profile: Financial risk profile is
below-average, marked by small networth of INR3.02 crore and high
gearing of 3.0 times.

Strength

Extensive experience of promoters: Benefits from the two-decade
long industry experience of promoters should support business
risk profile.

Outlook: Stable

CRISIL believes SDPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if increase in revenue and cash accrual strengthens
financial risk profile. The outlook may be revised to 'Negative'
if low revenue or profitability, or stretch in working capital
cycle weakens debt-servicing ability.

SDPL, incorporated in 2012, is promoted by Mr. Sandeep Patani,
Mr. Sanjay Patani, Mr. Chhogalal Vadera, Mr. Kishor Mundra and
Mr. Sachin Zanwar. The company is engaged sizing of raw cotton on
a job work basis and started commercial production in April 2015.
Its manufacturing unit is in Kolhapur (Maharashtra).

SDPL has reported loss of INR0.48 crore on net sales of INR9.37
crore for fiscal 2016.


UNITED INDIA: CRISIL Reaffirms 'B' Rating on INR28.7MM Loan
-----------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
United India Shoe Corporation Private Limited (UNISCO; part of
the UNISCO group) at 'CRISIL B/Stable/CRISIL A4'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            0.5     CRISIL A4 (Reaffirmed)
   Export Packing Credit    28.7     CRISIL B/Stable (Reaffirmed)
   Letter of Credit          8.5     CRISIL A4 (Reaffirmed)
   Long Term Loan           20       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility        1       CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect a modest financial risk profile,
particularly liquidity, and susceptibility to intense
competition. These rating weaknesses are partially offset by the
experience of the promoters in the leather footwear industry.

Analytical Approach

For arriving at the ratings, CRISIL had earlier combined the
business and financial risk profiles of UNISCO and UNICO Leather
Product Pvt Ltd (ULPP). This is because the two companies,
together referred to as the UNISCO group, were under a common
management and had fungible cash flows

However, CRISIL has now changed its analytical approach and has
combined the business and financial risk profiles of UNISCO and
UNICO Leather Product & Co (UCCO), as the two entities together
referred to as the UNISCO group, are under a common management
with significant financial and operational linkages. ULPP is now
handled separately with no linkages with UNISCO as per
management's stance.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest financial risk profile
Gearing was 1.7 times as on March 31, 2016. Furthermore, exposure
to associate companies has been high at INR54 crore as against a
networth of INR28.7 crore as on this date, constraining the
overall financial risk profile

* Susceptibility to intense competition
UNISCO group continues to remain exposed to intense competition
in the export market as reflected in revenue decline of 16%
fiscal-on-fiscal in 2016. The operating profitability also
reduced to 3% from 6.1% due to pricing pressure.

Strength

* Extensive experience of the promoters
The promoters worked extensively with other leather companies
prior to starting UNISCO; this has resulted in establishing a
strong clientele base in the US market.
Outlook: Stable

CRISIL believes the UNISCO group will continue to benefit from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' in case of significant improvement
in revenue and profitability, leading to better cash accrual and
liquidity. The outlook may be revised to 'Negative' if there is a
decline in profitability margins, large, debt-funded capital
expenditure, or an increase in investments in associate entities,
adversely impacting the financial risk profile.

Established in 2001, UNISCO manufactures leather shoes. UCCO,
established in 2015, manufactures shoe uppers and supplies them
to UNISCO. The day to day operations are handled by Mr. Mohamed
Akmal.

In fiscal 2016, the group had a net profit of INR3.2 crore on net
revenue of INR194.0 crore, against a net profit of INR2.6 crore
on net revenue of INR231.4 crore in fiscal 2015


VBS TEXTILES: CRISIL Assigns B+ Rating to INR41MM LT Loan
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of VBS Textiles Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         41         CRISIL B+/Stable
   Bank Guarantee          2.25      CRISIL A4
   Cash Credit             3         CRISIL B+/Stable

The ratings reflect the company's exposure to implementation risk
related to project and modest financial risk profile because of
high gearing. These weaknesses are partially offset by the
extensive experience of its management in textile processing and
allied industries.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to project implementation risk: Operations are
expected to commence from July 2017. Stabilisation and
utilisation of capacities to generate adequate cash accruals will
remain key monitorable.

