TCRAP_Public/170320.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, March 20, 2017, Vol. 20, No. 56

                            Headlines


A U S T R A L I A

ALINTA ENERGY: Moody's Revises Outlook on Ba3 CFR to Developing
JOHNGAY PTY: First Creditors Meeting Set for March 28
NRT (WA): First Creditors Meeting Set for March 27
PARADISE MOTOR: Caravan Maker Placed in Receivership
VISIONPAK PTY: First Creditors Meeting Set for March 27


C H I N A

CHINA AOYUAN: Keeps Leverage Stable and Expands Scale, Fitch Says


H O N G  K O N G

ROAD KING: Strong 2016 Results Support Moody's B1 CFR


I N D I A

ARKAY ENERGY: CARE Downgrades Rating on INR262.22cr Loan to D
ARUPPUKOTTAI SHRI: ICRA Reaffirms 'B' Rating on INR20cr Loan
ASHUTOSH CHAWAL: CARE Reaffirms B+ Rating to INR8cr LT Loan
BHASKARA MARKETING: ICRA Reaffirms 'B' Rating on INR6cr Loan
D.R. COATS: ICRA Reaffirms B+ Rating on INR12cr Cash Credit

DHARMADEV INFRASTRUCTURE: CARE Cuts Rating INR102.24cr Loan to D
GMR ENERGY: ICRA Withdraws 'D' Rating on INR409.86cr Loan
GURURAMDAS KNIT: ICRA Reaffirms 'B' Rating on INR7.18cr Loan
ICEWEAR CREATION: ICRA Assigns B+ Rating to INR2.05cr LT Loan
IND-BARATH ENERGY: CARE Reaffirms D Rating on INR2833cr Loan

IND-BARATH POWER: CARE Reaffirms D Rating on INR228.38cr Loan
IND-BARATH POWER MADRAS: CARE Cuts Rating on INR2655cr Loan to D
IND-BARATH THERMAL: CARE Cuts Rating on INR940.56cr Loan to D
JUHI ALLOYS: CARE Reaffirms B+ Rating on INR20cr LT Loan
KULDEVI COTTON: ICRA Reaffirms 'B' Rating on INR6.0cr Loan

L.B. POLYMERS: ICRA Withdraws B+ Rating on INR1.0cr LT Loan
LOKESH MACHINES: CARE Lowers Rating on INR93.14cr Loan to D
MEWAR HITECH: ICRA Reaffirms 'B' Rating on INR10cr Cash Loan
OCEANIC BUILDCON: CARE Reaffirms B+ Rating on INR7.84cr LT Loan
RAMANI TIMBER: CARE Reaffirms B+ Rating on INR2.0cr LT Loan

SATURN RINGS: CARE Lowers Rating INR40cr LT Loan to D
SHRACHI BURDWAN: CARE Lowers Rating on INR18cr LT Loan to D
SHREE HARDEO: CARE Assigns B+ Rating to INR6.44cr LT Loan
SHYAM TEA: CARE Assigns B+ Rating to INR6.90cr LT Loan
SKYPOINT MULTITRADE: CARE Lowers Rating on INR10.05cr Loan to D

SMILE CERAMIC: ICRA Reaffirms B+ Rating on INR4.68cr Loan
SNS STARCH: CARE Lowers Rating on INR60.93cr LT Loan to D
SUNGRACE SYNTEX: CARE Assigns B+ Rating to INR8.45cr LT Loan
THOMAS & COMPANY: CARE Assigns B+ Rating on INR6.50cr LT Loan
UJALA MINERALS: CARE Assigns B+ Rating to INR15cr LT Loan

VIJAY STONE: ICRA Reaffirms 'B' Rating on INR4.90cr Loan


I N D O N E S I A

INDOSAT TBK: Solid FY2016 Results Support Moody's Ba1 CFR


J A P A N

TOSHIBA CORP: Fiscal Stability is Vital, U.S. Says
TOSHIBA CORP: Japan May Inject Public Money to Memory Chip Unit


N E W  Z E A L A N D

MANCHESTER UNITY: Fitch Assigns BB- IFS Rating, Outlook Stable


P H I L I P P I N E S

RURAL BANK OF GOA: Placed Under PDIC Receivership


S I N G A P O R E

EZRA HOLDINGS: Files for Chapter 11 Bankruptcy in the US


S O U T H  K O R E A

DAEWOO SHIPBUILDING: Creditors Set to Unveil New Rescue Plan


                            - - - - -


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


ALINTA ENERGY: Moody's Revises Outlook on Ba3 CFR to Developing
---------------------------------------------------------------
Moody's Investors Service has revised the outlook on Alinta
Energy Finance Pty Ltd's (AEF) Ba3 senior secured bank credit
facility rating and Alinta Holdings' (Alinta) Ba3 corporate
family rating to developing from positive.

The change in the outlook for the ratings comes after an
announcement by Chow Tai Fook Enterprise (CTFE, unrated) of its
agreement to acquire 100% of Alinta's equity interests from the
existing shareholders. Moody's understands that the acquisition
is subject to approval by Australia's Foreign Investment Review
Board.

More than 70% of Alinta's issued capital is owned by private
equity investors and hedge funds, with the investment managed by
TPG Capital, Oaktree Capital and Anchorage Capital. The remaining
equity interests are held by other financial institutions and
management.

"The developing outlook reflects the possibility that Alinta's
credit profile could materially change post acquisition, which
Moody's believe would most likely result from changes to the
company's capital structure under the new owner," says Spencer
Ng, a Moody's Vice President and Senior Analyst.

CTEF is a privately held conglomerate based in Hong Kong, with
limited existing exposure to the utilities sector. At end-June
2016, CTEF's major undertaking, New World Development (unrated),
reported total assets of around AUD67 billion.

Factors that will drive Alinta's credit rating post acquisition
include the company's long term capital and dividend policy, as
well as any changes to its operations and growth strategy.

Moody's understands that CTEF will retain the existing senior
management team; a move which will maintain stability in Alinta's
operations, particularly given that Alinta is CTFE's first
acquisition in the Australian energy market.

Alinta's Ba3 rating could be upgraded if its funds from
operations (FFO)/debt improves to above 17%, and its FFO/interest
coverage remains above 2.50x-2.75x on a sustained basis,
following clarification of its long-term capital structure.

On the other hand, Alinta's rating could come under pressure if
Moody's expects a material deterioration in its financial
metrics, as indicated by its FFO/debt falling below 12% and/or
interest cover below 2x on a sustained basis. Such a
deterioration could be caused by:

(1) An adverse change in the company's financial policy because
     of a change in ownership; or

(2) A weakening in its operating environment - including adverse
     regulatory developments - or a material weakening in the
     credit quality of key counterparties.

Indications that the company is experiencing difficulties in
refinancing its upcoming debt maturities could also pressure the
rating.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in October
2014.

AEF is a fully owned subsidiary and funding vehicle for Alinta,
and its rated debt obligations are guaranteed by the parent.

Alinta Holdings is an energy retailer based in Australia with a
gas and electricity retail presence in Western Australia and to a
lesser extent in the east coast national electricity market,
serving around 800,000 customers. It is also owns and operates
six intermediate or peaking power stations across the country and
a single power station in New Zealand. The company's generation
fleet has a combined generation capacity of around 2,000 MW.


JOHNGAY PTY: First Creditors Meeting Set for March 28
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Johngay
Pty Ltd, trading as "John Harris Gentleman's Outfitter" and "Pins
& Needles Alterations", will be held at the offices of Artemis
Insolvency, Level 36 Riparian Plaza, 71 Eagle Street, in
Brisbane, Queensland, on March 28, 2017, at 1:00 p.m.

Peter Dinoris of Artemis Insolvency was appointed as
administrator of Johngay Pty on March 16, 2017.


NRT (WA): First Creditors Meeting Set for March 27
--------------------------------------------------
A first meeting of the creditors in the proceedings of NRT (WA)
Pty Ltd, "No Regrets Training", will be held at the offices of
HLB Mann Judd (Insolvency WA), Level 3,35 Outram Street, in West
Perth, on March 27, 2017, at 10:00 a.m.

Kimberley Stuart Wallman of HLB Mann Judd was appointed as
administrator of NRT (WA) Pty on March 16, 2017.


PARADISE MOTOR: Caravan Maker Placed in Receivership
----------------------------------------------------
Alister Thomson at The Gold Coast Bulletin reports that award-
winning Gold Coast caravan manufacturer Paradise Motor Homes has
been placed in the hands of receivers, casting doubt over the
future of dozens of jobs.

The Bulletin relates that on March 13, the company's sales yard,
which includes workshop premises, was closed and largely empty of
caravans.

Receivers Tracy Knight -- tknight@bris.bentleys.com.au -- and
Damien Lau -- DLau@bris.bentleys.com.au -- of Bentleys, were
appointed earlier this month at the behest of financiers, the
report says.

Several workers declined to comment when approached by the
Bulletin, referring questions to the owners.

Paradise Motor Homes was launched in 2002 by Colin MacLean with a
model called the Castaway and within three years was
manufacturing five models, the report discloses. It won a number
of awards including Caravan & RV magazine's best home on wheels
for its Freetime model and specialised in manufacturing luxury
caravans such as the Paradise Inspiration Ultra caravans, which
cost just under AUD350,000.


VISIONPAK PTY: First Creditors Meeting Set for March 27
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Visionpak
Pty Ltd will be held at 471 Riversdale Road, Hawthorn East, in
Victoria, on March 27, 2017, at 10:30 a.m.

Robyn Erskine & Adrian Hunter of Brooke Bird were appointed as
administrators of Visionpak Pty on March 15, 2017.



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


CHINA AOYUAN: Keeps Leverage Stable and Expands Scale, Fitch Says
-----------------------------------------------------------------
China Aoyuan Property Group Limited (BB-/Stable) has generated
strong contracted sales and kept leverage low in 2016 because of
its sufficient land bank and strong profitability, Fitch Ratings
says. Fitch expects Aoyuan's contracted sales to increase 30% in
2017. China's persistently high land costs are likely to pressure
the homebuilder's profitability and leverage, but Aoyuan had
leverage, measured by net debt/adjusted inventory, of 26% at end-
2016, which gives it healthy headroom below 40%, the level above
which Fitch would consider negative rating action.

Aoyuan's contracted sales increased by 69% to CNY26 billion in
2016, driven by a 58% increase in gross floor area sold and a 7%
increase in average selling prices. The company extended its
strong trend in contracted sales in the first two months of 2017,
with a 72% yoy increase.

The homebuilder's contracted sales growth in 2017 is supported by
its CNY54 billion of sellable resources. Aoyuan had 74 projects
with 14.7 million square metres (sq m) of gross floor area at
end-2016, sufficient for four to five years of development.
Aoyuan has been optimising its land bank, with Tier 1, Tier 2 and
international cities accounting for 90% of land acquired in 2016.

Aoyuan's gross margin remained at 28% in 2016. Fitch expects the
homebuilder to sustain its gross margin at around 27% in 2017, as
a high percentage of its 2017 revenue will be from contracted
sales in 2016. However, it may face margin pressure after 2017
due to rising land costs and higher selling, general and
administrative expenses.

Aoyuan has a healthy liquidity position, with CNY11 billion in
cash and CNY13 billion in undrawn bank facilities, sufficient to
cover its short-term debt of CNY5 billion. The company is also
committed to improving its debt structure. Onshore and offshore
funding initiatives have diversified its funding channels,
improved its debt maturity profile and cut funding costs. Short-
term debt accounted for only 25% of total debt at end-2016 and
its weighted-average funding cost fell to 8.1%, from 9.5% in
2015.



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


ROAD KING: Strong 2016 Results Support Moody's B1 CFR
-----------------------------------------------------
Moody's Investors Service said that Road King Infrastructure
Limited's strong 2016 results support its B1 corporate family
rating and stable outlook.

"While Road King's credit metrics in 2016 were strong for its B1
corporate family rating, Moody's expects its metrics to revert to
historical levels as growth in debt is likely to accelerate in
the next 12-18 months," says Anthony Lee, a Moody's Analyst.

The company's strong performance is reflected in its 35% year-on-
year growth in revenue in 2016 to HKD16.8 billion, the expansion
of 2 percentage points in its reported gross margin to 25%, and
the increase in its EBIT/interest coverage to around 4.0x from
2.8x in 2015.

Moreover, the company's debt leverage -- as measured by adjusted
revenue/debt -- improved to around 80%-85% from 72% in 2015.

Cash distributions from its toll road business increased to
HKD580 million in 2016 from HKD530 million in 2015, covering 51%
of its adjusted interest expenses in 2016 compared to 41% in
2015. The improvement was driven by increased traffic volumes and
lower interest costs.

Moody's expects Road King to recognize growth in revenue and
profits in the next 12-18 months, supported by its strong 69%
year-on-year growth in contracted sales to RMB 17.6 billion in
2016.

However, Moody's expects further debt deleveraging could be
limited. The company will need to accelerate its debt growth to
fund higher levels of land acquisitions and construction costs to
support its growing scale. Additionally, it has to address the
funding needs of its project in Hong Kong, which has a longer
cash collection period than its China projects.

Consequently, Moody's expects Road King's credit metrics will
return to historical levels, with adjusted revenue/debt and EBIT
interest coverage ratios of around 70%-75% and 3.5x,
respectively. Such levels will continue to support its B1 rating
level.

Road King's liquidity profile is adequate. At end-2016, it had
bank balances and cash of HKD8.2 billion compared with HKD5.8
billion in short-term debt. Moody's expects its liquidity
position will remain adequate, with its cash/short-term debt
ratio at around 1.0x in the next 12-18 months.

The principal methodology used in this rating was Homebuilding
and Property Development Industry published in April 2015.

Listed in Hong Kong, Road King Infrastructure Limited invests in
toll road projects comprising eight major expressways and
highways across five provinces in China: Anhui, Hebei, Hunan,
Jiangsu and Shanxi. In addition, it had a property development
portfolio with a land bank of 7 million square meters at 31
December 2016 across Beijing, Shanghai, Tianjin, Henan, Hebei,
Shandong, Jiangsu, Guangdong and Hong Kong.



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


ARKAY ENERGY: CARE Downgrades Rating on INR262.22cr Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Arkay Energy (Rameshwaram) Limited, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        262.22      CARE D Revised from
   Facilities-                       CARE BB-
   Fund-based


   Long-term Bank         55.00      CARE D Revised from
   Facilities-Non-                   CARE A4
   fund-based

The revision in the ratings assigned to the bank facilities of
Arkay Energy (Rameshwaram) Limited is constrained by the
stretched liquidity position on account of delayed realization
from debtors resulting in delays in debt servicing.
Establishing a clear debt servicing track record with improvement
in its liquidity position is the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Stretched liquidity position

During FY16 (refers to the period April 1 to March 31), the
company reported subdued operational and financial performance
with income from sale of electricity of the company reducing by
47% (i e from INR550.91 crore in FY15 to INR294.22 crore in FY16)
due to absence of long-term PPA for full capacity and lower off-
take by Tamil Nadu Generation and Distribution Company Limited
(TANGEDCO). This coupled with stretched receivables has resulted
in stained liquidity position. Consequently, the company has been
delaying in meeting its debt obligations on time.

Key rating strengths

Long Track record of the Group in the Power segment and
experienced promoters

Group has experience in successfully commissioning power projects
with varied fuels like Coal, Gas, Biomass, Hydro and Wind. Mr. K
Raghu Ramakrishna Raju is the Chairman & Managing Director of the
company and also the promoter of the IndBarath group. Mr. Raghu
has more than 15 years of experience in the power sector and is
actively involved in day to day operations of the company. He is
assisted by the team of experienced and professional managers.

