TCRAP_Public/170322.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

           Wednesday, March 22, 2017, Vol. 20, No. 58

                            Headlines


A U S T R A L I A

CUSTOM PROPERTY: First Creditors' Meeting Set for March 28
NEPTAR JAM: First Creditors' Meeting Set for March 29
O'KEEFFE HENEGHAN: First Creditors' Meeting Set for March 28
PEPPER RESIDENTIAL 18: Moody's Gives (P)B2 Rating to Cl. F Notes


C H I N A

CAR INC: Moody's Lowers CFR to Ba2; Outlook Negative
GUORUI PROPERTIES: Fitch Gives Final B Rating to 7% Sr. Notes
SOHO CHINA: S&P Affirms Then Withdraws 'BB' Corp. Credit Rating


I N D I A

A K LUMBERS: CRISIL Reaffirms 'B' Rating on INR4.5MM Cash Loan
ACE KUDALE: CRISIL Hikes Rating on INR26.75MM Loan to B+
ARENA LIFESTYLE: Ind-Ra Lowers Long-Term Issuer Rating to 'BB-'
B.P. FLOUR: CRISIL Hikes Rating on INR3.8MM Cash Loan to B+
BALLARPUR INDUSTRIES: Fitch Cuts LT Issuer Default Ratings to C

BARBIL MINING: CRISIL Reaffirms 'B' Rating on INR9MM Cash Loan
BHAVIN IMPEX: CRISIL Reaffirms B+ Rating on INR9.5MM Cash Loan
DCDC HEALTH: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
DHAIRYA INTERNATIONAL: CRISIL Cuts Rating on INR11MM Loan to B+
DIPAK BHIVARE: CRISIL Lowers Rating on INR10.5MM Cash Loan to D

GALAXY EXPORTS: CRISIL Cuts Rating on INR6.50MM Cash Loan to B+
GAYATRI SPINNERS: CRISIL Assigns 'B' Rating to INR1.23MM LT Loan
GREENEEM AGRI: CRISIL Reaffirms B+ Rating on INR12MM Loan
HCO INFRASTRUCTURE: CRISIL Assigns 'D' Rating to INR3.80MM Loan
JASBIR SINGH: CRISIL Assigns 'B' Rating to INR12MM Term Loan

JINDAL STEEL: 18 Foreign Lenders Agree to Restructure $550MM Loan
KAJARIA IRON: CRISIL Reaffirms 'B' Rating on INR2MM Cash Loan
MM ENGINEERS: CRISIL Reaffirms B+ Rating on INR3MM Cash Loan
MAHESH COTSPIN: CRISIL Reaffirms B+ Rating on INR9.28MM Cash Loan
MAXWELL AUTO: CRISIL Assigns 'D' Rating to INR8MM Term Loan

MINTECH GLOBAL: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
MISHRA POLYPACKS: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
MOTHERLAND GARMENTS: CRISIL Reaffirms B+ Rating on INR5.94MM Loan
NARAYAN AGRO: CRISIL Assigns 'C' Rating to INR7MM Cash Loan
NATRAJ ELECTRO: Ind-Ra Assigns 'B+' Long-Term Issuer Rating

OMEGA DESIGNS: CRISIL Lowers Rating on INR4.50MM Loan to B+
OSWAL TRADERS: Ind-Ra Raises Long-Term Issuer Rating to 'BB+'
PARA ENTERPRISES: CRISIL Lowers Rating on INR28MM Cash Loan to D
PREMIER CARWORLD: CRISIL Hikes Rating on INR37.5MM Loan to BB-
PRINT-TECH OFFSET: CRISIL Reaffirms 'B' Rating on INR3.75MM Loan

RK-CPR: CRISIL Assigns B+ Rating to INR30MM Long Term Loan
SATYAM ISPAT: CRISIL Cuts Rating on INR20.9MM Cash Loan to 'D'
SAVINO CERAMIC: CRISIL Reaffirms B+ Rating on INR2.5MM Cash Loan
SECO WARWICK: CRISIL Lowers Rating on INR4.88MM Loan to B+
SITARAM HISSARIA: CRISIL Reaffirms 'B' Rating on INR6MM Cash Loan

SPIC FASHIONS: CRISIL Reaffirms 'B' Rating on INR2.87MM Loan
SRI SIDDHI: CRISIL Reaffirms 'B+' Rating on INR0.4MM LT Loan
SRI VAISHNAVI: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
T LINE: CRISIL Assigns 'B' Rating to INR5MM Cash Loan
TONZA PAPER: CRISIL Reaffirms B+ Rating on INR5.5MM Cash Loan

VINAYKUMAR & CO: CRISIL Cuts Rating on INR11MM Bill Disc. to B+
Y. ACHAMMA: Ind-Ra Assigns 'B' Long-Term Issuer Rating


I N D O N E S I A

JAPFA COMFEED: Fitch Rates US Dollar Senior Unsecured Notes BB-
JAPFA COMFEED: S&P Puts 'B+' CCR on CreditWatch Positive
SRI REJEKI: Fitch Rates Proposed US Dollar Notes 'BB-'
SRI REJEKI: Moody's Rates Proposed $150MM Senior Notes B1


J A P A N

TOSHIBA CORP: Nuclear Unit Seeks U.S. Bankruptcy Financing


N E W  Z E A L A N D

WINDFLOW TECHNOLOGY: To Seek More Capital, Licensing Deal


S I N G A P O R E

RICKMERS MARITIME: Has Until April 15 to Submit Restructure Plan


S O U T H  K O R E A

DAEWOO SHIPBUILDING: Stakeholders Should Share Losses, FSC Says
HYOSUNG GROUP: High Court Upholds Dismissal of Chairman
LEO MOTORS: Enters Into Purchase Agreement with Leo Members Inc


S R I  L A N K A

NATIONAL DEVELOPMENT: S&P Affirms Then Withdraws 'B' ICR


                            - - - - -


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CUSTOM PROPERTY: First Creditors' Meeting Set for March 28
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Custom
Property Inspections Pty. Limited will be held at the offices of
O'Brien Palmer, Level 14, 9-13 Hunter Street, in Sydney on
March 28, 2017, at 11:00 a.m.

Liam Thomas Bailey of O'Brien Palmer was appointed as
administrator of Custom Property on March 16, 2017.


NEPTAR JAM: First Creditors' Meeting Set for March 29
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Neptar Jam
Pty Ltd, trading as Trawool Valley Resort and Trawool Estate,
will be held at the offices of Deloitte Financial Advisory Pty
Ltd, Level 10, 550 Bourke Street, in Melbourne, Victoria, on
March 29, 2017, at 11:30 a.m.

David Ian Mansfield and Robert Woods of Deloitte were appointed
as administrators of Neptar Jam on March 17, 2017.


O'KEEFFE HENEGHAN: First Creditors' Meeting Set for March 28
------------------------------------------------------------
A first meeting of the creditors in the proceedings of O'Keeffe
Heneghan Pty Ltd, Aus Life Pty Ltd, and Rocky Neill Construction
Pty Ltd (trading name: Smyths, KNF Construction, KNF Cleaning,
KNF Electrical Sydney, KNF Group) will be held at The Portside
Centre, Level 5, 207 Kent Street, in Sydney, on March 28, 2017,
at 3:00 p.m.

Andrew Sallway and James White of BDO were appointed as
administrators of O'Keeffe Heneghan, Aus Life, and Rocky Neill on
March 16, 2017.


PEPPER RESIDENTIAL 18: Moody's Gives (P)B2 Rating to Cl. F Notes
----------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to notes to be issued by Permanent Custodians Limited
(Trustee) as trustee of Pepper Residential Securities Trust No.
18.

Issuer: Pepper Residential Securities Trust No.18

-- USD132.61 million Class A1-ua Notes, Assigned (P) Aaa (sf)

-- USD44.10 million Class A1-ub Notes, Assigned (P) Aaa (sf)

-- AUD39.53 million Class A1-af Notes, Assigned (P) Aaa (sf)

-- AUD150.75 million Class A1-a Notes, Assigned (P) Aaa (sf)

-- AUD73.20 million Class A2 Notes, Assigned (P) Aaa (sf)

-- AUD58.20 million Class B Notes, Assigned (P) Aa2 (sf)

-- AUD13.20 million Class C Notes, Assigned (P) A2 (sf)

-- AUD11.40 million Class D Notes, Assigned (P) Baa2 (sf)

-- AUD7.20 million Class E Notes, Assigned (P) Ba2 (sf)

-- AUD7.20 million Class F Notes, Assigned (P) B2 (sf)

The AUD9.60 million Class G Notes are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity.

The transaction is an Australian non-conforming and near prime
RMBS secured by a portfolio of residential mortgage loans. A
substantial portion of the portfolio consists of loans extended
to borrowers with impaired credit histories (42.2%) or made on an
alternative documentation basis (35.6%).

This transaction has three classes of scheduled amortisation
notes: Class A1-ua, Class A1-ub (together Class A1-u Notes) and
Class A1-af. Deviation from the amortisation schedule will not
cause an event of default and following the Call Option Date, if
any Class A1-u Notes that remain outstanding will convert to
pass-through securities. In order to ensure timely repayment of
the A1-u and A1-af Notes a Scheduled Amortisation Facility will
be provided by National Australia Bank Limited (NAB, Aa1(cr)/P-
1(cr)). Drawn amounts under the Scheduled Amortisation Facility
will be repaid from monthly Class A1-u and Class A1-af Note
principal allocations and may be redrawn to meet the Class A1-u
and Class A1-af Amortisation Amount.

RATINGS RATIONALE

The provisional ratings take account of, among other factors:

- Class A1-ua Notes, Class A1-ub Notes, Class A1-af Notes and
Class A1-a Notes benefit from 30.00% credit enhancement (CE) and
Class A2 Notes benefit from 17.80% CE, while Moody's MILAN CE
assumption, the loss Moody's expects the portfolio to suffer in
the event of a severe recession scenario, is at 17.10%. Moody's
expected loss for this transaction is 1.70%. The subordination
strengthens ratings stability, should the pool experience losses
above expectations.

- A liquidity facility equal to the lesser of : (1) 2.5% of the
aggregate invested amount of the notes (net of the amounts drawn
from the Scheduled Amortisation Facility or deposited in the
Scheduled Amortisation Fund), subject to a floor of AUD
1,500,000; (2) The amount agreed from time to time in writing by
the liquidity facility provider and the Trustee provided that the
Trust Manager has notified the rating agency and determined that
the change will not result in any downgrade, qualification or
withdrawal of the rating of the notes; and (3) The aggregate
outstanding principal amount of all mortgage loans not in arrears
by more than 90 days, as at that payment date.

- The experience of Pepper Group Limited (Pepper, unrated) in
servicing residential mortgage portfolios. This is Pepper's 18th
non-conforming securitisation, which highlights the lender's
experience as a manager and servicer of securitised transactions.

A currency swap will mitigate the cross-currency risk associated
with the USD-denominated Class A1-ua Notes and Class A1-ub Notes.
An interest rate swap will mitigate the interest rate risk
associated with the fixed rate coupon paid by the Class A1-af
Notes. According to the current form of the swap documentation,
swap linkage has no present rating impact on the Class A1-u or
Class A1-af Notes. This is because the linkage between the note
ratings and the rating of the provider of any of the swaps is
mitigated by an obligation to post cash collateral and novate the
swap upon downgrade below A3(cr).

Interest rate mismatch arises when the movements of the 30-day
BBSW are not (simultaneously) passed on to the variable rate
loans. To mitigate the basis risk, the Trust Manager will
calculate the threshold rate for the variable rate loans to
ensure that the weighted average interest on all loans is at
least the rate required to meet the Trust's obligations (up to
Class F interest in the income waterfall), plus 0.25% p.a.

The key transactional and pool features are:

- The notes will initially be repaid on a sequential basis until
(although pro-rata between Class A Notes), among others, the
following stepdown conditions are met: (1) there are no charge-
offs on any of the notes, (2) the cumulative losses are less than
0.50% and 0.85% before the third and fourth anniversary,
respectively and less than 1.10% after the fourth anniversary
since closing; (3) the Class A subordination is at least 30.0%.
After that point, the Class A1-u, A1-af, A1-a, A2, B, C, D, E, F
and G Notes will receive a pro-rata share of principal payments
(subject to additional conditions). The Class G principal
payments will be applied as an allocation to the turbo principal
allocation. The turbo principal allocation is applied in reverse
sequential order, from Class F Notes up the capital structure.
The principal pay-down switches back to sequential pay on the
call option date, once the aggregate note balance falls below 15%
of the aggregate note balance at closing or the payment date
falls on or after the fifth anniversary since closing.

- The yield enhancement reserve account is available to meet
losses and charge-offs whilst any Class A Notes are outstanding.
The reserve account is funded by trapping excess spread at,
initially, an annual rate of 0.30% of the outstanding principal
balance of the portfolio up to a maximum amount of AUD 2,500,000.

- The portfolio is geographically well diversified due to
Pepper's wide distribution network.

- The portfolio contains 42.2% exposure with respect to
borrowers with prior credit impairment (default, judgement or
bankruptcy). Moody's assesses these borrowers as having a
significantly higher default probability.

- 35.6% of the portfolio consists of loans granted based on an
alternative documentation (alt doc) basis. For 0.03% of the
portfolio, Pepper only performed minimal verification. These
loans have been classified as low doc loans. The alt doc loans
have been subject to additional verification checks over and
above the typical checks for a traditional low documentation
product. These checks include a call from a Pepper credit
assessor, a declaration of financial position and either six
months of bank statements, six months of Business Activity
Statements or an accountant's letter in a format specified by
Pepper.

- 40.6% of the loans in the portfolio were extended to self-
employed borrowers. Moody's analysis of historical delinquency
and default data has indicated that loans granted to self-
employed borrowers have a greater propensity to default compared
to loans granted to employed PAYG borrowers.

- 84.0% of the complete portfolio has been originated in the
last six months, when interest rates are low and house prices are
growing rapidly.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2016.

Factors that would lead to an upgrade or downgrade of the
ratings:

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the rating. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the housing market are
primary drivers of performance.

A factor that could lead to a downgrade of the notes is worse-
than-expected collateral performance. Other reasons for worse
performance than Moody's expects include poor servicing, error on
the part of transaction parties, a deterioration in credit
quality of transaction counterparties, fraud and lack of
transactional governance.

Moody's Parameter Sensitivities:

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here the MILAN CE
and mean expected loss - differed. The analysis assumes that the
deal has not aged. Parameter Sensitivities only reflect the
ratings impact of each scenario from a quantitative/model-
indicated standpoint.

Based on the current structure, if Moody's MILAN CE assumption
increased by 25% to 21.38% from 17.10% currently the model
implied ratings of the Notes would deteriorate by a maximum of
one notch.

If both the Portfolio EL and MILAN CE increased by 50% to 25.65%
and 2.55%, respectively, the model-implied ratings of the notes
would drop between one and four notches from the from the
currently assigned levels. Ratings of Class A2 Notes will be
sensitive to one notch migration, while Class E Notes will be
sensitive to four notches migration.

Moody's ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors. Moody's
ratings are subject to revision, suspension or withdrawal at any
time at Moody's absolute discretion. The ratings are expressions
of opinion and not recommendations to purchase, sell or hold
securities. Moody's issues provisional ratings in advance of the
final sale of securities and these ratings reflect Moody's
preliminary credit opinion regarding the transaction. Upon a
conclusive review of the final versions of all the documents and
legal opinions, Moody's will endeavour to assign a definitive
rating to the transaction. A definitive rating may differ from a
provisional rating.



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CAR INC: Moody's Lowers CFR to Ba2; Outlook Negative
----------------------------------------------------
Moody's Investors Service has downgraded CAR Inc.'s corporate
family and senior unsecured debt ratings to Ba2 from Ba1.

The ratings outlook is negative.

RATINGS RATIONALE

"The downgrade reflects Moody's views that CAR will continue to
show lower gross profit margins, because of strong competition in
China's auto rental industry over the next 12-18 months," says
Gerwin Ho, a Moody's Vice President and Senior Analyst.

"The downgrade also takes into account the company's higher
financial risk, due to its rising debt leverage, which is high
when compared with Moody's-rated global auto rental peers," says
Ho who is also the Lead Analyst for CAR.

CAR's declining gross margin is a concern, because the company is
growing in scale, but the evolving and competitive auto rental
market in China (Aa3 negative) does not provide operators with
favorable conditions to maintain stable profitability levels.

Its gross profit margins fell to 32.3% in 2016 from 41.8% in 2015
because of: (1) lower pricing to defend its leading market
position in the auto rental market; (2) higher depreciation
associated with its young fleet; (3) higher maintenance and
repair expenses; and (4) lower margins from used vehicle sales.

Moody's expects that the competition in the auto rental market
will remain strong and that CAR's gross profit margins will
continue to erode over the next 12-18 months.

Another concern is the higher financial risk faced by the
company, because it has prearranged borrowed funding to cover
future capital expenditures, share buybacks and potential
investments.

Its adjusted debt rose 36% year-on-year to about RMB12 billion in
2016 from RMB9 billion in 2015. Adjusted debt/EBITDA rose to
about 4.0x from 3.3x over the same period.

As mentioned, the company's gross profit margins will continue to
fall. Deleveraging through hefty growth of EBITDA over the next
two years will be difficult. Consequently, the company's debt
leverage - as measured by adjusted debt/EBITDA - should remain at
around 4x over the next 12-18 months. This result is high when
compared with its Moody's-rated global auto rental peers.

CAR's Ba2 corporate family rating reflects the company's
leadership in China's growing car rental market, which is in its
early stage of development and will benefit from demand from
continued growth in the tourism industry, and the large number of
drivers who do not own cars.

The Ba2 rating also considers the company's financial
flexibility, based on its short lead time for fleet acquisitions,
asset-light network, and ease of asset disposals.

The Ba2 rating is supported by the company's proactive management
of its funding requirements and debt maturity profile.

The company's liquidity position is sufficient. Its unrestricted
cash balance totaled RMB5.7 billion at end-2016, which was more
than sufficient to cover its short-term debt of RMB2.4 billion.

On the other hand, CAR faces: (1) indirect competition from non-
car rental companies that provide transportation services; and
(2) regulatory risks in terms of controls on vehicle ownership,
the traffic points system, local regulation of the automotive
rental industry and regulations related to online chauffeured car
services.

The negative ratings outlook reflects Moody's concern over the
company's declining gross profit margins and increasing financial
risk from taking on high levels of debt.

A ratings upgrade is unlikely, given the negative ratings
outlook. Nevertheless, the ratings outlook could return to stable
if CAR succeeds in halting its decline in gross margins and
reduces its debt leverage, while maintaining its growth in scale,
leading market position, sufficient liquidity position and good
access to the bank and debt capital markets.

On the other hand, the ratings could be downgraded, if (1) CAR
shows a further decline in its gross margins and, at the same
time, adjusted debt/EBITDA surpasses 3x, or (2) its liquidity
position weakens, due to a deterioration in its working capital
position or aggressive expansion.

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in December 2014.

CAR Inc., founded in 2007 and headquartered in Beijing, provides
car rental services, including short-term rental, long-term
rental and leasing in China. CAR listed on the Hong Kong Stock
Exchange in September 2014.

At Dec. 31, 2016, CAR had a total fleet of 96,449 company-owned
vehicles. It commands a leading position in terms of fleet size
and revenue. In 2016, it reported net sales of RMB6.5 billion.

At Dec. 31, 2016, CAR's key shareholders included Legend Holdings
(24.1%); UCAR Technology Inc. (29.4%); and private equity firm
Warburg Pincus (11.2%).


GUORUI PROPERTIES: Fitch Gives Final B Rating to 7% Sr. Notes
-------------------------------------------------------------
Fitch Ratings has assigned Guorui Properties Limited's (B/Stable)
USD300 million 7% senior notes due 2020 a final 'B' rating and
Recovery Rating of 'RR4'.

The assignment of the final rating follows the receipt of
documents conforming to information already received. The final
rating is in line with the expected rating assigned on March 7,
2017.

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

KEY RATING DRIVERS

Small to Mid-Sized Developer: Fitch expects Guorui to be able to
expand to contracted sales of more than CNY15 billion in the next
18 months. The company had CNY11.1 billion in contracted sales in
2016 from projects in eight cities, compared with CNY6.2 billion
in 2014, after new projects helped diversify its sources of
sales. It has a landbank of 7.7 million square metres (sq m), of
which just 1.6 million sq m was under construction at end-June
2016.