* Modest financial risk profile: Project gearing is high at 2
times.

Strength

* Extensive experience of management: The company is expected to
benefit from management's experience in coal trading, chemical
trading, and managing a process house.
Outlook: Stable

CRISIL believes VBS will benefit over the medium term from the
extensive experience of its promoter. The outlook may be revised
to 'Positive' if timely commissioning of project and higher-than-
expected ramp-up in operations lead to healthy cash accrual. The
outlook may be revised to 'Negative' if significant time and cost
overruns lead to lower capacity utilisation and cash accrual.

Incorporated on February 15, 2016, and promoted by Mr. Sukoon
Shah, VBS is setting up a facility in Narol, Ahmedabad, to
process, dye, and print fabric, mostly on jobwork basis.
Operations are expected to commence in July 2017.


VEL CASTINGS: CRISIL Assigns 'B' Rating to INR11MM Term Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facilities of Vel Castings Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             1         CRISIL B/Stable
   Term Loan              11         CRISIL B/Stable

The rating reflects exposure to risks related to the company's
nascent stage and small scale of operations, and below-average
financial risk profile. These weaknesses are partially offset by
the extensive experience of the promoter in the automotive
component industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to risks related to the nascent stage and small scale
of operations: Commercial operations commenced only in April
2016. Though the promoter has extensive experience in the
automotive industry, the company is exposed to risks related to
ramp up in operations.

* Below-average financial risk profile: This is because of a
highly leveraged capital structure and weak debt protection
metrics. The gearing, which was at 1.74 times as on March 31,
2016, is expected to deteriorate over the medium term on account
of high reliance on debt to fund additional capital expenditure
and working capital requirement. Debt protection metrics are
expected to remain weak over this period due to modest
profitability and weak cash accrual.

Strength

* Extensive industry experience of the promoters
Mr.E.Madhavan is a first generation entrepreneur and a well-
qualified technocrat with experience of close to two decades in
selling wet brake assemblies to tractor manufacturers in India.
Outlook: Stable

CRISIL believes VCPL will continue to benefit from the extensive
industry experience of its promoter. The outlook may be revised
to 'Positive' in case of successful stabilisation of operations
and increase in revenue and profitability. The outlook may be
revised to 'Negative' in case of a decline in revenue or
profitability, or larger-than-expected debt-funded capital
expenditure, resulting in deterioration in the financial risk
profile.

VCPL, incorporated in 2014 and based in Vellore, Tamil Nadu, is
promoted by Mr. E.Madhavan and his wife Mrs Shanthi Madhavan. The
company manufactures castings for automotive components.
Commercial operations commenced from April 2016.


VOHRA FOODS: CRISIL Reaffirms B+ Rating on INR11MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Vohra
Foods Pvt Ltd for getting information. It has sent emails dated
Jan. 6, 2017, Jan. 13, 2017, Jan. 16, 2017, Jan. 17, 2017, and
Feb. 20, 2017, apart from making telephone calls, asking for
information. However, the issuer has continued to be non-
cooperative.
                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              11       CRISIL B+/Stable (Issuer
                                     Not Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term        1.5     CRISIL B+/Stable (Issuer
   Bank Loan Facility                Not Cooperating; Rating
                                     Reaffirmed)

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 its rating on the long-term bank facilities
of VFPL at 'CRISIL B+/Stable'.

The rating reaffirmation reflects VFPL's weak financial risk
profile because of leveraged capital structure and weak debt
protection metrics. The rating also factors in modest scale of
operations in the highly fragmented and intensely competitive
basmati rice industry and its working capital-intensive
operations. These weaknesses are mitigated by the extensive
experience of the promoters in the basmati rice industry.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile:
The total outside liabilities to tangible networth ratio was
high, debt protection metrics weak, and the networth small. Low
profitability margins would continue to constrain the financial
risk profile over the medium term.

* Modest scale of operations in the highly fragmented and
intensely competitive basmati rice industry:
Despite a compound annual growth rate of 44% over the four
fiscals through 2016, the scale of operations remains modest, as
reflected in  operating income of INR50.3 crore in fiscal 2016,
if compared with some of the established players in the industry.
Growth will remain susceptible to intense competition.