Arkay Energy (Rameswarm) Limited belongs to IndBarath Group and
is a subsidiary (93.36%) of Ind-Barath Power Infra Limited, the
holding company of the group. Incorporated on 1st December, 2004,
the company commenced operations from April 2014 with the total
installed capacity of 149.48MW.

During FY16 (refers to the period April 1 to March 31), Arkay
energy Rameshwaram Limited has reported PBILDT of INR115.77 crore
and net loss of INR11.46 crore on total operating income of
INR297.66 crore as against PBILDT of INR249.91 crore and PAT of
INR45.07 crore on total operating income of INR570.21 crore in
FY15.


ARUPPUKOTTAI SHRI: ICRA Reaffirms 'B' Rating on INR20cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B outstanding
on the INR4.76 crore (revised from INR4.86 crore) term loan
facilities, the INR20.00 crore fund based facilities and the
INR0.09 crore (revised from INR0.11 crore) unallocated facilities
of Aruppukottai Shri Ramalinga Spinners Private Limited. ICRA has
also reaffirmed the short-term rating of [ICRA]A4 outstanding on
the INR1.96 crore (revised from INR1.84 crore) non-fund based
facilities and has reaffirmed a short- term rating of [ICRA]A4
for the INR18.00 crore (revised from INR13.00 crore) fund based
facilities of the company. The outlook on the long term rating is
stable.

                        Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long term: Fund
  based limits (Note)     20.0       [ICRA]B (Stable) Reaffirmed

  Long term: Term
  Loans (Note)             4.76      [ICRA]B (Stable) Reaffirmed

  Long term: Loans
  (Unallocated)            0.09      [ICRA]B (Stable) Reaffirmed

  Short term: Non-
  fund based limits
  (Note)                   1.96      [ICRA]A4/ Reaffirmed

  Short term: fund
  based limits             18.0      [ICRA]A4/ Reaffirmed

Rationale

The ratings reaffirmation factors in the decline in operating
income by approx. 14.8% in FY2016 and low operating margins
leading to losses at the net level for the second consecutive
year in FY2016. The ratings remain constrained by the weak
financial profile of the company characterized by highly
leveraged capital structure and inadequate debt protection
metrics. Further, the company's scale of operations remains
moderate and its presence in a highly fragmented industry,
characterized by intense competition, restricts the company's
pricing flexibility, thereby, exposing the margins to volatility
in cotton and yarn prices. Nonetheless, the ratings continue to
favorably factor in the significant experience of the promoters
in the spinning industry and the continuous financial support
extended by the group company, Shri Ramalinga Mills Limited
(rated [ICRA]BB (stable) / [ICRA]A4+).

Key rating drivers

Credit Strengths

* More than two decades of experience of the promoters in the
   textile business

* Financial support derived from promoters in form of unsecured
   loan from group entities

Credit Weakness

* Small scale of operations which restricts scale benefits and
   pricing flexibility

* High client concentration risk

* Weak financial profile characterized by high gearing on
   account of increase in debt levels and losses incurred

* Earnings vulnerable to volatility in cotton and yarn prices,
   and exchange rates fluctuations

Description of key rating drivers highlighted:

The Company manufactures 100% grey cotton yarn ranging from 21s
counts to 110s counts. It derives revenue primarily from 100's
and 105's count of both single and doubled types. Aruppukottai
Shri Ramalinga Spinners P Ltd procures bulk of the raw material
for itself and its parent company- Shri Ramalinga Mills Limited,
ensuring timely and quality raw materials and also facilitating
better bargaining power on pricing and quality. The scale of
operations of the company have decreased from INR90.5 crore in
FY2015 to INR77.1 crore in FY2016 due to sluggish demand scenario
witnessed in the spinning industry. The operating margins of the
company had increased from 7.6 in FY2015 to 8.3% in FY2016. The
company had incurred losses in the last two fiscals. The capital
structure of the company remained weak at 16 times due to the
eroded net worth coupled with high dependency on the working
capital funding.

Aruppukottai Shri Ramalinga Spinners Private Limited, was
incorporated as a private limited Company in June 1999 with an
object of establishing spinning and textile mills. ASRSPL is one
of the sister concerns of Shri Ramalinga Mills Limited. The
Company commenced its production in November 2003 and currently
operates as a cotton spinning unit in Aruppukottai, Tamil Nadu
with an installed capacity of 68,016 spindles.

As per provisional financials for 9M FY2017, ASRSPL reported an
operating income of INR65.9 crore with OPBDIT of INR6.4 crore
(unaudited and provisional).


ASHUTOSH CHAWAL: CARE Reaffirms B+ Rating to INR8cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Ashutosh Chawal Udyog (ACU), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities              8         CARE B+; Stable Reaffirmed

The rating assigned to the bank facilities of ACU continues to
remain constrained on account of weak financial risk profile
marked by thin profitability margins, highly leveraged capital
structure and stressed liquidity profile. The rating is, further,
constrained on account of its presence in the highly fragmented
and regulated industry and seasonality associated with the
business.

The rating, however, continues to derive strength from the
experienced management in the industry and its established track
record of operations with proximity to raw material sources.  The
ability of the firm to increase its scale up operations along-
with improvement in the profitability and capital structure
amidst growing competition are the key rating sensitivities.

Detailed description of the key rating drivers

Key rating weakness

Decline in total operating income (TOI) with thin profitability
margins

During FY16 (refers to the period April 1 to March 31), TOI of
ACU has declined by 18.02% over FY15 mainly due to decline in
sale of processed rice by 15.26% over FY15 coupled with decrease
in trading of paddy by 87.44% over FY15. The sale of processed
rice has declined mainly due to temporary shutdown of the plant's
production mainly due to closed down of boilers for installation
of new dryer machines from July 2015-October 2015. Furthermore,
the profitability margins of the firm remained thin due to its
presence in a highly fragmented industry with vulnerability of
margins to fluctuation in raw material prices.

Leveraged capital structure

The capital structure of the firm continued to remain highly
leveraged as on March 31, 2016, due to higher working capital
utilization coupled with disbursement of new term loan for
installation of dryer machines. Furthermore, the debt coverage
indicators remained weak as on March 31, 2016.

Stressed liquidity position

The liquidity position of the firm continued to remain stressed
marked by an elongated operating cycle as on March 31, 2016
mainly due to higher inventory period. However, the firm has
higher investment in inventory period due to the seasonal
availability of raw material i.e. paddy which is a kharif crop
and its main season in India is from October to April.
Furthermore, the average utilization of working capital limit
remained at 80% during last 12 months ended January 2017 while in
peak season (October to April) it remains fully utilized.

Key Rating Strengths

Established track record of operations coupled with experienced
management

Being present in the industry since last three decades, ACU has
established its relationship with its customers. Further, the
partners of the firm are highly experienced in the rice industry.

Bundi-based (Rajasthan) ACU was formed in 1981 as a
proprietorship concern by Mr. Chouthmal Maheshwari for carrying
out the business of trading and processing of paddy to produce
rice. However, due to death of the proprietor in February 2013,
the constitution of the firm was changed to partnership.
Currently, there are four partners in the firm viz. Mr. Vijendra
Kumar Maheshwari, Mr. Satya Narayan Jajoo, Mr. Chetanya Kumar
Jajoo and Mr. Narendra Kumar Jajoo sharing profit and loss
equally. Over the years, ACU expanded its installed capacity for
processing of rice by installing new machineries and had an
installed capacity of 87600 Metric Tonne Per Annum (MTPA) as on
March 31, 2016. Its rice mill is located in Bundi and spread
across 2623 sq. meter area. The firm sells rice under the brand
name of 'Double Katar' and 'Basant Bahar'. Furthermore, the firm
also sells by-products of rice viz. husk and rice bran.

During FY16, ACU has reported a total operating income of
INR29.95 crore and net profit of INR0.09 crore.


BHASKARA MARKETING: ICRA Reaffirms 'B' Rating on INR6cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B to the
INR6.00 crore1 fund based limits of Bhaskara Marketing Services.
The outlook on the long term rating is Stable.

                        Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based Limits       6.00      [ICRA]B(Stable) Re-affirmed

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

Bhaskara Marketing Services, established in the year 2001, is
engaged in the trading of Aqua feed (Prawn feed). It is a
partnership firm promoted by Mr. D. Veerabhadra Reddy & Smt. D.
Madhuri Latha. The firm has 3 branches in East Godavari District,
Andhra Pradesh. One of the branches is located in Kakinada town
and the other two branches are at Amalapuram and Pithapuram
respectively. Mr. Veerabhadra Reddy owns a 3 star hotel Royal
Park in Kakinada. He is also an acting managing partner for
Bhaskara Poultries which has a capacity of 100,000 layer birds
per annum. Mr. Reddy is also the promoter for Veerabhadra Exports
which is into export business of Shrimps. Mr. D.Chandrasekhara
Reddy, brother of Mr. Veerabhadra Reddy was an ex-MLA of Kakinada
city constituency. He was once the President of Andhra Pradesh
Rice Mill association.


D.R. COATS: ICRA Reaffirms B+ Rating on INR12cr Cash Credit
-----------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B+ assigned to
the INR1.04 crore term loan and INR12.00 crore cash credit
facilities of D.R. Coats Ink & Resins Private Limited. ICRA has
also reaffirmed the term rating assigned to the INR12.80 crore
non-fund based limits of the company. The outlook on the long
term rating is 'Stable'.

                        Amount
  Facilities          (INR crore)    Ratings
  ----------          -----------    -------
  Fund based limits-
  Term loan                1.04      [ICRA]B+(Stable) Reaffirmed

  Fund base limits-
  Cash Credit             12.00      [ICRA]B+(Stable) Reaffirmed

  Fund based limit-
  Packing Credit           3.40      [ICRA]A4 Reaffirmed

  Non-fund based
  Limits-Inland/
  Import/LC cum
  Buyers credit            9.40      [ICRA]A4 Reaffirmed

The rating action is based on the limited information provided by
the company. As part of its process and in accordance with its
rating agreement with DRCL, ICRA has been trying to seek
information from the company so as to undertake a surveillance of
the ratings, but despite repeated requests by ICRA, the company's
management has remained non-cooperative. In the absence of
requisite information, ICRA's Rating Committee has taken a rating
view based on best available information. In line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016,
the company's rating is now denoted as: "[ICRA]B+(Stable) and
[ICRA]A4 ISSUER NOT COOPERATING". The lenders, investors and
other market participants may exercise appropriate caution while
using this rating, given that it is based on limited or no
updated information on the company's performance since the time
it was last rated.

D.R. Coats Ink & Resins Private Limited was incorporated in the
year 2003. The company is in the business of manufacturing
synthetic resins such as polyamides, ketonic resins and epoxy
resins, which mainly find applications in paint & ink
manufacturing, production of adhesives, wood polish and acrylic
production. The company has steadily expanded its capacity over
the years from around 360 MTPA in 2006 to current levels of about
10,000 MTPA.


DHARMADEV INFRASTRUCTURE: CARE Cuts Rating INR102.24cr Loan to D
----------------------------------------------------------------
CARE Ratings has been seeking information from Dharmadev
Infrastructure Ltd (DIL) to monitor the rating vide e-mail
communications from November 11, 2016 till March 5, 2017,
including emails dated January 10, 2017 and February 28, 2017,
and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information, which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on DIL's
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank        102.24      CARE D; ISSUER NOT
   Facilities                        COOPERATING; Revised from
                                     CARE BB

The rating has been revised on account of ongoing delays in debt
servicing due to stretched liquidity position.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing

There are ongoing delays in debt servicing of DIL due to its
stretched liquidity position.

DIL's total operating income (TOI) dipped by 17% in FY16 (refers
to the period April 1 to March 31) with pending execution of sale
deed. Consequently, the company registered meager cash accruals
of INR0.59 crore in FY16, resulting in stressed liquidity.
Overall gearing ratio continued to remain high and deteriorated
from 2.72x as on March 31, 2015 to 2.97x as on March 31, 2016.

Promoted by Mr. Umang Thakkar and his family members in August
2005, DIL is a real estate development company, undertaking
various residential and commercial projects in and around the
city of Ahmedabad (Gujarat). The promoters have an experience in
real estate and hospitality sector. They have executed various
real estate projects through DIL and its group concerns and have
been involved in the development of several economy and premium
budget hotels under the brand 'Neelkanth Group of Hotels', in
Ahmedabad.


GMR ENERGY: ICRA Withdraws 'D' Rating on INR409.86cr Loan
---------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]B and the short-
term rating to [ICRA]A4 from [ICRA]D for the INR610.00 crore Bank
Guarantee facility of GMR Energy Limited (GEL). The outlook on
the long term rating is 'Stable'.

                        Amount
  Facilities          (INR crore)    Ratings
  ----------          -----------    -------
  Bank Guarantee          610.00     [ICRA]B (stable)/ [ICRA]A4;
                                     upgraded from [ICRA]D

  Term Loans              319.55     [ICRA]D withdrawn

  Non fund Based Limits   409.86     [ICRA]D withdrawn

ICRA has also withdrawn the [ICRA]D rating assigned to the
INR319.55 crore term loan facility and INR409.86 crore non-fund
based facility, as there is no amount outstanding against the
rated instrument.

Rationale

The assigned ratings take into account the change in ownership of
GEL, which is reflected from the equity investment by Tenaga
Nasional Berhad (Tenaga), Malaysia with a 30% equity stake (for
value of USD 300 million) in the company during November 2016 and
timely debt servicing by the company since then. Further, the
corporate structure of GEL has changed wherein its erstwhile
subsidiary SPVs - namely GMR Chhattisgarh Energy Ltd, GMR
Rajahmundry Power Limited & the Indonesian coal mine assets - are
moved out of GEL and have been shifted to other GMR group
companies. ICRA further takes note of a reduction in the overall
debt levels of GEL on consolidated level driven by equity
proceeds from Tenega, corporate restructuring as well as
strategic debt restructuring (SDR) by the lenders for the assets
moved out of GEL in corporate restructuring.

The ratings, however, continue to remain constrained by holding
company status of GEL with the absence of any material visibility
on revenue streams and the strained financial position of its
main SPVs GMR Warora Energy Limited and GMR Kamalanga Energy
Limited. The company is also exposed to significant refinancing
risk as its own 235-MW gas-based power plant has not been
operational since FY2014 due to the non-availability of gas. The
operations of the subsidiaries have been affected by several
issues, including risk of fuel cost under-recovery for certain
limited portions of the contacted capacity, uncertainty on
timelines for tariff compensation under change in law, subdued
short-term tariff level for capacity, which is not contracted in
the long run, uncertainty on domestic gas availability as well as
delays in payments by the state utility. Further, the operating
subsidiaries of GEL are in the process of tying up adequate
working capital facilities to address the temporary cash flow
mismatches. Given the holding nature of GEL, the extent of
improvement in financial position as well as the availability of
adequate working capital facilities for the operating
subsidiaries remains key rating sensitivities.

Key rating drivers

Credit Strengths

* Equity investment by Tenaga Nasional Berhad, Malaysia
   resulting in reduction in overall debt levels; cash flows
   from Tenaga resulting in timely debt servicing on the fund-
   based facilities over the last three months

Credit Weaknesses

* Holding nature of the company with absence of any material
   visibility on revenue streams

* Significant refinancing risk associated with debt on the books
   of GEL

* Continued debt servicing delays by key operating subsidiaries
   of GEL, given their operations exposed to various issues

* Exposure to project execution risk for the Bajoli Holi hydro
   project.