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

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

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

Stronger Rental Income: Guorui holds seven investment properties
with total gross floor area of about 800,000 sq m, which
generated CNY280 million in rental income in 2015. The company's
two properties in Beijing accounted for more than 90% of its
investment-property rental income. Fitch expects Beijing Glory
City's rental income to remain stable in 2017 given its prime
location within the Second Ring Road in the capital. The new
Hademen Center, located one kilometre from the landmark Tiananmen
Square in Beijing, started to generate rental income from 2H16
and the company expects it will contribute CNY400 million of
rental income a year. Guorui also expects the South Levee Bay in
Foshan in southern China to start contributing CNY100 million in
rental income in 2017.

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

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


KEY ASSUMPTIONS

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

- Contracted sales of CNY14-18 billion during 2017-2019.

- Land premium/contracted sales still high at 60% in 2017, but
   gradually falling to 30% in 2019.

- Land replenishment ratio (land acquisition gross floor
   area/contracted sales gross floor area) at 1.0x in 2017 and
   gradually falling to 0.5x in 2019 (2016: 1.1x).

- Cash collection ratio remaining healthy at 83%-90% during
   2017-2019 (2016: 80%).

- Funding cost for new borrowing of around 6%.

RATING SENSITIVITIES

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

- Contracted sales sustained above CNY10 billion.
- Net debt/adjusted inventory sustained below 50% (1H16: 55.1%).
- EBITDA margin sustained above 30% (1H16: 35.6%).
- Contracted sales/gross debt sustained above 0.6x (1H16: 0.6x).

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

- Net debt/adjusted inventory sustained above 60%.
- EBITDA margin sustained below 25%.


SOHO CHINA: S&P Affirms Then Withdraws 'BB' Corp. Credit Rating
---------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term corporate credit
rating on China-based SOHO China Ltd. with a negative outlook.
S&P also affirmed the 'cnBB+' long-term Greater China regional
scale rating on the company.  S&P subsequently withdrew all the
ratings at SOHO's request.

The affirmed ratings at the time of the withdrawal reflected
SOHO's execution risk associated with a shift in the business
model, high leverage, and weak financial strength.  These risks
are balanced by the company's good financial flexibility, high
cash level, and good asset quality in Beijing and Shanghai.  S&P
estimates SOHO's leverage, as measured by a ratio of debt to
EBITDA, to have been 18x-22x in 2016, compared with 24.5x in
2015.

At the time of the withdrawal, the negative outlook reflected
S&P's view that SOHO's financial leverage will remain high within
the next six months, given the company's ongoing capital
expenditure to bolster its investment portfolio.  The rating
would have remained under pressure unless the company were to
reduce its sizable debt burden.  S&P could have lowered the
rating to 'BB-' if the company did not realize capital recycling,
such as asset sales, that would enable it to reduce debt and
improve leverage.



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A K LUMBERS: CRISIL Reaffirms 'B' Rating on INR4.5MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' rating on
the bank facilities of A K Lumbers Ltd (AKLL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            4.5        CRISIL B/Stable (Reaffirmed)

   Letter of Credit       9.0        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1.0        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the company's modest scale of
operations, exposure to intense competition, and below-average
financial risk profile because of high total outside liabilities
to tangible networth (TOLTNW) ratio, and large working capital
requirement. These weaknesses are partially offset by the
extensive experience of its promoter.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile:
   The TOLTNW ratio was high at 3.56 times as on March 31, 2016,
   while interest coverage ratio was weak at 1.23 times for
   fiscal 2016.

* Modest scale of operations and exposure to intense
   competition:
   With turnover of INR34.68 crore for fiscal 2016, scale remains
   small in the competitive timber trading and processing
   segment.

* Working-capital intensive operations:
   Gross current assets (GCAs) were 291 days as on March 31,
   2016, due to sizeable inventory and stretched receivables.

Strengths

* Extensive experience of promoter:
   Presence of around 20 years in the timber industry has enabled
   the promoter to establish healthy relationship with key
   suppliers.

Outlook: Stable

CRISIL believes AKLL will continue to benefit over the medium
term from the extensive experience of its promoter. The outlook
may be revised to 'Positive' if higher cash accrual due to
significant increase in scale of operations and profitability or
equity infusion results in a better liquidity. The outlook may be
revised to 'Negative' if capital structure and liquidity weaken
further because of stretch in working capital cycle, steep
decline in profitability, or large, debt-funded capital
expenditure.

Set up as a proprietorship firm (AK Traders) in 1987 and
reconstituted as a public limited company in 2000, AKLL is
promoted by Mr. Atul Jindal and trades in and processes timber
logs, mainly teak and hard wood.

Profit after tax was INR15.9 lakh on net sales of INR34.68 crore
for fiscal 2016, vis-a-vis INR4.10 lakh and INR31.36 crore,
respectively, for fiscal 2015.


ACE KUDALE: CRISIL Hikes Rating on INR26.75MM Loan to B+
--------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Ace Kudale Car Private Limited (AKCPL) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable' while reaffirming its short term rating at
'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee           1         CRISIL A4 (Reaffirmed)

   Cash Credit              3.5       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Inventory Funding       26.75      CRISIL B+/Stable (Upgraded
   Facility                           from 'CRISIL B/Stable')

   Loan Against Property    1.94      CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Proposed Long Term       6.28      CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B/Stable')

   Term Loan                3.53      CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The rating upgrade reflects expectation that AKCPL will maintain
its improved business risk profile over the medium term. Revenue
grew to INR187.63 crore in fiscal 2016 from INR112 crore in
fiscal 2013, and is expected at INR200 crore in fiscal 2017.
Operating margin improved to 3.6% from 0.5% in the four years
through fiscal 2017, supported by growing share of higher-margin
service income. The rating upgrade also factors in the stronger
financial risk profile: networth and gearing improved to INR19.39
crore and 1.94 times, respectively, as on March 31, 2016 from
INR12.04 crore and 3.7 times a year earlier.

The ratings continue to reflect average financial risk profile,
especially interest coverage, and low bargaining power with
principal, Maruti Suzuki India Ltd (MSIL), and competitive
pressures from other four-wheel vehicle dealers. These weaknesses
are partially offset by the promoters' extensive experience.

Key Rating Drivers & Detailed Description

Weaknesses

* Average financial risk profile:

   Financial risk profile remains constrained by high gearing of
   1.94 times as on March 31, 2016, and average debt protection
   metrics, with interest coverage ratio of 1.5 times in fiscal
   2016.

* Low bargaining power with principal and susceptibility to
   intense competition:

   Principal, MSIL, faces competitive pressures from other four-
   wheeler manufacturers. Competition has compelled automakers to
   cut costs, including reducing their commissions to dealers.
   Competitive pressure from other dealers in Pune will also
   continue to constrain AKCPL's  business risk profile.

Strength

* Extensive experience of promoters:

   Promoters' industry experience of 8 years has helped maintain
   strong relationships with principal and customers.

Outlook: Stable

CRISIL believes AKCPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if scale of operations and
profitability improve, leading to higher cash accrual and strong
liquidity. Conversely, the outlook may be revised to 'Negative'
if revenue and profitability reduce significantly, leading to low
cash accrual, or liquidity weakens because of a large debt-funded
capital expenditure (capex).

Incorporated in 2007 by the Kudale family, AKCPL began operations
in 2010 with a dealership for MSIL's vehicles. The company has
one owned showroom-cum-workshop at Manjri on the Pune-Solapur
highway, and a workshop on rented premises at Bhosari, on the
Pune-Nashik highway.

AKCPL reported a profit after tax (PAT) of INR0.17 crore on net
sales of INR187.63 crore for fiscal 2016 against losses of
INR0.36 lakh and INR176.77 crore for fiscal 2015.


ARENA LIFESTYLE: Ind-Ra Lowers Long-Term Issuer Rating to 'BB-'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Arena
Lifestyle Pvt Ltd's (ALPL) Long-Term Issuer Rating to 'IND BB-'
from  'IND BB'.  The Outlook is Stable.  The instrument-wise
rating action is:

   -- INR290 mil. (reduced from INR400) Fund-based working
      capital limits lowered to IND BB-/Stable rating; and

   -- INR290 mil. (reduced from INR400) Fund-based working
      capital limits affirmed with IND A4+ rating

                         KEY RATING DRIVERS

The downgrade reflects deterioration in ALPL's credit profile in
FY16 due to muted revenue growth and a decline in EBITDA margins.
This was on account of its presence in a highly fragmented and
competitive industry, sluggish gold demand, fluctuations in gold
and diamond prices and government regulations on the gems and
jewellery sector.  The top line grew at a CAGR of 3.8% over FY13-
FY16 and declined substantially to INR1,046 million in FY16
(FY15: INR1,388.99 million) as the company closed its two
showrooms located at Ghatkopar and Borivali in Mumbai.  EBITDA
margins declined to 2.28% in FY16 (FY15: 3.49%).  Net leverage
(net adjusted debt/operating EBITDAR) deteriorated to 14.80x in
FY16 (FY15: 8.67x) and interest coverage (operating EBITDA/gross
interest expense) decreased to 0.42x (0.83x).

The deterioration is also attributed to the nation-wide strike by
jewellers in March 2016 and April 2016 to protest against the
imposition of 1% excise duty (without input credit) or 12.5%
(with input credit) on the gems & jewellery industry.

However, the slowdown in the gold jewellery sector was mitigated
to some extent through its diamond business.  Revenue from the
diamond business grew to INR410 million till February 2017 (FY16:
INR360 million and FY15: INR319 million).  Ind-Ra expects steady
revenue from the diamond business coupled with reduced operating
costs because of the closure of the two showrooms to improve its
operating margins from FY17.

The ratings factor in ALPL's comfortable liquidity position as
evident from its 86% average peak use of cash credit limits
during the 12 months ended January 2017.  Net working capital
cycle was 137 days in FY16 (FY15: 129 days).

The ratings, however, continue to be supported by ALPL's
founder's two decades of experience in the jewellery market.

                        RATING SENSITIVITIES

Positive:  Substantial growth in the revenue and/or EBITDA margin
leading to a sustained improvement in the credit metrics could
lead to a positive rating action.

Negative: A decline in the EBITDA margin leading to stretched
liquidity could lead to negative rating action.

COMPANY PROFILE

Founded in 1996, ALPL specialises in diamond and gold jewellery
and owns a showroom in Mumbai at Breach Candy.  The company
belongs to the Savla family, which is known by its flagship brand
Benzer and owns a fashion and lifestyle retail outlet at Breach
Candy in Mumbai.  The company specialises in antiques, jadau,
vilandi, diamonds and gold jewellery.  The company has a lifetime
buyback policy attached with all its product making, purchases
and investments.  According to the provisional 11MFY17
financials, ALPL earned revenue of INR710 million with an EBITDA
margin of 6.5%.


B.P. FLOUR: CRISIL Hikes Rating on INR3.8MM Cash Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of B.P. Flour Mills Private Limited (BPFM) to 'CRISIL B+/Stable'
from 'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             3.8       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Long Term Loan          2.2       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The upgrade reflects improvement in liquidity, driven by more-
than-sufficient cash accrual against debt obligation, and
moderate bank limit utilisation of 60-70% on average. Unsecured
loans from promoters also support liquidity. Business risk
profile remains stable, with sustained improvement in revenue,
despite lower-than-expected operating margin. Financial risk
profile will also be sustained on account of no major debt-funded
capital expenditure (capex) and moderately debt-funded working
capital requirement.

The rating reflects BPFM's modest scale of operations in the
highly fragmented wheat milling industry and susceptibility of
operating profitability to uneven monsoon. These weaknesses are
mitigated by the extensive experience of its promoters and above-
average financial risk profile driven by low gearing and
comfortable debt protection metrics.

Analytical Approach

Unsecured loans (outstanding at INR1.31 crore as on March 31,
2016) extended by promoters have been treated as neither debt nor
equity as these are subordinate to bank debt and are expected to
remain in business.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in competitive segment:

With an operating income of INR55.73 crore in fiscal 2016, scale
remains small in the competitive flour milling industry that has
many players with low capacities because of modest capital
requirement and healthy demand for wheat-based products.

* Susceptibility of operating profitability to uneven monsoon:

Operating margin was low at 3.13% for fiscal 2016 due to
susceptibility to irregular monsoon.

Strengths

* Extensive experience of promoters: Longstanding presence of
   promoters led to a compound annual growth rate of 30% in
   operating income over the three years through fiscal 2016.

* Above-average financial risk profile:

Gearing was healthy at 1 time as on March 31, 2016. Debt
protection metrics were comfortable, with interest coverage and
net cash accrual to adjusted debt ratio ratios of 3.34 times and
0.26 time, respectively, for fiscal 2016. However, financial
flexibility is constrained by a small networth of INR4.11 crore.

Outlook: Stable

CRISIL believes BPFM will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if significant and sustained improvement in revenue
and operating margins leads to higher-than-expected cash accrual,
or if promoters infuse sizeable funds. The outlook may be revised
to 'Negative' if revenue or profitability declines or financial
risk profile weakens because of stretched working capital cycle
or large, debt-funded capex.

Incorporated in fiscal 2007 and promoted by Mr. Satish Chand Garg
and Mr. Piyush Garg, BPFM mills wheat into flour at its
facilities in Agra.

Net profit was INR42.58 lakh on net sales of INR55.73 crore in
fiscal 2016, against a net profit of INR84.23 lakh on net sales
of INR43.10 crore in fiscal 2015.


BALLARPUR INDUSTRIES: Fitch Cuts LT Issuer Default Ratings to C
---------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Ratings
on India-based paper maker Ballarpur Industries Limited (BILT)
and its subsidiary Bilt Paper B.V. to 'C', from 'CCC'. The
downgrade follows Fitch's assessment that a default appears
inevitable, given severe liquidity constraints, and resolves the
Rating Watch Negative on BILT and Bilt Paper, which has been in
place since July 29, 2016.

BILT said in response to a stock exchange query on 15 March 2017
that it is in discussions with a domestic mutual fund regarding
steps to resolve a potential default amicably. The exchange had
sought clarification regarding news that the domestic investor
plans to approach the securities regulator after BILT failed to
honour its commercial paper obligations.

BILT has been not been forthcoming in providing Fitch and other
relevant market participants with updates needed to adequately
assess its liquidity position. Fitch had, however, highlighted in
its commentary on 30 January 2017 that the company would have
exhausted almost all possible remedies to avoid a debt default or
restructuring if its discussions to secure funding and monetise
assets are delayed or fail. There have been no announcements by
BILT on material progress in these negotiations since then,
indicating that a default is imminent.

KEY RATING DRIVERS

Critical Liquidity Position: BILT reported cash of just INR39
million at end-September 2016, and incurred an EBITDA loss of
INR62 million in the first half of the financial year to March
31, 2017 (FY17). Its EBITDA loss in 3QFY17 jumped to INR682
million as revenue fell by 67% yoy following reduced capacity
utilisation due to insufficient working capital. At end-March
2016, BILT had INR20.6bn of short-term debt and INR9.2bn of long-
term debt maturing in FY17. Fitch believes existing lenders are
unlikely to be willing to grant further credit to BILT given its
minimal cash balances and weak operating cash flow.

Unsustainable Debt Maturity Profile: The company may yet secure
debt and equity funding from financial institutions and investors
to address its upcoming debt repayments, but it is unlikely that
such additional financing alone would be adequate to address its
debt maturities of over INR25bn over the next three years, in
Fitch views. Even if Fitch assumes an improvement in free cash
flows at BILT, Fitch estimates that asset sales or significant
refinancing would be required to meet its repayment obligations
over the next three years.

Sale of Indian Units Uncertain: BILT said in July 2016 it
received a non-binding offer from JK Paper Ltd to acquire two
units at Ballarpur (299.5 kilotonnes per annum) and Ashti (54
kilotonnes per annum). BILT has yet to receive a binding offer
from JK Paper. The period of exclusivity for the discussion ended
on October 20, 2016. The two units account for almost half of the
paper manufacturing capacity of subsidiary Ballarpur Graphic
Paper Products Ltd. (BGPPL), which accounted for around 85% of
BILT's consolidated FY16 EBITDA. The potential sale of the units
would inject liquidity, lower debt, but severely reduce BILT's
earnings and impact its market position.

Malaysian Business Sale Called Off: BILT announced the sale of
its stake in Malaysia's Sabah Forest Industries (SFI) in October
2015 for an enterprise value of USD500 million, and intended to
use most of the proceeds to repay debt. However, after several
delays, the deal was finally terminated in July 2016. Fitch
understand that BILT is continuing discussions with other
investors to divest its stake in SFI. However, there remains
considerable uncertainty whether any deal will be completed given
sustained pressure on the global paper and pulp industry. Paper
demand has been falling in North America and Europe, while growth
in markets such as India and China, has been weak over the past
few years.

DERIVATION SUMMARY

BILT's rating of 'C' is based on Fitch assessments that a default
is inevitable, given the critical liquidity position and
unsustainable debt maturity profile. Fitch's definition of 'RD'
indicates that the issuer has experienced an uncured payment
default on a debt obligation. Fitch will downgrade BILT's rating
to 'RD' upon confirmation of such a scenario.

KEY ASSUMPTIONS

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

- BILT manages to secure working capital financing to sustain
   its operations.
- Average utilisation rate for BGPPL at 51% in FY17, improving
   to above 80% from FY18 (FY16: 84%).
- EBITDA margin of 4% in FY17, improving to 17%-18% from FY18
   (FY16: 17%).
- Only maintenance-related capex of INR1.5bn from FY17.
- No dividend payouts or payment of interest on the subordinated
   perpetual capital securities.

RATING SENSITIVITIES

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

- Notification of an uncured payment default on a debt
   obligation or completion of a distressed debt exchange

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

- Improvement in BILT's liquidity position such that it can pay
   its short-term obligations


BARBIL MINING: CRISIL Reaffirms 'B' Rating on INR9MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facility of Barbil Mining and Industries Private
Limited (Barbil).

                      Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           9        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the company's small scale of
operations, large working capital requirement, and susceptibility
to cyclicality in end-user industries and to fluctuations in
manganese ore prices. These weaknesses are partially offset by
healthy operating profitability and the promoter's extensive
experience in the mining industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations:

Operating income fell to INR3 crore in fiscal 2016 from INR4.8
crore in fiscal 2015 because of decline in demand and price of
manganese ore. It is likely to improve to INR12 crore in fiscal
2017 because of increased demand for manganese ore, but will
remain modest over the medium term.

* Large working capital requirement:

Gross current assets were at 1628 days as on March 31, 2016, due
to large receivables and inventory of 402 days and 1417 days,
respectively. Receivables of INR2.53 crore were outstanding for
over six months from a single customer, while inventory has been
large because higher-grade manganese is procured from others to
meet customer-specific needs. This trend is likely to persist
over the medium term, resulting in high bank limit utilisation.

* Susceptibility to cyclicality in end-user industries and
   volatility in manganese prices:

Manganese prices are volatile and fluctuate in response to
relatively minor changes in supply and demand, economic changes,
cyclicality in the steel industry, among other factors. Reduction
in demand and manganese price affects the company's revenue and
profitability.

Strengths

* Promoter's extensive experience in the mining industry:

The company's promoter, Mr. Muralidhar Agarwal, has been
associated with the mining industry for over a decade, and has
establishedrelationships with customers.

* Healthy operating profitability

Operating margin improved to 54.3% in fiscal 2016 from 38.5% in
fiscal 2015 because of mining activities at the company's own
mines. Operating profitability is expected to remain healthy over
the medium term.

Outlook: Stable

CRISIL believes Barbil will continue to benefit from its
promoter's extensive industry experience.The outlook may be
revised to 'Positive' if there is a substantial increase in
revenue and improvement in working capital management, leading to
better business risk profile and liquidity. The outlook may be
revised to 'Negative' if working capital management deteriorates,
or if the company increases financial support to group entities,
weakening its financial risk profile, especially liquidity.

Barbil was promoted by Mr. Muralidhar Agarwal in 2008. The
company owns two manganese ore mines, at Ramabhadrapuram in
Andhra Pradesh, and at Balaghat in Madhya Pradesh.

Barbil had a net loss of INR51 lakh and net sale of INR3.01 crore
in fiscal 2016, against a net profit of INR11 lakh and net sale
of INR4.78 crore in fiscal 2015.