* Working capital-intensive operations:
Gross current assets were at 104 days as on March 31, 2016,
primarily driven by large inventory requirement in the rice
industry, resulting in high reliance on short-term debt. With
expected ramp-up in scale of operations, working capital
management will be a rating sensitivity factor.

Strengths

* Extensive experience of the promoters in the basmati rice
industry:
The promoters have been operating in this industry for more than
two decades. Over the years, they have successfully established a
procurement network which meets the company's growing needs.
Outlook: Stable

CRISIL believes VFPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of a significant increase in revenue and
profitability, leading to higher-than-expected cash accrual, or
capital infusion, resulting in a better financial risk profile.
The outlook may be revised to 'Negative' if there is a
substantial decline in revenue and profitability, leading to
lower-than-expected cash accrual, large, debt-funded capital
expenditure, or a stretch in the working capital cycle, resulting
in deterioration in the financial risk profile, particularly
liquidity.

VFPL was established in 2008 by the Kumar family based in
Ferozepur, Punjab. The company is promoted by Mr. Raj Kumar, Mr.
Mohit Kumar, Mr. Pankaj Kumar, Ms Shashi Rani, and Ms Raj Karni.
It mills and processes parmal, paddy, and basmati rice at its
plant in Ferozepur. It sells in the domestic markets.

Profit after tax (PAT) and net sales stood at INR8.62 lakhs and
INR50.31 crore, respectively, for fiscal 2016, as against INR3.06
lakhs and INR38.15 crore, respectively, for the previous fiscal.



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


BUMI SERPONG: Fitch Affirms BB- Long-Term IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based homebuilder PT Bumi
Serpong Damai Tbk's (BSD) Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-'. The Outlook is Stable. The agency
has also affirmed the company's 'BB-' senior unsecured rating and
the 'BB-' rating on its outstanding US dollar bonds. The US
dollar bonds are issued by BSD's subsidiary, Global Prime Capital
Pte. Ltd, and guaranteed by BSD.

The rating affirmation reflects BSD's robust property sales in
2016, which outperformed that of most of its peers and came
despite the weak domestic demand for property during this period.
BSD's performance is supported by its access to the largest land
bank among domestic developers of more than 48 million square
metres, which gives the company significant product and price-
point diversity to tailor its offerings to suit demand patterns.
BSD's ratings also reflect solid recurring cash flows from its
portfolio of 17 operational investment properties and two hotels.
They generated EBTIDA of more than IDR1 trillion in 2016 (around
USD80 million), and provided robust coverage of net interest
expense of 1.8x at end-2016.

KEY RATING DRIVERS

Property Sales Outperformed Peers': BSD sold IDR6.2 trillion of
property in 2016, including IDR560 billion of land to a joint
venture project with Mitsubishi Corporation of Japan. Its sales
were better than those of its peers and met 91% of the company's
target for the year, despite the sharp deterioration in property
demand during the period. BSD was able to sell ample residential
inventory in the IDR1 billion-1.5 billion price range last year
to meet the still-robust demand from first-time home buyers.
Demand from buyers of second and third properties for investment
purposes and that for larger properties was weak amid the
government's clampdown on income tax evasion last year.

Property Demand to Improve: Fitch expects BSD to sell more than
IDR6 trillion of property in 2017, supported by improving
economic fundamentals, and more positive sentiment domestically
as domestic income tax declarations increase, following the
government's tax amnesty programme that will close in March this
year. Fitch expects higher demand for property to also be driven
by aggressive marketing of mortgage loans by domestic banks, in
the wake of the relaxation of interest rates by Bank Indonesia in
2016. Consequently, interest rates on housing loans have fallen
to multi-year lows and the proportion of BSD's property sales
funded by bank loans has increased to 65% in 2016, from around
45% in 2015.

High Investment Property Capex: BSD expects to spend around IDR2
trillion annually over the next three years to expand its
portfolio of investment properties and hotels. The recurring cash
flows generated by these properties provide BSD's creditors with
a higher degree of protection during cyclical downturns, than
property sales. Over 88% of BSD's recurring revenue in 2016
stemmed from its investment properties, and the balance from its
hotels. While investment-property EBITDA growth has lagged
Fitch's expectations due to slower ramp-up of some of BSD's newer
assets, overall occupancy was strong at 95%. Asset concentration
is modest, with the five largest assets accounting for 60% of
recurring revenue.