Description of key rating drivers:

In November 2016, Tenaga Nasional Berhad, Malaysia has infused
USD300 million (Rs. 2,000 crore) into GEL and has acquired 30%
equity stake in the company during Nov 2016. The proceeds have
been used entirely to repay the corporate debt in GMR Energy
Limited at a standalone level. The proceeds from Tenaga, along
with the corporate restructuring, have resulted in a marked
reduction in overall debt levels for GEL at the consolidated
level. The cash flows from Tenaga have resulted in timely debt
servicing by the company on the fund-based facilities since then.
GMR Energy's own 235 MW gas-based power plant has not been
operational during from 2013-14 due to non-availability of gas.
As a result, the financial performance of the company will remain
contingent on the operations of its key subsidiaries, which has
remained weak over the last two-three years as they stabilized
post commissioning. Given the holding nature of GEL, the extent
of improvement in financial position as well as the availability
of adequate working capital facilities for the operating
subsidiaries remains key rating sensitivities.

GMR Energy was originally incorporated as Tanir Bavi Power
Company Limited and promoted by foreign investors in October
1996. Subsequent to TBCPL's acquisition by GMR Infrastructure
Limited, the name of the company was changed to GMR Energy
Limited in 2003. GMR Energy earlier owned and operated a barge-
mounted, naphtha-based combined cycle plant of capacity 235 MW
near Mangalore in the state of Karnataka. The plant commenced
commissioning in June 2001 and sold electricity to two of the
Karnataka State electricity distribution companies- namely
Bangalore Electricity Supply Company Ltd and Mangalore
Electricity Supply Company Ltd as per the terms of a PPA, which
expired in June 2008. Since the expiry of the PPA, GMR Energy has
been operating the plant on merchant mode. During FY2011, GMR
Energy converted the plant to gas-based operations at a cost of
approx. INR605 crore and the plant was relocated to Kakinada in
Andhra Pradesh.

With the induction of Tenaga, the company now has a portfolio of
coal-based, gas-based and renewable (hydro & solar) power
projects with a total capacity of 4,630 MW. The portfolio
comprises an operating capacity of 2,300 MW (1,650MW of coal-
based, 623MW of gas-based and 25MW of solar capacity). Apart from
this, projects with an aggregate generation capacity of 2,330 MW
are under various stages of completion/ development in India and
Nepal.

For the financial year ending March 2016, GEL reported an
operating income of INR98.26 crore and a net loss of INR1388
crore.


GURURAMDAS KNIT: ICRA Reaffirms 'B' Rating on INR7.18cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B and the
short-term rating of [ICRA]A4 assigned to the INR7.85 crore bank
facilities of Gururamdas Knit Fab. The outlook assigned on the
long-term rating is 'Stable'.

                     Amount
  Facilities       (INR crore)      Ratings
  ----------       -----------      -------
  Fund Based Limits     7.18        [ICRA]B(Stable); Reaffirmed
  Unallocated Limit     0.67        [ICRA]B(Stable) and/or
                                    [ICRA]A4;Assigned

Rationale

The reaffirmed ratings continue to be constrained by the nascent
stage of the firm's operations as reflected in the modest
operating scale, and the debt funded nature of the capex
resulting in a leveraged capital structure and pressures on
profitability due to depreciation and interest burden.
Furthermore, the liquidity profile is expected to remain tight
because of the working capital intensive nature of operations.
The ratings also take into account the highly fragmented and
competitive nature of the industry due to the existence of a
large number of players in the organised and unorganised
segments, and susceptibility of margins to adverse movements in
prices of key raw materials -- nylon and polyester yarn.

The ratings, however, continue to favourably factor in the
promoter's experience in the textile industry and the location
advantages due to its presence in Surat, which provides easy
access to key raw materials and a ready client base.

Key rating drivers

Credit Strengths

* Extensive experience of the promoters in the textile
   industry;

* Location advantages in terms of raw material availability
   and proximity to customers, due to its location in Surat.

Credit Weakness

* Nascent stage of operations;

* Leveraged capital structure on account of primarily debt
   funded nature of capex; working capital intensive nature of
   operations;

* Exposure to volatility in prices of key raw materials;
   ability to pass on increase in raw material costs to customers
   remains crucial to maintain profitability;

* Highly fragmented industry characterized by intense
   competition from players in the unorganized as well as
   organized sectors.

Description of key rating drivers highlighted:

Gururamdas Knit Fab procures polyester yarn from the markets of
Surat and Silvassa and manufactures plain knitted fabrics; the
commercial production commenced from January 2016 with a capacity
of 2400 metric tonnes per annum (MTPA). Thus, the firm is at a
nascent stage of operations and maintaining high capacity
utilisation levels will be a key to increase the scale of
operations from the current levels. As the manufacturing unit is
located in Surat which is a major textile hub in India, proximity
to the suppliers ensures uninterrupted supply of raw material and
savings in freight cost and reduce lead time. Also, the company
benefits from access to customers, which comprise Surat based
garment manufacturing units and wholesellers.

Due to the debt funded nature of capex involved, the capital
structure is leveraged. Thus, the ability of the firm to improve
the capital structure and manage working capital effectively
while ensuring timely debt servicing will remain the key rating
sensitivity. With the price of key raw materials like polyester
and nylon yarns depicting a volatile trend month on month, the
profit margins of GKF are vulnerable, in case of inability to
effectively pass on the price risks. However, in the current
scenario, the firm has benefitted from the price moderation. High
degree of fragmentation due to the presence of a large number of
unorganized players has led to high competitive intensity in the
fabric manufacturing segment, thereby limiting the pricing power
of the companies and affecting the margins.

Gururamdas Knit Fab is a partnership firm, established in April
2015 and it manufactures plain knitted fabrics (majorly polyester
based), which are used for making dress materials and curtains.
GKF commenced operations from January 2016. The current
production capacity is 2400 MT per annum. The firm's registered
office and manufacturing unit are in Surat.

The firm is promoted by Mr. Sunil Juneja, Mr. Charanjeet Juneja
and Mrs. Neha Juneja, who were earlier involved in trading of
knitted fabrics used in sarees and for furnishing.

GKF recorded a net loss of INR0.21 crore on an operating income
of INR2.78 crore for the year ending March 31, 2016 and a profit
before tax of INR0.11 crore on an operating income of INR8.51
crore for the nine months ending December 31, 2016 (provisional
numbers).


ICEWEAR CREATION: ICRA Assigns B+ Rating to INR2.05cr LT Loan
-------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ for the
INR2.05 crore (enhanced from INR1.32 crore) long term loan
facilities of Icewear Creation. ICRA has also assigned the short
term rating of [ICRA]A4 for the INR27.50 crore (enhanced from
INR16.18 crore) short term non-fund based limits IC. ICRA has
also assigned [ICRA]B+/[ICRA]A4 to the INR0.12 crore unallocated
facilities of IC. The outlook on the long term rating is stable.

                     Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Long-term: Term
  loan facilities       2.05      [ICRA]B+ (Stable)/
                                  assigned/outstanding

  Short-term: Fund
  based facilities     27.50      [ICRA]A4/assigned/outstanding

  Long-term/short-
  term: Unallocated
  facilities            0.12      [ICRA]B+ (Stable)/[ICRA]A4
                                  assigned

Rationale

The assigned ratings factor in the promoter's experience and the
firm's established presence in the ready-made garments industry
and its long-standing business relationship with its customers,
which is expected to support the business volumes over the medium
term. Though the client concentration risk is high with single
customer, Primark, accounting for ~64% of the total sales, the
same is mitigated to an extent by the long standing relationship
with its customer and track record of repeat orders besides
Primark's reputation and large scale of operations across the
globe.

However, the ratings remain constrained by the firm's moderate
scale of operations, which restricts financial flexibility &
limits the benefits from economies of scale and thin operating
margins leading to lower accruals from the business. The revenues
were lower by about 4% during FY16 due to lower orders from its
major customer Primark on account of slowdown of demand in key
markets. The operating margin has been low over the past two
fiscals at 3.0% during FY15 and 1.8% during FY16 due to high
employee cost and reliance on job workers due to capacity
constraints. Further, the ratings remain constrained by the
stretched financial profile of the firm characterised by high
gearing and moderate coverage indicators; intense competition
prevalent in the industry thus restricting pricing flexibility;
and customer and geographic concentration risks, exposing the
firm's business prospects to any demand slowdown in key
geographies, such as Europe and UK; and the vulnerability of
earnings to fluctuations in foreign exchange rates, although
prudent hedging mechanisms mitigate the risk to an extent. Going
forward, the firm's ability to improve its margins and diversify
the client base while efficiently managing the working capital
cycle, would remain key to improve its credit profile.

Key rating drivers

Credit Strengths

* Promoter's vast experience in Ready-made-garments industry

* Healthy growth in operating income with a CAGR of 37% over
   the past five years aided by higher off-take from export
   markets

* Clientele includes reputed retail chains like Primark, Next,
   Max Holding etc and established long term relationship with
   them ensures repeat orders

Credit Weakness

* Modest scale of operations (albeit improving) limits benefits
   from economies of scale

* Low profit margins owing to partial outsourcing of production
   and intense competition

* Capital structure characterized by high gearing and coverage
   indicators remain stretched

* Margins are susceptible to volatility in raw material prices
   and Government policy changes

* Risk related to capital continuity and limited disclosures
   associated with partnership firms

Description of key rating drivers highlighted:

Icewear Creation is a medium sized player in the apparel
industry; its proximity to Salem-belt, which is the major
producer of tapioca, thus ensuring ready availability and lower
logistics cost. The promoters have longstanding experience in the
industry of over decade. The revenue profile is dominated by
single major customer namely Primark group, contributing to ~65%
of gross sales during 2015-16. Regular orders from the group have
supported operations enabling increase in the scale of business.
With small scale of operations and high competition, the Firm has
limited bargaining power with its customers and raw material
suppliers.

Any uncertainty in industry is expected to directly impact the
Firm's performance

The company has recorded decline in the operating income in
FY2016 due to decline in orders from the major customer. The
operating margin stands low due to high employee cost and job
work expenses. Due to limited production capacity, and in order
to fulfil the orders from its customers, the firm relies on
outsourcing its manufacturing activity to job workers leading to
high manufacturing cost. The margin at net level is supported by
forex gain. The capital structure remains stretched due to high
short term borrowings to meet its increasing working capital
requirements. The working capital intensity stands high at ~29%
for 2015-16 on account of stretched receivables.

Set-up as a partnership firm in 2004 by Mr. Chandrasamy and his
wife, Icewear Creation is engaged in manufacturing of knitted
garments (mainly kidswear and ladies wear). The firm has its
manufacturing units in Tirupur and has a combined production
capacity of about 7.0 lakh pieces per month. The firm has been
designated as "one star export" house by Ministry of Commerce and
Industry and mainly caters to large international retailers, with
Primark being the largest customer. The Firm also has a windmill
of 225kw capacity.

Apart from Icewear Creation, the promoters have business interest
in two other firms- Knitcare and Ellora Fashions, which are
engaged in fabric processing (compacting, washing and packing) on
job work basis.

In FY2016, IC reported a net profit of INR1.4 crore on an
operating income of INR88.2 crore, as compared to a net profit of
INR1.5 crore on an operating income of INR91.9 crore in FY2015.


IND-BARATH ENERGY: CARE Reaffirms D Rating on INR2833cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Ind-Barath Energy (Utkal) Limited (IBEUL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities          2,833         CARE D Reaffirmed

The rating assigned to the bank facilities IBEUL continues to
remain constrained by the stretched liquidity position on account
of delay in commencing of commercial operations resulting in
delays in debt servicing.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

Stretched liquidity position

On account of delay in achieving the COD, the company is unable
to generate sufficient cash flows leading to strained liquidity
position resulting in delays in repayments of principal and
interest payments for term loans.

Key rating strengths

Long Track record of Group in the Power segment and experienced
promoters

Group has experience in successfully commissioning power projects
with varied fuels like Coal, Gas, Biomass, Hydro and Wind. Mr. K
Raghu Ramakrishna Raju is the Chairman & Managing Director of the
company and also the promoter of the IndBarath group. Mr. Raghu
has more than 15 years of experience in the power sector and is
actively involved in day to day operations of the company. He is
assisted by the team of experienced and professional managers.

Ind- Barath Energy (Utkal) Limited belongs to Ind-Barath group
and is a subsidiary (99.99%) of Ind-Barath Thermotek Private
Limited. IBEUL incorporated in April 2008 with the objective of
setting up a 700 MW (2*350 MW) coal based thermal power plant at
Sahajbahal, Jharsuguda District in Orissa. The project was
earlier envisaged to achieve Commercial Operations Date (COD) on
March 31, 2015. As on March 31, 2016 the company has successfully
completed the trial runs for Unit I and obtained necessary
regulatory approvals required to commence commercial operations.


IND-BARATH POWER: CARE Reaffirms D Rating on INR228.38cr Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Ind-Barath Power Gencom Limited (IBPGL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities-Fund-
   Based                228.38       CARE D Reaffirmed

   Long-term Bank
   Facilities-Non-
   fund-based            96.00       CARE D Reaffirmed

The rating assigned to the bank facilities of IBPGL continues to
remain constrained by the stretched liquidity position on account
of delayed realization from debtors resulting in delays in debt
servicing.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in meeting of debt obligations

The debtors of the company have increased significantly despite
decline in total operating income leading to elongated working
capital cycle and strain in the liquidity position resulting in
delays in repayments of principal and interest payments for term
loans.

Key rating strengths

Long Track record of Group in the Power segment and experienced
promoters

Group has experience in successfully commissioning power projects
with varied fuels like Coal, Gas, Biomass, Hydro and Wind. Mr. K
Raghu Ramakrishna Raju is the Chairman & Managing Director of the
company and also the promoter of the IndBarath group. Mr. Raghu
has more than 15 years of experience in the power sector and is
actively involved in day to day operations of the company. He is
assisted by the team of experienced and professional managers.

Ind-Barath Power Gencom Limited belongs to Ind - Barath Group and
is a subsidiary (70.74%) of Ind-Barath Power Infra Limited
(IBPIL), the flagship company of the group. Incorporated on 25th
July 2005, IBPGL has set up a coastal coal based Thermal Power
Project of capacity 189 (3x63) MW power plant in Thoothukudi
District in Tamil Nadu.

IBPGL has Fuel Supply Agreement (FSA) in place with the group's
coal mine in Indonesia. However, due to pending approvals from
the Government of Indonesia mining development hasn't started and
IBPGL is currently operating on coal procured from traders.

Status of non-cooperation with previous CRA: ICRA has suspended
the rating on April 13, 2016 due to its inability to carry out
the Surveillance in the absence of the requisite information from
the company.


IND-BARATH POWER MADRAS: CARE Cuts Rating on INR2655cr Loan to D
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ind-Barath Power (Madras) Limited (IBPML), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        2,655       CARE D Revised from
   Facilities                        CARE BB-

The revision in the rating assigned to the bank facilities of
IBPML factors in inordinate delay in commencing of commercial
operations resulting in delays in debt servicing.

The ability of the company to achieve the commercial operations,
enter into power purchase agreement, derive revenue from sale of
the power and establishing a clear debt servicing track record
with improvement in its liquidity position are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in meeting of debt obligations

On account delay in achieving the COD, the company is unable to
generate revenue leading to strained liquidity position resulting
in delays in meeting debt obligations on time.

Key rating strengths

Long track record of the group in power segment and experienced
promoters

The group has experience in successfully commissioning power
projects with varied fuels like Coal, Gas, Biomass, Hydro and
Wind. Mr. K Raghu Ramakrishna Raju is the Chairman & Managing
Director of the company and also the promoter of the IndBarath
group. Mr. Raghu has more than 15 years of experience in power
sector and is actively involved in the day-to-day operations of
the company. He is assisted by the team of experienced and
professional managers.