BHAVIN IMPEX: CRISIL Reaffirms B+ Rating on INR9.5MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Bhavin Impex Private Limited (BIPL) at 'CRISIL B+/Stable'. The
rating reflects a modest scale of operations in the highly
competitive brass component industry, and low operating margin
inherent in the trading business. These rating weaknesses are
partially offset by the extensive industry experience of the
promoter.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            9.5       CRISIL B+/Stable (Reaffirmed)
   Proposed Cash
   Credit Limit           9.5       CRISIL B+/Stable (Reaffirmed)

Analytical Approach

For arriving at the rating, CRISIL has treated unsecured loans
from the promoters as neither debt nor equity as these loans
carry a lower interest rate than the market rate, and will remain
in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations:

The company reported revenue of INR57.76 crore in fiscal 2016.
The scale of operations will remain modest over the medium
termbecause of intense competition in a fragmented industry,
limiting bargaining power with suppliers and customers.
Competition also curtails any scope for scaling up operations
substantially, resulting in a low operating margin (0.87-1.93% in
the three fiscals ended March 31, 2016).

* Susceptibility to economic cycles:

Copper alloys and brass fittings are used in diverse industries
such as electrical, sanitary ware, automotive, real estate, and
infrastructure, which are linked to economic cycles. Any slowdown
in economic activity, or reduced investment in infrastructure and
housing will adversely affect the company, though the established
customer base and industry experience of the promotershelp
mitigate these risks.

Strength

* Extensive industry experience of the promoter:

The promoter, the Sayani group, has been manufacturing and
exporting copper alloys and brass fittings for more than a
decade. The experience of the promoter is critical in the sector,
given the volatility in metal markets globally. It has led to a
strong relationship with suppliers and customers, and
consequently, to substantial sales growth, and helps to
anticipate price trends and calibrate purchasing and stocking
decisions.

Outlook: Stable

CRISIL believes BIPL will continue to benefit from the extensive
industry experience of its promoter and healthy networth, leading
to a moderate financial risk profile. The outlook may be revised
to 'Positive' in case of a significant increase in revenue and
profitability, leading to improvement in liquidity and debt
protection metrics. The outlook may be revised to 'Negative' in
case of weak working capital management or a decline in
profitability, resulting in reduction in cash accrual and weak
liquidity.

Incorporated in 2001, BIPL is promoted by the Sayani group, which
has been involved in the manufacturing and export of copper
alloys and brass fittings since more than a decade. BIPL
manufactures, exports, and trades in brass ingots, billets, brass
extrusion, brass fasteners and fittings.

In fiscal 2016, profit after tax was INR0.26 crore on operating
income of INR57.75 crore, against INR0.18 crore and INR103.03
crore, respectively, in fiscal 2015.


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

   -- INR25 mil. Fund-based working capital limits assigned with
      IND BB-/Stable/IND A4+ rating;

   -- INR3.13 mil. Term loan assigned with IND BB-/Stable rating;
      and

   -- INR20 mil. Non-fund-based limits assigned with IND A4+
      rating

                         KEY RATING DRIVERS

The ratings are constrained by DCDC's small scale of operations
as evident from the top-line of INR110.98 million in FY16
(FY15:INR85.27 million).  The ratings are further constrained by
DCDC's presence in a highly competitive healthcare service
landscape in Delhi.

The ratings reflect deterioration in the company's operating
EBITDA margin to 3.07% in FY16 (FY15: 21.93%) due to high
personal and administrative expenses including staff salary, and
power & fuel, rent, repair & maintenance cost.  The ratings
further reflect DCDC's weak credit metrics as the gross interest
coverage (operating EBITDA/gross interest expense) deteriorated
to 0.63x in FY16 from 4.20x in FY15 and net financial leverage
(total adjusted net debt/operating EBITDAR) deteriorated to 7.97x
in FY16 from 3.10x in FY15.  The deterioration in metrics was due
to a decrease in the overall operating EBITDA of the company in
FY16.

The ratings, however, are supported by more than two decades
experience of DCDC's promoters in healthcare sector as well as
the company's strong association with their customers and
suppliers. The ratings are further supported by the comfortable
liquidity position of the company as evident from its average
utilization of working capital facilities at 90.87% during the 12
months ended Jan 2017.

The ratings derive benefit from the addition of 48 new centres in
Madhya Pradesh in March 2016, which will boost the overall
revenue going forward.  Currently the management is focusing more
on adding eight new public private partnership centres in
Jharkhand, and it will continue to do so in FY18 as well which
will lead to further growth in their overall revenue in the
coming years.

                        RATING SENSITIVITIES

Positive:  A Significant improvement in the revenue along with an
improvement in the credit metrics will be positive for the
ratings.

Negative: A decline in revenue or deterioration in profitability
margin leading to deterioration in the credit metrics will be
negative for the ratings.

COMPANY PROFILE

DCDC was registered as a sole proprietorship firm M/s Deep
Healthcare with the registrar of firms on July 23, 2009, and
started its operations.  The firm was later converted into
private limited company in 2014 under the current name.

DCDC is providing healthcare services by means of a stand-alone
dialysis centre and in-hospital dialysis centre.

Currently, the company has 65 centres across Delhi, Punjab,
Haryana and Madhya Pradesh.


DHAIRYA INTERNATIONAL: CRISIL Cuts Rating on INR11MM Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its ratings on bank facilities of Dhairya
International (DI; part of the Vinaykumar group) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISILA4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           4        CRISIL A4 (Downgraded
                                     from 'CRISIL A4+')

   Foreign Bill            11        CRISIL B+/Stable (Downgraded
   Discounting                       from 'CRISIL BB-/Stable')

The downgrade reflects weakening of the financial risk profile.
The gearing increased to above 12 times in as on March 31, 2016,
from around 7.7 times as on March 31, 2015. The debt protection
metrics were also low with the interest coverage ratio at 1.24
times and net cash accrual to total debt ratio at 0.03 time, in
fiscal 2016. Revenue realisation reduced because of a fall in
agricultural (agro) commodity prices; profitability is
susceptible to volatility in agro-commodity prices. However, the
company benefits from the extensive experience of its promoters
in the agro-commodity industry and geographical diversification
in revenue.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Vinaykumar & Co. (VKC) and DI. That's
because these entities, together referred to as the Vinaykumar
group (VKG), have a common management, are in similar lines of
business and have financial linkages.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and exposure to intense
competition:

Revenue was Rs182.84 crore in fiscal 2016, a decline from
Rs239.73 crore in the previous fiscal. That's because of lower
agro-commodity prices, high fragmentation in the business, and
substantial competition from small-scale, unorganised players
catering to local demands.

* Low operating margin:

Due to lower value addition in the agro-processing chain and
exposure to intense competition among various industry players,
the operating margin has remained low (2.3% in fiscal 2016).

* Weak financial risk profile:

The gearing has been increasing while the debt protection has
remained weak over the past few fiscals.

* Working capital-intensive operations:

Gross current assets were at 141 days, led by inventory of 75
days and receivables of 51 days, as on March 31, 2016. The
operations are expected to remain working capital intensive over
the medium term.

Strengths

* Extensive industry experience of the promoters:

The promoters have been associated with the agro-commodity
industry for over two decades.

* Geographic diversification in revenue:

Revenue is geographically diversified in the export market. While
VKC exports mainly to Korea, South Korea, China, and Europe, DI
focuses on exports to the Middle East nations.

Outlook: Stable

CRISIL believes the Vinaykumar group will continue to benefit
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of higher-than-
expected topline growth resulting in better net cash accrual,
along with improvement in working capital management. The outlook
may be revised to 'Negative' if liquidity is constrained because
of low cash accrual, large working capital requirement, or
substantial, debt-funded capital expenditure.

VKC was established in 1992 as a proprietorship concern by Mr.
Prahladbhai Patel. It processes various types of sesame seeds at
its facility at Unjha, Gujarat. It exports these products as well
as other agro commodities like cumin and black cumin (kalonji)
seeds.

DI was setup in 2009, as a proprietorship concern by Mr. Vinay
Kumar Patel (son of Mr. Prahladbhai Patel). This firm too
processes and exports sesame seeds and spices such as cumin and
fenugreek seeds.

DI's profit after tax (PAT) was Rs0.23 crore on operating income
of INR98.72 crore in fiscal 2016, against PAT of INR0.35 crore on
operating income of INR139.83 crore in fiscal 2015.


DIPAK BHIVARE: CRISIL Lowers Rating on INR10.5MM Cash Loan to D
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of M/S.
Dipak J. Bhivare (DJB) to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee           1.5       CRISIL D (Downgraded
                                      from 'CRISIL A4')

   Cash Credit             10.5       CRISIL D (Downgraded
                                      from 'CRISIL B-/Stable')

   Proposed Long Term       0.12      CRISIL D (Downgraded
   Bank Loan Facility                 from 'CRISIL B-/Stable')

The downgrade reflects weak liquidity emanating from delay in the
realisation of bills discounted for over 90 days.

DJB has a weak financial risk profile due to leveraged capital
structure and subdued debt protection metrics. The rating also
factors in the firm's small scale of operations in a fragmented
civil construction industry and large working capital requirement
marked by stretched receivables. However, it benefits from
extensive experience of its proprietor in the civil construction
industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile:

Financial risk profile remained weak reflected in high gearing of
about 3 times over the past five years through fiscal 2016 due to
modest networth and large working capital borrowing. Interest
coverage is also expected to remain subdued at 1.5 times over the
medium term.

* Small scale of operations and large working capital
   requirement:

Scale continues to remain small, because of intense competition
in the civil construction industry. The business risk profile is
further constrained by large working capital requirement marked
by stretched receivables.

Strength

* Extensive experience of promoter:

Mr. Dipak J Bhivare has over two decades of experience in the
civil construction industry, which has helped get orders from
various government entities, which will continue to support the
business risk profile.

DJB was set up in 2002 as a proprietorship firm by Mr. Dipak J
Bhivare. The firm undertakes civil construction work, primarily
construction of water filters and overhead reservoirs, and laying
of pipelines, for government agencies. It is registered as a
Class 1 contractor with Maharashtra Jiwan Pradhikaran.

For fiscal 2015, profit after tax (PAT) was INR0.61 crore on net
sales of INR22.64 crore, against a PAT of INR0.6 crore on net
sales of INR18.15 crore for the previous fiscal.


GALAXY EXPORTS: CRISIL Cuts Rating on INR6.50MM Cash Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Galaxy Exports Private Limited (GEPL) to 'CRISIL B+/Stable'
from 'CRISIL BB-/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             6.5      CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Proposed Long Term      2.28     CRISIL B+/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB-/Stable')

   Term Loan               0.70     CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The rating downgrade reflects a deterioration in GEPL's business
profile impacted by a sharp decline in operating income due to
temporary halt in operations on account of subdued market
conditions and falling realisations of mild steel (MS) ingots.
The operating income reduced to INR44.17 crores in fiscal 2016
from INR66.14 crores in fiscal 2015 and is expected to be further
lower in fiscal 2017 with the company having achieved only
INR5.39 crores of revenues till end of December 2016. The sharp
decline in operating income is also expected to adversely impact
the profitability in fiscal 2017 which is likely to constrain the
debt protection metrics and accruals. Further with the company
venturing into a new line of business' manufacturing liquefied
petroleum gas (LPG) cylinders, which is expected to commence
commercial operations by April 2017, the scale and profitability
is likely to be constrained during the stabilisation phase. Ramp
up in scale and generation of adequate accruals from the new
business segment will remain a major rating driver over the
medium term.

The rating reflects GEPL's modest scale of operations and
profitability and below average debt protection metrics. The
rating also factors in the management's intent to gradually
reduce operations from the existing business and increase
revenues from the new business of manufacturing of LPG cylinders.
These rating weaknesses are partially offset by the considerable
entrepreneurial experience of promoters and comfortable capital
structure.

Key Rating Drivers & Detailed Description

Weaknesses

* Declining scale and marginal market share in a highly
   fragmented industry:

GEPL is a marginal player in the domestic secondary steel
industry with small scale of operations. Operating income
declined to INR44.17 crores in fiscal 2016 which is likely to be
further lower in current fiscal as the company had recorded
revenues of INR5.39 crores from AprilDecember 2016. GEPL
primarily produces mild-steel (MS) ingots, the market for which
is highly fragmented, and hence, intensely competitive. Moreover,
revenue and profitability are linked to the overall performance
of the steel industry, which has witnessed a slowdown in the past
18-24 months.

* Low operating margin:

The operating margin was 2.85-3.65% over the three fiscals
through 2016 (2.85% in fiscal 2016) on account of negligible
bargaining power with customers. The low margin resulted in weak
debt protection metrics despite low gearing in fiscal 2016.

* Commencement and stabilisation of new line of business:

GEPL is also venturing into manufacturing of LPG cylinders, which
is expected to commence commercial operations from April 2017
onwards. The scale and profitability is likely to be constrained
during the stabilisation phase. Ramp up in scale and generation
of adequate accruals will remain a major rating driver over the
medium term.

Strengths

* Considerable entrepreneurial experience of the promoters:

GEPL continues to benefit from the considerable entrepreneurial
experience of the promoters. The promoters have an experience of
around two decades in the steel industry and also operate ingot
manufacturing plants and rolling mills through associate
entities. Further driven by the entrepreneurial experience of
promoters, GEPL has been able to obtain almost all approvals for
manufacturing of LPG cylinders (approval from Chief Explosive
Officer being only pending).

* Comfortable capital structure:

GEPL's capital structure remains comfortable with a gearing of
0.66 time as on March 31, 2016. The same is expected to remain
low over the medium term as no term debt has been availed for the
capex incurred on the unit of LPG cylinders. The networth was
also moderate at INR10.36 crore as on March 31, 2016.

Outlook: Stable

CRISIL believes GEPL will continue to benefit from the
considerable entrepreneurial experience of its promoters. The
outlook may be revised to 'Positive' if there is a substantial
and sustained increase in revenue and accruals, most likely
driven by the ramp up and stabilisation of LPG cylinder
manufacturing segment along with efficient working capital
management, while the capital structure is sustained. The outlook
may be revised to 'Negative' if low operating income or accrual,
stretch in working capital cycle, or large, debt-funded capex,
leads to deterioration in the financial risk profile, especially
liquidity.

GEPL, incorporated in 1992, was acquired by the Jharkhand-based
Kansal family in June 2009 as a sick unit. The company
manufactures MS ingots and will begin manufacturing LPG cylinders
by April 2017.

Profit after tax (PAT) was INR6.86 lakhs on revenue of INR44.33
crore in fiscal 2016, against PAT of INR7.99 lakhs on revenue of
INR66.95 crore in fiscal 2015.


GAYATRI SPINNERS: CRISIL Assigns 'B' Rating to INR1.23MM LT Loan
----------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Gayatri Spinners Limited (GSL), and has assigned
'CRISIL B/Stable/CRISIL A4' to the facilities. The rating was
'suspended' on December 5, 2016, as the company had not provided
necessary information for a rating review. GSL has now shared the
requisite information.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              5        CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

   Letter of credit &       1.4      CRISIL A4 (Assigned;
   Bank Guarantee                    Suspension Revoked)

   Long Term Loan           1.23     CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

   Proposed Long Term       0.37     CRISIL B/Stable (Assigned;
   Bank Loan Facility                Suspension Revoked)

The rating reflects the weak financial risk profile, marked by
small networth, high gearing and below-average debt protection
metrics. The rating also factors in the modest scale of
operations and vulnerability to government regulations for the
fertiliser industry. These rating weaknesses are partially offset
by the extensive experience of the promoter and the tie-up with a
large fertiliser company.

Analytical Approach

CRISIL has treated the unsecured loans extended to GSL by the
promoters, as neither debt nor equity as they carry a lower
interest rate than the market rate, and are expected to remain in
the business.

Key Rating Drivers & Detailed Description

Strengths

Weaknesses

* Modest scale of operations in an intensely competitive
   industry:

Scale of operations has remained modest, with an
operating income of around INR10.43 crore in fiscal 2016,
owing to dependence on monsoon for offtake of products.

* Weak financial risk profile:

The financial risk profile remains weak, with modest networth,
higher dependence on bank debt leading to high gearing, and
below-average debt protection metrics.

* Vulnerability to government regulations:

GoI fixes the maximum retail price for some fertilisers, due to
which manufacturing companies are often unable to pass on the
increase in raw material cost to their customers. In this way,
they remain exposed to the risk of upward revision in raw
material prices.

Strength

* Extensive experience of the promoter:

Benefits from the two decade-long experience of the promoter, Mr.
Babu Lal Kogta, in manufacturing chemicals, keen grasp over
industry dynamics, and established relationships with suppliers,
customers, and logistic providers, will continue. The company has
entered into a marketing arrangement with Shiram Fertilizer Ltd
and Cisco Ltd to market its products.

Outlook: Stable

CRISIL believes GSL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' in case of a significant improvement in the scale of
operations and capital structure, supported by an equity infusion
and prudent working capital management. The outlook may be
revised to 'Negative' if the government enacts some unfavorable
changes in the fertiliser subsidy policy, affecting GSL's revenue
and profitability, or if the company undertakes a significant
debt-funded capital expenditure.

Established in 1997, GSL is a closely-held public limited
company, Bhilwara (Rajasthan) based, promoted by Mr. Babu Lal
Kogta and Mr. Manish Kogta. It manufactures fertilisers like
single super phosphate.

Profit before tax (PBT) was INR0.05 crore on net sales of
INR10.43 crore for fiscal 2016, against INR0.05 crore and INR9.65
crore, respectively, for fiscal 2015.


GREENEEM AGRI: CRISIL Reaffirms B+ Rating on INR12MM Loan
---------------------------------------------------------
CRISIL has removed its ratings on the bank facilities of GreeNeem
Agri (P) Ltd. (GAPL) from notice of withdrawal for 180 days and
has reaffirmed its ratings at 'CRISIL B+/Stable/CRISIL A4'. The
ratings were placed on notice of withdrawal at GAPL's request.
However, as the rated amount has been increased to over INR20
crore, CRISIL has reaffirmed its ratings and removed them from
notice of withdrawal.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting         12       CRISIL B+/Stable (Removed
                                     from 'Notice of withdrawal';
                                     Rating Reaffirmed)

   Long Term Loan            2       CRISIL B+/Stable (Removed
                                     from 'Notice of withdrawal';
                                     Rating Reaffirmed)

   Proposed Long Term        6       CRISIL B+/Stable (Removed
   Bank Loan Facility                from 'Notice of withdrawal';
                                     Rating Reaffirmed)

   Packing Credit            6       CRISIL A4 (Removed from
                                     'Notice of withdrawal';
                                     Rating Reaffirmed)

The ratings reflect the company's modest scale of operations in
the highly fragmented coco coir based segment, its below-average
financial risk profile, with modest networth and debt protection
metrics, and its working capital-intensive operations. These
weaknesses are partially offset by the benefits derived from the
promoters' extensive experience, and established customer
relationships.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in a competitive segment:

With revenue of INR47 crore for fiscal 2016, scale remains small
in the competitive coco coir based segment.

* Below-average financial risk profile:

Modest operating profitability led to below-average debt
protection metrics in fiscal 2016. Debt protection metrics will
likely be below average, with interest coverage and net cash
accrual to total debt ratios expected at 1.7 times and 8%,
respectively, in fiscal 2017.

Strength

* Extensive experience of promoters:

The promoters, Mr. S Sivaraman and his sons, Mr. S Prabakaran and
Mr. S Sundar, with over 20 years of experience in manufacturing
coir and neem-based products, have helped establish strong
relationships with customers and suppliers.

Outlook: Stable

CRISIL believes GAPL will continue to benefit over the medium
term from its promoters' extensive experience. The outlook may be
revised to 'Positive' if sustained scaling up of operations and
profitability strengthens the financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of low cash
accrual or weakening of the financial risk profile weakens, most
likely because of large, debt-funded capital expenditure or
deterioration in working capital management, or significant
capital withdrawals.

Established as a proprietorship concern in 1990 as K Sivaram
Brothers and reconstituted as a private limited company in 2007,
GAPL manufactures coir and neem-based products such as coco peat,
coco coir fibre, neem oil, and neem cake. The company is based in
Virudhunagar, Tamil Nadu, and is promoted by Mr. S Sivaraman, Mr.
S Prabakaran, and Mr. S Sundar.

For fiscal 2016, GAPL made a profit after tax (PAT) of INR29.7
lakh on a total income of INR47.3 crore, against a profit after
tax of INR5.3 lakh on a total income of INR21.78 crore for the
previous fiscal.


HCO INFRASTRUCTURE: CRISIL Assigns 'D' Rating to INR3.80MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of HCO Infrastructure (HCOI). The ratings reflect
delay in repayment of HCOI's term loan caused due to elongated
working capital cycle. This weakness is partially offset by
promoters' extensive experience in the road construction
industry.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility      .88        CRISIL D
   Long Term Loan         3.8         CRISIL D
   Bank Guarantee         2.02        CRISIL D
   Cash Credit            1.3         CRISIL D


Key Rating Drivers & Detailed Description

Weakness

* Stretch liquidity caused to elongated working capital cycle:

Due to stretch receivable there are delay in repayment of term
loan and overutilization in cash credit.