High Ratings Headroom: BSD has a track record of maintaining a
strong balance sheet, with leverage (net debt/adjusted inventory)
estimated at around 20% as of end-2016. However leverage rose in
2016, from 11% in 2015, driven by acquisitions and development of
investment properties, and greater participation in joint
ventures with domestic and international developers. Fitch
estimates that BSD's leverage would have increased to 27% at end-
2016 if debt and assets of the JVs are proportionately
consolidated. However BSD's leverage is still considerably lower
than the 40% threshold above which Fitch may consider negative
rating action.

Subsidiary Owns the Investment Properties: Most of BSD's
investment property portfolio is held through its 88.56%-owned
listed subsidiary, PT Duta Pertiwi Tbk (DUTI). A significant
dilution in BSD's ownership of DUTI, although not expected in the
medium term, may reduce BSD's access to DUTI's recurring cash
flow and increase risk to BSD's creditors. Fitch deducts
dividends paid to minorities from recurring EBITDA when computing
the recurring EBTIDA net interest coverage ratio, in order to
account for the risk of cash leakage to minorities.

DERIVATION SUMMARY

BSD's rating reflects its strong financial profile, with leverage
at around 20% at end-2016. The company also has a strong
recurring cash flow base from its portfolio of 17 investment
properties and from two hotels. The company expects to add 10
more properties to its investment-property portfolio over the
next three years, which could significantly expand its recurring
cash flows. However, this expansion comes with a degree of
execution risk.

BSD's rating compares well with its immediate rating peers, PT
Lippo Karawaci Tbk (Lippo, BB-/Stable), and PT Pakuwon Jati Tbk
(PWON, BB-/Stable). BSD has the largest property development
business among its peers, and its property sales have proven more
resilient to downturns. However PWON and Lippo have higher
recurring cash flows, which Fitch believe compensates for the
latter's smaller property development scale. Lippo's leverage is
the highest among its peers, but Fitch believe this is
counterbalanced by its greater financing flexibility, with a
track record of accessing US dollar bond markets, and
successfully churning its mature retail malls and hospitals
through the real estate investment trusts it sponsors.

KEY ASSUMPTIONS

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

- Property sales of IDR6 trillion in 2017 and over IDR7 trillion
   in 2018
- Increase in land bank of around IDR1.5 trillion annually in
   2017-2018
- Around IDR2 trillion of capital expenditure on investment
   properties annually, in 2017-2018
- Dividends to remain in line with the recent past

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action:

Fitch does not expect BSD's ratings to be upgraded in the next 24
months, given the company's evolving investment property
portfolio compared to higher-rated international peers and the
high capex, and execution risks related to the investment
property expansion. Over the longer term, the following may
result in an upgrade:

- Increased scale and granularity of the investment property
   portfolio, so it generates over USD120 million in recurring
   EBITDA, with the five largest assets accounting for less
   than 50% of revenue in this segment
- Recurring EBITDA/net interest expense higher than 2.5x
   (2015: 2.9x)
- Leverage sustained below 30%

Future Developments That May, Individually Or Collectively, Lead
To Negative Rating Action:

- Recurring EBITDA/net interest expense sustained below 1.75x
- Leverage sustained above 40%

LIQUIDITY

Comfortable Liquidity: At end-2016 BSD had more than IDR3
trillion of cash, compared with short-term contractual debt
maturities of IDR479 billion. Fitch's estimates that free cash
flow is likely to remain neutral in 2017, which would further
support liquidity. BSD also has IDR3.4 trillion of approved but
undrawn credit facilities at its disposal to fund working capital
and certain earmarked expenses. The company has a policy of
maintaining at least IDR2 trillion of cash on its balance sheet
in order to capitalise on opportunistic land acquisitions.