Ind-Barath Power (Madras) Limited (IBP-Madras) belongs to Ind-
Barath group and is an SPV incorporated for implementation of a
coal based thermal power plant with a capacity of 660 MW in
Tuticorin, Tamil Nadu. The project was earlier envisaged to
achieve COD in December 2013 which got revised to June 2016.
However, due to delay in civil works and due to laying of
transmission lines and grid connectivity issues the project
construction got delayed and the project is yet to achieve COD.


IND-BARATH THERMAL: CARE Cuts Rating on INR940.56cr Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ind-Barath Thermal Power Private Limited (IBTPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities-Fund-
   Based                 940.56      CARE D Revised
                                     from CARE BB

   Long-term Bank
   Facilities-Non-
   fund-based             75.00      CARE D Revised
                                     from CARE A4

The revision in the ratings assigned to the bank facilities of
IBTPL is constrained by the stretched liquidity position on
account of elongated collection period resulting in delays in
debt servicing.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

Stretched collection period resulting in liquidity strain During
FY16 (refers to the period April 1 to March 31), income from sale
of electricity of the company has declined by 46% i. e from
INR659.77 crore in FY15 to INR355.30 crore in FY16 due to lack of
long-term PPA and reduction in purchase of power by the off
takers, this apart the operational expense has increased during
the said period leading to net loss. Coupled with aforementioned
reason due to elongated and high collection period the liquidity
position of the company has remained stressed; consequently the
company has been delaying in meeting its debt obligations.

Key rating strengths

Long track record of Group in Power segment and experienced
promoters

Group has experience in successfully commissioning power projects
with varied fuels like Coal, Gas, Biomass, Hydro and Wind. Mr. K
Raghu Ramakrishna Raju is the Chairman & Managing Director of the
company and also the promoter of the IndBarath group. Mr. Raghu
has more than 15 years of experience in power sector and is
actively involved in day-to-day operations of the company. He is
assisted by the team of experienced and professional managers.

Ind-Barath Thermal Power Limited is a special purpose vehicle
(70.26%) of Ind-Barath Power Infra Limited (IBPIL). It was
incorporated in January 2007 as IndBarath Power (Karwar) Limited
with the objective of setting up of a 300 MW (150 *2) imported
coal-based power plant at Hankon Village in Uttara Kannada
district of Karnataka. However, despite getting all statutory
clearances including Environment Clearance and Consent for
Establishment, commencement of construction activities at project
site was held up on account of protests from local political &
environmental groups. Hence, the company shifted the project to
alternate location to Tuticorin in Tamil Nadu. Consequent to the
change in location, the name of the company was changed to the
current nomenclature. IBPTL has commenced commercial operations
on February 07, 2013 of Unit 1 and in November 2013 of Unit 2.
IBPTL has entered into Fuel Supply Agreement with Indonesia based
group Company PT. Ind - Barath Energy; however, the mines are not
yet operational due to pending approvals from the Government of
Indonesia. The company currently is sourcing imported coal from
open market on spot basis.

During FY16, IBTPL has reported PBILDT of INR170.53 crore and net
loss of INR15.28 crore on total operating income of INR355.30
crore as against PBILDT of INR227.39 crore and PAT of INR36.73
crore on the total operating income of INR659.77 crore in FY15.


JUHI ALLOYS: CARE Reaffirms B+ Rating on INR20cr LT Loan
--------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Juhi Alloys Limited (JAL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              20        CARE B+;Stable Reaffirmed

The rating assigned to the bank facilities of JAL continues to be
constrained by low profitability margins attributable to limited
value addition, the company's working capital-intensive nature of
operations and its presence in a highly fragmented and cyclical
steel industry. The rating is also constrained by the company's
modest scale of operations and its significant exposure towards
group entities in the form of corporate guarantees extended by
it.

However, the rating derives strength from the experienced
promoters with established track record of operations and the
company's moderate financial risk profile marked by moderate
gearing as well as debt coverage indicators.

Going forward, the ability of the company to scale up the
operations, register improvement in the profitability margins,
reduce exposure towards the group entities and maintain a
moderate gearing shall remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced promoters and established track record in iron and
steel products: The promoters of JAL, Mr. Yogesh Kumar Agarwal
and Mr. Rajiv Kumar Goel have experience of around 20 years in
the steel industry. The promoters also hold directorships in
three other companies, namely, Rimjhim Ispat Ltd (RIL), Rimjim
Stainless Ltd (RSL) and Novel Sugar Ltd (NSL). RIL and RSL are
engaged in manufacturing steel products. JAL sells TMT bars under
the brand name of "Rimjhim", which is a known brand for TMT bars
in the local region.

Moderate financial risk profile: JAL has moderate financial risk
profile marked by moderate gearing of 1.14x as on March 31, 2016
(PY: 1.49x) on account of lower working capital borrowings as
well as interest coverage ratio of 1.75x during FY16 (PY: 1.84x)
(refers to the period April 1 to March 31) on account of higher
interest cost but high total debt to GCA of 11.21x in FY16 (PY:
14.50x) due to low margins.

Key Rating Weaknesses

Moderate scale of operations with low margins: The company's
total operating income increased by 12.01% during FY16 to
INR184.39 crore (PY: INR164.61 crore) on account of higher
production and better sales in manufacturing segment though
trading sales reduced from INR40 crore to about INR1 crore. The
PBILDT and PAT margins of the company continues to remain low at
3.07% (PY: 3.02%) and 0.69% (PY: 0.68%), respectively.

Working capital intensive nature of operations: The operations of
the company are working capital intensive as reflected by
collection period of 36 days as on March 31, 2016 (PY: 33 days),
high inventory period of 67 days as on March 31, 2016 (PY: 62
days) and low creditor period of 33 days as on March 31, 2016
(PY: 21 days). The working capital requirements are met out of
the cash credit limit which remains fully-utilized.

Significant exposure to group companies: JAL has extended
corporate guarantee for the outstanding debt in its two associate
companies RIL and RSL. The total contingent liability through
corporate guarantee is approximately INR606.03 crore at the end
of FY16 (PY: INR594.78 crore).

High competition and inherent cyclicality in the steel industry:
The industry for long steel products such as TMT bars & allied
products is highly fragmented with large number of local
unorganized players and organized players in the market.

The steel industry is cyclical with prices driven by demand and
supply conditions in the market coupled with strong linkage to
the global market. The producers of steel construction materials
are essentially price-takers in the market, which directly expose
their cash flows and profitability to volatility in the steel
prices.

Incorporated on July 12, 1990, Juhi Alloys Ltd is a part of
Kanpur-based Rimjhim group of companies managed by Mr. Yogesh
Kumar Agarwal & his family and relatives. JAL is engaged in
manufacturing of Thermo Mechanically Treated (TMT) steel bars, SS
Flats and Rounds products along with trading of billets, ingots
etc. The products of the company find application mainly in
construction activities. The company supplies to its established
clientele across eastern Uttar Pradesh and markets its products
through mix of direct sales to builders and sales through
traders. The manufacturing facilities of the company are located
in Hamirpur district of Uttar Pradesh with an installed capacity
of 90,000 MTPA as on March 31, 2016.

During FY16, the company has reported total operating income of
INR184.39 crore with PBILDT of INR 5.69 crore and PAT of INR 1.27
crore as compared to total operating income of INR 164.61 crore
with PBILDT of INR 4.96 crore and PAT of INR 1.11 crore during
FY15. During 10MFY17 (provisional) (refers to the period April 01
to January 31), the company has registered sales of INR 99.55
crore.


KULDEVI COTTON: ICRA Reaffirms 'B' Rating on INR6.0cr Loan
----------------------------------------------------------
ICRA reaffirms the long-term rating of [ICRA]B assigned to the
INR4.75 crore cash credit facility and INR1.25 crore term loan
facility of Kuldevi Cotton Industries. The outlook on long term
rating is 'Stable'.

                        Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund Based Limits       6.00       [ICRA]B (Stable) reaffirmed

Rationale

The reaffirmation of the rating continues to factor in the firm's
weak financial profile marked by modest scale of operations,
stretched capital structure and high working capital intensity.
The rating also factors in the vulnerability of the firm's
profitability to agro-climatic risks and its exposure to stiff
competition.

The rating, however, continues to draw comfort from the vast
experience of the partners in the industry and the logistical
advantage enjoyed by the firm.

Key rating drivers

Credit Strengths

* Vast experience of promoters in the cotton ginning and seed
   crushing industry

* Favorable location of the unit in Rajkot (Gujarat), a cotton
   producing belt of India, giving easy access to quality raw
   cotton

Credit Weakness

* Weak financial risk profile marked by modest scale of
   operations, stretched capital structure, weak debt-coverage
   indicators and high working capital intensive nature of
   operations

* Vulnerability of profitability to fluctuations in raw cotton
   prices, which are subject to seasonality and crop harvest

* Low profitability because of limited value addition and highly
   competitive and fragmented industry structure given the low
   entry barriers

* Risks inherent in partnership firm with respect to capital
   withdrawals and its potential impact on credit profile

Description of key rating drivers highlighted:

The rating reaffirmation reflects the firm's weak financial
profile marked by modest scale of operations, stretched capital
structure reflected with gearing of 2.41 times as on March 31,
2016, weak debt-coverage indicators (NCA/TD of 7% in FY2016) and
high working capital intensity driven by high inventory holding
which stood at 87 days in FY2016. The rating also factors in the
vulnerability of the firm's profitability to agro-climatic risks,
the inherently low value-adding ginning business, and its
exposure to stiff competition in a fragmented industry caused by
the presence of numerous small and unorganised players.
Furthermore, being a partnership firm, any significant
withdrawals from the capital accounts could adversely impact its
net worth and thereby the credit profile.

The rating, however, continues to draw comfort from the vast
experience of the partners in the industry and the logistical
advantage enjoyed by the firm by virtue of its location in the
cotton-producing region, giving it easy access to quality raw
cotton.

Going forward, ICRA expects the firm to witness moderate growth
in its top-line in FY2017 on the back of the increase in sales
volumes and realisations, following the steep rise in cotton
prices in the current fiscal. KCI's profitability would continue
to remain low on account of its low value-adding operations and
would remain vulnerable to raw material price fluctuations. The
firm's ability to scale up its operations would be contingent on
the availability of raw cotton and the improvement in the
domestic demand post demonetisation. Furthermore, the firm's
ability to improve its profitability, manage its working capital
requirements efficiently and improve its capital structure and
coverage indicators would remain important from a credit
perspective.

Established in December 2013 as a partnership firm, Kuldevi
Cotton Industries is in the business of ginning and pressing of
raw cotton and cotton seed crushing. The firm commenced its
commercial operations in November 2014. Its manufacturing
facility is located at Rajkot in Gujarat and is equipped with 24
ginning machines, 1 pressing machine and 3 crushing machines with
processing capacity of about 12,096 Metric Tonnes Per Annum
(MTPA) of cotton bales and about 47 MTPD of cotton seeds. The
promoters of the firm have extensive experience in the cotton
industry. The firm is managed by Mr. Mahesh Ghodasara along with
his relatives and friends who have experience in cotton ginning
business by way of their association with similar entities in the
industry.

During FY2016, KCI reported an operating income of INR19.07 crore
and profit after tax of INR0.01 crore as against the operating
income of INR17.11 crore and loss after tax of INR0.11 crore in
FY2015.


L.B. POLYMERS: ICRA Withdraws B+ Rating on INR1.0cr LT Loan
-----------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ with 'Stable'
outlook for the INR1.00 crore fund based limits and the short-
term rating of [ICRA]A4 for the INR4.00 crore non fund based
limits of L.B. Polymers Private Limited as the company has fully
redeemed the instrument. There is no amount outstanding against
the rated instrument.

                     Amount
  Facilities       (INR crore)      Ratings
  ----------       -----------      -------
  Long Term Fund
  Based Limits          1.00        [ICRA]B+(Stable) Withdrawn

  Short Term Non
  Fund Based Limits     4.00        [ICRA]A4 Withdrawn

Rationale

The company has fully redeemed the instrument and hence the
ratings are being withdrawn. There is no amount outstanding
against the rated instrument. The ratings were put on notice of
withdrawal for 30 days in February 2017.

L.B. Polymers Private Limited was established in the year 2012 by
Mr. Jagdish Tanna. The company is engaged in trading of
petrochemicals and polymers like high-density polyethylene
(HDPE), low-density polyethylene (LDPE), linear low density
polyethylene (LLDPE), poly-vinyl chloride (PVC) and Ethylene
vinyl acetate (EVA). The company procures these polymers from
domestic suppliers as well as imports polymers from suppliers in
Dubai, Singapore and certain European countries and sells them in
the domestic market. The promoters have a long experience in the
polymer trading business through its other group company viz.
Lila Polymers Private Limited.


LOKESH MACHINES: CARE Lowers Rating on INR93.14cr Loan to D
-----------------------------------------------------------
CARE Ratings has been seeking information from Lokesh Machines
Limited (LML) to monitor the ratings vide e-mail communications
dated  June 13, 2016, August 2, 2016, October 7, 2016, November
28, 2016, December 13, 2016, January 24, 2017 and February 08,
2017 and numerous phone calls. However, despite our repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on
Lokesh Machines Limited bank facilities will now be denoted as
CARE D/CARE D; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        93.14       CARE D; ISSUER NOT
   Facilities                        COOPERATING; Revised from
                                     CARE B- Based on best
                                     available information


   Short-term Bank
   Facilities            27.00       CARE D; ISSUER NOT
                                     COOPERATING; Revised from
                                     CARE A4 Based on best
                                     available information

The revision in ratings takes into account delays in debt
servicing on account of stretched liquidity position of the
company.

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

Detailed description of the key rating drivers

Key Rating Weakness

Delays in debt Servicing: There have been delays in debt
servicing on account of stretched liquidity position at the back
of elongated operating cycle. The operating cycle of the company
was around 327 days for FY16.

LML incorporated in December 1983 is promoted by Mr. M Lokeswara
Rao and started commercial production from 1986. The company has
six manufacturing locations with five in Hyderabad and one in
Pune with an installed capacity of 600 Machines per annum. The
company's operations are segregated into two divisions namely
Machines and Components division. The company initially started
the operations by doing job works for Hindustan Machine Tools
Limited (HMT) and later on moved to manufacturing of machines.
Under machinery division, LML manufactures Special Purpose
Machines (SPM) and General Purpose Machines (GPM).

Under component division, the company manufactures automobile
components viz., cylinder heads, and cylinder blocks and also
executes job work for automobile manufacturers like Mahindra &
Mahindra Limited (M& M) and Ashok Leyland Limited.

During FY16, LML reported PAT of INR2.14 crore (INR0.75 crore in
FY15) on a total operating income (TOI) of INR121.15 crore
(INR118.69 crore in FY15). As per the unaudited results for
9MFY17, LML reported PAT of INR0.71 crore on TOI of INR90.23
crore.


MEWAR HITECH: ICRA Reaffirms 'B' Rating on INR10cr Cash Loan
------------------------------------------------------------
ICRA has re-affirmed its long-term rating of [ICRA]B on the INR10
crore bank limits of Mewar Hitech Engineering Limited. The
outlook on the long-term rating is 'Stable'. The rating
suspension carried out in December 2016 has been revoked.

                         Amount
  Facilities          (INR crore)    Ratings
  ----------          -----------    -------
  Fund Based Limits-      10.00      [ICRA]B (Stable);
  Cash Credit                        re-affirmed; Suspension
                                     revoked

Rationale

The ratings re-affirmation factors in the decline of about 38% in
the sales of the company during FY2016 (From INR40.41 crore in
FY2015 to INR24.94 crore in FY2016) as the number of orders had
dried up mainly owing to the decline in the mining activities.
The reaffirmation also takes into account the improvement in the
operating margins from 7.29% in FY2015 to 12.82% in FY2016.The
rating is constrained by MHEL's modest scale of operations along
with its weak financial risk profile characterised by low
profitability margins, low return indicators, leveraged capital
structure and modest coverage indicators. The rating is further
constrained by the high working capital intensity of operations
and MHEL's tight liquidity position as reflected by almost full
utilisation of working capital limits. The rating also takes into
account the vulnerability of the company's profitability to
increase in the prices of key raw materials as well as the
intense competitive scenario owing to the presence of reputed
companies along with various regional operators.