Strength

* Extensive experience of the promoters in road construction
   industry:

The partners of the firm have a long standing experience of above
20 years as a contractor in Hubli. Over the period of time
company has successfully completed around 45 projects. The
experience of the proprietor has enabled the firm to establish a
strong presence in the construction segment in Hubli.

Established in 1986, HCOI is a partnership firm by Ravi Hulkoti,
Shailaja Hulkoti and Nikunj Hilkoyi.  Frim is engaged in road
construction constriction of buildings for private players. The
day to day affairs of the firm is managed by Ravi Hulkoti.

HCOI reported profit after tax (PAT) of INR0.08 crore on net
sales of INR2.98 crore for fiscal 2016 and PAT of INR0.10 crore
on net sales of INR3.98 crore for fiscal 2015.


JASBIR SINGH: CRISIL Assigns 'B' Rating to INR12MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Jasbir Singh And Sons Hotels Private Limited
(JSHPL).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Term Loan                12        CRISIL B/Stable

The rating reflects exposure to risks related to timely
stabilisation and commensurate ramp-up in occupancy and revenue
during the initial phase of operations. The rating also factors
in a below-average financial risk profile because of the debt-
funded project and limited cushion available in the expected cash
accrual against fixed debt obligation. These rating weaknesses
are partly offset by the extensive business experience of the
promoters, their funding support, and the long-tenor debt
repayment structure.

Analytical Approach

For arriving at the rating, CRISIL has treated unsecured loans of
INR3.73 crore as on March 31, 2016, extended by the promoters and
their family, as neither debt nor equity. That's because the
loans bear a nominal interest rate and are expected to remain in
the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to risks related to project stabilisation and to
  ramp-up in occupancy

Full-fledged commercial operations began in fiscal 2016. Exposure
related to timely stabilisation of operations and ramp-up in
hotel occupancy, therefore, continue to constrain the credit risk
profile.

* Below-average financial risk profile

That's because of debt contracted to fund capital expenditure:
gearing should exceed 4 times as on March 31, 2017.

* Exposure to intense competition and susceptibility of revenue
   in economic downturns

Revenue concentration in a single hotel restricts the customer
base, and renders the company vulnerable to competition from
geographically diversified players. Furthermore, revenue is
susceptible to economic downturns.

Strengths

* Extensive entrepreneurial experience of the promoters

The promoters, Mr. Jasbir Singh, Mr. Kulwant Singh, and Mr.
Jaspal Singh have been in the multi brand electronic home
appliances business for more than two decades; this
entrepreneurial experience should continue to support the
business risk profile of the company.

* Fund support from the promoters and long-tenor debt repayment
   Structure

Equity and unsecured loans from the promoters, and the seven-year
tenor of the term debt repayment structure will support liquidity
in the initial years of operations.

Outlook: Stable

CRISIL believes JSHPL will continue to benefit from the extensive
business experience of its promoters and their funding support.
The outlook may be revised to 'Positive' if timely stabilisation
and ramp-up in occupancy leads to anticipated revenue,
profitability, and cash accrual during the initial phase of
operations. The outlook may be revised to 'Negative' if a delay
in stabilisation of operations constrains revenue and cash
accrual, or a stretch in the working capital cycle weakens the
financial metrics, especially liquidity.

Incorporated in 2010, JSHPL is promoted by Mr. Jasbir Singh, Mr.
Kulwant Singh, and Mr. Jaspal Singh. The company operates a four-
star hotel, The Wave International, along with gym, spa,
restaurant, bar, banquet hall, and an open party plot facility
near Jamshedpur, Jharkhand. The hotel, along with other
facilities, became completely operative from fiscal 2016.

Revenue was INR3.32 crore and net loss INR1.07 crore for fiscal
2016, against INR1.42 crore and INR0.89 crore, respectively, for
fiscal 2015.


JINDAL STEEL: 18 Foreign Lenders Agree to Restructure $550MM Loan
-----------------------------------------------------------------
LiveMint reports that eighteen foreign banks, including Standard
Chartered Plc., Barclays Plc., and Deutsche Bank AG, have agreed
to restructure loans to the tune of $550 million given to Jindal
Steel and Power Ltd (JSPL), two people aware of the development
said.

The lenders agreed to a moratorium of between three and five
years on repayments after meeting JSPL chairperson Naveen Jindal
earlier this month, the people cited above said on condition of
anonymity, the Mint relates.

Last year, JSPL failed to meet the repayment schedule for the
April-June quarter due to stressed cash flows, Mint recalls.
According to the report, the firm approached the lenders sometime
in July to restructure the entire debt raised by its subsidiary
JSPL (Mauritius). The lenders asked the firm to furnish
additional guarantees including a stake in its overseas assets,
which according to the people cited above, JSPL was averse to. In
August, the lenders invoked JSPL's corporate guarantees.

"The decision to restructure the debt has been done because the
commodity cycle has improved since the company defaulted on
repayments and the lenders feel restructuring the debt will help
the company to improve cash flows," said one of the two persons
cited above, adding: "Naveen Jindal's personal intervention in
the discussion has also helped soothe the frayed nerves."

"In the meeting, the lenders agreed for the recast and a formal
communication in this regard is expected soon," the second
person, as cited by Mint, said.

Responding to a query from Mint, a JSPL spokesperson said: "The
company has all along been in close engagement with its lender
partners -- both domestic and international -- to keep them
apprised of the developments, as well as avenues and options for
debt restructuring. In line with its lender engagement programme,
JSPL has routine meetings with overseas lenders to appraise and
discuss progressive developments that signal a new dawn for JSPL
in the months to come."

JSPL's consolidated gross debt stood at INR45,175.66 crore as of
September 30 against INR46,816 crore at the end of March 2016.
Its consolidated net loss declined by INR338.54 crore from
INR745.98 crore in the quarter to September to INR407.44 crore in
the quarter to December, Mint discloses.

Jindal Steel and Power Limited (BOM: 532286) --
http://www.jindalsteelpower.com/-- is an India-based steel
producer. The Company's segments include Iron & Steel, Power and
Other. The Other segment consists of aviation services and
machinery division. The Company's product portfolio consists of
steel product mix, construction solutions, and construction
material and solutions. Its steel product mix category includes
rails and head hardened rails, parallel flange beams and columns,
angles and channels, plates, coils and wire rods. Its
construction solutions category includes fabricated steel
section, speedfloor, light gauge structures, insulated dry wall
panel and Jindal Global Road Stabilizers (JGRS). Its construction
material and solutions category includes Jindal Panther Cement,
Fly-Ash Bricks and Light Weight Aggregate (LWA). It has an
installed steel-making capacity of over 6.75 million tons per
annum (MTPA); an installed power generation capacity of
approximately 5,060 megawatts, and pellet-making capacity of over
nine MTPA.


KAJARIA IRON: CRISIL Reaffirms 'B' Rating on INR2MM Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of Kajaria Iron and Steel Company Private
Limited (KISCPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              2        CRISIL B/Stable (Reaffirmed)

   Packing Credit
   (pre-shipment credit)    8        CRISIL A4 (Reaffirmed)

   Post Shipment Credit     5        CRISIL A4 (Reaffirmed)

The ratings reflect the exposure to risks related to intense
competition in the fragmented iron castings industry and working
capital-intensive operations. These rating weakness are partially
offset by the promoters' extensive industry experience.

Key Rating Drivers & Detailed Description

Weaknesses

* Risks related to intense competition and product concentration
   in revenue profile:

The company operates in the highly competitive casting industry
with limited bargaining power with customers. It has a healthy
clientele based in the US and the UAE; most customers have been
associated with KISCPL since inception, resulting in repeat
orders. However, any slowdown in the operations of a particular
customer or cancellation of order by them can constrain revenue
and profitability.

* Working capital-intensive operations:

Operations are working capital intensive with gross current
assets of 133-194 days over the three years through fiscal 2016
driven by stretched receivables.

Strength

* Promoters' experience:

Backed by the experience of promoters, the company has healthy
relationships with suppliers. Furthermore, the customer base is
spread across the US, the UK, Europe, Australia, the Middle East,
Saudi Arabia and others. Over the years, the promoters gained
significant market insight and developed healthy relationships
with customers and suppliers.

Outlook: Stable

CRISIL believes KISCPL will continue to benefit over the medium
term from the promoters' experience. The outlook may be revised
to 'Positive' if substantial increase in scale of operations and
profitability along with better working capital management
strengthens financial risk profile. Conversely, the outlook may
be revised to 'Negative' if financial risk profile, especially
liquidity, weakens due to stretch in working capital cycle, or
any debt-funded capital expenditure plan.

Incorporated in 2008, KISCPL manufactures and exports cast-iron
products to different countries. Its production facility is
located in Howrah (West Bengal), with installed capacity of
18,000 tonne per annum. The company is promoted by the Kajaria
family, which has been in the foundry business for over six
decades. The operations are managed by the promoter-directors Mr.
Akhilesh Kajaria and Mr. Ravi Kumar Kajaria.

Profit after tax was INR21 lakh on operating income of INR32.63
crore in fiscal 2016, against INR23 lakh and INR21.20 crore,
respectively, in the previous year.


MM ENGINEERS: CRISIL Reaffirms B+ Rating on INR3MM Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of MM
Engineers Private Limited (MMEPL) at 'CRISIL B+/Stable/CRISIL
A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         2.5       CRISIL A4 (Reaffirmed)
   Cash Credit            3         CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       2.5       CRISIL A4 (Reaffirmed)

The ratings continue to reflect the company's large working
capital requirement and modest scale of operations in the
intensely competitive heavy engineering segment. These weaknesses
are partially offset by the extensive experience of its promoters
and moderate financial risk profile because of healthy gearing
and comfortable debt protection metrics.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations:

Intense competition in the heavy engineering segment restricts
scale of operations (revenue was INR21.9 crore in fiscal 2016)
and constrains bargaining power with suppliers and customers
(operating margin of 8.1%).

* Working capital-intensive operations:

Gross current assets were high at 192 days as on March 31, 2016
(225 days in the previous year), due to stretched receivables of
147 days and inventory of 43 days.

Strength

* Extensive experience of promoters:

Presence of around four decades in the heavy engineering segment
has enabled the promoters to establish strong relationship with
customers and local suppliers and understand market dynamics.

Outlook: Stable

CRISIL believes MMEPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if significant improvement in
revenue and operating profitability, while maintaining capital
structure, results in a better liquidity. The outlook may be
revised to 'Negative' if lower-than-expected cash accrual, debt-
funded capital expenditure, or deterioration in working capital
management weakens financial risk profile.

Established in Coimbatore in 1978 by Mr. Harish Vagadia, Mr. M
Durairajan, and Mr. G Kaleeswaran, MMEPL manufactures a variety
of cranes and hoists.

For fiscal 2016, profit after tax (PAT) was INR0.53 crore on an
operating income of INR21.9 crore, against a PAT of INR0.51 crore
on an operating income of INR20.7 crore for the previous year.


MAHESH COTSPIN: CRISIL Reaffirms B+ Rating on INR9.28MM Cash Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Mahesh Cotspin Pvt Ltd (MCPL). The rating
continues to reflect the company's small scale of operations in
the highly fragmented cotton ginning industry, and vulnerability
of its operating performance to volatility in cotton prices.
These weaknesses are partially offset by its promoters' extensive
industry experience and established relationships with suppliers
and customers.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            9.28      CRISIL B+/Stable (Reaffirmed)
   Long Term Loan         1.72      CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations in the highly fragmented cotton
  ginning industry:

MCPL has small scale of operations with revenue of INR41.69 crore
in fiscal 2016 and INR30.0 crore till December 2017. The cotton
ginning industry is largely unorganised and has numerous small
players, leading to intense competition.

* Vulnerability of operating performance to volatility in cotton
  prices:

MCPL's operating margin, at 4.6 % in fiscal 2016, is susceptible
to changes in cotton prices, which are volatile as they depend on
the monsoon and are affected by international demand.

Strengths

* Promoters' extensive industry experience and established
  relationships with suppliers and customers:

The company benefits from its promoters' experience of two
decades and their understanding of the dynamics of the local
market, and established relationships with suppliers and
customers. The company has strong relationships with customers,
primarily spinning mills in Solapur, Malegaon, Ichalkarinji, and
Bhivandi in Maharashtra.

Outlook: Stable

CRISIL believes MCPL will continue to benefit from its promoters'
extensive industry experience and established relationships with
suppliers and customers. The outlook may be revised to 'Positive'
if higher-than-expected cash accrual results in a better
financial risk profile. The outlook may be revised to 'Negative'
if lower-than-expected cash accrual, or stretch in working
capital cycle, or large, debt-funded capital expenditure weakens
the financial risk profile, particularly liquidity.

MCPL was incorporated in May 2012 to take over the operations of
proprietorship firm Mahesh Industries, which was set up by Mr.
Radheshyam Bhandari in 2005. The company processes raw cotton
(kapas) into cotton bales. It also crushes cotton seed to
manufacture cotton seed cake and oil. The company sells its
products in Maharashtra.

Profit after tax (PAT) was INR0.17 crore on total revenue of
INR41.69 crore in fiscal 2016, against a PAT of INR0.07 crore on
total revenue of INR46.8 crore in fiscal 2015.


MAXWELL AUTO: CRISIL Assigns 'D' Rating to INR8MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Maxwell Auto Components Private Limited (MACPL).

                          Amount
   Facilities            (INR Mln)      Ratings
   ----------            ---------      -------
   Proposed Long Term
   Bank Loan Facility        1.75       CRISIL D
   Cash Credit               5.75       CRISIL D
   Cash Term Loan            8.00       CRISIL D

The rating reflects the company's delay in meeting term loan
obligation because of weak liquidity. The company has a below-
average financial risk profile. However, it benefits from its
promoter's extensive experience in the automotive components
industry.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile:

MACPL's high gearing (2.4 times as on March 31, 2016) and low
interest coverage (0.91 times in fiscal 2016) constrain its
financial risk profile.

Strength

* Extensive experience of promoter:

Business risk profile is strengthened by the promoter's extensive
experience in the automotive components business.

Incorporated in 2011, MACPL manufactures grey and spheroidal
graphite (SG) iron casting products for customers in the
automobile, heavy vehicle, and transmission industries. It is
promoted by Mr. A Chandrasekaran.

MACPL had a net loss of INR2.5 crore on revenue of INR32.7 crore
for fiscal 2016, against a net loss of INR2.1 crore on revenue of
INR28.3 crore for fiscal 2015.


MINTECH GLOBAL: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Mintech Global
Private Limited (MGPL) a Long-Term Issuer Rating of 'IND B+'.
The Outlook is Stable.  The instrument-wise rating actions are:

   -- INR25 mil. Fund-based working capital limits assigned with
      IND B+/Stable/IND A4 rating; and

   -- INR220 mil. Term loan assigned with IND B+/Stable rating

                         KEY RATING DRIVERS

The ratings reflect MGPL's short track record of operations,
given the company commenced commercial operations (AAC block and
fly ash brick divisions) in August 2016 and FY18 will be its
first full year of operations.  Its ready mortar dry mix division
would commence commercial operations in March 2017, according to
the company.  Ind-Ra believes MGPL's ability to stabilize
operations and generate positive cash flows can be ascertained
after a full year of operations.

The ratings, however, are supported by a long-term contract of 10
years with a customer for the supply of its entire production, as
it provides revenue visibility.  Moreover, the promoters have
extensive experience in building material manufacturing and
construction.

                       RATING SENSITIVITIES

Negative: Inability to scale up as expected by the management
leading to stress cash flow will be negative for the ratings.

Positive: Scheduled commencement of operations of the ready
mortar dry mix division and stabilization of operations, with
revenue and profitability in line with management expectations,
will be positive for the ratings.

COMPANY PROFILE

Incorporated in February 2014, MGPL is a Telangana-based
manufacturer of ready mortar dry mix, autoclaved aerated concrete
blocks and fly ash/solid/hallow bricks.  According to provisional
financial for the six months ended January 2017, revenue was
INR62.6 million.


MISHRA POLYPACKS: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Mishra Polypacks
Private Limited (MPPL) a Long-Term Issuer Rating of 'IND BB-'.
Instrument-wise rating action is:

   -- INR150 mil. Fund-based working capital limits assigned with
      IND BB-/Stable/IND A4+ rating

                         KEY RATING DRIVERS

The ratings reflect MPPL's moderate credit metrics owing to an
increase in short-term debt and low EBITDA margin.  In FY16, net
leverage (Ind-Ra adjusted net debt/operating EBITDAR) was 4.6x
(FY15: 4.8x) and EBITDA interest coverage was 1.2x (1.4x).
Short-term debt increased to INR115.9 million in FY16 (FY15:
INR75.7 million) on account of an increase in working capital
requirement.  EBITDA margin was 1.9%-2.1% over FY13-FY16 inherent
to the trading business.

The ratings are also constrained by MPPL's tight liquidity
position due to the working capital intensive nature of the
operations.  The company's average peak use of cash credit
facilities was 99% during the 12 months ended January 2017.  The
ratings also factor in MPPL's presence in a highly competitive
industry.

However, the ratings are supported by MPPL's moderate scale of
operations.  Revenue grew at a CAGR of 27.4% to INR1,052.9
million over FY13-FY16 due to increased orders from existing and
new customers.  The ratings also benefit from the promoters'
extensive experience in trading of iron and steel products, and
packaging materials, leading to well-established relationship
with customers and suppliers.

                       RATING SENSITIVITIES

Positive: A substantial growth in revenue and/or improvement in
the EBITDA margins leading to a sustained improvement in the
credit metrics will lead to a positive rating action.

Negative: A decline in revenue and/or the EBITDA margins leading
to a sustained deterioration in the credit metrics could lead to
a negative rating action.

COMPANY PROFILE

Incorporated in September 1994, MPPL is engaged in trading of
high-density polyethylene, polypropylene bags, gunny bags, and
iron and steel products in Hyderabad, Telangana.


MOTHERLAND GARMENTS: CRISIL Reaffirms B+ Rating on INR5.94MM Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Motherland Garments Private Limited (MGPL) at 'CRISIL
B+/Stable'.

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

   Long Term Loan          1.86     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      5.94     CRISIL B+/Stable (Reaffirmed)

   SME Credit               .2      CRISIL B+/Stable (Reaffirmed)

The rating reflects a modest scale, and working capital-intensive
nature, of operations, and a below-average financial risk profile
because of a small networth. These rating weakness are partially
offset by the extensive experience of the promoter in the
redymade garments industry, and healthy operating capabilities.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and exposure to intense
   competition:

This restricts any benefits of economies of scale, while large
players have better efficiencies and pricing power.

* Below-average financial risk profile:

The networth was small at INR2.27 crore as on March 31, 2016, due
to limited accretion to reserves. The networth is expected to
remain at a similar level over the medium term.

Strength

* Extensive industry experience of the promoter:

The promoter has an experience of over two decades in the
garments industry, leading to an established relationship with
customers This has resulted in a healthy compound annual growth
rate of around 25% over the three fiscals through 2016.

Outlook: Stable

CRISIL believes MGPL will continue to benefit from extensive
industry experience of its promoter. The outlook may be revised
to 'Positive' in case of a significant increase in the scale of
operations and profitability, leading to healthy cash accrual and
a better capital structure. The outlook may be revised to
'Negative' if the financial risk profile deteriorates, most
likely because of large, debt-funded capital expenditure, or a
significant decline in volumes or operating margin resulting in
lower cash accrual.

MGPL was incorporated in 2005, promoted by Mr. A J Pandian. The
company undertakes chemical washing and colouring of readymade
garments on a job-work basis at its facilities in Chennai and
Bengaluru.

Profit after tax was INR0.46 core on net sales of INR10.47 crore
for fiscal 2016, vis-a-vis INR0.33 crore and INR8.83 crore,
respectively, in fiscal 2015.