FULL LIST OF RATING ACTIONS

PT Bumi Serpong Damai Tbk

-- Long-Term Foreign-Currency Issuer Default Rating affirmed
    at 'BB-'; Outlook Stable
-- Senior unsecured rating affirmed at 'BB-'

Global Prime Capital Pte. Ltd

-- Rating on outstanding USD200 million 5.5% senior unsecured
    bond due in 2023 affirmed at 'BB-'
-- Rating on outstanding USD78 million 6.75% senior unsecured
    bond due in 2020 affirmed at 'BB-'



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


TOSHIBA CORP: Pressed to Decide on Westinghouse Bankruptcy Plan
---------------------------------------------------------------
Takashi Mochizuki, writing for The Wall Street Journal, reported
that Japan's deputy prime minister said Toshiba Corp. should
decide swiftly whether its U.S. nuclear subsidiary will seek
protection under U.S. bankruptcy laws, one of the most explicit
references so far to a bankruptcy filing.

According to the report, Toshiba said in February that it
expected to record a write-down of JPY712.5 billion (US$6.20
billion) after cost overruns at U.S. nuclear projects undertaken
by the subsidiary, Westinghouse Electric Co.  However, it didn't
formally report the write-down and failed to meet a Feb. 14
deadline to release its results for the December quarter, the
report related.

Taro Aso, who holds the title of finance minister, suggested the
Japanese government wanted Toshiba to clean up the mess quickly,
the report further related.  At a regular news conference, he
said Toshiba should make a decision by the end of March on any
possible filing by Westinghouse under chapter 11 of U.S.
bankruptcy laws, the report said.

"If they don't quickly decide the chapter 11 thing over in
America, the Westinghouse portion won't be nailed down," making
it impossible for Toshiba to release its results, the report
added, citing Mr. Aso.

Asked whether Toshiba would miss a new deadline of March 14 for
its results announcement, Mr. Aso said, "It depends on chapter
11," the report said.

                    About Westinghouse Electric

Westinghouse Electric Company LLC --
http://www.westinghousenuclear.com/-- is a U.S. based nuclear
power company founded in 1999 that provides design work and
start-up help for new nuclear power plants and makes many of the
components.  Westinghouse manufactures and supplies the
commercial fuel products needed to run the plants, and it offers
training, engineering, maintenance, and quality management
services.  Almost 50% of nuclear power plants around the world
and about 60% of U.S. plants are based on Westinghouse's
technology.  Westinghouse's world headquarters are located in the
Pittsburgh suburb of Cranberry Township, Pennsylvania.
Westinghouse has 12,000 employees worldwide.

On Oct. 16, 2006, Westinghouse Electric was sold for $5.4 billion
to a group comprising of Toshiba (77% share), partners The Shaw
Group (20% share), and Ishikawajima-Harima Heavy Industries Co.
Ltd. (3% share).  After purchasing part of Shaw's stake in 2013,
Japan-based conglomerate Toshiba now owns 87% of Westinghouse.

                           *     *     *

In December 2016, Toshiba said it is writing down its investment
in Westinghouse by several billions, adding that it was possible
that their investment in Westinghouse could ultimately have a
negative worth, due to cost overruns at U.S. nuclear reactors it
was building.

In February 2017, Toshiba revealed unaudited details of a JPY390
billion (US$3.4 billion) loss, mainly in its U.S. nuclear
business which was written down by JPY712 billion (US$6.3
billion).

On Feb. 14, 2017, Toshiba delayed filing financial results, and
Toshiba chairman Shigenori Shiga, formerly chairman of
Westinghouse, resigned.

In March 2017, Reuters reported that Westinghouse has hired
bankruptcy lawyers from Weil Gotshal & Manges as an "exploratory
step."

                           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: Offers New Collateral to Lenders
----------------------------------------------
Kyodo News reports that Toshiba Corp. has offered to provide more
collateral, including shares of its prized memory chip unit, to
its creditor banks, asking them to roll over their loans until
the end of April.

Toshiba held a meeting with the lenders on March 15 at its
headquarters after the beleaguered technology conglomerate missed
a second deadline to report its third-quarter earnings Tuesday,
deepening its financial woes, the report notes.

Kyodo relates that the request for rollover loans is the third by
Toshiba since it emerged last December that its U.S. nuclear unit
Westinghouse Electric Co. is experiencing huge losses.

According to Kyodo, Toshiba plans to provide new collateral,
including shares of Toshiba Memory Corp., which will be created
through the spinoff of its profitable chip business, and those of
other group firms as well as real estate, sources close to the
matter said.

It asked the banks to reply within the month. The creditors said
earlier they will maintain the current balance of loans
outstanding by the end of March, Kyodo says.