The rating, however, takes comfort from extensive experience of
promoters in related business lines and significant scaling up of
operations in 2016-17 along with its healthy order book position
as on February 20, 2017. Going forward, the ability of the firm
to attain a sustained improvement in profitability and liquidity
will be the key rating sensitivities.

Key rating drivers

Credit Strengths

* Extensive experience of more than 20 years of the promoters
   in related businesses

* Healthy order book position of ~Rs. 20 crore as on Feb. 20,
   2017 indicating revenue visibility over the near term

Credit Weakness

* Decline in the operating income in FY2016 to INR24.94 crore as
   compared to INR40.41 crore in FY2015 owing to the decline in
   the number of orders from the customers

* High competition owing to presence of reputed companies along
   with various regional players which limits the pricing powers

* Financial profile characterised by low profitability margins,
   low return indicators, leveraged capital structure and modest
   coverage indicators

* High working capital intensity of operations at 69% in FY2016
   and almost full utilisation of working capital limits
   indicating tight liquidity position

Description of key rating drivers highlighted:

There was a decline of about 38% in the sales of the company
during FY2016 (From INR40.41 crore in FY2015 to INR24.94 crore in
FY2016) as the number of orders had dried up mainly owing to the
decline in the mining activities owing to the various regulatory
measures taken by Supreme Court by formation of Sustainable Sand
Mining Guidelines in 2016. Moreover, as per the management few of
the major orders were not dispatched in FY2016 as the company had
not received payments from the clients, resulting in a high
inventory build up for the company. (INR23.95 Cr. as on FY2016
end vis-a-vis INR18.49 Cr. as on FY 15 end). Additionally mining
and extraction is a seasonal business to a certain extent as
during the rainy season, water is filled in various mines and
extraction activity generally stops. So an extended monsoon
period can impact the flow of orders for companies operating in
this business segment.

There are a lot of global capital goods companies who supply
mining/ stone crushing equipment in India such as Sandvik, Metso
along with large domestic players such as Puzzolana Machinery
Fabricators (CRISIL A+/A1). Apart from this there are a lot of
small regional players which further make this segment a
competitive one which pushes the profitability margins of players
downwards. MHEL has achieved a turnover of ~Rs 26 crore till 10M
FY2017. As on Feb. 22, 2017, MHEL has an order book position of
INR20 crore giving revenue visibility over the near term.

The working capital intensity of the company increased in FY2016
to 68% as compared to 27% in FY2015, owing to the increase in the
debtor and inventory days. As per the management, increase in the
inventory was owing to the WIP as there was a huge order which
was not processed as the company had not received payment from
the client.


Mewar Hitech Engineering Limited was incorporated in 2006 by Mr.
C S Rathore and his family members and is engaged in the business
of manufacturing and sale of stone crushers, vibrating screens,
hoppers, feeders, conveyor belts and other related equipments.
The manufacturing facility of the company is located in Sukher,
Udaipur and is well equipped the requisite machinery. MHEL sells
its products under its brand "Kingson".

As per audited financials for FY2016, the company reported a net
profit of INR0.06 crore on an operating income of INR24.94 crore,
as against a net profit of INR0.09 crore on an operating income
of INR40.41 crore during the previous year.


OCEANIC BUILDCON: CARE Reaffirms B+ Rating on INR7.84cr LT Loan
---------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Oceanic Buildcon Private Limited (OBPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facility               7.84       CARE B+; Stable Reaffirmed

The rating assigned to the bank facilities of OBPL continues to
remain constrained on account of small scale of operations,
moderate profitability, susceptibility of revenues to demand for
commercial estate in and around Vadodara and risk of termination
of lease after expiration of lock-in-period. Furthermore, the
rating remained constrained due to moderate financial risk
profile marked by leveraged capital structure and moderate debt
coverage indicators and weak liquidity position during FY16
(refers to the period April 1 to March 31).

The rating, however, continues to derive benefit from the vast
experience of the promoters in the real estate development
business and provision for lock-in-period in lease agreements.
Furthermore, OBPL has location advantage being located at one of
the prime location of Vadodara.

OBPL's ability to generate more revenue along with improvement in
profitability, capital structure, debt coverage indicators and
efficient management of its working capital requirement would be
the key rating sensitivity.

Detailed description of the key rating drivers

Key rating weaknesses

Small scale of operations and moderate profitability

During FY16, OBPL's total Operating Income (TOI) increased
marginally and stood at small scale to INR2.76 crore on the
back of fixed income of lease rentals. Furthermore, profit
margins improved during FY16; however, considering the nature of
industry, PBILDT margin remained high while PAT margin remained
thin due to high interest and finance charges.

Leveraged capital structure, moderate debt coverage indicators
and weak liquidity position

Capital structure marked by overall gearing stood leveraged on
the back of moderate net worth base and high debt level.

Overall gearing stood at 2.69x as on March 31, 2016. Furthermore,
with low cash accruals and moderate debt, debt coverage
indicators also stood moderate marked by total debt to GCA of
10.25 times as on March 31, 2016. Furthermore, liquidity position
stood weak as marked by below unity current ratio and quick ratio
in FY16.

Susceptibility of revenues to demand for commercial estate OCPL
revenues are susceptible to demand for commercial estate in and
around Vadodara. Further it also faces risk of termination of the
lease after expiration of lock-in-period.

Key rating Strengths

Well-experienced promoters

The promoters are very well experience in real estate development
business. Mr. Sachin Patel and Mr. Vinay Vaghani looks into
overall business operations.

Provision of lock-in-period in lease agreement and location
advantage

Lease agreements entered by OCPL has lock-in-period clause
included in it which secures revenue for certain period of
time. Furthermore, OCPL has location advantage as 'Cinemall' is
located at one of the prime location in Vadorara (Gujarat).

Incorporated in 2006, OBPL is a Vadodara-based (Gujarat) closely-
held private limited company promoted by Mr. Sachin Patel and Mr.
Vinay Vaghani. The company is engaged in real estate development
business and currently has only one commercial shopping complex,
'Cine Mall' at Race Course Road (Vadodara) which houses basement
and four floors with total saleable area of 42,250 square feet.

The primary source of income for OBPL is the lease rental income
received from the total saleable area of the shopping complex and
maintenance charges payable by the lessees for the same. In
addition to this, parking charges and advertisement revenue are
secondary sources of income.

During FY16 (A), OCPL reported PAT of INR0.32 crore on a TOI of
INR2.76 crore as against net loss of INR0.38 crore on a TOI of
INR2.72 crore during FY15. During 8MFY17 (Prov.), OCPL has
achieved a turnover of INR1.93 crore.


RAMANI TIMBER: CARE Reaffirms B+ Rating on INR2.0cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities Ramani
Timber Mart (RTM), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             2.00       CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities             4.50       CARE A4 Reaffirmed

The ratings assigned to the bank facilities of RTM continue to
remain constrained on account of its modest scale of operations
with low capitalization, moderate and fluctuating profitability
margins, leveraged capital structure and moderate debt coverage
indicators and working capital intensive operations. The ratings
further continue to be constrained on account of foreign exchange
fluctuations, geographical concentration, intense competition in
the industry, susceptibility to adverse regulations in wood
exporting countries and proprietorship nature of the entity.

The above weaknesses continue to be offset by long experience of
the proprietor and location advantage.

The ability of the company to increase its scale of operations
along with improvement in its profitability margins and
capital structure while managing working capital requirements
efficiently remains the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced proprietor: The proprietor has wide experience of
about five decades in timber industry and has been associated
with RTM since inception. Over the years he has maintained the
relationship with its stakeholders resulting in regular orders
received from them.

Location advantage: Proximity of the firm to the port reduces the
logistics issues associated with wood, which is a bulky commodity
and also offers the advantage of lower freight costs.

Key Rating Weaknesses

Declining income and moderate and fluctuating profitability
margins: The total operating income (TOI) of RTM has been
declining during last three years ending FY16. However, profit
margins have been fluctuating during the period owing to
fluctuation in input prices. However, the same remained at
moderate level. Furthermore, RTM imports more than 60% of its raw
material requirement and in absence of the any clear hedging
policy adopted by the firm the profit margins remained
susceptible to fluctuation in forex rates. This also exposes the
firm to adverse changes in government policies of timber
exporting countries.

Leveraged capital structure and moderate debt Indicators: The
capital structure of the entity remained leveraged owing to high
dependence on external borrowings. Furthermore, the same resulted
in high fixed cost and with net profitability debt coverage
indicators remained moderately weak.

Working capital intensive operations: The operations of the
entity remained working capital intensive with high gross current
asset days of over 220 days during last three years ending FY16.
The same resulted in slightly higher utilization of bank
borrowings.

Ramani Timber Mart, a Nagpur-based (Maharashtra) firm which was
established by Mr. Panchan Patel, Mr. Nibji Patel and Mr. Lalji
Patel as a partnership firm in 1963. Later in 1997, it was
reconstituted as a proprietorship firm by Mr. Panchan Patel. RTM
is engaged in the trading of Burma teak wood and sawing of the
same into various sizes as per customer requirements. The firm's
head office is situated in Nagpur with the branch offices located
in Gandhidham (Gujarat) and Mangaluru (Karnataka). RTM has a saw
mill in Lakadganjin Nagpur, spread over an area of 6,400 square
feet (sq.ft.) with sawing capacity of 44,000 Cubic Feet Per Annum
(CFPA).

The import of raw material is carried out at all the offices
whereas indigenous procurement is done solely at the Nagpur
office. About 60% of RTMs' raw material is procured from overseas
suppliers and 40% of the raw materials are procured from local
players. The firm imports wood primarily from Singapore. The main
variety of wood which the firm imports is Burma Teak Wood, which
is primarily used for interior decoration and furniture. Apart
from these, the firm also imports African Teak and Ivory Coast
teak wood.

During FY16, the total income stood at INR7.08 crore as against
INR15.28 crore in FY15. The PAT stood at INR 0.24 crore in FY16
as against INR 0.44 crore in FY15.


SATURN RINGS: CARE Lowers Rating INR40cr LT Loan to D
-----------------------------------------------------
CARE has been seeking information from Saturn Rings & Forgings
Private Limited (SRF) to monitor the rating(s) vide e-mail
communications/letters dated November 16, 2016, December 28,
2016, February 10, 2017 and numerous phone calls.

However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

The rating on Saturn Rings & Forgings Private Limited's bank
facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        40.00       CARE D; Issuer not
   Facilities                        cooperating; Revised from
                                     CARE BB+; on the basis
                                     of best available
                                     information

The rating has been revised on account of ongoing delays in
servicing for interest and principle repayment of term loans and
the account is classified as Non-Performing Asset (NPA). Users of
this rating (including investors, lenders and the public at
large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in debt servicing: As per interaction with banker, there
have been ongoing delays in repayment of the debt obligation and
the account is classified as NPA on account of weak liquidity
position of the company owing to shortage of working capital
funds.

Incorporated in 2012, Saturn Rings & Forgings Pvt. Ltd. was
setting-up a manufacturing unit for developing bearing rings and
other forged component products at Shirwal, Pune with installed
capacity of 74,250 MT. The company has completed entire project
within envisaged cost of INR77.34 crore (laboratory is in
finalisation stage) and commenced the commercial operations since
March 2016 (as against October 2015 envisaged earlier). The delay
was on account of receipt of consent to operate from Maharashtra
Pollution Control Board.

Further, SRF booked total operating income of INR0.46 crore in
first month of operations for FY16 against which earned net
profit of INR0.11 crore.


SHRACHI BURDWAN: CARE Lowers Rating on INR18cr LT Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shrachi Burdwan Developers Private Limited (SBDPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             18.00      CARE D Revised from
                                     CARE BBB-

The revision in the rating assigned to the bank facilities of
SBDPL takes into account the delays in debt serving by the
company.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing

There are delays in servicing the principal and interest on term
loans availed by the company. The liquidity position of the
company is stretched due to slow down in the real estate business
and delay in collections of customer advances.

Shrachi Burdwan Developer Private Ltd, a special purpose vehicle
(SPV), is a 50:50 joint venture between Bengal Shrachi Housing
Development Limited and Xander Investment Holding VI Limited, a
Mauritius based Investment arm of Xander group, for the execution
of the satellite township project "Renaissance" at Burdwan, West
Bengal. The project is set up on a land area of 254.74 acres and
is being built up in various phases at a total project cost of
INR220.61 crore Shrachi group, promoted by Kolkata-based Shri
S.K. Todi, has major interest in real estate and engineering
products.

During FY16, SBDPL reported PAT of INR3.00 crore (Rs 1.04 crore
in FY15) on total operating income of INR30.17 crore (Rs 19.41
crore in FY15).


SHREE HARDEO: CARE Assigns B+ Rating to INR6.44cr LT Loan
---------------------------------------------------------
CARE Ratings has been seeking information from Shree Hardeo
Industries to monitor the rating vide e-mail communications/
letters dated July 29, 2016, February 16, 2017 and February 18,
2017 and numerous phone calls. However, despite our repeated
requests, the firm has not provided the requisite information for
monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on Shree Hardeo Industries' bank facilities will
now be denoted as CARE B+; ISSUER NOT COOPERATING. Users of this
rating (including investors, lenders and the public at large) are
hence requested to exercise caution while using the above rating.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         6.44       CARE B+; ISSUER NOT
   Facilities                        COOPERATING

Detailed description of the key rating drivers

At the time of last rating on March 16, 2016, the following were
the rating strengths and weaknesses:

Key Rating Strengths

Long business experience of the promoters: SHI has a short track
record of about three year of operations. However, the promoters
have reinforced their footings in the pipes segment with sound
base on account of their experience with the associate firm. The
proprietor of the firm is Ms. Sheetal Agrawal, who is a Graduate
and has eight years of industry experience. SHI is being managed
by Mr. Arun Agrawal and Mr. Atul Agarwal, who possess more than
one decade of experience in the PVC pipes industry Operational
and financial synergies with associate firm: SHI is the backward
integration of the in the PVC pipes segment.

SHI benefits from the synergy of operations with its associate
firm, Shree Hardeo Hardware and Sanitation (SHH), which is
engaged in the trading of PVC pipes, column pipes, sanitary
products and others since 2001. SHI sells its major production
to the associate firm. SHH sells its products through an
established distribution network in the state of Chhattisgarh.
The established dealership network of SHH is likely to benefit
SHI, which is a new entrant in the PVC [pipes industry]. As a
result, offtake is likely to remain high with low marketability
risk for the product.

Key Rating Weaknesses

Short track record of operations with proprietorship nature of
constitution: SHI commenced manufacturing operations from Sep
2013 and has a short operational track record of about 3.5 years.
Being a proprietorship firm, the firm is exposed to the risk of
withdrawal of capital by the proprietor on personal exigencies,
dissolution of firm due to death and restricted financial
flexibility due to inability to explore cheaper sources of
finance leading to limited growth potential.

Susceptibility of margins to volatility in raw material prices:
PVC resin and chemicals are the main raw materials for SHI, which
are derivatives of crude oil. Material cost comprises about 60-
70% of the total cost. Prices of crude oil are highly volatile in
nature. Hence, SHI's profitability is highly susceptible to
volatility in raw material prices caused by volatility in the
crude oil prices. At the same time the products manufactured by
the firm have substitutes in the form lower grade PVC pipes. Due
to intense competition in the sector, often price fluctuations in
raw material prices cannot be passed on to the customer. The same
exposes SHI to price fluctuation risk.