NARAYAN AGRO: CRISIL Assigns 'C' Rating to INR7MM Cash Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Narayan Agro Foods Limited (NAF) and has assigned
'CRISIL C' rating to the facility. CRISIL had on April 7, 2016,
'Suspended' its ratings on the bank facilities, as NAF had not
provided necessary information required for the rating review.
NAF has now shared the requisite information enabling CRISIL to
assign its ratings to the bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              7        CRISIL C (Assigned;
                                     Suspension Revoked)

The rating reflects NAF's stretched liquidity, marked by working-
capital-intensive operations, resulting in near full utilisation
of working capital limit. The rating also reflects modest scale
of operations in the fragmented dairy industry, and average
financial risk profile, marked by moderate gearing and average
debt protection metrics. These weaknesses are partially offset by
the extensive industry experience of promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in a fragmented industry:

Despite being in business for four decades, scale of operations
has remained modest with operating income of INR45.5 crore for
fiscal 2016. The modest scale limits the bargaining power with
customers and suppliers.

* Average financial risk profile:

Financial profile is average with interest coverage of 1.56 times
and net cash accrual to total debt (NCATD) of 0.05 time in fiscal
2016. Liquidity is stretched with high bank limit utilisation
driven by working capital intensive operations.

* Working capital intensive operations:

Gross current assets were 181 days as on March 31, 2016, owing to
large inventory holding (70-90 days) and moderate receivable
collection cycle.

Strength

* Extensive experience of promoters:

The longstanding presence of the promoters in the industry has
helped NAF establish its position in the domestic dairy products
through its brands, Shakti, Jiwan and Gauma.

NAF was set up in 1976 by the Goyal family as Jiwan Milk and
Allied Specialities Ltd and got its current name in 2007. The
company processes skimmed milk powder and ghee and sells under
Shakti, Jiwan and Gauma brand.

Net profit was INR0.29 crore on operating income of INR45.5 crore
for fiscal 2016, against INR0.27 crore and INR54.8 crore for
fiscal 2015.


NATRAJ ELECTRO: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Natraj Electro
Casting Private Limited (NECPL) a Long-Term Issuer Rating of
'IND B+'.  The Outlook is Stable.  The instrument-wise rating
action is:

   -- INR80 mil. Fund-based limits assigned with IND B+/Stable
      rating;

   -- INR200 mil. Long-term loans assigned with IND B+/Stable
      rating; and

   -- INR15.35 mil. Non- fund-based limits assigned with INDA4
      rating

                         KEY RATING DRIVERS

The ratings reflect the completion risk stemming from the nascent
stage of NECPL's upcoming kraft paper manufacturing plant which
is slated to commence operations from October 2017.

The company has not started utilizing its working capital limits.

The ratings are supported by the locational advantage of the
plant by being located close to Durgapur which is one of the
major industrial cities of West Bengal and well known for
abundant availability of manpower.

                       RATING SENSITIVITIES

Positive: Timely completion of the project within the projected
cost outlay will be positive for the ratings.

Negative: Any time or cost overrun will be negative for the
ratings.

COMPANY PROFILE

Incorporated in 2004, NECPL is setting up a kraft paper
manufacturing plant in Burdwan, West Bengal.


OMEGA DESIGNS: CRISIL Lowers Rating on INR4.50MM Loan to B+
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Omega
Designs (OD) to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting       3.25       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Letter of Credit       0.50       CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Packing Credit         3.25       CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Proposed Fund-Based    4.50       CRISIL B+/Stable (Downgraded
   Bank Limits                       from 'CRISIL BB-/Stable')

The downgrade reflects deterioration in the firm's business risk
profile because of continuous decline in operating income and
margin. The operating income fell to INR25 crore in fiscal 2016
from INR30 crore in the previous fiscal, and is expected to
decline to INR20 crore in fiscal 2017 due to reduced demand. The
operating margin slipped to 4.6% in fiscal 2016 from 4.9% in
fiscal 2015 on account of increase in labour cost, and is likely
to drop to 4% in fiscal 2018.

The firm's financial risk profile weakened in 2016, with gearing
and networth deteriorating to 8.26 times and INR1.13 crore as on
March 31, 2016 from 5.03 times and INR1.59 crore as on March 31,
2015. The financial risk profile is, however, expected to improve
with fund infusion of INR4.85 crore by the partners in fiscal
2017. Debt protection metrics also deteriorated in fiscal 2016,
with interest coverage declining to 1.81 times from 2.25 times in
fiscal 2015 on account of fall in operating income and margin.

The ratings reflect OD's weak financial risk profile, client
concentration in revenue, small scale of operations, and large
working capital requirement. These weaknesses are partially
offset by partner's extensive experience in the readymade
garments segment.

Analytical Approach

CRISIL has changed its earlier analytical approach of combining
the business and financial risk profiles of OD and group entity
Omega Designs Pvt Ltd (ODPL). CRISIL has now considered OD's
standalone business and financial risk profiles because of a
change in the management of ODPL and with no support expected
from ODPL to OD.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile

Gearing was high and networth small, at 8.26 times and INR1.13
crore, respectively, as on March 31, 2016, and are likely to
improve to 0.84 time and INR6 crore as on March 31, 2017, on
account of expected capital infusion of INR4.85 crore by
partners. Debt protection metrics remained average, with interest
coverage ratio at 1.8 times in fiscal 2016 on account of
declining operating income and profitability.

* Client concentration in revenue and small scale of operations

OD operates on a modest scale with operating income of INR25
crore in fiscal 2016, in the highly competitive and fragmented
readymade garments industry. Its top 4 customers account for 96%
of revenue.

* Large working capital requirement

The firm had gross current assets of 162 days as on March 31,
2016, due to receivables and inventory of 67 days and 66 days,
respectively. The working capital requirement will remain large
over the medium term.

Strengths
* Partners' extensive experience in the readymade garments
   industry and their funding support

OD's partners have been in the readymade business for more than
20 years. The partners are likely to infuse INR4.85 crore in
fiscal 2017.

Outlook: Stable

CRISIL believes OD will continue to benefit from its partners'
extensive industry experience. The outlook may be revised to
'Positive' if operating income and margin increase substantially,
and working capital management improve, leading to a better
financial risk profile. The outlook may be revised to 'Negative'
if low cash accrual, or large debt-funded capex weakens the
financial risk profile or working capital cycle.

OD, a partnership concern set up in 1995 by Mr. Dilip Dugar and
his wife Ms Kavita Dugar, manufactures ready-made garments
(cotton skirts, tops, caps, and capris for kids), and sells to
department stores such as TJ Maxx, Max Holdings & Investments
Ltd, Kirei Ltd, and Memo Fashions. The firm's production unit is
in Gurgaon, Haryana.

For fiscal 2016, net profit was INR0.07 crore on net sales of
INR25 crore, against a net profit of INR0.16 crore on net sales
of INR30 crore for fiscal 2015.


OSWAL TRADERS: Ind-Ra Raises Long-Term Issuer Rating to 'BB+'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Oswal Traders
and Travels Private Limited's (OTTPL) Long-Term Issuer Rating to
'IND BB+' from 'IND BB'.  The Outlook is Stable.  The instrument-
wise rating actions are:

   -- INR400 mil. Fund-based working capital limit raised to
      IND BB+/Stable rating;

   -- INR400 mil. Fund-based working capital limit affirmed with
      IND A4+ rating; and

   -- INR40 mil. Non-fund-based bank guarantee affirmed with
      IND A4+

                         KEY RATING DRIVERS

The upgrade reflects the improvement in OTTPL's top line growth
and credit metrics; however, the credit profile remains moderate
due to stiff competition and working capital intensive nature of
business, both inherent in the retail trade industry.

During FY16, the company's revenue grew 7.8% yoy to INR461.77
million (FY15: 5.9% yoy) and EBITDA increased to INR92.68 million
(INR85.58 million) with EBITDA margins of 20.1% (19.97%), on
account of a rise in the sale of premium handicraft items.  Gross
interest coverage ratio (operating EBITDA/gross interest expense)
was 1.81x in FY16 (FY15: 1.71x), net leverage ratio (total
adjusted net debt/operating EBITDA) was 2.89x (3.5x) and working
capital cycle was 763 days (802 days).

Moreover, the agency believes the company will report a higher
revenue growth rate in FY17, in view of 9MFY17 revenue of
INR424.59 million and orders in hand of worth INR130 million.

The ratings are further constrained by the company's stressed
liquidity position as reflected by its 99.8% utilization of the
fund-based facilities during the 13 months ended February 2017.

The ratings, however, are supported by the company's promoters'
more than four decades of experience in the business of retail
trade of handicraft products.

                        RATING SENSITIVITIES

Negative: Deterioration in the credit metrics would be negative
for the ratings.

Positive: A significant increase in the overall top line along
with an improvement in the credit metrics on a sustained basis
would be positive for the ratings.

COMPANY PROFILE

Incorporated in 1987, OTTPL is an Agra-based company engaged in
the retail trade of handicraft products such as marble artefacts,
marble home furnishing, Kashmiri silk & woven carpets, precious
stones, jewellery items, curtains etc.  The company has its own
retail store named 'Kalakriti' and one auditorium named
'Kalakriti Conventional and Cultural Center' located in Agra.
The company is promoted by Mr. Ashok Jain and his family.


PARA ENTERPRISES: CRISIL Lowers Rating on INR28MM Cash Loan to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Para
Enterprises Pvt Ltd (PEPL) to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              28       CRISIL D (Downgraded
                                     from 'CRISIL B/Stable')

   Letter of Credit         10       CRISIL D (Downgraded
                                     from 'CRISIL A4')

   Proposed Long Term        8.1     CRISIL D (Downgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Working Capital          13.9     CRISIL D (Downgraded
   Term Loan                         from 'CRISIL B/Stable')

The rating downgrade reflects continuous overdrawal in cash
credit facility for more than 30 days during the past 3 months,
primarily on account of stretch in receivables. PEPL has working
capital intensive nature of operations as reflected by the Gross
current asset (GCA) days of 188 as on March 31, 2016.

The ratings also reflect exposure of PEPL's revenues to changes
in government regulations and its below-average financial risk
profile. However the company benefits from the extensive
experience of PEPL's promoters in the Wind Engineering
Procurement Construction (EPC) business.

Key Rating Drivers & Detailed Description

Weakness

* Exposure of revenues to changes in government regulations:

Government policies have been in general conductive for the wind
energy sector. However, any change in government policies
relating to depreciation or tax holidays for wind power
generation companies could impact PEPL's business performance.

* Below-average financial risk profile:

PEPL's networth as on March 31, 2016 was negative INR3.2 crores
due to accumulated losses. Debt protection metrics were below-
average as reflected by interest coverage of 1.23 times for
fiscal 2016.

Strengths

* Extensive experience of PEPL's promoters in the Wind
   Engineering Procurement Construction (EPC) business:

PEPL is a part of the Pioneer Asia Group, Sivakasi (Tamil Nadu)
which was set up in 1945. The group has diversified business
interest in textiles, wind energy, chemicals, infrastructure
development, printing and packaging, plantations and non-ferrous
forging. The promoters set up the first private sector wind farm
connected to the Tamil Nadu Electricity Board (TNEB) grid in
1989. On account of the extensive experience of promoters over
2.5 decades in setting up of wind turbine generators, PEPL has
acquired a healthy customer base pan India.

Incorporated in December 1996, PEPL is a Chennai based company
engaged in undertaking wind EPC contracts in  the 250 Kw and 750
Kw windmills segment (around 70 percent of revenue) and
manufacturing and export of match sticks and skillets (around 30
percent of revenue).

PEPL reported Profit after tax (PAT) of INR1.4 crores on revenue
of INR167 crores in fiscal 2016, as against loss of INR10.0
crores on revenue of INR98 crores in fiscal 2015.


PREMIER CARWORLD: CRISIL Hikes Rating on INR37.5MM Loan to BB-
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Premier Carworld Private Limited (PCPL) to 'CRISIL BB-/Stable'
from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             37.5      CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The upgrade reflects consistent increase in scale of operations
in the last three years due to increased demand for Maruti Suzuki
India Ltd (MSIL; rated 'CRISIL AAA/Stable/CRISIL A1+') passenger
cars. Further, CRISIL believes that PCPL will be able to sustain
its scale over the medium term on account of its established
market presence in its catchment area.

The rating action also reflects improvement in the company's
liquidity profile, with average back limit utilisation improving
to 53% in the 12 months ended August 2016 from 75% during the
last review. The overall liquidity profile remained supported by
continuous infusion of unsecured loans by promoters, which stood
at INR27.19 crores as on March 31st, 2016. CRISIL believes that
the company will be able to sustain its liquidity profile over
the medium term backed by stable cash generation against
negligible term-debt repayment obligation.

The rating reflects PCPL's comfortable liquidity risk profile and
prudent working capital management. These strengths get partially
offset by PCPL's adverse capital structure and its exposure to
intense competition in the automotive dealership business.

Analytical Approach

For arriving at the rating, unsecured loans of INR27 Crores from
promoters, relatives, and body corporates have been treated as
neither debt nor equity based on the undertaking obtained from
the management.

Key Rating Drivers & Detailed Description

Strengths

* Comfortable liquidity:

Enhanced bank limit of INR37.50 crore against earlier limit of
INR22.50 crores helps in meeting the operational requirement.
Timely infusion of unsecured loans also supports liquidity. Net
cash accrual of INR3.95 crore in FY-2015-16 will be sufficient to
meet term debt obligation of INR30 lakh in FY-2015-16.

* Prudent working capital management:

Inventory was small at 15 days as on March 31, 2016 (30 days on
average). Moreover, any downward revision in prices is borne by
the principal. In case of upward price revision, PCPL does not
have to share the benefit with MSIL. Also, receivables risk is
minimal since clientele is diverse and sales are either on cash
basis or funded by financial institutions.

Weaknesses

* Adverse capital structure:

Continuous losses in the past has eroded networth, which exposes
credit risk profile to sudden change in business condition.
Capital structure is expected to remain weak over the medium
term.

* Exposure to intense competition in the automotive dealership
   business:

Operations depend on principal, MSIL. Furthermore, the company
has to compete with six other MSIL dealers in Kolkata and also
with dealers of other auto makers. Automobile manufacturers
normally encourage many dealerships to improve market
penetration. Moreover, principals themselves remain under
competitive stress. Hence, they tend to squeeze margins of
dealers to reduce cost.

Outlook: Stable

CRISIL believes PCPL will benefit over the medium term from its
established relationship with MSIL. The outlook may be revised to
'Positive' if higher-than-expected accrual or substantial capital
infusion improves financial risk profile, particularly capital
structure and liquidity. The outlook may be revised to 'Negative'
if lower-than-expected accrual, stretched working capital cycle,
or any large, debt-funded capital expenditure constrains
financial risk profile, particularly liquidity.

Incorporated in 2010 and promoted by Mr. Ramesh Chandra Agarwal,
PCPL is an authorised dealer of MSIL's passenger and commercial
vehicles in Kolkata.

Profit after tax (PAT) was INR2.17 crores on revenue of INR340
crore in fiscal 2016, against PAT of INR78 lakhs on revenue of
INR263 crore in fiscal 2015.


PRINT-TECH OFFSET: CRISIL Reaffirms 'B' Rating on INR3.75MM Loan
----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facility of Print-Tech Offset Private Limited (PTOPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Capex Letter of
   Credit                  5.25      CRISIL A4 (Reaffirmed)

   Cash Credit             2.50      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
    Bank Loan Facility     1.00      CRISIL B/Stable (Reaffirmed)

   Term Loan               3.75      CRISIL B/Stable (Reaffirmed)

The ratings reflect the weak financial risk profile because of
small networth, and high gearing, and the working capital-
intensive nature of operations. These weaknesses are partially
offset by extensive experience of the promoters in the printing
industry, and their established relationships with customers and
suppliers.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital intensity in operations:

Gross current assets, receivables and inventory of 139, 79 and 38
days, respectively, as on March 31, 2016, reflect the moderate
working capital intensity. Receivables have been high over the
past three years. Working capital requirement is met via
stretched payables (60-90 days), and bank debt.

* Weak financial risk profile:

Networth, at INR2.5 crore expected as on March 31, 2017, remains
constrained by the low accretion to reserves, arising from the
small scale of operations. Small networth, coupled with working
capital-intensive operations and debt-funded capex undertaken in
the past, has resulted in high gearing of 4.84 times as on March
31, 2016. Though gearing is expected to improve gradually, aided
by better accretion to reserves and scheduled term debt
repayment, it may continue to be high in the medium term. Despite
the highly leveraged capital structure, comfortable operating
margin has resulted in healthy debt protection metrics. Net cash
accrual to total debt and interest coverage ratios stood at 0.15
time and 2.72 times, respectively, in fiscal 2016.

Strength
* Extensive experience of the promoters:

Benefits from the decade-long experience of the promoters,
healthy relationships with customers and suppliers, and the
proven track record in the printing industry, will continue. The
company caters to over 40 customers across eastern India, and
supplies printed material such as brochures, magazines, books,
and templates to entities such as Kadambinee Media Pvt Ltd, KIIT
University, NALCO, Odisha Textbook Bureau, and Central Tool Room
& Training Centre.

Outlook: Stable

CRISIL believes PTOPL will continue to benefit from the extensive
experience of its promoters, and their established relationships
with customers and suppliers. The outlook may be revised to
'Positive,' if the company reports substantial growth in revenue
and stable profitability, or an improvement in liquidity. The
outlook may be revised to 'Negative' in case of a decline in
operating margin, or if any large, debt-funded capital
expenditure, or a stretch in the working capital cycle, weakens
the capital structure, especially liquidity.

PTOPL, set up in 2004, is engaged in the offset printing
business. The product portfolio includes brochures, magazines,
and books. The printing facility is at Bhubaneswar. Operations
are managed by the promoter-directors, Mr. Brundaban Behera and
Mr. Biswa Ranjan Nayak.

The company reported profit after tax (PAT) of INR0.13 crore on
net sales of INR12.15 crore in fiscal 2016, as against INR0.17
crore and INR8.99 crore, respectively, in fiscal 2015.


RK-CPR: CRISIL Assigns B+ Rating to INR30MM Long Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of RK-CPR (JV).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility      30         CRISIL B+/Stable

The rating reflects its high demand and funding risks associated
with its on-going project named 'Bella Vista' and its exposure to
cyclicality in the Indian real estate industry. These rating
weaknesses are partially offset by the benefits derived from the
extensive experience of its partners in the real estate industry.

Key Rating Drivers & Detailed Description

Weaknesses

* High project risks related to demand and funding of its
   ongoing projects, supported by the advanced stages of their
   construction along with moderate bookings and receipt of
   customer advances:

RK-CPR faces high project risk marked by high funding and demand
risk. Against modest construction, it has nil bookings as the
project is yet to be launched. Also, the funding risk is high as
the funds have not been tied up with any bank.

* Exposure to cyclicality in the Indian real estate industry:

RK-CPR's business risk profile is susceptible to slowdown in the
Indian real estate market. The real estate sector in India is
cyclical and is marked by volatile prices, opaque transactions,
and a highly fragmented market structure. The execution of the
real estate projects in India is affected by multiple property
laws and non-standardised government regulations across the
states. CRISIL believes that RK-CPR will remain susceptible to
risks arising out of slowdown in the Indian real estate market
over the medium term.

Strength

* Partner's extensive experience in real estate development
   business:

RK-CPR benefits from the partner's extensive experience in the
residential real estate business. The company is promoted and
managed by Mr. K V Chalapati Reddy who has almost one decade of
industry experience. CRISIL believes that the company's business
risk profile benefits from the extensive industry experience of
its partners in the residential real estate development business.

Outlook: Stable

CRISIL believes that RK-CPR (JV) will continue to benefit over
the medium term from its partners' extensive experience in the
real estate industry. The outlook may be revised to 'Positive' in
case of a considerable increase in bookings of units and in
receipt of customer advances, leading to substantial cash
inflows. Conversely, the outlook may be revised to 'Negative' if
the firm faces significant pressure on its liquidity because of
low customer bookings or delayed receipt of customer advances for
its ongoing as well as new projects and substantial increase in
debt

Established in 2012, RK-CPR (JV) is engaged in residential real
estate construction business in Hyderabad, Telanagana. It is
joint venture between C P R Constructions Private Limited (rated
CRISIL BB-/Stable) and R.K.Infracorp Pvt Ltd. The company has two
on-going projects under the name 'Palmridge' and 'BellaVista'.
The company is promoted and managed by Mr.K V Chalapati Reddy.


SATYAM ISPAT: CRISIL Cuts Rating on INR20.9MM Cash Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Satyam Ispat (North East) Limited (SINEL) to 'CRISIL D/CRISIL D'
from 'CRISIL C/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          0.5       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit            20.9       CRISIL D (Downgraded from
                                     'CRISIL C')

   Letter of Credit        9.5       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Proposed Term Loan      9.2       CRISIL D (Downgraded from
                                     'CRISIL C')

   Working Capital        13.9       CRISIL D (Downgraded from
   Term Loan                         'CRISIL C')

The downgrade reflects instances of delay by SINEL in servicing
its debt because of weak liquidity on account of tightly matched
cash accrual and debt obligation, and intensive working capital
management.