Toshiba's three main lenders - Sumitomo Mitsui Banking Corp.,
Mizuho Bank and Sumitomo Mitsui Trust Bank - agreed to continue
to support the company, the sources said, Kyodo relays.

According to the report, sources said Toshiba has borrowed around
JPY280 billion (US$2.4 billion) in syndicated loans from the
three main banks and regional lenders, some of which have raised
concerns about Toshiba's business outlook.

During the meeting, Toshiba briefed its creditors on the reason
for further delaying the earnings report on the nine-month period
through December, the report says.

Kyodo notes that a month after missing its initial deadline,
Toshiba said March 14 it again pushed back the deadline through
April 11 due to the need for more time to look into accounting
problems at Westinghouse.

It also said that a filing for Chapter 11 bankruptcy protection
for Westinghouse is an option, the first time it has admitted to
considering such a move, while adding it will sell a majority of
the shares in the U.S. unit in fiscal 2017, a move that will
remove the subsidiary from the group's books and limit further
losses, Kyodo states.

                           About Toshiba

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

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

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



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


PIPITEA STREET: Inland Revenue Seeking to Liquidate Company
-----------------------------------------------------------
Hamish Rutherford and Chloe Winter at Stuff reports that Inland
Revenue (IRD) has brought back to life a company linked to Sir
Ralph Herberley "Ngatata" Love's fraud conviction, and is now
seeking to liquidate it.

In 2016, Love was sentenced to 2 1/2 in prison after a High Court
trial found him guilty of defrauding the Wellington Tenths Trust,
of which he was chairman, Stuff recalls.

Love is a New Zealand Treaty of Waitangi negotiator, academic and
Maori leader.

The report notes the court found that in 2006 and early 2007,
Love arranged for a company his then partner Lorraine Skiffington
controlled to be awarded a contract by Auckland developer Redwood
Group, which was seeking to develop on Tenths Trust land.

According to the report, the proceeds of two payments totalling
around $1.5 million was used to pay down debt on a beachfront
home on Moana Rd in Plimmerton, which Love jointly owned with
Skiffington, a former advisor to attorney-general Margaret
Wilson.

The report notes the payment was made through Pipitea Street
Development Limited (PSDL), a company set up by Skiffington and
Shaan Stevens, who she had worked with at consultancy Guinness
Gallagher.

The report discloses that Mr. Stevens, a former chairman of
Wellington Free Ambulance and Victoria University of Wellington
council member, has also been convicted and served a sentence of
home detention for fraud.  The charges were not related to the
Love case, in which he appeared as a witness, the report relays.

The report notes PSDL was struck off the companies registrar,
after failing to file an annual return since 2011.

However, at the end of 2016, IRD applied to the Registrar of
Companies to restore PSDL to the Companies Office register, the
report notes.  When there was no objection, the company was
restored, the report discloses.

Now IRD has applied to have PSDL liquidated.  On March 7, during
a short hearing in the Wellington High Court, IRD requested an
adjournment until April to allow the application to be
advertised, the report relays.

The report says there was no appearance by anyone representing
PSDL.

IRD declined to comment on the application to liquidate as it
does not comment on the affairs of specific taxpayers.

The report relays Skiffington quit as a director of PSDL in
February 2011.

About 18 months later, she was appearing as a witness in the High
Court trial of Barrie James Skinner and David Ingram Rowley, her
accountants, where allegations that she benefited from a payment
designed to be concealed from the Tenths Trust first surfaced,
the report discloses.

The two Wellington accountants were handed New Zealand's longest
ever conviction for tax fraud charges, the report relays.

When the judgment of the pair's trial became public, Love quickly
stepped down as chairman of the Wellington Tenths Trust and
several weeks later, the Serious Fraud Office confirmed it was
investigating, the report notes.

The report discloses Skiffington was due to face charges
alongside Love, but was a permanent stay against prosecution on
account of her ill health.

The report relays Mr. Stevens, who was declared bankrupt after
serving a sentence of home detention, is still listed as a
director of the company.

Pipitea Street Developments Limited is registered to the address
of Wellington law firm Gault Mitchell.



                             *********

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

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

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


                            *********


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

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



                 *** End of Transmission ***