Presence in a competitive industry segment: SHI faces competition
from larger established players such as The Supreme Industries
Limited, Prince Pipes & Pipe Fittings, and Finolex Industries
which manufacture UPVC pipes and fittings, HDPE pipes and CPVC
pipes and fittings. The above companies have higher manufacturing
capacities along with financial flexibility and strong brand pull
in terms of quality and proven track record. As a consequence SHI
is subject to intense competition from the above players.

Weak financial risk profile marked by losses, high gearing and
stressed liquidity: During FY15, though the total operating
income has increase at a rate of 123.29% on the back of higher
demand, the entity has ended up with a net loss of INR1.05 crore.
However, there is no cash loss. The gearing ratios are also high
as on March 31, 2015. Liquidity profile marked current ratio was
also below unity as on the same day.

Established in the year 2013, SHI, is a proprietorship concern
based in Raipur, Chhattisgarh. SHI is engaged in the
manufacturing of PVC pipes, column pipes and PVC fittings. The
entity commenced manufacturing operations for PVC pipes and
fittings from September 2013; FY14 (refers to the period April 01
to March 31) being first year of operations and has an annual
installed capacity of 1,000 MTPA. Product portfolio of the entity
includes SWR pipes and fittings, column pipes, plumb pipes,
casing pipes, UPVC pipes, which are sold under the brand name of
'Vertex'.

As per audited results for FY15 (refers to the period April 1 to
March 31), SHI reported net loss of INR1.05 crore on total
operating income of INR5.89 crore. Further the firm has achieved
revenue of INR6.01 crore during 9MFY16.


SHYAM TEA: CARE Assigns B+ Rating to INR6.90cr LT Loan
------------------------------------------------------
CARE Ratings has been seeking information from Shyam Tea
Plantation to monitor the ratings vide e-mail communications/
letters dated July 15, 2016, February 16, 2017, February 23, 2017
and numerous phone calls. However, despite our repeated requests,
the firm has not provided the requiste information for monitoring
the ratings. In the absence of minimum information required for
the purpose of rating, CARE is unable to express opinion on the
rating.  In line with the extant SEBI guidelines CARE's rating on
Shyam Tea Plantation's bank facilities will now be denoted as
CARE B+; ISSUER NOT COOPERATING. Users of this rating (including
investors, lenders and the public at large) are hence requested
to exercise caution while using the above ratings.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank         6.90       CARE B+; ISSUER NOT
   Facilities                        COOPERATING

Detailed description of the key rating drivers

At the time of last rating on October 30, 2015, the following
were the rating strengths and weaknessess:

Key Rating Strengths

Experienced partners

STP is currently managed by Shri Kamal Jalan (Graduate, Managing
Partner) aged 41 years having about 20 years of experience in
similar line of business, Shri Devidutt Beriya (Graduate) aged 48
years having about 7 years in similar line of business, Shri
Sunil Kumar Agarwalla (Graduate) aged 41 years having about 8
years in similar line of business, Shri Binod Kumar Saraf
(Graduate) aged 46 years having about 10 years in similar line of
business and Smt. Jyotirekha Goswami (Graduate) aged 36 years
having about 5 years in similar line of business and all of them
being friends. They are being duly supported by experienced
personnel.

Satisfactory capacity utilisation

Capacity utilisation of the tea processing unit of STP has
remained at satisfactory level at 83.33%
during FY15 and the same has improved from 50.00% during FY14 on
the back of relatively higher demand in the market place.

Key Rating Weaknesses

Relatively small size of business with short track record of
operations

STP is a small player in the highly fragmented spectrum of the
tea industry with total operating income and PAT of INR14.07
crore and INR0.20 crore respectively in FY15. Further, during
April 2015 to June 2015 the management is stated to have achieved
net operating income of INR5.00 crore. The total capital employed
was also low at around INR11.68 crore as on March 31, 2015.
Hence, STP suffers on account of lack of economies of scale. STP
was established in August 2012 and accordingly has a short track
record of commercial operations.

Susceptible to vagaries of nature

Tea production, besides being cyclical, is susceptible to
vagaries of nature. STP's tea garden is located in Jorhat, Assam
which sometimes witnesses erratic weather conditions including
drought-like situation. Therefore adverse natural events have
negative bearing on the productivity of tea gardens in the region
and accordingly STP is exposed to vagaries of nature.

Labour intensive nature of business

The perennial nature of the tea industry makes it highly labour
intensive, entailing huge expenditure on employees (by way of
salaries & wages, various employee welfare facilities, etc).
Though STP has not experienced any labour problem since
inception, it remains a key factor in the smooth running of the
business.

Volatility in tea price with low recovery rate

The prices of tea are linked to the auctioned prices, which in
turn, are linked to prices of tea in the international market.
Hence, significant price movement in the international tea
market, affects STP's profitability margins. Further, tea prices
fluctuate widely with demand-supply imbalances arising out of
both domestic and international scenarios. Tea is perishable
product and demand is relatively price inelastic, as it caters to
all segments of the society. While demand has a strong growth
rate, supply can vary depending on climatic conditions in the
major tea growing countries. Unlike other commodities, tea price
cycles have no linkage with the general economic cycles, but with
agroclimatic conditions. Further, majority of the raw material
requirements of STP i.e green leaves is sourced from open market
(around 94% in FY15) and accordingly there is risk associated
with volatility in tea prices. Further, the average recovery rate
for STP is below the industry average of 22%.

High competition

While the tea industry is an organised agro-industry, it is
highly fragmented in India with presence of many small, mid-sized
and large players.

High leverage ratios

The long term debt equity ratio remained high at 3.77x as on
March 31, 2014 on the back of term loans availed for setting up
the manufacturing unit in addition to availing of unsecured loans
from promoters' and associates. The same improved as on Mar 31,
2015 albeit remaining high at 2.97x as on Mar 31, 2015 on the
back of scheduled repayment of term loans and accretion of
profits to capital. The overall gearing ratio which also remained
high at 4.55x as on Mar 31, 2014 due to higher utilization of
cash credit facility to finance its operations improved albeit
remaining high at 4.36x as on Mar 31, 2015 in line with long term
debt equity ratio.

Working capital intensive nature of operation

The business of STP is highly working capital intensive mainly on
account of high inventory period. The average inventory period
deteriorated from 34 days as on Mar 31, 2014 to 78 days as on
March 31, 2015 primarily due to stocking of raw materials due to
volatility in price of tea leaves. STP operates on cash & carry
model. In respect of few brokers it extends upto a week. The
suppliers extend credit period of around 15 days. The average
utilization of working capital limits was high at around 90% in
the last 12 months ending September, 2015.

Shyam Tea Plantation (STP) was established as a partnership firm
in August, 2012 by Shri Kamal Jalan, Shri Devidutt Beriya, Shri
Sunil Kumar Agarwalla, Shri Binod Kumar Saraf and Smt. Jyotirekha
Goswami, based out of Jorhat, Assam each having a profit sharing
ratio of 20% in the firm. STP undertook an initial project of
setting up a tea manufacturing unit at Jorhat, Assam and the
manufacturing unit commenced operation since August, 2013 with an
installed capacity of 15,00,000 kg per annum. STP undertook an
expansion activity in FY15 whereby the existing processing
capacity of 15,00,000 kg per annum has been enhanced to 20,00,000
kg per annum.

As per audited results for FY15 (refers to the period April 1 to
March 31), STP reported PAT of INR0.20 crore on total operating
income of INR14.07 crore. Further, during April 2015 to June 2015
the management is stated to have achieved net operating income of
INR5.00 crore.


SKYPOINT MULTITRADE: CARE Lowers Rating on INR10.05cr Loan to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Skypoint Multitrade Private Limited (SMPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             8.48       CARE D Revised from
                                     CARE BB+

   Short-term Bank
   Facilities            10.05       CARE D Revised from
                                     CARE A4

The revision in the ratings assigned to the bank facilities of
SMPL factors in the default in servicing its debt obligations
marked by overdues in the export packing credit facility coupled
with nonservicing of interest in the cash credit facility.

The ability of SMPL to timely service the debt obligations is the
key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Default in debt servicing: SMPL has been defaulting in its debt
servicing obligations. The CC facility is irregular with
nonservicing of interest since last 51 days as on February 21,
2017, whereas the EPC facility has remained overdue for more
than 180 days.

Incorporated in 2011 by Mr. Masiar Rahaman and Mr. Mijanur
Rahaman, Skypoint Multitrade Private Limited (erstwhile Skypoint
Mercantile Private Limited) is engaged in trading of various
agro-commodities like basmati rice, boiled rice, parboiled rice,
raw rice, chana dal, moong dal, soya beans, raw cashew-nuts,
yellow corn, etc. The varieties of rice are sold under the brands
"Jolly Rice" and "Trendy Rice" which comprise 60-65% of the net
sales in a year. SMPL forayed into the exports of rice to the
wholesalers in African and Gulf countries in FY16 (refers to the
period April 1 to March 31) with exports constituting ~40% of the
net sales in FY16. All the supplies, on the other hand, are
procured from the domestic agro-producers.

During FY16, the total operating income of the company stood at
INR141.85 crore (vis-Ö-vis INR115.09 crore in FY15), whereas the
PAT during the same year stood at INR1.70 crore (vis-Ö-vis
INR1.32 crore in FY15).

SMPL also has an associate concern named Mijan Imex International
Private Limited (MIIPL), which is also incorporated by Mr. Masiar
and Mr. Mijanur, and is engaged in the similar line of business.
The varieties of rice traded by MIIPL are sold under the brand
"Asian Taste".


SMILE CERAMIC: ICRA Reaffirms B+ Rating on INR4.68cr Loan
---------------------------------------------------------
ICRA reaffirms the long-term rating of [ICRA]B+ assigned to the
INR4.00 crore cash credit facility and INR0.68 crore term loan
facility of Smile Ceramic. ICRA also reaffirms the short term
rating of [ICRA]A4 assigned to INR0.50 crore bank guarantee
facility. Moreover, ICRA reaffirms the long term and short term
facilities of [ICRA]B+/A4 assigned to INR3.32 crore of
unallocated limits. The outlook on long term rating is 'Stable'.

                        Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based Limits       4.68      [ICRA]B+ (Stable) reaffirmed

  Non-Fund Based
  Limits                  0.50      [ICRA]A4 reaffirmed

  Unallocated Limits      3.32      [ICRA]B+ (Stable)/A4
                                    reaffirmed

Rationale

The ratings reaffirmation continues to factor in the firm's
moderate financial profile marked by small scale of operations,
modest debt-coverage indicators and high working capital
intensity. The ratings also factor in cyclical nature of the real
estate industry and exposure of the firm's profitability to
fluctuations in input and fuel prices and high competition.
The rating, however, continues to draw comfort from the
reasonable experience of the partners in the industry and the
logistical advantage enjoyed by the firm.

Key rating drivers

Credit Strengths

* Reasonable experience of promoters in the ceramic tile
   industry

* Location advantage owing to location in Morbi which is
   the tile manufacturing hub of India

Credit Weakness

* Moderate financial risk profile marked by small scale of
   operations, modest debt coverage indicators and high working
   capital intensity of operations

* Vulnerability of the company's profitability to adverse
   fluctuations in prices of raw materials and coal, which is the
   major fuel

* Vulnerability of profitability and cash flows to cyclicality
   inherent in the real estate industry, which is the main
   consuming sector for tile industry which in turn is the end
   user for the firm

* Competitive business environment due to the presence of large
   organised as well as unorganised body clay players in the
   region, resulting in limited pricing flexibility

* Risks associated with partnership form of business in terms
   of continuity, capital infusion and withdrawals

Description of key rating drivers highlighted:

The ratings reaffirmation continues to factor in the firm's
moderate financial profile marked by small scale of operations,
modest debt-coverage indicators reflected from NCA/TD of 13% in
FY2016 and high working capital intensity characterised by
prolonged receivable of 220 days in FY2016. The ratings also
factor in cyclical nature of the real estate industry which is
the main consuming sector for tile industry, which in turn is the
end user for the firm and exposure of the firm's profitability to
fluctuations in input and fuel prices. The ratings also take into
account its exposure to stiff competition in a fragmented
industry caused by the presence of numerous small and unorganised
players, resulting in limited pricing flexibility. Furthermore,
being a partnership firm, any significant withdrawals from the
capital accounts could adversely impact its net worth and thereby
the credit profile.

The rating, however, continues to draw comfort from the
reasonable experience of the partners in the industry and the
logistical advantage enjoyed by the firm by virtue of its
location in Morbi (Gujarat) which is the tile manufacturing hub
of India, giving it easy access to wide customer base.

Going forward, ICRA expects the firm to witness moderate growth
in its top-line in FY2017 on account of increase in sales
volumes. SC's profitability would continue to remain moderate and
would remain vulnerable to raw material price fluctuations. The
firm's ability to scale up its operations with the improvement in
capacity utilisation would be critical. Furthermore, the firm's
ability to improve its profitability, manage its working capital
requirements efficiently and improve its capital structure and
coverage indicators would also remain important from a credit
perspective.

Established in December 2013 as a partnership firm, Smile Ceramic
is in the business of ginning and pressing of raw cotton and
cotton seed crushing. The firm commenced its commercial
operations in November 2014. Its manufacturing facility is
located at Rajkot in Gujarat and is equipped with 24 ginning
machines, 1 pressing machine and 3 crushing machines with
processing capacity of about 12,096 Metric Tonnes Per Annum
(MTPA) of cotton bales and about 47 MTPD of cotton seeds. The
promoters of the firm have extensive experience in the cotton
industry. The firm is managed by Mr. Mahesh Ghodasara along with
his relatives and friends who have experience in cotton ginning
business by way of their association with similar entities in the
industry.

During FY2016, SC reported an operating income of INR19.07 crore
and profit after tax of INR0.01 crore as against the operating
income of INR17.11 crore and loss after tax of INR0.11 crore in
FY2015.


SNS STARCH: CARE Lowers Rating on INR60.93cr LT Loan to D
---------------------------------------------------------
CARE Ratings has been seeking information from SNS Starch Limited
to monitor the ratings (vide e-mail communications dated
Sept. 29, 2016, Oct. 26, 2016, Nov. 30, 2016, Dec. 30, 2016,
Jan. 18, 2017 and Feb. 7, 2017 and numerous phone calls. However,
despite our repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on SNS Starch Limited bank facilities and will now be
denoted as CARE D/CARE D; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         60.93      CARE D; ISSUER NOT
   Facilities                        COOPERATING; Revised from
                                     CARE B+ Based on best
                                     available information

   Short-term Bank         9.50      CARE D; ISSUER NOT
   Facilities                        COOPERATING; Revised from
                                     CARE A4

The rating revision takes into account delays in debt servicing
on account of stretched liquidity position of the company.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing: There are delays in servicing of debt
obligations by SNS Starch Limited on account of stretched
liquidity position of the company.

Incorporated in December 2008, SNS Starch Limited is promoted by
Mr. Sanjay Jalan (Managing Director). The company has set up a
grain-based starch plant with capacity of 300 tons/day and a 4 MW
biomass-based Captive Power Plant (CPP) at Konderu Village,
Mahaboobnagar District, Telangana. The starch plant achieved
Commencement of Operation Date (COD) in June 2012, while the CPP
achieved its COD in July 2012.

The promoter has also promoted SNJ Synthetics Limited
incorporated in April 1998 and engaged in the manufacturing of
Poly Ethylene Terephthalate (PET) performs, Poly Propylene (PP)
and High Density Poly Ethylene (HDPE).