SINEL has large working capital requirement and limited pricing
flexibility because of intense competition in the steel industry.
The company, however, benefits from semi-integrated operations.

Key Rating Drivers & Detailed Description

Weaknesses
* Large working capital requirement:

Operations are highly working capital intensive. The average
gross current assets were at 752 days as on March 31, 2015. The
working capital cycle is stretched because of 60-90 days of
credit to customers and inventory up to 270 days. Stretched
receivables also impact the ability to honour letter of credit
payment on time.

* Limited pricing flexibility because of intense competition
   in the steel industry:

The domestic steel industry is highly fragmented, with a large
number of small players entering the relatively less capital-
intensive business. SINEL is a small player in the domestic
secondary steel industry, manufacturing thermos-mechanically
treated (TMT) bars with an installed capacity of 67,200 tonne per
annum using billets and ingots as key raw materials.

Strength

* Average business risk profile, supported by semi-integrated
   nature of operations:

Promoters have over a decade of experience in the steel industry
through group companies, which are involved in manufacturing
construction resources.

SINEL, incorporated in 2005, is a part of Satyam Group of
Industries. It commenced commercial operations in April 2007, and
manufactures TMT bars and mild steel billets, which it sells
under Satyam Super TMT brand. The company has a semi-integrated
plant in Assam, with capacity to manufacture TMT and mild steel
billets.

SINEL reported a profit after tax of INR28 lakh on net sales of
INR82.35 crore for fiscal 2015 against a profit after tax of
INR37 lakh on net sales of INR83.39 crore for fiscal 2014.


SAVINO CERAMIC: CRISIL Reaffirms B+ Rating on INR2.5MM Cash Loan
----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Savino Ceramic Private Limited (SCPL)

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

   Cash Credit             2.5      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      1.8      CRISIL B+/Stable (Reaffirmed)

   Term Loan               4.3      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect SCPL's average financial risk
profile because of a small networth, modest scale and working
capital-intensive operations in the highly fragmented ceramic
industry, and susceptibility to volatility in raw material and
fuel (gas) prices. These weaknesses are partially offset by the
extensive experience of promoters and favourable location of its
manufacturing facility, ensuring easy availability of raw
material and labour.

Analytical Approach

For arriving at the ratings, CRISIL has treated as neither debt
nor equity, unsecured loans of INR4.68 crore received from
directors, family members, and friends as on March 31, 2016. That
is because the loans bear a nominal interest rate and are
expected to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest and subdued scale of operations in the fragmented and
   competitive wall tile manufacturing industry:

The company commenced commercial production in fiscal 2014, but
its scale of operations remains modest. The revenue declined in
fiscal 2016 vis-a-vis fiscal 2015 and revenue growth is expected
to remain subdued in fiscal 2017 as well. This is because the
ceramic tiles industry is intensely competitive and has many
small and large players.

* Susceptibility to volatility in raw material and fuel (gas)
   prices

Operations are susceptible to fluctuations in raw material and
fuel prices as competition limits ability to pass on input price
increases to customers.

* Working capital-intensive operations

Operations will remain working capital intensive, as reflected in
gross current assets of 269 days as on March 31, 2016, mainly
because of large receivables and inventory. Working capital
requirement is partly supported by credit from suppliers. The
operations remain working capital intensive.

* Average financial risk profile:

Financial risk profile has remained average on the back of small
networth of INR3.45 crore and average gearing of 1.71 times as on
March 31, 2016.

Strengths

* Promoters' extensive experience in the ceramic industry:

Promoters Mr. Manoj Kalariya, Mr. Vishal Kalariya and Mr. Satish
Vadsola have experience of over a decade in manufacturing and
trading in ceramic tiles.

* Funding support from promoters in the form of unsecured loans:

Business operations are supported by unsecured loans from
promoters which as on March 31, 2016, was INR4.68 crore from
which infusion in fiscal 2016 was INR0.45 crore.

* Strategic location of plant:

The company's manufacturing facility is at Morbi, Gujarat, which
is a tile manufacturing hub, and benefits from easy availability
of raw materials and labour, resulting in moderate operating
efficiency.

Outlook: Stable

CRISIL believes SCPL will continue to benefit over the medium
term from its promoters' extensive experience and strategic
location of its plant. The outlook may be revised to 'Positive'
if revenue and profitability improve, leading to higher-than-
expected cash accrual coupled with efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of lower-than-expected cash accrual or further stretch in
the working capital cycle, or any large, debt-funded capital
expenditure leading to deterioration in the financial risk
profile and liquidity.

Established in February 2013, SCPL, promoted by Mr. Manoj
Kalariya, Mr. Vishal Kalariya and Mr. Satish Vadsola,
manufactures digitally printed glazed wall tiles of various
sizes. Its manufacturing facility at Morbi  has an installed
capacity of 9000 box per day.

Revenue was INR10.87 crore and net loss was INR0.15 crore for
fiscal 2016, against INR18.26 crore and INR0.16 crore,
respectively, for fiscal 2015.


SECO WARWICK: CRISIL Lowers Rating on INR4.88MM Loan to B+
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Seco
Warwick Allied Private Limited (SWAPL) to 'CRISIL
B+/Negative/CRISIL A4' from 'CRISIL BB+/Negative/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         12       CRISIL A4 (Downgraded
                                   from 'CRISIL A4+')

   Cash Credit             6.5     CRISIL B+/Negative (Downgraded
                                    from 'CRISIL BB+/Negative')

   Letter of Credit        0.75    CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Proposed Long Term      4.88    CRISIL B+/Negative (Downgraded
   Bank Loan Facility               from 'CRISIL BB+/Negative')

   Term Loan               2.5     CRISIL B+/Negative (Downgraded
                                   from 'CRISIL BB+/Negative')

The downgrade reflects continuous deterioration in business and
financial risk profiles due to decline in revenue, and operating
as well as net losses. Sales fell steeply to INR35.14 crore in
fiscal 2016 from INR70.62 crore in the previous year, and are
expected to decline further to less than INR30 crore in fiscal
2017 due to muted demand from the steel sector amid adverse
industry conditions and economic slowdown. Furthermore, provision
for substantial doubtful receivables and higher fixed costs led
to steady losses. Operating loss was 26% of total revenue during
fiscal 2016 (vis-a-vis 10% in the previous year) and the same,
although likely to reduce, will continue in the current fiscal as
well. Losses substantially eroded networth and severely affected
key financial metrics. The company has added new products and
tried to reduce revenue concentration by targeting other industry
segments.

Order book is moderate at INR33 crore as on date, to be executed
in the next 10-12 months. Improvement in revenue and
profitability remains a key monitorable.

The ratings reflect SWAPL's weak financial risk profile, large
working capital requirement and susceptibility to volatility in
raw material prices and economic downturns. These weaknesses are
partially offset by technological and funding support from SWS.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile:

Networth was small and debt protection metrics weak.

* Large working capital requirement:

The GCAs were 480 days as on March 31, 2016, due to sizeable
inventory and stretched receivables, amid decline in revenue.
Moreover, payment from customers were delayed and the company had
provided for doubtful receivables of over INR18 crore in the last
three years.

* Susceptibility to volatility in raw material prices and
   economic cycles:

Raw material cost comprises 60-65% of total revenue, so any
adverse fluctuation in input prices will affect operating margin.
This is because of limited flexibility to pass on increase in raw
material prices to customers as most of the contracts are fixed-
price.

Strength

* Technological and funding support from SWS:

In fiscal 2014, SWS bought-out the Indian promoters' stake in
tranches to acquire a controlling stake in SWAPL (98.53% as on
March 31, 2016). Post-acquisition, SWS has provided operational
and financial support, which led to SWAPL launching high-value
and advanced product lines such as vacuum furnaces (used
primarily in the automotive, aircraft, and defence industries),
controlled atmosphere brazing of aluminium, and aluminium process
technology to diversify revenue from the steel industry.

Outlook: Negative

CRISIL believes SWAPL's credit risk profile will remain weak over
the medium term due to loss-making operations. The ratings may be
downgraded if continued pressure on revenue and working capital
management leads to further losses and weakening of liquidity.
The outlook may be revised to 'Stable' in case of higher-than-
expected revenue growth with better profitability or if financial
risk profile, particularly liquidity, improves with sizeable
equity infusion.

SWAPL was set up in 1973 by Mr. V N Nasta, Mr. U V Rao, and Mr. N
Rajgopal as Allied Consulting Engineering Pvt Ltd. The company
got its current name when promoters entered into an equal joint
venture with SWS in 2008. In May 2013, SWS acquired additional
stake in SWAPL to become the major shareholder. SWAPL
manufactures industrial furnaces and spare parts, primarily for
steel mills. Units are in Thane and Shahapur in Maharashtra.

Net loss was INR13.78 crore on net sales of INR35.14 crore for
fiscal 2016, against INR7.74 crore and INR70.62 crore,
respectively, for fiscal 2015.


SITARAM HISSARIA: CRISIL Reaffirms 'B' Rating on INR6MM Cash Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facilities of Sitaram Hissaria Guwar Gum Industries
(SRHGGI). The rating reflects the modest scale of operations and
susceptibility to intense competition and any adverse change in
regulations. These rating weaknesses are partially offset by the
extensive experience of the promoters in the guar gum industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             6        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      3.2      CRISIL B/Stable (Reaffirmed)

   Term Loan                .8      CRISIL B/Stable (Reaffirmed)

Analytical Approach

For arriving at therating, CRISIL has treated unsecured loans
that SRHGGI has received from its promoters, as neither debt nor
equity, as the loans carry an interest rate that is lower than
the market rate, and should remain in the business.

Key Rating Drivers & Detailed Description

Weaknesses
* Modest scale of operations in the intensely competitive guar
   gum industry

Intense competition in the guar gum industry restricts the
scale of operations (revenue of INR35.8 crore is likely to be
reported in fiscal 2017), and limits the bargaining power of
modest players like SRHGGI.

* Vulnerability to any adverse change in government regulations

The government is expected to impose an export duty of 20% on
guar gum to generate revenue to the exchequer. Recently, China
has also introduced an import duty on guar gum powder and splits,
and is also likely to roll back the duty on guar gum.The company
currently receives benefits of around 6% of sales from the
government. Withdrawal of incentives and imposition of the export
duty could lead to a substantial decline in the operating margin,
if there is a lag in passing on the increased cost to clients.

Strength

* Experience of the partners in the guar gum industry

Despite a short stint of four years in the guar gum industry, the
partners have understood the local market dynamics and
established healthy relationships with customers, primarily based
at Jodhpur (Rajasthan).

Outlook: Stable

CRISIL believes SRHGGI will benefit from the experience of its
partners, and the established clientele, in the medium term. The
outlook may be revised to 'Positive' if an improvement in revenue
and profitability, and prudent working capital management, lead
to healthy net cash accrual. The outlook may be revised to
'Negative' if a decline in revenue and profitability, any large,
debt-funded capital expenditure, or stretch in the working
capital cycle, weakens the financial risk profile, especially
liquidity.

SRHGGI was incorporated in 2012 as a partnership firm by the
Rajasthan-based Hissaria family. The manufactures guar gum and
its by products, guar korma and guar churi.

Net profit of INR0.10 crore was reported on an operating income
of INR44.71 crore in fiscal 2016, vis-a-vis INR0.03 crore and
INR41.43 crore, respectively, in fiscal 2015.


SPIC FASHIONS: CRISIL Reaffirms 'B' Rating on INR2.87MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Spic Fashions Private
Limited (SFPL) continue to reflect the company's modest scale of
operations, and exposure to intense competition and to
fluctuations in foreign exchange rates. These rating weaknesses
are partially offset by the extensive experience of the company's
promoters in the readymade garments industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bills Discount/
   Cheque Purchase         3         CRISIL A4 (Reaffirmed)

   Packing Credit          3.5       CRISIL A4 (Reaffirmed)

   Proposed Working
   Capital Facility        1.13      CRISIL B/Stable (Reaffirmed)

   Term Loan               2.87      CRISIL B/Stable (Reaffirmed)

CRISIL had, on January 30, 2017, assigned its ratings on the bank
facilities of SFPL at 'CRISIL B/Stable/CRISIL A4'.

Key Rating Drivers & Detailed Description

Weaknesses
* Modest scale of operations:

The firm has a very small scale of operations. The promoters have
not added significant capacities over the past few years,
resulting in stagnant volumes. Furthermore, the management's
focus on maintaining healthy profitability has resulted in the
company operating at reduced capacity in the past, limiting its
scale of operations.

* Susceptibility of margins to volatility in forex rates:

The Company generates all its revenues from the export market,
exposing itself to foreign exchange fluctuation risk.

Strength

* Extensive experience of promoters in the Readymade garment
   Industry:

The promoters' family has been engaged in the same line of
business for over two decades. Over the years, the firm has been
able to develop good relations with key customers across
continents and key suppliers.

Outlook: Stable

CRISIL believes SFPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant and
sustainable increase in scale of operations and profitability, or
improvement in the company's working capital cycle, resulting
better liquidity. Conversely, the outlook may be revised to
'Negative' in case of deterioration in the financial risk
profile, especially liquidity, most likely because of significant
increase in working capital requirement, decline in
profitability, or large, unanticipated debt-funded capital
expenditure.

SFPL was originally established as a Partnership concern by Mr.
A. Senthilkumar in 2004. In 2014, the firm was reconstituted as a
private limited company. SFPL manufactures readymade garments
which are mainly exported to the Spain, France and Mexico among
other countries

For fiscal 2016, SFPL reported a profit after tax (PAT) of INR0.4
crore on an operating income of INR14.2 crores as against a PAT
of INR0.02 crore on an operating income of INR1.2 crores in
fiscal 2015.


SRI SIDDHI: CRISIL Reaffirms 'B+' Rating on INR0.4MM LT Loan
------------------------------------------------------------
CRISIL's ratings on bank facilities of Sri Siddhi Freezers and
Exporters Private Limited (SSFEPL) continues to reflect SSFEPL's
modest scale of operations and its susceptibility to volatility
in raw material prices and to export incentives extended by the
government. The rating also factors in the below average
financial risk profile because of low net worth and high gearing.
These weaknesses are mitigated by its promoters' extensive
experience in the seafood-processing industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Overdraft               .1       CRISIL A4 (Reaffirmed)

   Packing Credit        13         CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      .4       CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and susceptibility to volatility
   in raw material prices:

SSFEPL operates in an intensely competitive & highly fragmented
sea food processing industry with several small players operating
in the coastal area within India. SSFEPL registered revenues of
INR33.8 cr. in 2015-16 and is expected to register revenues of
INR45 cr in 2016-17. There has also been an increase in
competition from neighboring countries such as Thailand,
Malaysia, Indonesia, and the Middle East that have exploited the
marine resources around them. The company's margins are also
susceptible to unfavorable government regulations, and
unfavorable climatic conditions.

* Below-average financial risk profile:

SSFEPL financial risk profile is below average marked by a high
gearing and low net worth. The gearing of the company is expected
to remain high at 2.57 times and the net worth was low expected
at around INR4.5 cr. as on March 31, 2017. CRISIL believes that
financial risk profile of the company is expected to remain below
average due to high reliance on external debt.

Strength

* Extensive experience of promoters in the seafood processing
   Industry:

SSFEPL is promoted by Udupi (Karnataka) based Mr. Ramu N Chandan
and his family. The promoters have been in the sea food
processing industry for more than two decades. CRISIL believes
that the extensive experience of the promoters in the seafood
processing industry will help the company to retain its moderate
business risk profile over the medium term.

Outlook: Stable

CRISIL believes that SSFEPL will continue to benefit over the
medium term from its promoters' extensive experience in the sea
food processing industry. The outlook may be revised to
'Positive' in case there is significant and sustained improvement
in the company's revenue growth, profitability and capital
structure. Conversely, the outlook may be revised to 'Negative'
in case of a significant decline in the company's revenues or
profitability margins or elongation of its working capital cycle
resulting in weakening of its financial risk profile.

SSFEPL, incorporated in 1992 by Udupi (Karnataka)-based Mr. Ramu
N Chandan (managing director and chairman) and his family,
exports processed frozen marine products such as fish, shrimp,
and squid. Mr. Chandan and his son, Mr. Rajesh Chandan (executive
director), manage the operations.

For fiscal 2016, the SSFEPL reported a profit after tax of
INR45.4 lakhs on net sales of INR33.82 crore, as against a profit
after tax of INR39.47 lakhs on net sales of INR43.69 cr for
fiscal 2015.


SRI VAISHNAVI: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sri Vaishnavi
Spintex (India) Private Limited (SVSIPL) a Long-Term Issuer
Rating of 'IND BB-'.  The Outlook is Stable.  Instrument-wise
rating actions are:

   -- INR130 mil. Fund-based facilities assigned with
      IND BB-/Stable/IND A4+ rating; and

   -- INR10 mil. Non fund-based facilities assigned with IND A4+
      rating

                       KEY RATING DRIVERS

The ratings reflect SVSIPL's small scale of operations and weak
credit metrics.  In FY16 revenue was INR486 million (FY15: INR468
million).  Interest coverage (operating EBITDA/gross interest
expense) was 1.6x in FY16 (FY15:1.8x) and net financial leverage
(total adjusted net debt/operating EBITDAR) was 7.4x (3.8x).
EBITDA margin was 10.2% in FY16 (FY15:10.5%), and remained in the
range of 9.1% -12.5% during FY13-FY16 on account of cotton and
yarn price fluctuations.  The company has INR30 million of orders
in hand to be executed by end-March 2017.  The company has
reported INR380 million of revenue during 10MFY17 (unaudited).

The ratings, however, are supported by the promoter's more than
three decades of experience in the cotton yarn manufacturing
business.

SVSIPL's liquidity is comfortable with average utilization of the
fund-based working capital limits being around 98.5% over the 12
months ended January 2017.

                       RATING SENSITIVITIES

Positive: Substantial growth in top-line and improvement in
profitability leading to a sustained improvement in credit
metrics could lead to positive rating action

Negative: A decline in the revenue and operating profitability
resulting in significant deterioration in the credit metrics
could be negative for the ratings.

COMPANY PROFILE

SVSIPL was established in 2010 by Mr. Vanapalli Leela Prasad.
The company is engaged in cotton yarn spinning.  The company
commenced operations in 2012, and its spinning unit is based in
Kolanapalli village, Andhra Pradesh.  The installed capacity of
the unit is 17,280 spindles.


T LINE: CRISIL Assigns 'B' Rating to INR5MM Cash Loan
-----------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of T Line Infra Private Limited (TIPL) and assigned
its 'CRISIL B/Stable/CRISIL A4' ratings to the facilities. CRISIL
had suspended the ratings on June 25, 2015, as TIPL had not
provided necessary information required to maintain a valid
rating. TIPL has now shared the requisite information, enabling
CRISIL to assign ratings to its bank facilities.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee          0.5        CRISIL A4 (Assigned;
                                      Suspension Revoked)

   Cash Credit/            5.0        CRISIL B/Stable (Assigned;
   Overdraft facility                 Suspension Revoked)

   Long Term Bank          0.5        CRISIL B/Stable (Assigned;
   Facility                           Suspension Revoked)

The ratings reflect modest scale of TIPL's operations in the
intensely competitive civil construction industry, and the below-
average financial risk profile marked by modest networth, and
weak debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of the promoters in
the industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in the intensely competitive
   industry:

The scale of operations is modest with revenues of INR15.45
crores in fiscal 2016, in the intensely competitive civil
construction industry marked by large number of unorganised
players. Further, with majority of orders from Kerala market,
TIPL remains vulnerable to adverse regulatory changes in Kerala's
infrastructure sector.

* Below-average financial risk profile:

Financial risk profile is below-average with modest net worth due
to operational losses in fiscal 2015 and fiscal 2016.
Consequently, gearing was high at around 1.4 times as on March
2016 due to high dependence on external working capital
borrowings. Debt protection metrics were weak, with low net cash
accruals to total debt and interest coverage ratios in fiscal
2016.

Strength

* Experience of promoters in civil construction industry:

The promoters, Mr. K.V. Thomas and Mr.Antony Thomas have
extensive experience in the civil construction business of over 2
decades which has resulted in better relationship with TIPL's
customers and suppliers, resulting in improving business profile.

Outlook: Stable

CRISIL believes that TIPL will benefit from the extensive
experience of the promoters in the civil construction industry.
The outlook may be revised to 'Positive' if significant
improvement in scale of operations, efficient working capital
management, and better capital structure leads to overall
improvement in the financial risk profile. The outlook may be
revised to 'Negative' if the company reports lower than expected
revenues or profitability, or working capital management weakens
or large debt-funded capital expenditure weakens financial risk
profile.

Incorporated in 2012, Kochi-based TIPL is engaged in civil
construction work mainly related to foundation engineering and
piling work. The operations of the company are managed by Mr.
K.V. Abraham and Mr. Antony Thomas.

For fiscal 2016, net loss was INR0.87 crore on revenue of
INR15.45 crore, against INR2.50 crore and INR8.00 crore,
respectively, for fiscal 2015.


TONZA PAPER: CRISIL Reaffirms B+ Rating on INR5.5MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the bank facility of Tonza Paper LLP (TPL)
continue to reflect the nascent stage of operations in the
intensely competitive paper industry, small scale of operations
and susceptibility to volatile waste paper prices. These
weaknesses are partially offset by favourable location of the
plant and proximity to packaging players, and extensive
entrepreneurial experience of, and funding support received from,
promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          1        CRISIL A4 (Reassigned)

   Cash Credit             5.5      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      1.06     CRISIL B+/Stable (Reaffirmed)

   Term Loan               7.44     CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Start-up phase of operations in the intensely competitive
   paper industry:

TPL is setting up a plant to manufacture kraft paper in Morbi,
and is expected to commence production by end of fiscal 2017.
Although the promoters have experience in similar business, the
operations will remain susceptible to start-up phase of operation
and intense industry competition.

* Expected leveraged capital structure:

TPL is expected to have a leveraged capital structure, with
expected gearing of around 2.3 times over the medium term because
of debt funded project and working capital requirements. Also the
debt protection metrics are expected to remain average over the
medium term.

Strengths

* Extensive experience of promoters in the packaging industry:

The promoters have been in the kraft paper and packaging industry
for over two decades and are well-conversant with various aspects
of the business. The firm is likely to benefit from their
understanding of the local market dynamics and leverage on their
established relationships with suppliers and customers.

* Proximity to expanding market base:

TPL is based out of Morbi, where the market is continuously
expanding with ceramic tiles manufacturers in the vicinity
expected to grow over the medium term.

Outlook: Stable

CRISIL believes TPL will benefit over the medium term from
extensive entrepreneurial experience of its promoters. The
outlook may be revised to 'Positive' in case of timely
stabilisation of operations at the upcoming plant, and higher-
than-expected growth in revenue, profitability, and cash accrual.
The outlook may be revised to 'Negative' if delay in ramp-up of
operations, or lower-than-expected cash accrual during the
initial phase, weakens

TPL was established in 2016 by promoters, Mr. Dineshbhai Detroja,
Mr. Jaykumar Detroja, Mr. Narendrabhai Nayakpara, Mr. Baldevbhai
Nayakpara and Mr. Girishkumar Detroja and their family members.
The company is setting up a plant at Morbi, Gujarat for
manufacturing kraft paper, mainly used in product packaging and
corrugated boxes. Commercial production is expected to start in
fiscal 2017.


VINAYKUMAR & CO: CRISIL Cuts Rating on INR11MM Bill Disc. to B+
---------------------------------------------------------------
CRISIL has downgraded its ratings on bank facilities of
Vinaykumar & Co. (VKC; part of the Vinaykumar group) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           4        CRISIL A4 (Downgraded
                                     from 'CRISIL A4+')

   Foreign Bill            11        CRISIL B+/Stable (Downgraded
   Discounting                       from 'CRISIL BB-/Stable')

The downgrade reflects weakening of the financial risk profile.
The gearing increased to above 12 times in as on March 31, 2016,
from around 7.7 times as on March 31, 2015. The debt protection
metrics were also low with the interest coverage ratio at 1.24
times and net cash accrual to total debt ratio at 0.03 time, in
fiscal 2016. Revenue realisation reduced because of a fall in
agricultural (agro) commodity prices; profitability is
susceptible to volatility in agro-commodity prices. However, the
company benefits from the extensive experience of its promoters
in the agro-commodity industry and geographical diversification
in revenue.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of VKC and Dhairya International (DI).
That's because these entities, together referred to as the
Vinaykumar group (VKG), have a common management, are in similar
lines of business and have financial linkages.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and exposure to intense
competition:

Revenue was Rs182.84 crore in fiscal 2016, a decline from
Rs239.73 crore in the previous fiscal. That's because of lower
agro-commodity prices, high fragmentation in the business, and
substantial competition from small-scale, unorganised players
catering to local demands.

* Low operating margin:

Due to lower value addition in the agro-processing chain and
exposure to intense competition among various industry players,
the operating margin has remained low (2.3% in fiscal 2016).

* Weak financial risk profile:

The gearing has been increasing while the debt protection has
remained weak over the past few fiscals.

* Working capital-intensive operations:

Gross current assets were at 141 days, led by inventory of 75
days and receivables of 51 days, as on March 31, 2016. The
operations are expected to remain working capital intensive over
the medium term.

Strengths

* Extensive industry experience of the promoters:

The promoters have been associated with the agro-commodity
industry for over two decades.

* Geographic diversification in revenue:

Revenue is geographically diversified in the export market. While
VKC exports mainly to Korea, South Korea, China, and Europe, DI
focuses on exports to the Middle East nations.

Outlook: Stable

CRISIL believes the Vinaykumar group will continue to benefit
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of higher-than-
expected topline growth resulting in better net cash accrual,
along with improvement in working capital management. The outlook
may be revised to 'Negative' if liquidity is constrained because
of low cash accrual, large working capital requirement, or
substantial, debt-funded capital expenditure.

VKC was established in 1992 as a proprietorship concern by Mr.
Prahladbhai Patel. It processes various types of sesame seeds at
its facility at Unjha, Gujarat. It exports these products as well
as other agro commodities like cumin and black cumin (kalonji)
seeds.

DI was setup in 2009, as a proprietorship concern by Mr. Vinay
Kumar Patel (son of Mr. Prahladbhai Patel). This firm too
processes and exports sesame seeds and spices such as cumin and
fenugreek seeds.

VKC's profit after tax (PAT) was Rs0.21 crore on operating income
of INR84.12 crore in fiscal 2016, against PAT of Rs0.34 crore on
operating income of INR99.90 crore in fiscal 2015.


Y. ACHAMMA: Ind-Ra Assigns 'B' Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Y. Achamma a
Long-Term Issuer Rating of 'IND B'.  The Outlook is Stable.  The
agency has taken this rating action on the company's fund-based
limits:

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

                         KEY RATING DRIVERS

The ratings reflect Y. Achama's weak credit profile.  FY16
revenue improved to INR134 million (FY15: INR25 million) on
account of an increase in work orders.  The firm has reported
revenue of INR170 million during 11MFY17 (unaudited).  Net
leverage (total adjusted net debt/operating EBITDAR) deteriorated
to 8.5x during FY16 (FY15:2.8x) and interest coverage (operating
EBITDA/gross interest expenses) declined to 1.8x (2.6x) on
account of a decline in the EBITDA.  EBITDA margins fluctuated
between 4.2%-6.4% over FY14- FY16 due to fluctuation in the raw
material price.

The firm's liquidity position is tight with the fund-based
facilities being nearly fully utilized over the 12 months ended
February 2017.

The ratings factor in the proprietorship form.

The ratings, however, draw support from promoters' a decade of
experience in the civil engineering business.

                     RATING SENSITIVITIES

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

Positive: Significant increase in the scale and profitability as
well as receipt of new high-value contracts leading to sustained
improvement in credit metrics could be positive for the rating.

COMPANY PROFILE

Set up in Andhra Pradesh, Y. Achamma started its commercial
operation from 2014.  Y. Achamma is a civil engineer contractor
providing services to private bodies.  The firm undertakes
contracts for construction of canal, veterinary clinic etc.

The firm has so far completed two projects in Andhra Pradesh
worth INR140 million.

Y. Achamma is currently executing three projects - Nagathan canal
i and Nagathan canal II worth INR500 million, and veterinary
college construction at Tirupati worth INR70 million.



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


JAPFA COMFEED: Fitch Rates US Dollar Senior Unsecured Notes BB-
---------------------------------------------------------------
Fitch Ratings has assigned a 'BB-(EXP)' expected rating to PT
Japfa Comfeed Indonesia Tbk's (Japfa) proposed US dollar senior
unsecured notes maturing in 2022.

The notes will be guaranteed by almost all of Japfa's major
operating subsidiaries, and the proceeds will be used mainly to
redeem US dollar notes due in 2018. The final rating is subject
to the receipt of final documentation conforming to information
already received. A complete list of Japfa's ratings is at the
end of this commentary.

KEY RATING DRIVERS

Robust Margins, Lower Leverage: Japfa's EBITDA margin improved to
13.1% in 2016, from 9.1% in 2015, driven by more conducive market
conditions. Profitability in the animal-feed segment was up,
while sales of day-old chicks (DOC) returned to significant
profit after losses in 2014-2015. Japfa's net debt-to-EBITDA
leverage dropped to 0.9x, from 2.6x. Fitch estimates leverage
will remain at around 1.5x, assuming the EBITDA margin narrows
from 2017. Fitch also expects Japfa to continue to generate FCF
over the next three years, with a healthy fixed-charge coverage
averaging over 4x.

Improved Market Conditions: The Indonesian government has taken
steps to manage poultry supply since 2H15, after oversupply
weakened prices for DOC and live birds in 2H14 and 1H15 - which
resulted in losses at producers, including small-scale farmers.
The significant jump in DOC profitability raises the risk of an
increase in DOC supply and an impact on their prices in 2017,
though Fitch believes the likelihood of a recurrence of the
oversupply situation seen earlier is low with enhanced authority
from the Ministry of Agriculture' to manage the domestic chicken
supply. Fitch also sees robust growth prospects for chicken
demand in Indonesia as per capita poultry consumption is low, and
the agency expects GDP growth to accelerate.

Cost Pass-Through Ability: Japfa is able to mitigate its exposure
to rising raw material costs through a strong ability to pass
through cost increases to customers in the animal-feed segment.
This is due to its high market share and its ability to retain
corn inventory and adjust output. PT Charoen Pokphand Indonesia
Tbk (CPIN) and Japfa together control about 50% of Indonesia's
poultry feed market, and react similarly to increases in raw
material costs by seeking to raise prices. Japfa's corn dryers
also allow it to store dried corn for up to four months,
providing some flexibility in production.

Debt Maturities Being Addressed: Japfa repaid IDR1.5 trillion of
bonds in January and February 2017, using its cash balance of
IDR2.7 trillion as of end-2016. The company issued IDR1 trillion
of bonds with tenors of three and five years in November 2016
under its IDR3 trillion bond programme. Liquidity also improved
due to an injection of IDR702 billion of cash by global
investment firm KKR. In August 2016, KKR took a 12% stake in
Japfa, through a combination of primary and secondary share
purchases. Fitch estimates that Japfa will be able to redeem the
USD195 million of its notes outstanding ahead of their maturity
in 2018, using cash proceeds from the proposed US dollar bond and
further issuance under its Indonesian rupiah bond programme.

DERIVATION SUMMARY

Japfa's ratings can be compared with that of Fufeng Group Limited
(Fufeng; BB/Stable), which is the largest global producer of
monosodium glutamate. Fufeng's size in terms of EBITDA and
leverage profile is similar to Japfa. However, Fufeng enjoys
advantages of scale, integrated facilities and proximity to raw
materials that are difficult to replicate and result in better
margins, justifying a better rating than Japfa.

KEY ASSUMPTIONS

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

- Animal-feed sales volume to rise by 3% annually from 2017
- Average annual sales volume growth of 3%-5% for DOC and live
   poultry from 2017
- EBITDA margin narrows to around 9% from 2017
- Capex of around IDR700 billion from 2017

RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

- Leverage (net debt/EBITDA) below 1.5x on a sustained basis
   (2016: 0.9x)
- No significant weakening of industry fundamentals and Japfa's
   market position

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

- Leverage above 2.5x on a sustained basis
- Significant reduction in size of the animal-feed segment,
   which would be demonstrated by its share of total revenue
   falling below 30% (2016: 36%)
- Failure to adequately address the maturity of its US dollar
   bonds in 2018.

FULL LIST OF RATING ACTIONS

Fitch currently rates Japfa as follows:

-- Long-Term Foreign-Currency IDR at 'BB-'; Outlook Stable
-- National Long-Term Rating at 'AA-(idn)'; Outlook Stable
-- Senior unsecured rating at 'BB-'
-- Proposed US dollar notes to be issued by Japfa at 'BB-(EXP)'
-- US dollar notes issued by Comfeed Finance B.V. and due in
    2018 at 'BB-'
-- IDR1.5 trillion bonds due in 2017 at 'AA-(idn)'
-- IDR3 trillion bond programme and IDR1 trillion of bonds
    issued under the programme at 'AA-(idn)'

'AA' National Ratings denote expectations of very low default
risk relative to other issuers or obligations in the same
country. The default risk inherently differs only slightly from
that of the country's highest-rated issuers or obligations.


JAPFA COMFEED: S&P Puts 'B+' CCR on CreditWatch Positive
--------------------------------------------------------
S&P Global Ratings placed its 'B+' long-term corporate credit
rating and S&P's 'axBB' long-term ASEAN regional scale on PT
Japfa Comfeed Indonesia Tbk. on CreditWatch with positive
implications. At the same time, S&P placed its 'B+' issue rating
on PT Japfa's guaranteed senior debts on CreditWatch with
positive implications. S&P also assigned its preliminary 'BB-'
long-term foreign currency issue rating to PT Japfa's proposed
issuance of U.S. dollar-denominated senior unsecured notes due
2022.  The company is an Indonesia-based producer of animal feed
and poultry.

"We placed the ratings on CreditWatch because PT Japfa's proposed
partial refinancing of its U.S. dollar bond due May 2018 should
lengthen its debt maturity profile and reduce refinancing risk,"
said S&P Global Ratings credit analyst Eric Nietsch.

While PT Japfa has not yet finalized the amount of the proposed
issuance due 2022, S&P expects the transaction size to contribute
materially towards the refinancing of about US$200 million of
outstanding U.S. dollar bonds maturing 2018.  S&P also believes
the company will have sufficient funding alternatives to call its
remaining bonds, given: (1) about Indonesian rupiah
(IDR)1.2 trillion in cash on hand as of Dec. 31, 2016 (excluding
IDR1.5 trillion in cash that the company used in January 2017 to
repay maturing rupiah-denominated bonds); (2) operating cash
flows that S&P estimates at over IDR1.0 trillion over the next 12
months; and (3) access to domestic bond and bank loan markets.

S&P now estimates that PT Japfa's weighted average maturity will
be nearly four years, compared with less than two years for the
quarter ended Sept. 30, 2016.  This longer debt maturity profile
would be indicative of a higher rating level.  PT Japfa's
completion of its proposed refinancing plan follows several
recent refinancing exercises.  The company's short-term debt fell
to IDR760 billion as of Dec. 31, 2016, a sharp drop from
IDR1.86 trillion a year earlier.  The short-term debt excludes an
IDR1.5 trillion domestic bond maturing in January 2017 that the
company has already refinanced with maturities in late 2019 and
2021.

PT Japfa's proposed refinancing is also taking place amid a
generally more favorable industry environment.  The demand-and-
supply balance has marginally improved, while commodity prices
are still low, the rupiah is marginally stronger, and the
company's capital spending and debt levels are reducing.  As a
result, PT Japfa's cash flow adequacy and leverage ratios have
strengthened since their lows of 2014.  S&P estimates that PT
Japfa's ratio of funds from operations (FFO) to debt was about
50% in 2016, compared with 13% in 2014.  Even under a scenario of
a moderate erosion of operating margins in the next 12 months,
S&P projects the ratio of FFO to debt to remain steady at 35%-45%
over the next two years, with FFO interest coverage of 4.0x-5.5x.

The consolidated debt maturity profile, operating performance,
cash flow adequacy, and debt servicing ratios at Japfa Ltd.,
which owns 51% of PT Japfa, have improved in tandem with the
improvements at PT Japfa.  Consolidated EBITDA margins at the
parent grew to about 14% for the year ended Dec. 31, 2016,
compared with about 11% in 2015.  The ratio of gross debt to
EBITDA also improved to about 2.2x from 2.9x over the same
period. Given the moderate double leverage at Japfa Ltd.,
consolidated cash flow adequacy and leverage ratios at the parent
are broadly in line with that of PT Japfa.

The 'BB-' preliminary rating on PT Japfa's proposed notes
reflects the likelihood that S&P would raise its corporate credit
rating on the company to 'BB-' if the bond issuance is
successful.  The final rating on the proposed notes would depend
upon the receipt and satisfactory review of all final transaction
documentation, including terms and conditions, covenants, and
transaction size. Accordingly, the preliminary rating should not
be construed as the final ratings.  If S&P Global Ratings does
not receive final documentation within a reasonable time frame,
or if final documentation departs from materials reviewed, S&P
Global Ratings reserves the right to withdraw or revise its
ratings.

The rating on PT Japfa reflects the company's position as the
second-largest operator in Indonesia's poultry feed and breeding
sector.  This is a solid and sustainable position in an industry
that S&P believes has favorable long-term growth prospects.
These strengths are tempered by PT Japfa's high geographic and
product concentration, as well as margin sensitivity to volatile
raw material prices and currency fluctuations.

S&P expects to resolve the CreditWatch status when PT Japfa's
refinancing initiative closes, which S&P expects by the end of
March 2017.

S&P will raise the rating on PT Japfa by one notch to 'BB-' after
the issuance.

S&P may affirm the rating if PT Japfa cancels its bond
refinancing initiative, or if the amount raised by the company is
significantly larger than S&P has incorporated in its base-case
assumptions, such that leverage increases rather than decreases.


SRI REJEKI: Fitch Rates Proposed US Dollar Notes 'BB-'
------------------------------------------------------
Fitch Ratings has assigned Indonesia-based integrated fabric and
garment manufacturer PT Sri Rejeki Isman Tbk's (Sritex, BB-
/Stable) proposed US dollar-denominated senior unsecured notes an
expected rating of 'BB-(EXP)'. The notes will be issued by
Sritex's wholly-owned subsidiary, Golden Legacy Pte Ltd, and
guaranteed by Sritex and its major subsidiary PT Sinar Pantja
Djaja.

The notes are rated at the same level as Sritex's senior
unsecured rating as they represent the company's unconditional,
unsecured and unsubordinated obligations. The note guarantors
together generate or control 100% of Sritex group's operating
cash flows. The final rating on the notes is contingent upon the
receipt of final documents conforming to information already
received. At end-2016 Sritex's secured debt constituted 0.8x
EBITDA, which is well below 2.0x-2.5x EBITDA, a level that would
indicate that unsecured debt is materially impaired due to the
presence of prior-ranking debt, and therefore may be rated lower
than the Long-Term Issuer Default Rating (IDR).

The company expects to use up to USD90m of the net proceeds of
the proposed US dollar bond to buy back its 2019 senior unsecured
bond, and apply any balance to meet near-term maturities and
retire bank borrowings. The issuance will lengthen the company's
debt maturity profile and provide Sritex with significant cash-
flow flexibility to execute its medium-term plans. The earliest
significant debt maturity will then be the USD350m 8.25% senior
unsecured bond due in 2021.

KEY RATING DRIVERS

Improving Business Risk, High Leverage: Sritex's 'BB-/Stable' IDR
reflects the company's improving business risk profile. Sritex's
major capacity expansion programme is drawing to a close, and
Fitch expects its EBITDA to increase to around USD150m in 2017
and USD170m in 2018, from USD118m in 2015 before the expansion.
However leverage (measured as net adjusted debt /operating
EBITDAR) stood at 3.7x at end-2016 and is high for its rating.
Leverage rose because the company's working capital cycle
lengthened amid increased sales of finished fabric and garments.
Fitch expects leverage to fall to around 3.0x by end-2017,
supported by higher volumes of export sales, which have a shorter
cash cycle. However Fitch may consider negative rating action if
Sritex is unable to reduce its leverage to around 3.0x by this
deadline.

High Working Capital Risks: Sritex's ability to manage its
working capital over the next two years, as it markets its new
production capacity, is a key credit risk. Its net cash cycle
increased to 185 days in 2016, from 150 days in 2015, and Fitch
expects a further increase to around 200 days in 2017. The rising
mix of finished fabrics and garments in Sritex's sales has
lengthened the working capital cycle; however, this is
counterbalanced by the company's ability to prioritise export
sales over domestic sales. Sritex expects to improve its credit
terms with suppliers without negatively affecting profitability,
although the efficacy of this strategy remains to be seen.