During FY15, SNS Starch Limited earned a PAT of INR13.79 crore
(loss of INR8.29 crore in FY14) on a total income of INR124.21
crore (INR69.95 crore in FY14)


SUNGRACE SYNTEX: CARE Assigns B+ Rating to INR8.45cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Sungrace Syntex Private Limited (SSPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             8.45       CARE B+; Stable Assigned

The ratings assigned to the bank facilities of SSPL are primarily
constrained on account of its modest scale of operations
with moderate profitability, weak solvency position and moderate
liquidity position. The ratings are also constrained due
to presence in a highly competitive and fragmented textile
industry and vulnerability of margins to fluctuation in the raw
material prices.

The ratings, however, derive strength from the experienced
promoters with established track record of operations in the
textile industry and location advantage by virtue of being
situated in the textile cluster of Bhilwara.

The ability of the company to increase its scale of operations
while improving profitability along with improvement in the
solvency position and efficient management of working capital
would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Modest scale of operations in a highly competitive and fragmented
textile industry

TOI of SSPL has witnessed continuous growth in the past three
financial years ended FY16 owing to higher demand from market.
Despite continuous growth in TOI, the scale of operations of the
company stood modest in a highly fragmented and competitive
textile industry. Smaller companies are more vulnerable to
intense competition and have limited pricing flexibility, which
constrains their profitability as compared to larger companies
who have better efficiencies and pricing power considering their
scale of operations.

Fluctuating profitability margins owing to vulnerability of
margins to fluctuation in raw material prices

The profitability of the company has witnessed fluctuating trend
in last three financial years ended FY16 owing to vulnerability
of margins to fluctuation in raw material prices. The main raw
material of the company is synthetic and polyester yarn which it
procures from the depots located in the local market of yarn
manufacturers. The prices of yarn are in fluctuating trend and
hence, the profitability of the company is vulnerable to any
adverse movement in the raw material prices.

Weak solvency position and moderate liquidity position

The capital structure of SSPL stood leveraged March 31, 2016,
mainly on account of disbursement of new term loan which
offset to an extent with infusion of capital. Furthermore, debt
service coverage indicators of the company stood moderate.
Interest coverage ratio stood moderate. The liquidity position of
the company stood moderate.

Key Rating Strengths

Experienced and qualified promoter with long track record of
company in the textile industry Being present in the industry
since a long period of time, the management of the company has
established marketing network of its products and it has good
customer base in Gujarat and Rajasthan.

Location advantage by virtue of being situated in the textile
cluster of Bhilwara

The main raw material of the company is synthetic and polyester
yarn. The company is located at Bhilwara, which is one of the
largest textile clusters in India. SSPL's presence in the textile
manufacturing region results in benefit derived from cheap and
easy availability of raw material, processing of grey fabrics at
cheaper cost and low transportation and storage cost.

SSPL was incorporated in 2003 in Bhilwara (Rajasthan) by Mr. Amit
Surana along with his family members. SSPL is engaged in the
business of manufacturing of synthetic grey fabrics. Furthermore,
the company does weaving activity on job work basis for others.
Furthermore, the company is also engaged in the business of
trading of grey and finished synthetics fabrics. The plant of
SSPL is located at Bhilwara, Rajasthan which is a textile cluster
and has 17 Airjet looms as on March 31, 2016.

As per audited results of FY16, SSPL has reported a total
operating income of INR23.21 crore with a net profit of INR 0.07
crore.


THOMAS & COMPANY: CARE Assigns B+ Rating on INR6.50cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Thomas
& Company Private Limited (TCPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities          6.50          CARE B+; Stable Assigned

The rating assigned to the bank facilities of TCPL is constrained
by its small scale of operations coupled with low net worth base,
low profitability margins, leveraged capital structure and weak
debt service coverage indicators. The rating is further
constrained by working capital intensive nature of operations,
concentrated order book and presence in highly competitive nature
of the industry.

The rating, however, takes comfort from the experienced promoters
and TCPL's revenue visibility owing to moderate
unexecuted order book.

Going forward, the ability of TCPL to increase its scale of
operations with improvement in profitability margins and capital
structure coupled with effective working capital management shall
be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small Scale of operations coupled with low net worth base
The company has small scale of operations marked by total income
of INR15.68 crore (Rs.7.27 crore in FY15) for FY16 (refers to the
period April 1 to March 31) and low net worth base of the firm is
marked by capital of INR1.31 crore as on March 31, 2016. Small
net worth base of the firm limits flexibility to execute large
contracts, which may further results improvement in the
profitability margin.

Weak financial risk profile

TCPL has weak financial risk profile characterized by
fluctuations in operating income, profitability margins, leverage
capital structure and weak debt coverage indicators.

The company's total operating income has been fluctuating over
the past three years (FY14-16). TOI has registered a decline on
y-o-y basis in FY15 and registers a growth in FY16 owing to
execution of relatively big orders. Furthermore, the
profitability margins of the company also fluctuated during the
same period. The company undertakes different types of contacts
and profitability margins are directly associated with type of
contract executed by the company in the particular financial
year. During FY16, the PBIDLT margin were significant low due to
low value margins projects executed by company.

The capital structure of the company stood leveraged on account
of high dependence on bank borrowings to meet the working capital
requirements and low capital base. The coverage indicators also
stood weak owing to high debt levels and low profitability
margins.

Working capital intensive nature of operations

The operating cycle of the company improved significantly in FY16
on account of decline in inventory holding period. However, the
operations still remained working capital intensive as reflected
form average utilization of 90 % of fund-based limits for the
last 12 month ending December 2016. The company has high
inventory holding as it has to execute orders at different sites
and billing for the same is done the same is approved by the
respective client. The company is a small player and receives
payments from its customers after the completion of work.

Competition from the organized and small/midsized unorganized
players

The Indian construction industry is characterized as fragmented
and competitive in nature as there are a large number of
players at the regional level. Hence, going forward, due to the
increasing level of competition, the profits margins are likely
to be range bound.

Experienced promoters

TCPL promoted by Mr. Thomas Mathew, Mrs Baby Mathew and Dr Wills
Thomas with collective experience of more than 50 years in the
civil construction industry. The company has developed an
expertise in the civil construction work; this has helped the
company in procuring repeat orders from its customers.

Moderate order book although concentrated with few large orders
As on December 31, 2016, the company had an unexecuted order book
was INR49.74 crore which translates into 3.17x of the total
operating income of FY16. Majority of the current order book is
to be executed during the next 1 to 2 years, thereby providing
revenue visibility over the next two years. However, the order
book at present is concentration towards three contracts
constituting around 71% of the total order book as on
December 31, 2016.

Delhi-based Thomas & Company Private Limited was incorporated in
1997 by Mr. Thomas Mathew, Mrs Baby Thomas and family. (TCPL) is
engaged in the civil construction and structural engineering
projects for private players such as construction of
institutional and residential buildings, corporate offices,
schools, religious buildings and hotels. Thapar Builder Pvt Ltd,
Devior Infra Pvt Ltd and Kay International Ltd are name of few
major customers.


UJALA MINERALS: CARE Assigns B+ Rating to INR15cr LT Loan
---------------------------------------------------------
CARE has been seeking information from Ujala Minerals to monitor
the rating vide e-mail communications/ letters dated July 19,
2016, February 16, 2017 and February 18, 2017 and numerous phone
calls. However, despite our repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on Ujala Minerals'
bank facilities will now be denoted as CARE B+; ISSUER NOT
COOPERATING. Users of this rating (including investors, lenders
and the public at large) are hence requested to exercise
caution while using the above rating.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        15.00       CARE B+; ISSUER NOT
   Facilities                        COOPERATING

Detailed description of the key rating drivers

At the time of last rating on December 14, 2015, the following
were the rating strengths and weaknesses:

Key Rating Strengths

Experienced partners with long track record of operation: UJM has
been in operation since March 2004. The firm is managed by Mr.
Ramesh Chandra Moharana having more than two decades of
experience in mineral trading business along with the other
partner Mr. Anil Jaiswal. All the partners are actively involved
in the business of the firm.

Reputed client profile along with Locational advantage: The firm
supplies its products to the large and medium iron and steel
companies like Jindal Saw Ltd, Gujarat, Jindal Steel & Power Ltd,
Odisha, Samleswari Ferro Metals Pvt Ltd., Odisha etc. The
association with large companies assures repeated and regular
orders for the firm. UJM is located at Bhubaneswar in Odisha
which is the largest producer of iron ore in India resulting in
lower logistic expenditure (both on transportation and storage),
easy availability and procurement of raw materials at effective
prices.

Moderately comfortable capital structure with satisfactory debt
protection metrics: The capital structure of the firm remained
moderately comfortable with the debt-equity ratio being nil and
overall gearing of 1.10x as on March 31, 2015 (improved from
1.92x as on March 31, 2014). The same has improved as on
March 31, 2015 on the back of accretion of profit to reserve. The
debt protection metrics of the firm remained satisfactory with
adequate interest coverage ratio of 2.43x and moderate total debt
to GCA at 5.33 years in FY15.

Key Rating Weaknesses

Partnership nature of constitution: UJM, being a partnership
firm, is exposed to inherent risk of partner's capital being
withdrawn at time of personal contingency. Furthermore, limited
ability to raise capital and poor succession planning may result
in dissolution of the firm.

Small scale of operation with moderately low profitability: UJM
is a relatively small player in the mineral trading business with
total operating income and PAT of INR34.32 crore and INR1.23
crore respectively in FY15. The small size restricts the
financial flexibility of the firm in times of stress. Further,
the total capital employed was also low at INR13.11 crore as on
Mar.31, 2015. This apart, the profitability of the company has
been moderately low over the years due to trading nature of
business. Though, the same has increased during FY15 over FY14
and hovering around 7.00% on the back of lower procurement cost
coupled with lower operating cost during the year. PAT margin
moved in line with PBILDT margin and was at 3.57% during FY15.

Presence in highly competitive and fragmented industry: Iron ore
trading industry is highly fragmented and competitive due to
presence of many players operating in this sector owing to its
low entry barriers, due to low capital and technological
requirements. Odisha and nearby states are a major iron ore
production areas with many mines operating in the area. High
competition restricts the pricing flexibility of the industry
participants and has a negative bearing on the profitability.

Working capital intensive nature of operation: Being a trading
concern, the operation of the company is working capital
intensive. During last three financial years (i.e FY13 to FY15)
the operating cycle has elongated and the same was in a range of
56 to 129 days primarily on account of UJM has to grant
acceptable credit terms to their reputed customer to retain the
sales in the competitive market. The average utilization of
working capital limit was around 80% for the twelve month period
ending October, 2015.

Bhubaneswar based M/s Ujala Minerals (UJM) was established in
2004 as a partnership firm by one Mr. Ramesh Chandra Moharana
along with the then other partner Mr. Rajesh Jaiswal. In 2013,
the firm was reconstituted and presently it is governed by the
partnership deed dated March 01, 2013 with present two partners
(i.e. Mr. Ramesh Chandra Moharana and Mr. Anil Jaiswal). The firm
is in the business trading of minerals like iron ore fines to the
various large and medium iron and steel companies of India. The
day-to-day affairs of the firm are looked after by Mr. Ramesh
Chandra Moharana, the Managing partner, with adequate support
from other partner Mr. Anil Jaiswal.

As per audited results for FY15 (refers to the period April 1 to
March 31), UJM reported PAT of INR1.23 crore on total operating
income of INR34.32 crore. Further the firm has achieved revenue
of INR17.54 crore during 6MFY16.


VIJAY STONE: ICRA Reaffirms 'B' Rating on INR4.90cr Loan
--------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B to the
INR0.10 crore term loan and INR4.90 crore unallocated limits of
Vijay Stone Quarries Pvt Ltd. ICRA has also reaffirmed the short
term rating at [ICRA]A4 to the INR5.00 crore fund based limits of
VSQPL. The outlook on the long-term rating is 'Stable'.

                     Amount
  Facilities       (INR crore)     Ratings
  ----------       -----------     -------
  Term Loan             0.10       Reaffirmed at [ICRA]B (Stable)
  Fund Based Limits     5.00       Reaffirmed at [ICRA]A4
  Unallocated Amount    4.90       Reaffirmed at [ICRA]B (Stable)

Rationale

The assigned ratings factor in VSQPL's small scale of operation
in the stone quarrying business; weak financial profile
characterized by relatively low profitability, depressed coverage
indicators and high working capital intensity of operation on
account of high credit period extended to customers and ~175 days
inventory maintained. The ratings are also constrained on account
of high competition and company's operations being vulnerable to
slowdown in the real estate and construction industry. Further,
absence of any hedging policy adopted by the company for its
receivables exposes it to foreign exchange fluctuation risk. The
rating, however, derives comfort from the experience of promoters
in the stone quarrying business and easy availability of stones
on account of favourable location of its leased quarries in
Andhra Pradesh.

The ability of the firm to increase its scale of operations,
improve its profitability and effectively manage its working
capital requirements would remain the key rating sensitivities
going forward.

Key rating drivers

Credit Strengths

* Long experience of the promoters in the quarrying business

* Easy availability of stones on account of favorable location

Credit Weaknesses

* Small scale of operations

* Weak financial profile characterized by relatively low
   profitability and weak coverage indicators

* High working capital intensity of operation on account of
   credit extended to customer and inventory maintained

* Competitive pressure remains high due to the presence of a
   large number of stone quarries in the vicinity

* Operations vulnerable to slowdown in the real estate and
   construction industry

Description of key rating drivers highlighted:

Vijay Stone Quarries Private Limited was incorporated in 1991 by
Mr. M Ramesh and his brothers. Before the incorporation of VSQPL,
the promoters were involved in the trading of lime stone, slate
and sand stone through another entity named Vijay Slate and Stone
Exporters. The firm used to sell stones both in domestic and
international market. Later, the partnership firm was dissolved
and two of the partners incorporated VSQPL. The directors have an
experience of more than 25 years in quarrying and export of lime
stone and slate stone.

The operations of the company remains vulnerable to intense
competition emanating from the presence of a several other stone
crushing units in the vicinity thereby pressurizing margins of
the company.

The financial profile is characterised by low profitability and
high working capital intensity owing to by high receivables and
inventory holdings. The coverage indicators have been modest with
Interest coverage at 2.99x, Total Debt/OPBITDA of 7.41 and
NCA/Total Debt of about 10% as on March 31, 2016. The gearing has
remained high at 1.26 times as on March 31, 2016 on account of
increase in working capital borrowings.

Vijay Stone Quarries Private Limited was incorporated in 1991 by
Mr. M Ramesh and his brothers. The directors have an experience
of more than 25 years in quarrying and export of lime stone and
slate stone. The company is currently involved in the quarrying
of lime stone, sand stone and slate. The entire sale is made in
international market to countries like USA, UK, France, Belgium,
Japan, China, Italy and others.

Recent Results:
The company reported an operating income of INR8.39 crore and
profit after tax of INR0.08 crore in FY2016 as against the
operating income of INR8.36 crore and profit after tax of INR0.09
crore in FY2015.



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


INDOSAT TBK: Solid FY2016 Results Support Moody's Ba1 CFR
---------------------------------------------------------
Moody's Investors Service says that Indosat Tbk. (P.T.)'s strong
financial performance in 2016 was in line with expectations and
continues to support its Ba1 corporate family rating and positive
outlook.

Revenue for 2016 grew 9% year on year (YoY) to IDR29.2 trillion,
primarily driven by solid growth (47% YoY) in data revenues,
leading to 10% growth in cellular revenues. The cellular business
remains the key contributor to the company's revenue base,
contributing 83% of total revenue in 2016.

"We expect revenue to grow at 7%-8% in 2017, supported by a
continued increase in the contribution from data revenue with the
increase in subscribers utilizing its 3G and 4G services," says
Annalisa Di Chiara, a Moody's Vice President and Senior Credit
Officer.