Vertical Integration, Growing Exports: Fitch expects around 55%-
60% of Sritex's revenue to stem from the export of finished
fabric and garments over the next two years, up from around 50%
in 2016. Sritex sources yarn and raw fabric from its own mills
and produces speciality garments, such as military uniforms,
which have higher profit margins. The company is a nominated
supplier to several of its main buyers, which is a key credit
strength, and is supported by its record of delivering to
customers' required quality and cost and on time.

Sufficient Production Capacity: Sritex is Indonesia's largest
vertically integrated fabric and garment manufacturer. The
company will have an annual production capacity of 654,000 bales
of yarn by end-2017, representing a 16% yoy increase; 180 million
metres of greige cloth, a 50%-plus yoy increase; 240 million
yards of finished fabric, a 100%-plus yoy increase; and 30
million pieces of garments, a 50%-plus yoy increase. The company
may expand its spinning capacity further in 2018 or 2019, but
this is subject to the level of external demand.

Currency Risk Mostly Hedged: Over half of Sritex's 2016 revenue
stemmed from exports, up from 42% in 2014. A bulk of its domestic
sales is also exported indirectly and is therefore linked to the
US dollar exchange rate. Consequently Sritex has a significant
natural hedge against foreign-currency costs, which was evident
in 2015 and 2016 when its EBITDA margin remained largely intact
in the face of severe currency volatility.

DERIVATION SUMMARY

Sritex's rating sits comfortably in between its main peers, 361
Degrees International Limited (BB/Stable) and PT Pan Brothers Tbk
(B/Positive). 361 Degrees is an established Chinese sportswear
brand-owner and producer across four brands and four product
categories, with a 4% market share in China. It has similar
operating scale to Sritex and slightly thinner EBITDA margins.
However it has a significantly stronger financial profile, with
cash reserves exceeding debt, which justifies its higher rating.

Pan Brothers is a small Indonesian garment manufacturer with high
leverage due to the aggressive expansion of its production
capacity over the last two years. Sritex has a stronger business
profile that reflects its larger operating scale and integrated
nature of operations, with a solid position in textile
manufacturing that limits its operating leverage when compared
with Pan Brothers. Sritex's financial profile is also stronger,
resulting in a Long-Term IDR that is two notches higher than that
of Pan Brothers.

KEY ASSUMPTIONS

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

- Revenue growth of 9% in 2017 and 15% in 2018 (2016: 8%), as
   Sritex's capacity expansion comes to a close and sales gain
   momentum.

- EBITDAR margins to remain between 20%-21% (2016:19%) in the
   next two years.

- Net cash collection cycle to increase to 200 days in 2017 and
   215 days in 2018

- Capex to remain minimal at maintenance levels of around USD15
   million per annum.

- A low dividend payout in line with the company's record.

RATING SENSITIVITIES

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

Fitch does not expect positive rating action for the next two
years, as Sritex's leverage, measured by net adjusted
debt/EBITDAR, is likely to remain high for its ratings as it
ramps up sales to fill its new production capacity.

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

- Inability to lower leverage to around 3.0x by end-2017 (2016:
   3.7x; 2015: 3.2x).

- A sustained weakening in EBITDAR margins

LIQUIDITY

Satisfactory Liquidity: Sritex had readily available cash of
USD88 million at end-2016, including cash of around USD28
million, most of which is earmarked as collateral against
specific bank borrowings. This compares well with the USD30
million medium-term note maturing in 2017 and Fitch expectations
that the company will generate neutral free cash flow in 2017.
Sritex also had more than USD100 million in bank loans
outstanding for funding working capital requirements, which Fitch
expects will be rolled over in the normal course of business, and
a further USD215 million of approved but unused bank facilities
at end-January 2017, which it could use to fund working capital
if required.


SRI REJEKI: Moody's Rates Proposed $150MM Senior Notes B1
---------------------------------------------------------
Moody's Investors Service has assigned a definitive B1 rating to
the proposed $150 million senior notes due 2024, issued by Golden
Legacy Pte. Ltd. and unconditionally and irrevocably guaranteed
by P.T. Sri Rejeki Isman Tbk (Sritex, B1 stable).

Sritex will use all of the net proceeds towards repaying existing
debt, including its $89.3 million senior unsecured notes due 2019
(B1), $30 million of medium term notes due October 2017 and
existing working capital loans. The proposed notes will be equal
in ranking with the existing $350 million notes due 2021 (B1).

RATINGS RATIONALE

"The successful completion of Sritex tender offer and notes
issuance will extend its debt maturity profile, with the
company's next major maturity of $350 million coming due only in
2021," says Brian Grieser, a Moody's Vice President and Senior
Analyst.

Sritex's B1 corporate family rating reflects its: (1) solid
EBITDA margins, approaching 20%; (2) track record of revenue and
earnings growth; (3) completion of its large, debt-funded capital
spending program on time and on budget in 2016; (4) customer and
geographic sales diversification; (4) debt-to-EBITDA of 4.2x at
December 30, 2016 and (5) solid liquidity profile.

The positive outlook reflects Moody's expectation that Sritex's
earnings will benefit from strong demand for its textile and
garment products in 2017, and that garment sales will represent a
greater proportion of Sritex sales; thereby supporting margin
expansion.

Further, the positive outlook anticipates improved earnings and
lower capital spending supporting positive free cash flow in
2017.

The ratings could be upgraded within the next 12 months if Sritex
maintains its stable operating and financial profile, with cash
flows from operations exceeding capital spending.

In particular, debt-to-EBITDA levels approaching 3.5x and EBITA-
to-interest expense of 3.5x would be supportive of an upgrade.
The company would also need to maintain its good liquidity
profile, supported by high cash balances and committed bank
facilities.

A near-term downgrade of the ratings is unlikely, given the
positive outlook. However, the outlook could return to stable if
any of the following occur: (1) Rising wages and other input
costs reduce Sritex's cost competitiveness, such that its EBITDA
margins fall below 15% on a sustained basis; (2) Sritex expands
its business through debt-funded acquisitions or capital
expenditures, such that debt-to-EBITDA exceeds 4.0x on a
sustained basis; (3) Related-party transactions weigh on margins
or weaken cash flow prospects; or (4) Liquidity deteriorates due
to either falling cash balances or a loss of access to its credit
facilities.

The principal methodology used in this rating was Global
Manufacturing Companies published in July 2014.

Sri Rejeki Isman Tbk (P.T.) (Sritex), located in central Java,
Indonesia, is a vertically integrated manufacturer of textiles
and textile products. Its operations are spread across 25
factories, consisting of nine spinning plants, three weaving
plants, five finishing plants and eight garment plants. Net
revenues generated by its four divisions totaled approximately
$499 million for nine months ending 30 September 2016.



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


TOSHIBA CORP: Nuclear Unit Seeks U.S. Bankruptcy Financing
----------------------------------------------------------
Reuters reports that Westinghouse Electric Co LLC, the nuclear
power plant developer owned by Toshiba Corp, is taking offers for
a financing package to help it go through U.S. bankruptcy, people
familiar with the matter said on March 20.

Toshiba is reviewing proposals from financial institutions and
investment firms about a so-called debtor-in-possession loan,
which would carry the company through a potential bankruptcy,
said two people familiar with the situation, Reuters relates.
The size of this financing package is expected to exceed
$500 million, the people added, Reuters relays.

Should it file for bankruptcy, the money would allow Westinghouse
to continue to pay employees and build four nuclear power plants
in Georgia and South Carolina, commissioned by local utility
companies, according to Reuters. These would be the first nuclear
power plants built in the United States in more than 30 years.

Reuters notes that the sources cautioned that the move is
preparatory and that no decision has yet been made for
Westinghouse to file for bankruptcy. They asked not to be
identified because the deliberations are confidential, says
Reuters.

Reuters reported earlier this month that Westinghouse was working
with bankruptcy attorneys and a turnaround expert.

Toshiba has so far said it was considering several options for
Westinghouse, including selling the unit, the report says.

According to Reuters, the power plants Westinghouse is building
are called the Virgil C. Summer Nuclear Generating Station in
Fairfield County, South Carolina and the Vogtle Electric
Generating Plant in Burke County, Georgia. Scana Corp (SCG.N) and
Santee Cooper own the plants in South Carolina, and Georgia Power
leads a consortium that commissioned the Georgia plants.

"We will continue to hold (Westinghouse) accountable for their
responsibilities under our agreement," Georgia Power said in a
statement, Reuters relays. "Work continues to progress at the
Vogtle site, we are monitoring the situation and prepared for any
potential outcome."

Reuters relates that a spokeswoman for Scana said that "with
approximately 5,700 contractor and subcontractor personnel on
site today, we continue to make progress with construction of
these new units."

In a potential Westinghouse bankruptcy, the utility companies
would be among the largest creditors of the developer, owed the
work that has yet to be completed and potential penalties,
Reuters' sources added.

                    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 March 21, 2017, that S&P Global Ratings
said it has lowered its long-term corporate credit rating on
Japan-based capital goods and diversified electronics company
Toshiba Corp. two notches to 'CCC-' from 'CCC+' and lowered the
senior unsecured debt rating three notches to 'CCC-' from 'B-'.
Both ratings remain on CreditWatch with negative implications.
Also, S&P is keeping its 'C' short-term corporate credit and
commercial paper program ratings on the company on CreditWatch
negative.  The long- and short-term ratings on Toshiba have
remained on CreditWatch with negative implications since December
2016, when S&P also lowered the long-term ratings because of the
likelihood that the company might recognize massive losses in its
U.S. nuclear power business; S&P kept them on CreditWatch
negative when it lowered the long- and short-term ratings in
January 2017.



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


WINDFLOW TECHNOLOGY: To Seek More Capital, Licensing Deal
---------------------------------------------------------
Stuff.co.nz reports that Windflow Technology needs more money and
a licensing deal with a major manufacturer.

The Company recently posted a $1.5 million half-year loss to
December 2016 and had negative equity of $4.5 million, reflected
in the value of the shares at 1c each, Stuff says.

According to the report, founder and director Geoff Henderson
said his focus was on seeking licensing agreements with
established three-blade turbine manufacturers to use Windflow's
synchronous generators, which protect against power surges.

He said it was disappointing because Windflow had proved the two-
bladed technology but market conditions had been unfavorable,
Stuff relates.

"It's no secret our situation has been tight for some time and we
can't go on like this forever but there are a number of
opportunities," the report quotes Mr. Henderson as saying.  "I
know shareholders have been disappointed. It's not easy to be
green."

The future lies in the hands of major shareholder David Iles
because the company has an aggregate liability for a shareholder
loan of $19m at 22% interest a year, with repayments due to begin
in October, according to Stuff.

Mr. Iles also has a general security agreement over the assets of
the company, the report notes.

In September last year, Mr. Iles provided a letter of support
that was "a significant factor in the directors' consideration
the company remains a going concern," Stuff recalls citing the
latest profit report.

Remaining a going concern depended on obtaining capital in the
order of $10 million from existing or new shareholders, obtaining
new licensees of the technology, continued support from
shareholder Mr. Iles, developing projects, or selling some
completed turbine projects in the UK, Stuff says.

Christchurch, New Zealand-based Windflow Technology Limited --
http://www.windflow.co.nz/-- is engaged in the development and
manufacture of wind turbines.  The Company's wholly owned
subsidiaries include, Wind Blades Ltd, Pacific Windfarms Ltd and
Windflow Hawaii Ltd.  The Company has one customer, NZ Windfarms
Ltd.  Wind Gears Ltd is owned 50% by Windflow Technology Limited.
Wind Gears Ltd is engaged in the development and construction of
gear boxes for the wind turbines.  Windpower Otago Ltd is owned
20% by the Company.



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


RICKMERS MARITIME: Has Until April 15 to Submit Restructure Plan
----------------------------------------------------------------
The Business Times reports that HSH Nordbank, the largest senior
lender to Rickmers Maritime Trust, has given the trust until
April 15 to present a plan to restructure its debt.

The plan has to ensure "a higher level of total recoveries than
under a trust winding-up scenario", trustee-manager Rickmers
Trust Management said in an update to the Singapore Exchange
(SGX), the report relates.

According to the Business Times, Rickmers is trying to
restructure its SGD100 million of unsecured medium term notes
maturing in May 2017, along with its US$270.8 million worth of
secured bank debt, of which HSH Nordbank is the lead bank behind
the bulk of it.

HSH Nordbank is in active discussions with the trust, and has
said it was willing to consider a material forgiveness of its
debt, provided certain preconditions are in place, the report
adds.

Rickmers Maritime (SGX:B1ZU) -- http://www.rickmers-maritime.com/
-- is a Singapore-based business trust that owns and operates
containerships mainly under fixed-rate time charters to global
container liner companies. The Trust owns a portfolio of
approximately 20 containerships ranging from 3,450 twenty foot
equivalent unit (TEU) to 5,060 TEU, offering a total capacity of
approximately 66,410 TEU. The Company's subsidiaries include
Kaethe Navigation Limited, Richard II Navigation Limited, Henry
II Navigation Limited, Moni II Navigation Limited, Vicki Rickmers
Navigation Limited, Maja Rickmers Navigation Limited, Laranna
Rickmers Navigation Limited, Sabine Rickmers Navigation Limited,
Clan Navigation Limited and Ebba Navigation Limited. The Trust is
managed by Rickmers Trust Management Pte. Ltd.



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


DAEWOO SHIPBUILDING: Stakeholders Should Share Losses, FSC Says
---------------------------------------------------------------
Yonhap News Agency reports that South Korea's chief financial
regulator said on March 21 that stakeholders of Daewoo
Shipbuilding & Marine Engineering Co. should shoulder losses, a
precondition for another round of rescue package for the cash-
strapped shipbuilder.

Yim Jong-yong, chairman of the Financial Service Commission
(FSC), made the remarks at a parliamentary committee when asked
whether the government is considering another round of capital
injection to help rescue Daewoo Shipbuilding, according to
Yonhap.

Mr. Yim told lawmakers that the government has been reviewing an
"additional restructuring plan" with creditors of Daewoo
Shipbuilding under "several preconditions."

"The basic idea is that all stakeholders must shoulder losses,"
the report quotes Mr. Yim as saying.

Unless the stakeholders agree to the idea, Mr. Yim warned that
Daewoo Shipbuilding may be placed under a debt-workout program.

Daewoo Shipbuilding has been saddled with a deepening liquidity
shortage amid a plunge in new orders, according to Yonhap.

The shipbuilder suffered an operating loss of KRW1.61 trillion
(US$1.44 billion) last year following an operating loss of
KRW2.94 trillion in 2015.  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, it said.

Yonhap says the pending and sticky problem facing Daewoo
Shipbuilding is how 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.

According to Yonhap, creditors of Daewoo Shipbuilding are set to
map out a rescue package worth up to KRW3 trillion this week, in
exchange for more bold self-rescue efforts and huge debt
rescheduling among creditors and bondholders, as the company is
feared to face a deepening liquidity shortage amid a plunge in
new orders.

The expected rescue measures came amid criticism that another
round of large-scale financial assistance for Daewoo would end in
failure, the report states.

In late 2015, the creditors, led by the state-run Korea
Development Bank, 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 recalls.

Yonhap relates that Mr. Yim said the government regrets having to
once again map out rescue measures for Daewoo Shipbuilding,
despite the 2015 scheme.

Before the government decides to inject new funds into Daewoo
Shipbuilding, the shipbuilder's labor union must agree that it
won't stage a strike, Mr. Yim, as cited by Yonhap, said.

Daewoo Shipbuilding is expected to face gloomy earnings this year
because of its heavy reliance on offshore orders, which have
dropped due to a fragile recovery in the global economy, adds
Yonhap.

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.


HYOSUNG GROUP: High Court Upholds Dismissal of Chairman
-------------------------------------------------------
Yonhap News Agency reports that an appeals court on March 21
upheld a lower court ruling to dismiss a South Korean business
tycoon who was accused of violating accounting laws for years.

According to the report, the Securities and Futures Commission
under the Financial Services Commission (FSC) ordered Hyosung
Group to dismiss its chairman Cho Suk-rai, 81, in July 2014 over
allegations that the conglomerate made official announcements
based on false financial statements from 2006 to 2013.

Yonhap relates that the group appealed the decision to the Seoul
Administrative Court, but it ruled against Cho in July last year
and the Seoul High Court upheld the decision on March 21.

"Those who bought Hyosung's stocks would have made the investment
decision based on its financial statements that included
misinformation," the lower court earlier said.

Cho was sentenced to three years in prison and some KRW135.8
billion (US$121 million) in fines in January last year for
cooking the books and evading taxes from 2003 to 2008, Yonhap
discloses. He was not taken into custody due to health reasons,
the report notes.

Hyosung Group engages in textile, industrial materials, chemical,
heavy industry, construction, trading and financial businesses.


LEO MOTORS: Enters Into Purchase Agreement with Leo Members Inc
---------------------------------------------------------------
Leo Motors, Inc., a Nevada corporation, on March 8, 2017, entered
into a purchase agreement with the sole shareholder of Leo
Members, Inc., a corporation incorporated in the Republic of
Korea (Members), pursuant to which the Company purchased
3,000,000 shares of Members' common stock in exchange for
KRW300,000,000 (approximately US$268,869). The former sole
shareholder of Members is the co-Chief Executive Officer of the
Company. As a result of the transaction, Members has become a
wholly-owned subsidiary of the Company.

On March 8, 2017, the Company entered into a purchase agreement
with Members, pursuant to which Members purchased from the
Company 200,000 shares of common stock of Leo Motors Factory,
Inc., a Republic of Korea corporation and subsidiary of the
Company, 15,000 shares of common stock of Leo Motors Factory 2,
Inc., a Republic of Korea corporation and subsidiary of the
Company, and 100,000 shares of common stock of Leo Trading, Inc.,
a Republic of Korea corporation and subsidiary of the Company for
an aggregate of KRW300,000,000 KRW (approximately US$268,869). As
a result of the transaction, Members acquired a 50% interest in
each of Leo Factory 1, Leo Factory 2 and Leo Trading and the
Company's equity ownership percentage in each of Leo Factory 1,
Leo Factory 2 and Leo Trading decreased from 50% to 0%.

Copies of the Agreement and the Purchase Agreement are available
for free at https://is.gd/xRowBE

                         About Leo Motors

Headquartered in Hanam City, Gyeonggi-do, Republic of Korea, Leo
Motors, Inc., a Nevada corporation, is currently engaged in the
research and development of multiple products, prototypes and
conceptualizations based on proprietary, patented and patent
pending electric power generation, drive train and storage
technologies.

In 2011, the Company determined its investment in Leo B&T Inc. an
investment account was impaired and recorded an expense of $4.5
million.  During the 2012 year the Company had a net
non-operating income largely from the result of the forgiveness
of debt for $1.3 million.

Leo Motors reported a net loss of US$4.49 million on US$4.29
million of revenues for the year ended Dec. 31, 2015, compared to
a net loss of US$4.48 million on US$693,000 of revenues for the
year ended Dec. 31, 2014.

As of Sept. 30, 2016, Leo Motors had US$8.27 million in total
assets, US$6.48 million in total liabilities and US$1.43 million
in total equity.

John Scrudato CPA, in Califon, New Jersey, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2015, citing that the Company has
incurred significant accumulated deficits, recurring operating
losses and a negative working capital.  This and other factors
raise substantial doubt about the Company's ability to continue
as a going concern.



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


NATIONAL DEVELOPMENT: S&P Affirms Then Withdraws 'B' ICR
--------------------------------------------------------
S&P Global Ratings said that it affirmed its 'B' long-term and
'B' short-term issuer credit ratings on National Development Bank
PLC (NDB).  S&P then withdrew all the ratings at the bank's
request.

The affirmed rating at the time of withdrawal reflected S&P's
expectation that NDB would maintain its satisfactory business and
revenue diversification over the next 12 months.  In S&P's view,
the bank has an adequate risk position for its size and business
scale.  However, the bank's aggressive growth and small branch
network have resulted in a below-average -- albeit improved --
funding profile, and its capital and earnings profile remains
weak.

The outlook on the long-term issuer credit rating was stable at
the time of the withdrawal.  The stable outlook reflected S&P's
view that NDB is relatively insulated over the next 12 months
compared to peers from potential heightening of economic risks
facing all financial institutions operating in Sri Lanka.
Although S&P expected no rating movement in the next one year,
rating upside would have outweighed downside risks over the
longer term, given that the bank plans to raise capital.



                             *********

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 B. 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.



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