The company's subscriber base grew by 22.8% YoY to 85.7 million
in 2016. This increase was driven by marketing campaigns, which
included generous mobile data allowances, and also targeted
prospective subscribers outside the main Indonesian island of
Java.

While these initiatives resulted in a slight contraction in
ARPUs, adjusted EBITDA margin actually increased to around 51% in
2016 from 49% in 2015 due to tighter cost controls around
selling, general and administrative expenses in 2016.

"The company's positive outlook reflects the company's continued
strengthening of its operational metrics and ongoing stability in
its financial profile including lower leverage levels," adds
DiChiara, also the lead analyst for Indosat Ooredoo.

Leverage -- as measured by adjusted debt to EBITDA -- declined to
around 2.1x in 2016 from 2.6x in 2015 -- reflecting both lower
debt levels and higher EBITDA.

In addition, the company's US dollar debt exposure declined to
12% from around 20% in 2015. Moody's expect a further reduction
to a mid-single digit percentage over the next 12-18 months as
the company continues to refinance its US dollar revolvers with
rupiah bonds.

Given the continued investments needed to enhance its 3G and 4G
LTE networks, Moody's also expects Indosat Ooredoo's cash capex
in 2017 to remain in line with its capex for 2016 of IDR7.3
trillion, which was towards the higher-end of management's capex
guidance of about IDR6.5-7.5 trillion for the year.

Moody's estimates the company's cash sources comprising of cash
balance of IDR1.9 trillion and projected operating cash flow of
around IDR9.5-10.0 trillion over the next 12 months, will not be
sufficient to cover IDR7.0-7.5 trillion in capex, IDR550 billion
in dividends, and IDR8.0 trillion of scheduled debt maturities
over the same period.

However, Moody's considers refinancing risk over the next 12
months to be limited, given the company's strong access to local
bank and bond markets, as exhibited by its issuance of around
IDR10 trillion local currency bonds in the last two years.

The positive outlook reflects Moody's expectations that Indosat
Ooredoo will continue to grow and de-lever and that the
competitive and regulatory environments remain benign.

The rating could be upgraded over the next 6 months if the
company maintains strength in its operating profile and
competitive position such that such that adjusted gross
debt/EBITDA remains below 2.5x and retained cash flow / adjusted
debt remains above 30%-35%.

The outlook could return to stable if there is a material
deterioration in its underlying credit strength, arising from
diminishing operating margins, weaker operating cash flows, or
rising foreign-exchange risk; all of which may be reflected in
(1) adjusted debt/EBITDA rising above 2.5x, or (2) retained cash
flow / adjusted debt falling below 30% on a sustained basis. In
addition, the one-notch uplift -- based on expected support from
parent company, Ooredoo Q.S.C. (A2 stable) -- could be removed if
its stake falls below 50%, or if it indicates that Indosat
Ooredoo is no longer a core asset.

The principal methodology used in this rating was
Telecommunications Service Providers published in January 2017.

Indosat Tbk. (P.T.) is a fully integrated telecommunications
network and services provider in Indonesia. The company is the
second-largest cellular operator in the country in terms of
revenue and active subscribers, as well as the leading provider
of international call services. It also provides multi-media,
data communications, and internet services. The company is 65%
owned by Ooredoo Q.S.C.



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


TOSHIBA CORP: Fiscal Stability is Vital, U.S. Says
--------------------------------------------------
Kyodo News reports that U.S. Cabinet members told Japanese
industry minister Hiroshige Seko on March 16 that the United
States regards the fiscal stability of Toshiba Corp., the ailing
parent company of Westinghouse Electric Co., as extremely
important.

Speaking to reporters after separate talks with Energy Secretary
Rick Perry and Commerce Secretary Wilbur Ross in Washington, Seko
said he agreed with them to share information about developments
involving Toshiba and its troubled U.S. nuclear affiliate,
according to Kyodo.

Kyodo relates that Seko met the secretaries two days after
Toshiba said a filing for Chapter 11 bankruptcy protection by
Westinghouse is an option. Toshiba also said it will sell a
majority of shares in the U.S. unit in fiscal 2017, which starts
in April.

Neither Perry nor Ross mentioned a possible Chapter 11 filing by
Westinghouse, he said, the report relays.

Seko, the minister of economy, trade and industry, had a separate
meeting on March 16 with Gary Cohn, director of the White House
National Economic Council, Kyodo notes.

Kyodo says Seko was on a one-day visit to Washington to lay the
groundwork for a high-level economic dialogue the two governments
are planning to start in April.

The dialogue will be led by Japanese Deputy Prime Minister Taro
Aso and U.S. Vice President Mike Pence, adds Kyodo.

                     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: Japan May Inject Public Money to Memory Chip Unit
---------------------------------------------------------------
Kyodo News, citing sources close to the matter as saying on March
17, reports that a consortium including the state-backed
Innovation Network Corp. of Japan and state-owned Development
Bank of Japan is mulling investing in Toshiba Corp.'s memory chip
business.

According to Kyodo, Toshiba Memory Corp., which will be
established through the spinoff of its profitable chip business,
could be backed by public funds in order to protect the country's
key technology and keep the company's memory chip unit out of
foreign hands.

Toshiba is the world's second-biggest producer of NAND flash
memory chips, after South Korea's Samsung Electronics Co, the
report notes. The chips are used in devices such as smartphones.

Kyodo says the INCJ and DBJ will participate in a bid for
Toshiba's chip business, aiming to buy more than one-third of the
operation's shares to secure veto power.

Potential Japanese bidders include Toshiba's business partners
while a U.S.-Japan consortium may also take part, the report
notes.

"The remaining roughly two-thirds of investment should be done by
U.S. investment funds," one source close to the matter said,
Kyodo relays.

Kyodo adds that the cash-strapped company has said it could sell
a majority or even the entire stake of the operation to raise
funds to bolster its financial position.

Foreign entities in the United States, Taiwan, South Korea and
China are also reportedly interested in the prized chip business.

Toshiba will start selecting a buyer with bids due on March 29,
Kyodo discloses.

                          *     *     *

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.



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


MANCHESTER UNITY: Fitch Assigns BB- IFS Rating, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has assigned New Zealand-based Manchester Unity
Friendly Society a first-time Insurer Financial Strength (IFS)
Rating of 'BB-' with a Stable Outlook.

Manchester Unity's limited franchise, mutual status and declining
membership constrain the life insurer's rating, due to the
limitations these factors place on its financial flexibility.
Offsetting the constraining factors is the support of its loyal
membership base, low-risk insurance exposures and conservative
investment portfolio.

KEY RATING DRIVERS

Manchester Unity is a small player in New Zealand's life
insurance sector, with a market share based on premiums of less
than 1%. The society underwrites simple medical and funeral plans
that provide low-cost cover to members. Individuals must become
members to hold a policy. Fitch expects premium volume to fall
due to the insurer's declining membership, which currently stands
at around 14,000.

The insurer has a conservative investment strategy, with 80% of
its investments in cash, including term deposits, and highly
rated fixed-income investments (no sub-investment-grade
securities). Fixed-income securities comprised 67% of total
investments as at financial year end-May 2016 (FYE16) and
comprised of bank, corporate, local authority and state-owned
entity senior debt.

Manchester Unity de-risked it investment portfolio in FY16
through the sale of its equity investments and by exiting some
lower-rated fixed-income securities to support its capital
position. The society also sold its largest commercial building
by value, which lowered the value of its commercial property
portfolio by 38% to NZD7.6 million. Manchester Unity has taken
greater risk in its fixed-income portfolio in the past year to
support yields, although this appears modest and is from a low
base.

The average duration of policyholder liabilities is around 11
years, compared with around three years for cash and fixed-income
investments. Asset/liability mismatches are mitigated by the
insurer's strong liquidity position and policyholder liabilities
that, due to their design, discourage early redemption and are
mainly payable on death. The society's liquid assets/policyholder
liabilities ratio was also a strong 146% at FYE16 and the
duration mismatch will decline over time with the run-off of
closed insurance funds.

Manchester Unity's capital adequacy is "extremely strong", based
on Fitch's technical assessment of its risk profile. Coverage of
the regulatory capital requirement was a solid 161% at FYE16,
which Fitch considers appropriate given the insurer's small
absolute capital base and limited access to new capital. Fitch
expects its capital ratios to remain stable in FY17, despite
declining insurance exposures and the sensitivity of the
regulatory ratio to discount rate changes.

RATING SENSITIVITIES

Manchester Unity's rating will be downgraded if coverage of its
regulatory capital requirement falls below management's target of
150% for an extended period and the society cannot rectify the
ratio to back above this trigger point.



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


RURAL BANK OF GOA: Placed Under PDIC Receivership
-------------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
prohibited Rural Bank of Goa (Camarines Sur), Inc. from doing
business in the Philippines. Under Resolution No. 428.A dated
March 16, 2017, the MB directed the Philippine Deposit Insurance
Corporation (PDIC) as Receiver to proceed with the takeover and
liquidation of the bank. PDIC took over the bank on March 17,
2017.

Rural Bank of Goa is a two-unit rural bank with Head Office
located in San Jose (Poblacion), Goa, Camarines Sur. Its lone
branch is located in San Vicente, Pili (Capital), Camarines Sur.
Based on the Bank Information Sheet filed by the bank with the
PDIC as of December 31, 2016, Rural Bank of Goa is owned by
Erlinda V. Castillo (39.74%), Christine Mae V. Tan (17.01%),
Glenda S. Villamora (16.53%), Oscar B. Villamora (10.89%), Ma.
Emma Portia V. Garcia (7.88%), and Claudia S. Villamora (7.80%).
The Bank's Chairman and President is Erlinda V. Castillo.

Latest available records show that as of December 31, 2016, Rural
Bank of Goa had 2,230 deposit accounts with total deposit
liabilities of PHP115.3 million. Total insured deposits amounted
to PHP114.0 million equivalent to 98.9% of total deposits.

PDIC assured depositors that all valid deposits and claims shall
be paid up to the maximum deposit insurance coverage of
PHP500,000.00. Depositors with valid deposit accounts with
balances of PHP100,000.00 and below shall be eligible for early
payment and need not file deposit insurance claims, except
accounts maintained by business entities, or when they have
outstanding obligations with Rural Bank of Goa or acted as co-
makers of these obligations. Depositors have to ensure that they
have complete and updated addresses with the bank. They may
update their addresses until March 23, 2017 using the Mailing
Address Update Forms to be distributed by PDIC representatives at
the bank premises.

For depositors who are required to file claims for deposit
insurance, the schedule of claims settlement operations will be
announced as soon as possible through posters in the bank
premises and in other public places, the PDIC website,
www.pdic.gov.ph, and PDIC's official Facebook account. PDIC also
reminded borrowers to continue paying their loan obligations with
the closed Rural Bank of Goa and to transact only with designated
PDIC representatives at the bank premises. For more information
on the requirements and procedures for filing claims and
settlement of loan obligations, all depositors and borrowers of
the bank are enjoined to attend the Depositors-Borrowers' Forum
which will be held in venues near the two banking offices of the
bank on March 28-29, 2017. Details will be posted in the bank
premises and in other public places.

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



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


EZRA HOLDINGS: Files for Chapter 11 Bankruptcy in the US
--------------------------------------------------------
Chia Yan Min at The Strait Times reports that Ezra Holdings
Limited has filed for bankruptcy in the United States, amid a
prolonged slump in the oil and gas sector.

The company filed voluntary petitions for reorganisation under
Chapter 11 of the US Bankruptcy Code, it said in a stock exchange
filing on March 19), the report relates.

The move is intended to "optimise the scope and extent of the
restructuring options available and to protect the interests of
all stakeholders of the company . . . from hostile actions that
could harm the company and its stakeholders by diminishing the
group's value", the statement said, The Strait Times relays.

According to the report, Ezra said in a separate statement that
it will hold an informal meeting with bondholders "as soon as
reasonably practicable" to update them about the Chapter 11
filing.

The company said it has also reached out to and intends to work
with, the Securities Investors Association (Singapore), the
report adds.

The Strait Times notes that Ezra has been trying to restructure
and warned earlier this year that it faced a "going concern
issue" if a favorable outcome is not reached.

The company earlier said it had unsecured loans of US$272 million
owed to DBS Bank, US$184 million owed to OCBC and US$108 million
to a Singapore affiliate of HSBC Plc, the report adds.

Ezra Holdings Limited -- http://ezra.listedcompany.com/,provides
integrated offshore solutions for the oil and gas industry. The
company operates in three divisions: Subsea Services, Offshore
Support and Production Services, and Marine Services.



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


DAEWOO SHIPBUILDING: Creditors Set to Unveil New Rescue Plan
------------------------------------------------------------
Yonhap News reports that creditors of Daewoo Shipbuilding &
Marine Engineering Co. are set to announce a set of new rescue
schemes this week for the cash-strapped shipbuilder, with many
expecting the shipbuilder to be put under a debt workout in the
worst case scenario, industry sources said March 18.

According to the report, sources said the creditors, led by the
state-run Korea Development Bank, will map out up to
KRW3 trillion (US$2.6 billion) worth of assistance measures for
the shipbuilder to help the company overcome a deepening
liquidity shortage amid a plunge in new orders.

Yonhap relates that the expected rescue schemes, the second of
their kind, came amid criticism that another round of large-scale
financial assistance for Daewoo would end in failure. Some
watchers even said the "too-big-to-fail" mantra can be heard
again in Asia's fourth-largest economy.

In late 2015, the creditors announced a rescue package worth
KRW4.2 trillion, a huge chunk of which has already been spent to
salvage the shipyard through debt-for-equity swaps and other
arrangements, Yonhap discloses.

Their financial assistance was based on a rosy outlook that the
shipbuilder would clinch up to $12 billion worth of orders last
year, and the delivery of newly built ships would go smoothly.

But Daewoo Shipbuilding bagged a meager $1.55 billion worth of
new orders, and the delivery of two drilling rigs worth KRW1
trillion, originally scheduled for early last year, has been
delayed to this year due to a customer's worsening financial
status, the report says.

Consequently, the shipbuilder failed to secure some KRW3 trillion
in cash last year, the report says.

According to Yonhap, Daewoo Shipbuilding's financial status is
worsening at a faster-than-expected pace. The shipbuilder
suffered an operating loss of KRW1.61 trillion last year
following an operating loss of KRW2.94 trillion in 2015, Yonhap
discloses.

Its net loss narrowed to KRW2.71 trillion last year from a loss
of KRW3.3 trillion a year earlier with sales also dipping
15.1 percent on-year to reach KRW12.74 trillion, according to
Yonhap.

Yonhap notes that the pending and sticky problem facing Daewoo
Shipbuilding is to pay off KRW440 billion worth of debt due next
month. It has to refinance or pay off a total of KRW940 billion
worth of debt this year and KRW550 billion next year.

But the shipyard is expected to face a cash shortage of up to
KRW3 trillion through 2021, the sources estimated.

In this regard, the creditors have been skewed toward drawing up
additional assistance for the shipyard in exchange for more bold
self-rescue efforts and huge debt rescheduling among creditors
and bondholders.

The creditors are expected to extend fresh financial assistance
to Daewoo Shipbuilding after massive debt rescheduling, the
sources said, Yonhap relays.

The shipyard has some KRW22 trillion in debt, and its employees
amount to some 10,000, with its subcontracted firms having some
30,000 employees, the report notes.

Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures.  Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.

The shipyard, along with two other major South Korean
shipbuilders, are currently undergoing self-created debt-
restructuring plans in the face of a decrease in new orders
caused by the protracted global economic slump, according to
Yonhap News.


                             *********

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 ***